DALLAS, April 4, 2011 /PRNewswire/ -- On Monday, April 4, 2011, members of Swank Capital, LLC and Cushing® MLP Asset Management, LP rang the Opening Bell™ for the NYSE in recognition of the launch of the Morgan Stanley Cushing® MLP High Income Index ETN (MLPY). Cushing® MLP Asset Management, a subsidiary of Swank Capital, is a leading asset manager in the energy infrastructure master limited partnership (MLP) sector, with a comprehensive suite of MLP investment vehicles including hedge funds, multiple private funds, separately managed accounts, a closed end fund, an open-end mutual fund, and two MLP indices.
Exchange Traded Notes (ETNs) are senior, unsecured debt obligations of Morgan Stanley and are intended to provide access to various indices. The Morgan Stanley Cushing® MLP High Income Index ETN tracks the performance of the Cushing® MLP High Income Index. ETN quarterly coupon payments, if any, are linked to the cash distributions paid on the MLPs in the Index, less accrued tracking fees. The Morgan Stanley Cushing® MLP High Income Index ETNs have been approved for listing on NYSE Arca under the symbol "MLPY".
The Cushing® MLP High Income Index tracks the performance of 30 publicly traded energy and shipping MLP securities with an emphasis on current yield. The securities are chosen for inclusion according to a three-tier proprietary weighting system developed by Cushing® MLP Asset Management, LP. The Cushing® 30 MLP High Income Index is calculated by Standard & Poor's and reported on a real-time basis under the Bloomberg ticker "MLPY" and FactSet ticker "MLPH-CME".
The Cushing® MLP High Income Index has posted 1-Year and 5-Year total returns of 46.27% and 18.78%, respectively, with a current indicative yield of 6.63%(1).
ABOUT CUSHING® MLP ASSET MANAGEMENT, LP
Cushing® MLP Asset Management, LP ("Cushing®"), is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing® serves as investment adviser to affiliated funds, which invest primarily in securities of MLPs and other natural resource companies. Cushing® is also the sponsor of The Cushing® 30 MLP Index. The Cushing® 30 MLP index is a fundamentally based index comprised of 30 equally weighted publicly traded energy infrastructure MLPs. The Cushing® 30 MLP Index is calculated by Standard & Poor's and reported under the Bloomberg ticker "MLPX" and FactSet ticker "LPX-CME". Cushing® continues to expand its platform of MLP-related investment products, leveraging extensive industry contacts and unparalleled research depth to drive both passive and actively managed investment opportunities for individual and institutional investors. Cushing® seeks to identify and exploit investment niches it believes are generally less understood and less followed by the broader investor community.
(1) As of March 1, 2011. Returns shown are total returns, which reflect the performance of the Index including dividends. Historical performance of the Index is not indicative of future performance. Data shown for the Index for the period prior to its inception on July 19, 2010 is pro forma and is derived by using the Index's calculation methodology with historical prices.
Cushing® MLP Asset Management, LP
The Cushing® 30 MLP Index and the Cushing® MLP High Income Index are the exclusive property of Swank Capital, LLC, which has contracted with the Standard & Poor's ("S&P") to maintain and calculate each Index. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC "Calculated by S&P Custom Indices" and its related stylized mark(s) are service marks of Standard & Poor's Financial Services LLC and have been licensed by use by Swank Capital, LLC. S&P and its affiliates shall have no liability for any errors or omissions in calculating either Index.
SOURCE Cushing MLP Asset Management, LP