ETN

The acronym stands for Exchange Trade Notes.
It is a senior debt security (therefore similar to a structured bond) that is not guaranteed, not subordinated and issued with the direct investment of the issuer in the underlying or in derivative contracts on the same.
The performance of the underlying determines the price of the ETN and this brings it closer to ETFs. The underlying in ETNs is not a commodity, otherwise we would be in the case of ETCs. Similarly to other debt securities, ETNs have a maturity date and are supported only by the issuer’s credit.
They are traded on the stock exchange and have both a primary market and a secondary market.
For a long time, ETNs have been subject of discussion regarding taxation, which is still decided today on the basis of the analysis of the information prospectus.
This type of instrument allows the subscriber to invest in securities that he would normally have difficulty accessing since there are no commissions on entry or exit, nor on performance.