Tax ETFs Under Question, Triple Crown Record 7/27/2026

Summary

The panel discusses the ETF industry's record-setting pace, with a potential second consecutive Triple Crown year for flows, volume, and launches. Cinthia Murphy highlights memory chips as the current AI bottleneck driving DRAM ETF inflows, and notes equal-weight ETFs are outperforming amid market broadening. David Auerbach argues that high-dividend REIT ETFs remain attractive for income even with high rates. The show also covers controversial 351 conversion ETFs that let the wealthy defer capital-gains taxes and face potential regulatory scrutiny.

• ETF industry on track for a second straight Triple Crown, exceeding last year's records across flows, volume and launches.
• Cinthia Murphy identifies memory (DRAM) as the current AI infrastructure bottleneck, fueling inflows into the DRAM ETF.
• Photonics is flagged as the next potential AI bottleneck, with two photonics ETFs newly launched.
• Equal-weight ETFs (RSP, QQQE) are outperforming this year as earnings broaden beyond mega-cap leaders, but the trend could reverse if leadership narrows.
• Hoya Capital CIO David Auerbach pitches the RIET ETF for high-yield REIT exposure, citing improving fundamentals, M&A activity, and a 10% yield.
• 351 conversion ETFs allow ultra-wealthy investors to defer capital gains by converting concentrated stock holdings into diversified ETFs, with Treasury examining the practice.
• Oil prices decline as US-Iran military activity pauses for a third day.
• New ETF filings include Grayscale's Worldcoin crypto ETF and Alpha Architect's 351-conversion equity ETF (AUV), while a State Street emerging-market bond ETF liquidates.