derivative
(4) Derivative defined For purposes of this subsection— (A) In general The term “derivative” means any contract (including any option, forward contract, futures contract, short position, swap, or similar contract) the value of which, or any payment or other transfer with respect to which, is (directly or indirectly) determined by reference to one or more of the following: (i) Any share of stock in a corporation. (ii) Any evidence of indebtedness. (iii) Any commodity which is actively traded. (iv) Any currency. (v) Any rate, price, amount, index, formula, or algorithm. Such term shall not include any item described in clauses (i) through (v). (B) Treatment of American depository receipts and similar instruments Except as otherwise provided by the Secretary, for purposes of this part, American depository receipts (and similar instruments) with respect to shares of stock in foreign corporations shall be treated as shares of stock in such foreign corporations. (C) Exception for certain contracts Such term shall not include any insurance, annuity, or endowment contract issued by an insurance company to which subchapter L applies (or issued by any foreign corporation to which such subchapter would apply if such foreign corporation were a domestic corporation).