ETN是证券债券，由指数制定者或银行发行，可以在市场上进行交易。ETV和它类似，但发行者是特殊目的机构。

An ETN is a debt security issued by an index provider or a bank and traded on the market; an ETV is similar, but the debt issuer is a special-purpose vehicle.

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如果是一支股票(或者其他证券，如债券)，你可以从别处融券(借股票)，并同意在未来某个指定日期、以某个指定价格卖给某人。

If it is a stock (or other security, including a bond), you can borrow it and agree to sell the stock to someone at some specified date in the future at a specified price.

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这些证券可能包括股票、债券、共同基金或衍生工具如期权和期货。

These securities may include stocks, bonds, mutual funds, or derivatives such as options and futures.

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So, we have this security and a ten-year bond would have twenty coupons attached, each with a date on them.

我们持有这样的证券，是十年期的债券,并附有二十张息票，每一个都有日期在上面。

耶鲁公开课 - 金融市场课程节选

You have closed end funds, trade as a security listed on the stock exchange, but what they do is own other securities.

假如你持有封闭式基金，这种基金在证券交易所作为一种债券进行交易，但是实际上它们做的是持有其他债券。

耶鲁公开课 - 金融市场课程节选

So the debt market is something worthy of studying because it really represents a market for time itself.

债券市场很值得研究,因为它恰恰代表着,证券市场的时间价值

耶鲁公开课 - 金融市场课程节选