Morgan Stanley Cushing MLP High Income Index ETN
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- Morgan Stanley Cushing MLP High Income Index ETN (NYSE Arca: MLPY; CUSIP: 61760E846) is an exchange-traded note issued by Morgan Stanley that provides investors with exposure to the performance of the Cushing MLP High Income Index, a criteria-weighted benchmark tracking 30 high-yielding Master Limited Partnerships (MLPs) focused on energy infrastructure and related shipping assets in North America. The ETN offers quarterly coupon payments, if any, linked to the cash distributions paid by the MLPs in the index, less accrued tracking fees; it delivers a cash payment at maturity or early repurchase based on the index's total return. As senior, unsecured debt obligations of Morgan Stanley, the notes target investors seeking high income from the MLP sector without direct ownership complexities such as K-1 tax reporting. The Cushing MLP High Income Index constituents represent MLPs with the highest current indicative yields meeting specific eligibility criteria, selected and weighted through a proprietary three-tiered system emphasizing income generation from midstream energy pipelines, storage, processing, and transportation assets. Morgan Stanley serves as the issuer, with Cushing MLP Asset Management, L.P. as index sponsor and Standard & Poor’s as calculation agent; the product operates within the broader energy infrastructure investment segment, appealing to institutional and retail investors pursuing yield in North American commodity markets. Launched in July 2010 and listed on NYSE Arca, the ETN was headquartered at Morgan Stanley's principal office in New York, USA, with global operations through the firm's network spanning over 41 countries. In a significant development, Morgan Stanley announced the full redemption of all outstanding MLPY ETNs due March 21, 2031 on May 20, 2021, with trading ceasing on June 8, 2021, and final settlement payments distributed on June 9, 2021, following a five-day call measurement period. No subsequent issuances or reopenings of the ETN have been reported, rendering it delisted and inactive as of 2025.