JPMorgan’s Largest ETN Rises to Record Premium After Share Halt
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A JPMorgan Chase & Co. exchange-traded note tied to oil assets reached a record premium over its underlying index after the bank limited shares of the security.
The JPMorgan Alerian MLP Index ETN, under the ticker AMJ, closed 2.7 percent above its underlying index on June 29, the highest level since its inception in April 2009, according to data compiled by Bloomberg. The New York-based bank’s ETN, the largest in the U.S. at $5 billion in market capitalization, traded at a 5.3 percent premium at 1:48 p.m. in New York, before retreating to 2.5 percent at 3:50 p.m.