User 151033

Mea Culpa (ETN Version)

From day 1 the issue has been the absence of details about the debt instruments that these ETNs hold aside from the fact that in most if not all cases it is a package of debts of the issuers? How do we know the debt even exists? You can get a credit rating on a given issuer, of course, but given the sub prime mess in the U.S. and the ABCP mess in Canada, who can have that much faith in any rating agency these days.