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ProShares launches US crude oil ETF with no K-1

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ProShares has launched the ProShares K-1 Free Crude Oil Strategy ETF (OILK), the only crude oil ETF that is not a commodities partnership and therefore does not deliver K-1 tax forms to shareholders.

“Many investors want to invest in crude oil with the convenience of an ETF, but all other crude oil ETFs involve complicated tax reporting,” says Michael L Sapir, co-founder and CEO of ProShares Advisors, the adviser to ProShares. “OILK is the only US ETF that lets investors get crude oil exposure but skip the K-1 tax form.”
 
OILK is registered under the Investment Company Act of 1940, unlike other crude oil ETFs, which are commodities partnerships. Like other 1940 Act funds, OILK will provide shareholder tax reporting information on 1099 forms, not the K-1 form issued by partnerships.

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