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@martincschmalz With or wo the heartbeat trades, cap gains taxes get paid through investors’ personal income tax (assuming a taxable account) not directly by the fund. So I think heartbeat is just eliminating an ETF vs MF tax wedge (where there was already no wedge for pension/401k).On twitter.com
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@martincschmalz If I understand right, ~ 1. 401k ETF: Defer to retirement 2. 401k MF: Defer to retirement 3. Standard ETF: Partially defer until sale due to AP creation process 4. Standard MF: NO deferral (=forced distribution of divs and cap gains) Heartbeat allows 4 to work more like 3?Permalink On twitter.com
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