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An exchange-traded note (ETN) is a debt security that tracks the performance of an asset, market benchmark, or investment strategy: 

 

 

• How it works

  An investor loans money to a financial institution, such as a bank, and in exchange, the investor's money is tied to the performance of an asset or index. The investor doesn't receive interest. 

   

   
• How it's traded

  ETNs are listed on an exchange and can be bought and sold throughout the trading day like a stock. 

   

   
• How it's different from an ETF

  ETNs are different from exchange-traded funds (ETFs) in several ways, including structure, risk, and regulation: 

   

   

  • Structure: ETNs are debt securities issued by a financial institution, while ETFs are pooled investment opportunities that typically include baskets of stocks, bonds, and other assets. 
     
     
  • Risk: ETNs are riskier than ETFs because they're unsecured debt obligations that aren't backed by collateral. ETNs also expose holders to credit risk, which is the risk of the issuer defaulting. 
     
     
  • Regulation: ETNs and ETFs fall under different regulatory frameworks that offer different investor protections.