Grant Engelbart is a Portfolio Manager at CLS Investments, a participant in the ETF Strategist Channel.

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Sources

http://www.schwab.com/public/schwab/nn/articles/Commodity-ETFs-Spot-and-Futures-Prices

http://www.etf.com/etf-education-center/21027-how-are-commodity-etfs-taxed.html

http://husky1.stmarys.ca/~gye/derivativeshistory.pdf