An exchange-traded product (ETP) is a regularly priced security which trades during the day on a national stock exchange.
[1] Typically, individual underlying securities, such as stocks and bonds, are not considered ETPs.
This is in contrast to traditional mutual funds which are only available for buying and selling at certain points in the day.
On October 6 of 2021, SEC Chair Gary Gensler warned that leveraged exchange traded products present a risk to the "stability of financial markets" and called for tighter regulations on the "complex" products.
[10] This means that the momentum is due to automatic actions from the ETFs when responding to temporary price pressures.