This page describes US tax forms in general terms. It is not tax advice.
Why the form matters
Most ETFs send a simple Form 1099. Some funds, mainly those holding commodity futures directly, are partnerships and send a Schedule K-1 instead. K-1s often arrive in March or later, can delay your tax return, and may create taxable income even if you did not sell.
Structure decides the form
| Structure | Tax form | How gains are taxed |
|---|---|---|
| ETF or unit investment trust | 1099 | Normal capital gains rules |
| Commodity pool (partnership) | Schedule K-1 | Section 1256: 60% long-term, 40% short-term, marked to market each year |
| ETN | 1099-B | Normal capital gains; carries issuer credit risk. See ETF vs ETN |
| Grantor trust (for example physical metals) | 1099-B | Taxed as collectibles, up to 28% long-term |
Funds to check
- Commodity and volatility futures funds, such as some oil, natural gas and VIX products.
- Some Managed futures funds; many are now structured to issue 1099s instead.
- Physical gold and silver trusts (collectibles rate).
How to check
The fund's prospectus or website states its structure and tax form. Search for "K-1" or "Schedule K-1" in its tax documents before you buy.
See also
- ETF vs ETN The difference between exchange-traded funds and exchange-traded notes, why ETNs carry issuer credit risk, and what happens when an ETN is closed early.
- Capital gains tax on investments How US capital gains tax works for stocks and ETFs: short-term versus long-term rates, when gains are taxed, tax-loss harvesting and tax-advantaged accounts.
- Managed futures What managed futures funds like KMLM and DBMF do, how trend following across asset classes works, and why they are used as a diversifier in bad years.
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Last updated September 30, 2026. Education only, not investment advice.