The fine relates to four structured bonds sold by the bank between January and March with a 'medium-to-low' risk profile instead of 'high'.

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The investment banking firm underwriting the bonds structured the issue with serial maturities from 2013 to 2021.

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But ETNs, which generally are structured as borrowings by investment banks, are regulated like bonds, not like the mutual funds many investors seem to mistake them for.

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That's because the bonds, which are held by hedge funds, pensions and other insurance companies, are structured in a way that makes hitting the triggers for a loss all but impossible to reach.

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Like Fidelity, they will be structured as funds-of-funds, investing mostly in Vanguard domestic and international stock index funds, bonds, REITs and commodities.

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