Exchange-Traded Notes (“ETNs”) are unsecured and unsubordinated debt obligations of the company that issues them and have no principal protection. Although an ETN's performance is contractually tied to the market index it is designed to track, ETNs do not hold any assets. Therefore, unlike investors in ETFs, which hold assets that could be liquidated in the event of a failure of the ETF issuer, investors would only have an unsecured claim for payment against the ETN issuer in the event of issuer failure. Before investing, please carefully consider the credit worthiness of the ETN issuer and its investment objectives, risks, fees, and charges.
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