BMO Dorsey Wright MLP Index Exchange Traded Notes
BMLP
NASDAQ Global Market- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- CEO
- None
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- United States of America
- IPO Date
- Feb 12, 2020
- CIK
- 0000927971
- Similar Companies
- Business
- BMO Dorsey Wright MLP Index Exchange Traded Notes (BMLP) is an exchange-traded note (ETN) issued by Bank of Montreal that provides investors with returns linked to the performance of the DWA MLP Select™ Index, less fees and expenses; the index comprises the top 15 publicly traded master limited partnerships (MLPs) selected monthly based on Dorsey Wright's relative strength ranking methodology, which measures outperformance among energy infrastructure securities. Issued on December 20, 2016, with a maturity date of December 10, 2036 (later adjusted), and listed on the Nasdaq Global Market under the ticker BMLP (CUSIP 063679104), the ETN targets the energy sector, specifically MLPs involved in pipelines, storage, and midstream operations; it offers intraday indicative value tracking via BMLPIV and periodic coupon payments tied to index performance. Bank of Montreal, headquartered at 3 Times Square, 27th Floor, New York, NY, serves as the issuer through its U.S. operations, with BMO Capital Markets Corp. acting as underwriter; the product operates principally in the U.S. market, providing exposure to North American energy infrastructure without direct ownership of underlying assets. In a significant operational change, Bank of Montreal announced on February 26, 2021, its intention to redeem all outstanding BMLP ETNs, with the Call Settlement Date set for March 16, 2021, following a Call Calculation Date of March 5, 2021, and a five-day Call Measurement Period; this redemption process included waiving the minimum early redemption size (previously 50,000 ETNs), suspending further sales from inventory after March 4, 2021, and delisting from Nasdaq prior to the settlement date, effectively terminating the ETN. The redemption calculation incorporated the Reference Holder Value, Index Factor, any applicable Coupon Amount or Adjusted Coupon Amount, Stub Reference Distribution Amount, and deducted Accrued Tracking Fees, marking the product's end amid low liquidity and market conditions; no additional issuances or registrations occurred post-announcement, and the ETN is now inactive and delisted. As of the latest available data prior to redemption (March 17, 2021), the ETN had a closing indicative note value of $42.3391, market capitalization of approximately $28.8 million, and 680,000 ETNs outstanding.