Emerging market ETFs have a spooky secret

Plus, the ETFs seeding in-kind in Q4 2025

Cartoon revealing that emerging market ETFs cannot use in-kind redemption in many countries, raising tax costs

Bulletin board…

📗 The Adviser’s Guide to Seeding an ETF In-Kind… I printed another 5 copies

🔬 Call for papers… Nathan Sosner, a principal at AQR, is Special Section Editor for the Journal of Wealth Management’s Fall 2026 issue. Submit a paper by Feb 1, 2026

Tax alpha, box spreads, and tax-aware long/short

Check your kids candy…

Countries that do not allow in-kind redemption…