What are ELNs, equity linked notes?

ELNs are a type of structured notes, where it comprises of a deposit and a put option (this is another deriative term). From Investopedia: It provide a way for investors to protect their capital while also getting the potential for an above-average return compared to regular bonds.

It is a complex product, and also if the asset or benchmark underperforms, you may suffer a loss on your returns or even principal invested.

Equity linked notes are securities that offer exposure to the equity market while at the same time guaranteeing a return of principal at maturity. It can be to a certain stock, certain industry or to a basket of stocks across various industries

They also have a component of options based or non options based