LEARN | Tax Treatment of Different Investment Vehicles

*For illustrative purposes only. Not a recommendation to buy or sell any security. All investments are subject to risks, including risk of loss. Elements of this analysis include comparisons of different account types and investment vehicles each of which have distinct trading, expense, tax and risk characteristics. This is not a comprehensive description of all differences between the vehicles described. Tax saving strategies should not undermine one’s investment goals.

There is no assurance that investment objectives will be achieved.

Investment strategies that seek to enhance after-tax performance may be unable to fully realize strategic gains or harvest losses due to various factors. Market conditions may limit the ability to generate tax losses. Tax-loss harvesting involves the risks that the new investment could perform worse than the original investment and that transaction costs could offset the tax benefit. Also, a tax-managed strategy may cause a client portfolio to hold a security in order to achieve more favorable tax treatment or to sell a security in order to create tax losses. Prospective investors should consult with a tax or legal advisor before making any investment decision.

The Firm does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. Tax laws are complex and subject to change. Investors should always consult their own legal or tax professionals for information concerning their individual situations.