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Thanks for your response! So now that I've gone through my P&L more thoroughly: 1) I actually lost money on my long SVXY trades, even ignoring the time I was short. 2) Separately, I also traded VIX futures directly and lost money on them. I am reporting this as section 1256 contract P&L. 3) I...

So I appear to be in the most bizarre position as regards SVXY - I haven't found anything about this on the net. In fact, it appears that basically nobody has any idea how to report K-1 trading P&L properly in their taxes, which is hilarious because these things have been around for over a...