Morgan Stanley has launched a new exchange-traded note linked to master limited partnerships (MLPs). The Morgan Stanley Cushing MLP High Income Index ETN (MLPY) tracks an index containing 30 MLPs that hold energy infrastructure and related shipping assets in North America.
Over the past five years, the Cushing MLP High Income Index has produced a return of 18.78 percent.
MLPY distributes quarterly coupon payments, less accrued tracking fees. The ETN is a senior, unsecured debt obligation of Morgan Stanley.
