Maybe I am confused. So if certs get redeemed for

Maybe I am confused. So if certs get redeemed for cash it would be a long term capital gain at 15% as the certs have been in hand or on the table since may 2014. Or would they b t short term gain of various %s depending on amount you hit in tax brackets? Long term are always at 15%only?
Just curious at this point. Think we may have until end of year before redemption or longer maybe. Over estimating of course.