I think that is conflating the ETF and the underlying REIT. The REIT has a float that is going to be similar to any other publicly listed company. The market i

I think that is conflating the ETF and the underlying REIT. The REIT has a float that is going to be similar to any other publicly listed company. The market is setting the price and underlying value of the REIT. The ETF which has a basket of those REITS, will include authorized participants that are creating and redeeming shares based on the underlying REITS. Are there any REIT ETFs with basket holdings including non-traded assets? I am not sure but I don't know of any. So the ETF is indeed redeeming/creating based on market supply/demand but its of an underlying public traded REIT.