Millionaires Get Billionaire Tax Trick in $446 Million ETF (1)

As wealth advisers across Wall Street embrace a hot new method to help their rich clients sidestep capital gains taxes, a pioneer of the strategy is already taking it to the next level.

Wes Gray, an ex-Marine with a PhD in finance who’s making a name for himself with his increasingly creative use of exchange-traded funds, is launching the Alpha Architect US Equity ETF (ticker AAUS) on Wednesday with $446 million. It’s one of a growing breed of products he’s helped popularize known as 351 conversions, which are seeded with appreciated assets before the ETF structure is used ...