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'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 taxed as ordinary income,subject to big premiums and discounts share sales taxed as capital gains) that foregoes any tax deferral. With a huge asset base, AMJ is not a threat to close. It’s backed solely by JP Morgan’s credit. We expect the underlying index to change materially, possibly in late 2014 due to the Kinder corporate action. Note: We lack NAV data for this product which distorts our tracking display. (Insight updated 09/04/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

AMJ
-11.02% -14.17% 1.34% 7.56% 8.33% 11.34% --

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

Alerian MLP Index
-10.98% -13.83% 3.51% 9.65% 13.02% 17.38% --
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

Issuer JPMorgan

A company that produces and manages ETFs.

Inception Date 04/02/09

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

Legal Structure Exchange-Traded Note

The organizational structure of the fund or ETN.

Expense Ratio 0.85%

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

Assets Under Management --

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

Average Daily $ Volume $91.64 M

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

(%) | 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 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.10%

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 45 days, as a percent.

AMJ Portfolio Data

Weighted Average Market Cap --

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

Price / Earnings Ratio --

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

Price / Book Ratio --

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

Distribution Yield 3.37%

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

Next Ex-Dividend Date --

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

Number of Holdings --

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

Index Tracked Alerian MLP Index

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

Index Weighting Methodology Market Cap

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

Index Selection Methodology Distributions

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

Segment Benchmark 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

Top Competing ETFs 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) that foregoes any tax deferral. With a huge asset base, AMJ is not a threat to close. Note: We lack NAV data for this product which distorts our tracking display. (Insight updated 09/04/2014)


Total Return

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

AMJ
-11.02% -14.17% 1.34% 7.56% 8.33% 11.34% --

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

Alerian MLP Index
-10.98% -13.83% 3.51% 9.65% 13.02% 17.38% --

Alerian MLP Index
-10.98% -13.83% 3.51% 9.65% 13.02% 17.38% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

AMJ Portfolio Management

Expense Ratio 0.85%

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

(12 Mo) | 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." href="javascript:void(0)" class="term">Median Tracking Difference (12 Mo) -1.06%

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.

AMJ Tax Exposures

Max LT/ST Capital Gains Rate 20.00% / 39.60%

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

Tax on Distributions Ordinary income

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

Distributes K1 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

Legal Structure Exchange-Traded Note

The organizational structure of the fund or ETN.

OTC Derivative Use No

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

Securities Lending Active N/A

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

ETN Counterparty JPMorgan Chase & Co

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

ETN Counterparty Risk Low

The risk of default by the ETN counterparty.

Fund Closure Risk Low

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

Portfolio Disclosure Quarterly

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

AMJ ETF.com Tradability Insight

AMJ is the easiest ETN in the segment to trade, with an asterisk. More than $25M changes hands daily, and spreads average just 8 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 can trade at substantial premiums or discounts. (Insight updated 09/04/2014)

Average Spread

Premium/Discount

Volume

AMJ ETF.com/ Block LiquidityAs of 12/19/2014

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

Avg. Daily Share Volume 1,915,139

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

Average Daily $ Volume $91.64 M

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

Median Daily Share Volume 1,503,707

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

(%) | 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 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.10%

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 45 days, as a percent.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $0.05

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

(12 Mo) | The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period." href="javascript:void(0)" class="term">Max. Premium / Discount (12 Mo) 0.57% / -0.57%

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

Impediment to Creations Full

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.

Market Hours Overlap 100.00%

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

(Shares) | 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." href="javascript:void(0)" class="term">Creation Unit Size (Shares) 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.

(45 Day Average) | 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." href="javascript:void(0)" class="term">Creation Unit/Day (45 Day Average) 30.07

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.

(%) | The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit." href="javascript:void(0)" class="term">Creation Unit Cost (%) 0.12%

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

Underlying Volume / 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.

Open Interest on ETF Options 109,211

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

ETF.com Implied Liquidity 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 in our view. The underlying index selects MLPs by distributions and weights by market cap. The fund’s distribution yield is decent at about 5%. (Insight updated 09/04/2014)

AMJ Sector/Industry Breakdown

No data available

AMJ Top 10 Holdings

No data available

AMJ Geographic Exposure

Countries AMJ Segment Benchmark
Greece 0.34% --

United Kingdom 0.30% --

United States 99.36% --

Regions AMJ Segment Benchmark
Europe 0.64% --

North America 99.36% --

Developed /
Emerging Split
100.00% / 0% -- / --

AMJ Performance Statistics

Beta 0.99

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.

Up Beta 1.02

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.

Down Beta 0.99

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.

Downside Standard Deviation 0.12%

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.

Segment 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
Size Split

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

Large (>12.9B)----
Mid (>2.7B)----
Small (>600M)----
Micro (<600M)----
Price / Book Ratio----

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

Dividend Yield----

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

Holdings | 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." href="javascript:void(0)" class="term">Number Of
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.

ConcentrationN/AN/A

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