A recent fee auction saw a year of fee revenue from 50x TVL growth being auctioned, resulting in a successful outcome with a clearing price 12% above market. A fast-growing ETF called BOXX is gaining attention for mimicking Treasury returns with lower taxes, described as a perfect product with tax efficiency and no market competitors. The ETF has garnered $1.1 billion in assets and is seen as a breakout hit in the market.
all the chat about $BOXX today reminded me of this absolute gem https://t.co/aqkB9Xj1EU
“It’s more of a democratization of tax dodges.” - @alphaarchitect Love it. $BOXX https://t.co/g9vLMr7af5
Nice write up (and detailed explanation) of $BOXX from @matt_levine, which serves up T-bill-like exposure but w/out the income tax for 19bp fee, and is now a breakout hit w/ $1.1b (half of that coming this year), already AlphaArchitect's biggest ETF https://t.co/oCM00bDrjy
In which @matt_levine goes deep on the weird tax magic of $BOXX https://t.co/kWycSZ5J9x
It's the poster child for tax arbitrage. https://t.co/PMXpkK53Sw
This newsletter is the poster child for tax arbitrage. https://t.co/bdJNQvlXDc
In my view, from an asset management business perspective, $BOXX is about as close to a perfect product as you can get. 1. Product, not a strategy 2. Clear value proposition (tax efficiency) 3. Transparent design 4. No competitors in the market And launched at the perfect time. https://t.co/ND0Rxwy0Z3
New from me: “The poster child for tax arbitrage.” How a fast-growing ETF called BOXX mimics returns from Treasuries, but with much lower taxes. Gift link: https://t.co/x8VVCamA17
“The poster child for tax arbitrage.” How a fast-growing ETF called BOXX mimics returns from Treasuries, but with much lower taxes. https://t.co/V2ZFFzR4ql
The first fee auction was a big one, auctioning a year of fee revenue from 50x TVL growth. The outcome was a success, with an average clearing price 12% above market. 📈 Real Yield is flowing, and the next auction will be here before you know it. https://t.co/8i8XwGiizk