Summary
Morgan Stanley has filed with the SEC to replicate a fund structure used by Vanguard Group, which gave them a tax advantage for 20 years. This move has the potential to shake up trillions of dollars in fund assets and may be a bigger deal for Wall Street than the arrival of Bitcoin ETFs.
Key Points
1. Morgan Stanley’s SEC filing could have a significant impact on trillions of dollars in fund assets, potentially causing a major disruption in the financial industry.
2. The filing aims to replicate a fund structure previously utilized by Vanguard Group, which allowed the company to gain a tax advantage over its competitors for over 20 years.
3. This development may turn out to be more significant for Wall Street than the highly anticipated introduction of Bitcoin ETFs, signaling a potential shift in the industry’s focus and priorities.