As the second largest exchange-traded fund (ETF) auditor in the U.S. (Audit Analytics, March 2023), and as the ETF universe continues to grow and mature, we have committed increasing resources to this important segment of the investment industry. We train our practitioners focused on ETFs — from staff through partners — on the most critical areas related to complex accounting as well as tax planning and compliance. Our focused audit approach, coupled with timely and proactive communication, lead to an ongoing collaborative experience for our clients. Our intense training and background related to ETF-specific audit and tax issues range from assisting with the selection of the structure that best fits an ETF’s investment objectives, to various tax positions associated with the use of tax equalization and calculation of wash sale losses.
Our representative client types include a variety of fund types and investment compositions:
Provider-sponsored series trusts
Multi-fund families
Newly established ETFs
Actively and passively managed ETFs
Wide variety of smart beta strategies
Controlled foreign corporation (CFC) ETFs
Portfolio compositions, asset classes and complex investments:
International equities and emerging markets ETFs
Long-short ETFs
Fixed income ETFs
High income pass-through ETFs
Commodity-based ETFs
Comprehensive audit services
Tax return preparation or review for federal, state and excise tax requirements
Diversification and IRS compliance consulting
Tax consultation on fund structuring, including start-ups and mergers/reorganizations
Seed audit services for newly established funds
Review of annual excise dividend calculations
Review of semi-annual and N-Q filings
Review of post-effective amendments to registration statements (consent letter)
Rule 17f-1 and 17f-2 reviews
Agreed-upon procedures and other attest services