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Just How Tax-Efficient Are ETFs?

Strategy and structure make ETFs more tax-efficient than most actively managed funds, but they're not immune from taxation, says Morningstar's Ben Johnson.

Christine Benz: Hi, I'm Christine Benz for Morningstar.com. Mutual fund capital gains distribution season is upon us, and tax efficiency is top of mind for many investors. Joining me to discuss the topic of exchange-traded funds and tax efficiency is Ben Johnson--he is director of global ETF research for Morningstar.

Ben, thank you so much for being here.