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Adding on to the growing family of master limited partnership fund products, Barclays launched its own MLP exchange traded note under its "ETN+" line on Wednesday.

The mew Barclays ETN+ Select MLP ETN (NYSEARCA:ATMP) tries to reflect the performance of the Volume-Weighted Average Price level of the Atlantic Trust Select MLP Index, which tracks midstream U.S. and Canadian MLPs in the GICS Energy Sector and the GICS Gas Utilities Industry. ATMP has a 0.95% expense ratio.

The ETN holds a basket of 20 to 100 MLPs. Limited partners have a maximum weight in the index of 8% and general partners have a maximum weighting of 4%. Rebalances will occur quarterly.

The Atlantic Trust Select MLP Index has an average yield of 5.5%.

"In response to the growing demand for yield, this MLP ETN offers the potential for income along with upside appreciation via a more focused exposure to a subset of general partners and limited partners in the MLP space, developed by the Atlantic Trust team," Ian Merrill, Head of Barclays ETNs, Americas, said in a press release.

MLPs build, acquire and operate transportation assets. While investors link MLPs with energy, specifically natural gas and crude oil, they are more involved with transporting the commodities. Consequently, the performance of MLPs is less dependent on commodity prices than on how much of the commodity is pushed through.

"Within the MLP sector, we believe that investment grade midstream MLPs offer an attractive opportunity set to capitalize on the secular trends in the energy industry," Adam Karpf, Portfolio Manager and Managing Director at Atlantic Trust, said in the press release. "The inclusion of midstream general partners in the Index, structured as both MLPs and corporations, provides additional exposure to a fast growing and attractive sub-sector in the energy infrastructure industry."

ETNs are not exchange traded funds. Unlike ETFs, an ETN is essentially an uncollateralized loan to an investment bank and leaves investors open to potential credit risks of the issuing bank - if the bank goes under, there is no guarantee that the ETN investor will receive all of his or her principle back.

Max Chen contributed to this article.

Source: New Barclays MLP ETN Pays Nearly 6% Yield