C-Tracks Exchange-Traded Notes Based on the Performance of the Miller/Howard MLP Fundamental Index
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- C-Tracks Exchange-Traded Notes Based on the Performance of the Miller/Howard MLP Fundamental Index (ticker: MLPC) is an exchange-traded note issued by Citigroup Global Markets Holdings Inc., a subsidiary of Citigroup Inc., and designed to deliver the performance of the Miller/Howard MLP Fundamental Index, less investor fees. The underlying index, developed by Miller/Howard Investments, Inc., measures the performance of 25 master limited partnerships (MLPs) in the energy infrastructure sector, selected quarterly using quantitative factors such as distribution growth, estimated capital expenditures, and distribution coverage; the ETN provides investors with a cash payment at maturity or early redemption tied to this index return. Originally launched with a scheduled maturity of September 28, 2023, MLPC continues to trade on NYSE Arca as of late 2025, offering exposure to MLP securities across all market capitalizations without the tax complexities of direct MLP ownership. Citigroup Inc., headquartered in New York, NY and founded in 1812 through predecessor entities, issues the C-Tracks series of ETNs, including MLPC, as unsecured senior debt obligations fully guaranteed by the parent company; these products target institutional and retail investors seeking leveraged or index-linked exposure to sectors like energy infrastructure. The company's Markets segment supports issuance through sales, trading, and market-making in equities, commodities, and structured products for corporate, institutional, and public sector clients. In a major development, Citigroup announced the early redemption of MLPC in full on October 19, 2020, with trading ceasing on October 30, 2020, and cash payments distributed to holders on November 10, 2020, based on the closing indicative value; despite this redemption event, the ETN symbol persists in trading with recent prices around $6.36 and ongoing volume as of December 2025. Citigroup discontinued new issuances of MLPC in 2015, shifting focus to other ETN series, while no recent partnerships, acquisitions, or product relaunches specific to this ETN have been reported. Operations remain centered in the United States, with global reach through Citigroup's institutional services spanning equities, fixed income, commodities, and derivatives across North America, Europe, and Asia.