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Today\u2019s returning guest is Alpha Architect\u2019s Wes Gray, and he\u2019s joined by Bob Elwood, a business lawyer with a focus on investment funds.\xa0\nWes and Bob just helped complete a separately managed account to ETF conversion of $770 million, so we had to get them on the show to walk through the process! They walk through the process of doing an SMA to ETF conversion via Section 351 from start to finish. They share some of the more nuances involved in the process and answer some common questions they hear over time.\nWhile the most popular ETF story so far this year is the Bitcoin ETF, this is arguably a bigger long-term story and a trend to watch in the next few years.\n(1:39) - Welcome to our guests, Wes Gray and Robert Elwood; Wes\u2019 prior appearances on the show: how to launch an ETF, 2023 Radio Show, 2021 Radio Show\n(2:11) - Update on\xa0Alpha Architect\n(2:59) - Overview of converting SMAs to ETFs via Section 351\n(13:58) - Mutual fund to ETF conversions versus separate account to ETF conversions\n(19:34) - Weighing the advantages and disadvantages of SMA to ETF conversions\n(26:01) -\xa0Is Your Alpha Big Enough to Cover Its Taxes? A 25 Year Retrospective\n(26:35) -\xa0The case for the tax-free conversion of SMAs into an ETF via Section 351\n(34:35) - Alpha Architect\u2019s connection to former Presidential candidate Vivek Ramaswamy\n(36:37) - Esoteric examples of SMA to ETF conversions\n(38:06) - When does it not make sense to do a conversion?\n(43:23) - The future of Alpha Architect\nLearn more about Bob and Wes: ETF Architect;\xa0Alpha Architect\n-----\nFollow Meb on Twitter, LinkedIn and YouTube\nFor detailed show notes, click here\nTo learn more about our funds and follow us, subscribe to our\xa0mailing list\xa0or visit us at cambriainvestments.com\n-----\nSponsor: Today's episode is sponsored by\xa0YCharts.\xa0YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. Visit\xa0YCharts\xa0to start your free trial and be sure to mention "Meb" for 20% off your subscription (new clients only).\nSponsor: Today\u2019s episode is sponsored by\xa0The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world\u2019s largest institutions, funds, and money managers. Subscribe for free\xa0here.\nFollow The Idea Farm:\xa0Twitter\xa0|\xa0LinkedIn\xa0|\xa0Instagram\xa0|\xa0Tik Tok\n-----\nInterested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com\n-----\nPast guests include\xa0Ed Thorp,\xa0Richard Thaler,\xa0Jeremy Grantham,\xa0Joel Greenblatt,\xa0Campbell Harvey,\xa0Ivy Zelman,\xa0Kathryn Kaminski,\xa0Jason Calacanis,\xa0Whitney Baker,\xa0Aswath Damodaran,\xa0Howard Marks,\xa0Tom Barton, and many more.\xa0\n-----\nMeb's invested in some awesome startups that have passed along discounts to our listeners. Check them out\xa0here!\xa0\nLearn more about your ad choices. Visit megaphone.fm/adchoices