Crypto exchange traded note (cETN) is an unsecured debt instrument that tracks the price of a digital asset without holding it, whereas a crypto exchange traded fund (cETF) is a fund that directly holds digital assets

Quotes that support claims

Spot ETFs (Exchange-Traded Funds), which directly hold crypto (e.g., Bitcoin) as the underlying asset, are not currently permitted in the UK and remain subject to broader regulatory and legislative constraints.

ETNs are debt securities that track an underlying asset but are traded on a stock exchange

Unlike crypto exchange-traded funds, which are backed by the underlying asset, ETNs are unsecured debt notes tied to a specific index.

ETNs (Exchange-Traded Notes) are unsecured debt securities that track the price of a digital asset but do not hold the underlying asset.