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Exchange Traded Notes (ETNs) ExplainedExchange Traded Notes (ETNs) are exchange-traded debt instruments that give investors access to a wide spectrum of assets. Exchange Traded Notes (ETNs) are listed, senior, non-bespoke, unsubordinated, uncollateralised debt securities which represent a contractual obligation. RMB and FNB have jointly launched an inward listed equity exchange traded note (ETN) programme. ETNs are debt instruments listed on the JSE that track the.