ETNs offer distinct characteristics to investors, such as:

• Benchmarking
  ETNs track, exactly, the performance of their underlying market benchmark
• Liquidity
  ETNs are open-ended securities, and therefore are not limited to on-exchange volumes
• Accessibility
  ETNs are traded and settled on a stock exchange, the same as any equity, and can be purchased and held in ordinary brokerage or custodial accounts
• Ease of Ownership
  ETNs do not involve any of the difficulties with buying and then managing a futures position (eg. worrying about margin calls, contracts expiring and rolling positions) or in buying and storing physical assets.
• Transparency
  ETN pricing is based on a transparent formula with the pricing updated daily by the issuer
  ETNs are priced using published settlement prices
• Flexibility
  Investors can long or short ETNs