After Dramatic Losses, UBS to Shutter two of its ETRACS (ETN)

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After a turbulent an downward spoke in the oil markets, UBS has decided to close two of its Exchange Traded Notes (ETN) problems. The two ETNs being shuttered are the ETRACS 2x Monthly Leveraged Long Alerian MLP Infrastructure ETN (Ticker: MLPN) and the ETRACS 2x Monthly Leveraged S&P MLP Index ETN (NYSEARCA: MLPV).

According to the UBS website, "the ETRACS 2xMonthly Leveraged Long Alerian MLP Infrastructure Index is designed to track a leveraged investment in the Alerian MLP Infrastructure Index (the "Index"), and pay a variable quarterly coupon linked to the leveraged cash distributions associated with the underlying MLP constituents, less financing costs and investor fees. The ETRACS 2xMonthly Leveraged S&P MLP Index ETN (NYSE: MLPV) (“MLPV” or the “ETN”) is an exchange-traded note linked to the monthly compounded 2x leveraged performance of S&P MLP Index, less investor fees. MLPV has been approved for listing on the NYSE Arca® exchange (subject to official notice of issuance) and pays a variable quarterly coupon linked to the cash distributions, if any, on the Index constituents."

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