Exchange-traded product

An exchange-traded product (ETP) is an umbrella term for an investment product that is listed and traded on a securities exchange and that typically seeks to provide exposure to the performance of an index, benchmark, asset class, or investment strategy. The term is not defined identically in every jurisdiction or market. In the United States, the U.S. Securities and Exchange Commission describes ETPs as including exchange-traded funds (ETFs), exchange-traded commodity trusts, and exchange-traded notes (ETNs). FINRA describes ETPs as including ETFs, ETNs, commodity pools, and other product types.

ETPs trade throughout the trading day at market prices, similarly to ordinary shares, but their value is generally linked to an underlying portfolio, benchmark, asset, or strategy rather than to the business prospects of an operating company. Individual exchange-listed stocks and bonds are therefore not usually described as ETPs.