ETRACS Alerian Midstream Energy Index ETN
AMNA
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- ETRACS Alerian Midstream Energy Index ETN (NYSE Arca: AMNA), issued by UBS AG, provides unleveraged long exposure to the performance of the Alerian Midstream Energy Index, a float-adjusted, capitalization-weighted benchmark comprising North American energy infrastructure companies that derive the majority of their cash flows from midstream activities, including gathering and processing, liquefaction, pipeline transportation, rail terminaling, and storage of energy commodities such as crude oil and natural gas; the ETN is designed to track the index's price return, less an annual fee of 0.75%, and pays variable quarterly coupons linked to the cash distributions of the underlying index constituents, with no coupon payments if distributions are absent. The Alerian Midstream Energy Index, calculated by S&P Dow Jones Indices, includes significant exposure to Canadian companies, comprising approximately 33% of the index as of inception, and is disseminated on price-return (AMNA), total-return (AMNAX), net total-return (AMNAN), and adjusted net total-return (AMNTR) bases. Launched on June 19, 2020, with a maturity date of June 21, 2050, the ETN trades on NYSE Arca under CUSIP 90269A351 and targets investors seeking access to midstream energy infrastructure without direct ownership of master limited partnerships (MLPs) or corporations. In recent developments, UBS AG announced on November 20, 2024, the full redemption of all outstanding AMNA securities effective December 12, 2024, following one index business day notice, marking a significant operational change and early termination of the ETN ahead of its 2050 maturity. This redemption aligns with broader portfolio adjustments by UBS, including the assumption and rebranding of certain Credit Suisse ETNs as ETRACS products in May 2024, though AMNA itself originated directly from UBS. Constituents of the underlying Alerian Midstream Energy Index have shown robust activity, with eight companies executing a record $1.59 billion in equity buybacks during the third quarter of 2025 and six firms repurchasing $740 million in the fourth quarter of 2024, contributing to aggregate midstream/MLP buybacks of $3.76 billion for the full year.