What Role Does the Investment Company Act of 1940 Play in the Regulation of ETFs?

The Investment Company Act of 1940 (40 Act) regulates mutual funds and other pooled investment vehicles. Most traditional ETFs are structured under this act.

However, Bitcoin futures ETFs are often structured under the 1933 and 1934 Acts, which govern securities offerings and trading, because the underlying asset (futures contract) is considered a security.