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Treasury Warns $13B Box ETF Tax Schemes

7/22/2026

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Story summary
  • The U.S. Treasury warned that several tax strategies, including 351 conversions and box-spread ETFs, may be “too good to be true.”
  • Deputy Assistant Secretary for Tax Policy Kevin Salinger said the agency will not ignore planning after pitch decks promised a $300,000 ordinary loss on a $1 million investment.
  • The $13 billion Alpha Architect 1-3 Month Box ETF was the largest product cited.