List of ETN, ETP, ETC Funds and Main Differences Compared to ETFs

Exchange-traded products encompass multiple securities structures – including ETNs (Exchange-Traded Notes), ETPs (Exchange-Traded Products), and ETCs (Exchange-Traded Commodities) – which differ fundamentally from ETFs (Exchange-Traded Funds) through their legal architecture, replication methodology, and risk exposures. These instruments trade globally, providing exposure to diverse asset classes through distinct regulatory frameworks and financial engineering.

ETP variants encompass more than equity tracking; they represent contractual and physical commodity exposure models with unique characteristics. The structural differentiators include:

• Credit dependence protocol: ETNs constitute unsecured debt obligations where repayment derives solely from issuer creditworthiness, introducing counterparty risk absent in ETF structures holding segregated assets.
• Commodity replication mechanics: ETCs utilize either physical commodity storage (bullion vaults) or derivatives-based tracking mechanisms differing from ETF security ownership and dividend entitlement structures.
• Taxation frameworks: Distinctive global tax implications such as VAT liabilities on precious metals ETCs and noteholder tax treatments contrasting with ETF distribution classifications.

Market examples illustrate structural forms: Invesco Physical Gold ETC (SGLN) represents gold ownership through allocated bullion storage, while Xtrackers S&P 500 Swap UCITS ETF (XSPU) demonstrates synthetic replication via swap arrangements. ETN risks materialize via issuer vulnerability seen in structures like VelocityShares Daily Inverse VIX ETN (XIV). Replication divergence reveals distinct legal architectures: ETFs provide pro-rata ownership of underlying securities, whereas ETNs represent unsecured senior debt, and physical ETCs grant beneficial metal ownership. This establishes ETP categories as specialized exposure tools with non-identical risk profiles.

Beyond base categories, hybrid formats target specialized need solutions including volatility-linked ETNs, agricultural commodity ETCs with futures roll mechanisms, and carbon credit ETPs tracking emissions certificates globally. Legal innovations incorporate segregated custody systems for physical ETCs.

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The following section identifies globally traded ETNs, ETPs, and ETCs with their structural classifications. Critical evaluation examines credit enhancement provisions, collateral methodologies, physical storage verifiability, swap counterparty exposure limits, regulatory frameworks, and termination scenario protocols.