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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 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.