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Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, reports that the IRS has issued a notice aimed at 351 exchange ETFs.
He suggests the action appears focused on cracking down on ETF structures that deviate from the intended law, while also requesting input from tax experts.
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Balchunas recently noted in a separate analysis that IBIT has narrowly surpassed VOO since inception, despite greater volatility for the crypto ETF. He also reported that SPY trading volume has stayed below $60 billion for 50 consecutive days. Both observations come as regulatory attention on ETF structures intensifies.