ETN is a kind of bond, and the financial institution (issuer) promises that its price will track certain indicators according to its reputation. Therefore, the difference between ETN and ETF is that it does not hold (does not need to hold) the corresponding assets. In European and American stock markets, ETN's trading volume is second only to ETF's, and it is active (called ListedCertificates in Europe). )。
Large securities companies, banks and other financial institutions that issue ETN promise that the bonds they issue will track the underlying index, so there are no spot assets that can be used as collateral.