IMHO ETN's are a riskier vehicle since (in addition to market risk) the financial institution issuing these notes can fail. I avoid them. There's comparisons here: <a href="http://www.etfguide.com/etfvsetn.htm" target="_blank">http://www.etfguide.com/etfvsetn.htm</a> <a href="http://www.fool.com/investing/etf/2007/05/23/etfs-newest-rival.aspx" target="_blank">http://www.fool.com/investing/etf/2007/05/23/etfs-newest-rival.aspx</a>