If you have a derivative affected by IRS regulation 871(m) in your securities account and there is a tax-relevant payment in the underlying, such as a dividend, a tax is also due on the derivative due to US tax regulations. In this case, the issuer of the derivative retains a flat rate of 30% US withholding tax, since they have no knowledge of which tax rate applies to the owner of the derivative. Since Trade Republic is registered as a qualified intermediary with the US Tax Authorities, you as a customer benefit from an automatic withholding tax reduction to 15%. We refund this automatically, and you don't have to worry about anything else. You can find the corresponding tax statement in your profile.