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The main difference between ETNs (Exchange-Traded Notes) and ETFs (Exchange-Traded Funds) lies in structure, risk, and tax treatment. Here’s a clear comparison:
|
Feature |
ETF (Exchange-Traded Fund) |
ETN (Exchange-Traded Note) |
|
Structure |
A fund that holds a basket of securities (stocks, bonds, etc.) |
A debt instrument issued by a bank; doesn’t hold actual assets |
|
Backed By |
Physical assets (e.g., stocks in the S&P 500) |
The credit of the issuing bank (credit risk) |
|
Credit Risk |
No issuer credit risk (you own the assets) |
Yes – if the issuer defaults, you may lose your investment |
|
Tracking Error |
May have small tracking errors vs. index |
Generally less tracking error (no need to buy/sell assets) |
|
Dividends |
Pass through dividends from underlying assets |
No dividend payments (returns reflected in price change) |
|
Tax Treatment |
Dividends taxed annually; capital gains when sold |
Treated like debt instruments; often tax-deferred until sale |
|
Liquidity |
High (most ETFs) |
Varies depending on ETN issuance and market interest |
|
Leverage/Inverses |
Available |
Also available; ETNs often used for complex strategies (e.g., commodities, volatility) |
Summary:
- Choose an ETF if you want actual asset ownership and lower credit risk.
- Choose an ETN if you’re looking for exposure to hard-to-access markets (like volatility or commodities) and are comfortable with the credit risk of the issuing bank.
Let me know if you’re comparing specific ETFs or ETNs — I can give a side-by-side breakdown.
