An ETF
Can be bought and sold like a stock during market hours
Has lower expense ratio than that of most mutual funds
Is structured for tax efficiency
Can be sold short or long
ETNs (exchange traded notes) are structured investment products issued by a provider or a major bank as senior debt notes. Meanwhile, ETFs comprise a group of:
actual securities
commodities or
currency derivative such as futures or options.
Other differences are:
When investors buy an ETN, they purchase a debt product similar to a bond. They buy an asset like a stock or index when they buy an ETF.
ETNs are highly secured products as they are backed by a bank with a high credit rating.
A normal ETF emulates an index or an underlying investment such as a commodity or precious metal. The proportion of the underlying assets in an ETF does not change except when assets in the correlating index change. Actively managed ETFs, on the contrary, bring one of the best advantages of mutual funds, active management, to ETFs. They are actively managed on a daily basis to deliver higher returns than that of the market.
There are more than twenty companies offering ETFs. Some of them are:
Barclays Global Investors
State Street Global Advisors
Vanguard
ProFunds Group
Van Eck Global
Wisdom Tree
Claymore
The top five ETFs as of June 2009 are:
US Natural Gas ETF
iShares Barclays TIPS
Vanguard Emerging Markets
SPDR Retail
iShares S&P 500
Before investing in any ETFs, traders must definitely go through an ETF guide and gather in-depth knowledge and tips on suitable investment vehicles.