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Morgan Stanley Cushing MLP High Income Index ETN due 3/21/2031
Ticker Symbol: MLPY* CUSIP: 61760E846 Exchange: NYSEA
* NOTE: This security is no longer trading as of 6/08/2021
Company's Online Profile
BUSINESS: Morgan Stanley Cushing MLP High Income Index Exchange Traded Note (ETN) due 3/21/2031 are senior, unsecured debt securities issued by Morgan Stanley and is part of the Series F, Global Medium-Term Notes program. INVESTMENT OBJECTIVE: The Morgan Stanley Cushing MLP High Income Index ETN tracks the performance of the Cushing MLP High Income Index (the Index). MLPs are partnerships that trade on U.S. public exchanges or markets (e.g., NYSE). Most MLPs own and operate assets in the energy sector as natural resource-based companies that own, build and maintain the energy infrastructure (e.g., pipelines, storage facilities, gathering systems and processing plants) of North America. They are structured as partnerships rather than taxable corporations, so they do not pay federal or state income taxes at the entity level. The business model of a typical MLP seeks the advantages of high barriers to entry, low price sensitivities and continued demand for energy-related products and services due to overall energy demand. INDEX DESCRIPTION: The Cushing MLP High Income Index is a criteria-weighted index tracking the performance of 30 Master Limited Partnerships (MLPs) in the North American energy industry. These Index constituents are chosen for having the highest current indicative yields among MLPs meeting certain criteria. The current indicative yield of an MLP is defined by the index methodology as the last quarterly distribution annualized divided by the current stock price. Since the current indicative yield reflects only the last quarterly distribution by the MLP, there can be no assurance that the MLPs included in the Index based on this past performance will make any distributions in the next or any future period. RETURNS AND MATURITY: The return on the Securities may be positive or negative and is directly linked to the performance of the Index, which is based on a variety of market and economic factors, interest rates in the markets and economic, financial, political, regulatory, judicial or other events that affect the markets generally. If your ETNs have not previously been repurchased by Morgan Stanley, at maturity, 3/21/2031 you will receive a cash payment per ETN, equal to (a) the product of (i) the Principal Amount and (ii) the Index Ratio as of the Final Valuation Date, plus (b) the final Coupon Amount, minus (c) the Accrued Tracking Fee as of the Final Valuation Date. REDEMPTION AND FEES: If you choose to elect Morgan Stanley to repurchase your Securities you will receive per ETN a cash payment on the relevant Repurchase Date equal to (a) the product of (i) the Stated Principal Amount and (ii) the Index Ratio as of the Repurchase Valuation Date plus (b) the Coupon Amount with respect to the Coupon Valuation Date immediately preceding the Repurchase Valuation Date if on the Repurchase Valuation Date the Coupon Ex-Date with respect to such Coupon Amount has not yet occurred, plus (c) the Adjusted Coupon Amount, if any, minus (d) the Adjusted Tracking Fee Shortfall, if any, as of the Repurchase Valuation Date, minus (e) the Repurchase Fee Amount of 0.125% of the Current Indicative Value as of the Index Business Day immediately preceding the Repurchase Valuation Date. You must redeem at least 100,000 Securities at one time and agree to the repurchase procedures in order to exercise your right to redeem your Securities on any repurchase date. The payment on the ETNs at maturity or call, or upon early repurchase, is linked to the Volume-Weighted Average Price (VWAP) Level, not to the closing level of the Index and not to the published intraday indicative value of the ETNs. The VWAP Level of the Index will most likely differ from the closing level of the Index. Quarterly coupon payments, if any, are linked to the cash distributions paid on the MLPs in the Index, less accrued tracking fees. The investor tracking fee is equal to 0.85% per annum accrued on a daily basis. For calculations of fees and any further information on this ETN click on the Link to IPO Prospectus provided.
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Notes: Morgan Stanley (NYSE: MS) announced today that it will redeem all of its outstanding Cushing® MLP High Income Index ETNs due March 21, 2031 with a CUSIP of 61760E846 (NYSE Arca: MLPY) (the “ETNs”). Morgan Stanley released today the call notice via The Depository Trust Company. The call settlement amount of the ETNs will be determined over a five index-business day period beginning on May 28, 2021 (the “call measurement period”) and will be paid to the investors on June 9, 2021, the third business day after the call measurement period. Accordingly, the last day of trading for each ETN is expected to be June 8, 2021. The issuer of this ETN has suspended the issuance of new notes. ETNs that are closed to the issuance of new notes pose additional investment risks such as the potential for the market price to deviate from the fund's Net Asset Value, as well as increased volatility. Paying a premium over an ETN's Net Asset Value could lead to significant losses.
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IPO - 3/16/2011 -
Link to IPO Prospectus
Micro Cap Stock -
Market Value $18.1 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 1585 Broadway, New York, NY 10036 |
| Main Phone Number |
212-761-4000 |
| Fax Number |
212-761-0086 |
| Investor Contact
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212-761-0008
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| Toll Free Phone Number |
855-227-2994 |
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