In the Wall Street Journal Fund Track
, Ian Salisbury
on an "unusual message" Vanguard wants to get across to potential investors.
In Vanguard's view, there's far too much attention investors are giving to ETFs' structural advantages.
"A lot of times the way the tax story is being told is: We are more tax-efficient than mutual funds," Vanguard Principal Joel Dickson
was quoted in the article
as saying. "It's not that the ETF structure is obviously more tax-efficient. It's how you manage it."
Armie Margaret Lee
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