Equity Linked Note (ELN) An instrument whose return is determined by the performance of a single equity security, a basket of equity securities, or an equity index. Investopedia Says: In the case of a note linked to an equity index, the security would typically be called an equity index-linked note. Related Terms: Credit Linked Note - CLN Equity Equity-Linked Foreign Exchange Option - ELF-X Mutual Fund Vanguard Exchange-Traded Funds |