AMJ Fund Description

The JPMorgan Alerian MLP ETN tracks a market-cap-weighted index of North American energy infrastructure MLPs.

AMJ ETF.com Insight

AMJ is the segment powerhouse, with nearly $6B in assets and more than $20M in daily volume. It was the first MLP ETP to launch, and the fund's popularity has continued to outpace itsAMJ was the first MLP ETN to launch rivals to this day, despite the note being closed for creations for quite some time. Although AMJ tracks our segment benchmark, making it a strong representation of the MLP market, the current mechanics of the fund may turn away some investors. AMJ is currently closed for creations, meaning it is essentially a closed-end note—one that is subject to big (false) premiums and discounts. Investors who need liquidity will likely forge ahead regardless, but should monitor indicative value closely to ensure fair pricing. The fund's 85 bp expense ratio is right at the segment average, so its 9 bp spreads make it the cheapest round-trip choice of the group. (Insight updated 02/04/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 07/23/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

AMJ (Mkt)
2.41% 10.01% 16.21% 14.39% 13.47% 17.55% --

AMJ (NAV)

-- -- -- -- -- -- --

Alerian MLP Index

2.44% 10.15% 16.81% 21.19% 18.95% 24.20% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

AMJ Top 10 Countries

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AMJ Top 10 Sectors

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AMJ Top 10 Holdings

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AMJ Summary Data

JPMorgan

A company that produces and manages ETFs.

04/02/09

The first date of a fund's operations, as documented by the issuer.

Exchange-Traded Note

The organizational structure of the fund or ETN.

0.85%

The net total annual fee a fund holder pays to the issuer.

$5.57 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$28.3 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.07%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

AMJ Portfolio Data

--

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

--

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

--

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

4.96%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

--

The date on which a security's price excludes an upcoming dividend.

--

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

AMJ Index Data

Alerian MLP Index

This is the benchmark an ETF is desigend to track or replicate.

Market Cap

A set of rules that the underlying index provider follows to weight its constituent securities.

Distributions

A set of rules that the underlying index provider follows to select its constituent securities.

Alerian MLP Index

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to AMJ

AMLP, MLPI, AMU, ATMP

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

AMJ ETF.com Efficiency Insight

AMJ's 85 bp expense ratio is essentially the same fee every ETN in the segment charges. Its ETN structure makes it a very simple tax instrument (distributions are taxed as ordinary income, changes in price are taxed as capital gains), and ensures tight tracking. With a huge asset base, AMJ is not a threat to close. (Insight updated 02/04/2014)


Total Return
  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 07/23/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

AMJ (Mkt)
2.41% 10.01% 16.21% 14.39% 13.47% 17.55% --

AMJ (NAV)
-- -- -- -- -- -- --

Alerian MLP Index
2.44% 10.15% 16.81% 21.19% 18.95% 24.20% --

Alerian MLP Index
2.44% 10.15% 16.81% 21.19% 18.95% 24.20% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

AMJ Portfolio Management

0.85%

The net annual fee a fund holder pays to the issuer.

-1.01%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

2.08%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-6.95%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

AMJ Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

0.00%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Ordinary income

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

AMJ Fund Structure

Exchange-Traded Note

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

N/A

An indicator of whether or not a fund actively lends its portfolio holdings.

0% / 100%

The division of securities lending revenue between the fund and the issuer.

JPMorgan Chase & Co

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

Low

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Quarterly

The frequency of an issuer's disclosure of all fund holdings.

N/A

The multiple of the underlying index which the fund aims to deliver. For funds that reset, the leverage factor holds true only for the reset period, often just 1 day.

N/A

The time period at which the fund “trues up” its leverage factor. For funds that reset, the reset period–often just 1 day–is the length of time over which the fund delivers its leverage factor.

AMJ ETF.com Tradability Insight

AMJ is the easiest ETN in the segment to trade. More than $20M changes hands daily, and spreads average just 14 bps. Institutions can also trade it at narrow spreads, but monitoring indicative value may save you from bad pricing: AMJ is closed for creations, so it often trades at a premium. (Insight updated 02/04/2014)

Average Spread

Premium/Discount

Volume

AMJ ETF.com/ Block LiquidityAs of 07/24/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of AMJ. AMJ is rated a 5 out of 5.

AMJ Tradability

560,594

The average number of shares traded during a 60 day period.

$28.3 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

441,026

Median number of shares traded over the past 45 trading days.

$22.52 M

Median dollar value of shares traded over the past 45 trading days.

0.07%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

$0.04

The difference between the highest and lowest posted prices for an ETF, averaged over the past 60 days, in dollars.

0.27%

The middle value in the ranked set of all premium/discount values over a 12-month period.

4.98% / -0.63%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a 12-month period.

Partial

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

8.88

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.00%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

--

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

21,921

The total number of net outstanding options contracts for an ETF.

$44.02

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

AMJ ETF.com Fit Insight

AMJ tracks our segment benchmark, so it's a solid representation of the broad MLP market. The index's minimum market cap is $500M which, coupled with its 50-constituent limit, produces a narrower portfolio than competing products. That said, AMJ tracks the key firms in the market and has a nice yield, which is all most investors ask of it. (Insight updated 02/04/2014)

AMJ Sector/Industry Breakdown

No data available

AMJ Top 10 Holdings

No data available

AMJ Geographic Exposure

AMJ Segment Benchmark
0.41% --
0.39% --
99.19% --

AMJ Segment Benchmark
0.81% --
99.19% --
100.00% / 0% -- / --

AMJ Performance Statistics

1.00

The degree to which the fund and its segment benchmark move up and down in unison.

1.00

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

0.99

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.09

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.03%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

Alerian MLP Index

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

AMJ Benchmark Comparison

AMJ
0 Holdings
Segment Benchmark
0 Constituents
Shared Holdings
0 (Count)
 
0.00% (Weight)
AMJSegment Benchmark
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The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

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Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

----

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

----

The weighted average of the current yield on the portfolio’s holdings.

00

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

N/AN/A

The level of return contribution attributable to the average portfolio constituent.