Grayscale's Chainlink Trust is structured as an exchange-traded product rather than a traditional registered ETF. This distinction matters for investors. Unlike conventional ETFs that fall under the Investment Company Act of 1940, this trust operates outside that regulatory framework, which means it doesn't provide the same investor protections or compliance requirements. Before investing, understand the difference: products registered under the 40 Act follow stricter standards and safeguards. With trusts like this one, you're taking on different risk profiles and regulatory oversight. It's worth knowing exactly what you're buying and how it's regulated in the market.