The Grayscale Chainlink Trust ETF (ticker: GLNK) operates as an exchange-traded product but does not hold registration status under the Investment Company Act of 1940. This distinction is critical for investors to understand. Unlike traditional 40 Act registered ETFs and mutual funds, which are subject to comprehensive regulatory oversight and investor protections, GLNK operates under a different regulatory framework. The absence of 40 Act registration means that investors should carefully evaluate the structural differences and associated implications before committing capital to this product.