BLOGS. February 19, 2026
How SMA-to-ETF Conversions Are Reshaping Operating Models
Separately managed account (SMA) to exchange-traded fund (ETF) conversions under Section 351 of the Internal Revenue Code are attracting renewed interest across the asset management industry. Once viewed primarily as a niche tax-deferral mechanism, these conversions are now being evaluated more broadly as a strategic tool that can reshape operating models, accelerate product scale and expand distribution reach. Firms must determine whether converting SMA assets into an ETF structure aligns with long-term business and product strategy.
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