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An exchange traded fund (ETF) may be structured as a grantor trust. Such a trust holds a fixed portfolio of assets and issues shares based on the value of those assets.
Shares in grantor trust ETFs are traded on the stock market throughout the day as other ETFs are. But unlike ETFs that are structured as investment company funds or unit investment trusts (UITs), grantor trusts aren't securities, don't track an index, and aren't rebalanced from time to time.
Grantor trusts may own commodities -- such as gold or a currency -- or a portfolio of securities.