Together with a syndicate of big banks, Merrill Lynch newly formed ELEMENTS, which unveiled five original currency Exchange Traded Notes (ETNs. Before ML entered the marketplace via ELEMENTS, there were simply two banks offering currency ETF products: Barclays Capital and Rydex, whose funds are proprietary CurrencyShares and iPath, respectively. ETNs disagree from ETFs in that the onetime constitute a debt responsibility whereas the latter constitute a kind of fairness. In use, however, since the danger of nonpayment is comparatively reduced, the two types of securities are functionally equal. Both salary stake somewhat below the benchmark stake rates of the currencies to which they are connected. The five original ELEMENTS ETNs are individually tied to the operation of the Canadian Dollar, Euro, Swiss Franc, British Pound, and Australian Dollar. Index Universe reports: Why would anyone select the original ELEMENTS ETFs? Because they take biannual cash dividend payments to noteholders based on the int