Hello, for an investor whose marginal earnings would go to a trust and be taxed at the highest tax rate, what offers better tax efficiency and after tax returns, and can the benefit be quantified?
Specifically, ETFs are allowed to redeem shares in kind but this is not the case with smas as far as I understand. So if one is looking for a value/small tilt of about 0.2 any thoughts on what is better?
Thank you.