Bitcoin ETN is here, what is it?

Bitcoin investors may not get an ETF for a while but they will get an ETN(Exchange traded note) from Sweden. Bit Tracker one, that has been trading on NASDAQ Stockholm for a while, is now quoting in US dollars and is finally available to US investors. The main difference between an ETF and an ETN is that an ETF is backed by assets whereas an ETN is backed by issuers. Looking at the regulatory situation situation in the US and the fact that an ETF may not come around until next year, this is a win for US investors and may fill part of the need that an ETF will eventually fill.