Maybe chance? On IBKR, I see 47872 shares of the JP domiciled 1475 ETF available for shorting for 1.39%.
I assume the connection between PIL, JP and US is clear? Then you ask what KMLM has to do with this?
KMLM is a managed futures ETF. We have a thread about them. There were huge gains in 2022 and distributions around 10% of its value. They were mostly classified as capital gains (ICTax even claims all of it was). This is tax free (no WHT in the USA, no income tax in Switzerland). I assume receiving PILs instead does not have this benefit. Paying 1.5% (10% x 15%) of the value as WHT would hurt.
Ergo, this was just another example of possible pitfalls with SYEP and PILs (and has nothing to do with JP).
Having these three datapoints for a lent security, one can easily calculate how it’s handled (I hope).