http://www.globes.co.il/en/article-israels-exchange-traded-notes-set-for-reform-1001174160 "This risk is defined by the Israeli Securities Authority (ISA) as a major threat to the stability of the Israeli market and for this reason, the ISA seeks to remove ETNs from the market by changing the Joint Investment Trust Law in Israel. The upcoming amendment aims to convert ETNs from a debt obligation to an equity instrument - a mutual fund. This process should occur towards the end of this year and be completed by the start of 2018."
Smart move no more ETNs everything converts to essentially an ETF like product. No more credit risk issues. We should do the same here.