• Much of the widespread adoption of ETFs has been due to their ability to be more tax efficient.

• ETFs are generally more tax efficient than other investment vehicles because of their structure and ability to use in-kind transfers for purchases and redemptions.

• ETFs are not impervious to distributing capital gains, but they’re often an excellent option for tax-conscious investors.

Investing involves risk, including the possible loss of principal.

This information has been prepared from sources believed reliable, but the accuracy and completeness of the information cannot be guaranteed. This material and/or its contents are current at the time of writing and are subject to change without notice. This information should not be considered investment advice or a recommendation to buy/sell any security. In addition, it does not take into account the specific investment objectives, tax and financial condition of any specific person. This information has been prepared from sources believed reliable, but the accuracy and completeness of the information cannot be guaranteed. This material and/or its contents are current at the time of writing and are subject to change without notice.