Business: The ETRACS NYSE Pickens Core Midstream Index ETN is an exchange-traded note linked to the performance of the NYSE Pickens Core Midstream Index, less investor fees. The ETN pays a variable quarterly coupon linked to the cash distributions, if any, on the constituents in the Index. The NYSE Pickens Core Midstream Index measures the performance of the common stock of corporations and units of MLPs which are intended to represent U.S. midstream energy fundamentals, agnostic of entity structure. The Index is calculated by the Index Sponsor using a modified free-float market capitalization weighted methodology. The Index constituents are intended to reflect pure (core) midstream energy exposure, with the aim of getting as close as possible, using publicly traded instruments, to the underlying assets and operating results of the core midstream sector, and limiting the potential effect of financial engineering via General Partners and Incentive Distribution Rights. As of August 1, 2018, there were 29 Index constituents.