M2TS (MPEG-2 Transport Stream) is a Blu-ray BDAV container format that uses MPEG-2 transport stream and comes with a .m2ts filename extension. It can manipulate audio, video, and other metadata such as disc menu and subtitles. At a bare minimum, any Blu-ray player should play M2TS files easily.
A file with a .trp filename extension is an HD (High Definition) video file that uses MPEG-2 compression. TRP files are typically used to synchronize audio and video codecs in DVB (Digital Video Broadcasting). The video codec is usually H.264, whereas audio data comes in AC3 format. This makes the TRP format to be supported by most media player programs.