At a glance
MLPB charges 0.85% a year, below the 0.89% average of the 7 funds most like it (the 4th cheapest of 8). It has $227.8M in assets, the 8th largest of that group; it paid 5.94% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +27.3% with distributions reinvested (S&P 500: +11.5%), 5th of those 8 funds; over three years it returned +19.9% a year. At its worst it fell 61.3% in the 2020 crash (S&P 500: 33.7%) and 20.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months and 2 months after the lows.
The short version
ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) is an exchange-traded note (ETN) from UBS. It pays the return of the Alerian MLP Infrastructure Index, minus fees. An ETN is not a fund. It is unsecured UBS debt that owns nothing on investors' behalf, so the bank's credit matters. As of October 27, 2026, it had a trailing yield of 5.94%, paid quarterly. Its 0.85% annual fee matches AMLP's.
Price history
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MLPB +27.3% 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 | |
|---|---|---|---|---|---|---|
| MLPB price data to Oct 27, 2026 | +23.8% | +27.3% | +19.9% | +20.0% | +8.3% | +7.1% |
- Over the year to Oct 27, 2026, MLPB returned +27.3%, 5th of 8 among similar funds.
- Its 5-year annualized return was +20.0% and its 10-year +8.3%.
- In the 2020 COVID crash it fell 61.3% and regained its old high 13.6 months after the low.
- Its worst full calendar year was 2020 (-30.9%); its best was 2021 (+39.3%).
- The deepest fall in its price history was 72% (Feb 9, 2017 to Mar 18, 2020), recovered by Oct 31, 2022.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +23.8% |
| 2025 | +7.4% |
| 2024 | +25.4% |
| 2023 | +22.0% |
| 2022 | +30.3% |
| 2021 | +39.3% |
| 2020 | -30.9% |
| 2019 | +5.7% |
| 2018 | -8.9% |
| 2017 | -9.8% |
| 2016 | +31.0% |
| 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 56% over that stretch · deepest drop along the way 61.3%, back to its old high 13.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 19.4% over that stretch · deepest drop along the way 20.4%, back to its old high 2.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.7500 | |
| 2025 | $1.6500 | +10.7% |
| 2024 | $1.4900 | +8.8% |
| 2023 | $1.3700 | +20.2% |
| 2022 | $1.1400 | +6.5% |
| 2021 | $1.0700 | -24.1% |
| 2020 | $1.4100 | -9.6% |
| 2019 | $1.5600 | -2.5% |
| 2018 | $1.6000 | -4.8% |
| 2017 | $1.6800 | -10.6% |
| 2016 | $1.8800 |
How it works
MLPB follows the Alerian MLP Infrastructure Index, which tracks energy infrastructure businesses. These are mostly master limited partnerships (MLPs). An MLP trades on an exchange like a stock but is taxed as a partnership. Many run pipelines and storage. The index provider, Alerian, decides what goes in the index and how much weight each holding gets. UBS does not pick holdings. Because MLPB is a note, it has no fund prospectus and no holdings reports. That means this page cannot list its largest positions or describe the index rules in detail.
The note structure is the key thing to understand. MLPB is unsecured debt of UBS. It does not own the partnerships in the index. Instead, UBS promises to pay the index return minus fees, but only as long as it can pay. If UBS ran into financial trouble, holders could lose money even if the pipelines did well. UBS can also redeem the notes early. That could force holders to cash out at a bad time.
MLPB makes payments every quarter. Over the 12 months to October 27, 2026, they added up to $1.75 per note, or a 5.94% yield. The 0.85% yearly fee comes out of the note's value instead of being billed separately.
What it really costs
- MLPB charges 0.85% 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 quarterly income from one narrow energy sector, but it has fallen 72% from peak to trough and depends on UBS's credit, so it fits as a small position rather than a core one.
MLPB could add quarterly income from energy pipeline and storage businesses. Its trailing yield was 5.94% as of October 27, 2026, and it costs 0.85% a year. It also moved differently from stocks in 2022. While the broad market fell from January to October, MLPB gained 19.4%. Its drops have been severe, though. In the 2020 COVID crash it fell 61.3% in about a month and took nearly 14 months to recover. Its worst calendar year was 2020, at -30.9%. Its deepest decline was a 72% fall from February 2017 to March 2020, and it did not recover until October 2022. It did not exist during the 2008 crisis. Anyone who has to sell during a slump like that locks in large losses. Payments can also vary. 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 who want energy pipeline and storage exposure with quarterly payments. The trailing yield was 5.94% as of October 27, 2026.
- Those who accept UBS credit risk in return for tracking the Alerian MLP Infrastructure Index without owning partnerships directly.
- Investors who can hold through deep slumps, like the 72% drop from 2017 to 2020 that took until October 2022 to recover.
Look elsewhere if
- Cost-focused investors. MLPX and MLPA charge 0.45% and TPYP charges 0.40%, compared with MLPB's 0.85%.
- Anyone who wants a fund that owns its investments. MLPB is unsecured UBS debt, and UBS can redeem it early.
- Retirees who may need to sell in a downturn. MLPB fell 61.3% in early 2020 and lost 30.9% that year.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MLPB this fund | 0.85% | $227.8M | +27.3% | +19.9% |
| 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 MLPB an ETF or an ETN?
MLPB is an exchange-traded note (ETN), not an exchange-traded fund (ETF). It is unsecured debt of UBS, which means a loan to the bank with no collateral behind it. It trades like a fund but owns no assets on investors' behalf. Instead, UBS promises to pay the return of the Alerian MLP Infrastructure Index, minus fees. That index follows master limited partnerships (MLPs) in energy infrastructure. The promise depends on UBS staying able to pay, and UBS can redeem the notes early.
Does MLPB pay monthly dividends?
No, MLPB pays quarterly. In the year to October 27, 2026, it paid $1.75 per share, a trailing yield of 5.94%. A trailing yield looks backward, so it doesn't promise future payments. MLP payouts can be cut when energy businesses come under strain. Because MLPB is a note, each payment is an obligation of UBS. It is not income passed through from assets held in a fund.
What's the difference between MLPB and AMLP?
The main difference is structure. AMLP, the Alerian MLP ETF, is a fund that holds its investments. MLPB is a UBS note that carries the bank's credit risk. Both charge 0.85% a year, close to the 0.89% average for similar funds. AMLP is far larger, with $10.8 billion in net assets versus $227.8 million for MLPB. As of October 27, 2026, MLPB returned 27.3% over one year and 19.9% a year over three years. AMLP returned 22.5% and 17.4%.
Is MLPB good for retirement income?
It can pay sizable income, but the risks are large. MLPB's trailing yield was 5.94% as of October 27, 2026, paid quarterly. However, it lost 72% from its February 2017 peak to its March 2020 low and did not recover until October 2022. It depends on UBS's credit, UBS can redeem it early, and it covers only energy infrastructure. It may suit retirees who want energy income as a smaller part of a diversified portfolio and can accept deep swings.
How has MLPB performed over the long term?
MLPB has been strong over five years and less steady over 10. As of October 27, 2026, it returned 20% a year over five years and 8.3% a year over 10 years. Calendar years ranged from a 30.9% loss in 2020 to a 39.3% gain in 2021. It has gained every year since, including 7.4% in 2025 and 23.8% in 2026 through October 27 (a partial year). In the 2020 COVID crash, it fell 61.3% in about a month.