Have you looked at the wiki? http://en.wikipedia.org/wiki/Exchange-traded_noteOf note is this:The ETN issuers are using tax efficiency as their trump card. As things stand, there is significant tax saving to be gained from investing in ETNs. In reality, however, the Internal Revenue Service has yet to decide on the proposed tax treatment. So, the tax benefit status is still arguable.I do not own any ETNs. I looked them over a year or 3 ago, whenever they first appeared, but decided I had no interest in them. I just didn't like the idea of owning debt. There are too many intermediate potential points of failure for me in an ETN. But really, I just don't like the idea of owning debt guaranteed by a third and perhaps fourth party. Maybe it works for you, and you understand it well enough to profit from it.Hedge
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