USML ETN — ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN

ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML)

Updated October 2, 2026.

USML is an ETN. its expense ratio is 0.95%. Total return is 221.3% over the past 5.7 years, 107.0 points ahead of SPY at 114.3%.

ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR is an exchange-traded note that provides two times leveraged exposure to the MSCI USA Minimum Volatility Index, seeking to amplify returns from US stocks selected for lower volatility characteristics. The ETN does not distribute income and carries an expense ratio of 0.95%. It appeals to traders and active investors seeking leveraged equity exposure rather than income-focused shareholders.

USML performance versus SPY

Price and return data through 2026-10-02.

Total return is 221.3% over the past 5.7 years, 107.0 points ahead of SPY at 114.3%. Over the past year its total return — price change plus distributions reinvested — is 90.6%. Its deepest 1-year drawdown was 13.1%.

USML key facts

Issuer

UBS Asset Management

Asset type

ETN

Asset class

Equity

Inception date

02/05/2021

Expense ratio

0.95%

Distribution frequency

None

Last close

$81.43 (as of 2026-10-02)

AUM

$4,725,600

Average volume

311.0

Beta

0.92

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: UBS Asset Management; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

USML risks and drawbacks

The deepest 1-year drawdown on record here is 13.1%.

Who may consider USML — and who may not

It is a weaker fit for investors who need monthly cash flow (USML does not currently distribute); investors hunting double-digit covered-call yields. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

More securities from UBS Asset Management.