Some funds do not reinvest capital gains (I think both short and long-term) but reinvest dividends.
Example? Perhaps you're thinking of ETFs structured as UITs (e.g. SPY, QQQ). What UITs cannot reinvest are dividends from underlying equities and interest from underlying debt securities.

Unlike an ETF structured as a UIT, an open-end fund ETF ... has greater flexibility to reinvest dividends from portfolio securities

https://www.federalregister.gov/d/2018-14370/p-145
In any case, this limitation refers to internal operation of the funds, not to how they can or cannot reinvest distributions.
So far, I've found no ETFs that reinvest distributions themselves. It seems that it is always the broker reinvesting dividends as a third party service, so that the investor doesn't have to do it manually. It's different " in Canada where some ETF sponsors offer DRIPs.
Even there, the ETF is not issuing new shares but always buying them on the open market. So the ETF is just playing the role of the third party broker and not really acting as the issuer of shares. For example, with Vanguard Canada ETF DRIPs,

your distributions will automatically be reinvested into units purchased on the open market in the five business days following the distribution payment date. ... The price of your new units will be the average price of all units purchased under the plan excluding commissions, fees and transaction costs incurred by the plan agent.

https://www.vanguard.ca/en/investor/products/resources-group/drip
If the brokerage has a deal with the ETF sponsor, then, you may get a small discount on reinvestments, and reinvestments may be earlier.:
This statement sounds like true stock DRIPs that may give small discounts on stocks acquired directly from a company. But that doesn't seem likely with ETFs, as they issue new shares only to authorized participants (APs) in large blocks (creation units). And I haven't been able (yet) to find an ETF DRIP (not involving the broker) in the US.
Getting back to UITs, I'm not sure I'd take the Vanguard page on dividend reinvestment too literally. It reads in part:

Unit investment trusts [footnote omitted], foreign equities, and certain domestic equities and certain American Depositary Receipts (ADRs) are not eligible for the reinvestment program.

That would seem to make SPY and QQQ ineligible for dividend reinvestment at VBS.

Some funds do not reinvest capital gains (I think both short and long-term) but reinvest dividends. If your brokerage is reinvesting on the open market, they may reinvest your dividends and capital gains. But hopefully, your ETF is managed well enough that capital gains are not a common occurrence. Also, M&As can result in capital gains. Vanguard changing index provider or a change in the underlying index of a passive ETF can result in capital gains (hopefully, not a common occurrence). If a Mutual fund and ETF are just a different class of the same fund, capital gains can accrue to the ETF holders.

Another source says that Canada still follows the settlement-date within the year, while the US follows trade-date within the year.
https://investingnews.com/daily/resource-investing/mark-these-tax-loss-selling-dates-on-your-calendar/
"What are the important tax-loss selling dates for 2023?
Tax-loss selling comes with many potential benefits, but it nevertheless has some strings attached.
The key thing for investors to remember is that it has deadlines. For investors filing their taxes in Canada, the last day for tax-loss selling in 2023 is December 27. Stocks purchased or sold after this date will be settled in 2024, so any capital gains or losses will apply to the 2024 tax year. The system differs for those filing their taxes in the US, and based on information from the IRS, the last day for tax-loss selling this year is December 29."
Edit/Add. I checked the SA article again, and its comments. This difference in Canadian and US rules is mentioned in some comments. While I don't see corrections in the article, the comments are now turned OFF.

@sm3, I do not read SA articles but I presume the article is saying settlement date and not trade date is the relevant for counting gains and losses. Let us wait for @msf and others to dig up the Revenue Ruling or other authority that shows for publicly traded widgets, it is the trade date not settlement date that is relevant for this purpose. Hopefully, the citations will also cover mutual fund trades and not just stocks and ETFs.
P.S.: I remember selling stocks and ETFs in the after market hours on the last trading date of 2008-2009 and taking the loss in the year of the trade (not settlement) and had looked up the authorities at that time. I do not recall the rules changed since then.

I don't think that SA info is correct - it used to be like that, but now, trade-date applies in most cases.
Here is info from Fairmark,
https://fairmark.com/investment-taxation/capital-gain/stock-sales/trade-date-and-settlement-date/
https://fairmark.com/about/
"General rule: trade date controls
For most purposes, the tax law uses the trade date for both purchases and sales. For example, if you sell stock with a trade date of December 31, you’ll report the gain or loss that year, even though the transaction will settle in January. Trade dates also govern in determining whether your holding period is short-term or long-term, in determining whether the wash sale rule applies, and in determining whether you have a qualified dividend.
Exceptions
You should be aware of a couple of exceptions:
When you close a short sale at a loss, the tax law treats the transaction as occurring on the settlement date. See Last Day to Sell.
If you hold more than one lot of shares and sell part of your holdings, you may want to identify the shares you’re selling. You can identify shares (or change your identification) until the settlement date. See How to Identify Shares."

@Tarwheel , as per YBB note for Fidelity. Login, and you'll see this choice to the right side of a line of choices. Once selected, you'll see a list of all your investments and current settings for how dividends and cap. gains are currently set. Select 'update', where your choices may be made for changes. We have a joint taxable acct. and each with T and Roth IRA's. BE sure to log in to make changes to as many accts. as you need to adjust.....i.e.; login for yourself and your wife would have to login to make changes to that acct., if this is the case for you. We do have etf's in all accounts that have been set to reinvest dividends/cap. gains FOR reinvest in security, VS to the 'core cash account'.
Let us know if you were successful.
Remain curious,
Catch

LINK
https://www.barrons.com/magazine?mod=BOL_TOPNAV
INTERNATIONAL TRADER. EM BONDS are attractive, especially the local-currency EM bonds (LEMB). Dollar-denominated is EMB.
FUNDS. Hot-hand managers are coming to active equity ETFs (TCAF, QLTY, FBCG, CGDV, DCOR, ARKK, etc). There is a flood of active ETFs with 240 new YTD. Much of the growth has been for active equity ETFs after the SEC approved several models a few years ago. The ETF wrapper offers tax-efficiency due to its in-kind creation/redemption. However, most indexes (broad or customized/special) also tend to be tax-efficient. So, active managers have headwinds vs indexes. The active ETFs may have significant differences from their OEF cousins even when both are run by the same team(s) – the ETFs may have fewer stocks or use fewer portfolio strategies. Active ETFs may be only a bit cheaper than their OEF cousins.
FUNDS. @DavidSHERMAN (58) uses value strategies for short-duration (0.75-2 years) HY bond fund CBLDX (ER 0.91%). He also looks for event-driven opportunities – early redemptions, change in control, selloffs following disasters, etc. He expects the yield-curve to normalize in 2024.
INCOME. Higher rates came and went. But bond funds with short/intermediate duration offer high current rates and will benefit from rate declines. Barbell strategies are also good. Mentioned are OEFs STYAX, VMBSX; ETFs AGG, TOTL, PSK (preferreds); CEF PMM (muni).
ECONOMY. FUNDS. Boring won in 2023. This skinny bull driven by Magnificent 7 did wonders for index funds. So, investors who didn’t do much deep analyses and just dumped some money into the SP500 or total market index did well. The SP500 index funds are now 10.7% of the fund universe, the total stock market 6.8%, with both accounting for 17.5% vs 8.76% in 2013. Very interesting considering that the 1st retail SP500 fund in 1976 (Vanguard) was a flop – it raised only $11.3 million in its initial period vs $150 million expected; it could afford only 280/500 stocks; Vanguard total market index fund followed in 1992 and many TDFs hold it. How has the tide turned from the humble beginnings? The SP500 index funds with only 2-4 bps ERs are formidable benchmarks to beat.
Q&A. Joel TILLINGHAST, Fidelity Small/Mid-Cap FLPSX (almost global). He has managed the Fund since its 1989 inception. Considering the regime shifts going on (inflation, taxes, regulation, energy transition, AI, etc), this market is too calm and cheerful, almost like 1999-2000. He likes to see steady and predictable cash flows. Investors may have an edge on small/mid-caps as they are less followed by analysts and institutions. Indexing is very popular now, but active managers will do fine in the long-term. Peter LYNCH taught him to be flexible when things/facts change; to accept errors and move on. He is retiring in 2023, leaving FLPSX in good hands (PECK, CHAMOVITZ), and will devote more time to mentoring, traveling, gardening, and book writing. Previous book, Big Money Thinks Small, 2020.
EXTRA, RETIREMENT. The good news is that Social Security payments will rise +3.2% in 2024 (old news), but the bad news is that it won’t be enough due to high inflation. Although inflation has moderated, that doesn’t mean lower prices. Significantly up are auto insurance, rents, medical care, Medicare Part B Premium. Almost 20% of 65+ are still working.

Andrew Foster, a renowned portfolio manager and founder of Seafarer Capital Partners, shares his insights on why emerging markets are no longer a growth story. Foster emphasizes that the investment case for emerging markets lies in individual companies rather than countries.

https://youtube.com/watch?v=sFpirvQRBuE

I had looked up the potential YE ETF capital gain distributions at the Capital Group website (the part of the table that deals with ETFs). They are still notated with a "-". I guess you are treating "-" means zero.

The Capital Group published cap gains estimates for its ETFs along with the rest of its funds, on December 6 (link is from Shadow's post in 2023 capital gains distribution estimates):
https://www.capitalgroup.com/advisor/tax/2023-year-end-distributions.html
It republished estimates (same data) more recently (Dec 7th) for individual investors here:
https://www.capitalgroup.com/individual/service-and-support/tax-center/2023-year-end-distributions.html
Some institutions publish income estimates, many do not. Fidelity doesn't. Links again courtesy of Shadow:
https://www.fidelity.com/mutual-funds/information/distributions#/?table=estimated
https://institutional.fidelity.com/app/tabbed/products/FIIS_SP52_DPL6.html?navId=324
A few institutions produce estimated distributions with data as late as early December (e.g. Vanguard), but most seem to at best produce cap gains estimates a single time once October 31st data is available.
There's a reason for that.
https://blog.umb.com/fund-services-insight-mutual-fund-year-end-distributions/
As explained in that piece, in terms of dollars, what matters are primarily dates on the calendar (usually Oct 31 and Dec 31), not record dates. Though the number of shares outstanding on the record date does determine how a fund's gains and income are partitioned.
ETFs, unlike OEFs, have record dates that are a day later than their ex-dates.

I want to own these in my taxable account and have been waiting to see how much non-dividend distributions (i.e., capital gains) they might be throwing off. Last year was not anything out of the ordinary but wanted to get one more year data before deciding. Does anyone here own these in their taxable account?

"What is about ETFs that Capital Group is not able to estimate distributions even 3-4 business days before ex-date? "
@BaluBalu - I don't think that's specific to Capital Group. I also own ETF's from Invesco, Fidelity and others where a distribution is never announced but just shows up one day. I get why some investors would like to know but I don't own enough where it affects any plans or strategies I might have.

Here is the IRS release (and do not forget to read Notice 2024-7 (link included) if the subject applies to you) -
https://www.irs.gov/newsroom/irs-helps-taxpayers-by-providing-penalty-relief-on-nearly-5-million-2020-and-2021-tax-returns-restart-of-collection-notices-in-2024-marks-end-of-pandemic-related-pause

Following are edited excerpts from a current Free report from The Washington Post.

The agency is extending the reprieve for the 2021 and 2022 tax years to roughly 4.7 million individuals, businesses, trusts and tax-exempt organizations
Getting a letter from the IRS saying you’re past due on a tax debt can be frightening. That fear often drives people to tax settlement companies that offer hope of significant debt reduction.
IRS Commissioner Danny Werfel says don’t believe the hype. That’s especially good advice now, given a recent action by the agency.
In 2022, short-staffed and struggling to dig out of an enormous pandemic-related backlog, the IRS temporarily suspended the mailing of automated reminders to taxpayers about overdue tax bills for 2020 and 2021. The invoices would have normally been issued after an initial balance-due notice was issued.
With many pandemic issues behind it and staffing up thanks to the Inflation Reduction Act’s boost to the agency’s budget, the IRS announced it will resume mailing collection notices for the 2021 and 2022 tax years in January.
The notices may shock folks who haven’t received an IRS bill for over a year, Werfel said. For individual taxpayers, the median amount owed is $6,751, according to the agency.
“Given that penalties and interest continued to accrue under law, the bill amounts for those who weren’t paying will be larger than the last time they received a letter from the IRS,” Werfel said. “For these affected taxpayers, we know this is a tough situation.”
So, showing a softer side, the IRS has decided to waive the failure-to-pay penalties for about 4.7 million individuals, businesses, trusts and tax-exempt organizations that didn’t get automated reminders of their debts.
But Werfel also issued a caution: “People with unpaid tax bills also need to be wary about aggressive marketing by some places that overinflate promises of wiping out IRS debt,” he said.
There are unscrupulous tax debt settlement companies and scammers who will no doubt try to take advantage of this relief. They may use it as a hook to con you or get you to sign up for an expensive service you don’t need.
“We have seen patterns of behavior in the past where marketers and promoters exploit an opportunity like this,” Werfel said.

@BaluBalu- thanks for the add, BB.

The ex-date for ETF Dec distribution is 12/27-28 but no amounts are yet disclosed. What is about ETFs that Capital Group is not able to estimate distributions even 3-4 business days before ex-date? Just curious.

Dated 12 Dec:
https://www.chsinc.com/about-chs/news/news/2023/12/12/chs-board-elections
"At the Annual Meeting, CHS members also approved two amendments to the organization’s bylaws.
The first amendment decreases the number of representative directors in Region 1 from four to three directors and increases the number of representative directors in Region 7 from one to two directors.
The second amendment modifies how dividends are treated when calculating the net income or net loss of an allocation unit from patronage business and provides the Board with increased authority to add an additional amount of patronage income, not to exceed 35%, to the capital reserve."
... that last part I'm not too clear on and want to learn more before adding CHS prefs back to my portfolio. Apart from that question mark, a preliminary first-glance of their FY23 data didn't see any major news ref the safety of these once-popular preferreds.

The team today wrote, in response to JD's observation:

In November of 2021, the fund did have a down -5% day. After a nice run in both equities and macro oriented markets like energy and currencies, on the day after Thanksgiving, there were scares about the Omnicron virus which led to our largest positions moving strongly against us on holiday-shortened low-volume day. (The guys note, separately, that oil dropped 13% in a day, grains and currencies got crushed; macro people call it their "Black Friday".)
From what we could tell, most of our investors were not overly concerned after our -5% day. I believe it’s because they understand that the risk-management process in our macro program cuts risk in losing positions. Unlike some other alternative strategies, ours does not “double down” or increase risk in positions because they are moving against us. The philosophy of trend-oriented macro investing is to rotate out of what is not working, and rotate into what is working, in a disciplined manner, with a risk budget enforced each step of the way.

They conclude with an interesting reflection on having reasonable downside expectations. To date their maximum drawdown has been 9% or so. Their internal models allow that the strategy is susceptible to a worst-case drawdown in the 15-20% range.
The fund is up about 5% YTD, which beats its peer group by about 50%. The most curious note is that either its peer group is imploding or Morningstar is quietly reclassifying a lot of funds. In 2020 there were 100 funds in the macro trading group. Today there are 59.

Well, there are a LOT more articles out there about the proposed sale. Had you read them, you might have had an idea why Fetterman said what he said, and you might not have criticized him.
https://www.theguardian.com/us-news/2023/dec/19/john-fetterman-vote-block-us-steel-sale
Excerpt:
David McCall, the president, called the deal “greedy” and a “violation” of a union agreement that requires any buyer of US Steel to agree to a new labor agreement prior to any sale.
“Neither US Steel nor Nippon reached out to our union regarding the deal, which is in itself a violation of our partnership agreement that requires US Steel to notify us of a change in control or business conditions,” McCall told Axios, calling the sale “shortsighted”.
A previous buyout offer in August, worth $7.3bn, by rival company Cleveland Cliffs, was rejected by US Steel. That offer did have the support of the USW union, which praised the Ohio-based Cleveland Cliffs as being “in the best position to ensure that US-based manufacturing remains strong in this country”, and noted it didn’t cut jobs during previous acquisitions in 2019 and 2020.

https://www.sec.gov/Archives/edgar/data/1552947/000158064223006794/superfund_497.htm
497 1 superfund_497.htm 497
Superfund Managed Futures Strategy Fund
(the “Fund”)
Class A SUPRX
Class C SUPFX
Class I SUPIX
a series of Two Roads Shared Trust
Supplement dated December 19, 2023
to the Prospectus and Statement of Additional Information (the “SAI”)
of the Fund each dated March 1, 2023
The Board of Trustees of Two Roads Shared Trust (the “Trust”) has concluded, based upon the recommendation of Superfund Advisors Inc., that it is in the best interests of the Superfund Managed Futures Strategy Fund (the “Fund”) and its shareholders that the Fund be liquidated. Pursuant to a Plan of Liquidation (the “Plan”) approved by the Board of Trustees, the Fund will be liquidated and dissolved on or about March 29, 2024.
The Fund is closed to all new investments as of December 19, 2023. The Fund will no longer pursue its stated investment objective. The Plan provides that the Fund will begin liquidating its portfolio as soon as is reasonable and practicable. On or about the close of business on March 29, 2024, the Fund will distribute pro rata all its assets in cash to its shareholders and all outstanding shares will be redeemed and cancelled.
Prior to March 29, 2024, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Shares” section of the Fund’s Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, you will recognize gain or loss for federal income tax purposes (and for most state and local income tax purposes) on a redemption of your shares, whether as a result of a redemption that you initiate or upon the final liquidating distribution by the Fund, based on the difference between the amount you receive and your tax basis in your shares. The Fund may make one or more distributions of income and/or net capital gains on or prior to March 29, 2024, in order to eliminate Fund-level taxes. Please refer to the “Tax Status, Dividends and Distributions” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation. Plan sponsors or plan administrative agents should notify participants that the Fund is liquidating and should provide information about alternative investment options.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED OR EXCHANGED THEIR SHARES OF THE FUND PRIOR TO MARCH 29, 2024 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OR ACCOUNT OF RECORD.
______________________________________
This Supplement should be read in conjunction with the Fund’s Prospectus and SAI. This Supplement, and the Prospectus and SAI, each dated March 1, 2023, provide relevant information for all shareholders and should be retained for future reference. The Prospectus and the SAI have been filed with the Securities and Exchange Commission and are incorporated by reference. These can be obtained without charge by calling 1-866-866-4848