ETNs are equity derivative securities that are listed and traded on an exchange, just like stocks. ETNs areis issued by securities companies and their returns are linked to the performance of the underlying indices. -The securities companies, issuers of ETNs, list various ETNs on the exchange markets and provide bid and offer prices on a real time basis, so that investors can easily buy and sell ETNs. The securities companies also provide disclosure information and investment references indicators regarding the ETNs for investors. Korea Exchange (KRX) assesses the listing eligibility of ETNs for the investor protection, evaluates liquidity providers (LP) to secure the liquidity and takes relevant disclosure and the market measures for the reliable pricing at the market.