ETRACS Alerian Midstream Energy Total Return Index ETN (AMTR)

The ETRACS Alerian Midstream Energy Total Return Index ETN was an exchange-traded note issued by UBS AG. It was designed to track the total return of an Alerian index of North American midstream energy companies, including pipeline and storage operators organized both as corporations and as master limited partnerships. As an ETN, it was an unsecured debt obligation of UBS rather than a fund holding the underlying stocks. Investors were therefore exposed to UBS credit risk in addition to the index's performance.

The note began trading on NYSE Arca in October 2020 under the symbol AMTR. It was part of a new series of ETRACS products launched as UBS restructured its ETN lineup and retired older Series A notes. Midstream energy securities recovered strongly in the years after the 2020 oil price collapse, which helped the index. Even so, the note attracted relatively modest assets.

In November 2024 UBS announced that it would call and redeem seven ETRACS ETNs, including AMTR. The last expected trading day was December 11, 2024, and the call settlement date was December 12, 2024. Holders received a cash payment based on the note's indicative value, and the ETN was then delisted. Investors seeking similar exposure can look at midstream energy ETFs and MLP funds that remain listed.