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Exchange-Traded Notes: An Introduction

Colby Wright, Dean Diavatopoulos and James Felton
The Journal of Investing Summer 2010, 19 (2) 27-37; DOI: https://doi.org/10.3905/joi.2010.19.2.027
Colby Wright
is an assistant professor of finance at Central Michigan University in Mt. Pleasant, MI.
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  • For correspondence: wrigh1ca@cmich.edu
Dean Diavatopoulos
is an assistant professor of finance at Villanova University in Villanova, PA.
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  • For correspondence: dean.diavatopoulos@villanova.com
James Felton
is a professor of finance at Central Michigan University in Mt. Pleasant, MI.
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  • For correspondence: felto1jm@cmich.edu
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Abstract

The first Exchange-Traded Note (ETN) was introduced in 2006. Since then, at least 64 other ETNs have been issued, with more announced. This financial security, which is growing in number and popularity, is often confused with Exchange-Traded Funds (ETFs) and seems to be largely misunderstood by the general investing public and even by institutional investors and academicians. Since no academic work has been published on the subject, this article offers a seminal introduction to ETNs. It provides five basic categories of information: 1) descriptive information about ETNs, 2) fine print related to ETNs that we believe investors should understand before purchasing shares, 3) a few simple examples of ETNs that are available, 4) a simple analysis of how closely ETN market prices track their indicative values (something akin to NAV), and 5) a discussion of why ETNs may appeal to various investor classes. The authors believe this article will provide the catalyst for much future empirical work on these financial securities.

TOPICS: Risk management, exchanges/markets/clearinghouses, portfolio management/multi-asset allocation

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The Journal of Investing: 19 (2)
The Journal of Investing
Vol. 19, Issue 2
Summer 2010
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Exchange-Traded Notes: An Introduction
Colby Wright, Dean Diavatopoulos, James Felton
The Journal of Investing May 2010, 19 (2) 27-37; DOI: 10.3905/joi.2010.19.2.027

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Exchange-Traded Notes: An Introduction
Colby Wright, Dean Diavatopoulos, James Felton
The Journal of Investing May 2010, 19 (2) 27-37; DOI: 10.3905/joi.2010.19.2.027
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  • Article
    • Abstract
    • ETN FEATURES
    • THE FINE PRINT
    • SOME EXAMPLES
    • ETN SUMMARY STATISTICS
    • INVESTOR APPEAL
    • CONCLUSION
    • ENDNOTES
    • REFERENCES
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