After a decade long wait, BNY Mellon has received patents on its commodity exchange traded fund structures, according to a report.
The firm received three patents that drive large commodity ETFs, including the popularly regarded SPDR Gold Shares (NYSEArca: GLD), reports Jackie Noblett for Ignites.
BNY Mellon has created grantor trusts to turn physically held gold, silver, platinum and palladium into ETFs that can be traded on an exchange.
“It was the impetus for a much greater use of commodities broadly. Prior to the ETF, it was an institutional investment, and what we did was we transformed it into an easily traded security,” Joseph Keenan, head of global ETF services at BNY Mellon, said in the article.