What are the benefits and risks of investing in exchange-traded notes (ETNs) compared with ETFs.Topics covered include:How big is the market for ETNs compared with ETFs.How ETNs can do a better job tracking their target index than ETFs.Why ETNs can be more tax-efficient than ETFs..How ETNs have counterparty risk, pricing risk, and liquidity risk.Under what circumstances would an ETN be preferred over an ETF.Thanks to WIX and Policygenius for sponsoring the episode.For show notes and more information on this episode click here.[0:21] ETPs, ETFs, and ETNs—which is the most popular?[3:10] Exchange-Traded Notes exhibit low tracking error.[5:28] ETNs are vastly more tax-efficient than ETFs.[6:14] Examples of Exchange Traded Notes.[10:16] Should there be a default-risk discount on ETNs?[13:34] Why there is issuance and closure risk with ETNs.[17:21] Clarification on the term “Net Asset Value” when referring to ETNs.[17:58] The issues of illiquidity risks and high fees.[20:46] Exchange Traded Notes are a niche product.