No More ETF Questions

If mutual funds were a brand new product, would they be approved in 2022 by the SEC? Absolutely not. Tell us why. Because the ETF structure is inherently more tax fair and that sounds like a weird new guide. The problem with mutual funds if you launch them today is that the pitch would be, hey, we're going to pool our investors, but for tax purposes, if you sell out, you can take care of your own stuff. It's a phantom tax. Exactly. That would be a non-starter today.