; and (B) the issuer, or any person owning not less than 10 percent of any class of equity securities of the issuer, engaged in entrepreneurial or managerial efforts that primarily determined the value of the ancillary asset. (4) Treatment of ancillary assets (A) In general Notwithstanding any other provision of law, if an issuer issues a security through an arrangement or scheme that constitutes an investment contract, as that term is used in section 2(a)(1) of the Securities Act of 1933 ( 15 U.S.C. 77b(a)(1) ), is subject to paragraph (1), (2), or (3), and has complied with the periodic disclosure requirements under subsection (c), to the extent applicable, an ancillary asset owned by the issuer, or any person affiliated with the issuer, shall be presumed— (i) to be a commodity, consistent with section 2(c)(2)(F) of the Commodity Exchange Act ( 7 U.S.C. 2(c)(2)(F) ); and (ii) not to be a security under— (I) section 3(a); (II) such section 2(a)(1); (III) section 2(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a) ); (IV) section 202(a) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–2(a) )