The tax-aware investing leaderboard
Every way out of a low-basis stock, ranked.
Exchange funds, tax-aware long/short, direct indexing and §351 ETFs. Fees, minimums, tracking error and who can get you in.
Products
37
Providers
31
Advisors & platforms
26
Assets tracked
$1.15T
Four strategies
How each one works →Exchange funds6 providersMedian fee0.68%Tracked$98.4BEaton Vance (Morgan Stanley)$73.2BGoldman Sachs Asset Management$22.9BCache$1.61BTax-aware long/short8 providersMedian fee0.65%Tracked$141Bof ≈$170B marketAQR$68.8BQuantinno$48.3BAperio (BlackRock)$19BDirect indexing14 providersMedian fee0.30%Tracked$897Bof ≈$1.35T marketGoldman Sachs Asset Management$260BParametric (Morgan Stanley)$254BAperio (BlackRock)$175B§351 ETFs9 providersMedian fee0.49%Tracked$13.8Bof ≈$43.2B marketEagle Capital Management$4.61BAlpha Architect (ETF Architect)$2.22BBrown Advisory$1.73B
Click a column to sort · ≈ estimated by Basis
| # | Provider | |||||||
|---|---|---|---|---|---|---|---|---|
| 1 | Goldman Sachs Asset ManagementDirect Indexing (Tax-Advantaged Core) | Direct index | $260B+superv. | Not disclosed | Not disclosed | Anyone | Advisor | Open |
| 2 | Parametric (Morgan Stanley)Custom Core | Direct index | $254B | 0.35%–0.40% | $250K | Anyone | Advisor | Open |
| 3 | Aperio (BlackRock)Tax-Managed Equity SMA | Direct index | $175B | 0.40% | Not disclosed | Anyone | Advisor | Open |
| 4 | Northern Trust Asset ManagementDirect Indexing (Tax-Advantaged Equity) | Direct index | $149B | Not disclosed | Not disclosed | Anyone | Advisor | Open |
| 5 | Eaton Vance (Morgan Stanley)Private exchange funds (Bel* and Clear*) | Exchange fund | ≈$73.2B | Not disclosed | $1M | QP | Advisor | Open |
| 6 | AQRTax-aware long/short (Flex SMAs and TA private funds) | Long/short | $68.8B | Not disclosed | Not disclosed | Not disclosed | Advisor | Open |
| 7 | QuantinnoDEALS (Core / Exchange / Overlay) | Long/short | $48.3B | 0.45% | $1M | Not disclosed | Advisor | Open |
| 8 | Franklin Templeton (Canvas)Canvas Custom Indexing | Direct index | $30.3B | Not disclosed | Not disclosed | Anyone | Advisor | Open |
| 9 | Goldman Sachs Asset ManagementExchange Place funds | Exchange fund | ≈$22.9B | Not disclosed | $1M | QP | Advisor | Unknown |
| 10 | Aperio (BlackRock)Long/Short SMAs (130/30 Quality Value, Tax-Managed Dynamic Factor) | Long/short | $19B | 0.55% | $1M | Not disclosed | Advisor | Open |
| 11 | VanguardVanguard Personalized Indexing | Direct index | $11.4B | 0.13%–0.20% | $250K | Anyone | Advisor | Open |
| 12 | EthicValues-Based Direct Indexing | Direct index | $10.1Bfirm-wide | 0.40% | Not disclosed | Anyone | Advisor | Open |
| 13 | Natixis (Active Index Advisors)AIA Direct Indexing SMAs | Direct index | $8B+ | Not disclosed | Not disclosed | Anyone | Advisor | Open |
| 14 | Eagle Capital ManagementEagle Capital Select Equity ETF (EAGL) | §351 ETF | $4.61B | 0.80% | None | Anyone | Direct or advisor | Open |
| 15 | Cache (Brooklyn Indexing / Nuveen)Cache Long/Short | Long/short | $3.98Bfirm-wide | 0.50%–1.00% | $1M | Not disclosed | Direct or advisor | Waitlist |
| 16 | Alpha Architect (ETF Architect)Section 351 Exchange Program (4 ETFs) | §351 ETF | ≈$2.22B | 0.09%–0.15% | None | Anyone | Direct or advisor | Open |
| 17 | Brown AdvisoryBrown Advisory Flexible Equity ETF (BAFE) | §351 ETF | $1.73B | 0.54% | None | Anyone | Direct or advisor | Open |
| 18 | Dimensional Fund AdvisorsDimensional US Large Cap Core Equity Market ETF (DFAL) | §351 ETF | $1.65B | 0.12% | None | Anyone | Direct or advisor | Open |
| 19 | CacheExchange funds (Flagship and Access series) | Exchange fund | ≈$1.61B+ | 0.40%–0.95% | $100K | Accredited | Direct or advisor | Open |
| 20 | Sapient Capital (EA Advisers)Sapient Quality Select ETF (SQS) | §351 ETF | $1.41B | 0.80% | None | Anyone | Direct or advisor | Open |
| 21 | Two SigmaBeacon Fund (tax-aware long/short private fund) | Long/short | $976Mcontrib. | Not disclosed | $5M | QP | Advisor | Open |
| 22 | AllianceBernsteinAB US Equity ETF (XCHG) | §351 ETF | $711M | 0.50% | None | Anyone | Direct or advisor | Open |
| 23 | CambriaSection 351 ETF Conversion Program (5 ETFs) | §351 ETF | ≈$709M | 0.27%–0.49% | None | Anyone | Direct or advisor | Open |
| 24 | Longview (Hill Investment Group)Longview Advantage ETF (EBI) | §351 ETF | $676M | 0.24% | None | Anyone | Direct or advisor | Open |
| 25 | FidelityFidelity Exchange Fund | Exchange fund | $601M | 0.54%–1.04% | $250K | QP | Advisor | Open |
| 26 | Polen CapitalSection 351 Exchange (1 ETF) | §351 ETF | $88.9M | 0.49% | None | Anyone | Direct or advisor | Open |
| 27 | GlidePathGlidePath Exchange Fund | Exchange fund | $55.8M | 0% | $100K | QP | Direct or advisor | Open |
| 28 | Collective LiquidityCollective Exchange Fund, L.P. | Exchange fund | $41.6M | Not disclosed | Not disclosed | Accredited | Not disclosed | Unknown |
| 29 | FidelityManaged FidFolios | Direct index | Not disclosed | 0.40% | $5K | Anyone | Direct | Open |
| 30 | Franklin Templeton (Canvas)Canvas Tax Aware Long Short | Long/short | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Advisor | Open |
| 31 | FrecLong Short Direct Indexing and Long Short Diversify | Long/short | Not disclosed | 0.50%–1.30% | $100K | Anyone | Direct | Open |
| 32 | FrecDirect Indexing (Classic) | Direct index | Not disclosed | 0.09%–0.35% | $20K | Anyone | Direct | Open |
| 33 | J.P. Morgan (55ip)Tax-Smart Direct Indexing | Direct index | Not disclosed | 0.10%–0.23% | $250K | Anyone | Advisor | Open |
| 34 | Parametric (Morgan Stanley)Custom Extension | Long/short | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Advisor | Open |
| 35 | Public.comDirect Indexing | Direct index | Not disclosed | 0.19% | $1K | Anyone | Direct | Open |
| 36 | SchwabSchwab Personalized Indexing | Direct index | Not disclosed | 0.35%–0.40% | $100K | Anyone | Direct | Open |
| 37 | WealthfrontS&P 500 Direct | Direct index | Not disclosed | 0.09% | $5K | Anyone | Direct | Open |
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