ETFs Could Soon Bail SMAs Out of Lockup

The §351 conversion allows investors to seed new ETFs in-kind

Meb Faber announced a new ETF recently called Cambria Tax Aware ETF. Its ticker?

TAX.

“If you truly understand the implications, this should be a tectonic shift for the asset management industry.”

He’s not talking about some new portfolio tax strategy. He’s talking about normalizing §351 conversions, which allow investors to contribute assets in-kind to a…