Introduction

Welcome to Other Assets, the final unit in Packaged Products & Alternatives, covering asset classes that fall outside traditional securities.

Exam Weight: Part of 17 questions

What You'll Learn

In this unit, you'll cover:

• Commodities and Precious Metals: How physical goods trade through futures, who regulates them, and how precious metals serve as inflation hedges
• Digital Assets: Cryptocurrencies, blockchain technology, the Howey Test for determining security status, and the unique risks these assets carry

Why This Matters

The Series 66 exam tests your ability to distinguish between assets that are securities and assets that are not, and the regulatory consequences of that distinction.

• Commodities fall under Commodity Futures Trading Commission (CFTC) jurisdiction, not the Securities and Exchange Commission (SEC)
• Digital assets occupy a gray area where the Howey Test determines whether securities laws apply

Understanding these boundaries matters for advising clients and answering exam questions correctly.

Let's start with commodities and precious metals.