Arnerich Massena Publishes Guide for ETPs

August 29, 2012 ( 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,” says Tony Arnerich, CEO and CIO of Arnerich Massena, “but tracking the different structures and anatomies of each ‘species’ can be confusing, and requires in-depth analysis.”   

In the paper, Tony 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 downloadable version of “A Field Guide to Exchange-Traded Products” is available at