The U.S. Tax Treatment of Exchange-Traded Notes –The Brewing Battle Between Mutual Fund Advisers and ETN Sponsors


One of the hottest products in the financial markets in the last several years has been the exchangetraded fund (“ETF”). That product has now collided, tax-wise at least, with a second hot product, exchange-traded notes (“ETNs”).

This memorandum briefly describes the two instruments and the brewing battle over the federal income tax treatment of ETNs.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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