Debenture holder has priority over ordinary shareholder.

债券持有人比普通股东享有优先权。

youdao

In countries where modern shareholder capitalism is new, ordinary shareholders may have few protections.

WSJ: Investing in Emerging Markets Isn't for Amateurs

This means the profit from the trust creates a tax liability for the ETF shareholder, which is taxed as ordinary income.

FORBES: How To Reduce Taxes On ETF Gains