No, near beer is an acceptable alternative to beer or other alcohol for two reasons.  
 
1) It has alcohol in it (.5 % per volume is still alcohol) it isn't about the amount of alcohol in the product but simply the presence of ethanol in any product (including sauces and extracts). 
 
2) It gives the appearance of sin, anyone can easily confuse a LDS with a near beer as drinking alcohol. In fact Elder L. Tom Perry an Apostle of Jesus Christ, when he would attend business parties would refuse to drink sodas simply because many there used sodas as parts of mixed drinks and did not want to give the impression that he was drinking. Instead he ordered a glass of milk every time, the only beverage he could think of that could not be confused or considered to be part of an alcoholic beverage.

LDS while using water in place of wine for many years now. Are allowed to use wine made by a Church Member from the purest grapes specifically for the sacrament.  
 
This would be the only exception and wine has not been used in the LDS sacrament in well over 100 years.