http://www.tradingmarkets.com/.site/etfs/how_to/articles/ETNs-vs-ETFs-Which-Fits-You-Best-80065.cfm relative newcomer to the world of exchange traded products, Exchange Traded Notes (ETNs) were first created by Barclay's in 2006 and have become an interesting alternative to Exchange Traded Funds (ETFs). ETFs and ETNs are very similar in the fact that they both trade on an exchange like a stock, follow an underlying product and are easily accessible to investors. However, they differ remarkably in the way they are designed. This article will explain the differences between ETNs and ETFs as well as provide examples of ETNs so that you can choose which exchange traded product fits your investment criteria. ETNs are issued by Morgan Stanley, Barclays, Credit Suisse, Goldman Sachs and UBS. There are approximately 56 ETNs currently ....... http://www.tradingmarkets.com/.site/etfs/how_to/articles/ETNs-vs-ETFs-Which-Fits-You-Best-80065.cfm
If you are a long term investor and you are ok with the counterparty default risk then they might be better for you.