Exchange-traded products (ETPs) are investment products that are listed and traded on national securities exchanges.  These investment products include exchange-traded funds, exchange-traded commodity trusts and exchange-traded notes (ETNs).

The most common type of ETP is exchange-traded funds (ETFs). ETFs are registered with the SEC as open-end investment companies or unit investment trusts under the Investment Company Act of 1940. This means that ETFs, like mutual funds, are subject to specific investor protections—for example, related to valuation and custody of fund assets.

Exchange-traded commodity trusts, another type of ETP, are typically structured to hold assets which consist primarily of commodities, currencies, or derivative instruments that have commodities or currencies as their underlying assets.  These trusts must register their offerings and securities with the SEC under the Securities Act of 1933 and Securities Exchange Act of 1934, respectively.  Issuers of exchange-traded commodity trusts are also subject to the antifraud provisions of the federal securities laws. However, they are not registered as investment companies under the Investment Company Act of 1940, even if they have the term ETF in their name or may otherwise be referred to as ETFs.

Exchange-traded notes (ETNs) are a third type of ETP.  They are unsecured debt obligations of financial institutions that trade on a national securities exchange. ETN payment terms are linked to the performance of a reference index or benchmark, representing the ETN’s investment objective. ETNs are complex, involve many risks for investors, and can result in the loss of the entire investment.