Investing directly in an offshore fund often means meeting high minimum subscription amounts (sometimes millions of dollars), completing extensive KYC/AML paperwork and committing to multi-year lock-ups with redemption gates. An ETN linked to the same strategy packages the exposure into a tradable security. This reduces minimum investment sizes to levels suitable for advisors’ clients, because the note can be fractionalized. Total costs are competitive because administrative expenses are spread across many investors, and trading on a secondary market (or via a transfer agent) allows T+2 settlement and periodic liquidity. Advisors can scale allocations gradually rather than in a single large ticket, improving portfolio construction flexibility.