Are securities whose price and value are derived from other underlying investment instruments or assets (such as loan portfolios, credit-linked notes, repackagings or a basket of securities). ETPs trade on recognized international exchanges, thus investors can trade them through brokerage accounts. ETPs settle electronically via Euroclear & Clearstream.
ETP’s are issued by a bankruptcy-remote Issuer whose sole activity is the issuance of structured notes. BNYM serves as Custodian, Paying and Transfer Agent, and Interturst serves as Trustee for the Program.