A client came to us with a nightmare portfolio. His own client had moved assets over from a prior adviser: hundreds of individual stocks and ETFs that, all together, basically replicated the U.S. market. Just with higher fees and a lot more complexity. We believe this is a textbook use case for a 351 exchange. A 351 exchange lets investors contribute assets for shares of a new ETF without immediate gain recognition. For the adviser, this meant being able to more easily manage his client's portfolio, making attribution and reporting more manageable with a single U.S. core market ETF. If you are sitting on a legacy portfolio with the same problem, you can contribute appreciated holdings to the Alpha Architect U.S. Equity 5 ETF, ticker AAUD. AAUD seeks to: • Follow the same strategy as our previous 351 exchange launches • Deliver plain U.S. large blend exposure with a strategic dividend management overlay • Do it for 0.09% total annual fund expense* To learn more about AAUD email us at info@alphaarchitect.com, or visit *Acquired Fund Fees and Expenses (AFFE) currently stand at 0.00%, but final contributed assets may add to the number upon launch.