Exchange-traded notes (ETNs) are unsecured debt securities issued by financial institutions that track the performance of a specific index or asset. Unlike traditional stocks, ETNs do not represent ownership in a company; instead, they promise to pay investors a return based on the performance of the underlying asset, minus any fees. ETNs are traded on major stock exchanges, similar to exchange-traded funds (ETFs). They offer investors exposure to various markets, including commodities, currencies, and equities, while providing the flexibility of trading throughout the day. However, ETNs carry credit risk, as their value depends on the issuer's ability to meet its obligations.