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Invesco S&P 500 UCITS ETF 100% synth replication edit: ISIN: IE00B3YCGJ38

• throwaway2037 7mo ago
  Hat tip! I was not aware that Europe has very particular laws (different from the US) about how ETFs need to treat dividends. As a result, using an underlying equity swap is more tax efficient than owning the shares directly. For US-listed ETFs, I believe that my original point still stands: Well-known (liquid) non-leveraged ETFs hold physical shares instead of replicating returns with derivatives (equity swaps).