Why indirect ownership matters
The PFIC rules do not only look at what you hold in your own name. Ownership through a partnership, a trust, an estate or another PFIC is attributed to you.
The practical effect: a feeder fund that itself invests in pooled vehicles can leave you filing for each one in the chain.
A K-1 is not the end of the story
If a fund is treated as a partnership and issues you a Schedule K-1, the fund itself is not a PFIC. That is genuinely useful.
But you remain an indirect shareholder of any PFIC the fund holds. So the question is not only what the fund is, but what it owns.
What to ask about a fund-of-funds
Ask what the fund holds, not just what the fund is. If it allocates to other pooled vehicles, ask whether it will report those to you, and in what form.
What to do next
This page explains a rule. It does not work out what you owe, and it is not US tax advice. Take your fund statements to a US CPA or an Enrolled Agent, because the analysis runs per fund, per year.