UBS ETRACS Monthly Pay 2xLeveraged Wells Fargo MLP Ex-Energy ETN
LMLP
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
- Jun 24, 2014
- Similar Companies
- Business
- UBS ETRACS Monthly Pay 2xLeveraged Wells Fargo MLP Ex-Energy ETN (LMLP) is a senior unsecured exchange-traded note issued by UBS AG that seeks to provide 2x leveraged monthly compounded performance of the Wells Fargo Master Limited Partnership Ex-Energy Index, less investor fees, along with variable monthly coupon payments linked to 2x the cash distributions of the index constituents, if any. The ETN targets investors seeking amplified exposure to publicly traded master limited partnerships and limited liability companies that derive a majority of their cash flows from non-energy activities, such as infrastructure, real estate, and financial services; top constituents historically include KKR & Co LP, Blackstone Group LP, Lazard Ltd, Carlyle Group LP, and Icahn Enterprises LP. Traded on NYSE Arca with CUSIP 90273A207 and originally scheduled to mature June 24, 2044, the product features an annual tracking fee and is subject to UBS's credit risk, with no guarantee of principal or coupons. The Wells Fargo Master Limited Partnership Ex-Energy Index is a modified market-cap weighted benchmark of eligible non-energy MLPs listed on NYSE, NYSE MKT, or NASDAQ with minimum market caps of $100 million and individual issuer weightings capped at 10%. LMLP offers U.S. investors convenient access via brokers to this niche segment, which excludes traditional energy midstream MLPs focused on oil and gas transport. UBS, headquartered in Zurich, Switzerland and founded in 1862 through mergers, issues the ETN as part of its broader ETRACS platform of structured notes providing exposure to diverse strategies including leveraged equities, commodities, and income-focused indices. Launched June 25, 2014, LMLP underwent a major operational change with its mandatory redemption announced March 17, 2020, triggered by an intraday indicative value drop exceeding 60% from the prior monthly valuation date, resulting in automatic acceleration and full redemption of outstanding notes by March 25, 2020, with holders receiving an Acceleration Amount based on a five-day measurement period. This event followed market volatility and aligned with UBS's management of several underperforming ETRACS ETNs, including proposals for exchanges to Series B versions and other redemptions like MLPZ. No subsequent issuances, partnerships, or relaunches of LMLP appear in recent records, though UBS continues active ETRACS offerings in MLP-related strategies such as Alerian MLP Infrastructure Index ETN Series B (MLPB) and Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR).