Blackrock seeks to gain an advantage over its competitor Vanguard by mimicking the same blueprint for funds that allowed Vanguard Group Inc. to cut billions of dollars from the taxes for its clients.
The firm led by Larry Fink filed permission to the SEC on Wednesday to allow the ETF share classes of its mutual funds. This design also helped Vanguard which allows mutual fund investors to enjoy the tax benefits typically associated with ETFs under a wrapper.
Source: https://www.cryptopolitan.com/blackrock-aims-to-replicate-vanguard-tax-saving-strategy/