Exchange Traded Products (ETPs) may be used to manage different types of stock, commodity-based, currency and interest rate products. Both ETFs (Exchange Traded Funds like SPY, DIA, IWM, etc.) and ETNs (Exchange Traded Notes) would fall into the more general category of ETPs. ETFs are sometimes compared to stocks while ETNs can be more similar to bonds. One could initiate bullish, bearish or neutral options strategies with ETPs, just as they could with stock options.