| Investors in products bearing the exchange-traded label almost invariably assume they have invested in funds regulated under European Ucits rules. In fact, the position is far from clear-cut. Whereas exchange-traded funds are listed funds with regulated exposures, exchange-traded notes and exchange-traded commodities lack either of these characteristics.
The most common ETN and ETC exposures are wrapped into a debt security, whose value is linked to the performance of designated investments...............................................Full Article: Source
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