As the asset management industry has evolved over time, so too has indexing, moving from one-size-fits-all investments to tax-managed, customized strategies using separately managed accounts (SMAs). Kevin Maeda, Chief Investment Officer of Active Index Advisors®, discusses the differences between mutual funds, ETFs and direct indexing in an article that appeared in Investments & Wealth Monitor:

  • How index-based SMAs can optimize tax benefits
  • Portfolio construction sampling methodologies: stratified sampling vs. sampled optimization
  • The components of after-tax alpha