UBS ETRACS Alerian MLP Index ETN
AMU
New York Stock Exchange Arca- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- IPO Date
- Jul 17, 2012
- Similar Companies
- Business
- UBS ETRACS Alerian MLP Index ETN (NYSE Arca: AMU) is an exchange-traded note issued by UBS AG (London Branch) that provides investors with exposure to the performance of the Alerian MLP Index, a float-adjusted, capitalization-weighted composite of 50 prominent publicly traded energy master limited partnerships (MLPs) that earn the majority of their cash flow from the transportation, storage, processing and production of energy commodities; it may pay a variable quarterly coupon linked to the cash distributions of the MLPs in the index, less investor fees including an annual tracking rate of 0.85% accrued daily. The ETN matures on July 18, 2042, trades on the NYSE Arca exchange, and offers a cash payment at maturity or early redemption based on the index's total return performance. Headquartered in Zurich, Switzerland, with issuance through its London Branch, UBS AG launched the original AMU Series A ETN around 2012 as part of its ETRACS product suite focused on providing access to specialized market strategies in the energy infrastructure sector, primarily targeting institutional and retail investors seeking MLP exposure without direct ownership complexities. In late 2019 and early 2020, UBS AG commenced voluntary exchange offers allowing holders of the original Series A AMU ETNs to exchange into the Series B version (NYSE Arca: AMUB, CUSIP 90274D374, initial trade date October 8, 2015), which features UBS AG as the sole issuer and obligor, eliminating co-obligor UBS Switzerland AG to align with regulatory recovery and resolution guidelines and reduce intercompany exposures. UBS subsequently announced the mandatory redemption of remaining unexchanged Series A ETNs, including AMU, in November 2020, with suspensions of further sales from inventory and waivers of minimum early redemption sizes to facilitate holder exits; as a result, the Series B AMUB effectively succeeded as the primary outstanding ETN tracking the Alerian MLP Index under the ETRACS brand. Ongoing operational updates include regular quarterly coupon declarations, such as $0.3094 per share on August 19, 2025 (6.42% indicative annualized yield), $0.2632 per share on February 22, 2024, and December 1, 2025 payments, alongside UBS's broader 2023 rebranding and assumption of select Credit Suisse ETNs into the ETRACS lineup following their merger. The ETN operates within the energy infrastructure industry, focusing on midstream MLPs involved in pipelines, storage, and related assets predominantly in North America (approximately 97% U.S.-focused constituents); it does not hold physical assets but delivers index-linked returns less fees, distinguishing it from ETFs as senior unsecured debt obligations of UBS AG. Geographically, while the issuer maintains a global footprint through UBS's operations in Switzerland, the UK, and the U.S., the underlying index targets U.S.-centric energy MLPs with minor exposure to Canada and other developed markets. No subsidiaries or parent relationships apply directly to the ETN structure, though it forms part of UBS Investment Bank's broader ETRACS platform offering similar products across commodities, equities, and leveraged strategies.