Episode 28: The 351 Exchange Explained – Turning Concentrated Stock into a Diversified ETF, Cambria

Many investors build significant wealth in a single stock over time. The challenge comes later: selling the position could trigger a large capital gains tax, but continuing to hold it can leave a portfolio dangerously concentrated.
https://www.cambriafunds.com/351

So how do investors reduce concentration risk without immediately creating a large tax bill?

We sit down with John Keetz, VP of Portfolio Operations at Cambria Investments, to explain the 351 Exchange, a structure that may allow investors to contribute highly appreciated stock into an ETF and receive diversified ETF shares in return, potentially deferring capital gains taxes.

This conversation breaks down how a 351 Exchange ETF works and why the strategy is gaining attention among investors dealing with large concentrated stock positions.

In this episode, we discuss:

• What a 351 Exchange is and how it works
• How a 351 Exchange ETF differs from traditional exchange funds
• How investors may diversify concentrated stock positions
• Potential tax deferral benefits and important considerations
• Which investors may benefit most from this strategy

If you have built significant wealth in a single stock position, this episode explains one potential approach to diversifying concentrated stock while managing capital gains taxes.

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