Documents
EBI – US Equity ETF
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Updated December 31, 2025
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351 Conversion vs. Echange Funds (PDF)
In this white paper, we examine the pros and cons of exchange funds and 351 conversions. We compare the diversification benefits, costs, and operational differences, which all point in one direction: 351 conversions yield higher after-tax returns in almost every scenario of concentrated stock positions for clients.
Premium Drag (PDF)
Our research indicates that trading costs and delays in executing trades can significantly drag on returns for large asset managers, especially in small value stocks. Thus, smaller, more nimble firms can avoid these issues by executing trades more efficiently, thereby capturing the value premium.
Investors Demand Different Returns (PDF)
We believe that by solving for expected returns directly, investors can achieve a purer and more efficient exposure to the tradeoff between risk and return.
The Momentum Catch 22 (PDF)
Evidence-based investors want exposure to a factor like momentum because it is a powerful driver of returns; capturing it effectively is typically challenging due to high trading costs and turnover. We believe that seeking a balanced approach that integrates momentum with other factors, especially at lower asset levels, can help capture the momentum premium without the excessive costs.
Release the Constraints (PDF)
Our research tell us that traditional style boxes, like those created by Morningstar, limit investment potential by imposing unnecessary constraints. We believe that by focusing on risk and return rather than rigid categories, investors can achieve more efficient outcomes to help meet their expectations.
Valuation Timing (PDF)
While history tells us that value stocks tend to outperform growth stocks over time, the value premium can’t be reliably timed. However, by adjusting the tilt toward value based on valuation spreads, we believe that investors can potentially capture higher returns when spreads are wider and reduce tracking error when spreads are lower. In other words, take more value exposure when you are paid more for it.
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