U.S. Tax Reform Fund
TAXR
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- U.S. Tax Reform Fund (TAXR) is an actively managed exchange-traded fund that seeks capital appreciation by investing primarily in U.S.-listed equity securities expected to benefit from changes in U.S. tax policy and regulations. The fund takes long positions in issuers poised to appreciate due to tax reform themes, such as reduced corporate tax rates, enhanced deductions, or shifts in taxable income categories, and short positions in those anticipated to depreciate; it typically holds 30 to 75 securities with market capitalizations above $250 million, including equities, equity sectors, and to a limited extent fixed income securities, derivatives, currencies, or commodities, with active turnover generally on a quarterly basis. Launched in October 2017 by Active Weighting Funds ETF Trust under the EventShares brand and advised by Active Weighting Advisors LLC, the fund is headquartered in the United States and operates within the thematic policy segment of the ETF industry, targeting investors seeking exposure to U.S. legislative developments. In April 2018, TAXR underwent a major strategic shift when it was renamed the U.S. Policy Alpha ETF (ticker: PLCY), expanding its focus beyond tax reform to broader U.S. policy themes while retaining elements of its original active management approach. The fund is no longer active under the TAXR ticker.