At a glance
Over the past year it returned +27.9% with distributions reinvested (S&P 500: +11.5%), 5th of those 8 funds.
The short version
Alerian MLP Index ETNs due January 28, 2044 (AMJB) are exchange-traded notes from JPMorgan Chase. They pay the return of the Alerian MLP Index, minus fees. The index follows master limited partnerships (MLPs) in energy infrastructure. AMJB is not an ETF but unsecured bank debt, so holders own no MLPs and depend on JPMorgan being able to pay. It pays quarterly, with a 12-month yield of 5.67% as of October 27, 2026.
Price history
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AMJB +27.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AMJB price data to Oct 27, 2026 | +23.2% | +27.9% | — | — | — | +17.7% |
- Over the year to Oct 27, 2026, AMJB returned +27.9%, 5th of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.9%); its best was 2025 (+7.9%).
- The deepest fall in its price history was 17% (Apr 2, 2025 to Apr 8, 2025), recovered by Jan 13, 2026.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +23.2% |
| 2025 | +7.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.5036 | |
| 2025 | $1.9500 |
How it works
AMJB is not a fund. It is an exchange-traded note (ETN), which is unsecured debt issued by JPMorgan Chase. It trades like a stock and matures on January 28, 2044. JPMorgan holds no MLPs on holders' behalf. Instead, it promises to pay the return of the Alerian MLP Index, minus fees, and the notes have paid quarterly. That promise is only as good as the bank's ability to pay. If JPMorgan ran into trouble, holders could lose money even if the index rose. JPMorgan can also redeem the notes early.
The index follows master limited partnerships (MLPs). These are publicly traded partnerships, common in energy businesses such as pipelines and storage, that usually pass much of their cash to owners. An ETN has no fund prospectus and files no holdings reports. As a result, the index's members, weighting rules and rebalancing schedule aren't covered here. JPMorgan's offering documents and the index provider describe them.
The notes use no leverage, so they aim to deliver the index's return minus fees, not a multiple of it. Like other ETNs, AMJB's market price can drift away from its indicative value, which is what the note is worth based on the index. This is more likely if the issuer stops issuing new notes. That gap is worth checking before trading.
What it really costs
Structure and tax notes
- An exchange-traded note: unsecured debt of the issuing bank, not a fund. It owns no assets on investors’ behalf; it pays the index return minus fees only as long as the issuer can pay, so the bank’s credit matters, and the issuer can redeem the notes early.
In a retirement portfolio
It pays quarterly income from a single sector, energy infrastructure partnerships, but it adds JPMorgan Chase credit risk and has less than three years of history.
AMJB could add quarterly income. Its 12-month yield was 5.67% as of October 27, 2026, or about $2.00 per note. The trade-offs are a short record and a focus on a single sector. The notes launched in January 2024, so they missed the 2008, 2020 and 2022 downturns. Their only full calendar year, 2025, was a 7.9% gain, so their worst-year figure says little. The deepest drop was 17%, from April 2 to April 8, 2025. Recovery took about nine months, until January 13, 2026. Anyone who needed to raise cash during that stretch would have taken a loss. Payments and principal also depend on JPMorgan Chase being able to pay, and the bank can redeem the notes early. The fee JPMorgan deducts isn't shown here, but similar funds' expense ratios average 0.89% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one holding.
Who it may suit — and who should look elsewhere
May suit
- Income seekers wanting quarterly payments linked to energy infrastructure partnerships. The 12-month yield was 5.67% as of October 27, 2026.
- Investors wanting MLP exposure through one exchange-listed ticker, without owning partnership units, who accept relying on JPMorgan Chase's ability to pay.
- Those adding a small, higher-risk position next to diversified core holdings, comfortable with a 17% drop in April 2025 that took about nine months to recover.
Look elsewhere if
- Investors wanting a fund that owns its holdings. AMJB is unsecured JPMorgan Chase debt, and the bank can redeem the notes early.
- Anyone wanting a long, tested record. The notes launched in January 2024, after the 2008, 2020 and 2022 downturns.
- Cost-focused investors, who may want to compare JPMorgan's fee with the 0.40% to 0.45% expense ratios of MLPX, MLPA and TPYP.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| AMJB this fund | — | — | +27.9% | — |
| AMLP Alerian MLP ETF | 0.85% | $10.80B | +22.5% | +17.4% |
| EMLP First Trust North American Energy Infrastru… | 0.95% | $3.30B | +18.7% | +22.9% |
| MLPX Global X MLP & Energy Infrastructure ETF | 0.45% | $2.80B | +32.9% | +27.2% |
| MLPA Global X MLP ETF | 0.45% | $1.90B | +22.1% | +15.9% |
| TPYP Tortoise North American Pipeline Fund | 0.4% | $748.0M | +28.5% | +26.2% |
| ATMP Barclays ETN+ Select MLP ETN | 0.95% | $534.2M | +35.5% | +26.5% |
| AMZA InfraCap MLP ETF | 2.18% | $452.8M | +34.5% | +21.9% |
Questions investors ask
Is AMJB an ETF or an ETN?
AMJB is an exchange-traded note (ETN), not an ETF. It is unsecured debt issued by JPMorgan Chase and due January 28, 2044. It pays the return of the Alerian MLP Index minus fees. An ETF owns a basket of securities for its shareholders, but AMJB owns nothing on holders' behalf. So holders carry JPMorgan's credit risk on top of market risk, and the bank can redeem the notes before they mature.
Does AMJB pay monthly dividends?
No. AMJB has paid quarterly, not monthly. Payments over the 12 months to October 27, 2026 totaled about $2.00 per note, a 12-month yield of 5.67%. Because AMJB is a note, these payments come from JPMorgan Chase and are linked to the Alerian MLP Index. They are not dividends from holdings, because the note owns none. The amount isn't fixed, and past payments don't guarantee future ones.
What's the difference between AMJB and AMLP?
The main difference is structure. The Alerian MLP ETF (AMLP) is a fund that owns its holdings and lists a 0.85% expense ratio. AMJB is a JPMorgan Chase note that owns nothing and depends on the bank's ability to pay. As of October 27, 2026, AMJB returned 27.9% over one year, compared with 22.5% for AMLP. AMLP also has a three-year record, while AMJB launched in January 2024.
Does AMJB send a K-1?
No K-1 is expected. AMJB isn't taxed as a partnership. Holders own a JPMorgan Chase note, not units in the master limited partnerships the index follows. Owning MLPs directly usually brings a K-1 tax form each year, which some investors find complicated. The note's quarterly payments may be taxed differently from MLP payouts, so JPMorgan's offering documents or a tax professional can confirm the details.
Is AMJB good for retirement income?
It may suit a small, higher-risk slice of a retirement portfolio rather than a core holding. AMJB paid quarterly, with a 12-month yield of 5.67% as of October 27, 2026. But it follows a single sector, depends on JPMorgan Chase's credit, and has a short record. It fell 17% in April 2025 and took about nine months to recover. It also missed the 2008, 2020 and 2022 downturns, so how it holds up in a deep bear market is untested.