An exchange-traded security tracking a single commodity – often structured as a note or trust rather than a fund.
In Europe, UCITS rules stop funds from holding a single commodity, so gold, silver or oil are offered as ETCs – debt securities, often backed by physical metal. In the US, gold is usually held through grantor trusts like large gold ETFs, and oil through futures-based funds. ETNs are unsecured notes and carry the issuer’s credit risk.