An exchange-traded product (ETP) is a derivatively priced security which trades during the day on a national stock exchange. ETPs are typically benchmarked to indices, stocks, commodities, or may be actively managed. There are several different types of ETPs, including:

• Closed-end funds (CEFs)
• Exchange-traded derivative contracts
• Exchange-traded funds (ETFs)
• Exchange-traded notes (ETNs) which may include:
  • Exchange-traded certificates (ETCs)
  • Exchange-traded currencies (ETCs)
  • Exchange-traded commodities (ETCs)