www.jpx.co.jp/equities/products/etns/risk/03.html

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先物型ETNのリスク | 投資のリスク（ETN） | 日本取引所グループ

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https://www.jpx.co.jp/equities/products/etns/risk/03.html

About this page

This page explains the risks of Futures-linked ETNs provided by Japan Exchange Group. Futures-linked ETNs track futures price indices, and prices vary based on contract months. Time value and carry costs affect futures prices, potentially generating gains or losses during contract rollovers. Commodity futures and volatility index futures tend to exhibit contango, and repeated rollovers may cause value depreciation. Investors should be cautious, particularly for medium to long-term investments, as these mechanisms can result in continuous value erosion.