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I don't think this ETN is suitable for an IRA as the IRS has not made a ruling on the investment as to its suitability for IRA's.. It all has to do with K1 forms, MLPs and taxes..You might look a little deeper into this ETN.
AMJ issues a 1099, not a K-1. Check out the following link for a detailed discussion of AMJ.http://seekingalpha.com/article/195021-amj-for-mlp-yields-without-more-irs-paperwork