AMJs history goes back further than the inception date would indicate. The first ETN to launch in the MLP space, on this same index, was from Bear Stearns in 2007. Following JPMorgans acquisition of Bear Stearns in 2008, AMJ provided investors the opportunity to transfer their positions. The note tracks a broad and market-like MLP index. Its ETN structure carries none of the potential tax deferred income of the constituent MLPs, but does provide pure-play exposure to the space on a total return, pre-tax basis. MLP ETN distributions are taxed as ordinary income. As with all MLP ETNs, its not backed by underlying securities but by the issuing banks promise to pay. Structure is a key consideration in the MLP space. AMJs issuing bank has limited creations to sales from inventory, which may have contributed to significant premiums and discounts in the past. Consider comparing price with intraday value before trading, and checking recent funds flows as a measure of creation activity.