SEC Commissioner Confirms Agency Approved Bitcoin ETP, Not ETF. In its explanation, Commissioner #SEC expresses concern about possible confusion among investors about these products and emphasizes that they are not registered ETFs, causing potential misunderstanding about the level of protection. Upon review of the approval document, it was found that ETP was listed, not ETF.
#ETF (exchange-traded funds) are funds that trade on stock exchanges and track a market index, usually consisting of several stocks under a single investment name.
#ETP (Exchange Products) are similar to ETFs, but open to a wide range of options such as commodities, currencies, bonds and more. The first exchange-traded product that deals with Bitcoin is Wisdom Investment Tree.