• Chatbot
  • Customer Service

These products carry a very high level of risk. Ensure you familiarise yourself with how they work before you buy them.

Exchange Traded Notes (ETNs)

ETNs are securities in which the value is related to the movement of an underlying share, index or commodity.

New York Stock Exchange
  • Allow you to trade the upswings or downswings in countless markets

  • Liquid and flexible

  • Can be leveraged

You must be logged in to trade ETNs

How much does it cost to trade ETNs?

Normal brokerage fees

In DNB, you pay normal brokerage fees when buying and selling ETNs. You can find the full price list here.

What is an ETN?

An exchange-traded note (ETN) is traded just as easily as a share. An ETN allows you to earn money on price increases and price drops in a market. It gives you exposure with built-in leverage at a moderate borrowing cost. In contrast to exchange-traded funds, ETNs are exchange-traded notes issued with security in the issuer’s balance sheet. This means that, in addition to market risk, you also have a borrowing risk.

The risk associated with an ETN is generally high. You should become familiar with them before you trade.

Bull toy looking down at a screen

The bull gores upwards and therefore represents an upswing in the stock market. The bear slashes downwards and symbolises downswings.

Take a position for an upswing or downswing in Bull and Bear ETNs

We offer leveraged ETNs. A leveraged product means that it has built-in borrowing. The leverage lets you take a much larger position than you could normally take based on the funds you have access to. The Bull and Bear products can be used to trade based on whether you believe the market will rise (Bull) or fall (Bear). At the same time, you must be aware that this carries a very high risk.

Why is the level of risk so high with these products?

A number of the ETNs we offer contain derivative components and some have leverage built in – both of these carry a high market risk. For you, this means that the prices of the Bull and Bear products may fluctuate more than the underlying asset, such as a share. The products therefore also carry a higher risk of loss than a direct investment in the underlying share. In addition, these leveraged products are rebalanced daily, which means that over long periods, the return will deviate from the market movements. The return may thus be negative even if the underlying asset has the same value at the time of buying and selling. These features make leveraged products unsuitable for long-term investments.

Questions and answers about Bull and Bear products (ETNs)

Our prices and terms and conditions

Securities trading is subject to strict rules. We’ve gathered all our terms and conditions onto one page. Here you will find our obligations as an investment firm. In addition, you’ll find information on what you, as a customer, are obliged to familiarise yourself with, and what our services cost.

Other products you may be interested in

Footer navigation

Head office

Dronning Eufemias gate 30

0191 Oslo, Norway

Postal address


PO Box 1600 - Sentrum

0021 Oslo

Org. no.


984 851 006

DNB Websites

DNB Eiendom (DNB Real Estate)#girlsinvestDNB Tech Blog


DNB LuxembourgDNB SwedenDNB Denmark

Social media

Terms of useData protectionCookiesPrice listCompare our prices with other companies at Finansportalen.noWork for us