At a glance
AMUB charges 0.8% a year, below the 0.89% average of the 7 funds most like it (the 4th cheapest of 8). It has $53.3M in assets, the 8th largest of that group; it paid 5.72% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +27.5% with distributions reinvested (S&P 500: +11.5%), 5th of those 8 funds; over three years it returned +20.0% a year. At its worst it fell 64.0% in the 2020 crash (S&P 500: 33.7%) and 20.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 4 months after the lows.
The short version
ETRACS Alerian MLP Index ETN Class B (AMUB) is an exchange-traded note from UBS. It pays the return of the Alerian MLP Index, which tracks energy infrastructure partnerships, minus fees. It is UBS debt, not a fund, so it owns no assets on holders' behalf. It yielded 5.72% over the 12 months to October 27, 2026, paid quarterly. It costs 0.80% a year, a little below the 0.89% average of similar products.
Price history
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AMUB +27.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AMUB price data to Oct 27, 2026 | +22.7% | +27.5% | +20.0% | +20.2% | +10.7% | +7.5% |
- Over the year to Oct 27, 2026, AMUB returned +27.5%, 5th of 8 among similar funds.
- Its 5-year annualized return was +20.2% and its 10-year +10.7%.
- In the 2020 COVID crash it fell 64% and regained its old high 13.4 months after the low.
- Its worst full calendar year was 2020 (-29.5%); its best was 2021 (+38.9%).
- The deepest fall in its price history was 73.2% (Feb 13, 2017 to Mar 18, 2020), recovered by Jun 1, 2022.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +22.7% |
| 2025 | +8.7% |
| 2024 | +23.0% |
| 2023 | +25.4% |
| 2022 | +29.8% |
| 2021 | +38.9% |
| 2020 | -29.5% |
| 2019 | +6.2% |
| 2018 | -13.5% |
| 2017 | -7.3% |
| 2016 | +33.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 59.4% over that stretch · deepest drop along the way 64%, back to its old high 13.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 18.9% over that stretch · deepest drop along the way 20.6%, back to its old high 4.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9500 | |
| 2025 | $1.2400 | +11.7% |
| 2024 | $1.1100 | +6.7% |
| 2023 | $1.0400 | +19.5% |
| 2022 | $0.8700 | +4.8% |
| 2021 | $0.8300 | -12.6% |
| 2020 | $0.9500 | -16.7% |
| 2019 | $1.1400 | -4.2% |
| 2018 | $1.1900 | -1.7% |
| 2017 | $1.2100 | -8.3% |
| 2016 | $1.3200 |
How it works
AMUB is linked to the Alerian MLP Index. Master limited partnerships, or MLPs, are businesses that trade on exchanges like stocks but are set up as partnerships. This index focuses on energy infrastructure. The note's return follows the index, minus a yearly fee of 0.80%. AMUB has no fund prospectus or holdings report. That means this page can't list its largest positions or explain how the index picks, weights and rebalances its members. The index rules govern those choices.
An exchange-traded note (ETN) is unsecured debt issued by a bank, here UBS. Unlike an ETF, it doesn't hold the partnerships it tracks. UBS promises to pay the index return minus fees, and that promise is only as good as the bank's ability to pay. If UBS ran into financial trouble, holders could lose money even if the index rose. UBS can also redeem the notes early, which could force holders out at a bad time.
The note pays quarterly. Those payments added up to $1.27 per share over the 12 months to October 27, 2026. With $53.3 million in assets, AMUB is the smallest of the eight comparable products. Small products can trade less often, with wider gaps between buying and selling prices.
What it really costs
- AMUB charges 0.8% a year, versus an average of 0.89% for the similar funds below (4th of 8, cheapest first).
Structure and tax notes
- An exchange-traded note: unsecured debt of the issuing bank, not a fund. It owns no assets on investors’ behalf; it pays the index return minus fees only as long as the issuer can pay, so the bank’s credit matters, and the issuer can redeem the notes early.
In a retirement portfolio
It offers high income from one narrow sector, but it has lost more than 70% at its worst and depends on UBS's credit.
AMUB could add income and energy infrastructure exposure. It held up in 2022: while stocks fell from January to October 2022, the note gained 18.9%. It launched in 2015, so it has no record from 2008. The 2020 crash was harsh. AMUB fell 64% from February 19 to March 18, 2020, and took 13.4 months to recover. 2020 was its worst calendar year, down 29.5%. Its deepest drop, 73.2% from February 2017 to March 2020, wasn't recovered until June 2022. Anyone who sold shares or drew income during that stretch would have locked in large losses.
The yield was 5.72% for the 12 months to October 27, 2026, paid quarterly. The cost is 0.80% a year, and every payment depends on UBS's credit. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking quarterly income from energy infrastructure partnerships. The trailing yield was 5.72% as of October 27, 2026.
- People wanting a small MLP position at 0.80% a year, below the 0.89% average of similar products.
- Holders comfortable with UBS credit risk who prefer a note tracking the Alerian MLP Index to owning partnership units directly.
Look elsewhere if
- Anyone who can't tolerate deep losses. The note fell 73.2% from 2017 to 2020 and didn't recover until June 2022.
- Cost-focused investors. MLPX and MLPA charge 0.45% and TPYP charges 0.40%, though their holdings and approaches differ.
- Those wanting a fund that owns its assets, or a larger product. AMUB is unsecured UBS debt with $53.3 million in assets.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| AMUB this fund | 0.8% | $53.3M | +27.5% | +20.0% |
| AMLP Alerian MLP ETF | 0.85% | $10.80B | +22.5% | +17.4% |
| EMLP First Trust North American Energy Infrastru… | 0.95% | $3.30B | +18.7% | +22.9% |
| MLPX Global X MLP & Energy Infrastructure ETF | 0.45% | $2.80B | +32.9% | +27.2% |
| MLPA Global X MLP ETF | 0.45% | $1.90B | +22.1% | +15.9% |
| TPYP Tortoise North American Pipeline Fund | 0.4% | $748.0M | +28.5% | +26.2% |
| ATMP Barclays ETN+ Select MLP ETN | 0.95% | $534.2M | +35.5% | +26.5% |
| AMZA InfraCap MLP ETF | 2.18% | $452.8M | +34.5% | +21.9% |
Questions investors ask
Is AMUB an ETF or an ETN?
AMUB is an ETN, or exchange-traded note, not an ETF. It trades on an exchange like a fund, but it is unsecured debt issued by UBS. It owns no MLPs on investors' behalf. Instead, UBS promises to pay the return of the Alerian MLP Index minus fees of 0.80% a year. That makes UBS's ability to pay part of the risk. UBS can also redeem the notes early.
What's the difference between AMUB and AMLP?
AMUB is a UBS note, while the Alerian MLP ETF (AMLP) is a fund that owns its holdings. AMLP is much larger, with $10.8 billion in assets compared with AMUB's $53.3 million. AMLP charges 0.85% a year, compared with 0.80% for AMUB. As of October 27, 2026, AMUB returned 27.5% over one year and 20% a year over three years. AMLP returned 22.5% and 17.4%. Only AMUB carries the issuing bank's credit risk.
Does AMUB pay monthly dividends?
No. AMUB pays quarterly, not monthly. Its payments totaled $1.27 per share over the 12 months to October 27, 2026. That works out to a trailing yield of 5.72%. Because AMUB is a note rather than a fund, these payments are made by UBS based on the index, not passed through from holdings the note owns. Payment amounts can change from quarter to quarter.
Is AMUB good for retirement income?
AMUB pays a high yield, 5.72% for the 12 months to October 27, 2026, paid quarterly. But it comes with large swings. It fell 64% in early 2020 and took 13.4 months to recover. Its deepest drop, 73.2%, lasted from 2017 to 2020. It focuses on one sector and depends on UBS's credit. It may suit investors who treat it as a small income position rather than a core holding.
What happens to AMUB if UBS can't pay?
Holders could lose some or all of their money. An ETN is unsecured debt, so it is backed only by UBS's promise to pay, not by a pool of assets. If UBS failed, the index could be rising and the note could still lose value. UBS can also redeem the notes early. That could force holders to sell at a time and price they didn't choose.