Special-Structure Products
4 products outside the standard ETF scoring model
These products' legal and economic structure (grantor trust or commodity pool, not a standard open-end fund under the Investment Company Act of 1940) makes this site’s ordinary ETF scoring model inapplicable and would produce a misleading result if forced onto them. This is a structural classification, not an assessment of quality.
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| Ticker | Name | Legal structure | Sponsor / managing owner | Status |
|---|---|---|---|---|
| DBC | Invesco DB Commodity Index Tracking Fund | Delaware statutory trust structured and taxed as a commodity pool (limited partnership taxation, K-1 tax reporting) -- not registered under the Investment Company Act of 1940; regulated as a commodity pool under CFTC/NFA rules rather than as a securities fund. | Invesco Capital Management LLC (the fund's managing owner, commodity pool operator, and commodity trading advisor) | Special Structure |
| GLD | SPDR Gold Shares | grantor trust (Delaware), registered under the Securities Act of 1933 but NOT registered under the Investment Company Act of 1940 -- SPDR Gold Trust is not a mutual fund or ETF in the 1940 Act sense, even though it trades on NYSE Arca like one. | World Gold Trust Services, LLC (marketed as SPDR Gold Shares by State Street Global Advisors) | Special Structure |
| IAU | iShares Gold Trust | grantor trust (Delaware statutory trust), registered under the Securities Act of 1933, not registered under the Investment Company Act of 1940. | iShares Delaware Trust Sponsor LLC (a BlackRock, Inc. affiliate) | Special Structure |
| SLV | iShares Silver Trust | grantor trust (New York), registered under the Securities Act of 1933, not registered under the Investment Company Act of 1940. | iShares Delaware Trust Sponsor LLC (a BlackRock, Inc. affiliate) | Special Structure |