Alerian Midstream Energy Dividend (PMLP) is only showing 1 company (Enbridge Inc) as a holding of 100%.
Can this be checked please as it should include 31 companies within the ETF.
Thank you
Supposed to be 31 holdings according to the fact sheet.
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Wonky holdings data appears to be a common problem among listings of ETFs provided by the less mainstream providers, specifically:
- All FlexShares ETFs
- All Global X ETFs
- All Ossiam ETFs
- PMLP, GFOF, KOIP from HANetf
- FSKY, FCBR from First Trust
And one (that I’m aware of) from the big players: JPLG from J.P. Morgan.
(Edit 2023-01-26) Found another: SRHE from Amundi.
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FIO
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Any updates on this issue from the powers-that-be would be greatly appreciated.
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Any news about having this being fixed?
They said it’s because it’s a synthetic ETF and just one company within the ETF is normal.
We have just sold and cashed in this ETF as it’s pointless having an ETF with just one company (Enbridge).
Ah! The plot thickens!
According to the documentation associated with Ticker PMLP / ISIN IE00BKPTXQ89 it consists of quite a few holdings of which the Top 10 are listed as:
Enbridge Inc - 10.33%
MPLX LP - 9.63%
Energy Transfer LP - 9.46%
Enterprise Products Partners LP - 9.18%
Kinder Morgan Inc - 8.46%
TC Energy Corporation - 8.44%
The Williams Companies Inc - 7.46%
Cheniere Energy Partners LP - 6.88%
ONEOK Inc - 6.53%
Pembina Pipeline Corporation - 3.85%
Source of my information is the two documents listed on InvestEngine for this ETF as well as https://www.hanetf.com/product/9/fund/alerian-midstream-energy-dividend-ucits-etf-dist
So not sure what the explanation will be for the others that @chungf highlighted in this same thread
That’s what it used to actually have - 31 Companies.
It’s been to just 1 company on InvestEngine only,
Well, that sucks. In that case I might as well sell all on InvestEngine as I have quite a few shares in ENB on the LightYear platform. I don’t like it much to have the same stock duplicated on multiple platforms
Quite sure the only faulty thing is the holdings data that InvestEngine uses to display PMLP’s ETF description, not the actual constituents in the ETF we trade. If it gives you any assurance, try comparing the price chart on InvestEngine’s PMLP page with Financial Times’ chart – they’re identical.
As @UncleBob pointed out, HANetf is PMLP’s provider and has the most complete information. You can download the list of all 31 index constituents from them, which I list here for your ease of reference:
| Constituent | Weight |
|---|---|
| Energy Transfer LP | 10.52% |
| Enterprise Products Partners LP | 10.28% |
| MPLX LP | 10.14% |
| Enbridge Inc | 9.77% |
| TC Energy Corporation | 8.68% |
| Kinder Morgan Inc | 7.88% |
| Cheniere Energy Partners LP | 6.38% |
| The Williams Companies Inc | 6.35% |
| ONEOK Inc | 5.14% |
| Pembina Pipeline Corporation | 3.37% |
| Magellan Midstream Partners | 2.82% |
| Western Midstream Partners, LP | 2.45% |
| Plains All American Pipeline LP | 2.08% |
| New Fortress Energy Inc.-A | 1.96% |
| Antero Midstream Corp | 1.33% |
| Cheniere Energy Inc | 1.20% |
| DCP Midstream, LP | 1.15% |
| Targa Resources Corp | 1.01% |
| Keyera Corp. | 0.98% |
| Crestwood Equity Partners LP | 0.89% |
| Equitrans Midstream Corp | 0.83% |
| DT Midstream Inc | 0.78% |
| International Seaways Inc | 0.70% |
| Enlink Midstream LLC | 0.66% |
| Plains GP Holdings LP | 0.57% |
| NuStar Energy LP | 0.56% |
| Gibson Energy Inc | 0.50% |
| Kinetik Holdings Inc. | 0.40% |
| Hess Midstream LP | 0.31% |
| Genesis Energy LP | 0.25% |
| Scorpio Tankers Inc. | 0.07% |
| (As of 27 Jan 2023) |
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Holding the ETF with InvestEngine completely changes Portfolio Analysis by showing Enbridge as highly invested in. This is because it sees Enbridge as the only company PMLP is investing in and not the 31 Companies it should.
Stick ÂŁ1000 into PMLP and see what it does to your portfolio.
I’ve sold my total holding with PMLP now but the sell is stuck in InvestEngines inability to sell process and is only letting me sell a percentage of the ETF.
Faulty data is not good for InvestEngine.
Not to denigrate anyone comment and opinion here, but it would be nice to have a feedback from someone in InvestEngine.
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I agree with you.
It also annoys me to no end when issues like this screws up the Portfolio Analysis
@GrahamOfDorset highlighted this discrepancy with this ETF and a few example others a week ago yet no “official” response from the powers-that-be.
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Hi all,
Apologies for the slow reply here. I believe this is possibly due to SWAPs held within the PMLP ETF. Enbridge may be the only company share they hold and the other position are represent via derivative positions.
I haven’t got confirmation on this yet. Even if that’s confirmed we shouldn’t be 100% Enbridge. We won’t have details on the SWAP positions but we should be able to show Enbridged’s correct % within the ETF
I’ll follow up when we have more information on this
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Incidentailly, HANetf is one of those providers who consistently publish the actual holdings of swap ETFs. From their PMLP product page:
Go to “Fund Holdings”, which gives you a downloadable spreadsheet:
We have an update from our data vendor.
“The data team is no working on this, and it should be fixed by the end of the day. Sounds like it was an issue with the data sent by the FM.”
We have an overnight process to refresh the data, so I’ll check tomorrow morning. Depending on the timing of their fix it might be Thursday before any refreshed data pulls through.
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Thank you Tom!
Was it just this ETF affected by this issue?
I ask because we have a similar issue with Franklin FTSE India (FRIN) wherein the portfolio info in InvestEngine show the holdings as Others 100%, Region as “Rest of the World” 100% and Sectors as “Sector - Other” 100%.
As per the factsheet of this ETF, it seems to have a diversified portfolio of stocks across multiple sectors.
If you can help fix this one too, that would help.
Thanks again!
Yeah, there is actually quite a lot of ETF’s with this issue. If you scroll up to the beginning of this thread; third post down, another member has listed quite a few others as example and there might me even more…
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