Charles Schwab's latest quarterly report showed margin loan balances up 14% from the prior quarter to $187.9 billion, including $60.7 billion tied to 'tax-aware' long/short strategies used by registered investment advisors. These strategies use leverage on both long and short positions to create more losses to harvest for tax purposes, and one estimate put TALS assets above $170 billion this year, up from $2 billion in 2022. On the earnings call, CEO Rick Wurster said Schwab expects to launch its own version, extending its direct indexing capability, but gave no timeline. Open questions include whether the products will be limited to Schwab advisors and platform and whether asset minimums will fall. Separately, Treasury Secretary Scott Bessent and the IRS recently issued a notice on sophisticated ETF strategies used to shield capital gains from taxation.
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