Learn how you can import your mnemonic phrase for Bybit Wallet with our comprehensive article.

For new users, it's recommended that they familiarize themselves with the wallet's basic operations, understand its features and characteristics, and then start using and importing mnemonic phrases.

If you haven't installed Bybit Wallet yet, please click 

After installation, you can pin the Bybit Wallet to the toolbar through the following steps:

 icon in the upper right corner of your browser, and the Bybit Wallet will pop up the initialization interface.

Before using your Bybit Wallet, please set a password first. This password is used to unlock your wallet and encrypt your key information. The local password will not be uploaded to our server, so please keep it carefully. Once lost, the password cannot be retrieved.

After entering the password, please check the 

If you are already using Bybit Wallet, then you only need one step to import your mnemonic phrase.

Please click on the wallet address to enter the wallet management page:

Next, enter the device password you created for the wallet and click 

After setting the local password, please select 

If your mnemonic phrase length is 12, you can click the 

 input box and paste it directly. Of course, you can also manually enter them one by one.

In addition, we also support mnemonic phrases of different lengths, which are 12-, 15-, 18-, 21-, and 24-word mnemonic phrases, all of which can be imported into Bybit Wallet. Please choose the one that suits you.

 button to import. Bybit Wallet will search for the wallet address that has assets under the mnemonic phrase and automatically import it into Bybit Wallet.

At this point, the mnemonic phrase has been successfully imported into Bybit Wallet.

In the import wallet interface, you can also choose to import the wallet using your private key. Just click 

, then enter your private key in the input box, and then click 

Now, you can start using Bybit Wallet to your heart's content. Remember to update your wallet regularly to get the latest features and optimizations. We are always working hard to improve and enhance the user experience of Bybit Wallet. If you have any suggestions or feedback, feel free to let us know any time.

Beginner

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How to Import Your Mnemonic Phrase for Bybit Wallet

Today’s outperformer is ENA, which jumped 7.3% after Ethena's synthetic dollar launched on Swell L2 with rewards and airdrops in pre-launch phase.

The SPX index is up 0.32%, the Federal Reserve is expected to maintain borrowing costs, but investor focus will be on any changes in rhetoric after recent high inflation data. Market expectations for rate cuts this year have decreased, with only one 25 basis point reduction now anticipated, compared to three a month ago. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 1.23% and 4.01%, respectively in the past 24 hours.

Ethena Labs (ENA), founded in 2023, introduces USDe, a synthetic dollar on Ethereum, offering a decentralized alternative to traditional stablecoins. It features the 'Internet Bond' for global savings, using delta-hedging to manage volatility and aiming to transform the financial ecosystem by enhancing Ethereum's utility. Recently, $USDe is now available on 

. By depositing $USDe during the Pre-Launch phase, users can earn Sats, qualify for a Season 2 airdrop upon the L2 launch, receive additional airdrops from projects on Swell L2, and share 1 million EigenLayer Points. For more details, visit the Swell Network website.

Check Out the Latest Prices, Charts, and Data of 

Omnity has launched a new integration that allows for the fee-free trading of Runes tokens without impacting the Bitcoin network. This 

 utilizes the Internet Computer Protocol's chain fusion technology, enabling interactions with the Bitcoin blockchain and other networks without the need for wrapped tokens or off-chain relayers. The initiative, which distinguishes Omnity from other Bitcoin interoperability solutions, aims to address the scalability challenges of the Bitcoin network, particularly in light of increased activity from new technologies and Bitcoin ETFs. On April 20, the Bitcoin network hit a record high of over 926,000 transactions, with Runes tokens constituting a significant portion of this traffic.

Bernstein analysts believe the recent decline in Bitcoin ETF flows is temporary and predict a bullish future with a $150,000 BTC price target by 2025. They remain optimistic about Bitcoin's integration into financial platforms and its long-term acceptance. Additionally, they suggest that a denial of an Ether ETF could benefit Ether and Ethereum Layer 2 tokens. The firm expects the crypto market cap to triple to $7.5 trillion within two years.

 plans to distribute EIGEN tokens via airdrop from May 10 to September 7, targeting users who participated in Ethereum restaking on the EigenLayer protocol. The initial distribution, termed a "stakedrop," will allocate 5% of the total token supply based on activities as of March 15. The airdrop is divided into two phases, with 90% of tokens going to initially eligible users and the remaining 10% to those who interacted with EigenLayer in more complex ways. However, the airdrop excludes users from several countries, including the US and Canada, and implements strict measures to block VPN and proxy users. Future airdrops will reserve an additional 15% of the token supply. The EIGEN token, designed to address specific protocol faults, will initially be non-transferable and non-forkable to support the protocol's growth, with full functionality enabled later.

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Ethena’s USDe Launches on Swell’s Layer 2 Network

cat in a dogs world (MEW) is a no-utility, cat-themed meme coin built on Solana challenging the dominance of dog-themed coins in the crypto space.

The world of meme coins is wild and filled with all types of animals, such as dogs, cats, penguins and frogs. In 2024, the meme coin craze is back in full swing, evidenced by the astronomical gains made by top crypto meme coins like 

During this meme coin season, Solana-based meme coins have stolen the show with dog-themed tokens dominating the space. However, a recent cat-themed meme coin is seeking to challenge this dog-themed coin narrative.

cat in a dogs world (MEW) stormed into the meme coin space on Mar 27, 2024, and has been causing a stir with its remarkable price surge. Upon listing, MEW’s price soared by 385% to reach an ATH of $0.0097 within four days.

Let’s explore the MEW coin and find out why it’s one to watch in the thriving 

cat in a dogs world is a no-utility, cat-themed meme coin built on Solana (

It was launched on Mar 27, 2024, to provide a cat-themed token that would be a worthy competitor to the dog-themed meme coins dominating the space.

Barely 96 hours into the market, MEW had pumped by 385% to hit a price of $0.0097, during which its market capitalization reached around $848 million, a figure reserved for more established projects in the market such as 

MEW’s market cap has since shrunk to a more conservative figure of $357 million, with a 24-hour trading volume of $59 million on Apr 30, 2024. It’s currently trading around $0.004.

cat in a dogs world has a total/max supply of 88,888,888,888 tokens, of which 90% were burned as 

, while the remaining 10% were allocated as an 

MEW’s formidable success could be attributed to its tokenomics strategy, as burning most of the LP tokens creates a stable price floor and cushions the token against market volatility. The airdrop is also an excellent way to attract attention to the project and create brand awareness, further solidifying MEW's presence on Solana and in the cryptocurrency market as a whole.

Deliberately airdropping and burning the LP tokens enhances the value of the MEW token, while giving it a competitive advantage in the cutthroat world of meme coins.

Cat meme coins have been generating a lot of hype lately. Let's look at a brief comparison between MEW and two other cat-themed coins in the meme coin space.

 (CATS) have caused a stir in the meme coin space. Not only are they both trying to change the dog-eat-dog landscape, but they’ve also approached the market in an innovative way.

That said, unlike MEW, CATS has various utilities in its ecosystem, such as 

. Catcoin’s ecosystem is also filled with a variety of products, such as the Caring Cats charity and a non-fungible token (

) collection. While the two tokens entered the meme coin space at different times, they’ve both managed to draw attention to feline-themed meme coins.

 (OMNI), caused a stir when its price quickly soared after the coin’s debut in December 2023. However, unlike MEW, which is only available within the Solana ecosystem, Omnicat leverages omnichain technology and is available on seven blockchains, including 

While it may be a meme coin, Omnicat leverages 

’s blockchain in order to advance its mission of interoperability in the crypto space. Both MEW and Omnicat have adopted innovative approaches that seem to have paid off despite their meme coin narratives.

You can buy MEW Cat Coin on Bybit as a Spot pair (MEW/USDT) or a USDT perpetual contract (MEWUSDT). To celebrate this Spot listing, Bybit is holding two Token Splash events, 

, with 40 million MEW tokens up for grabs.

, is exclusively for new users, with a prize pool of 25 million MEW. By completing Identity Verification and accumulating a deposit volume of 25,000 MEW (worth 100 USDT), or depositing 100 USDT and trading 100 USDT worth of MEW tokens via your first trade with Bybit, you’ll have a chance to receive 5,000 MEW. Rewards are available on a first-come, first-served basis to the first 5,000 new users.

, has 15 million MEW tokens up for grabs. Simply trade at least 1,000 USDT worth of MEW tokens on Bybit’s Spot market to earn a share of the prize pool. 

Rewards will be capped at 200,000 MEW (around 800 USDT) per user.

While it’s primarily been a dog-eat-dog world in the meme coin space, tokens such as MEW are effectively diluting this narrative. Being one of the top-ranking Solana meme coins, the MEW cat-themed coin has followed others in the ecosystem by skyrocketing in price within a short time of entering the market, flooding Solana with much-needed liquidity.

Despite its slowed momentum — generally attributed to the currently fluctuating price of Bitcoin (

) — MEW remains a Solana cat-themed meme coin to watch when the market starts rallying again.

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cat in a dogs world (MEW): Pouncing on the Cat Meme Coin Craze

USDt's launch on TON leverages Telegram's massive user base for enhanced peer-to-peer payment efficiency. Learn more here.

Stablecoins play a pivotal role in the digital economy, offering a bridge between traditional fiat currencies and the volatile world of cryptocurrencies. Tether (USDt), the foremost stablecoin by volume and usage, has expanded its reach by launching on The Open Network (TON), a significant move that integrates with Telegram to streamline 

In this article, we’ll explore USDt’s launch on TON, the advantages of USDt being on TON, how this launch benefits the ecosystem, and the ongoing Bybit x TON campaigns that you can participate in.

, widely recognized by its symbol, USDt, holds the title of most heavily utilized stablecoin in the cryptocurrency market. It boasts an impressive daily transaction volume that has exceeded $85 billion and maintains a total market capitalization of over $106 billion. Each USDt token is directly pegged to the U.S. dollar at a 1:1 basis and is 

This stability is critical, distinguishing USDt from more volatile cryptocurrencies and making it indispensable for daily transactions, trading, remittances and safeguarding assets against the fluctuations common in the digital currency market. The inherent stability of USDt renders it a preferred medium for various financial activities, including exchange platforms, decentralized finance (

Previously, USDt lacked a distribution platform that could truly simplify and globalize payments for a wide audience. Its recent integration with TON addresses this void by offering an easy-to-navigate, globally accessible payments experience with the potential to reach millions.

, a blockchain network designed for speed and scalability, is deeply integrated with Telegram, a popular messaging platform. This integration enables TON’s blockchain to leverage Telegram's extensive user base, providing a seamless and intuitive user experience for cryptocurrency transactions directly within the messaging app.

The launch of USDt on TON, announced in April 2024, provides 900 million monthly active Telegram users with a fresh 

 experience, enabling peer-to-peer payments on a global scale. 

 views this as a pivotal advancement in leveraging digital currencies for everyday use worldwide. In collaboration with Tether, TON is set to simplify one of the most common financial activities—peer-to-peer payments—making them as straightforward as sending a message, with no intermediaries, borders or limitations.

Paolo Ardoino, CEO of Tether, has expressed enthusiasm about this initiative, highlighting its alignment with TON's vision for an open, decentralized internet and a borderless financial ecosystem. According to Ardoino, the integration of USDt with TON will facilitate seamless global transactions, offering an experience that rivals traditional financial systems and supports the broader mission of enhancing financial infrastructure across the blockchain domain.

This strategic move is integral to TON's broader mission of embedding cryptocurrency use into everyday life and making digital assets accessible right from Telegram, thus potentially onboarding hundreds of millions into the web3 ecosystem. This represents a significant step toward actual use cases of cryptocurrency that hold the promise of widespread adoption.

11 Million Toncoin in USDt Launch Incentives

To mark this significant launch of this initiative, substantial incentives have been designed to attract early adopters. A total of 11 million Toncoins have been allocated as incentives, including: 

These incentives are time-sensitive, which underscores the launch's unique appeal and potential impact.

Note, however, that the availability of USDt on TON is restricted in certain regions, including the mainland U.S. and its territories, as well as for U.S. citizens and in prohibited countries as defined under Tether’s Terms of Service, due to regulatory considerations.

The deployment of USDt on TON heralds a new era in digital finance, leveraging the network's superior efficiency, scalability and security features. Combined with the expansive reach of Telegram, the platform sets an ideal stage for enhancing USDt’s accessibility and utility.

Following are the main advantages of USDt on TON.

These features embody the vision of a decentralized, peer-to-peer financial system without intermediaries, aligning with Bitcoin creator 

’s vision of “a purely peer-to-peer electronic cash without an intermediary.”

How Does USDt on TON Benefit the TON Ecosystem?

Integrating USDt with TON and its native Wallet in Telegram significantly enhances the user experience for the TON community. This integration allows USDt to operate as a native stablecoin within the TON ecosystem, enabling users to send USDt to anyone globally through Telegram at no cost. Unlike other on-chain wallets that might involve additional fees, transactions within the TON ecosystem are free of hidden charges, with users only responsible for nominal network fees. Soon, they’ll also have the option to cover on-chain gas fees using USDt-TON, further streamlining the process.

This development is particularly advantageous for those new to cryptocurrencies. USDt on TON serves as a welcoming gateway, merging the benefits of digital currencies with the stability of traditional fiat currencies. This blend significantly simplifies the crypto experience, providing newcomers with a stable and secure platform to explore DeFi on Telegram and broaden their understanding of the digital economy. 

Additionally, this integration not only enhances usability but also fosters inclusivity, making digital currencies more accessible and functional for a global audience.

To celebrate the launch of USDt on TON, Bybit is holding two exclusive events where you can earn a share of the total 120,000 USDt prize pool! The events are being held from Apr 29, 2024, 10AM UTC through Jun 23, 2024, 11:59PM UTC.

Event 1: Learn & Earn: TON Airdrop of 80,000 USDt

Grab a share of the 80,000 USDt prize pool by following the four simple steps below:

All eligible participants will split an equal share of the prize pool, capped at 3 Toncoin per user,

Event 2: Refer & Earn: Invite New Users, Unlock 40,000 USDt in TON Rewards

Interested in learning more? Simply invite new users to join Bybit and participate in the first event. Both you and your qualified referee will receive 0.3 Toncoin each.

Please take note that rewards will be distributed on a first-come, first-served basis.

The launch of USDt on TON is more than just a technical integration: it’s a strategic expansion that could redefine global digital payments. By combining TON's advanced blockchain technology with Telegram's widespread adoption, Tether has positioned USDt to significantly influence the future landscape of DeFi and peer-to-peer payments.

Intermediate

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USDt on TON: Streamlining Peer-to-Peer Crypto Transactions

Bybit Learn

Investing

ETPs and ETFs are exchange-traded offerings with differing structures, regulations and liquidity. Learn more about the differences between them in this article.

Are you weighing your options between an exchange-traded product (ETP) and exchange-traded fund (

) for your investment portfolio? In sum, an ETF is a subset of ETPs, offering real-time pricing and the flexibility of stock-like trading, making it a highly liquid asset class. Our guide zeroes in on ETPs and ETFs to examine their differences, structures and the way they fit into diverse investment strategies.

ETPs and ETFs have emerged as major players in online investing platforms. Below, this article analyzes the two financial instruments.

As a type of ETP that possesses distinct characteristics (unlike mutual funds), ETFs:

These features make ETFs popular among investors.

Investors consider allocating funds to ETFs due to their high liquidity. They can be traded throughout the day, much like stocks, offering investors a level of flexibility that’s hard to match.

ETPs (exchange-traded products) resemble a “mixed bag of candies” in that they include a wide array of investment products, such as:

Each category of ETP has distinct characteristics and structures tailored to different asset classes and investment strategies. Investors can use ETPs as a convenient tool for diversifying their portfolios. These financial instruments provide a simple way to access a wide range of investment options.

ETNs, for instance, carry various risks, including credit risk linked to the issuer’s financial stability. They also feature call risk, which could result in potential loss if the issuer recalls the ETN. However, the returns on ETNs are typically tied to the performance of an underlying index or benchmark (after deducting any fees). This means that ETNs can provide investors with exposure to indices and potentially offer attractive returns.

ETFs (exchange-traded funds) hold a diversified portfolio of investments, generally reflecting an underlying index of investments such as stocks or bonds. Investors buy and/or sell shares of the ETF on an exchange, similarly to the trading process for stocks. Exchange-traded funds can include a variety of investments, such as:

ETFs offer diversification and flexibility for investors. Passively managed ETFs are designed to replicate the performance of an index or sector, offering cost-effectiveness and transparency.

ETFs have several advantages over mutual funds, including the following:

Having examined ETPs and ETFs separately, it’s time to compare them. While both ETPs and ETFs are exchange-traded offerings that provide investors with exposure to various asset classes, they differ in structure, regulation and trading characteristics. ETPs are traded on exchanges in a manner similar to trading stocks, and they can encompass exchange-traded commodities (ETCs) that provide exposure to commodities through shares. On the other hand, ETFs are collections of securities that follow underlying indexes, and may include investments such as stocks and bonds.

When it comes to liquidity, ETFs typically exhibit superior characteristics as compared to ETPs, making them more preferable and expedient for investors. Along with their trading flexibility, portfolio diversification, risk management, lower costs and tax benefits, this contributes to the greater popularity of ETFs when compared to ETPs.

The majority of ETPs are structured as ETFs, which are registered with and regulated by the SEC as investment companies under the Investment Company Act of 1940 in terms of their structure and regulation. This provides investors with a level of oversight and transparency. ETFs typically concentrate their investments in stocks, bonds or debt securities, and are subject to diversification requirements. They’re traded on the stock exchange, providing investors with liquidity and flexibility.

However, there are differences in regulatory oversight between ETFs and other ETPs, such as ETNs. ETFs must comply with regulations of the Investment Company Act of 1940, and are subject to stringent oversight, including supervision by a board of directors and the Financial Industry Regulatory Authority (FINRA).

ETNs, on the other hand, don’t feature board oversight, which indicates a less rigorous regulatory framework.

While both ETPs and ETFs have a presence on stock exchanges, ETFs typically provide higher liquidity and narrower 

. This higher liquidity of ETFs as compared to ETPs is primarily influenced by the composition and trading volume of the securities that make up each ETF, along with the trading volume and investment environment.

The bid-ask spread can vary for ETPs and ETFs. However, it’s a crucial aspect for ETFs, as they trade similarly to single stocks, making spreads more pertinent. ETFs with high popularity and strong trading volume usually result in narrower bid-ask spreads, but less popular ETFs, or those with highly illiquid underlying securities, may experience wider spreads.

ETFs and ETPs allow for diversification and 

. However, the level of diversification might depend upon the specific product and its underlying assets. 

As an example, ETCs provide access to commodities, whereas ETFs such as iShares Core ETFs enable investors to construct well-rounded portfolios for long-term objectives. ETFs generally follow a range of underlying assets, offering more extensive diversification as compared to certain ETPs that may focus on particular industries or commodities.

A lack of diversification in ETFs and ETPs can result in heightened exposure to specific sectors, which can be detrimental during a downturn in that sector. Additionally, leveraged or inverse ETFs may encounter tax inefficiencies due to daily resets, which could potentially lead to taxable gains or losses.

A myriad of market options cater to different investment strategies, including passive vs. active management, sector and industry focus, and leveraged and inverse products. Passive ETFs are designed to replicate the performance of an index or sector. They offer advantages such as cost-effectiveness and transparency, making them a favorable choice for investors inclined toward a passive investment approach.

Active ETFs, on the other hand, are overseen by experienced professionals, with the objective of surpassing a benchmark index. In contrast to passive ETFs, active ETFs utilize diverse investment strategies and can adjust portfolio allocation in response to market conditions.

Within the realm of ETPs and ETFs, passive strategies and active strategies offer distinct approaches to investing.

On the other hand, active ETPs and ETFs have the following characteristics as well:

ETFs and ETPs offer targeted investment opportunities in specific market segments, which can be broadly categorized into sectors and industries. While these terms are often used interchangeably, there's a subtle difference:

In addition to ETFs, other types of ETPs may also offer sector or industry-focused investment opportunities. However, it's important to differentiate between ETFs and other ETPs:

ETFs are investment funds traded on stock exchanges, often designed to track indices, commodities, or baskets of assets. They can be sector or industry-specific, as explained above.

Other ETPs, such as ETNs or ETCs, also provide exposure to different market segments but may have different structures, risks, and regulatory frameworks. For example, ETNs are debt instruments issued by financial institutions, and their performance is tied to a specified market index or strategy, while ETCs focus specifically on commodities.

Leveraged and inverse ETPs and ETFs offer a unique investment approach. Leveraged ETPs seek to magnify the performance of an underlying index or asset class by employing financial 

. This amplification is achieved through the use of 

, which can lead to increased potential returns as well as heightened risk. Meanwhile, inverse ETPs are financial instruments that aim to achieve returns that are inversely correlated to the performance of a specific benchmark or index. For example, if the underlying index decreases by 1%, an inverse ETP designed to inversely track that index would aim to increase by 1%, before fees and expenses. 

These products cater to sophisticated investors seeking higher returns or hedging strategies. However, investing in leveraged and inverse ETPs carries inherent risks, particularly in volatile markets. There’s the potential for returns to deviate significantly from the performance of their underlying index or benchmark over time.

Like all investment vehicles, both ETPs and ETFs incur costs and fees. These fees, known as expense ratios, vary depending on the type of fund. On average, the expense ratio for ETFs is about 0.16% for index ETFs, which aim to track a specific market index. In comparison, the broader industry average, which includes both ETFs and mutual funds, tends to be higher, around 0.47%. These expense ratios cover the fund's operating expenses, such as administrative costs and portfolio management fees.

Apart from expense ratios, investors may also incur brokerage commissions for trading ETPs and ETFs. It’s worth noting that investors typically incur lower fees when investing in ETFs, as compared to mutual funds. However, to minimize costs, investors can select index funds with lower expense ratios in comparison to actively managed funds.

Additionally, investors should evaluate the expenses related to purchasing and selling ETFs, and be mindful of both transparent and hidden fees linked to their chosen ETFs.

The decision between ETPs and ETFs rests largely upon your investment goals, risk tolerance and preferred exposure. Your investment objectives significantly influence the choice between ETPs and ETFs, as they determine the underlying assets or benchmarks being tracked.

Risk tolerance is another crucial factor. ETFs typically represent lower-risk options due to their diversified nature and lower costs, making them more appealing to investors with a lower risk appetite. On the other hand, certain ETPs, such as leveraged or inverse products, involve higher risk and are generally more suitable for investors willing to assume greater risk levels.

Desired exposure is also a crucial factor in the selection of ETPs or ETFs, as it significantly influences how an investor’s portfolio will fare in various market conditions.

Advantages and Disadvantages of ETPs vs. ETFs

ETPs and ETFs each offer distinct advantages and disadvantages, but it's crucial to differentiate between them accurately. ETFs, being a subset of ETPs, generally provide benefits such as diversification, liquidity, and tax efficiency. They are known for their wide range of investment options and the ease of trading, similar to stocks. However, some types of ETFs may incur additional expenses due to active management or specialized investment strategies.

On the other hand, other types of ETPs, such as ETNs or ETCs, can have different cost structures and risks. While they also offer diversification and can be tax-efficient, their trading costs and expense ratios can vary significantly based on their specific structure and the underlying assets they track. For example, ETNs may have lower operating costs but carry credit risk, whereas ETCs focused on commodities might have unique storage and handling costs.

It's important to note that the potential impact on market stability during periods of volatility can be a consideration for both ETFs and other ETPs, depending on their composition and the market segments they target.

To further elucidate the concepts above, let’s consider some real-world examples. 

 S&P 500® ETF Trust (SPY) is acknowledged as the pioneering ETF. It was introduced on Jan 22, 1993, and holds the position of the largest ETF in the market. SPY is structured to replicate the performance of the S&P 500

 Index, offering investors access to 500 of the most prominent and well-established companies in the U.S. stock market.

, offering investors exposure to the performance of 

, the world’s largest cryptocurrency. These innovative ETFs highlight the variety of investment options available in the world of ETPs and ETFs.

Similar to all investments, ETPs and ETFs come with both potential risks and rewards. Market risk refers to the possibility of ETPs experiencing detrimental price changes as a result of market volatility, fluctuations and various socioeconomic and political risks. ETPs carry the risks of the assets they invest in, such as commodities and bonds. These risks are inherent to the underlying assets, and can impact the performance of ETPs.

Investors should also be aware that if issuing companies of exchange-traded notes face financial difficulties, such as bankruptcy, they may be unable to fulfill their payment obligations, which can potentially leave ETN holders with significantly devalued net assets or worthless investments.

Nevertheless, the potential rewards can be significant. The returns on ETNs are typically tied to the performance of underlying indices or benchmarks (after deducting any fees), offering the potential for attractive returns.

Both ETPs and ETFs present effective ways to diversify an investment portfolio, each with its unique structural, regulatory, and trading characteristics. ETFs, a subset of ETPs, are typically favored for their liquidity and a broad array of low-cost options, especially in the case of passive index-tracking ETFs. 

However, the broader category of ETPs, which includes products like ETNs and ETCs, offers varied structures and can cater to specific investment needs with different cost implications and risk profiles. When selecting between an ETP or ETF, it is crucial to thoroughly understand your investment goals, risk tolerance, and the specific market exposure you desire, ensuring that your choice aligns with your overall investment strategy.

ETP vs. ETF: The Differences in Exchanged-Traded Offerings

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