Definition ∞ Exchange-Traded Notes are unsecured debt securities issued by financial institutions that track the performance of an underlying market index or asset. Unlike exchange-traded funds, ETNs do not directly hold assets; instead, they are promises from the issuer to pay the return of the index. They trade on major exchanges, offering investors exposure to specific markets, including digital assets, without direct ownership. ETNs carry credit risk associated with the issuing institution.
Context ∞ Exchange-Traded Notes, particularly those linked to cryptocurrencies, are a subject of considerable interest in traditional financial markets. News often covers regulatory approvals or rejections of new ETN offerings, reflecting the ongoing integration of digital assets into conventional investment vehicles. The discussion frequently highlights the benefits of accessibility and liquidity versus the inherent credit risk and regulatory hurdles associated with these products.
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