At a glance
Over the past year it returned +39.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned +27.1% a year. At its worst it fell 28.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months after the low.
The short version
ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR) is a UBS exchange-traded note linked to 1.5 times the return of the Alerian MLP Index, which follows energy infrastructure partnerships. It is not a fund. It is unsecured UBS debt that owns nothing for holders, and its leverage resets daily, a design aimed at short-term trading. Its main draw is income: a 9.75% trailing 12-month yield, paid quarterly, as of October 27, 2026.
Price history
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MLPR +39.6% 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 | |
|---|---|---|---|---|---|---|
| MLPR price data to Oct 27, 2026 | +32.4% | +39.6% | +27.1% | +28.0% | — | +32.5% |
- Over the year to Oct 27, 2026, MLPR returned +39.6%.
- Its 5-year annualized return was +28.0%.
- Its worst full calendar year was 2025 (+9.7%); its best was 2022 (+45.5%).
- The deepest fall in its price history was 28.7% (Jun 7, 2022 to Jun 23, 2022), recovered by Aug 25, 2022.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +32.4% |
| 2025 | +9.7% |
| 2024 | +31.5% |
| 2023 | +35.8% |
| 2022 | +45.5% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 28.7% over that stretch · deepest drop along the way 28.7%, 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) | $6.8200 | |
| 2025 | $6.3360 | +11.0% |
| 2024 | $5.7100 | +13.1% |
| 2023 | $5.0500 | +21.5% |
| 2022 | $4.1550 |
How it works
MLPR is not a fund. It is an exchange-traded note (ETN): unsecured debt issued by UBS that trades on an exchange like a stock. UBS promises to pay an amount linked to 1.5 times the return of the Alerian MLP Index, minus fees. That index follows master limited partnerships, or MLPs. These are publicly traded partnerships, and many of them run energy infrastructure businesses. The note owns no partnerships for its holders, so there is no portfolio or holdings report to examine. Its value comes from the index itself.
The 1.5x exposure resets every day. The note aims for 1.5 times the index's move over a single day, not over a month or a year. Over longer periods, compounding can make results differ sharply from 1.5 times the index. The gap usually hurts when prices swing back and forth without a clear trend. That is why leveraged products like this are built for short-term trading rather than long holding periods.
Because MLPR is UBS debt, its payments depend on the bank. If UBS could not meet its obligations, holders could lose money even if the index rose. UBS can also redeem the notes early, which could end a holder's position at a bad time. Income is paid quarterly, as the name says.
What it really costs
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 1.5× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- 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
Its 1.5x leverage resets daily and it is unsecured UBS debt, a structure designed for short-term trading rather than long holding periods.
For income seekers, MLPR's main attraction is its payout: a trailing 12-month yield of 9.75% as of October 27, 2026, paid quarterly. Its short record has been strong. It gained about 45% in 2022 while the broad market fell, and its weakest calendar year, 2025, was still up about 10%. But its price history starts February 22, 2021, so its record does not include the 2008 crisis or the 2020 COVID crash. Its deepest drop was about 29%, between June 7 and June 23, 2022, and it recovered by August 25, 2022. A retiree forced to raise cash or draw income during a fall like that would lock in losses. Daily-reset leverage can also deepen losses in a long energy slump. We could not confirm its fee. Past results don't predict the future, and a plan should look at the whole portfolio, not one investment.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want 1.5x daily exposure to the Alerian MLP Index and will watch their positions closely.
- Experienced investors drawn to its quarterly income (a 9.75% trailing yield as of October 27, 2026) who accept leverage and energy concentration.
- Traders wanting MLP exposure that moved little with stocks: its one-year beta, a gauge of market sensitivity, was -0.07 as of October 27, 2026.
Look elsewhere if
- Retirees seeking a long-term holding: the daily leverage reset means returns over months or years can stray far from 1.5 times the index.
- Anyone who can't stomach sharp drops: it fell about 29% between June 7 and June 23, 2022, before recovering by late August.
- Investors wary of bank credit risk: as unsecured UBS debt, its payments depend on UBS, and UBS can redeem the notes early.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is MLPR good for retirement income?
It is built more for short-term trading than for retirement income, despite its high payout. MLPR's trailing 12-month yield was 9.75% as of October 27, 2026, paid quarterly. But its 1.5x leverage resets daily, so long-term results can drift far from 1.5 times the index. It is also unsecured UBS debt that UBS can redeem early. A retiree relying on its payments takes on leverage, energy concentration and bank credit risk at once.
How often does MLPR pay dividends?
MLPR pays quarterly. Because it is a note rather than a fund, its payments come from UBS under the note's terms, not as stock dividends. Over the 12 months to October 27, 2026, payments totaled about $6.82 per share, a trailing yield of 9.75%. Payments from a leveraged, index-linked note can change from quarter to quarter, so past payouts don't guarantee future ones.
Is MLPR an ETF or an ETN?
MLPR is an ETN, or exchange-traded note, not an ETF. An ETF is a fund that owns assets for its shareholders. An ETN is unsecured debt: UBS promises to pay a return linked to the Alerian MLP Index, minus fees, but owns nothing for holders. That means UBS's ability to pay matters, and UBS can redeem the notes early. There are no holdings reports to review, because there is no portfolio.
Does MLPR really return 1.5x the Alerian MLP Index?
Only over a single day. MLPR resets its 1.5x exposure daily, so over weeks, months or years compounding can make its return differ sharply from 1.5 times the index. The gap usually hurts when prices chop up and down, though a steady trend can help. Based on market prices, MLPR returned 39.6% over the year to October 27, 2026, and about 28% a year over five years. For long holding periods, unleveraged products on the same index are worth comparing.
What was MLPR's biggest drop?
MLPR's deepest decline was about 29%, from June 7 to June 23, 2022. It recovered by August 25, 2022, about two months later, and ended 2022 up about 45%. Over the three years to October 27, 2026, its volatility (how widely returns swing) was 25.2%, annualized. Its price history starts February 22, 2021, so it has not been through a crisis like 2008 or the 2020 COVID crash. In a severe energy downturn, a leveraged note could fall much further.