UBS ETRACS Monthly Pay 2xLeveraged Closed-End Fund ETN
CEFL
New York Stock Exchange Arca- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Leveraged
- Address
- IPO Date
- Jul 4, 2017
- Similar Companies
- Business
- UBS ETRACS Monthly Pay 2xLeveraged Closed-End Fund ETN (CEFL) is an exchange-traded note issued by UBS AG that provides 2x leveraged exposure to the monthly compounded performance of the ISE High Income Index, a price return index tracking 30 high-income closed-end funds selected and weighted based on their recent distributions and discounts to net asset value; the ETN pays investors a variable monthly coupon linked to twice the cash distributions from the index constituents, if any, less fees and withholding taxes. CEFL trades on NYSE Arca under the ticker CEFL and offers potential for income generation and price appreciation from closed-end funds across diversified sectors, market capitalizations, asset classes, strategies, managers, and regions within the U.S. public equity markets. The ETN does not guarantee principal repayment at its original maturity date of December 10, 2043, and is subject to UBS AG's senior unsecured credit risk. UBS AG, founded in 1862 and headquartered in Zurich, Switzerland, with principal U.S. executive offices in Stamford, Connecticut, issues CEFL as part of its ETRACS suite of exchange-traded notes, which are senior unsecured debt obligations traded on NYSE Arca and designed for targeted exposure to various indices, commodities, and strategies. The company operates globally across more than 50 markets, focusing on wealth management, universal banking in Switzerland, asset management, and investment banking, including structured products like ETNs. In March 2020, UBS announced the mandatory redemption of all outstanding CEFL Series A notes (and related Series B notes under CEFZ) due to the indicative value falling below $5.00 per the product's acceleration event terms, leading to early termination rather than continuation to maturity. Subsequent voluntary exchange offers in late 2019 had allowed Series A holders to swap into economically similar Series B notes, but these too were redeemed. Despite the redemption, CEFL continues to appear in select trading platforms and data feeds as of late 2025 with reported pricing around $3.64 and a dividend yield near 16.6%, though new issuances were suspended and liquidity may reflect residual or reference trading rather than active primary issuance. UBS has since maintained its ETRACS lineup with similar leveraged monthly pay ETNs targeting closed-end funds, such as CEFD (1.5x leveraged version), alongside ongoing coupon declarations for other high-income products like PFFL, SMHB, and MVRL as recently as November 2025.