An exchange-traded note issued by JPMorgan designed to replicate the performance of the Alerian MLP Index. It tracks the performance of a portfolio composed of major MLP names responsible for crude oil and natural gas transportation and storage across North America.

It is well suited for income-oriented investors who want the high dividend yields of MLP investments while avoiding complex tax procedures such as K-1 filings.

This ETF was launched by JPMorgan in 2024 and follows a passive (index-tracking) management approach.

The fund applies a market-cap-weighted approach while imposing caps on individual constituent weights to maintain diversification. Unlike ETFs that physically hold shares, the index returns are guaranteed by the creditworthiness of the issuer, JPMorgan, and the strong cash flows characteristic of MLPs are distributed in the form of quarterly coupons.

• K-1 tax filing obligation waived through the ETN structure
• Minimized tracking error versus the underlying index

Assets under management (AUM) stand at $841.4M, with a total expense ratio of 0.85% per year.

This product was launched as the successor to a previously operated series, and it carries the structural feature that principal repayment capacity is determined by the credit rating of the issuer, JPMorgan.

Stable energy prices and solid earnings from midstream companies have supported a steady dividend profile, while the inflation environment has highlighted the value of real assets.

Even in market environments with significant interest-rate volatility, income-oriented capital seeking high dividend yields continues to flow in, and long-term demand is being validated by ongoing expansion of energy infrastructure.

It offers attractive income and tax convenience, but investors should be mindful of issuer credit risk and the inherent volatility of the energy sector.

AMLP shown in the table is a representative ETF that invests directly in MLPs; unlike AMJB, it physically holds shares but may involve somewhat more complex tax reporting. Meanwhile, MLPA and MLPX share a similar theme but differ in constituents and management approach, while preferred-stock ETFs such as PGX and VRP offer comparable dividend yields but are fundamentally different in the nature of their underlying assets.

AMJB is a specialty product that delivers the core benefits of MLP investing. Before making an actual investment decision, please review the following structural features carefully.

If a credit event involving the issuer occurs, there is a risk of losing the entire investment, and if energy sector conditions deteriorate, dividend cuts by MLPs could directly hurt returns.

In conclusion, this product can serve as a suitable income supplement for investors seeking to capture the high-dividend performance of the US energy infrastructure industry without having to navigate complex tax procedures.