Withholding on Publicly Traded Partnerships under IRC Sec. 1446(f)

As a result of recent U.S. legislation under Internal Revenue Code Section 1446(f), gross proceeds from sales of and certain distributions from Publicly Traded Partnerships ("PTPs") will be subject to 10% withholding starting on January 1, 2023. Please note the following:

Withholding applies to PTPs held by non-U.S. tax residents (both individuals and entities).

Exemption from withholding may apply if a PTP releases a public statement called a "Qualified Notice" to indicate that the PTP meets the requirements of IRC Sec. 1446(f)-4(b)(3) to be exempt from withholding.

Options and other derivative transactions with a PTP as the underlying security are not subject to withholding. However, if the option or derivative is converted into a PTP interest, a subsequent sale of such PTP interest will be subject to withholding.

Withholding will be reported on the year-end Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding.

Additional information about IRC Sec. 1446(f) is available on the IRS website: https://www.irs.gov/individuals/international-taxpayers/partnership-withholding

This list identifies PTP securities that be subject to withholding under IRC Sec. 1446(f) unless a "Qualified Notice" exemption is applicable at the time of the sale.

For example, if a PTP publishes a Qualified Notice before December 31, 2022, then the PTP will be exempt from withholding in early 2023 once IRC Sec. 1446(f) takes effect. However, the PTP will be required to periodically reissue Qualified Notices as the validity period of each Qualified Notice is only 92 days from its posting. Clients should refer to the PTP's website for information relating to Qualified Notices as this list identifies all PTPs irrespective of whether they have issued a Qualified Notice. Please note that this list of PTPs will be updated on a best efforts basis and is subject to change without notice.

ISIN Symbol Name

GB00B15Y0C52 AAAA AP ALTERNATIVE ASSETS LP

US01881G1067 AB ALLIANCEBERNSTEIN HOLDING LP

US01855A1016 AC ALLIANCE CAP MGMT LP

TC0001464281 ACE PRB CAPITAL RE LLC: 7.65% CUM "MIPS"

US00434L1098 - ACCESS MIDSTREAM PARTNERS LP

US0291691097 ACP AMERICAN REAL ESTATE PTNR-LP

US0291692087 ACP PR AMERICAN REAL ESTATE PRTNRS: ACP PR

US02364Y1010 AFREZ AMERICA FIRST REAL ESTATE INVESTMENT PARTNERS

US74347W3530 AGQ PROSHARES ULTRA SILVER

US74347W8414 - PROSHARES ULTRA SILVER

US04939R1086 - ATLAS ENERGY LP

US01861G1004 AHGP ALLIANCE HOLDINGS GP LP

US0268621028 AIA AMERICAN INSD MTG INVS

US02686F1030 AIJ AMERN INSD MTG INVS L P 86

US02686G1013 AIK AMERN INSD MTG INVS L P 88

US0093661058 AIRL AIRLEASE LTD

US02052T1097 ALDW ALON USA PARTNERS LP

US4642941078 ALT ISHARE DIVERSIFIED ALT TRUST

US03673L1035 - ANTERO MIDSTREAM PARTNERS LP

US02752P1003 - AMERICAN MIDSTREAM PARTNERS

US03350F1066 ANDX ANDEAVOR LOGISTICS LP

US0493921037 APL ATLAS PIPELINE PARTNERS LP

US0493923017 APL PRECL ATLAS PIPELINE PARTNERS, L.P. CUMV

US03957U1007 APLP ARCHROCK PARTNERS LP

US02520N1063 APO AMERICAN COMMUNITY PROPERTIE

US0376124055 APO PRA.O APOLLO MANAGEMENT LLC

US0376125045 APO PRB.O APOLLO MANAGEMENT LLC

US0376123065 - APOLLO GLOBAL MANAGEMENT - A

US0309751065 APU AMERIGAS PARTNERS-LP

US03879N1019 ARCX ARC LOGISTICS PARTNERS LP

US04014Y2000 ARES PRA. ARES MGMT LP PFD UNIT SER A

US04014Y1010 - ARES MANAGEMENT LP

US01877R1086 ARLP ALLIANCE RESOURCE PARTNERS

US04941A5074 ARNPQ ATLAS RESOURCE PARTNERS

US04941A1016 ARPJQ ATLAS RESOURCE PARTNERS LP

US04941A4085 ARPPQ ATLAS RESOURCE PARTNERS

US02364V2060 ATAX AMERICA FIRST MULTIFAMILY IN

US02364V1070 - AMERICA FIRST MULTIFAMILY IN

US04930A1043 ATLS ATLAS ENERGY LP

US04929Q1022 - ATLAS ENERGY GROUP LLC

US0493031001 ATN ATLAS ENERGY RESOURCES LLC

US0548071028 AZLCZ AZTEC LAND & CATTLE LTD

US05501X1000 AZURQ AZURE MIDSTREAM PARTNERS LP

US25490F1003 BAR DIREXION DAILY GOLD BULL 3X

US25490F2092 BARS DIREXION DAILY GOLD BEAR 3X

US1067761072 BBEPQ BREITBURN ENERGY PARTNERS LP

US1067761155 BBPPQ BREITBURN ENG PARTNERS LP CUM REDEE

BMG162341090 BBU BROOKFIELD BUSINESS PT-UNIT

US26923H2004 BDRY BREAKWAVE DRY BULK SHIPPING

BMG162581083 BEP BROOKFIELD RENEWABLE PARTNER

BMG162582313 BEP PRA BROOKFIELD RENEWABLE PAR

BMG162581083 BEP.UN BROOKFIELD RENEWABLE PARTNER

US1181671058 BGH BUCKEYE GP HOLDINGS LP

US092ESC0377 BGIO.ESC ESC BGIO LIQUIDATION TRUST

US0925ESC094 BHL.ESC BLACKROCK DEFINED OPPORTUNIT - ESCROW

BMG162521014 BIP BROOKFIELD INFRASTRUCTURE PA

USG162522670 BIP PRA BROOKFIELD INFRASTRUCTURE PARTNERS LP

BMG162522756 BIP PRB BROOKFIELD INFRASTRUCTUR

US0917491013 BITW BITWISE 10 CRYPTO INDEX FUND

US09625U1097 BKEP BLUEKNIGHT ENERGY PARTNERS L

US81662W1080 - SEMGROUP ENERGY PARTNERS LP

US09625U2087 BKEPP BLUEKNIGHT ENERGY PARTNERS - SERIES A PREF UNIT

US91167Q1004 BNO UNITED STATES BRENT OIL FUND

US86324B1035 BNPC STREAM S&P DYN GLOBAL COMM

US74347Y8701 BOIL PROSHARES ULTRA BLOOMBERG NA

US74347W7754 - PROSHARES ULT DJ-UBS NAT GAS

US74347W1229 - PROSHARES ULTRA BLOOMBERG NA

US74347Y7067 - PROSHARES ULTRA BLOOMBERG NA

US74347W2961 - PROSHARES ULTRA BLOOMBERG NA

US1182301010 BPL BUCKEYE PARTNERS LP

US0556EL1098 BPMP BP MIDSTREAM PARTNERS LP

BMG162491077 BPY BROOKFIELD PROPERTY PARTNERS

BMG1624R1079 BPYP.PR.A NEW LP PREFERRED UNITS CAD

BMG1624R1079 BPYPM NEW LP PREFERRED UNITS CAD

BMG162491648 BPYPN BROOKFIELD PROPERTY PART

BMG162491564 BPYPO BROOKFIELD PROPERTY PART

BMG162491499 BPYPP BROOKFIELD PROPERTY PART

US09225M1018 BSM BLACK STONE MINERALS LP

US0966271043 BWP BOARDWALK PIPELINE PARTNERS

US09253U1088 - BLACKSTONE GROUP LP/THE

US20588V3078 CAG PRB CONAGRA CAP L C: CAG PRB

US88166A4094 CANE TEUCRIUM SUGAR FUND

US22758A1051 CAPL CROSSAMERICA PARTNERS LP

GG00B1WR8K11 CCAP CONVERSUS CAPITAL

US12637A1034 CCLP CSI COMPRESSCO LP

US20855T1007 CCR CONSOL COAL RESOURCES LP

US2327511075 - CYPRESS ENVIRONMENTAL PARTNE

US21038E1010 - CONSTELLATION ENERGY PARTNER

US2263442087 CEQP CRESTWOOD EQUITY PARTNERS LP

US2263443077 CEQP PR CRESTWOOD EQUITY PARTNER

US2263441097 - CRESTWOOD EQUITY PARTNERS LP

US67074P1049 CFD NUVEEN DIVERSIFIED COMMODITY

US14309L1026 - CARLYLE GROUP INC/THE

US1609081096 CHC CHARTERMAC

US16524K1088 - CHESAPEAKE MIDSTREAM PARTNER

US1651851099 CHKR CHESAPEAKE GRANITE WASH TRUS

US12547R1059 CIFC CIFC LLC

US1314761032 CLMT CALUMET SPECIALTY PRODUCTS

US15188T1088 - CENTERLINE HOLDING CO

US74347W6764 CMD PROSHARES ULTRASHORT BLOOMBE

US74347W2052 - PROSHRE U/S DJ-AIG COMMODITY

US45032K1025 CMDT ISHARES COMMODITY OPTIMIZED

US2263781070 CMLP CRESTWOOD MIDSTREAM PARTNERS

US2263721001 - CRESTWOOD MIDSTREAM PARTNERS

US2068121092 - CONE MIDSTREAM PARTNERS LP

US2189161043 CNPP CORNERSTONE PROPANE PARTNERS

US12592V1008 - CNX COAL RESOURCES LP

US12654A1016 CNXM CNX MIDSTREAM PARTNERS LP

US88166A1025 CORN TEUCRIUM CORN FUND

US9117181043 CPER UNITED STATES COPPER INDEX

US2172021006 CPNO COPANO ENERGY LLC-UNITS

US1982811077 CPPL COLUMBIA PIPELINE PARTNERS L

US16411Q1013 CQP CHENIERE ENERGY PARTNERS LP

US74347W4603 CROC PROSHARES ULTRASHORT AUD

US2284391057 CRPPE CROWN PAC PARTNERS L P

US88166A3005 CRUD TEUCRIUM CRUDE OIL FUND

US1272072075 CSD PRA CADBURY SCHWEPPES DEL L P

US6707311089 CTF NUVEEN LONG/SHORT COMMODITY

US12663P1075 CVRR CVR REFINING LP

US2128491030 CWPS CONWEST PARTNERSHIP LP-UNITS

US46140H1068 DBA INVESCO DB AGRICULTURE FUND

US73936B4086 - POWERSHARES DB AGRICULTURE F

US46140H7008 DBB INVESCO DB BASE METALS FUND

US73936B7055 - POWERSHARES DB BASE METALS F

US46138B1035 DBC INVESCO DB COMMODITY INDEX T

US73935S1050 - POWERSHARES DB COMMODITY IND

US46140H3049 DBE INVESCO DB ENERGY FUND

US73936B1017 - POWERSHARES DB ENERGY FUND

US46140H4039 DBO INVESCO DB OIL FUND

US73936B5075 - POWERSHARES DB OIL FUND

US46140H5028 DBP INVESCO DB PRECIOUS METALS F

US73936B2007 - POWERSHARES DB PREC METALS F

US46140H2058 DBS INVESCO DB SILVER FUND

US73936B3096 - POWERSHARES DB SILVER FUND

US46139B1026 DBV INVESCO DB G10 CURRENCY HARV

US73935Y1029 - POWERSHARES DB G10 CURR HARV

US23311P1003 DCP DCP MIDSTREAM L.P.

US23311P2092 DCP PRB DCP MIDSTREAM LP

US23311P3082 DCP PRC DCP 7.95 PERP PFD - DCP MIDSTREAM LP

US55610N1054 DCR MACROSHARES OIL DOWN TRADEABLE

US18383H1014 - CLAYMORE MACROSHARES OIL DOW

US88166A8053 DEFI HASHDEX BITCOIN FUTURES ETF

US2650261041 DEP DUNCAN ENERGY PARTNERS LP

US46140H6018 DGL INVESCO DB GOLD FUND

US73936B6065 - POWERSHARES DB GOLD FUND

US24664T1034 DKL DELEK LOGISTICS PARTNERS LP

US2574541080 - DOMINION ENERGY MIDSTREAM PA

US25820R1059 DMLP DORCHESTER MINERALS LP

US55610X1037 DMM MACROSHARES MAJ MET HOU DOWN

US9126132052 DNO UNITED STATES SHORT OIL FUND

US55610T2015 DOY MACROSHARES USD 100 OIL DOWN

US55610T1025 - MACROSHARES $100 OIL DOWN

US2662242039 DQ PRA DUQUESNE CAP L P

US29357D2080 ECSPQ ENRON CAPITAL RESOURCES 9% CUM RED PFD

US26827L1098 ECTM ECA MARCELLUS TRUST I

TC0001373946 ECTPQ ENRON CAP LLC

US29250R1068 EEP ENBRIDGE ENERGY PARTNERS LP

US28252B8046 EFSH 1847 HOLDINGS LLC

US28252B3096 - 1847 HOLDINGS LLC

US29102H1086 EMESQ EMERGE ENERGY SERVICES LP

US2924801002 ENBL ENABLE MIDSTREAM PARTNERS LP

US1534231089 ENGY CENTRAL ENERGY PARTNERS LP

US29336U1079 ENLK ENLINK MIDSTREAM PARTNERS LP

US29257A1060 ENP ENCORE ENERGY PARTNERS-LP

US2837021086 EPB EL PASO PIPELINE PARTNERS LP

US2937921078 EPD ENTERPRISE PRODUCTS PARTNERS

US2937161063 EPE ENTERPRISE GP HOLDINGS LP

US26885J1034 EQGP EQGP HOLDINGS LP

US26885B1008 EQM EQM MIDSTREAM PARTNERS LP

US26985R1041 EROC EAGLE ROCK ENERGY PARTNERS

US2921021000 ESBA EMPIRE STATE REALTY OP LP-ES

US29273V1008 ET ENERGY TRANSFER LP

US29273V4077 ET PRC ENERGY TRANSFER LP

US29273V5066 ET PRD ENERGY TRANSFER LP 7.625% PERP PFD

US29273V6056 ET PRE ENERGY TRANSFER LP 7.6% PERP PFD U

US29278N1037 ETP ENERGY TRANSFER OPERATING LP

US29278N3017 ETP PRC ENERGY TRANSFER PARTNERS

US29278N4007 ETP PRD ENERGY TRANSFER PARTNERS

US29278N5095 ETP PRE ENERGY TRANSFER OPERATNG

US29273R1095 - ENERGY TRANSFER PARTNERS LP

US74347W7424 - PROSHARES SHORT EURO ETF

US74347W8828 EUO PROSHARES ULTRASHORT EURO

US29414J1079 - ENVIVA PARTNERS LP

US26926V1070 EVEPQ EV ENERGY PARTNERS LP

US30225N1054 EXLP ARCHROCK PARTNERS LP

US34552U1043 FELPQ FORESIGHT ENERGY LP

US3152932097 FGPR FERRELLGAS PARTNERS-LP

US3152933087 FGPRB FERRELLGAS PARTNERS LP-B

US3152931008 FGPRQ FERRELLGAS PARTNERS-LP

US34958B1061 - FORTRESS INVESTMENT GRP-CL A

US57118V1008 - MARLIN MIDSTREAM PARTNERS LP

US2921023089 FISK EMPIRE STATE REALTY OP -S250

US30304P1049 FOL FACTORSHARES 2X: OIL-S&P500

US3030471045 FSA FACTORSHARES 2X: TBD-S&P500

US3030461061 FSE FACTORSHARES 2X: S&P500-TBD

US30304T1060 FSG FACTORSHARES 2X: GOLD-S&P500

US3030481028 FSU FACTORSHARES 2X: S&P500-USD

US34960P1012 FTAI FORTRESS TRANSPORTATION-CL A

US34960P4081 FTAIN FORTRESS TRANS & INFRAST

US34960P3091 FTAIO FORTRESS TRANS & INFRAST

US34960P2002 FTAIP FORTRESS TRANS & INFRAST

US1501851067 FUN CEDAR FAIR -LP

US976ESC3018 FUR.ESC WINTHROP REALTY TRUST - ESCROW

US74347W5360 FUTS PROSHARES MANAGED FUTURES ST

US37959R1032 GBLI GLOBAL INDEMNITY GROUP LLC-A

US3952581060 - GREENHAVEN CONTINUOUS CMDTY

US97718W1080 GCC.USD WISDOMTREE CONTINUOUS COMMOD

US74347W4942 GDAY PROSHARES ULT AUSTRALIAN DOL

US38349K1051 GDVTZ GOULD INVESTORS LP

US3719271047 GEL GENESIS ENERGY L.P.

US69341H1059 GFWQZ PLM EQUIPMENT GROWTH FD III

US74347W3951 GLL PROSHARES ULTRASHORT GOLD

US74347W7002 - PROSHARES ULTRASHORT GOLD

US74347W7184 - PROSHARES ULTRASHORT GOLD

US37946R1095 GLP GLOBAL PARTNERS LP

US37946R2085 GLP PRA GLOBAL PARTNERS LP

US37946R3075 GLP PRB GLOBAL PARTNERS LP

US3932211069 GPP GREEN PLAINS PARTNERS LP

US3860872098 GRM PRA GRAND MET DEL L P

CA3874371147 GRP U GRANITE REAL ESTATE INVESTME

CA3874371147 GRT.UN GRANITE REAL ESTATE INVESTME

US46428R1077 GSG ISHARES S&P GSCI COMMODITY I

US20467A1016 GSJK COMPRESSCO PARTNERS LP

US40274U1088 GTM GULFTERRA ENERGY PARTNERS LP

US36761Q1058 GWYGU GATEWAY GARAGE PARTNERS LLC

US4038291047 GYRO GYRODYNE LLC

US4283371098 HCRSQ HI-CRUSH INC

US4357631070 HEP HOLLY ENERGY PARTNERS LP

US4281041032 - HESS MIDSTREAM PARTNERS LP

US4312911039 HLND HILAND PARTNERS LP

CA0266951064 HOT.UN AMERICAN HOTEL INCOME PROPER

US4269181081 HPG HERITAGE PROPANE PRTNRS LP

US43129M1071 HPGP HILAND HOLDINGS GP LP

BMG4285W1001 HRBGF HARBOR GLOBAL COMPANY LTD

US40636T2033 HRY HALLWOOD RLTY PARTNERS L P

US4223571039 HTLLQ HEARTLAND PARTNERS LP-A

US0293162055 - AMERICAN RESTAURANT PRTNR LP

US59140L1008 IDIV METAURUS US EQUITY CUMULATIV

US4511001012 IEP ICAHN ENTERPRISES LP

US4511002002 IEP PRCL ICAHN ENTERPRISES LP

US4511001194 IEPRR ICAHN ENTERPRISES LP-RIGHT

US4608852053 IGLPA INTERSTATE GEN L P

US46643C1099 JPEP JP ENERGY PARTNERS LP

US48248A3068 KFN KKR FINANCIAL HOLDINGS LLC

US48248A6038 KFN PRCL KKR FINANCIAL HOLDINGS

US74839G1067 - QUICKSILVER GAS SERVICES LP

GB00B13BNQ35 KKR KKR & CO (GUERNSEY) LP

US48248M2017 KKR PRA.O KKR & CO LP

US48248M3007 KKR PRB.O KKR 6 1/2 12/31/49 PFD

US4945501066 KMP KINDER MORGAN ENERGY PRTNRS

US74347Y8131 KOLD PROSHARES ULTRASHORT BLOOMBE

US74347Y8214 - PROSHARES ULTRASHORT BLOOMBE

US74347W3878 - PROSHARES ULTRASHORT BLOOMBE

US74347W7671 - PROSHARES ULTSHRT DJ-UBS NAT

GB00B13BNQ35 KPEQF KKR & CO

US4841691078 KPP KANEB PIPE LINE PARTNERS L P

US4841731098 KSL KANEB SERVICES LLC

US48268Y1010 KSP K-SEA TRANSPORTATION PARTNER

US22676R1150 KWH.UN CRIUS ENERGY TRUST

US5053461068 LAACZ LAACO LTD-UNITS OF LTD PRTNS

BMG540501027 LAZ LAZARD LTD-CL A

US5248141005 - LEHIGH GAS PARTNERS LP

US5327711025 - LIN MEDIA LLC - A

US5360201009 LINEQ LINN ENERGY LLC-UNITS

SGXC28500103 LIW EAGLE HOSPITALITY TRUST

US51508J1088 LMRK LANDMARK INFRASTRUCTURE PART

US51508J4058 LMRKN LANDMARK INFRASTRUCTURE PARTNERS LP

US51508J3068 LMRKO LANDMARK INFRASTRUCTURE

US51508J2078 LMRKP LANDMARK INFRASTRUCTURE

US5357631069 LNKE LINK ENERGY LLC

US50214A1043 LRE LRR ENERGY LP

US59560V2088 MCEP MID-CON ENERGY PARTNERS LP

US59560V1098 - MID-CON ENERGY PARTNERS LP

US6050342061 ME PRA MISSION CAP L P

US6050343051 ME PRB MISSION CAP L P: ME PRB

US5860481002 MEMPQ MEMORIAL PRODUCTION PARTNERS

US59564N1037 MEP MIDCOAST ENERGY PARTNERS LP

US55907R1086 MGG MAGELLAN MIDSTREAM HOLDINGS

US55608B1052 MIC.USD MACQUARIE INFRASTRUCTURE HOL

US62624B1017 - MUNICIPAL MORTGAGE & EQUITY

US5733311055 MMLP MARTIN MIDSTREAM PARTNERS LP

US5590801065 MMP MAGELLAN MIDSTREAM PARTNERS

US55336V1008 MPLX MPLX LP

US55271M2061 MUK PRA MEPC INTL CAP L P

US5707591005 MWE MARKWEST ENERGY PARTNERS LP

US55406N1037 MYTH MYT HLDG LLC BE+

US88166A2015 NAGS TEUCRIUM NATURAL GAS FUND

US65506L1052 NBLX NOBLE MIDSTREAM PARTNERS LP

US6442061049 NEN NEW ENGLAND REALTY ASSOC-LP

US62913M1071 NGL NGL ENERGY PARTNERS LP

US62913M2061 NGL PRB NGL 9 PERP PFD

US62913M3051 NGL PRC NGL ENERGY PARTNERS LP

US87611X1054 NGLS TARGA RESOURCES PARTNERS LP

US87611X2045 NGLS PRA TARGA RESOURCES PARTNERS

US6514261089 NHL NEWHALL LAND & FARMING CO

US6546781013 NKA NISKA GAS STORAGE PARTNERS-U

US6294221063 NLP NTS REALTY HOLDINGS LP

US55307U1079 - ML MACADAMIA ORCHARDS LP-UT

US41988L2025 NNUTU HAWAIIAN MACADAMIA NUT ORCHA

US78028T1007 - ROYAL HAWAIIAN ORCHARDS LP

US45671U1060 - INERGY MIDSTREAM LP

US45661Q1076 NRGP INERGY HOLDINGS LP

US4566151035 - INERGY LP

US63900P6088 NRP NATURAL RESOURCE PARTNERS LP

US63900P1030 - NATURAL RESOURCE PARTNERS LP

US67058H1023 NS NUSTAR ENERGY LP

US67058H2013 NS PRA NSUS 8 1/2 12/31/49

US67058H3003 NS PRB NSUS 7 5/8 PERP PFD

US67058H4092 NS PRC NUSTAR ENERGY LP

US67059L1026 - NUSTAR GP HOLDINGS LLC

US64881E1091 NSLPQ NEW SOURCE ENERGY PARTNERS L

US63900P5098 NSP NATURAL RESOURCE PARTNERS LP

US63900P4000 NSP NATURAL RESOURCE PARTNERS LP -PARTNERSHIP UNITS

US6658261036 NTI NORTHERN TIER ENERGY LP

US64881E3071 NUSPQ NEW SOURCE ENG PARTNERS LP 11%SR A

US64ESC19977 NYRT.ESC NEW YORK REIT INC - ESCROW

US6740012017 OAK OAKTREE CAPITAL GROUP LLC

US6740013007 OAK PRA OAKTREE CAPITAL GRP LLC

US6740014096 OAK PRB OAKTREE CAPITAL GRP LLC

US67091N1081 OCIP OCI PARTNERS LP

US67081B1061 - OCI RESOURCES LP

SGXC39411175 ODBU UNITED HAMPSHIRE US REIT

US2921022099 OGCP EMPIRE STATE REALTY OP-S60

US74347W2136 - PROSHARES ULTRAPRO 3X SHORT

US74347Y8057 - PROSHARES ULTRAPRO 3X SHORT

US6780491071 OILT OILTANKING PARTNERS LP

US74347W2219 - PROSHARES ULTRAPRO 3X CRUDE

US6740011027 OKCMZ OAKTREE CAP GROUP-UTS CL A

US68268N1037 OKS ONEOK PARTNERS LP

US67420T2069 OMP OASIS MIDSTREAM PARTNERS LP

US6710281089 OSP OSG AMERICA LP

US6918071019 OXF OXFORD RESOURCE PARTNERS LP

SGXC75818630 OXMU PRIME US REIT

US0806941029 OZ BELPOINTE PREP LLC

US67551U1051 - OCH-ZIFF CAPITAL MANAGEMEN-A

US7265031051 PAA PLAINS ALL AMER PIPELINE LP

US69318Q1040 PBFX PBF LOGISTICS LP

US71672U1016 PDH PETROLOGISTICS LP

US80007A1025 - SANDRIDGE PERMIAN TRUST

US55406N2027 PFDM PFD MYT HLDG CO BE+

CA7069025095 - PENGROWTH ENERGY TRUST-A

US7192171012 PLP PHOSPHATE RESOURCE PRTNRS L.P.

US6931391071 PNG PAA NATURAL GAS STORAGE LP

US7328571077 POPE POPE RESOURCES

US69422R1059 PPX PACIFIC ENERGY PARTNERS LP

US72388B1061 PSE PIONEER SOUTHWEST ENERGY PAR

US7185492078 PSXP PHILLIPS 66 PARTNERS LP

US7093111042 PTXP PENNTEX MIDSTREAM PARTNERS L

US70788P1057 - PENN VIRGINIA GP HOLDINGS LP

US6936651016 PVR PVR PARTNERS LP

US7078841027 - PENN VIRGINIA RESOURCE PARTN

US74836B2097 - QUEST ENERGY PARTNERS LP

US74735R1150 QEPM QEP MIDSTREAM PARTNERS LP

US74734R1086 QRE QR ENERGY LP

US76090H1032 QSP.U RESTAURANT BRANDS EXCHANGE UNITS

CA76090H1038 QSP.UN RESTAURANT BRANDS-EXCH UNITS

US75885Y1073 RGP REGENCY ENERGY PARTNERS LP

US76218Y1038 - RHINO RESOURCE PARTNERS LP

US76218Y2028 - RHINO RESOURCE PARTNERS LP

US26923H1014 RISE SIT RISING RATE ETF

US7628191006 RMP RICE MIDSTREAM PARTNERS LP

US7601131003 RNF RENTECH NITROGEN PARTNERS LP

US7771491054 RRMS ROSE ROCK MIDSTREAM LP

CA76090H1038 RSTRF RESTAURANT BRANDS-EXCH UNITS

GG00BKTRRM22 RTW RTW VENTURE FUND LTD

CA74624AUSD4 RUF.U PURE MULTI-FAMILY REIT LP

CA74624A1084 RUF.UN PURE MULTI-FAMILY REIT LP

CA74624A1084 RUF.UN PURE MULTI-FAMILY REIT LP

US7672711097 - RIO VISTA ENERGY PARTNERS LP

US74347Y7976 SCO PROSHARES ULTRASHORT BLOOMBE

US74347W6681 - PROSHARES ULTRASHORT BLOOMBE

US74347Y8628 - PROSHARES ULTRASHORT BLOOMBE

US74347W8091 - PROSHRE U/S DJ-AIG CRUDE OIL

US80007V1061 SDRMU SANDRIDGE MISSISSIPPIAN TRUS

US80007T1016 SDTTU SANDRIDGE MISSISSIPPIAN TRUS

US84756N1090 SEP SPECTRA ENERGY PARTNERS LP

US85512C2044 SGH STAR GAS PTNRS,LP SR SB UTS

MHY737601036 - SEANERGY MARTIME HOLDINGS CORP

US8226341019 SHLX SHELL MIDSTREAM PARTNERS LP

US1724641097 SIRE SISECAM RESOURCES LP

US8661424098 SMLP SUMMIT MIDSTREAM PARTNERS LP

US8661421029 - SUMMIT MIDSTREAM PARTNERS LP

US30053M1045 SNMP EVOLVE TRANSITION INFRASTRUC

US79971C2017 - SANCHEZ MIDSTREAM PARTNERS L

US88166A6073 SOYB TEUCRIUM SOYBEAN FUND

US8644821048 SPH SUBURBAN PROPANE PARTNERS LP

US21258A2015 SPKX CONVXTY SHS 1X SPIKES FUTUR

US21258A1025 SPKY CONVXTY SHS DAILY 1.5X SP FU

US85814R1077 SPLP STEEL PARTNERS HOLDINGS LP

US85814R2067 SPLP PRA STEEL PARTNERS HOLDINGS LP

US85814R3057 SPLP PRT STEEL PARTNERS HLDS LP

US79971A1060 - SANCHEZ PRODUCTION PARTNERS

US79971C1027 - SANCHEZ PRODUCTION PARTNERS

MHY737602026 SRG U SEANERGY MARITIME CORP-UNITS

US8493431089 SRLP SPRAGUE RESOURCES LP

US86183Q1004 - STONEMOR PARTNERS LP

US86765K1097 SUN SUNOCO LP

US8692391035 - SUSSER PETROLEUM PARTNERS LP

US92891H1014 SVIX -1X SHORT VIX FUTURES ETF

US74347W1302 SVXY PROSHARES SHORT VIX ST FUTUR

US74347W6277 - PROSHARES SHORT VIX ST FUTUR

US86722Y1010 SXCP SUNCOKE ENERGY PARTNERS LP

US84130C1009 SXEEQ SOUTHCROSS ENERGY PARTNERS L

US86764L1089 - SUNOCO LOGISTICS PARTNERS L.P

US88166A7063 TAGS TEUCRIUM AGRICULTURAL FUND

US14309L2016 TCGP CG 5 7/8 PERP PFD

US87233Q1085 TCP TC PIPELINES LP

US8746971055 TEP TALLGRASS ENERGY PARTNERS LP

US88160T1079 - TESORO LOGISTICS LP

US89376V1008 TLP TRANSMONTAIGNE PARTNERS LP

US8810052014 TNH TERRA NITROGEN COMPANY LP

US97718T1051 TONS WISDOMTREE COAL FUND

US39525T1007 - GREENHAVEN COAL FUND

US8723841024 TPP TEPPCO PARTNERS LP

US1266332055 UAN CVR PARTNERS LP

US1266331065 - CVR PARTNERS LP

US74347W2888 UCD PROSHARES ULTRA BLOOMBERG CO

US74347W1062 - PROSHARES ULTRA BLOOMBERG CO

US9134301046 UCLP UNIVERSAL COMPRESSION PARTNE

US74347Y8883 UCO PROSHARES ULTRA BLOOMBERG CR

US74347W6509 - PROSHARES ULTRA BLOOMBERG CR

US74347W2474 - PROSHARES ULTRA BLOOMBERG CR

US74347W3209 - PROSHARES ULTRA BLOOMBERG CR

US74347W5022 - PROSHARES ULTRA DJ-UBS CRUDE OIL

US55610L1098 UCR MACROSHARES OIL UP TRADEABLE T

US18383R1095 - CLAYMORE MACROSHARES OIL UP

US46141D1046 UDN INVESCO DB US DOLLAR INDEX B

US73936D2062 - POWERSHARES DB US DOL IND BE

US91201T1025 UGA UNITED STATES GAS FUND LP

US74347W6012 UGL PROSHARES ULTRA GOLD

US9117831084 UHN UNITED STATES DIESEL-HEATING

US91204P1075 - UNITED STATES HEATING OIL LP

US74347W8745 ULE PROSHARES ULTRA EURO

US55610R1068 UMM MACROSHARES MAJ MET HOU UP

US9123183009 UNG US NATURAL GAS FUND LP

US9123181029 - US NATURAL GAS FUND LP

US9123182019 - US NATURAL GAS FUND LP

US9123181102 - US NATURAL GAS FUND LP

US91288X1090 UNL UNITED STATES 12 MONTH NATUR

US55610W2044 UOY MACROSHARES USD 100 OIL UP

US55610W1053 - MACROSHARES $100 OIL UP

US90290N1090 USAC USA COMPRESSION PARTNERS LP

US9117182033 USAG UNITED STATES AGRICULTURE IN

US9117171069 USCI UNITED STATES COMMODITY INDE

US9033181036 USDP USD PARTNERS LP

US91288V1035 USL UNITED STATES 12 MONTH OIL

US9117183023 USMI UNITED STATES METALS INDEX F

US91232N2071 USO UNITED STATES OIL FUND LP

US91232N1081 - UNITED STATES OIL FUND LP

US91733T5056 USOD UNITED STATES 3X SHORT OIL F

US91733T4067 - UNITED STATES 3X SHORT OIL F

US91733T3077 USOU UNITED STATES 3X OIL FUND

US9034171036 USSPQ US SHIPPING PARTNERS LP

US46141D2036 UUP INVESCO DB US DOLLAR INDEX B

US73936D1072 - POWERSHARES DB US DOL IND BU

US92891H3093 UVIX 2X LONG VIX FUTURES ETF

US74347Y8396 UVXY PROSHARES ULTRA VIX ST FUTUR

US74347W6350 - PROSHARES ULTRA VIX ST FUTUR

US74347W4116 - PROSHARES ULTRA VIX ST FUTUR

US74347W3464 - PROSHARES ULTRA VIX ST FUTUR

US74347W2540 - PROSHARES ULTRA VIX ST FUTUR

US74347W1633 - PROSHARES ULTRA VIX ST FUTUR

US74347W5444 - PROSHARES ULTRA VIX ST FUTUR

US74347W3795 - PROSHARES ULTRA VIX ST FUTUR

US74347W3126 - PROSHARES ULTRA VIX ST FUTUR

US74347W2391 - PROSHARES ULTRA VIX ST FUTUR

US74347W1484 - PROSHARES ULTRA VIX ST FUTUR

US91914G1085 VEH VALERO GP HOLDINGS LLC

US74347W3381 VIXM PROSHARES VIX MID-TERM FUT

US74347W6848 - PROSHARES VIX MID-TERM FUT

US74347Y8545 VIXY PROSHARES VIX SHORT-TERM FUT

US74347W3613 - PROSHARES VIX SHORT-TERM FUT

US74347W6921 - PROSHARES VIX SHORT-TERM FUT

US74347W2623 - PROSHARES VIX SHORT-TERM FUT

US74347W3613 - PROSHARES VIX SHORT-TERM FUT

US74347W1716 - PROSHARES VIX SHORT-TERM FUT

US91913W1045 VLI VALERO LP

US91914J1025 VLP VALERO ENERGY PARTNERS LP

US92205F3047 VNGBQ VANGUARD NATURAL RESOURCES LLC RED

US92205F2056 VNRAQ VANGUARD NATURAL RESOU

US92205F4037 VNRCQ VANGUARD NATURAL RESOU

US92205F1066 VNRSQ VANGUARD NATURAL RESOURCES

KYG9325C1050 VTDRF VANTAGE DRILLING INTERNATION

US88166A5083 WEAT TEUCRIUM WHEAT FUND

US26800L1008 WEIX DYNAMIC SHORT SHORT

US9586691035 WES WESTERN MIDSTREAM PARTNERS L

US9582541044 - WESTERN GAS PARTNERS LP

US95825R1032 - WESTERN GAS EQUITY PARTNERS

US9604171036 WLKP WESTLAKE CHEMICAL PARTNERS L

US96108P1030 WMLPQ WESTMORELAND RESOURCE PARTNE

US96950K1034 WMZ WILLIAMS PIPELINE PARTNERS L

US95931Q2057 WNRL WESTERN REFINING LOGISTICS L

US92930Y1073 - WP CAREY & CO LLC

US93964X1063 WPG WASHINGTON PG INC UNRESTRICTED SHARES

US98159G1076 WPT WORLD POINT TERMINALS LP

US96949L1052 WPZ WILLIAMS PARTNERS LP

US96950F1049 WPZ.USD WILLIAMS PARTNERS LP

US59140L2097 - METAURUS US EQUITY EX DIVIDE

US22765U1025 - CROSSTEX ENERGY LP

US30242M1062 XXFPL FFP PARTNERS -LP-CL A

US0293161065 XXMUT AMERN RESTAURANT PARTNERS

US0293161065 - AMERICAN RESTAURANT PRTNR LP

US74347W2706 YCL PROSHARES ULTRA YEN

US74347W8661 - PROSHARES ULTRA YEN

US74347W5691 YCS PROSHARES ULTRASHORT YEN

US74347W8588 - PROSHARES ULTRASHORT YEN

US74347Y8479 ZSL PROSHARES ULTRASHORT SILVER

US74347W8331 - PROSHARES ULTRASHORT SILVER

US74347W6434 - PROSHARES ULTRASHORT SILVER

US74347W7267 - PROSHARES ULTRASHORT SILVER

US74347W1146 - PROSHARES ULTRASHORT SILVER

What happened?

According to the new Internal Revenue Code (IRC) Section 1446(f), all sales of Publicly Traded Partnerships (PTP) held by non-US investors will be subject to a 10% withholding tax on January 1, 2023.

Currently, non-corporate foreign investors are taxed at 37% on their US dividend income, and the tax rate for corporate foreign investors is 21%.

Understanding the PTP update

We highlight four takeaways from the new Section 1446(f):

The new requirement targets non-US investors.

Foreign investors will have to pay a withholding tax when trading PTP stocks or ETFs.

Only proceeds from PTP or related instruments will be affected. IRS does not provide a full list of impacted stocks or ETFs because the instruments can change their structure.

Stocks tracked by a PTP ETF are not subject to the new tax requirement.

What is a PTP?

A Public Traded Partnership (PTP) is a limited partnership managed by two or more general partners and traded regularly on an established exchange.

PTPs combine features of stocks and bonds. A PTP partner (investor) claims part of the organization's ownership and receives quarterly cash distributions.

PTPs have pass-through income tax treatment. This means they do not need to pay taxes. Instead, their partners will be taxed on distributions received.

The partnerships generally engage in businesses related to natural resources and real estate, as the structure was originally designed to offer participants in these industries tax benefits.

How to tell if a stock or ETF is a PTP?

The name of the instrument tells a lot. If the corporate name contains LP or LLC (In the case of an ETF, the name contains Partners or Partnership), the organization is believed to have a PTP structure.

So far, the Internal Revenue Service, or IRS, is yet to offer a full list of US-listed PTP stocks and ETFs which will be affected by the new tax requirement. You can find a list we made for reference on moomoo.

Open the moomoo app and enter "PTP" in the search box to access the list.

PTP stocks and ETFs included are ranked by trading volume or market cap. Popular ETFs, including UVXY and USO, energy firms, and asset management companies such as EPD, KKR, and APO, are all subject to the new requirement.

(Source: moomoo, as of 10:00 AM GMT on Dec 14, 2022)

What to do?

Foreign investors holding PTP stocks and ETFs may consider closing their positions to avoid a reduction in returns or even losses.

But not all ETFs, oil and natural gas companies, or asset management firms are PTPs.

For example, some crude oil producers listed below do not have a PTP structure, such as XOP and OIH.

(You can access the list via Markets > US > ETF > Crude Oil Products on moomoo)

Two alternatives to consider

If you're still interested in the sectors mentioned above, you may wonder how to minimize the impact.

Two possible ways are available.

First, search for companies in the same sector that are not PTPs. (We've demonstrated how with the crude oil producers.)

Let's look at another example. In the energy ETF category below, VDE and IYE can be substitutes for UNG.

For pipeline companies, ENB can be an alternative option to PAA.

Second, shift your focus to the stocks tracked by an ETF you're watching.

Let's still take USO as an example.

Its latest financial statements list its holdings as follows:

If you're interested in this fund and don't want the new tax requirement to cut your potential returns, consider investing in its major holdings directly.

In addition, the new IRC only applies to PTP stocks, ETFs, and their derivatives. Companies and ETFs within the same industries are not subject to the shift. Their derivatives, including options and futures, should look more attractive given that the underlying assets may be more sought-after.

Summary

You don't have to panic about the IRC shift. After all, it is among the US government's efforts to tighten regulation over tax-favored industries. If you're exposed to the affected instruments, you can follow our instructions mentioned above to limit the impact. As you dive deeper, you may gain new perspectives and spot more investment opportunities.