ETF and ETN shares tend to trade very close to the value of the underlying securities. However, premiums and discounts can develop in exchange traded products when sponsors halt the creation of new shares. This causes the so-called arbitrage mechanism to break down. As a result, shares can deviate from indicative value based on buying and selling pressure for the ETF or ETN. [Natural Gas ETN Premium Tops 100%]
Investors added more than $400 million to AMJ on Wednesday, according to IndexUniverse.
AMJ had total asssets of $4.76 billion as of June 20, according to JP Morgan.
AMJ was trading at a very slight premium to indicative value in midday action Thursday. Shares were trading at $36.73 at last check, compared with an indicative value of $36.71.
JPMorgan Alerian MLP Index ETN
