Arnerich Massena Publishes Guide for ETPs

Arnerich Massena has published a white paper, “A Field Guide to Exchange-Traded Products.”

Since exchange-traded funds (ETFs) leapt onto the scene in the early 1990s, their growing popularity has led to a proliferation of different types of products and at least six different exchange-traded structures, each of which can behave differently in given market conditions.    

“Investor interest in the various types of exchange-traded instruments continues to increase,” said Tony Arnerich, chief executive and chief investment officer of Arnerich Massena, “but tracking the different structures and anatomies of each ‘species’ can be confusing, and requires in-depth analysis.”   

In the paper, Arnerich, Scott Dunbar and Jillian Perkins investigate the different ‘species’ of exchange-traded products: how they’re constructed, their risks, and how they fit into a diversified portfolio.    

The paper explores:  


  • Exchange-traded funds (ETFs);
  • Exchange-traded notes (ETNs);
  • Exchange-traded certificates (ETCs);
  • Limited partnership (LP) ETFs;
  • Master limited partnerships (MLPs) ETFs and ETNs; and 
  • Unit investment trusts (UITs). 

“A Field Guide to Exchange-Traded Products” can be downloaded here.