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An Exchange-Traded Product (ETP) is a type of financial instrument that is traded on a stock exchange. ETPs are designed to track the performance of an underlying asset, such as indices, commodities, or other financial instruments, without requiring you to hold the asset directly.

ETPs allow you to gain exposure to markets that might otherwise be difficult, through your investment account.

Depending on their structure, ETPs may track the underlying asset’s price directly or through other financial mechanisms, and they carry risks related to both the underlying asset and the structure of the product itself.

ETPs come in different types and levels of complexity, depending on how they track the underlying asset. The risks and benefits vary depending on the structure of the product and the underlying assets.

• Exchange-Traded Funds (ETFs) are funds that hold a portfolio of assets and typically aim to track the performance of an asset class or index. Learn more in this FAQ
• Exchange-Traded Commodities (ETCs) are debt instruments that track the performance of commodities, such as gold, oil, or other raw materials. Learn more on this page
• Standard Exchange-Traded Notes (ETNs) are debt instruments that track the performance of an underlying asset, such as an index or asset class. Learn more in this article
• Crypto Exchange-Traded Notes (Crypto ETNs) are debt instruments that track the performance of a cryptoasset. Learn more in this FAQ

Crypto ETNs, ETNs, and ETCs are considered complex because their value depends not only on potentially highly volatile underlying assets, but in some cases also on the financial health of the issuer.

Some of these complex ETPs also use derivatives or other financial instruments, which can affect how their price moves.

Because of this, these products can be harder to understand than standard investments such as ETFs. However, some ETFs will also be considered complex ETPs if they use leverage or have inverse characteristics.