What is Exchange-traded product, grantor trust?

An exchange-traded product is an exchange-listed security whose shares track an asset or index and are created and redeemed by authorised participants, whether or not it is registered as an investment fund; in the United States the spot bitcoin products are trusts that hold bitcoin and are not registered investment companies. A grantor trust is a trust whose owners are treated for US federal income tax as owning its assets directly, so that the trust itself is not taxed.