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There's nothing illegal about making any trade. If your intent behind the trade is tax avoidance, we have clear rules to help avoid that. That's not 'illegal' that's called good tax planning and leveraging the laws allowed. It would be illegal to hide something you need to report, like...

I trade UVXY extensively. It's reported fine - consistent with 1256. However how the values are aggregated between 1256 and regular trades is confusing - you need to put them on your taxes properly but software like TurboTax make this a real challenge...