id	sid	tid	token	lemma	pos
cblr-11902	1	1	note	note	VERB
cblr-11902	1	2	an	an	DET
cblr-11902	1	3	empirical	empirical	ADJ
cblr-11902	1	4	analysis	analysis	NOUN
cblr-11902	1	5	of	of	ADP
cblr-11902	1	6	sec	sec	PROPN
cblr-11902	1	7	rule	rule	NOUN
cblr-11902	1	8	6c-11	6c-11	PROPN
cblr-11902	1	9	’s	’s	PART
cblr-11902	1	10	impact	impact	NOUN
cblr-11902	1	11	on	on	ADP
cblr-11902	1	12	the	the	DET
cblr-11902	1	13	usage	usage	NOUN
cblr-11902	1	14	of	of	ADP
cblr-11902	1	15	heartbeat	heartbeat	NOUN
cblr-11902	1	16	trades	trade	NOUN
cblr-11902	1	17	by	by	ADP
cblr-11902	1	18	exchangetraded	exchangetrade	VERB
cblr-11902	1	19	funds	fund	NOUN
cblr-11902	1	20	maddie	maddie	PROPN
cblr-11902	1	21	white	white	PROPN
cblr-11902	1	22	*	*	PROPN
cblr-11902	1	23	in	in	ADP
cblr-11902	1	24	september	september	PROPN
cblr-11902	1	25	2019	2019	NUM
cblr-11902	1	26	,	,	PUNCT
cblr-11902	1	27	the	the	DET
cblr-11902	1	28	sec	sec	PROPN
cblr-11902	1	29	promulgated	promulgated	AUX
cblr-11902	1	30	rule	rule	VERB
cblr-11902	1	31	6c-11	6c-11	PROPN
cblr-11902	1	32	to	to	PART
cblr-11902	1	33	standardize	standardize	VERB
cblr-11902	1	34	the	the	DET
cblr-11902	1	35	operation	operation	NOUN
cblr-11902	1	36	of	of	ADP
cblr-11902	1	37	all	all	DET
cblr-11902	1	38	exchange	exchange	NOUN
cblr-11902	1	39	-	-	PUNCT
cblr-11902	1	40	traded	trade	VERB
cblr-11902	1	41	funds	fund	NOUN
cblr-11902	1	42	.	.	PUNCT
cblr-11902	2	1	importantly	importantly	ADV
cblr-11902	2	2	,	,	PUNCT
cblr-11902	2	3	this	this	DET
cblr-11902	2	4	rule	rule	NOUN
cblr-11902	2	5	provided	provide	VERB
cblr-11902	2	6	all	all	DET
cblr-11902	2	7	etfs	etfs	NOUN
cblr-11902	2	8	with	with	ADP
cblr-11902	2	9	the	the	DET
cblr-11902	2	10	ability	ability	NOUN
cblr-11902	2	11	to	to	PART
cblr-11902	2	12	issue	issue	VERB
cblr-11902	2	13	“	"	PUNCT
cblr-11902	2	14	custom	custom	NOUN
cblr-11902	2	15	baskets	basket	NOUN
cblr-11902	2	16	,	,	PUNCT
cblr-11902	2	17	”	"	PUNCT
cblr-11902	2	18	which	which	PRON
cblr-11902	2	19	are	be	AUX
cblr-11902	2	20	baskets	basket	NOUN
cblr-11902	2	21	of	of	ADP
cblr-11902	2	22	stocks	stock	NOUN
cblr-11902	2	23	that	that	PRON
cblr-11902	2	24	are	be	AUX
cblr-11902	2	25	not	not	PART
cblr-11902	2	26	composed	compose	VERB
cblr-11902	2	27	of	of	ADP
cblr-11902	2	28	a	a	DET
cblr-11902	2	29	pro	pro	ADJ
cblr-11902	2	30	rata	rata	ADJ
cblr-11902	2	31	representation	representation	NOUN
cblr-11902	2	32	of	of	ADP
cblr-11902	2	33	a	a	DET
cblr-11902	2	34	fund	fund	NOUN
cblr-11902	2	35	’s	’s	PART
cblr-11902	2	36	holdings	holding	NOUN
cblr-11902	2	37	.	.	PUNCT
cblr-11902	3	1	such	such	ADJ
cblr-11902	3	2	baskets	basket	NOUN
cblr-11902	3	3	are	be	AUX
cblr-11902	3	4	important	important	ADJ
cblr-11902	3	5	because	because	SCONJ
cblr-11902	3	6	they	they	PRON
cblr-11902	3	7	give	give	VERB
cblr-11902	3	8	etfs	etfs	NOUN
cblr-11902	3	9	additional	additional	ADJ
cblr-11902	3	10	flexibility	flexibility	NOUN
cblr-11902	3	11	to	to	PART
cblr-11902	3	12	lower	lower	VERB
cblr-11902	3	13	their	their	PRON
cblr-11902	3	14	tax	tax	NOUN
cblr-11902	3	15	liability	liability	NOUN
cblr-11902	3	16	by	by	ADP
cblr-11902	3	17	using	use	VERB
cblr-11902	3	18	custom	custom	NOUN
cblr-11902	3	19	baskets	basket	NOUN
cblr-11902	3	20	to	to	PART
cblr-11902	3	21	remove	remove	VERB
cblr-11902	3	22	stocks	stock	NOUN
cblr-11902	3	23	that	that	PRON
cblr-11902	3	24	would	would	AUX
cblr-11902	3	25	incur	incur	VERB
cblr-11902	3	26	the	the	DET
cblr-11902	3	27	highest	high	ADJ
cblr-11902	3	28	capital	capital	NOUN
cblr-11902	3	29	gains	gain	NOUN
cblr-11902	3	30	from	from	ADP
cblr-11902	3	31	their	their	PRON
cblr-11902	3	32	portfolios	portfolio	NOUN
cblr-11902	3	33	.	.	PUNCT
cblr-11902	4	1	this	this	DET
cblr-11902	4	2	note	note	NOUN
cblr-11902	4	3	analyzes	analyze	VERB
cblr-11902	4	4	how	how	SCONJ
cblr-11902	4	5	expanded	expand	VERB
cblr-11902	4	6	custom	custom	NOUN
cblr-11902	4	7	basket	basket	NOUN
cblr-11902	4	8	access	access	NOUN
cblr-11902	4	9	impacts	impact	VERB
cblr-11902	4	10	etfs	etfs	NOUN
cblr-11902	4	11	use	use	NOUN
cblr-11902	4	12	of	of	ADP
cblr-11902	4	13	a	a	DET
cblr-11902	4	14	certain	certain	ADJ
cblr-11902	4	15	type	type	NOUN
cblr-11902	4	16	of	of	ADP
cblr-11902	4	17	tax	tax	NOUN
cblr-11902	4	18	-	-	PUNCT
cblr-11902	4	19	evading	evade	VERB
cblr-11902	4	20	trade	trade	NOUN
cblr-11902	4	21	known	know	VERB
cblr-11902	4	22	as	as	ADP
cblr-11902	4	23	a	a	DET
cblr-11902	4	24	“	"	PUNCT
cblr-11902	4	25	heartbeat	heartbeat	NOUN
cblr-11902	4	26	”	"	PUNCT
cblr-11902	4	27	trade	trade	NOUN
cblr-11902	4	28	.	.	PUNCT
cblr-11902	5	1	it	it	PRON
cblr-11902	5	2	finds	find	VERB
cblr-11902	5	3	that	that	SCONJ
cblr-11902	5	4	there	there	PRON
cblr-11902	5	5	has	have	AUX
cblr-11902	5	6	been	be	AUX
cblr-11902	5	7	a	a	DET
cblr-11902	5	8	substantial	substantial	ADJ
cblr-11902	5	9	increase	increase	NOUN
cblr-11902	5	10	in	in	ADP
cblr-11902	5	11	such	such	ADJ
cblr-11902	5	12	trades	trade	NOUN
cblr-11902	5	13	since	since	SCONJ
cblr-11902	5	14	the	the	DET
cblr-11902	5	15	rule	rule	NOUN
cblr-11902	5	16	went	go	VERB
cblr-11902	5	17	into	into	ADP
cblr-11902	5	18	effect	effect	NOUN
cblr-11902	5	19	and	and	CCONJ
cblr-11902	5	20	that	that	SCONJ
cblr-11902	5	21	the	the	DET
cblr-11902	5	22	increase	increase	NOUN
cblr-11902	5	23	was	be	AUX
cblr-11902	5	24	much	much	ADV
cblr-11902	5	25	larger	large	ADJ
cblr-11902	5	26	among	among	ADP
cblr-11902	5	27	funds	fund	NOUN
cblr-11902	5	28	who	who	PRON
cblr-11902	5	29	were	be	AUX
cblr-11902	5	30	only	only	ADV
cblr-11902	5	31	able	able	ADJ
cblr-11902	5	32	to	to	PART
cblr-11902	5	33	use	use	VERB
cblr-11902	5	34	custom	custom	NOUN
cblr-11902	5	35	baskets	basket	NOUN
cblr-11902	5	36	after	after	ADP
cblr-11902	5	37	rule	rule	NOUN
cblr-11902	5	38	6c-11	6c-11	NUM
cblr-11902	5	39	.	.	PUNCT
cblr-11902	6	1	i.	i.	NOUN
cblr-11902	6	2	introduction	introduction	NOUN
cblr-11902	6	3	.................................................................	.................................................................	PUNCT
cblr-11902	6	4	534	534	NUM
cblr-11902	6	5	ii	ii	NOUN
cblr-11902	6	6	.	.	PUNCT
cblr-11902	7	1	the	the	DET
cblr-11902	7	2	mechanics	mechanic	NOUN
cblr-11902	7	3	and	and	CCONJ
cblr-11902	7	4	taxation	taxation	NOUN
cblr-11902	7	5	of	of	ADP
cblr-11902	7	6	etfs	etfs	PROPN
cblr-11902	7	7	and	and	CCONJ
cblr-11902	7	8	the	the	DET
cblr-11902	7	9	impact	impact	NOUN
cblr-11902	7	10	of	of	ADP
cblr-11902	7	11	sec	sec	PROPN
cblr-11902	7	12	rule	rule	NOUN
cblr-11902	7	13	6c-11	6c-11	PROPN
cblr-11902	7	14	on	on	ADP
cblr-11902	7	15	etfs	etfs	PROPN
cblr-11902	7	16	.	.	PUNCT
cblr-11902	8	1	........................................	........................................	PUNCT
cblr-11902	9	1	538	538	NUM
cblr-11902	9	2	a.	a.	NOUN
cblr-11902	9	3	the	the	DET
cblr-11902	9	4	history	history	NOUN
cblr-11902	9	5	and	and	CCONJ
cblr-11902	9	6	mechanics	mechanic	NOUN
cblr-11902	9	7	of	of	ADP
cblr-11902	9	8	etfs	etfs	PROPN
cblr-11902	9	9	...................	...................	PUNCT
cblr-11902	10	1	539	539	NUM
cblr-11902	10	2	1	1	NUM
cblr-11902	10	3	.	.	PUNCT
cblr-11902	11	1	the	the	DET
cblr-11902	11	2	rise	rise	NOUN
cblr-11902	11	3	of	of	ADP
cblr-11902	11	4	pooled	pool	VERB
cblr-11902	11	5	investment	investment	NOUN
cblr-11902	11	6	funds	fund	NOUN
cblr-11902	11	7	and	and	CCONJ
cblr-11902	11	8	their	their	PRON
cblr-11902	11	9	structural	structural	ADJ
cblr-11902	11	10	issues	issue	NOUN
cblr-11902	11	11	....................................	....................................	PUNCT
cblr-11902	12	1	539	539	NUM
cblr-11902	12	2	2	2	X
cblr-11902	12	3	.	.	X
cblr-11902	12	4	mechanics	mechanic	NOUN
cblr-11902	12	5	of	of	ADP
cblr-11902	12	6	etfs	etfs	PROPN
cblr-11902	12	7	..........................................	..........................................	PUNCT
cblr-11902	13	1	541	541	NUM
cblr-11902	13	2	*	*	PUNCT
cblr-11902	13	3	j.d	j.d	PROPN
cblr-11902	13	4	.	.	PROPN
cblr-11902	13	5	2023	2023	NUM
cblr-11902	13	6	,	,	PUNCT
cblr-11902	13	7	columbia	columbia	PROPN
cblr-11902	13	8	law	law	PROPN
cblr-11902	13	9	school	school	NOUN
cblr-11902	13	10	;	;	PUNCT
cblr-11902	14	1	m.s	m.s	PROPN
cblr-11902	14	2	.	.	PROPN
cblr-11902	14	3	2018	2018	NUM
cblr-11902	14	4	,	,	PUNCT
cblr-11902	14	5	lehigh	lehigh	PROPN
cblr-11902	14	6	university	university	PROPN
cblr-11902	14	7	;	;	PUNCT
cblr-11902	14	8	b.s	b.s	PROPN
cblr-11902	14	9	.	.	PROPN
cblr-11902	14	10	,	,	PUNCT
cblr-11902	14	11	2017	2017	NUM
cblr-11902	14	12	lehigh	lehigh	PROPN
cblr-11902	14	13	university	university	NOUN
cblr-11902	14	14	.	.	PUNCT
cblr-11902	15	1	i	i	PRON
cblr-11902	15	2	would	would	AUX
cblr-11902	15	3	like	like	VERB
cblr-11902	15	4	to	to	PART
cblr-11902	15	5	thank	thank	VERB
cblr-11902	15	6	professor	professor	PROPN
cblr-11902	15	7	eric	eric	PROPN
cblr-11902	15	8	talley	talley	PROPN
cblr-11902	15	9	for	for	ADP
cblr-11902	15	10	his	his	PRON
cblr-11902	15	11	invaluable	invaluable	ADJ
cblr-11902	15	12	input	input	NOUN
cblr-11902	15	13	and	and	CCONJ
cblr-11902	15	14	feedback	feedback	NOUN
cblr-11902	15	15	throughout	throughout	ADP
cblr-11902	15	16	the	the	DET
cblr-11902	15	17	process	process	NOUN
cblr-11902	15	18	of	of	ADP
cblr-11902	15	19	writing	write	VERB
cblr-11902	15	20	this	this	DET
cblr-11902	15	21	note	note	NOUN
cblr-11902	15	22	.	.	PUNCT
cblr-11902	16	1	i	i	PRON
cblr-11902	16	2	would	would	AUX
cblr-11902	16	3	also	also	ADV
cblr-11902	16	4	like	like	VERB
cblr-11902	16	5	to	to	PART
cblr-11902	16	6	thank	thank	VERB
cblr-11902	16	7	board	board	NOUN
cblr-11902	16	8	and	and	CCONJ
cblr-11902	16	9	staff	staff	NOUN
cblr-11902	16	10	of	of	ADP
cblr-11902	16	11	the	the	DET
cblr-11902	16	12	columbia	columbia	PROPN
cblr-11902	16	13	business	business	PROPN
cblr-11902	16	14	law	law	PROPN
cblr-11902	16	15	review	review	NOUN
cblr-11902	16	16	for	for	ADP
cblr-11902	16	17	editing	edit	VERB
cblr-11902	16	18	the	the	DET
cblr-11902	16	19	piece	piece	NOUN
cblr-11902	16	20	.	.	PUNCT
cblr-11902	17	1	534	534	NUM
cblr-11902	17	2	columbia	columbia	PROPN
cblr-11902	17	3	business	business	NOUN
cblr-11902	17	4	law	law	PROPN
cblr-11902	17	5	review	review	NOUN
cblr-11902	17	6	[	[	X
cblr-11902	17	7	vol	vol	NOUN
cblr-11902	17	8	.	.	PUNCT
cblr-11902	18	1	2023	2023	NUM
cblr-11902	18	2	b.	b.	X
cblr-11902	18	3	the	the	DET
cblr-11902	18	4	taxation	taxation	NOUN
cblr-11902	18	5	of	of	ADP
cblr-11902	18	6	etfs	etfs	PROPN
cblr-11902	18	7	and	and	CCONJ
cblr-11902	18	8	the	the	DET
cblr-11902	18	9	importance	importance	NOUN
cblr-11902	18	10	of	of	ADP
cblr-11902	18	11	§	§	PROPN
cblr-11902	18	12	852(b)(6	852(b)(6	PROPN
cblr-11902	18	13	)	)	PUNCT
cblr-11902	18	14	..............................................................	..............................................................	PUNCT
cblr-11902	19	1	544	544	NUM
cblr-11902	19	2	1	1	NUM
cblr-11902	19	3	.	.	PUNCT
cblr-11902	19	4	taxation	taxation	NOUN
cblr-11902	19	5	of	of	ADP
cblr-11902	19	6	regulated	regulated	ADJ
cblr-11902	19	7	investment	investment	NOUN
cblr-11902	19	8	companies	company	NOUN
cblr-11902	19	9	(	(	PUNCT
cblr-11902	19	10	rics	rics	PROPN
cblr-11902	19	11	)	)	PUNCT
cblr-11902	19	12	............................................	............................................	PUNCT
cblr-11902	20	1	544	544	NUM
cblr-11902	20	2	2	2	NUM
cblr-11902	20	3	.	.	PUNCT
cblr-11902	20	4	§	§	PROPN
cblr-11902	20	5	852(b)(6	852(b)(6	PROPN
cblr-11902	20	6	)	)	PUNCT
cblr-11902	20	7	and	and	CCONJ
cblr-11902	20	8	its	its	PRON
cblr-11902	20	9	history	history	NOUN
cblr-11902	20	10	..............................	..............................	PUNCT
cblr-11902	20	11	545	545	NUM
cblr-11902	20	12	3	3	NUM
cblr-11902	20	13	.	.	PUNCT
cblr-11902	20	14	etfs	etfs	PROPN
cblr-11902	20	15	’	'	PUNCT
cblr-11902	20	16	use	use	NOUN
cblr-11902	20	17	of	of	ADP
cblr-11902	20	18	section	section	NOUN
cblr-11902	20	19	852(b)(6	852(b)(6	PROPN
cblr-11902	20	20	)	)	PUNCT
cblr-11902	20	21	........................	........................	PUNCT
cblr-11902	21	1	546	546	NUM
cblr-11902	21	2	c.	c.	NOUN
cblr-11902	21	3	the	the	DET
cblr-11902	21	4	“	"	PUNCT
cblr-11902	21	5	heartbeat	heartbeat	NOUN
cblr-11902	21	6	trade	trade	NOUN
cblr-11902	21	7	”	"	PUNCT
cblr-11902	21	8	.........................................	.........................................	PUNCT
cblr-11902	22	1	548	548	NUM
cblr-11902	22	2	d.	d.	PROPN
cblr-11902	22	3	sec	sec	PROPN
cblr-11902	22	4	rule	rule	VERB
cblr-11902	22	5	6c-11	6c-11	PROPN
cblr-11902	22	6	and	and	CCONJ
cblr-11902	22	7	its	its	PRON
cblr-11902	22	8	impact	impact	NOUN
cblr-11902	22	9	............................	............................	PUNCT
cblr-11902	22	10	551	551	NUM
cblr-11902	22	11	iii	iii	NOUN
cblr-11902	22	12	.	.	PUNCT
cblr-11902	23	1	an	an	DET
cblr-11902	23	2	empirical	empirical	ADJ
cblr-11902	23	3	estimation	estimation	NOUN
cblr-11902	23	4	of	of	ADP
cblr-11902	23	5	growth	growth	NOUN
cblr-11902	23	6	in	in	ADP
cblr-11902	23	7	heartbeat	heartbeat	NOUN
cblr-11902	23	8	trades	trade	NOUN
cblr-11902	23	9	since	since	SCONJ
cblr-11902	23	10	rule	rule	NOUN
cblr-11902	23	11	6c-11	6c-11	NOUN
cblr-11902	23	12	..............................................	..............................................	PUNCT
cblr-11902	23	13	555	555	NUM
cblr-11902	23	14	a.	a.	NOUN
cblr-11902	23	15	methodology	methodology	NOUN
cblr-11902	23	16	..........................................................	..........................................................	PUNCT
cblr-11902	23	17	556	556	NUM
cblr-11902	23	18	1	1	X
cblr-11902	23	19	.	.	PUNCT
cblr-11902	23	20	heartbeat	heartbeat	NOUN
cblr-11902	23	21	trade	trade	NOUN
cblr-11902	23	22	definition	definition	NOUN
cblr-11902	23	23	............................	............................	PUNCT
cblr-11902	23	24	556	556	NUM
cblr-11902	23	25	2	2	NUM
cblr-11902	23	26	.	.	PUNCT
cblr-11902	23	27	identification	identification	NOUN
cblr-11902	23	28	of	of	ADP
cblr-11902	23	29	etfs	etfs	PROPN
cblr-11902	23	30	with	with	ADP
cblr-11902	23	31	new	new	ADJ
cblr-11902	23	32	access	access	NOUN
cblr-11902	23	33	to	to	ADP
cblr-11902	23	34	custom	custom	NOUN
cblr-11902	23	35	baskets	basket	NOUN
cblr-11902	23	36	...............................................	...............................................	PUNCT
cblr-11902	23	37	558	558	NUM
cblr-11902	23	38	3	3	NUM
cblr-11902	23	39	.	.	NOUN
cblr-11902	23	40	time	time	NOUN
cblr-11902	23	41	period	period	NOUN
cblr-11902	23	42	of	of	ADP
cblr-11902	23	43	interest	interest	NOUN
cblr-11902	23	44	...................................	...................................	PUNCT
cblr-11902	23	45	559	559	NUM
cblr-11902	23	46	b.	b.	PROPN
cblr-11902	23	47	data	data	PROPN
cblr-11902	23	48	.......................................................................	.......................................................................	PUNCT
cblr-11902	23	49	561	561	NUM
cblr-11902	23	50	c.	c.	NOUN
cblr-11902	23	51	results	result	NOUN
cblr-11902	23	52	of	of	ADP
cblr-11902	23	53	heartbeat	heartbeat	NOUN
cblr-11902	23	54	identification	identification	NOUN
cblr-11902	23	55	.....................	.....................	PUNCT
cblr-11902	23	56	561	561	NUM
cblr-11902	23	57	d.	d.	PROPN
cblr-11902	23	58	model	model	PROPN
cblr-11902	23	59	estimation	estimation	NOUN
cblr-11902	23	60	of	of	ADP
cblr-11902	23	61	impact	impact	NOUN
cblr-11902	23	62	.................................	.................................	PUNCT
cblr-11902	23	63	564	564	NUM
cblr-11902	23	64	iv	iv	NOUN
cblr-11902	23	65	.	.	PUNCT
cblr-11902	23	66	implications	implication	NOUN
cblr-11902	23	67	for	for	ADP
cblr-11902	23	68	policymakers	policymaker	NOUN
cblr-11902	23	69	.............................	.............................	PUNCT
cblr-11902	23	70	567	567	NUM
cblr-11902	23	71	a.	a.	NOUN
cblr-11902	23	72	the	the	DET
cblr-11902	23	73	§	§	PROPN
cblr-11902	23	74	852(b)(6	852(b)(6	PROPN
cblr-11902	23	75	)	)	PUNCT
cblr-11902	23	76	exemption	exemption	NOUN
cblr-11902	23	77	for	for	ADP
cblr-11902	23	78	in	in	ADP
cblr-11902	23	79	-	-	PUNCT
cblr-11902	23	80	kind	kind	NOUN
cblr-11902	23	81	redemptions	redemption	NOUN
cblr-11902	23	82	should	should	AUX
cblr-11902	23	83	not	not	PART
cblr-11902	23	84	be	be	AUX
cblr-11902	23	85	repealed	repeal	VERB
cblr-11902	23	86	................	................	PUNCT
cblr-11902	23	87	568	568	NUM
cblr-11902	23	88	b.	b.	PROPN
cblr-11902	23	89	heartbeat	heartbeat	NOUN
cblr-11902	23	90	trades	trade	NOUN
cblr-11902	23	91	should	should	AUX
cblr-11902	23	92	not	not	PART
cblr-11902	23	93	be	be	AUX
cblr-11902	23	94	exempted	exempt	VERB
cblr-11902	23	95	for	for	ADP
cblr-11902	23	96	recognition	recognition	NOUN
cblr-11902	23	97	under	under	ADP
cblr-11902	23	98	§	§	PROPN
cblr-11902	23	99	852(b)(6	852(b)(6	NUM
cblr-11902	23	100	)	)	PUNCT
cblr-11902	23	101	..............................	..............................	PUNCT
cblr-11902	24	1	575	575	NUM
cblr-11902	24	2	v.	v.	ADP
cblr-11902	24	3	conclusion	conclusion	NOUN
cblr-11902	24	4	...................................................................	...................................................................	PUNCT
cblr-11902	24	5	582	582	NUM
cblr-11902	24	6	vi	vi	NOUN
cblr-11902	24	7	.	.	PUNCT
cblr-11902	25	1	appendix	appendix	NOUN
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cblr-11902	26	1	583	583	NUM
cblr-11902	26	2	i.	i.	NOUN
cblr-11902	26	3	introduction	introduction	NOUN
cblr-11902	26	4	in	in	ADP
cblr-11902	26	5	september	september	PROPN
cblr-11902	26	6	2021	2021	NUM
cblr-11902	26	7	,	,	PUNCT
cblr-11902	26	8	senate	senate	PROPN
cblr-11902	26	9	finance	finance	PROPN
cblr-11902	26	10	committee	committee	PROPN
cblr-11902	26	11	chairman	chairman	PROPN
cblr-11902	26	12	ron	ron	PROPN
cblr-11902	26	13	wyden	wyden	PROPN
cblr-11902	26	14	submitted	submit	VERB
cblr-11902	26	15	draft	draft	NOUN
cblr-11902	26	16	legislation	legislation	NOUN
cblr-11902	26	17	that	that	PRON
cblr-11902	26	18	critics	critic	NOUN
cblr-11902	26	19	quickly	quickly	ADV
cblr-11902	26	20	pounced	pounce	VERB
cblr-11902	26	21	upon	upon	SCONJ
cblr-11902	26	22	as	as	ADP
cblr-11902	26	23	“	"	PUNCT
cblr-11902	26	24	just	just	ADV
cblr-11902	26	25	bad	bad	ADJ
cblr-11902	26	26	policy,”1	policy,”1	NOUN
cblr-11902	26	27	“	"	PUNCT
cblr-11902	26	28	flawed,”2	flawed,”2	NOUN
cblr-11902	26	29	and	and	CCONJ
cblr-11902	26	30	a	a	DET
cblr-11902	26	31	measure	measure	NOUN
cblr-11902	26	32	1	1	NUM
cblr-11902	26	33	lizzy	lizzy	PROPN
cblr-11902	26	34	gurdus	gurdus	PROPN
cblr-11902	26	35	,	,	PUNCT
cblr-11902	26	36	senate	senate	PROPN
cblr-11902	26	37	bill	bill	NOUN
cblr-11902	26	38	that	that	PRON
cblr-11902	26	39	would	would	AUX
cblr-11902	26	40	end	end	VERB
cblr-11902	26	41	etf	etf	NOUN
cblr-11902	26	42	tax	tax	NOUN
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cblr-11902	26	44	is	be	AUX
cblr-11902	26	45	‘	'	PUNCT
cblr-11902	26	46	just	just	ADV
cblr-11902	26	47	bad	bad	ADJ
cblr-11902	26	48	policy	policy	NOUN
cblr-11902	26	49	,	,	PUNCT
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cblr-11902	26	51	ceo	ceo	NOUN
cblr-11902	26	52	says	say	VERB
cblr-11902	26	53	,	,	PUNCT
cblr-11902	26	54	cnbc	cnbc	PROPN
cblr-11902	26	55	(	(	PUNCT
cblr-11902	26	56	sept	sept	PROPN
cblr-11902	26	57	.	.	PROPN
cblr-11902	26	58	29	29	NUM
cblr-11902	26	59	,	,	PUNCT
cblr-11902	26	60	2021	2021	NUM
cblr-11902	26	61	)	)	PUNCT
cblr-11902	26	62	,	,	PUNCT
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cblr-11902	26	64	[	[	X
cblr-11902	26	65	https://perma.cc/ama4-788f	https://perma.cc/ama4-788f	PROPN
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cblr-11902	26	67	.	.	PUNCT
cblr-11902	27	1	2	2	NUM
cblr-11902	27	2	tom	tom	PROPN
cblr-11902	27	3	lydon	lydon	PROPN
cblr-11902	27	4	,	,	PUNCT
cblr-11902	27	5	the	the	DET
cblr-11902	27	6	etf	etf	NOUN
cblr-11902	27	7	tax	tax	NOUN
cblr-11902	27	8	proposal	proposal	NOUN
cblr-11902	27	9	is	be	AUX
cblr-11902	27	10	flawed	flawed	ADJ
cblr-11902	27	11	,	,	PUNCT
cblr-11902	27	12	etf	etf	NOUN
cblr-11902	27	13	database	database	NOUN
cblr-11902	27	14	(	(	PUNCT
cblr-11902	27	15	oct	oct	PROPN
cblr-11902	27	16	.	.	PROPN
cblr-11902	27	17	25	25	NUM
cblr-11902	27	18	,	,	PUNCT
cblr-11902	27	19	2021	2021	NUM
cblr-11902	27	20	)	)	PUNCT
cblr-11902	27	21	,	,	PUNCT
cblr-11902	27	22	https://etfdb.com/etf-education-channel/the-etf-tax-proposal-isflawed/	https://etfdb.com/etf-education-channel/the-etf-tax-proposal-isflawed/	PROPN
cblr-11902	28	1	[	[	X
cblr-11902	28	2	https://perma.cc/c63q-vgwx	https://perma.cc/c63q-vgwx	PROPN
cblr-11902	28	3	]	]	PUNCT
cblr-11902	28	4	.	.	PUNCT
cblr-11902	29	1	no	no	INTJ
cblr-11902	29	2	.	.	NOUN
cblr-11902	30	1	1	1	NUM
cblr-11902	30	2	]	]	PUNCT
cblr-11902	30	3	sec	sec	PROPN
cblr-11902	30	4	rule	rule	NOUN
cblr-11902	30	5	6c-11	6c-11	PROPN
cblr-11902	30	6	’s	’s	PART
cblr-11902	30	7	impact	impact	NOUN
cblr-11902	30	8	on	on	ADP
cblr-11902	30	9	usage	usage	NOUN
cblr-11902	30	10	of	of	ADP
cblr-11902	30	11	heartbeat	heartbeat	NOUN
cblr-11902	30	12	trades	trade	NOUN
cblr-11902	30	13	535	535	NUM
cblr-11902	30	14	that	that	PRON
cblr-11902	30	15	“	"	PUNCT
cblr-11902	30	16	hurts	hurt	VERB
cblr-11902	30	17	main	main	ADJ
cblr-11902	30	18	street	street	NOUN
cblr-11902	30	19	.	.	PUNCT
cblr-11902	30	20	”3	”3	PUNCT
cblr-11902	30	21	the	the	DET
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cblr-11902	30	24	for	for	ADP
cblr-11902	30	25	these	these	DET
cblr-11902	30	26	negative	negative	ADJ
cblr-11902	30	27	reactions	reaction	NOUN
cblr-11902	30	28	was	be	AUX
cblr-11902	30	29	the	the	DET
cblr-11902	30	30	portion	portion	NOUN
cblr-11902	30	31	of	of	ADP
cblr-11902	30	32	the	the	DET
cblr-11902	30	33	legislation	legislation	NOUN
cblr-11902	30	34	that	that	PRON
cblr-11902	30	35	proposed	propose	VERB
cblr-11902	30	36	to	to	PART
cblr-11902	30	37	repeal	repeal	VERB
cblr-11902	30	38	a	a	DET
cblr-11902	30	39	longstanding	longstanding	ADJ
cblr-11902	30	40	tax	tax	NOUN
cblr-11902	30	41	exemption	exemption	NOUN
cblr-11902	30	42	that	that	PRON
cblr-11902	30	43	afforded	afford	VERB
cblr-11902	30	44	a	a	DET
cblr-11902	30	45	tax	tax	NOUN
cblr-11902	30	46	advantage	advantage	NOUN
cblr-11902	30	47	for	for	ADP
cblr-11902	30	48	exchange	exchange	NOUN
cblr-11902	30	49	traded	trade	VERB
cblr-11902	30	50	funds	fund	NOUN
cblr-11902	30	51	(	(	PUNCT
cblr-11902	30	52	etfs).4	etfs).4	NOUN
cblr-11902	30	53	under	under	ADP
cblr-11902	30	54	current	current	ADJ
cblr-11902	30	55	law	law	NOUN
cblr-11902	30	56	,	,	PUNCT
cblr-11902	30	57	etfs	etfs	PROPN
cblr-11902	30	58	can	can	AUX
cblr-11902	30	59	avoid	avoid	VERB
cblr-11902	30	60	recognizing	recognize	VERB
cblr-11902	30	61	a	a	DET
cblr-11902	30	62	taxable	taxable	ADJ
cblr-11902	30	63	gain	gain	NOUN
cblr-11902	30	64	on	on	ADP
cblr-11902	30	65	appreciated	appreciated	ADJ
cblr-11902	30	66	securities	security	NOUN
cblr-11902	30	67	they	they	PRON
cblr-11902	30	68	hold	hold	VERB
cblr-11902	30	69	by	by	ADP
cblr-11902	30	70	distributing	distribute	VERB
cblr-11902	30	71	the	the	DET
cblr-11902	30	72	stocks	stock	NOUN
cblr-11902	30	73	to	to	ADP
cblr-11902	30	74	withdrawing	withdraw	VERB
cblr-11902	30	75	shareholders	shareholder	NOUN
cblr-11902	30	76	in	in	ADP
cblr-11902	30	77	a	a	DET
cblr-11902	30	78	transaction	transaction	NOUN
cblr-11902	30	79	known	know	VERB
cblr-11902	30	80	as	as	ADP
cblr-11902	30	81	an	an	DET
cblr-11902	30	82	“	"	PUNCT
cblr-11902	30	83	inkind	inkind	ADJ
cblr-11902	30	84	redemption	redemption	NOUN
cblr-11902	30	85	”	"	PUNCT
cblr-11902	30	86	rather	rather	ADV
cblr-11902	30	87	than	than	ADP
cblr-11902	30	88	paying	pay	VERB
cblr-11902	30	89	the	the	DET
cblr-11902	30	90	shareholders	shareholder	NOUN
cblr-11902	30	91	in	in	ADP
cblr-11902	30	92	the	the	DET
cblr-11902	30	93	cash	cash	NOUN
cblr-11902	30	94	equivalent	equivalent	NOUN
cblr-11902	30	95	of	of	ADP
cblr-11902	30	96	their	their	PRON
cblr-11902	30	97	withdrawal.5	withdrawal.5	NOUN
cblr-11902	30	98	if	if	SCONJ
cblr-11902	30	99	enough	enough	ADJ
cblr-11902	30	100	withdrawals	withdrawal	NOUN
cblr-11902	30	101	happen	happen	VERB
cblr-11902	30	102	in	in	ADP
cblr-11902	30	103	a	a	DET
cblr-11902	30	104	year	year	NOUN
cblr-11902	30	105	,	,	PUNCT
cblr-11902	30	106	an	an	DET
cblr-11902	30	107	etf	etf	NOUN
cblr-11902	30	108	can	can	AUX
cblr-11902	30	109	utilize	utilize	VERB
cblr-11902	30	110	this	this	DET
cblr-11902	30	111	loophole	loophole	NOUN
cblr-11902	30	112	to	to	ADP
cblr-11902	30	113	great	great	ADJ
cblr-11902	30	114	effect	effect	NOUN
cblr-11902	30	115	,	,	PUNCT
cblr-11902	30	116	by	by	ADP
cblr-11902	30	117	systematically	systematically	ADV
cblr-11902	30	118	removing	remove	VERB
cblr-11902	30	119	the	the	DET
cblr-11902	30	120	most	most	ADV
cblr-11902	30	121	appreciated	appreciated	ADJ
cblr-11902	30	122	assets	asset	NOUN
cblr-11902	30	123	from	from	ADP
cblr-11902	30	124	its	its	PRON
cblr-11902	30	125	portfolio.6	portfolio.6	NOUN
cblr-11902	30	126	if	if	SCONJ
cblr-11902	30	127	there	there	PRON
cblr-11902	30	128	are	be	VERB
cblr-11902	30	129	not	not	PART
cblr-11902	30	130	enough	enough	ADJ
cblr-11902	30	131	withdrawing	withdraw	VERB
cblr-11902	30	132	investors	investor	NOUN
cblr-11902	30	133	to	to	PART
cblr-11902	30	134	wash	wash	VERB
cblr-11902	30	135	away	away	ADP
cblr-11902	30	136	appreciated	appreciated	ADJ
cblr-11902	30	137	assets	asset	NOUN
cblr-11902	30	138	,	,	PUNCT
cblr-11902	30	139	however	however	ADV
cblr-11902	30	140	,	,	PUNCT
cblr-11902	30	141	some	some	DET
cblr-11902	30	142	etfs	etfs	NOUN
cblr-11902	30	143	can	can	AUX
cblr-11902	30	144	still	still	ADV
cblr-11902	30	145	claim	claim	VERB
cblr-11902	30	146	the	the	DET
cblr-11902	30	147	benefit	benefit	NOUN
cblr-11902	30	148	of	of	ADP
cblr-11902	30	149	the	the	DET
cblr-11902	30	150	current	current	ADJ
cblr-11902	30	151	tax	tax	NOUN
cblr-11902	30	152	exemption	exemption	NOUN
cblr-11902	30	153	through	through	ADP
cblr-11902	30	154	a	a	DET
cblr-11902	30	155	specific	specific	ADJ
cblr-11902	30	156	type	type	NOUN
cblr-11902	30	157	of	of	ADP
cblr-11902	30	158	trade	trade	NOUN
cblr-11902	30	159	known	know	VERB
cblr-11902	30	160	as	as	ADP
cblr-11902	30	161	a	a	DET
cblr-11902	30	162	“	"	PUNCT
cblr-11902	30	163	heartbeat	heartbeat	NOUN
cblr-11902	30	164	trade	trade	NOUN
cblr-11902	30	165	,	,	PUNCT
cblr-11902	30	166	”	"	PUNCT
cblr-11902	30	167	where	where	SCONJ
cblr-11902	30	168	an	an	DET
cblr-11902	30	169	outside	outside	ADJ
cblr-11902	30	170	investor	investor	NOUN
cblr-11902	30	171	(	(	PUNCT
cblr-11902	30	172	often	often	ADV
cblr-11902	30	173	a	a	DET
cblr-11902	30	174	bank	bank	NOUN
cblr-11902	30	175	or	or	CCONJ
cblr-11902	30	176	financial	financial	ADJ
cblr-11902	30	177	intermediary	intermediary	NOUN
cblr-11902	30	178	)	)	PUNCT
cblr-11902	30	179	provides	provide	VERB
cblr-11902	30	180	the	the	DET
cblr-11902	30	181	etf	etf	NOUN
cblr-11902	30	182	with	with	ADP
cblr-11902	30	183	a	a	DET
cblr-11902	30	184	large	large	ADJ
cblr-11902	30	185	influx	influx	NOUN
cblr-11902	30	186	of	of	ADP
cblr-11902	30	187	capital	capital	NOUN
cblr-11902	30	188	and	and	CCONJ
cblr-11902	30	189	then	then	ADV
cblr-11902	30	190	withdraws	withdraw	VERB
cblr-11902	30	191	it	it	PRON
cblr-11902	30	192	a	a	DET
cblr-11902	30	193	few	few	ADJ
cblr-11902	30	194	days	day	NOUN
cblr-11902	30	195	later	later	ADV
cblr-11902	30	196	,	,	PUNCT
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cblr-11902	30	198	stocks	stock	NOUN
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cblr-11902	30	206	of	of	ADP
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cblr-11902	33	15	with	with	ADP
cblr-11902	33	16	“	"	PUNCT
cblr-11902	33	17	with	with	ADP
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cblr-11902	33	19	general	general	ADJ
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cblr-11902	33	21	that	that	SCONJ
cblr-11902	33	22	gain	gain	NOUN
cblr-11902	33	23	be	be	AUX
cblr-11902	33	24	recognized	recognize	VERB
cblr-11902	33	25	upon	upon	SCONJ
cblr-11902	33	26	distribution	distribution	NOUN
cblr-11902	33	27	by	by	ADP
cblr-11902	33	28	a	a	DET
cblr-11902	33	29	corporation	corporation	NOUN
cblr-11902	33	30	of	of	ADP
cblr-11902	33	31	built	build	VERB
cblr-11902	33	32	-	-	PUNCT
cblr-11902	33	33	in	in	ADP
cblr-11902	33	34	gain	gain	NOUN
cblr-11902	33	35	property	property	NOUN
cblr-11902	33	36	.	.	PUNCT
cblr-11902	33	37	”	"	PUNCT
cblr-11902	33	38	)	)	PUNCT
cblr-11902	33	39	;	;	PUNCT
cblr-11902	33	40	senate	senate	PROPN
cblr-11902	33	41	finance	finance	PROPN
cblr-11902	33	42	committee	committee	NOUN
cblr-11902	33	43	,	,	PUNCT
cblr-11902	33	44	draft	draft	NOUN
cblr-11902	33	45	legislation	legislation	NOUN
cblr-11902	33	46	section	section	NOUN
cblr-11902	33	47	17	17	NUM
cblr-11902	33	48	,	,	PUNCT
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cblr-11902	33	50	[	[	X
cblr-11902	33	51	https://perma.cc/n3hz-p8b4	https://perma.cc/n3hz-p8b4	X
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cblr-11902	33	53	.	.	PUNCT
cblr-11902	34	1	5	5	NUM
cblr-11902	34	2	26	26	NUM
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cblr-11902	34	4	.	.	PUNCT
cblr-11902	35	1	§	§	PROPN
cblr-11902	35	2	852(b)(6	852(b)(6	PROPN
cblr-11902	35	3	)	)	PUNCT
cblr-11902	35	4	.	.	PUNCT
cblr-11902	36	1	6	6	NUM
cblr-11902	36	2	see	see	VERB
cblr-11902	36	3	draft	draft	NOUN
cblr-11902	36	4	legislation	legislation	NOUN
cblr-11902	36	5	from	from	ADP
cblr-11902	36	6	senate	senate	PROPN
cblr-11902	36	7	finance	finance	PROPN
cblr-11902	36	8	committee	committee	PROPN
cblr-11902	36	9	chairman	chairman	NOUN
cblr-11902	36	10	ron	ron	PROPN
cblr-11902	36	11	wyden	wyden	PROPN
cblr-11902	36	12	of	of	ADP
cblr-11902	36	13	oregon	oregon	PROPN
cblr-11902	36	14	would	would	AUX
cblr-11902	36	15	end	end	VERB
cblr-11902	36	16	a	a	DET
cblr-11902	36	17	system	system	NOUN
cblr-11902	36	18	of	of	ADP
cblr-11902	36	19	deferred	deferred	ADJ
cblr-11902	36	20	taxes	taxis	NOUN
cblr-11902	36	21	on	on	ADP
cblr-11902	36	22	capital	capital	NOUN
cblr-11902	36	23	gains	gain	NOUN
cblr-11902	36	24	linked	link	VERB
cblr-11902	36	25	to	to	ADP
cblr-11902	36	26	etfs	etfs	PROPN
cblr-11902	36	27	,	,	PUNCT
cblr-11902	36	28	investment	investment	NOUN
cblr-11902	36	29	news	news	NOUN
cblr-11902	36	30	(	(	PUNCT
cblr-11902	36	31	sept	sept	PROPN
cblr-11902	36	32	.	.	PROPN
cblr-11902	36	33	16	16	NUM
cblr-11902	36	34	,	,	PUNCT
cblr-11902	36	35	2021	2021	NUM
cblr-11902	36	36	)	)	PUNCT
cblr-11902	36	37	,	,	PUNCT
cblr-11902	36	38	https://www.investmentnews.com/etfs-key-tax-advantage-211565	https://www.investmentnews.com/etfs-key-tax-advantage-211565	PROPN
cblr-11902	36	39	[	[	X
cblr-11902	36	40	https://perma.cc/3vmk-uhzh	https://perma.cc/3vmk-uhzh	PROPN
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cblr-11902	36	42	.	.	PUNCT
cblr-11902	37	1	536	536	NUM
cblr-11902	37	2	columbia	columbia	PROPN
cblr-11902	37	3	business	business	NOUN
cblr-11902	37	4	law	law	PROPN
cblr-11902	37	5	review	review	NOUN
cblr-11902	38	1	[	[	X
cblr-11902	38	2	vol	vol	NOUN
cblr-11902	38	3	.	.	PUNCT
cblr-11902	38	4	2023	2023	NUM
cblr-11902	38	5	etf	etf	NOUN
cblr-11902	38	6	needs	need	VERB
cblr-11902	38	7	to	to	PART
cblr-11902	38	8	remove.7	remove.7	VERB
cblr-11902	38	9	the	the	DET
cblr-11902	38	10	round	round	ADJ
cblr-11902	38	11	-	-	PUNCT
cblr-11902	38	12	trip	trip	NOUN
cblr-11902	38	13	transaction	transaction	NOUN
cblr-11902	38	14	allows	allow	VERB
cblr-11902	38	15	the	the	DET
cblr-11902	38	16	etf	etf	NOUN
cblr-11902	38	17	to	to	PART
cblr-11902	38	18	shed	shed	VERB
cblr-11902	38	19	additional	additional	ADJ
cblr-11902	38	20	appreciated	appreciated	ADJ
cblr-11902	38	21	stocks	stock	NOUN
cblr-11902	38	22	and	and	CCONJ
cblr-11902	38	23	avoid	avoid	VERB
cblr-11902	38	24	even	even	ADV
cblr-11902	38	25	more	more	ADV
cblr-11902	38	26	taxable	taxable	ADJ
cblr-11902	38	27	gains.8	gains.8	NOUN
cblr-11902	38	28	in	in	ADP
cblr-11902	38	29	recent	recent	ADJ
cblr-11902	38	30	years	year	NOUN
cblr-11902	38	31	,	,	PUNCT
cblr-11902	38	32	these	these	DET
cblr-11902	38	33	trades	trade	NOUN
cblr-11902	38	34	have	have	AUX
cblr-11902	38	35	received	receive	VERB
cblr-11902	38	36	a	a	DET
cblr-11902	38	37	significant	significant	ADJ
cblr-11902	38	38	amount	amount	NOUN
cblr-11902	38	39	of	of	ADP
cblr-11902	38	40	coverage	coverage	NOUN
cblr-11902	38	41	in	in	ADP
cblr-11902	38	42	the	the	DET
cblr-11902	38	43	press9	press9	NOUN
cblr-11902	38	44	as	as	ADP
cblr-11902	38	45	wall	wall	PROPN
cblr-11902	38	46	street	street	PROPN
cblr-11902	38	47	’s	’s	PART
cblr-11902	38	48	“	"	PUNCT
cblr-11902	38	49	dirty	dirty	ADJ
cblr-11902	38	50	little	little	ADJ
cblr-11902	38	51	secret,”10	secret,”10	NOUN
cblr-11902	38	52	and	and	CCONJ
cblr-11902	38	53	some	some	PRON
cblr-11902	38	54	in	in	ADP
cblr-11902	38	55	the	the	DET
cblr-11902	38	56	etf	etf	NOUN
cblr-11902	38	57	industry	industry	NOUN
cblr-11902	38	58	speculated	speculate	VERB
cblr-11902	38	59	that	that	SCONJ
cblr-11902	38	60	they	they	PRON
cblr-11902	38	61	were	be	AUX
cblr-11902	38	62	a	a	DET
cblr-11902	38	63	catalyst	catalyst	NOUN
cblr-11902	38	64	for	for	ADP
cblr-11902	38	65	senator	senator	PROPN
cblr-11902	38	66	wyden	wyden	PROPN
cblr-11902	38	67	’s	’s	PART
cblr-11902	38	68	proposal	proposal	NOUN
cblr-11902	38	69	for	for	ADP
cblr-11902	38	70	repealing	repeal	VERB
cblr-11902	38	71	the	the	DET
cblr-11902	38	72	tax	tax	NOUN
cblr-11902	38	73	exemption.11	exemption.11	NOUN
cblr-11902	38	74	in	in	ADP
cblr-11902	38	75	2019	2019	NUM
cblr-11902	38	76	,	,	PUNCT
cblr-11902	38	77	the	the	DET
cblr-11902	38	78	sec	sec	PROPN
cblr-11902	38	79	promulgated	promulgate	VERB
cblr-11902	38	80	rule	rule	NOUN
cblr-11902	38	81	6c-11	6c-11	NUM
cblr-11902	38	82	,	,	PUNCT
cblr-11902	38	83	which	which	PRON
cblr-11902	38	84	has	have	VERB
cblr-11902	38	85	the	the	DET
cblr-11902	38	86	potential	potential	NOUN
cblr-11902	38	87	to	to	PART
cblr-11902	38	88	extend	extend	VERB
cblr-11902	38	89	the	the	DET
cblr-11902	38	90	current	current	ADJ
cblr-11902	38	91	controversial	controversial	ADJ
cblr-11902	38	92	tax	tax	NOUN
cblr-11902	38	93	benefits	benefit	NOUN
cblr-11902	38	94	enjoyed	enjoy	VERB
cblr-11902	38	95	by	by	ADP
cblr-11902	38	96	etfs.12	etfs.12	NOUN
cblr-11902	38	97	prior	prior	ADV
cblr-11902	38	98	to	to	ADP
cblr-11902	38	99	this	this	DET
cblr-11902	38	100	rule	rule	NOUN
cblr-11902	38	101	,	,	PUNCT
cblr-11902	38	102	etfs	etfs	PROPN
cblr-11902	38	103	had	have	VERB
cblr-11902	38	104	to	to	PART
cblr-11902	38	105	receive	receive	VERB
cblr-11902	38	106	individual	individual	ADJ
cblr-11902	38	107	exemptions	exemption	NOUN
cblr-11902	38	108	from	from	ADP
cblr-11902	38	109	the	the	DET
cblr-11902	38	110	investment	investment	NOUN
cblr-11902	38	111	company	company	NOUN
cblr-11902	38	112	act	act	VERB
cblr-11902	38	113	in	in	ADP
cblr-11902	38	114	order	order	NOUN
cblr-11902	38	115	to	to	AUX
cblr-11902	38	116	operate.13	operate.13	VERB
cblr-11902	38	117	the	the	DET
cblr-11902	38	118	new	new	ADJ
cblr-11902	38	119	rule	rule	NOUN
cblr-11902	38	120	will	will	AUX
cblr-11902	38	121	allow	allow	VERB
cblr-11902	38	122	etfs	etfs	PROPN
cblr-11902	38	123	that	that	PRON
cblr-11902	38	124	meet	meet	VERB
cblr-11902	38	125	the	the	DET
cblr-11902	38	126	required	require	VERB
cblr-11902	38	127	conditions	condition	NOUN
cblr-11902	38	128	to	to	PART
cblr-11902	38	129	operate	operate	VERB
cblr-11902	38	130	without	without	ADP
cblr-11902	38	131	obtaining	obtain	VERB
cblr-11902	38	132	exemptive	exemptive	NOUN
cblr-11902	38	133	7	7	NUM
cblr-11902	38	134	see	see	VERB
cblr-11902	38	135	elisabeth	elisabeth	PROPN
cblr-11902	38	136	kashner	kashner	PROPN
cblr-11902	38	137	,	,	PUNCT
cblr-11902	38	138	the	the	DET
cblr-11902	38	139	heartbeat	heartbeat	NOUN
cblr-11902	38	140	of	of	ADP
cblr-11902	38	141	etf	etf	NOUN
cblr-11902	38	142	tax	tax	NOUN
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cblr-11902	38	144	,	,	PUNCT
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cblr-11902	38	146	(	(	PUNCT
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cblr-11902	38	148	.	.	PROPN
cblr-11902	38	149	18	18	NUM
cblr-11902	38	150	,	,	PUNCT
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cblr-11902	38	153	,	,	PUNCT
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cblr-11902	39	5	see	see	VERB
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cblr-11902	39	13	on	on	ADP
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cblr-11902	43	21	to	to	PART
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cblr-11902	43	69	(	(	PUNCT
cblr-11902	43	70	on	on	ADP
cblr-11902	43	71	file	file	NOUN
cblr-11902	43	72	with	with	ADP
cblr-11902	43	73	columbia	columbia	PROPN
cblr-11902	43	74	business	business	PROPN
cblr-11902	43	75	law	law	PROPN
cblr-11902	43	76	review	review	PROPN
cblr-11902	43	77	)	)	PUNCT
cblr-11902	43	78	(	(	PUNCT
cblr-11902	43	79	interviewing	interview	VERB
cblr-11902	43	80	dave	dave	PROPN
cblr-11902	43	81	nadig	nadig	PROPN
cblr-11902	43	82	,	,	PUNCT
cblr-11902	43	83	former	former	ADJ
cblr-11902	43	84	director	director	NOUN
cblr-11902	43	85	of	of	ADP
cblr-11902	43	86	industry	industry	NOUN
cblr-11902	43	87	site	site	NOUN
cblr-11902	43	88	,	,	PUNCT
cblr-11902	43	89	etf.com	etf.com	X
cblr-11902	43	90	and	and	CCONJ
cblr-11902	43	91	direct	direct	ADJ
cblr-11902	43	92	of	of	ADP
cblr-11902	43	93	research	research	NOUN
cblr-11902	43	94	at	at	ADP
cblr-11902	43	95	etf	etf	NOUN
cblr-11902	43	96	trends	trend	NOUN
cblr-11902	43	97	,	,	PUNCT
cblr-11902	43	98	who	who	PRON
cblr-11902	43	99	wonders	wonder	VERB
cblr-11902	43	100	if	if	SCONJ
cblr-11902	43	101	“	"	PUNCT
cblr-11902	43	102	‘	'	PUNCT
cblr-11902	43	103	heartbeat	heartbeat	NOUN
cblr-11902	43	104	trading	trading	NOUN
cblr-11902	43	105	’	'	PUNCT
cblr-11902	43	106	plays	play	VERB
cblr-11902	43	107	a	a	DET
cblr-11902	43	108	role	role	NOUN
cblr-11902	43	109	in	in	ADP
cblr-11902	43	110	why	why	SCONJ
cblr-11902	43	111	this	this	DET
cblr-11902	43	112	whole	whole	ADJ
cblr-11902	43	113	situation	situation	NOUN
cblr-11902	43	114	has	have	AUX
cblr-11902	43	115	become	become	VERB
cblr-11902	43	116	a	a	DET
cblr-11902	43	117	focus	focus	NOUN
cblr-11902	43	118	for	for	ADP
cblr-11902	43	119	lawmakers	lawmaker	NOUN
cblr-11902	43	120	.	.	PUNCT
cblr-11902	43	121	”	"	PUNCT
cblr-11902	43	122	)	)	PUNCT
cblr-11902	43	123	.	.	PUNCT
cblr-11902	44	1	12	12	NUM
cblr-11902	44	2	17	17	NUM
cblr-11902	44	3	c.f.r	c.f.r	NOUN
cblr-11902	44	4	.	.	PUNCT
cblr-11902	45	1	§	§	PROPN
cblr-11902	45	2	270.6c-11	270.6c-11	NUM
cblr-11902	45	3	(	(	PUNCT
cblr-11902	45	4	“	"	PUNCT
cblr-11902	45	5	rule	rule	VERB
cblr-11902	45	6	6c-11	6c-11	NUM
cblr-11902	45	7	”	"	PUNCT
cblr-11902	45	8	)	)	PUNCT
cblr-11902	45	9	;	;	PUNCT
cblr-11902	45	10	exchange	exchange	NOUN
cblr-11902	45	11	-	-	PUNCT
cblr-11902	45	12	traded	trade	VERB
cblr-11902	45	13	funds	fund	NOUN
cblr-11902	45	14	,	,	PUNCT
cblr-11902	45	15	investment	investment	NOUN
cblr-11902	45	16	company	company	NOUN
cblr-11902	45	17	act	act	AUX
cblr-11902	45	18	release	release	VERB
cblr-11902	45	19	no	no	NOUN
cblr-11902	45	20	.	.	NOUN
cblr-11902	45	21	33	33	NUM
cblr-11902	45	22	-	-	SYM
cblr-11902	45	23	10695	10695	NUM
cblr-11902	45	24	,	,	PUNCT
cblr-11902	45	25	at	at	ADP
cblr-11902	45	26	9	9	NUM
cblr-11902	45	27	(	(	PUNCT
cblr-11902	45	28	dec	dec	PROPN
cblr-11902	45	29	.	.	PROPN
cblr-11902	45	30	23	23	NUM
cblr-11902	45	31	,	,	PUNCT
cblr-11902	45	32	2019	2019	NUM
cblr-11902	45	33	)	)	PUNCT
cblr-11902	45	34	(	(	PUNCT
cblr-11902	45	35	to	to	PART
cblr-11902	45	36	be	be	AUX
cblr-11902	45	37	codified	codify	VERB
cblr-11902	45	38	at	at	ADP
cblr-11902	45	39	17	17	NUM
cblr-11902	45	40	c.f.r	c.f.r	NOUN
cblr-11902	45	41	.	.	PUNCT
cblr-11902	46	1	pts	pts	PROPN
cblr-11902	46	2	.	.	PROPN
cblr-11902	46	3	210	210	NUM
cblr-11902	46	4	,	,	PUNCT
cblr-11902	46	5	232	232	NUM
cblr-11902	46	6	,	,	PUNCT
cblr-11902	46	7	239	239	NUM
cblr-11902	46	8	,	,	PUNCT
cblr-11902	46	9	270	270	NUM
cblr-11902	46	10	,	,	PUNCT
cblr-11902	46	11	and	and	CCONJ
cblr-11902	46	12	274	274	NUM
cblr-11902	46	13	)	)	PUNCT
cblr-11902	46	14	,	,	PUNCT
cblr-11902	47	1	https://www.sec.gov/rules/final/2019/33-10695.pdf	https://www.sec.gov/rules/final/2019/33-10695.pdf	PROPN
cblr-11902	48	1	[	[	X
cblr-11902	48	2	https://perma.cc/6jtakq9j	https://perma.cc/6jtakq9j	X
cblr-11902	48	3	]	]	X
cblr-11902	48	4	.	.	PUNCT
cblr-11902	49	1	13	13	NUM
cblr-11902	49	2	see	see	VERB
cblr-11902	49	3	i	i	PRON
cblr-11902	49	4	d.	d.	PROPN
cblr-11902	49	5	at	at	ADP
cblr-11902	49	6	5	5	NUM
cblr-11902	49	7	.	.	PUNCT
cblr-11902	50	1	no	no	INTJ
cblr-11902	50	2	.	.	NOUN
cblr-11902	51	1	1	1	NUM
cblr-11902	51	2	]	]	PUNCT
cblr-11902	51	3	sec	sec	PROPN
cblr-11902	51	4	rule	rule	NOUN
cblr-11902	51	5	6c-11	6c-11	PROPN
cblr-11902	51	6	’s	’s	PART
cblr-11902	51	7	impact	impact	NOUN
cblr-11902	51	8	on	on	ADP
cblr-11902	51	9	usage	usage	NOUN
cblr-11902	51	10	of	of	ADP
cblr-11902	51	11	heartbeat	heartbeat	NOUN
cblr-11902	51	12	trades	trade	VERB
cblr-11902	51	13	537	537	NUM
cblr-11902	51	14	relief.14	relief.14	PROPN
cblr-11902	51	15	importantly	importantly	ADV
cblr-11902	51	16	,	,	PUNCT
cblr-11902	51	17	the	the	DET
cblr-11902	51	18	rule	rule	NOUN
cblr-11902	51	19	allows	allow	VERB
cblr-11902	51	20	all	all	DET
cblr-11902	51	21	etfs	etfs	NOUN
cblr-11902	51	22	to	to	PART
cblr-11902	51	23	now	now	ADV
cblr-11902	51	24	use	use	VERB
cblr-11902	51	25	“	"	PUNCT
cblr-11902	51	26	custom	custom	NOUN
cblr-11902	51	27	baskets	basket	NOUN
cblr-11902	51	28	,	,	PUNCT
cblr-11902	51	29	”	"	PUNCT
cblr-11902	51	30	an	an	DET
cblr-11902	51	31	option	option	NOUN
cblr-11902	51	32	that	that	PRON
cblr-11902	51	33	was	be	AUX
cblr-11902	51	34	heretofore	heretofore	ADV
cblr-11902	51	35	only	only	ADV
cblr-11902	51	36	available	available	ADJ
cblr-11902	51	37	to	to	ADP
cblr-11902	51	38	certain	certain	ADJ
cblr-11902	51	39	funds.15	funds.15	NOUN
cblr-11902	51	40	with	with	ADP
cblr-11902	51	41	custom	custom	NOUN
cblr-11902	51	42	baskets	basket	NOUN
cblr-11902	51	43	,	,	PUNCT
cblr-11902	51	44	an	an	DET
cblr-11902	51	45	etf	etf	NOUN
cblr-11902	51	46	can	can	AUX
cblr-11902	51	47	give	give	VERB
cblr-11902	51	48	redeeming	redeem	VERB
cblr-11902	51	49	shareholders	shareholder	NOUN
cblr-11902	51	50	stocks	stock	NOUN
cblr-11902	51	51	that	that	PRON
cblr-11902	51	52	“	"	PUNCT
cblr-11902	51	53	do	do	AUX
cblr-11902	51	54	not	not	PART
cblr-11902	51	55	reflect	reflect	VERB
cblr-11902	51	56	a	a	DET
cblr-11902	51	57	pro	pro	ADJ
cblr-11902	51	58	rata	rata	ADJ
cblr-11902	51	59	representation	representation	NOUN
cblr-11902	51	60	of	of	ADP
cblr-11902	51	61	an	an	DET
cblr-11902	51	62	etf	etf	NOUN
cblr-11902	51	63	’s	’s	PART
cblr-11902	51	64	portfolio	portfolio	NOUN
cblr-11902	51	65	holdings	holding	NOUN
cblr-11902	51	66	.	.	PUNCT
cblr-11902	52	1	”16	”16	NOUN
cblr-11902	52	2	without	without	ADP
cblr-11902	52	3	this	this	DET
cblr-11902	52	4	ability	ability	NOUN
cblr-11902	52	5	,	,	PUNCT
cblr-11902	52	6	a	a	DET
cblr-11902	52	7	fund	fund	NOUN
cblr-11902	52	8	can	can	AUX
cblr-11902	52	9	only	only	ADV
cblr-11902	52	10	disperse	disperse	VERB
cblr-11902	52	11	stocks	stock	NOUN
cblr-11902	52	12	that	that	PRON
cblr-11902	52	13	exactly	exactly	ADV
cblr-11902	52	14	replicate	replicate	VERB
cblr-11902	52	15	the	the	DET
cblr-11902	52	16	index	index	NOUN
cblr-11902	52	17	an	an	DET
cblr-11902	52	18	etf	etf	NOUN
cblr-11902	52	19	follows.17	follows.17	PROPN
cblr-11902	52	20	the	the	DET
cblr-11902	52	21	broadened	broaden	VERB
cblr-11902	52	22	availability	availability	NOUN
cblr-11902	52	23	of	of	ADP
cblr-11902	52	24	custom	custom	NOUN
cblr-11902	52	25	baskets	basket	NOUN
cblr-11902	52	26	to	to	ADP
cblr-11902	52	27	all	all	DET
cblr-11902	52	28	etfs	etfs	PROPN
cblr-11902	52	29	will	will	AUX
cblr-11902	52	30	increase	increase	VERB
cblr-11902	52	31	their	their	PRON
cblr-11902	52	32	ability	ability	NOUN
cblr-11902	52	33	to	to	PART
cblr-11902	52	34	take	take	VERB
cblr-11902	52	35	advantage	advantage	NOUN
cblr-11902	52	36	of	of	ADP
cblr-11902	52	37	the	the	DET
cblr-11902	52	38	current	current	ADJ
cblr-11902	52	39	tax	tax	NOUN
cblr-11902	52	40	exemption	exemption	NOUN
cblr-11902	52	41	because	because	SCONJ
cblr-11902	52	42	they	they	PRON
cblr-11902	52	43	will	will	AUX
cblr-11902	52	44	have	have	VERB
cblr-11902	52	45	greater	great	ADJ
cblr-11902	52	46	flexibility	flexibility	NOUN
cblr-11902	52	47	to	to	PART
cblr-11902	52	48	assemble	assemble	VERB
cblr-11902	52	49	baskets	basket	NOUN
cblr-11902	52	50	that	that	PRON
cblr-11902	52	51	are	be	AUX
cblr-11902	52	52	heavy	heavy	ADJ
cblr-11902	52	53	in	in	ADP
cblr-11902	52	54	appreciated	appreciated	ADJ
cblr-11902	52	55	stocks	stock	NOUN
cblr-11902	52	56	,	,	PUNCT
cblr-11902	52	57	even	even	ADV
cblr-11902	52	58	if	if	SCONJ
cblr-11902	52	59	the	the	DET
cblr-11902	52	60	basket	basket	NOUN
cblr-11902	52	61	is	be	AUX
cblr-11902	52	62	not	not	PART
cblr-11902	52	63	representative	representative	ADJ
cblr-11902	52	64	of	of	ADP
cblr-11902	52	65	its	its	PRON
cblr-11902	52	66	underlying	underlie	VERB
cblr-11902	52	67	index.18	index.18	NOUN
cblr-11902	52	68	this	this	DET
cblr-11902	52	69	note	note	NOUN
cblr-11902	52	70	first	first	ADV
cblr-11902	52	71	explains	explain	VERB
cblr-11902	52	72	the	the	DET
cblr-11902	52	73	history	history	NOUN
cblr-11902	52	74	of	of	ADP
cblr-11902	52	75	etfs	etfs	PROPN
cblr-11902	52	76	and	and	CCONJ
cblr-11902	52	77	their	their	PRON
cblr-11902	52	78	taxefficient	taxefficient	ADJ
cblr-11902	52	79	structure	structure	NOUN
cblr-11902	52	80	as	as	ADP
cblr-11902	52	81	a	a	DET
cblr-11902	52	82	result	result	NOUN
cblr-11902	52	83	of	of	ADP
cblr-11902	52	84	a	a	DET
cblr-11902	52	85	gain	gain	NOUN
cblr-11902	52	86	recognition	recognition	NOUN
cblr-11902	52	87	exemption	exemption	NOUN
cblr-11902	52	88	for	for	ADP
cblr-11902	52	89	in	in	ADP
cblr-11902	52	90	-	-	PUNCT
cblr-11902	52	91	kind	kind	NOUN
cblr-11902	52	92	redemptions	redemption	NOUN
cblr-11902	52	93	.	.	PUNCT
cblr-11902	53	1	it	it	PRON
cblr-11902	53	2	then	then	ADV
cblr-11902	53	3	discusses	discuss	VERB
cblr-11902	53	4	their	their	PRON
cblr-11902	53	5	supercharging	supercharging	NOUN
cblr-11902	53	6	of	of	ADP
cblr-11902	53	7	that	that	DET
cblr-11902	53	8	exemption	exemption	NOUN
cblr-11902	53	9	through	through	ADP
cblr-11902	53	10	the	the	DET
cblr-11902	53	11	use	use	NOUN
cblr-11902	53	12	of	of	ADP
cblr-11902	53	13	heartbeat	heartbeat	NOUN
cblr-11902	53	14	trades	trade	NOUN
cblr-11902	53	15	.	.	PUNCT
cblr-11902	54	1	next	next	ADV
cblr-11902	54	2	,	,	PUNCT
cblr-11902	54	3	it	it	PRON
cblr-11902	54	4	analyzes	analyze	VERB
cblr-11902	54	5	the	the	DET
cblr-11902	54	6	impact	impact	NOUN
cblr-11902	54	7	of	of	ADP
cblr-11902	54	8	the	the	DET
cblr-11902	54	9	new	new	ADJ
cblr-11902	54	10	custom	custom	NOUN
cblr-11902	54	11	basket	basket	NOUN
cblr-11902	54	12	availability	availability	NOUN
cblr-11902	54	13	on	on	ADP
cblr-11902	54	14	the	the	DET
cblr-11902	54	15	tax	tax	NOUN
cblr-11902	54	16	efficiency	efficiency	NOUN
cblr-11902	54	17	of	of	ADP
cblr-11902	54	18	etfs	etfs	NOUN
cblr-11902	54	19	,	,	PUNCT
cblr-11902	54	20	separating	separate	VERB
cblr-11902	54	21	etfs	etfs	NOUN
cblr-11902	54	22	into	into	ADP
cblr-11902	54	23	those	those	DET
cblr-11902	54	24	funds	fund	NOUN
cblr-11902	54	25	that	that	PRON
cblr-11902	54	26	had	have	VERB
cblr-11902	54	27	custom	custom	NOUN
cblr-11902	54	28	basket	basket	NOUN
cblr-11902	54	29	ability	ability	NOUN
cblr-11902	54	30	before	before	ADP
cblr-11902	54	31	the	the	DET
cblr-11902	54	32	sec	sec	PROPN
cblr-11902	54	33	rule	rule	NOUN
cblr-11902	54	34	(	(	PUNCT
cblr-11902	54	35	the	the	DET
cblr-11902	54	36	“	"	PUNCT
cblr-11902	54	37	control	control	NOUN
cblr-11902	54	38	”	"	PUNCT
cblr-11902	54	39	group	group	NOUN
cblr-11902	54	40	)	)	PUNCT
cblr-11902	54	41	and	and	CCONJ
cblr-11902	54	42	those	those	PRON
cblr-11902	54	43	that	that	PRON
cblr-11902	54	44	did	do	VERB
cblr-11902	54	45	not	not	PART
cblr-11902	54	46	(	(	PUNCT
cblr-11902	54	47	the	the	DET
cblr-11902	54	48	“	"	PUNCT
cblr-11902	54	49	treatment	treatment	NOUN
cblr-11902	54	50	”	"	PUNCT
cblr-11902	54	51	group	group	NOUN
cblr-11902	54	52	)	)	PUNCT
cblr-11902	54	53	.	.	PUNCT
cblr-11902	55	1	the	the	DET
cblr-11902	55	2	data	datum	NOUN
cblr-11902	55	3	reveals	reveal	VERB
cblr-11902	55	4	a	a	DET
cblr-11902	55	5	discernible	discernible	ADJ
cblr-11902	55	6	increase	increase	NOUN
cblr-11902	55	7	in	in	ADP
cblr-11902	55	8	heartbeat	heartbeat	NOUN
cblr-11902	55	9	trades	trade	NOUN
cblr-11902	55	10	by	by	ADP
cblr-11902	55	11	treatment	treatment	NOUN
cblr-11902	55	12	-	-	PUNCT
cblr-11902	55	13	group	group	NOUN
cblr-11902	55	14	funds	fund	NOUN
cblr-11902	55	15	that	that	PRON
cblr-11902	55	16	had	have	AUX
cblr-11902	55	17	newly	newly	ADV
cblr-11902	55	18	acquired	acquire	VERB
cblr-11902	55	19	the	the	DET
cblr-11902	55	20	custom	custom	NOUN
cblr-11902	55	21	basket	basket	NOUN
cblr-11902	55	22	tool	tool	NOUN
cblr-11902	55	23	after	after	ADP
cblr-11902	55	24	rule	rule	NOUN
cblr-11902	55	25	6c-11	6c-11	PROPN
cblr-11902	55	26	’s	’s	PART
cblr-11902	55	27	promulgation	promulgation	NOUN
cblr-11902	55	28	,	,	PUNCT
cblr-11902	55	29	an	an	DET
cblr-11902	55	30	increase	increase	NOUN
cblr-11902	55	31	that	that	PRON
cblr-11902	55	32	surpassed	surpass	VERB
cblr-11902	55	33	that	that	PRON
cblr-11902	55	34	of	of	ADP
cblr-11902	55	35	control	control	NOUN
cblr-11902	55	36	-	-	PUNCT
cblr-11902	55	37	group	group	NOUN
cblr-11902	55	38	funds	fund	NOUN
cblr-11902	55	39	who	who	PRON
cblr-11902	55	40	had	have	AUX
cblr-11902	55	41	previously	previously	ADV
cblr-11902	55	42	been	be	AUX
cblr-11902	55	43	able	able	ADJ
cblr-11902	55	44	to	to	PART
cblr-11902	55	45	use	use	VERB
cblr-11902	55	46	custom	custom	NOUN
cblr-11902	55	47	baskets	basket	NOUN
cblr-11902	55	48	.	.	PUNCT
cblr-11902	56	1	based	base	VERB
cblr-11902	56	2	on	on	ADP
cblr-11902	56	3	this	this	DET
cblr-11902	56	4	increased	increase	VERB
cblr-11902	56	5	usage	usage	NOUN
cblr-11902	56	6	in	in	ADP
cblr-11902	56	7	heartbeat	heartbeat	NOUN
cblr-11902	56	8	trades	trade	NOUN
cblr-11902	56	9	as	as	ADV
cblr-11902	56	10	well	well	ADV
cblr-11902	56	11	as	as	ADP
cblr-11902	56	12	the	the	DET
cblr-11902	56	13	fundamental	fundamental	ADJ
cblr-11902	56	14	difference	difference	NOUN
cblr-11902	56	15	between	between	ADP
cblr-11902	56	16	a	a	DET
cblr-11902	56	17	heartbeat	heartbeat	NOUN
cblr-11902	56	18	transaction	transaction	NOUN
cblr-11902	56	19	and	and	CCONJ
cblr-11902	56	20	a	a	DET
cblr-11902	56	21	typical	typical	ADJ
cblr-11902	56	22	in	in	ADP
cblr-11902	56	23	-	-	PUNCT
cblr-11902	56	24	kind	kind	NOUN
cblr-11902	56	25	redemption	redemption	NOUN
cblr-11902	56	26	,	,	PUNCT
cblr-11902	56	27	this	this	DET
cblr-11902	56	28	note	note	NOUN
cblr-11902	56	29	argues	argue	VERB
cblr-11902	56	30	that	that	SCONJ
cblr-11902	56	31	heartbeat	heartbeat	NOUN
cblr-11902	56	32	14	14	NUM
cblr-11902	56	33	see	see	VERB
cblr-11902	56	34	i	i	PRON
cblr-11902	56	35	d.	d.	PROPN
cblr-11902	56	36	at	at	ADP
cblr-11902	56	37	1	1	NUM
cblr-11902	56	38	.	.	SYM
cblr-11902	56	39	15	15	NUM
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cblr-11902	56	41	i	i	PRON
cblr-11902	56	42	d.	d.	PROPN
cblr-11902	56	43	at	at	ADP
cblr-11902	56	44	80–82	80–82	NUM
cblr-11902	56	45	.	.	PUNCT
cblr-11902	57	1	16	16	NUM
cblr-11902	57	2	see	see	VERB
cblr-11902	57	3	i	i	PRON
cblr-11902	57	4	d.	d.	PROPN
cblr-11902	57	5	at	at	ADP
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cblr-11902	57	7	.	.	PUNCT
cblr-11902	58	1	17	17	NUM
cblr-11902	58	2	see	see	VERB
cblr-11902	58	3	i	i	PRON
cblr-11902	58	4	d.	d.	PROPN
cblr-11902	58	5	at	at	ADP
cblr-11902	58	6	82	82	NUM
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cblr-11902	58	8	stating	state	VERB
cblr-11902	58	9	that	that	SCONJ
cblr-11902	58	10	previous	previous	ADJ
cblr-11902	58	11	exemptive	exemptive	NOUN
cblr-11902	58	12	orders	order	NOUN
cblr-11902	58	13	“	"	PUNCT
cblr-11902	58	14	expressly	expressly	ADV
cblr-11902	58	15	require	require	VERB
cblr-11902	58	16	that	that	SCONJ
cblr-11902	58	17	an	an	DET
cblr-11902	58	18	etf	etf	NOUN
cblr-11902	58	19	’s	’s	PART
cblr-11902	58	20	basket	basket	NOUN
cblr-11902	58	21	generally	generally	ADV
cblr-11902	58	22	correspond	correspond	VERB
cblr-11902	58	23	pro	pro	ADJ
cblr-11902	58	24	rata	rata	NOUN
cblr-11902	58	25	to	to	ADP
cblr-11902	58	26	its	its	PRON
cblr-11902	58	27	portfolio	portfolio	NOUN
cblr-11902	58	28	holdings	holding	NOUN
cblr-11902	58	29	”	"	PUNCT
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cblr-11902	58	31	.	.	PUNCT
cblr-11902	59	1	18	18	NUM
cblr-11902	59	2	saqib	saqib	PROPN
cblr-11902	59	3	iqbal	iqbal	PROPN
cblr-11902	59	4	ahmed	ahmed	PROPN
cblr-11902	59	5	,	,	PUNCT
cblr-11902	59	6	sec	sec	PROPN
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cblr-11902	59	8	new	new	ADJ
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cblr-11902	59	10	to	to	PART
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cblr-11902	59	14	for	for	ADP
cblr-11902	59	15	etf	etf	NOUN
cblr-11902	59	16	provider	provider	NOUN
cblr-11902	59	17	,	,	PUNCT
cblr-11902	59	18	reuters	reuters	PROPN
cblr-11902	59	19	(	(	PUNCT
cblr-11902	59	20	sept	sept	PROPN
cblr-11902	59	21	.	.	PROPN
cblr-11902	59	22	26	26	NUM
cblr-11902	59	23	,	,	PUNCT
cblr-11902	59	24	2019	2019	NUM
cblr-11902	59	25	)	)	PUNCT
cblr-11902	59	26	,	,	PUNCT
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cblr-11902	60	1	[	[	X
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cblr-11902	60	3	]	]	X
cblr-11902	60	4	.	.	PUNCT
cblr-11902	61	1	538	538	NUM
cblr-11902	61	2	columbia	columbia	PROPN
cblr-11902	61	3	business	business	NOUN
cblr-11902	61	4	law	law	PROPN
cblr-11902	61	5	review	review	NOUN
cblr-11902	61	6	[	[	X
cblr-11902	61	7	vol	vol	NOUN
cblr-11902	61	8	.	.	PUNCT
cblr-11902	61	9	2023	2023	NUM
cblr-11902	61	10	trades	trade	NOUN
cblr-11902	61	11	should	should	AUX
cblr-11902	61	12	have	have	VERB
cblr-11902	61	13	their	their	PRON
cblr-11902	61	14	current	current	ADJ
cblr-11902	61	15	non	non	NOUN
cblr-11902	61	16	-	-	NOUN
cblr-11902	61	17	recognition	recognition	NOUN
cblr-11902	61	18	of	of	ADP
cblr-11902	61	19	gain	gain	NOUN
cblr-11902	61	20	status	status	NOUN
cblr-11902	61	21	revoked	revoke	VERB
cblr-11902	61	22	and	and	CCONJ
cblr-11902	61	23	should	should	AUX
cblr-11902	61	24	instead	instead	ADV
cblr-11902	61	25	be	be	AUX
cblr-11902	61	26	classified	classify	VERB
cblr-11902	61	27	as	as	ADP
cblr-11902	61	28	a	a	DET
cblr-11902	61	29	taxable	taxable	ADJ
cblr-11902	61	30	event	event	NOUN
cblr-11902	61	31	.	.	PUNCT
cblr-11902	62	1	my	my	PRON
cblr-11902	62	2	analysis	analysis	NOUN
cblr-11902	62	3	proceeds	proceed	NOUN
cblr-11902	62	4	as	as	SCONJ
cblr-11902	62	5	follows	follow	VERB
cblr-11902	62	6	.	.	PUNCT
cblr-11902	63	1	part	part	NOUN
cblr-11902	63	2	ii	ii	PROPN
cblr-11902	63	3	introduces	introduce	VERB
cblr-11902	63	4	etfs	etfs	PROPN
cblr-11902	63	5	and	and	CCONJ
cblr-11902	63	6	how	how	SCONJ
cblr-11902	63	7	their	their	PRON
cblr-11902	63	8	shares	share	NOUN
cblr-11902	63	9	are	be	AUX
cblr-11902	63	10	created	create	VERB
cblr-11902	63	11	and	and	CCONJ
cblr-11902	63	12	redeemed	redeem	VERB
cblr-11902	63	13	,	,	PUNCT
cblr-11902	63	14	gives	give	VERB
cblr-11902	63	15	an	an	DET
cblr-11902	63	16	overview	overview	NOUN
cblr-11902	63	17	of	of	ADP
cblr-11902	63	18	tax	tax	NOUN
cblr-11902	63	19	treatment	treatment	NOUN
cblr-11902	63	20	and	and	CCONJ
cblr-11902	63	21	methods	method	NOUN
cblr-11902	63	22	by	by	ADP
cblr-11902	63	23	which	which	PRON
cblr-11902	63	24	etfs	etfs	PROPN
cblr-11902	63	25	can	can	AUX
cblr-11902	63	26	utilize	utilize	VERB
cblr-11902	63	27	heartbeat	heartbeat	NOUN
cblr-11902	63	28	trades	trade	NOUN
cblr-11902	63	29	to	to	PART
cblr-11902	63	30	maximize	maximize	VERB
cblr-11902	63	31	tax	tax	NOUN
cblr-11902	63	32	efficiency	efficiency	NOUN
cblr-11902	63	33	,	,	PUNCT
cblr-11902	63	34	and	and	CCONJ
cblr-11902	63	35	details	detail	VERB
cblr-11902	63	36	the	the	DET
cblr-11902	63	37	2019	2019	NUM
cblr-11902	63	38	sec	sec	PROPN
cblr-11902	63	39	rule	rule	NOUN
cblr-11902	63	40	regarding	regard	VERB
cblr-11902	63	41	etfs	etfs	PROPN
cblr-11902	63	42	.	.	PUNCT
cblr-11902	64	1	part	part	PROPN
cblr-11902	64	2	iii	iii	PROPN
cblr-11902	64	3	describes	describe	VERB
cblr-11902	64	4	the	the	DET
cblr-11902	64	5	methodology	methodology	NOUN
cblr-11902	64	6	used	use	VERB
cblr-11902	64	7	to	to	PART
cblr-11902	64	8	define	define	VERB
cblr-11902	64	9	heartbeat	heartbeat	NOUN
cblr-11902	64	10	trades	trade	NOUN
cblr-11902	64	11	,	,	PUNCT
cblr-11902	64	12	presents	present	VERB
cblr-11902	64	13	the	the	DET
cblr-11902	64	14	data	datum	NOUN
cblr-11902	64	15	used	use	VERB
cblr-11902	64	16	to	to	PART
cblr-11902	64	17	identify	identify	VERB
cblr-11902	64	18	them	they	PRON
cblr-11902	64	19	,	,	PUNCT
cblr-11902	64	20	and	and	CCONJ
cblr-11902	64	21	provides	provide	VERB
cblr-11902	64	22	the	the	DET
cblr-11902	64	23	results	result	NOUN
cblr-11902	64	24	of	of	ADP
cblr-11902	64	25	analyzing	analyze	VERB
cblr-11902	64	26	the	the	DET
cblr-11902	64	27	data	datum	NOUN
cblr-11902	64	28	.	.	PUNCT
cblr-11902	65	1	part	part	NOUN
cblr-11902	66	1	iv	iv	NUM
cblr-11902	66	2	then	then	ADV
cblr-11902	66	3	argues	argue	VERB
cblr-11902	66	4	that	that	SCONJ
cblr-11902	66	5	while	while	SCONJ
cblr-11902	66	6	the	the	DET
cblr-11902	66	7	broader	broad	ADJ
cblr-11902	66	8	tax	tax	NOUN
cblr-11902	66	9	exemption	exemption	NOUN
cblr-11902	66	10	for	for	ADP
cblr-11902	66	11	in	in	ADP
cblr-11902	66	12	-	-	PUNCT
cblr-11902	66	13	kind	kind	NOUN
cblr-11902	66	14	redemptions	redemption	NOUN
cblr-11902	66	15	should	should	AUX
cblr-11902	66	16	remain	remain	VERB
cblr-11902	66	17	in	in	ADP
cblr-11902	66	18	place	place	NOUN
cblr-11902	66	19	,	,	PUNCT
cblr-11902	66	20	heartbeat	heartbeat	NOUN
cblr-11902	66	21	trades	trade	NOUN
cblr-11902	66	22	should	should	AUX
cblr-11902	66	23	be	be	AUX
cblr-11902	66	24	considered	consider	VERB
cblr-11902	66	25	taxable	taxable	ADJ
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cblr-11902	66	27	.	.	PUNCT
cblr-11902	67	1	ii	ii	X
cblr-11902	67	2	.	.	PUNCT
cblr-11902	68	1	the	the	DET
cblr-11902	68	2	mechanics	mechanic	NOUN
cblr-11902	68	3	and	and	CCONJ
cblr-11902	68	4	taxation	taxation	NOUN
cblr-11902	68	5	of	of	ADP
cblr-11902	68	6	etfs	etfs	PROPN
cblr-11902	68	7	and	and	CCONJ
cblr-11902	68	8	the	the	DET
cblr-11902	68	9	impact	impact	NOUN
cblr-11902	68	10	of	of	ADP
cblr-11902	68	11	sec	sec	PROPN
cblr-11902	68	12	rule	rule	NOUN
cblr-11902	68	13	6c-11	6c-11	PROPN
cblr-11902	68	14	on	on	ADP
cblr-11902	68	15	etfs	etfs	PROPN
cblr-11902	68	16	.	.	PUNCT
cblr-11902	69	1	part	part	PROPN
cblr-11902	69	2	ii	ii	PROPN
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cblr-11902	69	4	background	background	NOUN
cblr-11902	69	5	on	on	ADP
cblr-11902	69	6	the	the	DET
cblr-11902	69	7	rise	rise	NOUN
cblr-11902	69	8	and	and	CCONJ
cblr-11902	69	9	operations	operation	NOUN
cblr-11902	69	10	of	of	ADP
cblr-11902	69	11	etfs	etfs	PROPN
cblr-11902	69	12	and	and	CCONJ
cblr-11902	69	13	their	their	PRON
cblr-11902	69	14	treatment	treatment	NOUN
cblr-11902	69	15	under	under	ADP
cblr-11902	69	16	the	the	DET
cblr-11902	69	17	tax	tax	NOUN
cblr-11902	69	18	code	code	NOUN
cblr-11902	69	19	.	.	PUNCT
cblr-11902	70	1	these	these	DET
cblr-11902	70	2	pieces	piece	NOUN
cblr-11902	70	3	are	be	AUX
cblr-11902	70	4	necessary	necessary	ADJ
cblr-11902	70	5	to	to	PART
cblr-11902	70	6	understand	understand	VERB
cblr-11902	70	7	what	what	PRON
cblr-11902	70	8	a	a	DET
cblr-11902	70	9	heartbeat	heartbeat	NOUN
cblr-11902	70	10	trade	trade	NOUN
cblr-11902	70	11	is	be	AUX
cblr-11902	70	12	,	,	PUNCT
cblr-11902	70	13	how	how	SCONJ
cblr-11902	70	14	it	it	PRON
cblr-11902	70	15	helps	help	VERB
cblr-11902	70	16	etfs	etfs	NOUN
cblr-11902	70	17	,	,	PUNCT
cblr-11902	70	18	and	and	CCONJ
cblr-11902	70	19	how	how	SCONJ
cblr-11902	70	20	the	the	DET
cblr-11902	70	21	promulgation	promulgation	NOUN
cblr-11902	70	22	of	of	ADP
cblr-11902	70	23	rule	rule	NOUN
cblr-11902	70	24	6c-11	6c-11	PROPN
cblr-11902	70	25	by	by	ADP
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cblr-11902	70	27	sec	sec	PROPN
cblr-11902	70	28	can	can	AUX
cblr-11902	70	29	increase	increase	VERB
cblr-11902	70	30	the	the	DET
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cblr-11902	70	32	of	of	ADP
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cblr-11902	70	34	trades	trade	NOUN
cblr-11902	70	35	.	.	PUNCT
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cblr-11902	71	7	of	of	ADP
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cblr-11902	71	10	of	of	ADP
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cblr-11902	71	12	investment	investment	NOUN
cblr-11902	71	13	vehicles	vehicle	NOUN
cblr-11902	71	14	and	and	CCONJ
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cblr-11902	71	18	shortcomings	shortcoming	NOUN
cblr-11902	71	19	led	lead	VERB
cblr-11902	71	20	to	to	ADP
cblr-11902	71	21	the	the	DET
cblr-11902	71	22	rise	rise	NOUN
cblr-11902	71	23	of	of	ADP
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cblr-11902	72	10	,	,	PUNCT
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cblr-11902	72	12	is	be	AUX
cblr-11902	72	13	the	the	DET
cblr-11902	72	14	dual	dual	ADJ
cblr-11902	72	15	trading	trading	NOUN
cblr-11902	72	16	system	system	NOUN
cblr-11902	72	17	.	.	PUNCT
cblr-11902	73	1	this	this	DET
cblr-11902	73	2	system	system	NOUN
cblr-11902	73	3	allows	allow	VERB
cblr-11902	73	4	shares	share	NOUN
cblr-11902	73	5	of	of	ADP
cblr-11902	73	6	etfs	etfs	PROPN
cblr-11902	73	7	to	to	PART
cblr-11902	73	8	trade	trade	VERB
cblr-11902	73	9	on	on	ADP
cblr-11902	73	10	exchanges	exchange	NOUN
cblr-11902	73	11	like	like	ADP
cblr-11902	73	12	a	a	DET
cblr-11902	73	13	typical	typical	ADJ
cblr-11902	73	14	stock	stock	NOUN
cblr-11902	73	15	but	but	CCONJ
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cblr-11902	73	17	the	the	DET
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cblr-11902	73	19	of	of	ADP
cblr-11902	73	20	etf	etf	NOUN
cblr-11902	73	21	shares	share	NOUN
cblr-11902	73	22	can	can	AUX
cblr-11902	73	23	also	also	ADV
cblr-11902	73	24	grow	grow	VERB
cblr-11902	73	25	or	or	CCONJ
cblr-11902	73	26	shrink	shrink	VERB
cblr-11902	73	27	through	through	ADP
cblr-11902	73	28	exchanges	exchange	NOUN
cblr-11902	73	29	of	of	ADP
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cblr-11902	73	31	of	of	ADP
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cblr-11902	73	33	with	with	ADP
cblr-11902	73	34	certain	certain	ADJ
cblr-11902	73	35	investors	investor	NOUN
cblr-11902	73	36	known	know	VERB
cblr-11902	73	37	as	as	ADP
cblr-11902	73	38	authorized	authorize	VERB
cblr-11902	73	39	participants	participant	NOUN
cblr-11902	73	40	(	(	PUNCT
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cblr-11902	74	2	,	,	PUNCT
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cblr-11902	74	4	ii	ii	NOUN
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cblr-11902	74	9	treatment	treatment	NOUN
cblr-11902	74	10	of	of	ADP
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cblr-11902	74	12	.	.	PUNCT
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cblr-11902	75	3	852(b)(6	852(b)(6	NUM
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cblr-11902	75	13	have	have	VERB
cblr-11902	75	14	to	to	PART
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cblr-11902	75	39	ap	ap	PROPN
cblr-11902	75	40	.	.	PUNCT
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cblr-11902	76	2	exemption	exemption	NOUN
cblr-11902	76	3	has	have	AUX
cblr-11902	76	4	made	make	VERB
cblr-11902	76	5	etfs	etfs	NOUN
cblr-11902	76	6	very	very	ADV
cblr-11902	76	7	tax	tax	NOUN
cblr-11902	76	8	-	-	PUNCT
cblr-11902	76	9	efficient	efficient	ADJ
cblr-11902	76	10	,	,	PUNCT
cblr-11902	76	11	and	and	CCONJ
cblr-11902	76	12	they	they	PRON
cblr-11902	76	13	rarely	rarely	ADV
cblr-11902	76	14	distribute	distribute	VERB
cblr-11902	76	15	capital	capital	NOUN
cblr-11902	76	16	gains	gain	NOUN
cblr-11902	76	17	to	to	ADP
cblr-11902	76	18	their	their	PRON
cblr-11902	76	19	shareholders	shareholder	NOUN
cblr-11902	76	20	.	.	PUNCT
cblr-11902	77	1	the	the	DET
cblr-11902	77	2	part	part	NOUN
cblr-11902	77	3	then	then	ADV
cblr-11902	77	4	describes	describe	VERB
cblr-11902	77	5	a	a	DET
cblr-11902	77	6	trade	trade	NOUN
cblr-11902	77	7	of	of	ADP
cblr-11902	77	8	etfs	etfs	NOUN
cblr-11902	77	9	that	that	PRON
cblr-11902	77	10	takes	take	VERB
cblr-11902	77	11	advantage	advantage	NOUN
cblr-11902	77	12	of	of	ADP
cblr-11902	77	13	the	the	DET
cblr-11902	77	14	exemption	exemption	NOUN
cblr-11902	77	15	.	.	PUNCT
cblr-11902	78	1	occasionally	occasionally	ADV
cblr-11902	78	2	,	,	PUNCT
cblr-11902	78	3	an	an	DET
cblr-11902	78	4	etf	etf	NOUN
cblr-11902	78	5	may	may	AUX
cblr-11902	78	6	have	have	VERB
cblr-11902	78	7	to	to	PART
cblr-11902	78	8	remove	remove	VERB
cblr-11902	78	9	a	a	DET
cblr-11902	78	10	large	large	ADJ
cblr-11902	78	11	portion	portion	NOUN
cblr-11902	78	12	of	of	ADP
cblr-11902	78	13	appreciated	appreciated	ADJ
cblr-11902	78	14	stocks	stock	NOUN
cblr-11902	78	15	from	from	ADP
cblr-11902	78	16	its	its	PRON
cblr-11902	78	17	no	no	NOUN
cblr-11902	78	18	.	.	NOUN
cblr-11902	79	1	1	1	NUM
cblr-11902	79	2	]	]	PUNCT
cblr-11902	79	3	sec	sec	PROPN
cblr-11902	79	4	rule	rule	NOUN
cblr-11902	79	5	6c-11	6c-11	PROPN
cblr-11902	79	6	’s	’s	PART
cblr-11902	79	7	impact	impact	NOUN
cblr-11902	79	8	on	on	ADP
cblr-11902	79	9	usage	usage	NOUN
cblr-11902	79	10	of	of	ADP
cblr-11902	79	11	heartbeat	heartbeat	NOUN
cblr-11902	79	12	trades	trade	VERB
cblr-11902	79	13	539	539	NUM
cblr-11902	79	14	portfolio	portfolio	NOUN
cblr-11902	79	15	.	.	PUNCT
cblr-11902	80	1	in	in	ADP
cblr-11902	80	2	this	this	DET
cblr-11902	80	3	case	case	NOUN
cblr-11902	80	4	,	,	PUNCT
cblr-11902	80	5	its	its	PRON
cblr-11902	80	6	ordinary	ordinary	ADJ
cblr-11902	80	7	exchanges	exchange	NOUN
cblr-11902	80	8	with	with	ADP
cblr-11902	80	9	aps	ap	NOUN
cblr-11902	80	10	may	may	AUX
cblr-11902	80	11	not	not	PART
cblr-11902	80	12	be	be	AUX
cblr-11902	80	13	enough	enough	ADJ
cblr-11902	80	14	to	to	PART
cblr-11902	80	15	remove	remove	VERB
cblr-11902	80	16	appreciated	appreciated	ADJ
cblr-11902	80	17	stocks	stock	NOUN
cblr-11902	80	18	.	.	PUNCT
cblr-11902	81	1	rather	rather	ADV
cblr-11902	81	2	than	than	ADP
cblr-11902	81	3	selling	sell	VERB
cblr-11902	81	4	the	the	DET
cblr-11902	81	5	stocks	stock	NOUN
cblr-11902	81	6	and	and	CCONJ
cblr-11902	81	7	incurring	incur	VERB
cblr-11902	81	8	the	the	DET
cblr-11902	81	9	taxation	taxation	NOUN
cblr-11902	81	10	on	on	ADP
cblr-11902	81	11	their	their	PRON
cblr-11902	81	12	gains	gain	NOUN
cblr-11902	81	13	,	,	PUNCT
cblr-11902	81	14	etfs	etfs	PROPN
cblr-11902	81	15	instead	instead	ADV
cblr-11902	81	16	partner	partner	VERB
cblr-11902	81	17	with	with	ADP
cblr-11902	81	18	a	a	DET
cblr-11902	81	19	friendly	friendly	ADJ
cblr-11902	81	20	investor	investor	NOUN
cblr-11902	81	21	,	,	PUNCT
cblr-11902	81	22	who	who	PRON
cblr-11902	81	23	provides	provide	VERB
cblr-11902	81	24	them	they	PRON
cblr-11902	81	25	with	with	ADP
cblr-11902	81	26	capital	capital	NOUN
cblr-11902	81	27	to	to	PART
cblr-11902	81	28	create	create	VERB
cblr-11902	81	29	new	new	ADJ
cblr-11902	81	30	shares	share	NOUN
cblr-11902	81	31	.	.	PUNCT
cblr-11902	82	1	a	a	DET
cblr-11902	82	2	few	few	ADJ
cblr-11902	82	3	days	day	NOUN
cblr-11902	82	4	later	later	ADV
cblr-11902	82	5	,	,	PUNCT
cblr-11902	82	6	the	the	DET
cblr-11902	82	7	same	same	ADJ
cblr-11902	82	8	investor	investor	NOUN
cblr-11902	82	9	takes	take	VERB
cblr-11902	82	10	back	back	ADV
cblr-11902	82	11	its	its	PRON
cblr-11902	82	12	capital	capital	NOUN
cblr-11902	82	13	and	and	CCONJ
cblr-11902	82	14	redeems	redeem	VERB
cblr-11902	82	15	its	its	PRON
cblr-11902	82	16	shares	share	NOUN
cblr-11902	82	17	,	,	PUNCT
cblr-11902	82	18	receiving	receive	VERB
cblr-11902	82	19	the	the	DET
cblr-11902	82	20	etfs	etfs	NOUN
cblr-11902	82	21	’	'	PUNCT
cblr-11902	82	22	appreciated	appreciated	ADJ
cblr-11902	82	23	shares	share	NOUN
cblr-11902	82	24	in	in	ADP
cblr-11902	82	25	return	return	NOUN
cblr-11902	82	26	and	and	CCONJ
cblr-11902	82	27	helping	help	VERB
cblr-11902	82	28	the	the	DET
cblr-11902	82	29	fund	fund	NOUN
cblr-11902	82	30	avoid	avoid	VERB
cblr-11902	82	31	recognition	recognition	NOUN
cblr-11902	82	32	of	of	ADP
cblr-11902	82	33	gains	gain	NOUN
cblr-11902	82	34	on	on	ADP
cblr-11902	82	35	those	those	DET
cblr-11902	82	36	stocks	stock	NOUN
cblr-11902	82	37	.	.	PUNCT
cblr-11902	83	1	this	this	PRON
cblr-11902	83	2	is	be	AUX
cblr-11902	83	3	known	know	VERB
cblr-11902	83	4	in	in	ADP
cblr-11902	83	5	the	the	DET
cblr-11902	83	6	industry	industry	NOUN
cblr-11902	83	7	as	as	ADP
cblr-11902	83	8	a	a	DET
cblr-11902	83	9	heartbeat	heartbeat	NOUN
cblr-11902	83	10	trade	trade	NOUN
cblr-11902	83	11	,	,	PUNCT
cblr-11902	83	12	and	and	CCONJ
cblr-11902	83	13	it	it	PRON
cblr-11902	83	14	has	have	AUX
cblr-11902	83	15	drawn	draw	VERB
cblr-11902	83	16	criticism	criticism	NOUN
cblr-11902	83	17	from	from	ADP
cblr-11902	83	18	observers	observer	NOUN
cblr-11902	83	19	as	as	ADP
cblr-11902	83	20	a	a	DET
cblr-11902	83	21	“	"	PUNCT
cblr-11902	83	22	sham	sham	ADJ
cblr-11902	83	23	transaction	transaction	NOUN
cblr-11902	83	24	”	"	PUNCT
cblr-11902	83	25	that	that	PRON
cblr-11902	83	26	may	may	AUX
cblr-11902	83	27	not	not	PART
cblr-11902	83	28	be	be	AUX
cblr-11902	83	29	legal	legal	ADJ
cblr-11902	83	30	.	.	PUNCT
cblr-11902	84	1	finally	finally	ADV
cblr-11902	84	2	,	,	PUNCT
cblr-11902	84	3	the	the	DET
cblr-11902	84	4	part	part	NOUN
cblr-11902	84	5	describes	describe	VERB
cblr-11902	84	6	sec	sec	PROPN
cblr-11902	84	7	rule	rule	NOUN
cblr-11902	84	8	6c-11	6c-11	NUM
cblr-11902	84	9	,	,	PUNCT
cblr-11902	84	10	which	which	PRON
cblr-11902	84	11	impacts	impact	VERB
cblr-11902	84	12	how	how	SCONJ
cblr-11902	84	13	etfs	etfs	NOUN
cblr-11902	84	14	are	be	AUX
cblr-11902	84	15	regulated	regulate	VERB
cblr-11902	84	16	.	.	PUNCT
cblr-11902	85	1	importantly	importantly	ADV
cblr-11902	85	2	,	,	PUNCT
cblr-11902	85	3	the	the	DET
cblr-11902	85	4	rule	rule	NOUN
cblr-11902	85	5	allows	allow	VERB
cblr-11902	85	6	all	all	DET
cblr-11902	85	7	etfs	etfs	NOUN
cblr-11902	85	8	to	to	PART
cblr-11902	85	9	use	use	VERB
cblr-11902	85	10	custom	custom	NOUN
cblr-11902	85	11	baskets	basket	NOUN
cblr-11902	85	12	,	,	PUNCT
cblr-11902	85	13	which	which	PRON
cblr-11902	85	14	is	be	AUX
cblr-11902	85	15	a	a	DET
cblr-11902	85	16	mechanism	mechanism	NOUN
cblr-11902	85	17	that	that	PRON
cblr-11902	85	18	allows	allow	VERB
cblr-11902	85	19	them	they	PRON
cblr-11902	85	20	to	to	PART
cblr-11902	85	21	exchange	exchange	VERB
cblr-11902	85	22	any	any	DET
cblr-11902	85	23	basket	basket	NOUN
cblr-11902	85	24	of	of	ADP
cblr-11902	85	25	securities	security	NOUN
cblr-11902	85	26	with	with	ADP
cblr-11902	85	27	aps	ap	NOUN
cblr-11902	85	28	rather	rather	ADV
cblr-11902	85	29	than	than	ADP
cblr-11902	85	30	only	only	ADV
cblr-11902	85	31	exchanging	exchange	VERB
cblr-11902	85	32	ones	one	NOUN
cblr-11902	85	33	that	that	PRON
cblr-11902	85	34	are	be	AUX
cblr-11902	85	35	a	a	DET
cblr-11902	85	36	pro	pro	ADJ
cblr-11902	85	37	rata	rata	ADJ
cblr-11902	85	38	representation	representation	NOUN
cblr-11902	85	39	of	of	ADP
cblr-11902	85	40	their	their	PRON
cblr-11902	85	41	holdings	holding	NOUN
cblr-11902	85	42	.	.	PUNCT
cblr-11902	86	1	this	this	PRON
cblr-11902	86	2	has	have	VERB
cblr-11902	86	3	the	the	DET
cblr-11902	86	4	potential	potential	NOUN
cblr-11902	86	5	to	to	PART
cblr-11902	86	6	increase	increase	VERB
cblr-11902	86	7	the	the	DET
cblr-11902	86	8	frequency	frequency	NOUN
cblr-11902	86	9	of	of	ADP
cblr-11902	86	10	heartbeat	heartbeat	NOUN
cblr-11902	86	11	trades	trade	NOUN
cblr-11902	86	12	by	by	ADP
cblr-11902	86	13	making	make	VERB
cblr-11902	86	14	them	they	PRON
cblr-11902	86	15	operationally	operationally	ADV
cblr-11902	86	16	easier	easy	ADJ
cblr-11902	86	17	for	for	SCONJ
cblr-11902	86	18	some	some	DET
cblr-11902	86	19	funds	fund	NOUN
cblr-11902	86	20	to	to	PART
cblr-11902	86	21	execute	execute	VERB
cblr-11902	86	22	as	as	SCONJ
cblr-11902	86	23	they	they	PRON
cblr-11902	86	24	can	can	AUX
cblr-11902	86	25	distribute	distribute	VERB
cblr-11902	86	26	only	only	ADV
cblr-11902	86	27	appreciated	appreciate	VERB
cblr-11902	86	28	securities	security	NOUN
cblr-11902	86	29	to	to	ADP
cblr-11902	86	30	aps	aps	PROPN
cblr-11902	86	31	rather	rather	ADV
cblr-11902	86	32	than	than	ADP
cblr-11902	86	33	having	have	VERB
cblr-11902	86	34	to	to	PART
cblr-11902	86	35	include	include	VERB
cblr-11902	86	36	other	other	ADJ
cblr-11902	86	37	stocks	stock	NOUN
cblr-11902	86	38	as	as	ADV
cblr-11902	86	39	well	well	ADV
cblr-11902	86	40	.	.	PUNCT
cblr-11902	87	1	a.	a.	NOUN
cblr-11902	87	2	the	the	DET
cblr-11902	87	3	history	history	NOUN
cblr-11902	87	4	and	and	CCONJ
cblr-11902	87	5	mechanics	mechanic	NOUN
cblr-11902	87	6	of	of	ADP
cblr-11902	87	7	etfs	etfs	PROPN
cblr-11902	87	8	1	1	NUM
cblr-11902	87	9	.	.	PUNCT
cblr-11902	88	1	the	the	DET
cblr-11902	88	2	rise	rise	NOUN
cblr-11902	88	3	of	of	ADP
cblr-11902	88	4	pooled	pool	VERB
cblr-11902	88	5	investment	investment	NOUN
cblr-11902	88	6	funds	fund	NOUN
cblr-11902	88	7	and	and	CCONJ
cblr-11902	88	8	their	their	PRON
cblr-11902	88	9	structural	structural	ADJ
cblr-11902	88	10	issues	issue	NOUN
cblr-11902	88	11	to	to	PART
cblr-11902	88	12	understand	understand	VERB
cblr-11902	88	13	the	the	DET
cblr-11902	88	14	structure	structure	NOUN
cblr-11902	88	15	of	of	ADP
cblr-11902	88	16	an	an	DET
cblr-11902	88	17	etf	etf	NOUN
cblr-11902	88	18	,	,	PUNCT
cblr-11902	88	19	it	it	PRON
cblr-11902	88	20	is	be	AUX
cblr-11902	88	21	helpful	helpful	ADJ
cblr-11902	88	22	to	to	PART
cblr-11902	88	23	understand	understand	VERB
cblr-11902	88	24	where	where	SCONJ
cblr-11902	88	25	they	they	PRON
cblr-11902	88	26	came	come	VERB
cblr-11902	88	27	from	from	ADP
cblr-11902	88	28	.	.	PUNCT
cblr-11902	89	1	pooled	pool	VERB
cblr-11902	89	2	investment	investment	NOUN
cblr-11902	89	3	vehicles	vehicle	NOUN
cblr-11902	89	4	grew	grow	VERB
cblr-11902	89	5	in	in	ADP
cblr-11902	89	6	popularity	popularity	NOUN
cblr-11902	89	7	in	in	ADP
cblr-11902	89	8	response	response	NOUN
cblr-11902	89	9	to	to	ADP
cblr-11902	89	10	investors	investor	NOUN
cblr-11902	89	11	’	'	PUNCT
cblr-11902	89	12	desire	desire	NOUN
cblr-11902	89	13	to	to	PART
cblr-11902	89	14	expand	expand	VERB
cblr-11902	89	15	their	their	PRON
cblr-11902	89	16	investments.19	investments.19	NOUN
cblr-11902	89	17	a	a	DET
cblr-11902	89	18	pooled	pooled	ADJ
cblr-11902	89	19	investment	investment	NOUN
cblr-11902	89	20	vehicle	vehicle	NOUN
cblr-11902	89	21	is	be	AUX
cblr-11902	89	22	“	"	PUNCT
cblr-11902	89	23	an	an	DET
cblr-11902	89	24	entity	entity	NOUN
cblr-11902	89	25	—	—	PUNCT
cblr-11902	89	26	often	often	ADV
cblr-11902	89	27	referred	refer	VERB
cblr-11902	89	28	to	to	ADP
cblr-11902	89	29	as	as	ADP
cblr-11902	89	30	a	a	DET
cblr-11902	89	31	fund	fund	NOUN
cblr-11902	89	32	—	—	PUNCT
cblr-11902	89	33	that	that	SCONJ
cblr-11902	89	34	an	an	DET
cblr-11902	89	35	adviser	adviser	NOUN
cblr-11902	89	36	creates	create	VERB
cblr-11902	89	37	to	to	AUX
cblr-11902	89	38	pool	pool	NOUN
cblr-11902	89	39	money	money	NOUN
cblr-11902	89	40	from	from	ADP
cblr-11902	89	41	multiple	multiple	ADJ
cblr-11902	89	42	investors	investor	NOUN
cblr-11902	89	43	.	.	PUNCT
cblr-11902	90	1	each	each	DET
cblr-11902	90	2	investor	investor	NOUN
cblr-11902	90	3	makes	make	VERB
cblr-11902	90	4	an	an	DET
cblr-11902	90	5	investment	investment	NOUN
cblr-11902	90	6	in	in	ADP
cblr-11902	90	7	the	the	DET
cblr-11902	90	8	fund	fund	NOUN
cblr-11902	90	9	by	by	ADP
cblr-11902	90	10	purchasing	purchase	VERB
cblr-11902	90	11	an	an	DET
cblr-11902	90	12	interest	interest	NOUN
cblr-11902	90	13	in	in	ADP
cblr-11902	90	14	19	19	NUM
cblr-11902	90	15	joanne	joanne	PROPN
cblr-11902	90	16	m.	m.	PROPN
cblr-11902	90	17	hill	hill	PROPN
cblr-11902	90	18	,	,	PUNCT
cblr-11902	90	19	dave	dave	PROPN
cblr-11902	90	20	nadig	nadig	PROPN
cblr-11902	90	21	,	,	PUNCT
cblr-11902	90	22	and	and	CCONJ
cblr-11902	90	23	matt	matt	PROPN
cblr-11902	90	24	hougan	hougan	PROPN
cblr-11902	90	25	,	,	PUNCT
cblr-11902	90	26	a	a	DET
cblr-11902	90	27	comprehensive	comprehensive	ADJ
cblr-11902	90	28	guide	guide	NOUN
cblr-11902	90	29	to	to	ADP
cblr-11902	90	30	exchange	exchange	NOUN
cblr-11902	90	31	-	-	PUNCT
cblr-11902	90	32	traded	trade	VERB
cblr-11902	90	33	funds	fund	NOUN
cblr-11902	90	34	(	(	PUNCT
cblr-11902	90	35	etfs	etfs	PROPN
cblr-11902	90	36	)	)	PUNCT
cblr-11902	90	37	1	1	NUM
cblr-11902	90	38	,	,	PUNCT
cblr-11902	90	39	11	11	NUM
cblr-11902	90	40	(	(	PUNCT
cblr-11902	90	41	cfa	cfa	PROPN
cblr-11902	90	42	institute	institute	PROPN
cblr-11902	90	43	research	research	PROPN
cblr-11902	90	44	foundation	foundation	PROPN
cblr-11902	90	45	)	)	PUNCT
cblr-11902	90	46	(	(	PUNCT
cblr-11902	90	47	2015	2015	NUM
cblr-11902	90	48	)	)	PUNCT
cblr-11902	90	49	,	,	PUNCT
cblr-11902	90	50	https://www.cfainstitute.org//media/documents/book/rf-publication/2015/rf-v2015-n3-1-pdf.pdf	https://www.cfainstitute.org//media/documents/book/rf-publication/2015/rf-v2015-n3-1-pdf.pdf	PROPN
cblr-11902	91	1	[	[	X
cblr-11902	91	2	https://perma.cc/v86d-xd4s	https://perma.cc/v86d-xd4s	NOUN
cblr-11902	91	3	]	]	PUNCT
cblr-11902	91	4	.	.	PUNCT
cblr-11902	92	1	540	540	NUM
cblr-11902	92	2	columbia	columbia	PROPN
cblr-11902	92	3	business	business	NOUN
cblr-11902	92	4	law	law	PROPN
cblr-11902	92	5	review	review	NOUN
cblr-11902	92	6	[	[	X
cblr-11902	92	7	vol	vol	NOUN
cblr-11902	92	8	.	.	PUNCT
cblr-11902	92	9	2023	2023	NUM
cblr-11902	93	1	the	the	DET
cblr-11902	93	2	fund	fund	NOUN
cblr-11902	93	3	entity	entity	NOUN
cblr-11902	93	4	,	,	PUNCT
cblr-11902	93	5	and	and	CCONJ
cblr-11902	93	6	the	the	DET
cblr-11902	93	7	adviser	adviser	NOUN
cblr-11902	93	8	uses	use	VERB
cblr-11902	93	9	that	that	DET
cblr-11902	93	10	money	money	NOUN
cblr-11902	93	11	to	to	PART
cblr-11902	93	12	make	make	VERB
cblr-11902	93	13	investments	investment	NOUN
cblr-11902	93	14	on	on	ADP
cblr-11902	93	15	behalf	behalf	NOUN
cblr-11902	93	16	of	of	ADP
cblr-11902	93	17	the	the	DET
cblr-11902	93	18	fund	fund	NOUN
cblr-11902	93	19	.	.	PUNCT
cblr-11902	94	1	”20	”20	NOUN
cblr-11902	94	2	by	by	ADP
cblr-11902	94	3	pooling	pool	VERB
cblr-11902	94	4	money	money	NOUN
cblr-11902	94	5	,	,	PUNCT
cblr-11902	94	6	investors	investor	NOUN
cblr-11902	94	7	gain	gain	VERB
cblr-11902	94	8	diversification	diversification	NOUN
cblr-11902	94	9	in	in	ADP
cblr-11902	94	10	investments	investment	NOUN
cblr-11902	94	11	and	and	CCONJ
cblr-11902	94	12	economies	economy	NOUN
cblr-11902	94	13	of	of	ADP
cblr-11902	94	14	scale	scale	NOUN
cblr-11902	94	15	in	in	ADP
cblr-11902	94	16	trading	trading	NOUN
cblr-11902	94	17	and	and	CCONJ
cblr-11902	94	18	performance	performance	NOUN
cblr-11902	94	19	management.21	management.21	NOUN
cblr-11902	94	20	an	an	DET
cblr-11902	94	21	open	open	ADJ
cblr-11902	94	22	-	-	PUNCT
cblr-11902	94	23	end	end	NOUN
cblr-11902	94	24	fund	fund	NOUN
cblr-11902	94	25	is	be	AUX
cblr-11902	94	26	a	a	DET
cblr-11902	94	27	particular	particular	ADJ
cblr-11902	94	28	kind	kind	NOUN
cblr-11902	94	29	of	of	ADP
cblr-11902	94	30	pooled	pooled	ADJ
cblr-11902	94	31	investment	investment	NOUN
cblr-11902	94	32	vehicle	vehicle	NOUN
cblr-11902	94	33	that	that	PRON
cblr-11902	94	34	offers	offer	VERB
cblr-11902	94	35	redeemable	redeemable	ADJ
cblr-11902	94	36	securities	security	NOUN
cblr-11902	94	37	to	to	ADP
cblr-11902	94	38	its	its	PRON
cblr-11902	94	39	investors.22	investors.22	NOUN
cblr-11902	94	40	this	this	PRON
cblr-11902	94	41	means	mean	VERB
cblr-11902	94	42	that	that	SCONJ
cblr-11902	94	43	when	when	SCONJ
cblr-11902	94	44	an	an	DET
cblr-11902	94	45	individual	individual	ADJ
cblr-11902	94	46	invests	invest	NOUN
cblr-11902	94	47	in	in	ADP
cblr-11902	94	48	the	the	DET
cblr-11902	94	49	open	open	ADJ
cblr-11902	94	50	-	-	PUNCT
cblr-11902	94	51	end	end	NOUN
cblr-11902	94	52	fund	fund	NOUN
cblr-11902	94	53	,	,	PUNCT
cblr-11902	94	54	they	they	PRON
cblr-11902	94	55	will	will	AUX
cblr-11902	94	56	receive	receive	VERB
cblr-11902	94	57	shares	share	NOUN
cblr-11902	94	58	in	in	ADP
cblr-11902	94	59	the	the	DET
cblr-11902	94	60	fund	fund	NOUN
cblr-11902	94	61	and	and	CCONJ
cblr-11902	94	62	when	when	SCONJ
cblr-11902	94	63	an	an	DET
cblr-11902	94	64	investor	investor	NOUN
cblr-11902	94	65	wants	want	VERB
cblr-11902	94	66	to	to	PART
cblr-11902	94	67	return	return	VERB
cblr-11902	94	68	their	their	PRON
cblr-11902	94	69	fund	fund	NOUN
cblr-11902	94	70	shares	share	NOUN
cblr-11902	94	71	,	,	PUNCT
cblr-11902	94	72	the	the	DET
cblr-11902	94	73	fund	fund	NOUN
cblr-11902	94	74	must	must	AUX
cblr-11902	94	75	give	give	VERB
cblr-11902	94	76	them	they	PRON
cblr-11902	94	77	their	their	PRON
cblr-11902	94	78	proportionate	proportionate	ADJ
cblr-11902	94	79	share	share	NOUN
cblr-11902	94	80	of	of	ADP
cblr-11902	94	81	the	the	DET
cblr-11902	94	82	fund	fund	NOUN
cblr-11902	94	83	’s	’s	PART
cblr-11902	94	84	current	current	ADJ
cblr-11902	94	85	net	net	ADJ
cblr-11902	94	86	assets	asset	NOUN
cblr-11902	94	87	or	or	CCONJ
cblr-11902	94	88	the	the	DET
cblr-11902	94	89	cash	cash	NOUN
cblr-11902	94	90	value	value	NOUN
cblr-11902	94	91	of	of	ADP
cblr-11902	94	92	that	that	PRON
cblr-11902	94	93	share.23	share.23	VERB
cblr-11902	94	94	the	the	DET
cblr-11902	94	95	oldest	old	ADJ
cblr-11902	94	96	and	and	CCONJ
cblr-11902	94	97	most	most	ADV
cblr-11902	94	98	popular	popular	ADJ
cblr-11902	94	99	open	open	ADJ
cblr-11902	94	100	-	-	PUNCT
cblr-11902	94	101	end	end	NOUN
cblr-11902	94	102	fund	fund	NOUN
cblr-11902	94	103	type	type	NOUN
cblr-11902	94	104	is	be	AUX
cblr-11902	94	105	the	the	DET
cblr-11902	94	106	mutual	mutual	ADJ
cblr-11902	94	107	fund.24	fund.24	NOUN
cblr-11902	94	108	a	a	DET
cblr-11902	94	109	mutual	mutual	ADJ
cblr-11902	94	110	fund	fund	NOUN
cblr-11902	94	111	continuously	continuously	ADV
cblr-11902	94	112	sells	sell	VERB
cblr-11902	94	113	shares	share	NOUN
cblr-11902	94	114	of	of	ADP
cblr-11902	94	115	its	its	PRON
cblr-11902	94	116	fund	fund	NOUN
cblr-11902	94	117	to	to	ADP
cblr-11902	94	118	investors	investor	NOUN
cblr-11902	94	119	that	that	PRON
cblr-11902	94	120	are	be	AUX
cblr-11902	94	121	priced	price	VERB
cblr-11902	94	122	at	at	ADP
cblr-11902	94	123	the	the	DET
cblr-11902	94	124	fund	fund	NOUN
cblr-11902	94	125	’s	’s	PART
cblr-11902	94	126	net	net	ADJ
cblr-11902	94	127	-	-	PUNCT
cblr-11902	94	128	asset	asset	NOUN
cblr-11902	94	129	value	value	NOUN
cblr-11902	94	130	(	(	PUNCT
cblr-11902	94	131	nav	nav	NOUN
cblr-11902	94	132	)	)	PUNCT
cblr-11902	94	133	and	and	CCONJ
cblr-11902	94	134	continuously	continuously	ADV
cblr-11902	94	135	redeems	redeem	VERB
cblr-11902	94	136	its	its	PRON
cblr-11902	94	137	shares	share	NOUN
cblr-11902	94	138	at	at	ADP
cblr-11902	94	139	the	the	DET
cblr-11902	94	140	fund	fund	NOUN
cblr-11902	94	141	’s	’s	PART
cblr-11902	94	142	nav.25	nav.25	NOUN
cblr-11902	94	143	the	the	DET
cblr-11902	94	144	nav	nav	NOUN
cblr-11902	94	145	of	of	ADP
cblr-11902	94	146	a	a	DET
cblr-11902	94	147	mutual	mutual	ADJ
cblr-11902	94	148	fund	fund	NOUN
cblr-11902	94	149	is	be	AUX
cblr-11902	94	150	based	base	VERB
cblr-11902	94	151	on	on	ADP
cblr-11902	94	152	the	the	DET
cblr-11902	94	153	value	value	NOUN
cblr-11902	94	154	of	of	ADP
cblr-11902	94	155	the	the	DET
cblr-11902	94	156	underlying	underlie	VERB
cblr-11902	94	157	investments	investment	NOUN
cblr-11902	94	158	of	of	ADP
cblr-11902	94	159	the	the	DET
cblr-11902	94	160	fund	fund	NOUN
cblr-11902	94	161	,	,	PUNCT
cblr-11902	94	162	minus	minus	CCONJ
cblr-11902	94	163	any	any	DET
cblr-11902	94	164	liabilities.26	liabilities.26	NOUN
cblr-11902	94	165	importantly	importantly	ADV
cblr-11902	94	166	,	,	PUNCT
cblr-11902	94	167	a	a	DET
cblr-11902	94	168	mutual	mutual	ADJ
cblr-11902	94	169	fund	fund	NOUN
cblr-11902	94	170	only	only	ADV
cblr-11902	94	171	calculates	calculate	VERB
cblr-11902	94	172	its	its	PRON
cblr-11902	94	173	nav	nav	NOUN
cblr-11902	94	174	once	once	ADV
cblr-11902	94	175	per	per	ADP
cblr-11902	94	176	day	day	NOUN
cblr-11902	94	177	,	,	PUNCT
cblr-11902	94	178	using	use	VERB
cblr-11902	94	179	the	the	DET
cblr-11902	94	180	closing	close	VERB
cblr-11902	94	181	market	market	NOUN
cblr-11902	94	182	prices	price	NOUN
cblr-11902	94	183	of	of	ADP
cblr-11902	94	184	the	the	DET
cblr-11902	94	185	investments	investment	NOUN
cblr-11902	94	186	it	it	PRON
cblr-11902	94	187	holds.27	holds.27	VERB
cblr-11902	94	188	thus	thus	ADV
cblr-11902	94	189	,	,	PUNCT
cblr-11902	94	190	investors	investor	NOUN
cblr-11902	94	191	will	will	AUX
cblr-11902	94	192	pay	pay	VERB
cblr-11902	94	193	or	or	CCONJ
cblr-11902	94	194	receive	receive	VERB
cblr-11902	94	195	the	the	DET
cblr-11902	94	196	same	same	ADJ
cblr-11902	94	197	nav	nav	NOUN
cblr-11902	94	198	no	no	ADV
cblr-11902	94	199	matter	matter	ADV
cblr-11902	94	200	what	what	DET
cblr-11902	94	201	time	time	NOUN
cblr-11902	94	202	they	they	PRON
cblr-11902	94	203	trade	trade	VERB
cblr-11902	94	204	on	on	ADP
cblr-11902	94	205	any	any	DET
cblr-11902	94	206	given	give	VERB
cblr-11902	94	207	day.28	day.28	PROPN
cblr-11902	94	208	this	this	DET
cblr-11902	94	209	limitation	limitation	NOUN
cblr-11902	94	210	makes	make	VERB
cblr-11902	94	211	investing	invest	VERB
cblr-11902	94	212	in	in	ADP
cblr-11902	94	213	a	a	DET
cblr-11902	94	214	mutual	mutual	ADJ
cblr-11902	94	215	fund	fund	NOUN
cblr-11902	94	216	different	different	ADJ
cblr-11902	94	217	than	than	ADP
cblr-11902	94	218	investing	invest	VERB
cblr-11902	94	219	directly	directly	ADV
cblr-11902	94	220	in	in	ADP
cblr-11902	94	221	the	the	DET
cblr-11902	94	222	securities	security	NOUN
cblr-11902	94	223	the	the	DET
cblr-11902	94	224	fund	fund	NOUN
cblr-11902	94	225	holds	hold	VERB
cblr-11902	94	226	because	because	SCONJ
cblr-11902	94	227	a	a	DET
cblr-11902	94	228	direct	direct	ADJ
cblr-11902	94	229	investor	investor	NOUN
cblr-11902	94	230	would	would	AUX
cblr-11902	94	231	be	be	AUX
cblr-11902	94	232	able	able	ADJ
cblr-11902	94	233	to	to	PART
cblr-11902	94	234	trade	trade	VERB
cblr-11902	94	235	the	the	DET
cblr-11902	94	236	20	20	NUM
cblr-11902	94	237	sec	sec	PROPN
cblr-11902	94	238	,	,	PUNCT
cblr-11902	94	239	the	the	DET
cblr-11902	94	240	jargon	jargon	NOUN
cblr-11902	94	241	a	a	PRON
cblr-11902	94	242	to	to	ADP
cblr-11902	94	243	z	z	PROPN
cblr-11902	94	244	,	,	PUNCT
cblr-11902	94	245	https://www.sec.gov/jargon-z#piv	https://www.sec.gov/jargon-z#piv	PROPN
cblr-11902	95	1	[	[	X
cblr-11902	95	2	https://perma.cc/lg4m-zs9l	https://perma.cc/lg4m-zs9l	X
cblr-11902	95	3	]	]	X
cblr-11902	95	4	;	;	PUNCT
cblr-11902	95	5	see	see	VERB
cblr-11902	95	6	also	also	ADV
cblr-11902	95	7	17	17	NUM
cblr-11902	95	8	c.f.r	c.f.r	NOUN
cblr-11902	95	9	.	.	PUNCT
cblr-11902	96	1	§	§	PROPN
cblr-11902	96	2	275.206(4)-8(b	275.206(4)-8(b	NUM
cblr-11902	96	3	)	)	PUNCT
cblr-11902	96	4	.	.	PUNCT
cblr-11902	97	1	21	21	NUM
cblr-11902	97	2	hill	hill	PROPN
cblr-11902	97	3	et	et	PROPN
cblr-11902	97	4	.	.	PUNCT
cblr-11902	98	1	al	al	PROPN
cblr-11902	98	2	,	,	PUNCT
cblr-11902	98	3	supra	supra	PROPN
cblr-11902	98	4	note	note	PROPN
cblr-11902	98	5	19	19	NUM
cblr-11902	98	6	,	,	PUNCT
cblr-11902	98	7	at	at	ADP
cblr-11902	98	8	11	11	NUM
cblr-11902	98	9	.	.	PUNCT
cblr-11902	98	10	22	22	NUM
cblr-11902	98	11	jeffrey	jeffrey	PROPN
cblr-11902	98	12	m.	m.	NOUN
cblr-11902	98	13	colon	colon	NOUN
cblr-11902	98	14	,	,	PUNCT
cblr-11902	98	15	the	the	DET
cblr-11902	98	16	great	great	ADJ
cblr-11902	98	17	etf	etf	NOUN
cblr-11902	98	18	tax	tax	NOUN
cblr-11902	98	19	swindle	swindle	NOUN
cblr-11902	98	20	:	:	PUNCT
cblr-11902	98	21	the	the	DET
cblr-11902	98	22	taxation	taxation	NOUN
cblr-11902	98	23	of	of	ADP
cblr-11902	98	24	inkind	inkind	ADJ
cblr-11902	98	25	redemptions	redemption	NOUN
cblr-11902	98	26	,	,	PUNCT
cblr-11902	98	27	122	122	NUM
cblr-11902	98	28	penn	penn	PROPN
cblr-11902	98	29	st	st	PROPN
cblr-11902	98	30	.	.	PROPN
cblr-11902	98	31	l.	l.	PROPN
cblr-11902	98	32	rev	rev	PROPN
cblr-11902	98	33	.	.	PROPN
cblr-11902	98	34	1	1	NUM
cblr-11902	98	35	,	,	PUNCT
cblr-11902	98	36	11	11	NUM
cblr-11902	98	37	(	(	PUNCT
cblr-11902	98	38	2017	2017	NUM
cblr-11902	98	39	)	)	PUNCT
cblr-11902	98	40	(	(	PUNCT
cblr-11902	98	41	citing	cite	VERB
cblr-11902	98	42	15	15	NUM
cblr-11902	98	43	u.s.c	u.s.c	ADJ
cblr-11902	98	44	.	.	PUNCT
cblr-11902	99	1	§	§	NOUN
cblr-11902	99	2	80a-5(a)(1	80a-5(a)(1	NOUN
cblr-11902	99	3	)	)	PUNCT
cblr-11902	99	4	(	(	PUNCT
cblr-11902	99	5	2012	2012	NUM
cblr-11902	99	6	)	)	PUNCT
cblr-11902	99	7	(	(	PUNCT
cblr-11902	99	8	which	which	PRON
cblr-11902	99	9	defines	define	VERB
cblr-11902	99	10	redeemable	redeemable	ADJ
cblr-11902	99	11	securities	security	NOUN
cblr-11902	99	12	)	)	PUNCT
cblr-11902	99	13	.	.	PUNCT
cblr-11902	100	1	23	23	NUM
cblr-11902	100	2	15	15	NUM
cblr-11902	100	3	u.s.c	u.s.c	NOUN
cblr-11902	100	4	.	.	PUNCT
cblr-11902	101	1	§	§	PROPN
cblr-11902	101	2	§	§	PROPN
cblr-11902	101	3	80a-2(a)(32	80a-2(a)(32	NUM
cblr-11902	101	4	)	)	PUNCT
cblr-11902	101	5	.	.	PUNCT
cblr-11902	102	1	24	24	NUM
cblr-11902	102	2	colon	colon	NOUN
cblr-11902	102	3	,	,	PUNCT
cblr-11902	102	4	supra	supra	NOUN
cblr-11902	102	5	note	note	NOUN
cblr-11902	102	6	22	22	NUM
cblr-11902	102	7	,	,	PUNCT
cblr-11902	102	8	at	at	ADP
cblr-11902	102	9	11	11	NUM
cblr-11902	102	10	.	.	PUNCT
cblr-11902	103	1	25	25	NUM
cblr-11902	104	1	i	i	PROPN
cblr-11902	104	2	d.	d.	PROPN
cblr-11902	104	3	;	;	PUNCT
cblr-11902	104	4	17	17	NUM
cblr-11902	104	5	c.f.r	c.f.r	NOUN
cblr-11902	104	6	.	.	PUNCT
cblr-11902	105	1	§	§	PROPN
cblr-11902	105	2	270	270	NUM
cblr-11902	105	3	-	-	PUNCT
cblr-11902	105	4	22c-1(a	22c-1(a	NUM
cblr-11902	105	5	)	)	PUNCT
cblr-11902	105	6	.	.	PUNCT
cblr-11902	106	1	26	26	NUM
cblr-11902	106	2	joshua	joshua	PROPN
cblr-11902	106	3	kennon	kennon	PROPN
cblr-11902	106	4	,	,	PUNCT
cblr-11902	106	5	understanding	understand	VERB
cblr-11902	106	6	the	the	DET
cblr-11902	106	7	net	net	ADJ
cblr-11902	106	8	asset	asset	NOUN
cblr-11902	106	9	value	value	NOUN
cblr-11902	106	10	of	of	ADP
cblr-11902	106	11	your	your	PRON
cblr-11902	106	12	favorite	favorite	ADJ
cblr-11902	106	13	funds	fund	NOUN
cblr-11902	106	14	,	,	PUNCT
cblr-11902	106	15	the	the	DET
cblr-11902	106	16	balance	balance	NOUN
cblr-11902	106	17	(	(	PUNCT
cblr-11902	106	18	nov	nov	PROPN
cblr-11902	106	19	.	.	PROPN
cblr-11902	106	20	14	14	NUM
cblr-11902	106	21	,	,	PUNCT
cblr-11902	106	22	2021	2021	NUM
cblr-11902	106	23	)	)	PUNCT
cblr-11902	106	24	https://www.thebalance.com/what-isthe-net-asset-value-or-nav-of-a-mutual-fund-357949	https://www.thebalance.com/what-isthe-net-asset-value-or-nav-of-a-mutual-fund-357949	X
cblr-11902	107	1	[	[	X
cblr-11902	107	2	https://perma.cc/gv3b-m45h	https://perma.cc/gv3b-m45h	X
cblr-11902	107	3	]	]	X
cblr-11902	107	4	(	(	PUNCT
cblr-11902	107	5	defining	define	VERB
cblr-11902	107	6	nav	nav	NOUN
cblr-11902	107	7	as	as	ADP
cblr-11902	107	8	‘	'	PUNCT
cblr-11902	107	9	net	net	ADJ
cblr-11902	107	10	worth	worth	NOUN
cblr-11902	107	11	or	or	CCONJ
cblr-11902	107	12	book	book	NOUN
cblr-11902	107	13	value	value	NOUN
cblr-11902	107	14	—	—	PUNCT
cblr-11902	107	15	calculated	calculate	VERB
cblr-11902	107	16	as	as	ADP
cblr-11902	107	17	asset	asset	NOUN
cblr-11902	107	18	less	less	ADJ
cblr-11902	107	19	any	any	DET
cblr-11902	107	20	liabilities	liability	NOUN
cblr-11902	107	21	—	—	PUNCT
cblr-11902	107	22	of	of	ADP
cblr-11902	107	23	the	the	DET
cblr-11902	107	24	mutual	mutual	ADJ
cblr-11902	107	25	fund	fund	NOUN
cblr-11902	107	26	based	base	VERB
cblr-11902	107	27	upon	upon	SCONJ
cblr-11902	107	28	the	the	DET
cblr-11902	107	29	closing	close	VERB
cblr-11902	107	30	pieces	piece	NOUN
cblr-11902	107	31	of	of	ADP
cblr-11902	107	32	the	the	DET
cblr-11902	107	33	underlying	underlie	VERB
cblr-11902	107	34	investment	investment	NOUN
cblr-11902	107	35	the	the	DET
cblr-11902	107	36	fund	fund	NOUN
cblr-11902	107	37	owners	owner	NOUN
cblr-11902	107	38	”	"	PUNCT
cblr-11902	107	39	)	)	PUNCT
cblr-11902	107	40	.	.	PUNCT
cblr-11902	108	1	27	27	NUM
cblr-11902	108	2	see	see	VERB
cblr-11902	108	3	hill	hill	PROPN
cblr-11902	108	4	et	et	PROPN
cblr-11902	108	5	.	.	PUNCT
cblr-11902	109	1	al	al	PROPN
cblr-11902	109	2	,	,	PUNCT
cblr-11902	109	3	supra	supra	PROPN
cblr-11902	109	4	note	note	PROPN
cblr-11902	109	5	19	19	NUM
cblr-11902	109	6	,	,	PUNCT
cblr-11902	109	7	at	at	ADP
cblr-11902	109	8	13	13	NUM
cblr-11902	109	9	.	.	PUNCT
cblr-11902	109	10	28	28	NUM
cblr-11902	109	11	see	see	VERB
cblr-11902	109	12	i	i	PRON
cblr-11902	109	13	d.	d.	PROPN
cblr-11902	109	14	no	no	INTJ
cblr-11902	109	15	.	.	NOUN
cblr-11902	110	1	1	1	NUM
cblr-11902	110	2	]	]	PUNCT
cblr-11902	110	3	sec	sec	PROPN
cblr-11902	110	4	rule	rule	NOUN
cblr-11902	110	5	6c-11	6c-11	PROPN
cblr-11902	110	6	’s	’s	PART
cblr-11902	110	7	impact	impact	NOUN
cblr-11902	110	8	on	on	ADP
cblr-11902	110	9	usage	usage	NOUN
cblr-11902	110	10	of	of	ADP
cblr-11902	110	11	heartbeat	heartbeat	NOUN
cblr-11902	110	12	trades	trade	VERB
cblr-11902	110	13	541	541	NUM
cblr-11902	110	14	stock	stock	NOUN
cblr-11902	110	15	themselves	themselves	PRON
cblr-11902	110	16	continuously	continuously	ADV
cblr-11902	110	17	as	as	SCONJ
cblr-11902	110	18	prices	price	NOUN
cblr-11902	110	19	change	change	VERB
cblr-11902	110	20	.	.	PUNCT
cblr-11902	111	1	it	it	PRON
cblr-11902	111	2	also	also	ADV
cblr-11902	111	3	makes	make	VERB
cblr-11902	111	4	a	a	DET
cblr-11902	111	5	mutual	mutual	ADJ
cblr-11902	111	6	fund	fund	NOUN
cblr-11902	111	7	a	a	DET
cblr-11902	111	8	poor	poor	ADJ
cblr-11902	111	9	short	short	ADJ
cblr-11902	111	10	-	-	PUNCT
cblr-11902	111	11	term	term	NOUN
cblr-11902	111	12	investment	investment	NOUN
cblr-11902	111	13	vehicle	vehicle	NOUN
cblr-11902	111	14	because	because	SCONJ
cblr-11902	111	15	investors	investor	NOUN
cblr-11902	111	16	can	can	AUX
cblr-11902	111	17	not	not	PART
cblr-11902	111	18	move	move	VERB
cblr-11902	111	19	out	out	ADP
cblr-11902	111	20	of	of	ADP
cblr-11902	111	21	positions	position	NOUN
cblr-11902	111	22	if	if	SCONJ
cblr-11902	111	23	prices	price	NOUN
cblr-11902	111	24	change	change	VERB
cblr-11902	111	25	throughout	throughout	ADP
cblr-11902	111	26	the	the	DET
cblr-11902	111	27	day	day	NOUN
cblr-11902	111	28	as	as	SCONJ
cblr-11902	111	29	they	they	PRON
cblr-11902	111	30	must	must	AUX
cblr-11902	111	31	hold	hold	VERB
cblr-11902	111	32	until	until	SCONJ
cblr-11902	111	33	closing.29	closing.29	PROPN
cblr-11902	111	34	another	another	DET
cblr-11902	111	35	pooled	pool	VERB
cblr-11902	111	36	investment	investment	NOUN
cblr-11902	111	37	vehicle	vehicle	NOUN
cblr-11902	111	38	structure	structure	NOUN
cblr-11902	111	39	,	,	PUNCT
cblr-11902	111	40	the	the	DET
cblr-11902	111	41	“	"	PUNCT
cblr-11902	111	42	closedend	closedend	NOUN
cblr-11902	111	43	”	"	PUNCT
cblr-11902	111	44	fund	fund	NOUN
cblr-11902	111	45	,	,	PUNCT
cblr-11902	111	46	is	be	AUX
cblr-11902	111	47	not	not	PART
cblr-11902	111	48	subject	subject	ADJ
cblr-11902	111	49	to	to	ADP
cblr-11902	111	50	the	the	DET
cblr-11902	111	51	same	same	ADJ
cblr-11902	111	52	intraday	intraday	NOUN
cblr-11902	111	53	trading	trading	NOUN
cblr-11902	111	54	limitation	limitation	NOUN
cblr-11902	111	55	as	as	SCONJ
cblr-11902	111	56	mutual	mutual	ADJ
cblr-11902	111	57	funds.30	funds.30	NOUN
cblr-11902	111	58	closed	closed	ADJ
cblr-11902	111	59	-	-	PUNCT
cblr-11902	111	60	end	end	NOUN
cblr-11902	111	61	funds	fund	NOUN
cblr-11902	111	62	offer	offer	VERB
cblr-11902	111	63	a	a	DET
cblr-11902	111	64	set	set	ADJ
cblr-11902	111	65	number	number	NOUN
cblr-11902	111	66	of	of	ADP
cblr-11902	111	67	shares	share	NOUN
cblr-11902	111	68	in	in	ADP
cblr-11902	111	69	an	an	DET
cblr-11902	111	70	initial	initial	ADJ
cblr-11902	111	71	fund	fund	NOUN
cblr-11902	111	72	offering	offering	NOUN
cblr-11902	111	73	;	;	PUNCT
cblr-11902	111	74	those	those	DET
cblr-11902	111	75	shares	share	NOUN
cblr-11902	111	76	are	be	AUX
cblr-11902	111	77	bought	buy	VERB
cblr-11902	111	78	and	and	CCONJ
cblr-11902	111	79	sold	sell	VERB
cblr-11902	111	80	on	on	ADP
cblr-11902	111	81	an	an	DET
cblr-11902	111	82	exchange	exchange	NOUN
cblr-11902	111	83	,	,	PUNCT
cblr-11902	111	84	eliminating	eliminate	VERB
cblr-11902	111	85	the	the	DET
cblr-11902	111	86	need	need	NOUN
cblr-11902	111	87	for	for	SCONJ
cblr-11902	111	88	investors	investor	NOUN
cblr-11902	111	89	to	to	PART
cblr-11902	111	90	transact	transact	VERB
cblr-11902	111	91	with	with	ADP
cblr-11902	111	92	the	the	DET
cblr-11902	111	93	fund	fund	NOUN
cblr-11902	111	94	itself	itself	PRON
cblr-11902	111	95	like	like	ADP
cblr-11902	111	96	in	in	ADP
cblr-11902	111	97	mutual	mutual	ADJ
cblr-11902	111	98	funds.31	funds.31	NOUN
cblr-11902	111	99	this	this	PRON
cblr-11902	111	100	allows	allow	VERB
cblr-11902	111	101	investors	investor	NOUN
cblr-11902	111	102	to	to	PART
cblr-11902	111	103	exit	exit	VERB
cblr-11902	111	104	their	their	PRON
cblr-11902	111	105	positions	position	NOUN
cblr-11902	111	106	at	at	ADP
cblr-11902	111	107	any	any	DET
cblr-11902	111	108	time	time	NOUN
cblr-11902	111	109	of	of	ADP
cblr-11902	111	110	day	day	NOUN
cblr-11902	111	111	at	at	ADP
cblr-11902	111	112	the	the	DET
cblr-11902	111	113	price	price	NOUN
cblr-11902	111	114	at	at	ADP
cblr-11902	111	115	that	that	DET
cblr-11902	111	116	time	time	NOUN
cblr-11902	111	117	,	,	PUNCT
cblr-11902	111	118	rather	rather	ADV
cblr-11902	111	119	than	than	ADP
cblr-11902	111	120	at	at	ADP
cblr-11902	111	121	the	the	DET
cblr-11902	111	122	closing	closing	NOUN
cblr-11902	111	123	price.32	price.32	NOUN
cblr-11902	111	124	unlike	unlike	ADP
cblr-11902	111	125	mutual	mutual	ADJ
cblr-11902	111	126	funds	fund	NOUN
cblr-11902	111	127	,	,	PUNCT
cblr-11902	111	128	closed	close	VERB
cblr-11902	111	129	-	-	PUNCT
cblr-11902	111	130	end	end	NOUN
cblr-11902	111	131	funds	fund	NOUN
cblr-11902	111	132	suffer	suffer	VERB
cblr-11902	111	133	from	from	ADP
cblr-11902	111	134	their	their	PRON
cblr-11902	111	135	price	price	NOUN
cblr-11902	111	136	being	be	AUX
cblr-11902	111	137	set	set	VERB
cblr-11902	111	138	by	by	ADP
cblr-11902	111	139	the	the	DET
cblr-11902	111	140	market	market	NOUN
cblr-11902	111	141	rather	rather	ADV
cblr-11902	111	142	than	than	ADP
cblr-11902	111	143	by	by	ADP
cblr-11902	111	144	the	the	DET
cblr-11902	111	145	nav	nav	NOUN
cblr-11902	111	146	of	of	ADP
cblr-11902	111	147	their	their	PRON
cblr-11902	111	148	underlying	underlie	VERB
cblr-11902	111	149	holdings.33	holdings.33	NOUN
cblr-11902	111	150	in	in	ADP
cblr-11902	111	151	fact	fact	NOUN
cblr-11902	111	152	,	,	PUNCT
cblr-11902	111	153	the	the	DET
cblr-11902	111	154	shares	share	NOUN
cblr-11902	111	155	of	of	ADP
cblr-11902	111	156	closed	closed	ADJ
cblr-11902	111	157	-	-	PUNCT
cblr-11902	111	158	end	end	NOUN
cblr-11902	111	159	funds	fund	NOUN
cblr-11902	111	160	often	often	ADV
cblr-11902	111	161	trade	trade	VERB
cblr-11902	111	162	at	at	ADP
cblr-11902	111	163	a	a	DET
cblr-11902	111	164	discount	discount	NOUN
cblr-11902	111	165	of	of	ADP
cblr-11902	111	166	their	their	PRON
cblr-11902	111	167	navs,34	navs,34	NOUN
cblr-11902	111	168	which	which	PRON
cblr-11902	111	169	means	mean	VERB
cblr-11902	111	170	an	an	DET
cblr-11902	111	171	investor	investor	NOUN
cblr-11902	111	172	selling	sell	VERB
cblr-11902	111	173	a	a	DET
cblr-11902	111	174	share	share	NOUN
cblr-11902	111	175	would	would	AUX
cblr-11902	111	176	be	be	AUX
cblr-11902	111	177	receiving	receive	VERB
cblr-11902	111	178	a	a	DET
cblr-11902	111	179	price	price	NOUN
cblr-11902	111	180	that	that	PRON
cblr-11902	111	181	is	be	AUX
cblr-11902	111	182	less	less	ADJ
cblr-11902	111	183	than	than	ADP
cblr-11902	111	184	the	the	DET
cblr-11902	111	185	fair	fair	ADJ
cblr-11902	111	186	market	market	NOUN
cblr-11902	111	187	value	value	NOUN
cblr-11902	111	188	of	of	ADP
cblr-11902	111	189	her	her	PRON
cblr-11902	111	190	portion	portion	NOUN
cblr-11902	111	191	of	of	ADP
cblr-11902	111	192	the	the	DET
cblr-11902	111	193	fund	fund	NOUN
cblr-11902	111	194	’s	’s	PART
cblr-11902	111	195	portfolio	portfolio	NOUN
cblr-11902	111	196	.	.	PUNCT
cblr-11902	112	1	2	2	X
cblr-11902	112	2	.	.	X
cblr-11902	112	3	mechanics	mechanic	NOUN
cblr-11902	112	4	of	of	ADP
cblr-11902	112	5	etfs	etfs	PROPN
cblr-11902	112	6	the	the	DET
cblr-11902	112	7	deviation	deviation	NOUN
cblr-11902	112	8	of	of	ADP
cblr-11902	112	9	closed	closed	ADJ
cblr-11902	112	10	-	-	PUNCT
cblr-11902	112	11	end	end	NOUN
cblr-11902	112	12	funds	fund	NOUN
cblr-11902	112	13	from	from	ADP
cblr-11902	112	14	their	their	PRON
cblr-11902	112	15	underlying	underlie	VERB
cblr-11902	112	16	navs	navs	NOUN
cblr-11902	112	17	and	and	CCONJ
cblr-11902	112	18	the	the	DET
cblr-11902	112	19	limitation	limitation	NOUN
cblr-11902	112	20	of	of	ADP
cblr-11902	112	21	buying	buy	VERB
cblr-11902	112	22	and	and	CCONJ
cblr-11902	112	23	selling	sell	VERB
cblr-11902	112	24	a	a	DET
cblr-11902	112	25	mutual	mutual	ADJ
cblr-11902	112	26	fund	fund	NOUN
cblr-11902	112	27	only	only	ADV
cblr-11902	112	28	at	at	ADP
cblr-11902	112	29	its	its	PRON
cblr-11902	112	30	closing	closing	NOUN
cblr-11902	112	31	price	price	NOUN
cblr-11902	112	32	spurred	spur	VERB
cblr-11902	112	33	the	the	DET
cblr-11902	112	34	creation	creation	NOUN
cblr-11902	112	35	of	of	ADP
cblr-11902	112	36	etfs.35	etfs.35	NOUN
cblr-11902	112	37	first	first	ADV
cblr-11902	112	38	introduced	introduce	VERB
cblr-11902	112	39	in	in	ADP
cblr-11902	112	40	the	the	DET
cblr-11902	112	41	united	united	PROPN
cblr-11902	112	42	states	states	PROPN
cblr-11902	112	43	in	in	ADP
cblr-11902	112	44	1993,36	1993,36	NUM
cblr-11902	112	45	the	the	DET
cblr-11902	112	46	etf	etf	NOUN
cblr-11902	112	47	industry	industry	NOUN
cblr-11902	112	48	29	29	NUM
cblr-11902	112	49	see	see	VERB
cblr-11902	112	50	colon	colon	NOUN
cblr-11902	112	51	,	,	PUNCT
cblr-11902	112	52	supra	supra	PROPN
cblr-11902	112	53	note	note	NOUN
cblr-11902	112	54	22	22	NUM
cblr-11902	112	55	,	,	PUNCT
cblr-11902	112	56	at	at	ADP
cblr-11902	112	57	11	11	NUM
cblr-11902	112	58	(	(	PUNCT
cblr-11902	112	59	“	"	PUNCT
cblr-11902	112	60	this	this	DET
cblr-11902	112	61	time	time	NOUN
cblr-11902	112	62	lag	lag	NOUN
cblr-11902	112	63	makes	make	VERB
cblr-11902	112	64	traditional	traditional	ADJ
cblr-11902	112	65	mutual	mutual	ADJ
cblr-11902	112	66	funds	fund	NOUN
cblr-11902	112	67	poor	poor	ADJ
cblr-11902	112	68	vehicles	vehicle	NOUN
cblr-11902	112	69	to	to	PART
cblr-11902	112	70	implement	implement	VERB
cblr-11902	112	71	rapid	rapid	ADJ
cblr-11902	112	72	trades	trade	NOUN
cblr-11902	112	73	based	base	VERB
cblr-11902	112	74	on	on	ADP
cblr-11902	112	75	breaking	break	VERB
cblr-11902	112	76	news	news	NOUN
cblr-11902	112	77	”	"	PUNCT
cblr-11902	112	78	)	)	PUNCT
cblr-11902	112	79	.	.	PUNCT
cblr-11902	113	1	30	30	NUM
cblr-11902	114	1	i	i	PRON
cblr-11902	114	2	d.	d.	NOUN
cblr-11902	114	3	at	at	ADP
cblr-11902	114	4	12	12	NUM
cblr-11902	114	5	.	.	PUNCT
cblr-11902	114	6	31	31	NUM
cblr-11902	115	1	i	i	PRON
cblr-11902	115	2	d.	d.	PROPN
cblr-11902	115	3	32	32	NUM
cblr-11902	116	1	i	i	PRON
cblr-11902	116	2	d.	d.	PROPN
cblr-11902	116	3	33	33	NUM
cblr-11902	116	4	see	see	VERB
cblr-11902	116	5	i	i	PROPN
cblr-11902	116	6	d	d	PROPN
cblr-11902	116	7	at	at	ADP
cblr-11902	116	8	14	14	NUM
cblr-11902	116	9	.	.	PUNCT
cblr-11902	117	1	34	34	NUM
cblr-11902	118	1	i	i	PRON
cblr-11902	118	2	d.	d.	PROPN
cblr-11902	118	3	35	35	NUM
cblr-11902	119	1	i	i	PRON
cblr-11902	119	2	d.	d.	PROPN
cblr-11902	119	3	36	36	NUM
cblr-11902	119	4	see	see	VERB
cblr-11902	119	5	hill	hill	PROPN
cblr-11902	119	6	et	et	PROPN
cblr-11902	119	7	.	.	PUNCT
cblr-11902	120	1	al	al	PROPN
cblr-11902	120	2	,	,	PUNCT
cblr-11902	120	3	supra	supra	PROPN
cblr-11902	120	4	note	note	PROPN
cblr-11902	120	5	19	19	NUM
cblr-11902	120	6	,	,	PUNCT
cblr-11902	120	7	at	at	ADP
cblr-11902	120	8	14	14	NUM
cblr-11902	120	9	(	(	PUNCT
cblr-11902	120	10	discussing	discuss	VERB
cblr-11902	120	11	the	the	DET
cblr-11902	120	12	launch	launch	NOUN
cblr-11902	120	13	of	of	ADP
cblr-11902	120	14	the	the	DET
cblr-11902	120	15	spdr	spdr	NOUN
cblr-11902	120	16	etf	etf	PROPN
cblr-11902	120	17	)	)	PUNCT
cblr-11902	120	18	.	.	PUNCT
cblr-11902	121	1	542	542	NUM
cblr-11902	121	2	columbia	columbia	PROPN
cblr-11902	121	3	business	business	NOUN
cblr-11902	121	4	law	law	PROPN
cblr-11902	121	5	review	review	NOUN
cblr-11902	122	1	[	[	X
cblr-11902	122	2	vol	vol	NOUN
cblr-11902	122	3	.	.	PUNCT
cblr-11902	122	4	2023	2023	NUM
cblr-11902	122	5	has	have	AUX
cblr-11902	122	6	now	now	ADV
cblr-11902	122	7	grown	grow	VERB
cblr-11902	122	8	to	to	PART
cblr-11902	122	9	manage	manage	VERB
cblr-11902	122	10	over	over	ADP
cblr-11902	122	11	$	$	SYM
cblr-11902	122	12	9	9	NUM
cblr-11902	122	13	trillion	trillion	NUM
cblr-11902	122	14	in	in	ADP
cblr-11902	122	15	assets.37	assets.37	PROPN
cblr-11902	122	16	etfs	etfs	PROPN
cblr-11902	122	17	structure	structure	NOUN
cblr-11902	122	18	allows	allow	VERB
cblr-11902	122	19	them	they	PRON
cblr-11902	122	20	to	to	PART
cblr-11902	122	21	provide	provide	VERB
cblr-11902	122	22	intraday	intraday	NOUN
cblr-11902	122	23	trading	trading	NOUN
cblr-11902	122	24	while	while	SCONJ
cblr-11902	122	25	still	still	ADV
cblr-11902	122	26	maintaining	maintain	VERB
cblr-11902	122	27	parity	parity	NOUN
cblr-11902	122	28	between	between	ADP
cblr-11902	122	29	its	its	PRON
cblr-11902	122	30	share	share	NOUN
cblr-11902	122	31	price	price	NOUN
cblr-11902	122	32	and	and	CCONJ
cblr-11902	123	1	its	its	PRON
cblr-11902	123	2	nav.38	nav.38	PROPN
cblr-11902	123	3	an	an	DET
cblr-11902	123	4	etf	etf	NOUN
cblr-11902	123	5	is	be	AUX
cblr-11902	123	6	a	a	DET
cblr-11902	123	7	“	"	PUNCT
cblr-11902	123	8	a	a	DET
cblr-11902	123	9	basket	basket	NOUN
cblr-11902	123	10	of	of	ADP
cblr-11902	123	11	securities	security	NOUN
cblr-11902	123	12	—	—	PUNCT
cblr-11902	123	13	such	such	ADJ
cblr-11902	123	14	as	as	ADP
cblr-11902	123	15	stocks	stock	NOUN
cblr-11902	123	16	,	,	PUNCT
cblr-11902	123	17	bonds	bond	NOUN
cblr-11902	123	18	,	,	PUNCT
cblr-11902	123	19	currencies	currency	NOUN
cblr-11902	123	20	or	or	CCONJ
cblr-11902	123	21	commodities	commodity	NOUN
cblr-11902	123	22	—	—	PUNCT
cblr-11902	123	23	that	that	PRON
cblr-11902	123	24	can	can	AUX
cblr-11902	123	25	be	be	AUX
cblr-11902	123	26	bought	buy	VERB
cblr-11902	123	27	and	and	CCONJ
cblr-11902	123	28	sold	sell	VERB
cblr-11902	123	29	in	in	ADP
cblr-11902	123	30	a	a	DET
cblr-11902	123	31	single	single	ADJ
cblr-11902	123	32	trade	trade	NOUN
cblr-11902	123	33	on	on	ADP
cblr-11902	123	34	an	an	DET
cblr-11902	123	35	exchange	exchange	NOUN
cblr-11902	123	36	.	.	PUNCT
cblr-11902	124	1	”39	”39	VERB
cblr-11902	124	2	the	the	DET
cblr-11902	124	3	basket	basket	NOUN
cblr-11902	124	4	of	of	ADP
cblr-11902	124	5	securities	security	NOUN
cblr-11902	124	6	tracks	track	VERB
cblr-11902	124	7	an	an	DET
cblr-11902	124	8	outside	outside	ADJ
cblr-11902	124	9	benchmark	benchmark	NOUN
cblr-11902	124	10	,	,	PUNCT
cblr-11902	124	11	such	such	ADJ
cblr-11902	124	12	as	as	ADP
cblr-11902	124	13	a	a	DET
cblr-11902	124	14	widely	widely	ADV
cblr-11902	124	15	-	-	PUNCT
cblr-11902	124	16	followed	follow	VERB
cblr-11902	124	17	index	index	NOUN
cblr-11902	124	18	(	(	PUNCT
cblr-11902	124	19	e.g.	e.g.	ADV
cblr-11902	124	20	,	,	PUNCT
cblr-11902	124	21	the	the	DET
cblr-11902	124	22	s&p	s&p	PROPN
cblr-11902	124	23	500).40	500).40	NUM
cblr-11902	124	24	the	the	DET
cblr-11902	124	25	innovation	innovation	NOUN
cblr-11902	124	26	of	of	ADP
cblr-11902	124	27	etfs	etfs	PROPN
cblr-11902	124	28	comes	come	VERB
cblr-11902	124	29	from	from	ADP
cblr-11902	124	30	their	their	PRON
cblr-11902	124	31	dual	dual	ADJ
cblr-11902	124	32	trading	trading	NOUN
cblr-11902	124	33	system	system	NOUN
cblr-11902	124	34	:	:	PUNCT
cblr-11902	124	35	ownership	ownership	NOUN
cblr-11902	124	36	claims	claim	NOUN
cblr-11902	124	37	on	on	ADP
cblr-11902	124	38	the	the	DET
cblr-11902	124	39	etf	etf	NOUN
cblr-11902	124	40	are	be	AUX
cblr-11902	124	41	themselves	themselves	PRON
cblr-11902	124	42	securities	security	NOUN
cblr-11902	124	43	that	that	PRON
cblr-11902	124	44	trade	trade	VERB
cblr-11902	124	45	on	on	ADP
cblr-11902	124	46	exchanges	exchange	NOUN
cblr-11902	124	47	just	just	ADV
cblr-11902	124	48	like	like	ADP
cblr-11902	124	49	a	a	DET
cblr-11902	124	50	typical	typical	ADJ
cblr-11902	124	51	stock	stock	NOUN
cblr-11902	124	52	,	,	PUNCT
cblr-11902	124	53	but	but	CCONJ
cblr-11902	124	54	in	in	ADP
cblr-11902	124	55	addition	addition	NOUN
cblr-11902	124	56	,	,	PUNCT
cblr-11902	124	57	the	the	DET
cblr-11902	124	58	number	number	NOUN
cblr-11902	124	59	of	of	ADP
cblr-11902	124	60	etf	etf	NOUN
cblr-11902	124	61	shares	share	NOUN
cblr-11902	124	62	can	can	AUX
cblr-11902	124	63	also	also	ADV
cblr-11902	124	64	grow	grow	VERB
cblr-11902	124	65	or	or	CCONJ
cblr-11902	124	66	shrink	shrink	VERB
cblr-11902	124	67	through	through	ADP
cblr-11902	124	68	creations	creation	NOUN
cblr-11902	124	69	/	/	SYM
cblr-11902	124	70	redemptions	redemption	NOUN
cblr-11902	124	71	in	in	ADP
cblr-11902	124	72	the	the	DET
cblr-11902	124	73	primary	primary	ADJ
cblr-11902	124	74	market	market	NOUN
cblr-11902	124	75	by	by	ADP
cblr-11902	124	76	specific	specific	ADJ
cblr-11902	124	77	investors.41	investors.41	NOUN
cblr-11902	124	78	these	these	DET
cblr-11902	124	79	investors	investor	NOUN
cblr-11902	124	80	,	,	PUNCT
cblr-11902	124	81	known	know	VERB
cblr-11902	124	82	as	as	ADP
cblr-11902	124	83	authorized	authorize	VERB
cblr-11902	124	84	participants	participant	NOUN
cblr-11902	124	85	(	(	PUNCT
cblr-11902	124	86	aps	aps	PROPN
cblr-11902	124	87	)	)	PUNCT
cblr-11902	124	88	,	,	PUNCT
cblr-11902	124	89	are	be	AUX
cblr-11902	124	90	typically	typically	ADV
cblr-11902	124	91	large	large	ADJ
cblr-11902	124	92	institutional	institutional	ADJ
cblr-11902	124	93	investors	investor	NOUN
cblr-11902	124	94	who	who	PRON
cblr-11902	124	95	have	have	VERB
cblr-11902	124	96	an	an	DET
cblr-11902	124	97	agreement	agreement	NOUN
cblr-11902	124	98	with	with	ADP
cblr-11902	124	99	an	an	DET
cblr-11902	124	100	etf	etf	NOUN
cblr-11902	124	101	that	that	PRON
cblr-11902	124	102	allows	allow	VERB
cblr-11902	124	103	them	they	PRON
cblr-11902	124	104	to	to	PART
cblr-11902	124	105	create	create	VERB
cblr-11902	124	106	and	and	CCONJ
cblr-11902	124	107	redeem	redeem	VERB
cblr-11902	124	108	shares.42	shares.42	NOUN
cblr-11902	124	109	an	an	DET
cblr-11902	124	110	etf	etf	NOUN
cblr-11902	124	111	is	be	AUX
cblr-11902	124	112	only	only	ADV
cblr-11902	124	113	allowed	allow	VERB
cblr-11902	124	114	to	to	PART
cblr-11902	124	115	create	create	VERB
cblr-11902	124	116	and	and	CCONJ
cblr-11902	124	117	redeem	redeem	VERB
cblr-11902	124	118	shares	share	NOUN
cblr-11902	124	119	with	with	ADP
cblr-11902	124	120	those	those	DET
cblr-11902	124	121	specified	specify	VERB
cblr-11902	124	122	aps.43	aps.43	NOUN
cblr-11902	124	123	if	if	SCONJ
cblr-11902	124	124	an	an	DET
cblr-11902	124	125	ap	ap	PROPN
cblr-11902	124	126	wants	want	VERB
cblr-11902	124	127	to	to	PART
cblr-11902	124	128	create	create	VERB
cblr-11902	124	129	new	new	ADJ
cblr-11902	124	130	shares	share	NOUN
cblr-11902	124	131	of	of	ADP
cblr-11902	124	132	an	an	DET
cblr-11902	124	133	etf	etf	NOUN
cblr-11902	124	134	,	,	PUNCT
cblr-11902	124	135	it	it	PRON
cblr-11902	124	136	does	do	VERB
cblr-11902	124	137	so	so	ADV
cblr-11902	124	138	by	by	ADP
cblr-11902	124	139	providing	provide	VERB
cblr-11902	124	140	an	an	DET
cblr-11902	124	141	etf	etf	NOUN
cblr-11902	124	142	with	with	ADP
cblr-11902	124	143	a	a	DET
cblr-11902	124	144	small	small	ADJ
cblr-11902	124	145	amount	amount	NOUN
cblr-11902	124	146	of	of	ADP
cblr-11902	124	147	cash	cash	NOUN
cblr-11902	124	148	and	and	CCONJ
cblr-11902	124	149	a	a	DET
cblr-11902	124	150	basket	basket	NOUN
cblr-11902	124	151	of	of	ADP
cblr-11902	124	152	securities	security	NOUN
cblr-11902	124	153	known	know	VERB
cblr-11902	124	154	as	as	ADP
cblr-11902	124	155	the	the	DET
cblr-11902	124	156	“	"	PUNCT
cblr-11902	124	157	creation	creation	NOUN
cblr-11902	124	158	basket	basket	NOUN
cblr-11902	124	159	”	"	PUNCT
cblr-11902	124	160	that	that	PRON
cblr-11902	124	161	has	have	AUX
cblr-11902	124	162	been	be	AUX
cblr-11902	124	163	specified	specify	VERB
cblr-11902	124	164	by	by	ADP
cblr-11902	124	165	the	the	DET
cblr-11902	124	166	etf	etf	NOUN
cblr-11902	124	167	and	and	CCONJ
cblr-11902	124	168	is	be	AUX
cblr-11902	124	169	normally	normally	ADV
cblr-11902	124	170	made	make	VERB
cblr-11902	124	171	up	up	ADP
cblr-11902	124	172	of	of	ADP
cblr-11902	124	173	the	the	DET
cblr-11902	124	174	securities	security	NOUN
cblr-11902	124	175	that	that	PRON
cblr-11902	124	176	are	be	AUX
cblr-11902	124	177	constituents	constituent	NOUN
cblr-11902	124	178	of	of	ADP
cblr-11902	124	179	the	the	DET
cblr-11902	124	180	index	index	NOUN
cblr-11902	124	181	it	it	PRON
cblr-11902	124	182	follows.44	follows.44	NOUN
cblr-11902	124	183	in	in	ADP
cblr-11902	124	184	exchange	exchange	NOUN
cblr-11902	124	185	,	,	PUNCT
cblr-11902	124	186	it	it	PRON
cblr-11902	124	187	will	will	AUX
cblr-11902	124	188	receive	receive	VERB
cblr-11902	124	189	a	a	DET
cblr-11902	124	190	set	set	ADJ
cblr-11902	124	191	number	number	NOUN
cblr-11902	124	192	of	of	ADP
cblr-11902	124	193	shares	share	NOUN
cblr-11902	124	194	of	of	ADP
cblr-11902	124	195	the	the	DET
cblr-11902	124	196	etf.45	etf.45	NOUN
cblr-11902	124	197	such	such	ADJ
cblr-11902	124	198	transactions	transaction	NOUN
cblr-11902	124	199	have	have	VERB
cblr-11902	124	200	a	a	DET
cblr-11902	124	201	minimum	minimum	ADJ
cblr-11902	124	202	number	number	NOUN
cblr-11902	124	203	of	of	ADP
cblr-11902	124	204	shares	share	NOUN
cblr-11902	124	205	that	that	PRON
cblr-11902	124	206	must	must	AUX
cblr-11902	124	207	be	be	AUX
cblr-11902	124	208	created	create	VERB
cblr-11902	124	209	,	,	PUNCT
cblr-11902	124	210	which	which	PRON
cblr-11902	124	211	is	be	AUX
cblr-11902	124	212	known	know	VERB
cblr-11902	124	213	as	as	ADP
cblr-11902	124	214	the	the	DET
cblr-11902	124	215	creation	creation	NOUN
cblr-11902	124	216	unit	unit	NOUN
cblr-11902	124	217	and	and	CCONJ
cblr-11902	124	218	is	be	AUX
cblr-11902	124	219	typically	typically	ADV
cblr-11902	124	220	around	around	ADV
cblr-11902	124	221	37	37	NUM
cblr-11902	124	222	dan	dan	PROPN
cblr-11902	124	223	mika	mika	PROPN
cblr-11902	124	224	,	,	PUNCT
cblr-11902	124	225	2021	2021	NUM
cblr-11902	124	226	etf	etf	NOUN
cblr-11902	124	227	inflows	inflow	NOUN
cblr-11902	124	228	hit	hit	VERB
cblr-11902	124	229	$	$	SYM
cblr-11902	124	230	900b	900b	NUM
cblr-11902	124	231	,	,	PUNCT
cblr-11902	124	232	etf.com	etf.com	X
cblr-11902	124	233	(	(	PUNCT
cblr-11902	124	234	jan	jan	PROPN
cblr-11902	124	235	.	.	PROPN
cblr-11902	124	236	3	3	NUM
cblr-11902	124	237	,	,	PUNCT
cblr-11902	124	238	2022	2022	NUM
cblr-11902	124	239	)	)	PUNCT
cblr-11902	124	240	,	,	PUNCT
cblr-11902	124	241	https://www.etf.com/sections/monthly-etf-flows/etf-monthly-fund-flowsdecember-2021	https://www.etf.com/sections/monthly-etf-flows/etf-monthly-fund-flowsdecember-2021	X
cblr-11902	125	1	[	[	X
cblr-11902	125	2	https://perma.cc/z62g-n8vz	https://perma.cc/z62g-n8vz	PROPN
cblr-11902	125	3	]	]	PUNCT
cblr-11902	125	4	.	.	PUNCT
cblr-11902	125	5	38	38	NUM
cblr-11902	125	6	colon	colon	NOUN
cblr-11902	125	7	,	,	PUNCT
cblr-11902	125	8	supra	supra	NOUN
cblr-11902	125	9	note	note	NOUN
cblr-11902	125	10	22	22	NUM
cblr-11902	125	11	,	,	PUNCT
cblr-11902	125	12	at	at	ADP
cblr-11902	125	13	14	14	NUM
cblr-11902	125	14	.	.	PUNCT
cblr-11902	126	1	39	39	NUM
cblr-11902	126	2	state	state	NOUN
cblr-11902	126	3	street	street	NOUN
cblr-11902	126	4	global	global	ADJ
cblr-11902	126	5	advisors	advisor	NOUN
cblr-11902	126	6	,	,	PUNCT
cblr-11902	126	7	what	what	PRON
cblr-11902	126	8	is	be	AUX
cblr-11902	126	9	an	an	DET
cblr-11902	126	10	etf	etf	NOUN
cblr-11902	126	11	?	?	PUNCT
cblr-11902	126	12	,	,	PUNCT
cblr-11902	126	13	state	state	PROPN
cblr-11902	126	14	street	street	PROPN
cblr-11902	126	15	global	global	PROPN
cblr-11902	126	16	advisors	advisor	NOUN
cblr-11902	126	17	spdr	spdr	PROPN
cblr-11902	126	18	https://www.ssga.com/us/en/intermediary/etfs/resources/education/what-isan-etf	https://www.ssga.com/us/en/intermediary/etfs/resources/education/what-isan-etf	NOUN
cblr-11902	126	19	.	.	PUNCT
cblr-11902	127	1	[	[	X
cblr-11902	127	2	https://perma.cc/j89j-5yya	https://perma.cc/j89j-5yya	X
cblr-11902	127	3	]	]	X
cblr-11902	127	4	40	40	NUM
cblr-11902	127	5	see	see	VERB
cblr-11902	127	6	laurent	laurent	PROPN
cblr-11902	127	7	deville	deville	PROPN
cblr-11902	127	8	,	,	PUNCT
cblr-11902	127	9	exchange	exchange	NOUN
cblr-11902	127	10	traded	trade	VERB
cblr-11902	127	11	funds	fund	NOUN
cblr-11902	127	12	:	:	PUNCT
cblr-11902	127	13	history	history	NOUN
cblr-11902	127	14	,	,	PUNCT
cblr-11902	127	15	trading	trading	NOUN
cblr-11902	127	16	,	,	PUNCT
cblr-11902	127	17	and	and	CCONJ
cblr-11902	127	18	research	research	NOUN
cblr-11902	127	19	,	,	PUNCT
cblr-11902	127	20	handbook	handbook	NOUN
cblr-11902	127	21	of	of	ADP
cblr-11902	127	22	financial	financial	ADJ
cblr-11902	127	23	engineering	engineering	NOUN
cblr-11902	127	24	,	,	PUNCT
cblr-11902	127	25	67	67	NUM
cblr-11902	127	26	,	,	PUNCT
cblr-11902	127	27	67	67	NUM
cblr-11902	127	28	(	(	PUNCT
cblr-11902	127	29	2008	2008	NUM
cblr-11902	127	30	)	)	PUNCT
cblr-11902	127	31	.	.	PUNCT
cblr-11902	128	1	41	41	NUM
cblr-11902	129	1	i	i	PRON
cblr-11902	129	2	d.	d.	PROPN
cblr-11902	129	3	at	at	ADP
cblr-11902	129	4	76	76	NUM
cblr-11902	129	5	.	.	PUNCT
cblr-11902	130	1	42	42	NUM
cblr-11902	131	1	i	i	PRON
cblr-11902	131	2	d.	d.	PROPN
cblr-11902	131	3	at	at	ADP
cblr-11902	131	4	77	77	NUM
cblr-11902	131	5	.	.	PUNCT
cblr-11902	132	1	43	43	NUM
cblr-11902	133	1	i	i	PRON
cblr-11902	133	2	d.	d.	PROPN
cblr-11902	133	3	44	44	NUM
cblr-11902	134	1	i	i	PRON
cblr-11902	134	2	d.	d.	PROPN
cblr-11902	134	3	45	45	NUM
cblr-11902	135	1	i	i	PRON
cblr-11902	135	2	d.	d.	PROPN
cblr-11902	135	3	at	at	ADP
cblr-11902	135	4	77–78	77–78	NUM
cblr-11902	135	5	.	.	PUNCT
cblr-11902	136	1	no	no	INTJ
cblr-11902	136	2	.	.	NOUN
cblr-11902	137	1	1	1	NUM
cblr-11902	137	2	]	]	PUNCT
cblr-11902	137	3	sec	sec	PROPN
cblr-11902	137	4	rule	rule	NOUN
cblr-11902	137	5	6c-11	6c-11	PROPN
cblr-11902	137	6	’s	’s	PART
cblr-11902	137	7	impact	impact	NOUN
cblr-11902	137	8	on	on	ADP
cblr-11902	137	9	usage	usage	NOUN
cblr-11902	137	10	of	of	ADP
cblr-11902	137	11	heartbeat	heartbeat	NOUN
cblr-11902	137	12	trades	trade	VERB
cblr-11902	137	13	543	543	NUM
cblr-11902	137	14	50,000	50,000	NUM
cblr-11902	137	15	shares.46	shares.46	NOUN
cblr-11902	137	16	if	if	SCONJ
cblr-11902	137	17	an	an	DET
cblr-11902	137	18	ap	ap	PROPN
cblr-11902	137	19	wants	want	VERB
cblr-11902	137	20	to	to	PART
cblr-11902	137	21	redeem	redeem	VERB
cblr-11902	137	22	shares	share	NOUN
cblr-11902	137	23	of	of	ADP
cblr-11902	137	24	an	an	DET
cblr-11902	137	25	etf	etf	NOUN
cblr-11902	137	26	,	,	PUNCT
cblr-11902	137	27	it	it	PRON
cblr-11902	137	28	does	do	AUX
cblr-11902	137	29	so	so	ADV
cblr-11902	137	30	by	by	ADP
cblr-11902	137	31	returning	return	VERB
cblr-11902	137	32	shares	share	NOUN
cblr-11902	137	33	in	in	ADP
cblr-11902	137	34	creation	creation	NOUN
cblr-11902	137	35	units	unit	NOUN
cblr-11902	137	36	to	to	ADP
cblr-11902	137	37	the	the	DET
cblr-11902	137	38	fund.47	fund.47	NOUN
cblr-11902	137	39	the	the	DET
cblr-11902	137	40	ap	ap	PROPN
cblr-11902	137	41	will	will	AUX
cblr-11902	137	42	then	then	ADV
cblr-11902	137	43	receive	receive	VERB
cblr-11902	137	44	an	an	DET
cblr-11902	137	45	“	"	PUNCT
cblr-11902	137	46	in	in	ADP
cblr-11902	137	47	-	-	PUNCT
cblr-11902	137	48	kind	kind	ADJ
cblr-11902	137	49	”	"	PUNCT
cblr-11902	137	50	redemption	redemption	NOUN
cblr-11902	137	51	from	from	ADP
cblr-11902	137	52	the	the	DET
cblr-11902	137	53	fund	fund	NOUN
cblr-11902	137	54	and	and	CCONJ
cblr-11902	137	55	will	will	AUX
cblr-11902	137	56	be	be	AUX
cblr-11902	137	57	given	give	VERB
cblr-11902	137	58	a	a	DET
cblr-11902	137	59	basket	basket	NOUN
cblr-11902	137	60	of	of	ADP
cblr-11902	137	61	securities	security	NOUN
cblr-11902	137	62	,	,	PUNCT
cblr-11902	137	63	known	know	VERB
cblr-11902	137	64	as	as	ADP
cblr-11902	137	65	the	the	DET
cblr-11902	137	66	“	"	PUNCT
cblr-11902	137	67	redemption	redemption	NOUN
cblr-11902	137	68	basket	basket	NOUN
cblr-11902	137	69	”	"	PUNCT
cblr-11902	137	70	,	,	PUNCT
cblr-11902	137	71	that	that	PRON
cblr-11902	137	72	makes	make	VERB
cblr-11902	137	73	up	up	ADP
cblr-11902	137	74	the	the	DET
cblr-11902	137	75	underlying	underlying	ADJ
cblr-11902	137	76	index	index	NOUN
cblr-11902	137	77	plus	plus	CCONJ
cblr-11902	137	78	a	a	DET
cblr-11902	137	79	cash	cash	NOUN
cblr-11902	137	80	amount.48	amount.48	NOUN
cblr-11902	137	81	the	the	DET
cblr-11902	137	82	ap	ap	PROPN
cblr-11902	137	83	creation	creation	NOUN
cblr-11902	137	84	and	and	CCONJ
cblr-11902	137	85	redemption	redemption	NOUN
cblr-11902	137	86	process	process	NOUN
cblr-11902	137	87	is	be	AUX
cblr-11902	137	88	important	important	ADJ
cblr-11902	137	89	for	for	ADP
cblr-11902	137	90	keeping	keep	VERB
cblr-11902	137	91	the	the	DET
cblr-11902	137	92	price	price	NOUN
cblr-11902	137	93	of	of	ADP
cblr-11902	137	94	an	an	DET
cblr-11902	137	95	etf	etf	NOUN
cblr-11902	137	96	in	in	ADP
cblr-11902	137	97	line	line	NOUN
cblr-11902	137	98	with	with	ADP
cblr-11902	137	99	the	the	DET
cblr-11902	137	100	nav	nav	NOUN
cblr-11902	137	101	of	of	ADP
cblr-11902	137	102	its	its	PRON
cblr-11902	137	103	underlying	underlie	VERB
cblr-11902	137	104	portfolio	portfolio	NOUN
cblr-11902	137	105	of	of	ADP
cblr-11902	137	106	securities.49	securities.49	NOUN
cblr-11902	137	107	the	the	DET
cblr-11902	137	108	price	price	NOUN
cblr-11902	137	109	of	of	ADP
cblr-11902	137	110	an	an	DET
cblr-11902	137	111	etf	etf	NOUN
cblr-11902	137	112	share	share	NOUN
cblr-11902	137	113	depends	depend	VERB
cblr-11902	137	114	on	on	ADP
cblr-11902	137	115	the	the	DET
cblr-11902	137	116	supply	supply	NOUN
cblr-11902	137	117	and	and	CCONJ
cblr-11902	137	118	demand	demand	NOUN
cblr-11902	137	119	for	for	ADP
cblr-11902	137	120	its	its	PRON
cblr-11902	137	121	shares	share	NOUN
cblr-11902	137	122	on	on	ADP
cblr-11902	137	123	exchanges	exchange	NOUN
cblr-11902	137	124	,	,	PUNCT
cblr-11902	137	125	while	while	SCONJ
cblr-11902	137	126	the	the	DET
cblr-11902	137	127	nav	nav	NOUN
cblr-11902	137	128	depends	depend	VERB
cblr-11902	137	129	on	on	ADP
cblr-11902	137	130	the	the	DET
cblr-11902	137	131	supply	supply	NOUN
cblr-11902	137	132	and	and	CCONJ
cblr-11902	137	133	demand	demand	NOUN
cblr-11902	137	134	for	for	ADP
cblr-11902	137	135	the	the	DET
cblr-11902	137	136	various	various	ADJ
cblr-11902	137	137	stocks	stock	NOUN
cblr-11902	137	138	that	that	PRON
cblr-11902	137	139	the	the	DET
cblr-11902	137	140	fund	fund	NOUN
cblr-11902	137	141	holds.50	holds.50	PROPN
cblr-11902	137	142	since	since	SCONJ
cblr-11902	137	143	an	an	DET
cblr-11902	137	144	etf	etf	NOUN
cblr-11902	137	145	is	be	AUX
cblr-11902	137	146	just	just	ADV
cblr-11902	137	147	a	a	DET
cblr-11902	137	148	basket	basket	NOUN
cblr-11902	137	149	of	of	ADP
cblr-11902	137	150	these	these	DET
cblr-11902	137	151	stocks	stock	NOUN
cblr-11902	137	152	,	,	PUNCT
cblr-11902	137	153	its	its	PRON
cblr-11902	137	154	stock	stock	NOUN
cblr-11902	137	155	price	price	NOUN
cblr-11902	137	156	and	and	CCONJ
cblr-11902	137	157	the	the	DET
cblr-11902	137	158	nav	nav	NOUN
cblr-11902	137	159	of	of	ADP
cblr-11902	137	160	its	its	PRON
cblr-11902	137	161	holdings	holding	NOUN
cblr-11902	137	162	should	should	AUX
cblr-11902	137	163	(	(	PUNCT
cblr-11902	137	164	at	at	ADP
cblr-11902	137	165	least	least	ADJ
cblr-11902	137	166	in	in	ADP
cblr-11902	137	167	theory	theory	NOUN
cblr-11902	137	168	)	)	PUNCT
cblr-11902	137	169	be	be	AUX
cblr-11902	137	170	the	the	DET
cblr-11902	137	171	same	same	ADJ
cblr-11902	137	172	.	.	PUNCT
cblr-11902	138	1	in	in	ADP
cblr-11902	138	2	practice	practice	NOUN
cblr-11902	138	3	,	,	PUNCT
cblr-11902	138	4	however	however	ADV
cblr-11902	138	5	,	,	PUNCT
cblr-11902	138	6	the	the	DET
cblr-11902	138	7	tight	tight	ADJ
cblr-11902	138	8	and	and	CCONJ
cblr-11902	138	9	slack	slack	VERB
cblr-11902	138	10	demand	demand	NOUN
cblr-11902	138	11	for	for	ADP
cblr-11902	138	12	the	the	DET
cblr-11902	138	13	etf	etf	NOUN
cblr-11902	138	14	’s	’s	PART
cblr-11902	138	15	shares	share	NOUN
cblr-11902	138	16	on	on	ADP
cblr-11902	138	17	a	a	DET
cblr-11902	138	18	certain	certain	ADJ
cblr-11902	138	19	day	day	NOUN
cblr-11902	138	20	can	can	AUX
cblr-11902	138	21	cause	cause	VERB
cblr-11902	138	22	its	its	PRON
cblr-11902	138	23	stock	stock	NOUN
cblr-11902	138	24	price	price	NOUN
cblr-11902	138	25	to	to	PART
cblr-11902	138	26	wander	wander	VERB
cblr-11902	138	27	from	from	ADP
cblr-11902	138	28	the	the	DET
cblr-11902	138	29	nav	nav	NOUN
cblr-11902	138	30	,	,	PUNCT
cblr-11902	138	31	and	and	CCONJ
cblr-11902	138	32	the	the	DET
cblr-11902	138	33	ap	ap	PROPN
cblr-11902	138	34	mechanism	mechanism	NOUN
cblr-11902	138	35	plays	play	VERB
cblr-11902	138	36	a	a	DET
cblr-11902	138	37	key	key	ADJ
cblr-11902	138	38	course	course	NOUN
cblr-11902	138	39	-	-	PUNCT
cblr-11902	138	40	correcting	correct	VERB
cblr-11902	138	41	role	role	NOUN
cblr-11902	138	42	when	when	SCONJ
cblr-11902	138	43	this	this	DET
cblr-11902	138	44	deviation	deviation	NOUN
cblr-11902	138	45	occurs.51	occurs.51	ADV
cblr-11902	138	46	if	if	SCONJ
cblr-11902	138	47	,	,	PUNCT
cblr-11902	138	48	for	for	ADP
cblr-11902	138	49	example	example	NOUN
cblr-11902	138	50	,	,	PUNCT
cblr-11902	138	51	the	the	DET
cblr-11902	138	52	etf	etf	NOUN
cblr-11902	138	53	’s	’s	PART
cblr-11902	138	54	shares	share	NOUN
cblr-11902	138	55	were	be	AUX
cblr-11902	138	56	bid	bid	VERB
cblr-11902	138	57	up	up	ADP
cblr-11902	138	58	above	above	ADP
cblr-11902	138	59	its	its	PRON
cblr-11902	138	60	nav	nav	NOUN
cblr-11902	138	61	,	,	PUNCT
cblr-11902	138	62	aps	aps	PROPN
cblr-11902	138	63	could	could	AUX
cblr-11902	138	64	buy	buy	VERB
cblr-11902	138	65	the	the	DET
cblr-11902	138	66	basket	basket	NOUN
cblr-11902	138	67	of	of	ADP
cblr-11902	138	68	securities	security	NOUN
cblr-11902	138	69	that	that	PRON
cblr-11902	138	70	an	an	DET
cblr-11902	138	71	etf	etf	NOUN
cblr-11902	138	72	tracks	track	VERB
cblr-11902	138	73	for	for	ADP
cblr-11902	138	74	less	less	ADJ
cblr-11902	138	75	than	than	ADP
cblr-11902	138	76	the	the	DET
cblr-11902	138	77	inflated	inflated	ADJ
cblr-11902	138	78	etf	etf	NOUN
cblr-11902	138	79	price	price	NOUN
cblr-11902	138	80	and	and	CCONJ
cblr-11902	138	81	then	then	ADV
cblr-11902	138	82	present	present	VERB
cblr-11902	138	83	those	those	PRON
cblr-11902	138	84	to	to	ADP
cblr-11902	138	85	the	the	DET
cblr-11902	138	86	etf	etf	NOUN
cblr-11902	138	87	in	in	ADP
cblr-11902	138	88	exchange	exchange	NOUN
cblr-11902	138	89	for	for	ADP
cblr-11902	138	90	new	new	ADJ
cblr-11902	138	91	shares.52	shares.52	NOUN
cblr-11902	138	92	the	the	DET
cblr-11902	138	93	aps	ap	NOUN
cblr-11902	138	94	could	could	AUX
cblr-11902	138	95	then	then	ADV
cblr-11902	138	96	sell	sell	VERB
cblr-11902	138	97	the	the	DET
cblr-11902	138	98	new	new	ADJ
cblr-11902	138	99	shares	share	NOUN
cblr-11902	138	100	at	at	ADP
cblr-11902	138	101	the	the	DET
cblr-11902	138	102	inflated	inflated	ADJ
cblr-11902	138	103	price.53	price.53	NOUN
cblr-11902	138	104	through	through	ADP
cblr-11902	138	105	this	this	DET
cblr-11902	138	106	arbitrage	arbitrage	NOUN
cblr-11902	138	107	dynamic	dynamic	NOUN
cblr-11902	138	108	,	,	PUNCT
cblr-11902	138	109	the	the	DET
cblr-11902	138	110	price	price	NOUN
cblr-11902	138	111	of	of	ADP
cblr-11902	138	112	the	the	DET
cblr-11902	138	113	etf	etf	NOUN
cblr-11902	138	114	declines	decline	VERB
cblr-11902	138	115	due	due	ADJ
cblr-11902	138	116	to	to	ADP
cblr-11902	138	117	the	the	DET
cblr-11902	138	118	increased	increase	VERB
cblr-11902	138	119	supply	supply	NOUN
cblr-11902	138	120	of	of	ADP
cblr-11902	138	121	shares	share	NOUN
cblr-11902	138	122	from	from	ADP
cblr-11902	138	123	the	the	DET
cblr-11902	138	124	new	new	ADJ
cblr-11902	138	125	aps	ap	NOUN
cblr-11902	138	126	share	share	VERB
cblr-11902	138	127	creation	creation	NOUN
cblr-11902	138	128	,	,	PUNCT
cblr-11902	138	129	and	and	CCONJ
cblr-11902	138	130	the	the	DET
cblr-11902	138	131	price	price	NOUN
cblr-11902	138	132	of	of	ADP
cblr-11902	138	133	the	the	DET
cblr-11902	138	134	underlying	underlie	VERB
cblr-11902	138	135	securities	security	NOUN
cblr-11902	138	136	increases	increase	NOUN
cblr-11902	138	137	because	because	SCONJ
cblr-11902	138	138	of	of	ADP
cblr-11902	138	139	the	the	DET
cblr-11902	138	140	aps	aps	ADJ
cblr-11902	138	141	new	new	ADJ
cblr-11902	138	142	demand	demand	NOUN
cblr-11902	138	143	for	for	ADP
cblr-11902	138	144	them.54	them.54	PROPN
cblr-11902	138	145	if	if	SCONJ
cblr-11902	138	146	,	,	PUNCT
cblr-11902	138	147	at	at	ADP
cblr-11902	138	148	the	the	DET
cblr-11902	138	149	end	end	NOUN
cblr-11902	138	150	of	of	ADP
cblr-11902	138	151	the	the	DET
cblr-11902	138	152	process	process	NOUN
cblr-11902	138	153	the	the	DET
cblr-11902	138	154	etf	etf	NOUN
cblr-11902	138	155	is	be	AUX
cblr-11902	138	156	still	still	ADV
cblr-11902	138	157	trading	trade	VERB
cblr-11902	138	158	at	at	ADP
cblr-11902	138	159	a	a	DET
cblr-11902	138	160	premium	premium	NOUN
cblr-11902	138	161	,	,	PUNCT
cblr-11902	138	162	the	the	DET
cblr-11902	138	163	aps	ap	NOUN
cblr-11902	138	164	can	can	AUX
cblr-11902	138	165	simply	simply	ADV
cblr-11902	138	166	repeat	repeat	VERB
cblr-11902	138	167	the	the	DET
cblr-11902	138	168	above	above	ADJ
cblr-11902	138	169	steps	step	NOUN
cblr-11902	138	170	until	until	ADP
cblr-11902	138	171	46	46	NUM
cblr-11902	138	172	i	i	PROPN
cblr-11902	138	173	d.	d.	PROPN
cblr-11902	138	174	47	47	NUM
cblr-11902	139	1	i	i	PRON
cblr-11902	139	2	d.	d.	PROPN
cblr-11902	139	3	48	48	NUM
cblr-11902	139	4	see	see	VERB
cblr-11902	139	5	hill	hill	PROPN
cblr-11902	139	6	et	et	PROPN
cblr-11902	139	7	al	al	PROPN
cblr-11902	139	8	.	.	PROPN
cblr-11902	139	9	,	,	PUNCT
cblr-11902	139	10	supra	supra	PROPN
cblr-11902	139	11	note	note	PROPN
cblr-11902	139	12	19	19	NUM
cblr-11902	139	13	,	,	PUNCT
cblr-11902	139	14	at	at	ADP
cblr-11902	139	15	24	24	NUM
cblr-11902	139	16	.	.	PUNCT
cblr-11902	139	17	49	49	NUM
cblr-11902	140	1	i	i	PRON
cblr-11902	140	2	d.	d.	PROPN
cblr-11902	140	3	at	at	ADP
cblr-11902	140	4	25	25	NUM
cblr-11902	140	5	.	.	PUNCT
cblr-11902	140	6	50	50	NUM
cblr-11902	140	7	see	see	VERB
cblr-11902	140	8	deville	deville	NOUN
cblr-11902	140	9	,	,	PUNCT
cblr-11902	140	10	supra	supra	PROPN
cblr-11902	140	11	note	note	NOUN
cblr-11902	140	12	40	40	NUM
cblr-11902	140	13	,	,	PUNCT
cblr-11902	140	14	at	at	ADP
cblr-11902	140	15	12	12	NUM
cblr-11902	140	16	.	.	PUNCT
cblr-11902	141	1	51	51	NUM
cblr-11902	141	2	see	see	VERB
cblr-11902	141	3	i	i	PRON
cblr-11902	141	4	d.	d.	PROPN
cblr-11902	141	5	52	52	NUM
cblr-11902	141	6	see	see	VERB
cblr-11902	141	7	hill	hill	PROPN
cblr-11902	141	8	et	et	PROPN
cblr-11902	141	9	.	.	PUNCT
cblr-11902	142	1	al	al	PROPN
cblr-11902	142	2	,	,	PUNCT
cblr-11902	142	3	supra	supra	PROPN
cblr-11902	142	4	note	note	PROPN
cblr-11902	142	5	19	19	NUM
cblr-11902	142	6	,	,	PUNCT
cblr-11902	142	7	at	at	ADP
cblr-11902	142	8	25–27	25–27	NUM
cblr-11902	142	9	.	.	PUNCT
cblr-11902	143	1	53	53	NUM
cblr-11902	144	1	i	i	PROPN
cblr-11902	144	2	d.	d.	PROPN
cblr-11902	144	3	54	54	NUM
cblr-11902	144	4	i	i	PRON
cblr-11902	144	5	d.	d.	PROPN
cblr-11902	144	6	544	544	NUM
cblr-11902	144	7	columbia	columbia	PROPN
cblr-11902	144	8	business	business	PROPN
cblr-11902	144	9	law	law	PROPN
cblr-11902	144	10	review	review	NOUN
cblr-11902	144	11	[	[	X
cblr-11902	144	12	vol	vol	NOUN
cblr-11902	144	13	.	.	PUNCT
cblr-11902	144	14	2023	2023	NUM
cblr-11902	144	15	the	the	DET
cblr-11902	144	16	price	price	NOUN
cblr-11902	144	17	of	of	ADP
cblr-11902	144	18	the	the	DET
cblr-11902	144	19	etf	etf	NOUN
cblr-11902	144	20	eventually	eventually	ADV
cblr-11902	144	21	converges	converge	VERB
cblr-11902	144	22	with	with	ADP
cblr-11902	144	23	the	the	DET
cblr-11902	144	24	nav	nav	NOUN
cblr-11902	144	25	of	of	ADP
cblr-11902	144	26	its	its	PRON
cblr-11902	144	27	underlying	underlie	VERB
cblr-11902	144	28	stocks.55	stocks.55	NOUN
cblr-11902	144	29	due	due	ADJ
cblr-11902	144	30	to	to	ADP
cblr-11902	144	31	the	the	DET
cblr-11902	144	32	arbitrage	arbitrage	NOUN
cblr-11902	144	33	process	process	NOUN
cblr-11902	144	34	,	,	PUNCT
cblr-11902	144	35	etfs	etfs	PROPN
cblr-11902	144	36	are	be	AUX
cblr-11902	144	37	constantly	constantly	ADV
cblr-11902	144	38	accepting	accept	VERB
cblr-11902	144	39	securities	security	NOUN
cblr-11902	144	40	from	from	ADP
cblr-11902	144	41	aps	ap	NOUN
cblr-11902	144	42	in	in	ADP
cblr-11902	144	43	creation	creation	NOUN
cblr-11902	144	44	transactions	transaction	NOUN
cblr-11902	144	45	and	and	CCONJ
cblr-11902	144	46	distributing	distribute	VERB
cblr-11902	144	47	securities	security	NOUN
cblr-11902	144	48	to	to	ADP
cblr-11902	144	49	aps	ap	NOUN
cblr-11902	144	50	in	in	ADP
cblr-11902	144	51	redemption	redemption	NOUN
cblr-11902	144	52	transactions	transaction	NOUN
cblr-11902	144	53	.	.	PUNCT
cblr-11902	145	1	given	give	VERB
cblr-11902	145	2	the	the	DET
cblr-11902	145	3	frequency	frequency	NOUN
cblr-11902	145	4	and	and	CCONJ
cblr-11902	145	5	importance	importance	NOUN
cblr-11902	145	6	of	of	ADP
cblr-11902	145	7	these	these	DET
cblr-11902	145	8	exchanges	exchange	NOUN
cblr-11902	145	9	,	,	PUNCT
cblr-11902	145	10	it	it	PRON
cblr-11902	145	11	is	be	AUX
cblr-11902	145	12	important	important	ADJ
cblr-11902	145	13	to	to	PART
cblr-11902	145	14	understand	understand	VERB
cblr-11902	145	15	their	their	PRON
cblr-11902	145	16	tax	tax	NOUN
cblr-11902	145	17	implications	implication	NOUN
cblr-11902	145	18	for	for	ADP
cblr-11902	145	19	the	the	DET
cblr-11902	145	20	funds	fund	NOUN
cblr-11902	145	21	.	.	PUNCT
cblr-11902	146	1	b.	b.	VERB
cblr-11902	147	1	the	the	DET
cblr-11902	147	2	taxation	taxation	NOUN
cblr-11902	147	3	of	of	ADP
cblr-11902	147	4	etfs	etfs	PROPN
cblr-11902	147	5	and	and	CCONJ
cblr-11902	147	6	the	the	DET
cblr-11902	147	7	importance	importance	NOUN
cblr-11902	147	8	of	of	ADP
cblr-11902	147	9	§	§	PROPN
cblr-11902	147	10	852(b)(6	852(b)(6	NUM
cblr-11902	147	11	)	)	PUNCT
cblr-11902	147	12	1	1	NUM
cblr-11902	147	13	.	.	X
cblr-11902	148	1	taxation	taxation	NOUN
cblr-11902	148	2	of	of	ADP
cblr-11902	148	3	regulated	regulated	ADJ
cblr-11902	148	4	investment	investment	NOUN
cblr-11902	148	5	companies	company	NOUN
cblr-11902	148	6	(	(	PUNCT
cblr-11902	148	7	rics	ric	NOUN
cblr-11902	148	8	)	)	PUNCT
cblr-11902	148	9	for	for	ADP
cblr-11902	148	10	tax	tax	NOUN
cblr-11902	148	11	purposes	purpose	NOUN
cblr-11902	148	12	,	,	PUNCT
cblr-11902	148	13	an	an	DET
cblr-11902	148	14	etf	etf	NOUN
cblr-11902	148	15	can	can	AUX
cblr-11902	148	16	be	be	AUX
cblr-11902	148	17	classified	classify	VERB
cblr-11902	148	18	as	as	ADP
cblr-11902	148	19	one	one	NUM
cblr-11902	148	20	of	of	ADP
cblr-11902	148	21	five	five	NUM
cblr-11902	148	22	structures	structure	NOUN
cblr-11902	148	23	:	:	PUNCT
cblr-11902	148	24	regulated	regulated	ADJ
cblr-11902	148	25	investment	investment	NOUN
cblr-11902	148	26	company	company	NOUN
cblr-11902	148	27	(	(	PUNCT
cblr-11902	148	28	ric	ric	PROPN
cblr-11902	148	29	)	)	PUNCT
cblr-11902	148	30	,	,	PUNCT
cblr-11902	148	31	unit	unit	NOUN
cblr-11902	148	32	investment	investment	NOUN
cblr-11902	148	33	trusts	trust	NOUN
cblr-11902	148	34	(	(	PUNCT
cblr-11902	148	35	uit	uit	NOUN
cblr-11902	148	36	)	)	PUNCT
cblr-11902	148	37	,	,	PUNCT
cblr-11902	148	38	grantor	grantor	NOUN
cblr-11902	148	39	trusts	trust	NOUN
cblr-11902	148	40	,	,	PUNCT
cblr-11902	148	41	limited	limited	ADJ
cblr-11902	148	42	partnerships	partnership	NOUN
cblr-11902	148	43	,	,	PUNCT
cblr-11902	148	44	and	and	CCONJ
cblr-11902	148	45	exchange	exchange	NOUN
cblr-11902	148	46	-	-	PUNCT
cblr-11902	148	47	traded	trade	VERB
cblr-11902	148	48	notes.56	notes.56	NOUN
cblr-11902	148	49	this	this	DET
cblr-11902	148	50	note	note	NOUN
cblr-11902	148	51	will	will	AUX
cblr-11902	148	52	focus	focus	VERB
cblr-11902	148	53	only	only	ADV
cblr-11902	148	54	on	on	ADP
cblr-11902	148	55	etfs	etfs	PROPN
cblr-11902	148	56	organized	organize	VERB
cblr-11902	148	57	as	as	ADP
cblr-11902	148	58	rics	ric	NOUN
cblr-11902	148	59	because	because	SCONJ
cblr-11902	148	60	that	that	PRON
cblr-11902	148	61	is	be	AUX
cblr-11902	148	62	how	how	SCONJ
cblr-11902	148	63	most	most	ADV
cblr-11902	148	64	recent	recent	ADJ
cblr-11902	148	65	etfs	etfs	NOUN
cblr-11902	148	66	have	have	AUX
cblr-11902	148	67	been	be	AUX
cblr-11902	148	68	organized.57	organized.57	NUM
cblr-11902	148	69	rics	ric	NOUN
cblr-11902	148	70	and	and	CCONJ
cblr-11902	148	71	their	their	PRON
cblr-11902	148	72	investors	investor	NOUN
cblr-11902	148	73	are	be	AUX
cblr-11902	148	74	taxed	tax	VERB
cblr-11902	148	75	under	under	ADP
cblr-11902	148	76	subchapter	subchapter	NOUN
cblr-11902	148	77	m.58	m.58	NOUN
cblr-11902	148	78	subchapter	subchapter	NOUN
cblr-11902	148	79	m	m	VERB
cblr-11902	148	80	enables	enable	VERB
cblr-11902	148	81	the	the	DET
cblr-11902	148	82	fund	fund	NOUN
cblr-11902	148	83	to	to	PART
cblr-11902	148	84	generally	generally	ADV
cblr-11902	148	85	avoid	avoid	VERB
cblr-11902	148	86	entity	entity	NOUN
cblr-11902	148	87	-	-	PUNCT
cblr-11902	148	88	level	level	NOUN
cblr-11902	148	89	taxation	taxation	NOUN
cblr-11902	148	90	by	by	ADP
cblr-11902	148	91	distributing	distribute	VERB
cblr-11902	148	92	its	its	PRON
cblr-11902	148	93	gains	gain	NOUN
cblr-11902	148	94	in	in	ADP
cblr-11902	148	95	dividends	dividend	NOUN
cblr-11902	148	96	to	to	ADP
cblr-11902	148	97	shareholders	shareholder	NOUN
cblr-11902	148	98	,	,	PUNCT
cblr-11902	148	99	who	who	PRON
cblr-11902	148	100	are	be	AUX
cblr-11902	148	101	then	then	ADV
cblr-11902	148	102	taxed.59	taxed.59	PROPN
cblr-11902	148	103	this	this	PRON
cblr-11902	148	104	is	be	AUX
cblr-11902	148	105	accomplished	accomplish	VERB
cblr-11902	148	106	by	by	ADP
cblr-11902	148	107	allowing	allow	VERB
cblr-11902	148	108	funds	fund	NOUN
cblr-11902	148	109	to	to	PART
cblr-11902	148	110	deduct	deduct	VERB
cblr-11902	148	111	dividends	dividend	NOUN
cblr-11902	148	112	distributed	distribute	VERB
cblr-11902	148	113	to	to	ADP
cblr-11902	148	114	shareholders	shareholder	NOUN
cblr-11902	148	115	from	from	ADP
cblr-11902	148	116	the	the	DET
cblr-11902	148	117	fund	fund	NOUN
cblr-11902	148	118	’s	’s	PART
cblr-11902	148	119	taxable	taxable	ADJ
cblr-11902	148	120	income.60	income.60	NOUN
cblr-11902	148	121	to	to	PART
cblr-11902	148	122	qualify	qualify	VERB
cblr-11902	148	123	as	as	ADP
cblr-11902	148	124	a	a	DET
cblr-11902	148	125	ric	ric	PROPN
cblr-11902	148	126	,	,	PUNCT
cblr-11902	148	127	a	a	DET
cblr-11902	148	128	fund	fund	NOUN
cblr-11902	148	129	must	must	AUX
cblr-11902	148	130	be	be	AUX
cblr-11902	148	131	a	a	DET
cblr-11902	148	132	domestic	domestic	ADJ
cblr-11902	148	133	corporation	corporation	NOUN
cblr-11902	148	134	that	that	PRON
cblr-11902	148	135	is	be	AUX
cblr-11902	148	136	registered	register	VERB
cblr-11902	148	137	under	under	ADP
cblr-11902	148	138	the	the	DET
cblr-11902	148	139	investment	investment	NOUN
cblr-11902	148	140	company	company	NOUN
cblr-11902	148	141	act	act	NOUN
cblr-11902	148	142	of	of	ADP
cblr-11902	148	143	1940	1940	NUM
cblr-11902	148	144	(	(	PUNCT
cblr-11902	148	145	“	"	PUNCT
cblr-11902	148	146	the	the	DET
cblr-11902	148	147	1940	1940	NUM
cblr-11902	148	148	act	act	NOUN
cblr-11902	148	149	”	"	PUNCT
cblr-11902	148	150	)	)	PUNCT
cblr-11902	148	151	as	as	SCONJ
cblr-11902	148	152	a	a	DET
cblr-11902	148	153	management	management	NOUN
cblr-11902	148	154	company	company	NOUN
cblr-11902	148	155	or	or	CCONJ
cblr-11902	148	156	unit	unit	NOUN
cblr-11902	148	157	investment	investment	NOUN
cblr-11902	148	158	trust.61	trust.61	NOUN
cblr-11902	148	159	a	a	DET
cblr-11902	148	160	fund	fund	NOUN
cblr-11902	148	161	must	must	AUX
cblr-11902	148	162	also	also	ADV
cblr-11902	148	163	elect	elect	VERB
cblr-11902	148	164	to	to	PART
cblr-11902	148	165	be	be	AUX
cblr-11902	148	166	a	a	DET
cblr-11902	148	167	ric	ric	NOUN
cblr-11902	148	168	on	on	ADP
cblr-11902	148	169	its	its	PRON
cblr-11902	148	170	tax	tax	NOUN
cblr-11902	148	171	return	return	NOUN
cblr-11902	148	172	and	and	CCONJ
cblr-11902	148	173	derive	derive	VERB
cblr-11902	148	174	at	at	ADV
cblr-11902	148	175	least	least	ADV
cblr-11902	148	176	90	90	NUM
cblr-11902	148	177	percent	percent	NOUN
cblr-11902	148	178	of	of	ADP
cblr-11902	148	179	its	its	PRON
cblr-11902	148	180	gross	gross	ADJ
cblr-11902	148	181	income	income	NOUN
cblr-11902	148	182	as	as	ADP
cblr-11902	148	183	passive	passive	ADJ
cblr-11902	148	184	income	income	NOUN
cblr-11902	148	185	and	and	CCONJ
cblr-11902	148	186	meet	meet	VERB
cblr-11902	148	187	certain	certain	ADJ
cblr-11902	148	188	55	55	NUM
cblr-11902	148	189	i	i	PRON
cblr-11902	148	190	d.	d.	PROPN
cblr-11902	148	191	56	56	NUM
cblr-11902	148	192	see	see	VERB
cblr-11902	148	193	the	the	DET
cblr-11902	148	194	definitive	definitive	ADJ
cblr-11902	148	195	guide	guide	NOUN
cblr-11902	148	196	to	to	ADP
cblr-11902	148	197	etf	etf	NOUN
cblr-11902	148	198	taxation	taxation	NOUN
cblr-11902	148	199	,	,	PUNCT
cblr-11902	148	200	etf.com	etf.com	X
cblr-11902	148	201	(	(	PUNCT
cblr-11902	148	202	2015	2015	NUM
cblr-11902	148	203	)	)	PUNCT
cblr-11902	148	204	at	at	ADP
cblr-11902	148	205	3	3	NUM
cblr-11902	148	206	,	,	PUNCT
cblr-11902	148	207	https://www.etf.com/docs/011615_etfcom_taxationguide_2015edition.pd	https://www.etf.com/docs/011615_etfcom_taxationguide_2015edition.pd	VERB
cblr-11902	148	208	f	f	NOUN
cblr-11902	149	1	[	[	X
cblr-11902	149	2	https://perma.cc/k35a-ufq4	https://perma.cc/k35a-ufq4	NOUN
cblr-11902	149	3	]	]	PUNCT
cblr-11902	149	4	.	.	PUNCT
cblr-11902	150	1	57	57	NUM
cblr-11902	150	2	see	see	VERB
cblr-11902	150	3	colon	colon	NOUN
cblr-11902	150	4	,	,	PUNCT
cblr-11902	150	5	supra	supra	PROPN
cblr-11902	150	6	note	note	NOUN
cblr-11902	150	7	22	22	NUM
cblr-11902	150	8	,	,	PUNCT
cblr-11902	150	9	at	at	ADP
cblr-11902	150	10	14	14	NUM
cblr-11902	150	11	.	.	PUNCT
cblr-11902	151	1	58	58	NUM
cblr-11902	152	1	i	i	PRON
cblr-11902	152	2	d.	d.	PROPN
cblr-11902	152	3	at	at	ADP
cblr-11902	152	4	16	16	NUM
cblr-11902	152	5	;	;	PUNCT
cblr-11902	152	6	26	26	NUM
cblr-11902	152	7	u.s.c	u.s.c	NOUN
cblr-11902	152	8	.	.	PUNCT
cblr-11902	153	1	§	§	PROPN
cblr-11902	153	2	§	§	PROPN
cblr-11902	153	3	851–55	851–55	NUM
cblr-11902	153	4	(	(	PUNCT
cblr-11902	153	5	2012	2012	NUM
cblr-11902	153	6	)	)	PUNCT
cblr-11902	153	7	.	.	PUNCT
cblr-11902	154	1	59	59	NUM
cblr-11902	154	2	see	see	VERB
cblr-11902	154	3	colon	colon	NOUN
cblr-11902	154	4	,	,	PUNCT
cblr-11902	154	5	supra	supra	PROPN
cblr-11902	154	6	note	note	NOUN
cblr-11902	154	7	22	22	NUM
cblr-11902	154	8	,	,	PUNCT
cblr-11902	154	9	at	at	ADP
cblr-11902	154	10	16	16	NUM
cblr-11902	154	11	.	.	PUNCT
cblr-11902	155	1	60	60	NUM
cblr-11902	155	2	26	26	NUM
cblr-11902	155	3	u.s.c	u.s.c	ADJ
cblr-11902	155	4	.	.	PUNCT
cblr-11902	156	1	§	§	PROPN
cblr-11902	156	2	852(b)(2)(d)(2012	852(b)(2)(d)(2012	PROPN
cblr-11902	156	3	)	)	PUNCT
cblr-11902	156	4	.	.	PUNCT
cblr-11902	157	1	61	61	NUM
cblr-11902	157	2	26	26	NUM
cblr-11902	157	3	u.s.c	u.s.c	NOUN
cblr-11902	157	4	.	.	PUNCT
cblr-11902	158	1	§	§	PROPN
cblr-11902	158	2	851(a)(1	851(a)(1	NOUN
cblr-11902	158	3	)	)	PUNCT
cblr-11902	158	4	.	.	PUNCT
cblr-11902	159	1	no	no	INTJ
cblr-11902	159	2	.	.	NOUN
cblr-11902	160	1	1	1	NUM
cblr-11902	160	2	]	]	PUNCT
cblr-11902	160	3	sec	sec	PROPN
cblr-11902	160	4	rule	rule	NOUN
cblr-11902	160	5	6c-11	6c-11	PROPN
cblr-11902	160	6	’s	’s	PART
cblr-11902	160	7	impact	impact	NOUN
cblr-11902	160	8	on	on	ADP
cblr-11902	160	9	usage	usage	NOUN
cblr-11902	160	10	of	of	ADP
cblr-11902	160	11	heartbeat	heartbeat	NOUN
cblr-11902	160	12	trades	trade	VERB
cblr-11902	160	13	545	545	NUM
cblr-11902	160	14	diversification	diversification	NOUN
cblr-11902	160	15	requirements	requirement	NOUN
cblr-11902	160	16	in	in	ADP
cblr-11902	160	17	its	its	PRON
cblr-11902	160	18	asset	asset	NOUN
cblr-11902	160	19	distribution.62	distribution.62	NOUN
cblr-11902	160	20	to	to	PART
cblr-11902	160	21	prevent	prevent	VERB
cblr-11902	160	22	a	a	DET
cblr-11902	160	23	fund	fund	NOUN
cblr-11902	160	24	from	from	ADP
cblr-11902	160	25	accumulating	accumulate	VERB
cblr-11902	160	26	income,63	income,63	NOUN
cblr-11902	160	27	a	a	DET
cblr-11902	160	28	ric	ric	PROPN
cblr-11902	160	29	must	must	AUX
cblr-11902	160	30	also	also	ADV
cblr-11902	160	31	distribute	distribute	VERB
cblr-11902	160	32	at	at	ADV
cblr-11902	160	33	least	least	ADV
cblr-11902	160	34	ninety	ninety	NUM
cblr-11902	160	35	percent	percent	NOUN
cblr-11902	160	36	of	of	ADP
cblr-11902	160	37	its	its	PRON
cblr-11902	160	38	income	income	NOUN
cblr-11902	160	39	as	as	ADP
cblr-11902	160	40	dividends	dividend	NOUN
cblr-11902	160	41	to	to	ADP
cblr-11902	160	42	its	its	PRON
cblr-11902	160	43	shareholders.64	shareholders.64	NOUN
cblr-11902	160	44	if	if	SCONJ
cblr-11902	160	45	a	a	DET
cblr-11902	160	46	fund	fund	NOUN
cblr-11902	160	47	meets	meet	VERB
cblr-11902	160	48	the	the	DET
cblr-11902	160	49	prior	prior	ADJ
cblr-11902	160	50	requirements	requirement	NOUN
cblr-11902	160	51	,	,	PUNCT
cblr-11902	160	52	it	it	PRON
cblr-11902	160	53	can	can	AUX
cblr-11902	160	54	eliminate	eliminate	VERB
cblr-11902	160	55	its	its	PRON
cblr-11902	160	56	taxable	taxable	ADJ
cblr-11902	160	57	income	income	NOUN
cblr-11902	160	58	if	if	SCONJ
cblr-11902	160	59	it	it	PRON
cblr-11902	160	60	distributes	distribute	VERB
cblr-11902	160	61	all	all	DET
cblr-11902	160	62	its	its	PRON
cblr-11902	160	63	income	income	NOUN
cblr-11902	160	64	to	to	ADP
cblr-11902	160	65	its	its	PRON
cblr-11902	160	66	shareholders	shareholder	NOUN
cblr-11902	160	67	.	.	PUNCT
cblr-11902	161	1	2	2	X
cblr-11902	161	2	.	.	X
cblr-11902	161	3	§	§	PROPN
cblr-11902	161	4	852(b)(6	852(b)(6	PROPN
cblr-11902	161	5	)	)	PUNCT
cblr-11902	161	6	and	and	CCONJ
cblr-11902	161	7	its	its	PRON
cblr-11902	161	8	history	history	NOUN
cblr-11902	161	9	for	for	ADP
cblr-11902	161	10	etfs	etfs	PROPN
cblr-11902	161	11	,	,	PUNCT
cblr-11902	161	12	the	the	DET
cblr-11902	161	13	most	most	ADV
cblr-11902	161	14	important	important	ADJ
cblr-11902	161	15	component	component	NOUN
cblr-11902	161	16	of	of	ADP
cblr-11902	161	17	subchapter	subchapter	NOUN
cblr-11902	161	18	m	m	VERB
cblr-11902	161	19	is	be	AUX
cblr-11902	161	20	§	§	PROPN
cblr-11902	161	21	852(b)(6	852(b)(6	NUM
cblr-11902	161	22	)	)	PUNCT
cblr-11902	161	23	,	,	PUNCT
cblr-11902	161	24	which	which	PRON
cblr-11902	161	25	allows	allow	VERB
cblr-11902	161	26	rics	ric	NOUN
cblr-11902	161	27	to	to	PART
cblr-11902	161	28	not	not	PART
cblr-11902	161	29	recognize	recognize	VERB
cblr-11902	161	30	a	a	DET
cblr-11902	161	31	gain	gain	NOUN
cblr-11902	161	32	if	if	SCONJ
cblr-11902	161	33	they	they	PRON
cblr-11902	161	34	distribute	distribute	VERB
cblr-11902	161	35	appreciated	appreciated	ADJ
cblr-11902	161	36	securities	security	NOUN
cblr-11902	161	37	to	to	ADP
cblr-11902	161	38	shareholders	shareholder	NOUN
cblr-11902	161	39	through	through	ADP
cblr-11902	161	40	inkind	inkind	ADJ
cblr-11902	161	41	distributions	distribution	NOUN
cblr-11902	161	42	,	,	PUNCT
cblr-11902	161	43	if	if	SCONJ
cblr-11902	161	44	the	the	DET
cblr-11902	161	45	distribution	distribution	NOUN
cblr-11902	161	46	was	be	AUX
cblr-11902	161	47	at	at	ADP
cblr-11902	161	48	the	the	DET
cblr-11902	161	49	shareholder	shareholder	NOUN
cblr-11902	161	50	’s	’s	PART
cblr-11902	161	51	demand.65	demand.65	NOUN
cblr-11902	162	1	the	the	DET
cblr-11902	162	2	nonrecognition	nonrecognition	NOUN
cblr-11902	162	3	provision	provision	NOUN
cblr-11902	162	4	was	be	AUX
cblr-11902	162	5	created	create	VERB
cblr-11902	162	6	to	to	PART
cblr-11902	162	7	buttress	buttress	VERB
cblr-11902	162	8	certain	certain	ADJ
cblr-11902	162	9	provisions	provision	NOUN
cblr-11902	162	10	of	of	ADP
cblr-11902	162	11	the	the	DET
cblr-11902	162	12	1940	1940	NUM
cblr-11902	162	13	act	act	NOUN
cblr-11902	162	14	.	.	PUNCT
cblr-11902	163	1	the	the	DET
cblr-11902	163	2	1940	1940	NUM
cblr-11902	163	3	act	act	NOUN
cblr-11902	163	4	requires	require	VERB
cblr-11902	163	5	an	an	DET
cblr-11902	163	6	open	open	ADJ
cblr-11902	163	7	-	-	PUNCT
cblr-11902	163	8	end	end	NOUN
cblr-11902	163	9	fund	fund	NOUN
cblr-11902	163	10	redeem	redeem	VERB
cblr-11902	163	11	shareholders	shareholder	NOUN
cblr-11902	163	12	’	'	PUNCT
cblr-11902	163	13	shares	share	NOUN
cblr-11902	163	14	on	on	ADP
cblr-11902	163	15	demand66	demand66	NOUN
cblr-11902	163	16	and	and	CCONJ
cblr-11902	163	17	pay	pay	VERB
cblr-11902	163	18	them	they	PRON
cblr-11902	163	19	within	within	ADP
cblr-11902	163	20	seven	seven	NUM
cblr-11902	163	21	days.67	days.67	NOUN
cblr-11902	163	22	in	in	ADP
cblr-11902	163	23	redemptions	redemption	NOUN
cblr-11902	163	24	,	,	PUNCT
cblr-11902	163	25	funds	fund	NOUN
cblr-11902	163	26	are	be	AUX
cblr-11902	163	27	permitted	permit	VERB
cblr-11902	163	28	to	to	PART
cblr-11902	163	29	meet	meet	VERB
cblr-11902	163	30	requests	request	NOUN
cblr-11902	163	31	with	with	ADP
cblr-11902	163	32	in	in	ADP
cblr-11902	163	33	-	-	PUNCT
cblr-11902	163	34	kind	kind	NOUN
cblr-11902	163	35	distributions	distribution	NOUN
cblr-11902	163	36	rather	rather	ADV
cblr-11902	163	37	than	than	ADP
cblr-11902	163	38	cash	cash	NOUN
cblr-11902	163	39	under	under	ADP
cblr-11902	163	40	section	section	NOUN
cblr-11902	163	41	2(a)(32).68	2(a)(32).68	PROPN
cblr-11902	163	42	the	the	DET
cblr-11902	163	43	allowance	allowance	NOUN
cblr-11902	163	44	of	of	ADP
cblr-11902	163	45	in	in	ADP
cblr-11902	163	46	-	-	PUNCT
cblr-11902	163	47	kind	kind	NOUN
cblr-11902	163	48	redemptions	redemption	NOUN
cblr-11902	163	49	is	be	AUX
cblr-11902	163	50	meant	mean	VERB
cblr-11902	163	51	“	"	PUNCT
cblr-11902	163	52	‘	'	PUNCT
cblr-11902	163	53	to	to	PART
cblr-11902	163	54	relieve	relieve	VERB
cblr-11902	163	55	open	open	ADJ
cblr-11902	163	56	-	-	PUNCT
cblr-11902	163	57	end	end	NOUN
cblr-11902	163	58	investment	investment	NOUN
cblr-11902	163	59	companies	company	NOUN
cblr-11902	163	60	from	from	ADP
cblr-11902	163	61	having	have	VERB
cblr-11902	163	62	to	to	PART
cblr-11902	163	63	make	make	VERB
cblr-11902	163	64	forced	force	VERB
cblr-11902	163	65	sales	sale	NOUN
cblr-11902	163	66	of	of	ADP
cblr-11902	163	67	their	their	PRON
cblr-11902	163	68	securities	security	NOUN
cblr-11902	163	69	that	that	PRON
cblr-11902	163	70	might	might	AUX
cblr-11902	163	71	otherwise	otherwise	ADV
cblr-11902	163	72	occur	occur	VERB
cblr-11902	163	73	if	if	SCONJ
cblr-11902	163	74	’	'	PUNCT
cblr-11902	163	75	redemptions	redemption	NOUN
cblr-11902	163	76	were	be	AUX
cblr-11902	163	77	required	require	VERB
cblr-11902	163	78	62	62	NUM
cblr-11902	163	79	see	see	NOUN
cblr-11902	163	80	colon	colon	NOUN
cblr-11902	163	81	,	,	PUNCT
cblr-11902	163	82	supra	supra	PROPN
cblr-11902	163	83	note	note	NOUN
cblr-11902	163	84	22	22	NUM
cblr-11902	163	85	,	,	PUNCT
cblr-11902	163	86	at	at	ADP
cblr-11902	163	87	17	17	NUM
cblr-11902	163	88	;	;	PUNCT
cblr-11902	163	89	see	see	VERB
cblr-11902	163	90	also	also	ADV
cblr-11902	163	91	26	26	NUM
cblr-11902	163	92	u.s.c	u.s.c	ADJ
cblr-11902	163	93	.	.	PUNCT
cblr-11902	164	1	§	§	PROPN
cblr-11902	164	2	§	§	PROPN
cblr-11902	164	3	851(b)(1	851(b)(1	NOUN
cblr-11902	164	4	)	)	PUNCT
cblr-11902	164	5	,	,	PUNCT
cblr-11902	164	6	851(b)(2	851(b)(2	NUM
cblr-11902	164	7	)	)	PUNCT
cblr-11902	164	8	(	(	PUNCT
cblr-11902	164	9	2012	2012	NUM
cblr-11902	164	10	)	)	PUNCT
cblr-11902	164	11	(	(	PUNCT
cblr-11902	164	12	requiring	require	VERB
cblr-11902	164	13	passive	passive	ADJ
cblr-11902	164	14	income	income	NOUN
cblr-11902	164	15	)	)	PUNCT
cblr-11902	164	16	;	;	PUNCT
cblr-11902	164	17	§	§	PROPN
cblr-11902	164	18	§	§	PROPN
cblr-11902	164	19	851(3)(a	851(3)(a	NUM
cblr-11902	164	20	)	)	PUNCT
cblr-11902	164	21	,	,	PUNCT
cblr-11902	164	22	851(3)(b	851(3)(b	NUM
cblr-11902	164	23	)	)	PUNCT
cblr-11902	164	24	(	(	PUNCT
cblr-11902	164	25	2012	2012	NUM
cblr-11902	164	26	)	)	PUNCT
cblr-11902	164	27	(	(	PUNCT
cblr-11902	164	28	creating	create	VERB
cblr-11902	164	29	diversification	diversification	NOUN
cblr-11902	164	30	requirements	requirement	NOUN
cblr-11902	164	31	)	)	PUNCT
cblr-11902	164	32	.	.	PUNCT
cblr-11902	165	1	63	63	NUM
cblr-11902	165	2	see	see	VERB
cblr-11902	165	3	colon	colon	NOUN
cblr-11902	165	4	,	,	PUNCT
cblr-11902	165	5	supra	supra	PROPN
cblr-11902	165	6	note	note	NOUN
cblr-11902	165	7	22	22	NUM
cblr-11902	165	8	,	,	PUNCT
cblr-11902	165	9	at	at	ADP
cblr-11902	165	10	17	17	NUM
cblr-11902	165	11	.	.	PUNCT
cblr-11902	165	12	64	64	NUM
cblr-11902	165	13	26	26	NUM
cblr-11902	165	14	u.s.c	u.s.c	NOUN
cblr-11902	165	15	.	.	PUNCT
cblr-11902	166	1	§	§	PROPN
cblr-11902	166	2	852(a	852(a	PROPN
cblr-11902	166	3	)	)	PUNCT
cblr-11902	166	4	(	(	PUNCT
cblr-11902	166	5	2012	2012	NUM
cblr-11902	166	6	)	)	PUNCT
cblr-11902	166	7	.	.	PUNCT
cblr-11902	167	1	65	65	NUM
cblr-11902	167	2	26	26	NUM
cblr-11902	167	3	u.s.c	u.s.c	NOUN
cblr-11902	167	4	.	.	PUNCT
cblr-11902	168	1	§	§	PROPN
cblr-11902	168	2	852(b)(6	852(b)(6	PROPN
cblr-11902	168	3	)	)	PUNCT
cblr-11902	168	4	(	(	PUNCT
cblr-11902	168	5	“	"	PUNCT
cblr-11902	168	6	section	section	NOUN
cblr-11902	168	7	311(b	311(b	PROPN
cblr-11902	168	8	)	)	PUNCT
cblr-11902	168	9	shall	shall	AUX
cblr-11902	168	10	not	not	PART
cblr-11902	168	11	apply	apply	VERB
cblr-11902	168	12	to	to	ADP
cblr-11902	168	13	any	any	DET
cblr-11902	168	14	distribution	distribution	NOUN
cblr-11902	168	15	by	by	ADP
cblr-11902	168	16	a	a	DET
cblr-11902	168	17	regulated	regulated	ADJ
cblr-11902	168	18	investment	investment	NOUN
cblr-11902	168	19	company	company	NOUN
cblr-11902	168	20	to	to	PART
cblr-11902	168	21	which	which	PRON
cblr-11902	168	22	this	this	DET
cblr-11902	168	23	part	part	NOUN
cblr-11902	168	24	applies	apply	VERB
cblr-11902	168	25	,	,	PUNCT
cblr-11902	168	26	if	if	SCONJ
cblr-11902	168	27	such	such	ADJ
cblr-11902	168	28	distribution	distribution	NOUN
cblr-11902	168	29	is	be	AUX
cblr-11902	168	30	in	in	ADP
cblr-11902	168	31	redemption	redemption	NOUN
cblr-11902	168	32	of	of	ADP
cblr-11902	168	33	its	its	PRON
cblr-11902	168	34	stock	stock	NOUN
cblr-11902	168	35	upon	upon	SCONJ
cblr-11902	168	36	the	the	DET
cblr-11902	168	37	demand	demand	NOUN
cblr-11902	168	38	of	of	ADP
cblr-11902	168	39	the	the	DET
cblr-11902	168	40	shareholder	shareholder	NOUN
cblr-11902	168	41	”	"	PUNCT
cblr-11902	168	42	)	)	PUNCT
cblr-11902	168	43	;	;	PUNCT
cblr-11902	168	44	26	26	NUM
cblr-11902	168	45	u.s.c	u.s.c	NOUN
cblr-11902	168	46	.	.	PUNCT
cblr-11902	169	1	§	§	PROPN
cblr-11902	169	2	311(b	311(b	PROPN
cblr-11902	169	3	)	)	PUNCT
cblr-11902	169	4	(	(	PUNCT
cblr-11902	169	5	“	"	PUNCT
cblr-11902	169	6	in	in	ADP
cblr-11902	169	7	general	general	ADJ
cblr-11902	169	8	if	if	SCONJ
cblr-11902	169	9	(	(	PUNCT
cblr-11902	169	10	a	a	X
cblr-11902	169	11	)	)	PUNCT
cblr-11902	169	12	a	a	DET
cblr-11902	169	13	corporation	corporation	NOUN
cblr-11902	169	14	distributes	distribute	VERB
cblr-11902	169	15	property	property	NOUN
cblr-11902	169	16	.	.	PUNCT
cblr-11902	169	17	.	.	PUNCT
cblr-11902	169	18	.	.	PUNCT
cblr-11902	170	1	to	to	ADP
cblr-11902	170	2	a	a	DET
cblr-11902	170	3	shareholder	shareholder	NOUN
cblr-11902	170	4	in	in	ADP
cblr-11902	170	5	a	a	DET
cblr-11902	170	6	distribution	distribution	NOUN
cblr-11902	170	7	to	to	PART
cblr-11902	170	8	which	which	PRON
cblr-11902	170	9	subpart	subpart	NOUN
cblr-11902	170	10	a	a	DET
cblr-11902	170	11	applies	applie	NOUN
cblr-11902	170	12	,	,	PUNCT
cblr-11902	170	13	and	and	CCONJ
cblr-11902	170	14	(	(	PUNCT
cblr-11902	170	15	b	b	X
cblr-11902	170	16	)	)	PUNCT
cblr-11902	170	17	the	the	DET
cblr-11902	170	18	fair	fair	ADJ
cblr-11902	170	19	market	market	NOUN
cblr-11902	170	20	value	value	NOUN
cblr-11902	170	21	of	of	ADP
cblr-11902	170	22	such	such	ADJ
cblr-11902	170	23	property	property	NOUN
cblr-11902	170	24	exceeds	exceed	VERB
cblr-11902	170	25	its	its	PRON
cblr-11902	170	26	adjusted	adjusted	ADJ
cblr-11902	170	27	basis	basis	NOUN
cblr-11902	170	28	.	.	PUNCT
cblr-11902	170	29	.	.	PUNCT
cblr-11902	170	30	.	.	PUNCT
cblr-11902	171	1	gain	gain	NOUN
cblr-11902	171	2	shall	shall	AUX
cblr-11902	171	3	be	be	AUX
cblr-11902	171	4	recognized	recognize	VERB
cblr-11902	171	5	to	to	ADP
cblr-11902	171	6	the	the	DET
cblr-11902	171	7	distributing	distribute	VERB
cblr-11902	171	8	corporation	corporation	NOUN
cblr-11902	171	9	as	as	SCONJ
cblr-11902	171	10	if	if	SCONJ
cblr-11902	171	11	such	such	ADJ
cblr-11902	171	12	property	property	NOUN
cblr-11902	171	13	were	be	AUX
cblr-11902	171	14	sold	sell	VERB
cblr-11902	171	15	to	to	ADP
cblr-11902	171	16	the	the	DET
cblr-11902	171	17	distributed	distribute	VERB
cblr-11902	171	18	at	at	ADP
cblr-11902	171	19	its	its	PRON
cblr-11902	171	20	fair	fair	ADJ
cblr-11902	171	21	market	market	NOUN
cblr-11902	171	22	value	value	NOUN
cblr-11902	171	23	”	"	PUNCT
cblr-11902	171	24	)	)	PUNCT
cblr-11902	171	25	.	.	PUNCT
cblr-11902	172	1	66	66	NUM
cblr-11902	172	2	see	see	VERB
cblr-11902	172	3	steven	steven	PROPN
cblr-11902	172	4	z.	z.	PROPN
cblr-11902	172	5	hodaszy	hodaszy	PROPN
cblr-11902	172	6	,	,	PUNCT
cblr-11902	172	7	tax	tax	NOUN
cblr-11902	172	8	-	-	PUNCT
cblr-11902	172	9	efficient	efficient	ADJ
cblr-11902	172	10	structure	structure	NOUN
cblr-11902	172	11	or	or	CCONJ
cblr-11902	172	12	tax	tax	NOUN
cblr-11902	172	13	shelter	shelter	NOUN
cblr-11902	172	14	?	?	PUNCT
cblr-11902	173	1	curbing	curb	VERB
cblr-11902	173	2	etfs	etfs	PROPN
cblr-11902	173	3	’	'	PUNCT
cblr-11902	173	4	use	use	NOUN
cblr-11902	173	5	of	of	ADP
cblr-11902	173	6	section	section	NOUN
cblr-11902	173	7	852(b)(6	852(b)(6	PROPN
cblr-11902	173	8	)	)	PUNCT
cblr-11902	173	9	for	for	ADP
cblr-11902	173	10	tax	tax	NOUN
cblr-11902	173	11	avoidance	avoidance	NOUN
cblr-11902	173	12	,	,	PUNCT
cblr-11902	173	13	70	70	NUM
cblr-11902	173	14	tax	tax	NOUN
cblr-11902	173	15	law	law	NOUN
cblr-11902	173	16	.	.	PUNCT
cblr-11902	174	1	537	537	NUM
cblr-11902	174	2	,	,	PUNCT
cblr-11902	174	3	569	569	NUM
cblr-11902	174	4	(	(	PUNCT
cblr-11902	174	5	2017	2017	NUM
cblr-11902	174	6	)	)	PUNCT
cblr-11902	174	7	.	.	PUNCT
cblr-11902	175	1	67	67	NUM
cblr-11902	175	2	see	see	VERB
cblr-11902	175	3	i	i	PRON
cblr-11902	175	4	d.	d.	PROPN
cblr-11902	175	5	68	68	NUM
cblr-11902	175	6	see	see	VERB
cblr-11902	175	7	i	i	PRON
cblr-11902	175	8	d.	d.	PROPN
cblr-11902	175	9	at	at	ADP
cblr-11902	175	10	570	570	NUM
cblr-11902	175	11	;	;	PUNCT
cblr-11902	175	12	15	15	NUM
cblr-11902	175	13	u.s.c	u.s.c	NOUN
cblr-11902	175	14	.	.	PUNCT
cblr-11902	176	1	§	§	PROPN
cblr-11902	176	2	80a-2(a)(32	80a-2(a)(32	NUM
cblr-11902	176	3	)	)	PUNCT
cblr-11902	176	4	.	.	PUNCT
cblr-11902	177	1	546	546	NUM
cblr-11902	177	2	columbia	columbia	PROPN
cblr-11902	177	3	business	business	NOUN
cblr-11902	177	4	law	law	PROPN
cblr-11902	177	5	review	review	NOUN
cblr-11902	177	6	[	[	X
cblr-11902	177	7	vol	vol	NOUN
cblr-11902	177	8	.	.	PUNCT
cblr-11902	177	9	2023	2023	NUM
cblr-11902	177	10	always	always	ADV
cblr-11902	177	11	to	to	PART
cblr-11902	177	12	be	be	AUX
cblr-11902	177	13	satisfied	satisfied	ADJ
cblr-11902	177	14	in	in	ADP
cblr-11902	177	15	cash	cash	NOUN
cblr-11902	177	16	.	.	PUNCT
cblr-11902	178	1	”69	”69	VERB
cblr-11902	178	2	this	this	DET
cblr-11902	178	3	option	option	NOUN
cblr-11902	178	4	is	be	AUX
cblr-11902	178	5	especially	especially	ADV
cblr-11902	178	6	useful	useful	ADJ
cblr-11902	178	7	in	in	ADP
cblr-11902	178	8	volatile	volatile	ADJ
cblr-11902	178	9	market	market	NOUN
cblr-11902	178	10	times.70	times.70	NOUN
cblr-11902	178	11	if	if	SCONJ
cblr-11902	178	12	,	,	PUNCT
cblr-11902	178	13	in	in	ADP
cblr-11902	178	14	a	a	DET
cblr-11902	178	15	time	time	NOUN
cblr-11902	178	16	of	of	ADP
cblr-11902	178	17	market	market	NOUN
cblr-11902	178	18	volatility	volatility	NOUN
cblr-11902	178	19	,	,	PUNCT
cblr-11902	178	20	fund	fund	NOUN
cblr-11902	178	21	shareholders	shareholder	NOUN
cblr-11902	178	22	want	want	VERB
cblr-11902	178	23	to	to	PART
cblr-11902	178	24	redeem	redeem	VERB
cblr-11902	178	25	their	their	PRON
cblr-11902	178	26	shares	share	NOUN
cblr-11902	178	27	for	for	ADP
cblr-11902	178	28	cash	cash	NOUN
cblr-11902	178	29	en	en	X
cblr-11902	178	30	masse	masse	NOUN
cblr-11902	178	31	,	,	PUNCT
cblr-11902	178	32	mutual	mutual	ADJ
cblr-11902	178	33	funds	fund	NOUN
cblr-11902	178	34	’	'	PUNCT
cblr-11902	178	35	mass	mass	NOUN
cblr-11902	178	36	selling	selling	NOUN
cblr-11902	178	37	of	of	ADP
cblr-11902	178	38	shares	share	NOUN
cblr-11902	178	39	to	to	PART
cblr-11902	178	40	satisfy	satisfy	VERB
cblr-11902	178	41	these	these	DET
cblr-11902	178	42	requests	request	NOUN
cblr-11902	178	43	in	in	ADP
cblr-11902	178	44	cash	cash	NOUN
cblr-11902	178	45	could	could	AUX
cblr-11902	178	46	further	far	ADV
cblr-11902	178	47	increase	increase	VERB
cblr-11902	178	48	market	market	NOUN
cblr-11902	178	49	volatility	volatility	NOUN
cblr-11902	178	50	and	and	CCONJ
cblr-11902	178	51	also	also	ADV
cblr-11902	178	52	harm	harm	VERB
cblr-11902	178	53	the	the	DET
cblr-11902	178	54	funds	fund	NOUN
cblr-11902	178	55	if	if	SCONJ
cblr-11902	178	56	they	they	PRON
cblr-11902	178	57	were	be	AUX
cblr-11902	178	58	selling	sell	VERB
cblr-11902	178	59	assets	asset	NOUN
cblr-11902	178	60	at	at	ADP
cblr-11902	178	61	depressed	depressed	ADJ
cblr-11902	178	62	prices	price	NOUN
cblr-11902	178	63	due	due	ADP
cblr-11902	178	64	to	to	ADP
cblr-11902	178	65	the	the	DET
cblr-11902	178	66	volatility.71	volatility.71	NOUN
cblr-11902	178	67	without	without	ADP
cblr-11902	178	68	§	§	PROPN
cblr-11902	178	69	852(b)(6	852(b)(6	PROPN
cblr-11902	178	70	)	)	PUNCT
cblr-11902	178	71	,	,	PUNCT
cblr-11902	178	72	this	this	DET
cblr-11902	178	73	relief	relief	NOUN
cblr-11902	178	74	valve	valve	NOUN
cblr-11902	178	75	for	for	ADP
cblr-11902	178	76	mutual	mutual	ADJ
cblr-11902	178	77	funds	fund	NOUN
cblr-11902	178	78	would	would	AUX
cblr-11902	178	79	be	be	AUX
cblr-11902	178	80	undermined.72	undermined.72	ADJ
cblr-11902	178	81	if	if	SCONJ
cblr-11902	178	82	mutual	mutual	ADJ
cblr-11902	178	83	funds	fund	NOUN
cblr-11902	178	84	were	be	AUX
cblr-11902	178	85	required	require	VERB
cblr-11902	178	86	to	to	PART
cblr-11902	178	87	recognize	recognize	VERB
cblr-11902	178	88	gain	gain	NOUN
cblr-11902	178	89	on	on	ADP
cblr-11902	178	90	distributions	distribution	NOUN
cblr-11902	178	91	,	,	PUNCT
cblr-11902	178	92	they	they	PRON
cblr-11902	178	93	would	would	AUX
cblr-11902	178	94	need	need	VERB
cblr-11902	178	95	to	to	PART
cblr-11902	178	96	distribute	distribute	VERB
cblr-11902	178	97	the	the	DET
cblr-11902	178	98	gains	gain	NOUN
cblr-11902	178	99	to	to	ADP
cblr-11902	178	100	their	their	PRON
cblr-11902	178	101	shareholders	shareholder	NOUN
cblr-11902	178	102	as	as	ADP
cblr-11902	178	103	cash	cash	NOUN
cblr-11902	178	104	to	to	PART
cblr-11902	178	105	avoid	avoid	VERB
cblr-11902	178	106	entity	entity	NOUN
cblr-11902	178	107	level	level	NOUN
cblr-11902	178	108	taxation.73	taxation.73	NOUN
cblr-11902	178	109	to	to	PART
cblr-11902	178	110	generate	generate	VERB
cblr-11902	178	111	the	the	DET
cblr-11902	178	112	cash	cash	NOUN
cblr-11902	178	113	,	,	PUNCT
cblr-11902	178	114	the	the	DET
cblr-11902	178	115	funds	fund	NOUN
cblr-11902	178	116	would	would	AUX
cblr-11902	178	117	have	have	VERB
cblr-11902	178	118	to	to	PART
cblr-11902	178	119	sell	sell	VERB
cblr-11902	178	120	additional	additional	ADJ
cblr-11902	178	121	assets	asset	NOUN
cblr-11902	178	122	,	,	PUNCT
cblr-11902	178	123	which	which	PRON
cblr-11902	178	124	could	could	AUX
cblr-11902	178	125	also	also	ADV
cblr-11902	178	126	incur	incur	VERB
cblr-11902	178	127	capital	capital	NOUN
cblr-11902	178	128	gains,74	gains,74	NOUN
cblr-11902	178	129	and	and	CCONJ
cblr-11902	178	130	“	"	PUNCT
cblr-11902	178	131	would	would	AUX
cblr-11902	178	132	result	result	VERB
cblr-11902	178	133	in	in	ADP
cblr-11902	178	134	a	a	DET
cblr-11902	178	135	depletion	depletion	NOUN
cblr-11902	178	136	of	of	ADP
cblr-11902	178	137	the	the	DET
cblr-11902	178	138	ric	ric	PROPN
cblr-11902	178	139	’s	’s	PART
cblr-11902	178	140	investment	investment	NOUN
cblr-11902	178	141	portfolio	portfolio	NOUN
cblr-11902	178	142	.	.	PUNCT
cblr-11902	179	1	”75	”75	PROPN
cblr-11902	179	2	these	these	DET
cblr-11902	179	3	additional	additional	ADJ
cblr-11902	179	4	sales	sale	NOUN
cblr-11902	179	5	would	would	AUX
cblr-11902	179	6	contribute	contribute	VERB
cblr-11902	179	7	to	to	ADP
cblr-11902	179	8	the	the	DET
cblr-11902	179	9	market	market	NOUN
cblr-11902	179	10	distress	distress	NOUN
cblr-11902	179	11	section	section	NOUN
cblr-11902	179	12	2(a)(32	2(a)(32	NOUN
cblr-11902	179	13	)	)	PUNCT
cblr-11902	179	14	aims	aim	VERB
cblr-11902	179	15	to	to	PART
cblr-11902	179	16	avoid.76	avoid.76	VERB
cblr-11902	179	17	by	by	ADP
cblr-11902	179	18	exempting	exempt	VERB
cblr-11902	179	19	funds	fund	NOUN
cblr-11902	179	20	from	from	ADP
cblr-11902	179	21	recognizing	recognize	VERB
cblr-11902	179	22	gain	gain	NOUN
cblr-11902	179	23	on	on	ADP
cblr-11902	179	24	in	in	ADP
cblr-11902	179	25	-	-	PUNCT
cblr-11902	179	26	kind	kind	NOUN
cblr-11902	179	27	redemptions	redemption	NOUN
cblr-11902	179	28	,	,	PUNCT
cblr-11902	179	29	§	§	PROPN
cblr-11902	179	30	852(a)(6	852(a)(6	NUM
cblr-11902	179	31	)	)	PUNCT
cblr-11902	179	32	prevents	prevent	VERB
cblr-11902	179	33	this	this	DET
cblr-11902	179	34	result.77	result.77	NOUN
cblr-11902	179	35	although	although	SCONJ
cblr-11902	179	36	created	create	VERB
cblr-11902	179	37	with	with	ADP
cblr-11902	179	38	mutual	mutual	ADJ
cblr-11902	179	39	funds	fund	NOUN
cblr-11902	179	40	in	in	ADP
cblr-11902	179	41	mind	mind	NOUN
cblr-11902	179	42	,	,	PUNCT
cblr-11902	179	43	mutual	mutual	ADJ
cblr-11902	179	44	funds	fund	NOUN
cblr-11902	179	45	in	in	ADP
cblr-11902	179	46	practice	practice	NOUN
cblr-11902	179	47	rarely	rarely	ADV
cblr-11902	179	48	engage	engage	VERB
cblr-11902	179	49	in	in	ADP
cblr-11902	179	50	in	in	ADP
cblr-11902	179	51	-	-	PUNCT
cblr-11902	179	52	kind	kind	NOUN
cblr-11902	179	53	redemptions.78	redemptions.78	NOUN
cblr-11902	179	54	this	this	PRON
cblr-11902	179	55	is	be	AUX
cblr-11902	179	56	because	because	SCONJ
cblr-11902	179	57	their	their	PRON
cblr-11902	179	58	investors	investor	NOUN
cblr-11902	179	59	prefer	prefer	VERB
cblr-11902	179	60	to	to	PART
cblr-11902	179	61	be	be	AUX
cblr-11902	179	62	paid	pay	VERB
cblr-11902	179	63	in	in	ADP
cblr-11902	179	64	cash	cash	NOUN
cblr-11902	179	65	,	,	PUNCT
cblr-11902	179	66	rather	rather	ADV
cblr-11902	179	67	than	than	ADP
cblr-11902	179	68	69	69	NUM
cblr-11902	179	69	see	see	VERB
cblr-11902	179	70	i	i	PRON
cblr-11902	179	71	d.	d.	PROPN
cblr-11902	179	72	at	at	ADP
cblr-11902	179	73	575	575	NUM
cblr-11902	179	74	(	(	PUNCT
cblr-11902	179	75	quoting	quote	VERB
cblr-11902	179	76	susan	susan	PROPN
cblr-11902	179	77	a.	a.	PROPN
cblr-11902	179	78	johnston	johnston	PROPN
cblr-11902	179	79	&	&	CCONJ
cblr-11902	179	80	james	james	PROPN
cblr-11902	179	81	r.	r.	PROPN
cblr-11902	179	82	brown	brown	PROPN
cblr-11902	179	83	,	,	PUNCT
cblr-11902	179	84	jr	jr	PROPN
cblr-11902	179	85	.	.	PROPN
cblr-11902	179	86	,	,	PUNCT
cblr-11902	179	87	taxation	taxation	NOUN
cblr-11902	179	88	of	of	ADP
cblr-11902	179	89	regulated	regulated	ADJ
cblr-11902	179	90	investment	investment	NOUN
cblr-11902	179	91	companies	company	NOUN
cblr-11902	179	92	and	and	CCONJ
cblr-11902	179	93	their	their	PRON
cblr-11902	179	94	shareholders	shareholder	NOUN
cblr-11902	179	95	¶	¶	PROPN
cblr-11902	179	96	3.06[2][c	3.06[2][c	PROPN
cblr-11902	179	97	]	]	PUNCT
cblr-11902	179	98	(	(	PUNCT
cblr-11902	179	99	wg&l	wg&l	PROPN
cblr-11902	179	100	2009	2009	NUM
cblr-11902	179	101	)	)	PUNCT
cblr-11902	179	102	)	)	PUNCT
cblr-11902	179	103	.	.	PUNCT
cblr-11902	180	1	70	70	NUM
cblr-11902	180	2	see	see	VERB
cblr-11902	180	3	colon	colon	NOUN
cblr-11902	180	4	,	,	PUNCT
cblr-11902	180	5	supra	supra	PROPN
cblr-11902	180	6	note	note	NOUN
cblr-11902	180	7	22	22	NUM
cblr-11902	180	8	,	,	PUNCT
cblr-11902	180	9	at	at	ADP
cblr-11902	180	10	39	39	NUM
cblr-11902	180	11	.	.	PUNCT
cblr-11902	181	1	71	71	NUM
cblr-11902	181	2	see	see	VERB
cblr-11902	181	3	i	i	PRON
cblr-11902	181	4	d.	d.	PROPN
cblr-11902	181	5	at	at	ADP
cblr-11902	181	6	39	39	NUM
cblr-11902	181	7	(	(	PUNCT
cblr-11902	181	8	citing	cite	VERB
cblr-11902	181	9	michael	michael	PROPN
cblr-11902	181	10	s.	s.	PROPN
cblr-11902	181	11	piwowar	piwowar	PROPN
cblr-11902	181	12	,	,	PUNCT
cblr-11902	181	13	comm’r	comm’r	ADP
cblr-11902	181	14	,	,	PUNCT
cblr-11902	181	15	sec	sec	PROPN
cblr-11902	181	16	,	,	PUNCT
cblr-11902	181	17	remarks	remark	VERB
cblr-11902	181	18	at	at	ADP
cblr-11902	181	19	the	the	DET
cblr-11902	181	20	2015	2015	NUM
cblr-11902	181	21	mutual	mutual	ADJ
cblr-11902	181	22	fund	fund	NOUN
cblr-11902	181	23	and	and	CCONJ
cblr-11902	181	24	investment	investment	NOUN
cblr-11902	181	25	management	management	NOUN
cblr-11902	181	26	conference	conference	NOUN
cblr-11902	181	27	(	(	PUNCT
cblr-11902	181	28	mar	mar	PROPN
cblr-11902	181	29	.	.	PROPN
cblr-11902	181	30	16	16	NUM
cblr-11902	181	31	,	,	PUNCT
cblr-11902	181	32	2015	2015	NUM
cblr-11902	181	33	)	)	PUNCT
cblr-11902	181	34	(	(	PUNCT
cblr-11902	181	35	“	"	PUNCT
cblr-11902	181	36	the	the	DET
cblr-11902	181	37	ability	ability	NOUN
cblr-11902	181	38	of	of	ADP
cblr-11902	181	39	an	an	DET
cblr-11902	181	40	investment	investment	NOUN
cblr-11902	181	41	company	company	NOUN
cblr-11902	181	42	to	to	PART
cblr-11902	181	43	make	make	VERB
cblr-11902	181	44	redemptions	redemption	NOUN
cblr-11902	181	45	in	in	ADP
cblr-11902	181	46	this	this	DET
cblr-11902	181	47	manner	manner	NOUN
cblr-11902	181	48	is	be	AUX
cblr-11902	181	49	important	important	ADJ
cblr-11902	181	50	because	because	SCONJ
cblr-11902	181	51	the	the	DET
cblr-11902	181	52	sale	sale	NOUN
cblr-11902	181	53	of	of	ADP
cblr-11902	181	54	sizable	sizable	ADJ
cblr-11902	181	55	blocks	block	NOUN
cblr-11902	181	56	of	of	ADP
cblr-11902	181	57	securities	security	NOUN
cblr-11902	181	58	to	to	PART
cblr-11902	181	59	effect	effect	VERB
cblr-11902	181	60	redemptions	redemption	NOUN
cblr-11902	181	61	in	in	ADP
cblr-11902	181	62	cash	cash	NOUN
cblr-11902	181	63	would	would	AUX
cblr-11902	181	64	have	have	VERB
cblr-11902	181	65	the	the	DET
cblr-11902	181	66	tendency	tendency	NOUN
cblr-11902	181	67	to	to	PART
cblr-11902	181	68	depress	depress	VERB
cblr-11902	181	69	the	the	DET
cblr-11902	181	70	market	market	NOUN
cblr-11902	181	71	price	price	NOUN
cblr-11902	181	72	of	of	ADP
cblr-11902	181	73	those	those	DET
cblr-11902	181	74	securities	security	NOUN
cblr-11902	181	75	”	"	PUNCT
cblr-11902	181	76	)	)	PUNCT
cblr-11902	181	77	)	)	PUNCT
cblr-11902	181	78	;	;	PUNCT
cblr-11902	181	79	see	see	VERB
cblr-11902	181	80	also	also	ADV
cblr-11902	181	81	i	i	PROPN
cblr-11902	181	82	d.	d.	PROPN
cblr-11902	181	83	at	at	ADP
cblr-11902	181	84	5	5	NUM
cblr-11902	181	85	.	.	SYM
cblr-11902	181	86	72	72	NUM
cblr-11902	181	87	see	see	VERB
cblr-11902	181	88	i	i	PRON
cblr-11902	181	89	d.	d.	PROPN
cblr-11902	181	90	at	at	ADP
cblr-11902	181	91	40	40	NUM
cblr-11902	181	92	.	.	PUNCT
cblr-11902	182	1	73	73	NUM
cblr-11902	182	2	see	see	VERB
cblr-11902	182	3	i	i	PRON
cblr-11902	182	4	d.	d.	PROPN
cblr-11902	182	5	at	at	ADP
cblr-11902	182	6	40	40	NUM
cblr-11902	182	7	;	;	PUNCT
cblr-11902	182	8	see	see	VERB
cblr-11902	182	9	also	also	ADV
cblr-11902	182	10	hodaszy	hodaszy	ADJ
cblr-11902	182	11	,	,	PUNCT
cblr-11902	182	12	supra	supra	ADJ
cblr-11902	182	13	note	note	NOUN
cblr-11902	182	14	66	66	NUM
cblr-11902	182	15	,	,	PUNCT
cblr-11902	182	16	at	at	ADP
cblr-11902	182	17	575	575	NUM
cblr-11902	182	18	.	.	PUNCT
cblr-11902	182	19	74	74	NUM
cblr-11902	182	20	see	see	VERB
cblr-11902	182	21	colon	colon	NOUN
cblr-11902	182	22	,	,	PUNCT
cblr-11902	182	23	supra	supra	PROPN
cblr-11902	182	24	note	note	NOUN
cblr-11902	182	25	22	22	NUM
cblr-11902	182	26	,	,	PUNCT
cblr-11902	182	27	at	at	ADP
cblr-11902	182	28	5	5	NUM
cblr-11902	182	29	.	.	X
cblr-11902	182	30	75	75	NUM
cblr-11902	182	31	see	see	VERB
cblr-11902	182	32	hodaszy	hodaszy	NOUN
cblr-11902	182	33	,	,	PUNCT
cblr-11902	182	34	supra	supra	ADJ
cblr-11902	182	35	note	note	NOUN
cblr-11902	182	36	66	66	NUM
cblr-11902	182	37	,	,	PUNCT
cblr-11902	182	38	at	at	ADP
cblr-11902	182	39	575	575	NUM
cblr-11902	182	40	.	.	PUNCT
cblr-11902	183	1	76	76	NUM
cblr-11902	183	2	see	see	VERB
cblr-11902	183	3	colon	colon	NOUN
cblr-11902	183	4	,	,	PUNCT
cblr-11902	183	5	supra	supra	PROPN
cblr-11902	183	6	note	note	NOUN
cblr-11902	183	7	22	22	NUM
cblr-11902	183	8	,	,	PUNCT
cblr-11902	183	9	at	at	ADP
cblr-11902	183	10	5	5	NUM
cblr-11902	183	11	;	;	PUNCT
cblr-11902	183	12	see	see	VERB
cblr-11902	183	13	also	also	ADV
cblr-11902	183	14	hodaszy	hodaszy	ADJ
cblr-11902	183	15	,	,	PUNCT
cblr-11902	183	16	supra	supra	ADJ
cblr-11902	183	17	note	note	NOUN
cblr-11902	183	18	66	66	NUM
cblr-11902	183	19	,	,	PUNCT
cblr-11902	183	20	at	at	ADP
cblr-11902	183	21	575	575	NUM
cblr-11902	183	22	.	.	PUNCT
cblr-11902	184	1	77	77	NUM
cblr-11902	184	2	see	see	VERB
cblr-11902	184	3	hodaszy	hodaszy	NOUN
cblr-11902	184	4	,	,	PUNCT
cblr-11902	184	5	supra	supra	ADJ
cblr-11902	184	6	note	note	NOUN
cblr-11902	184	7	66	66	NUM
cblr-11902	184	8	,	,	PUNCT
cblr-11902	184	9	at	at	ADP
cblr-11902	184	10	575	575	NUM
cblr-11902	184	11	.	.	PUNCT
cblr-11902	185	1	78	78	NUM
cblr-11902	185	2	see	see	VERB
cblr-11902	185	3	i	i	PRON
cblr-11902	185	4	d.	d.	PROPN
cblr-11902	185	5	at	at	ADP
cblr-11902	185	6	579	579	NUM
cblr-11902	185	7	.	.	PUNCT
cblr-11902	186	1	no	no	INTJ
cblr-11902	186	2	.	.	NOUN
cblr-11902	187	1	1	1	NUM
cblr-11902	187	2	]	]	PUNCT
cblr-11902	187	3	sec	sec	PROPN
cblr-11902	187	4	rule	rule	NOUN
cblr-11902	187	5	6c-11	6c-11	PROPN
cblr-11902	187	6	’s	’s	PART
cblr-11902	187	7	impact	impact	NOUN
cblr-11902	187	8	on	on	ADP
cblr-11902	187	9	usage	usage	NOUN
cblr-11902	187	10	of	of	ADP
cblr-11902	187	11	heartbeat	heartbeat	NOUN
cblr-11902	187	12	trades	trade	VERB
cblr-11902	187	13	547	547	NUM
cblr-11902	187	14	in	in	ADP
cblr-11902	187	15	securities.79	securities.79	PROPN
cblr-11902	187	16	etfs	etfs	NOUN
cblr-11902	187	17	,	,	PUNCT
cblr-11902	187	18	on	on	ADP
cblr-11902	187	19	the	the	DET
cblr-11902	187	20	other	other	ADJ
cblr-11902	187	21	hand	hand	NOUN
cblr-11902	187	22	,	,	PUNCT
cblr-11902	187	23	always	always	ADV
cblr-11902	187	24	satisfy	satisfy	VERB
cblr-11902	187	25	their	their	PRON
cblr-11902	187	26	redemptions	redemption	NOUN
cblr-11902	187	27	in	in	ADP
cblr-11902	187	28	-	-	PUNCT
cblr-11902	187	29	kind	kind	NOUN
cblr-11902	187	30	due	due	ADP
cblr-11902	187	31	to	to	ADP
cblr-11902	187	32	their	their	PRON
cblr-11902	187	33	primary	primary	ADJ
cblr-11902	187	34	market	market	NOUN
cblr-11902	187	35	structure	structure	NOUN
cblr-11902	187	36	,	,	PUNCT
cblr-11902	187	37	so	so	ADV
cblr-11902	187	38	§	§	PROPN
cblr-11902	187	39	852(b)(6	852(b)(6	NUM
cblr-11902	187	40	)	)	PUNCT
cblr-11902	187	41	is	be	AUX
cblr-11902	187	42	much	much	ADV
cblr-11902	187	43	more	more	ADV
cblr-11902	187	44	important	important	ADJ
cblr-11902	187	45	to	to	ADP
cblr-11902	187	46	etf	etf	NOUN
cblr-11902	187	47	operations	operation	NOUN
cblr-11902	187	48	.	.	PUNCT
cblr-11902	188	1	3	3	X
cblr-11902	188	2	.	.	X
cblr-11902	188	3	etfs	etfs	PROPN
cblr-11902	188	4	’	'	PUNCT
cblr-11902	188	5	use	use	NOUN
cblr-11902	188	6	of	of	ADP
cblr-11902	188	7	section	section	NOUN
cblr-11902	188	8	852(b)(6	852(b)(6	NUM
cblr-11902	188	9	)	)	PUNCT
cblr-11902	188	10	this	this	DET
cblr-11902	188	11	exemption	exemption	NOUN
cblr-11902	188	12	is	be	AUX
cblr-11902	188	13	important	important	ADJ
cblr-11902	188	14	for	for	ADP
cblr-11902	188	15	etfs	etfs	PROPN
cblr-11902	188	16	because	because	SCONJ
cblr-11902	188	17	,	,	PUNCT
cblr-11902	188	18	as	as	SCONJ
cblr-11902	188	19	previously	previously	ADV
cblr-11902	188	20	discussed	discuss	VERB
cblr-11902	188	21	,	,	PUNCT
cblr-11902	188	22	a	a	DET
cblr-11902	188	23	key	key	ADJ
cblr-11902	188	24	component	component	NOUN
cblr-11902	188	25	of	of	ADP
cblr-11902	188	26	how	how	SCONJ
cblr-11902	188	27	an	an	DET
cblr-11902	188	28	etf	etf	NOUN
cblr-11902	188	29	operates	operate	VERB
cblr-11902	188	30	is	be	AUX
cblr-11902	188	31	that	that	SCONJ
cblr-11902	188	32	aps	ap	NOUN
cblr-11902	188	33	redeem	redeem	VERB
cblr-11902	188	34	shares	share	NOUN
cblr-11902	188	35	of	of	ADP
cblr-11902	188	36	the	the	DET
cblr-11902	188	37	fund	fund	NOUN
cblr-11902	188	38	for	for	ADP
cblr-11902	188	39	the	the	DET
cblr-11902	188	40	underlying	underlie	VERB
cblr-11902	188	41	basket	basket	NOUN
cblr-11902	188	42	of	of	ADP
cblr-11902	188	43	securities	security	NOUN
cblr-11902	188	44	in	in	ADP
cblr-11902	188	45	an	an	DET
cblr-11902	188	46	“	"	PUNCT
cblr-11902	188	47	in	in	ADP
cblr-11902	188	48	-	-	PUNCT
cblr-11902	188	49	kind	kind	NOUN
cblr-11902	188	50	”	"	PUNCT
cblr-11902	188	51	redemption.80	redemption.80	NOUN
cblr-11902	188	52	etfs	etfs	NOUN
cblr-11902	188	53	are	be	AUX
cblr-11902	188	54	“	"	PUNCT
cblr-11902	188	55	incentivized	incentivize	VERB
cblr-11902	188	56	to	to	PART
cblr-11902	188	57	exchange	exchange	VERB
cblr-11902	188	58	securities	security	NOUN
cblr-11902	188	59	from	from	ADP
cblr-11902	188	60	tax	tax	NOUN
cblr-11902	188	61	lots	lot	NOUN
cblr-11902	188	62	with	with	ADP
cblr-11902	188	63	the	the	DET
cblr-11902	188	64	lowest	low	ADJ
cblr-11902	188	65	cost	cost	NOUN
cblr-11902	188	66	basis	basis	NOUN
cblr-11902	188	67	and	and	CCONJ
cblr-11902	188	68	highest	high	ADJ
cblr-11902	188	69	unrealized	unrealized	ADJ
cblr-11902	188	70	gains”81	gains”81	PROPN
cblr-11902	188	71	because	because	SCONJ
cblr-11902	188	72	this	this	PRON
cblr-11902	188	73	allows	allow	VERB
cblr-11902	188	74	them	they	PRON
cblr-11902	188	75	to	to	PART
cblr-11902	188	76	dispose	dispose	VERB
cblr-11902	188	77	of	of	ADP
cblr-11902	188	78	securities	security	NOUN
cblr-11902	188	79	that	that	PRON
cblr-11902	188	80	would	would	AUX
cblr-11902	188	81	incur	incur	VERB
cblr-11902	188	82	the	the	DET
cblr-11902	188	83	highest	high	ADJ
cblr-11902	188	84	capital	capital	NOUN
cblr-11902	188	85	gains	gain	NOUN
cblr-11902	188	86	taxation	taxation	NOUN
cblr-11902	188	87	in	in	ADP
cblr-11902	188	88	an	an	DET
cblr-11902	188	89	ordinary	ordinary	ADJ
cblr-11902	188	90	sale.82	sale.82	NOUN
cblr-11902	188	91	since	since	SCONJ
cblr-11902	188	92	etfs	etfs	PROPN
cblr-11902	188	93	do	do	AUX
cblr-11902	188	94	not	not	PART
cblr-11902	188	95	recognize	recognize	VERB
cblr-11902	188	96	a	a	DET
cblr-11902	188	97	gain	gain	NOUN
cblr-11902	188	98	,	,	PUNCT
cblr-11902	188	99	they	they	PRON
cblr-11902	188	100	are	be	AUX
cblr-11902	188	101	not	not	PART
cblr-11902	188	102	required	require	VERB
cblr-11902	188	103	to	to	PART
cblr-11902	188	104	distribute	distribute	VERB
cblr-11902	188	105	any	any	DET
cblr-11902	188	106	capital	capital	NOUN
cblr-11902	188	107	gains	gain	NOUN
cblr-11902	188	108	to	to	ADP
cblr-11902	188	109	their	their	PRON
cblr-11902	188	110	shareholders	shareholder	NOUN
cblr-11902	188	111	as	as	SCONJ
cblr-11902	188	112	would	would	AUX
cblr-11902	188	113	otherwise	otherwise	ADV
cblr-11902	188	114	be	be	AUX
cblr-11902	188	115	required.83	required.83	ADJ
cblr-11902	188	116	thus	thus	ADV
cblr-11902	188	117	,	,	PUNCT
cblr-11902	188	118	etfs	etfs	PROPN
cblr-11902	188	119	are	be	AUX
cblr-11902	188	120	incredibly	incredibly	ADV
cblr-11902	188	121	taxefficient	taxefficient	ADJ
cblr-11902	188	122	vehicles	vehicle	NOUN
cblr-11902	188	123	and	and	CCONJ
cblr-11902	188	124	rarely	rarely	ADV
cblr-11902	188	125	distribute	distribute	VERB
cblr-11902	188	126	any	any	DET
cblr-11902	188	127	capital	capital	NOUN
cblr-11902	188	128	gains	gain	NOUN
cblr-11902	188	129	at	at	ADP
cblr-11902	188	130	all.84	all.84	NOUN
cblr-11902	188	131	importantly	importantly	ADV
cblr-11902	188	132	,	,	PUNCT
cblr-11902	188	133	aps	aps	PROPN
cblr-11902	188	134	are	be	AUX
cblr-11902	188	135	also	also	ADV
cblr-11902	188	136	not	not	PART
cblr-11902	188	137	taxed	tax	VERB
cblr-11902	188	138	on	on	ADP
cblr-11902	188	139	their	their	PRON
cblr-11902	188	140	acceptance	acceptance	NOUN
cblr-11902	188	141	of	of	ADP
cblr-11902	188	142	appreciated	appreciated	ADJ
cblr-11902	188	143	securities	security	NOUN
cblr-11902	188	144	from	from	ADP
cblr-11902	188	145	an	an	DET
cblr-11902	188	146	etf	etf	NOUN
cblr-11902	188	147	,	,	PUNCT
cblr-11902	188	148	and	and	CCONJ
cblr-11902	188	149	they	they	PRON
cblr-11902	188	150	do	do	AUX
cblr-11902	188	151	not	not	PART
cblr-11902	188	152	inherit	inherit	VERB
cblr-11902	188	153	the	the	DET
cblr-11902	188	154	etf	etf	NOUN
cblr-11902	188	155	’s	’s	PART
cblr-11902	188	156	original	original	ADJ
cblr-11902	188	157	basis85	basis85	NOUN
cblr-11902	188	158	in	in	ADP
cblr-11902	188	159	the	the	DET
cblr-11902	188	160	securities	security	NOUN
cblr-11902	188	161	,	,	PUNCT
cblr-11902	188	162	which	which	PRON
cblr-11902	188	163	would	would	AUX
cblr-11902	188	164	cause	cause	VERB
cblr-11902	188	165	79	79	NUM
cblr-11902	188	166	see	see	VERB
cblr-11902	188	167	i	i	PROPN
cblr-11902	188	168	d.	d.	PROPN
cblr-11902	188	169	80	80	NUM
cblr-11902	188	170	see	see	VERB
cblr-11902	188	171	supra	supra	PROPN
cblr-11902	188	172	part	part	PROPN
cblr-11902	188	173	ii.a.2	ii.a.2	PROPN
cblr-11902	188	174	.	.	PUNCT
cblr-11902	189	1	81	81	NUM
cblr-11902	189	2	see	see	VERB
cblr-11902	189	3	rabih	rabih	NOUN
cblr-11902	189	4	moussawi	moussawi	PROPN
cblr-11902	189	5	,	,	PUNCT
cblr-11902	189	6	ke	ke	PROPN
cblr-11902	189	7	shen	shen	PROPN
cblr-11902	189	8	&	&	CCONJ
cblr-11902	189	9	raisa	raisa	PROPN
cblr-11902	189	10	velthuis	velthuis	PROPN
cblr-11902	189	11	,	,	PUNCT
cblr-11902	189	12	the	the	DET
cblr-11902	189	13	role	role	NOUN
cblr-11902	189	14	of	of	ADP
cblr-11902	189	15	taxes	taxis	NOUN
cblr-11902	189	16	in	in	ADP
cblr-11902	189	17	the	the	DET
cblr-11902	189	18	rise	rise	NOUN
cblr-11902	189	19	of	of	ADP
cblr-11902	189	20	etfs	etfs	NOUN
cblr-11902	189	21	,	,	PUNCT
cblr-11902	189	22	(	(	PUNCT
cblr-11902	189	23	aug	aug	PROPN
cblr-11902	189	24	.	.	PROPN
cblr-11902	189	25	31	31	NUM
cblr-11902	189	26	,	,	PUNCT
cblr-11902	189	27	2022	2022	NUM
cblr-11902	189	28	)	)	PUNCT
cblr-11902	189	29	(	(	PUNCT
cblr-11902	189	30	manuscript	manuscript	NOUN
cblr-11902	189	31	at	at	ADP
cblr-11902	189	32	14	14	NUM
cblr-11902	189	33	)	)	PUNCT
cblr-11902	189	34	,	,	PUNCT
cblr-11902	189	35	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3744519	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3744519	PROPN
cblr-11902	190	1	[	[	PUNCT
cblr-11902	190	2	https://perma.cc/gck6-6k8	https://perma.cc/gck6-6k8	NOUN
cblr-11902	190	3	g	g	NOUN
cblr-11902	190	4	]	]	PUNCT
cblr-11902	190	5	;	;	PUNCT
cblr-11902	190	6	see	see	VERB
cblr-11902	190	7	also	also	ADV
cblr-11902	190	8	colon	colon	NOUN
cblr-11902	190	9	,	,	PUNCT
cblr-11902	190	10	supra	supra	NOUN
cblr-11902	190	11	note	note	NOUN
cblr-11902	190	12	22	22	NUM
cblr-11902	190	13	,	,	PUNCT
cblr-11902	190	14	at	at	ADP
cblr-11902	190	15	29	29	NUM
cblr-11902	190	16	.	.	PUNCT
cblr-11902	191	1	82	82	NUM
cblr-11902	191	2	see	see	VERB
cblr-11902	191	3	moussawi	moussawi	PROPN
cblr-11902	191	4	et	et	PROPN
cblr-11902	191	5	al	al	PROPN
cblr-11902	191	6	.	.	PROPN
cblr-11902	191	7	,	,	PUNCT
cblr-11902	191	8	supra	supra	PROPN
cblr-11902	191	9	note	note	PROPN
cblr-11902	191	10	81	81	NUM
cblr-11902	191	11	,	,	PUNCT
cblr-11902	191	12	at	at	ADP
cblr-11902	191	13	6	6	NUM
cblr-11902	191	14	.	.	SYM
cblr-11902	191	15	83	83	NUM
cblr-11902	191	16	see	see	VERB
cblr-11902	191	17	supra	supra	PROPN
cblr-11902	191	18	part	part	PROPN
cblr-11902	191	19	ii.b.1	ii.b.1	PROPN
cblr-11902	191	20	.	.	PUNCT
cblr-11902	192	1	84	84	NUM
cblr-11902	192	2	see	see	VERB
cblr-11902	192	3	ben	ben	PROPN
cblr-11902	192	4	johnson	johnson	PROPN
cblr-11902	192	5	,	,	PUNCT
cblr-11902	192	6	etfs	etfs	PROPN
cblr-11902	192	7	again	again	ADV
cblr-11902	192	8	proved	prove	VERB
cblr-11902	192	9	their	their	PRON
cblr-11902	192	10	worth	worth	NOUN
cblr-11902	192	11	to	to	ADP
cblr-11902	192	12	taxable	taxable	ADJ
cblr-11902	192	13	investors	investor	NOUN
cblr-11902	192	14	in	in	ADP
cblr-11902	192	15	2020	2020	NUM
cblr-11902	192	16	,	,	PUNCT
cblr-11902	192	17	morningstar	morningstar	PROPN
cblr-11902	192	18	(	(	PUNCT
cblr-11902	192	19	dec	dec	PROPN
cblr-11902	192	20	.	.	PROPN
cblr-11902	192	21	15	15	NUM
cblr-11902	192	22	,	,	PUNCT
cblr-11902	192	23	2020	2020	NUM
cblr-11902	192	24	)	)	PUNCT
cblr-11902	192	25	,	,	PUNCT
cblr-11902	192	26	https://www.morningstar.com/articles/1014538/etfs-again-proved-theirworth-to-taxable-investors-in-2020	https://www.morningstar.com/articles/1014538/etfs-again-proved-theirworth-to-taxable-investors-in-2020	VERB
cblr-11902	192	27	[	[	X
cblr-11902	192	28	https://perma.cc/6u8j-xl3c	https://perma.cc/6u8j-xl3c	NOUN
cblr-11902	192	29	]	]	PUNCT
cblr-11902	192	30	;	;	PUNCT
cblr-11902	192	31	see	see	VERB
cblr-11902	192	32	also	also	ADV
cblr-11902	192	33	moussawi	moussawi	VERB
cblr-11902	192	34	et	et	PROPN
cblr-11902	192	35	al	al	PROPN
cblr-11902	192	36	.	.	PROPN
cblr-11902	192	37	,	,	PUNCT
cblr-11902	192	38	supra	supra	PROPN
cblr-11902	192	39	note	note	PROPN
cblr-11902	192	40	81	81	NUM
cblr-11902	192	41	,	,	PUNCT
cblr-11902	192	42	at	at	ADP
cblr-11902	192	43	4–5	4–5	PROPN
cblr-11902	192	44	(	(	PUNCT
cblr-11902	192	45	finding	find	VERB
cblr-11902	192	46	that	that	SCONJ
cblr-11902	192	47	“	"	PUNCT
cblr-11902	192	48	etfs	etfs	NOUN
cblr-11902	192	49	distribute	distribute	VERB
cblr-11902	192	50	almost	almost	ADV
cblr-11902	192	51	no	no	PRON
cblr-11902	192	52	capital	capital	NOUN
cblr-11902	192	53	gains	gain	NOUN
cblr-11902	192	54	at	at	ADP
cblr-11902	192	55	all	all	ADV
cblr-11902	192	56	(	(	PUNCT
cblr-11902	192	57	0.1	0.1	NUM
cblr-11902	192	58	%	%	NOUN
cblr-11902	192	59	)	)	PUNCT
cblr-11902	192	60	,	,	PUNCT
cblr-11902	192	61	in	in	ADP
cblr-11902	192	62	contrast	contrast	NOUN
cblr-11902	192	63	to	to	ADP
cblr-11902	192	64	the	the	DET
cblr-11902	192	65	average	average	ADJ
cblr-11902	192	66	capital	capital	NOUN
cblr-11902	192	67	gains	gain	VERB
cblr-11902	192	68	distribution	distribution	NOUN
cblr-11902	192	69	yield	yield	NOUN
cblr-11902	192	70	of	of	ADP
cblr-11902	192	71	3.44	3.44	NUM
cblr-11902	192	72	%	%	NOUN
cblr-11902	192	73	(	(	PUNCT
cblr-11902	192	74	1.76	1.76	NUM
cblr-11902	192	75	%	%	NOUN
cblr-11902	192	76	)	)	PUNCT
cblr-11902	192	77	for	for	ADP
cblr-11902	192	78	active	active	ADJ
cblr-11902	192	79	(	(	PUNCT
cblr-11902	192	80	index	index	NOUN
cblr-11902	192	81	)	)	PUNCT
cblr-11902	192	82	mutual	mutual	ADJ
cblr-11902	192	83	funds	fund	NOUN
cblr-11902	192	84	”	"	PUNCT
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cblr-11902	192	86	.	.	PUNCT
cblr-11902	193	1	85	85	NUM
cblr-11902	193	2	basis	basis	NOUN
cblr-11902	193	3	is	be	AUX
cblr-11902	193	4	“	"	PUNCT
cblr-11902	193	5	generally	generally	ADV
cblr-11902	193	6	the	the	DET
cblr-11902	193	7	amount	amount	NOUN
cblr-11902	193	8	of	of	ADP
cblr-11902	193	9	your	your	PRON
cblr-11902	193	10	capital	capital	NOUN
cblr-11902	193	11	investment	investment	NOUN
cblr-11902	193	12	in	in	ADP
cblr-11902	193	13	property	property	NOUN
cblr-11902	193	14	for	for	ADP
cblr-11902	193	15	tax	tax	NOUN
cblr-11902	193	16	purposes	purpose	NOUN
cblr-11902	193	17	.	.	PUNCT
cblr-11902	193	18	”	"	PUNCT
cblr-11902	194	1	in	in	ADP
cblr-11902	194	2	the	the	DET
cblr-11902	194	3	case	case	NOUN
cblr-11902	194	4	of	of	ADP
cblr-11902	194	5	stocks	stock	NOUN
cblr-11902	194	6	,	,	PUNCT
cblr-11902	194	7	it	it	PRON
cblr-11902	194	8	would	would	AUX
cblr-11902	194	9	be	be	AUX
cblr-11902	194	10	what	what	PRON
cblr-11902	194	11	the	the	DET
cblr-11902	194	12	etf	etf	NOUN
cblr-11902	194	13	had	have	AUX
cblr-11902	194	14	originally	originally	ADV
cblr-11902	194	15	paid	pay	VERB
cblr-11902	194	16	to	to	PART
cblr-11902	194	17	acquire	acquire	VERB
cblr-11902	194	18	them	they	PRON
cblr-11902	194	19	.	.	PUNCT
cblr-11902	195	1	see	see	VERB
cblr-11902	195	2	topic	topic	NOUN
cblr-11902	195	3	no	no	NOUN
cblr-11902	195	4	.	.	NOUN
cblr-11902	196	1	703	703	NUM
cblr-11902	196	2	basis	basis	NOUN
cblr-11902	196	3	of	of	ADP
cblr-11902	196	4	assets	asset	NOUN
cblr-11902	196	5	,	,	PUNCT
cblr-11902	196	6	irs	irs	PROPN
cblr-11902	196	7	(	(	PUNCT
cblr-11902	196	8	last	last	ADJ
cblr-11902	196	9	548	548	NUM
cblr-11902	196	10	columbia	columbia	PROPN
cblr-11902	196	11	business	business	NOUN
cblr-11902	196	12	law	law	PROPN
cblr-11902	196	13	review	review	NOUN
cblr-11902	197	1	[	[	X
cblr-11902	197	2	vol	vol	NOUN
cblr-11902	197	3	.	.	PUNCT
cblr-11902	197	4	2023	2023	NUM
cblr-11902	197	5	aps	ap	NOUN
cblr-11902	197	6	to	to	PART
cblr-11902	197	7	pay	pay	VERB
cblr-11902	197	8	incur	incur	NOUN
cblr-11902	197	9	a	a	DET
cblr-11902	197	10	higher	high	ADJ
cblr-11902	197	11	tax	tax	NOUN
cblr-11902	197	12	if	if	SCONJ
cblr-11902	197	13	they	they	PRON
cblr-11902	197	14	later	later	ADV
cblr-11902	197	15	sold	sell	VERB
cblr-11902	197	16	the	the	DET
cblr-11902	197	17	stocks.86	stocks.86	NOUN
cblr-11902	197	18	instead	instead	ADV
cblr-11902	197	19	,	,	PUNCT
cblr-11902	197	20	they	they	PRON
cblr-11902	197	21	take	take	VERB
cblr-11902	197	22	a	a	DET
cblr-11902	197	23	basis	basis	NOUN
cblr-11902	197	24	equal	equal	ADJ
cblr-11902	197	25	to	to	ADP
cblr-11902	197	26	the	the	DET
cblr-11902	197	27	fair	fair	ADJ
cblr-11902	197	28	market	market	NOUN
cblr-11902	197	29	value	value	NOUN
cblr-11902	197	30	of	of	ADP
cblr-11902	197	31	the	the	DET
cblr-11902	197	32	various	various	ADJ
cblr-11902	197	33	securities	security	NOUN
cblr-11902	197	34	at	at	ADP
cblr-11902	197	35	the	the	DET
cblr-11902	197	36	time	time	NOUN
cblr-11902	197	37	of	of	ADP
cblr-11902	197	38	the	the	DET
cblr-11902	197	39	redemption.87	redemption.87	NOUN
cblr-11902	197	40	when	when	SCONJ
cblr-11902	197	41	combined	combine	VERB
cblr-11902	197	42	with	with	ADP
cblr-11902	197	43	§	§	PROPN
cblr-11902	197	44	852(b)(6	852(b)(6	NUM
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cblr-11902	197	46	,	,	PUNCT
cblr-11902	197	47	neither	neither	CCONJ
cblr-11902	197	48	etfs	etfs	NOUN
cblr-11902	197	49	nor	nor	CCONJ
cblr-11902	197	50	aps	ap	NOUN
cblr-11902	197	51	are	be	AUX
cblr-11902	197	52	taxed	tax	VERB
cblr-11902	197	53	on	on	ADP
cblr-11902	197	54	the	the	DET
cblr-11902	197	55	gains	gain	NOUN
cblr-11902	197	56	of	of	ADP
cblr-11902	197	57	the	the	DET
cblr-11902	197	58	distributed	distribute	VERB
cblr-11902	197	59	securities.88	securities.88	NOUN
cblr-11902	197	60	in	in	ADP
cblr-11902	197	61	theory	theory	NOUN
cblr-11902	197	62	,	,	PUNCT
cblr-11902	197	63	gains	gain	NOUN
cblr-11902	197	64	from	from	ADP
cblr-11902	197	65	appreciated	appreciated	ADJ
cblr-11902	197	66	securities	security	NOUN
cblr-11902	197	67	do	do	AUX
cblr-11902	197	68	not	not	PART
cblr-11902	197	69	disappear	disappear	VERB
cblr-11902	197	70	but	but	CCONJ
cblr-11902	197	71	are	be	AUX
cblr-11902	197	72	instead	instead	ADV
cblr-11902	197	73	deferred.89	deferred.89	VERB
cblr-11902	197	74	the	the	DET
cblr-11902	197	75	gains	gain	NOUN
cblr-11902	197	76	from	from	ADP
cblr-11902	197	77	the	the	DET
cblr-11902	197	78	appreciated	appreciated	ADJ
cblr-11902	197	79	securities	security	NOUN
cblr-11902	197	80	will	will	AUX
cblr-11902	197	81	be	be	AUX
cblr-11902	197	82	taxed	tax	VERB
cblr-11902	197	83	when	when	SCONJ
cblr-11902	197	84	etf	etf	NOUN
cblr-11902	197	85	shareholders	shareholder	NOUN
cblr-11902	197	86	sell	sell	VERB
cblr-11902	197	87	their	their	PRON
cblr-11902	197	88	shares	share	NOUN
cblr-11902	197	89	in	in	ADP
cblr-11902	197	90	the	the	DET
cblr-11902	197	91	etf,90	etf,90	NOUN
cblr-11902	197	92	because	because	SCONJ
cblr-11902	197	93	the	the	DET
cblr-11902	197	94	etf	etf	NOUN
cblr-11902	197	95	shares	share	NOUN
cblr-11902	197	96	will	will	AUX
cblr-11902	197	97	have	have	VERB
cblr-11902	197	98	a	a	DET
cblr-11902	197	99	higher	high	ADJ
cblr-11902	197	100	price	price	NOUN
cblr-11902	197	101	than	than	ADP
cblr-11902	197	102	when	when	SCONJ
cblr-11902	197	103	they	they	PRON
cblr-11902	197	104	were	be	AUX
cblr-11902	197	105	purchased	purchase	VERB
cblr-11902	197	106	at	at	ADP
cblr-11902	197	107	to	to	PART
cblr-11902	197	108	reflect	reflect	VERB
cblr-11902	197	109	the	the	DET
cblr-11902	197	110	gains	gain	NOUN
cblr-11902	197	111	experienced	experience	VERB
cblr-11902	197	112	by	by	ADP
cblr-11902	197	113	the	the	DET
cblr-11902	197	114	securities	security	NOUN
cblr-11902	197	115	they	they	PRON
cblr-11902	197	116	held.91	held.91	NUM
cblr-11902	197	117	when	when	SCONJ
cblr-11902	197	118	a	a	DET
cblr-11902	197	119	shareholder	shareholder	NOUN
cblr-11902	197	120	sells	sell	VERB
cblr-11902	197	121	,	,	PUNCT
cblr-11902	197	122	they	they	PRON
cblr-11902	197	123	will	will	AUX
cblr-11902	197	124	thus	thus	ADV
cblr-11902	197	125	be	be	AUX
cblr-11902	197	126	taxed	tax	VERB
cblr-11902	197	127	on	on	ADP
cblr-11902	197	128	the	the	DET
cblr-11902	197	129	realized	realize	VERB
cblr-11902	197	130	gain	gain	NOUN
cblr-11902	197	131	,	,	PUNCT
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cblr-11902	197	133	is	be	AUX
cblr-11902	197	134	the	the	DET
cblr-11902	197	135	excess	excess	NOUN
cblr-11902	197	136	of	of	ADP
cblr-11902	197	137	the	the	DET
cblr-11902	197	138	new	new	ADJ
cblr-11902	197	139	higher	high	ADJ
cblr-11902	197	140	price	price	NOUN
cblr-11902	197	141	of	of	ADP
cblr-11902	197	142	the	the	DET
cblr-11902	197	143	etf	etf	NOUN
cblr-11902	197	144	(	(	PUNCT
cblr-11902	197	145	amount	amount	NOUN
cblr-11902	197	146	realized92	realized92	NOUN
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cblr-11902	197	148	over	over	ADP
cblr-11902	197	149	what	what	PRON
cblr-11902	197	150	was	be	AUX
cblr-11902	197	151	paid	pay	VERB
cblr-11902	197	152	initially	initially	ADV
cblr-11902	197	153	(	(	PUNCT
cblr-11902	197	154	basis).93	basis).93	PROPN
cblr-11902	197	155	visited	visit	VERB
cblr-11902	197	156	feb	feb	PROPN
cblr-11902	197	157	.	.	PROPN
cblr-11902	197	158	9	9	NUM
cblr-11902	197	159	,	,	PUNCT
cblr-11902	197	160	2023	2023	NUM
cblr-11902	197	161	)	)	PUNCT
cblr-11902	197	162	,	,	PUNCT
cblr-11902	197	163	https://www.irs.gov/taxtopics/tc703	https://www.irs.gov/taxtopics/tc703	X
cblr-11902	197	164	[	[	X
cblr-11902	197	165	https://perma.cc/rqs4-xtdf	https://perma.cc/rqs4-xtdf	PROPN
cblr-11902	197	166	]	]	PUNCT
cblr-11902	197	167	.	.	PUNCT
cblr-11902	198	1	86	86	NUM
cblr-11902	198	2	this	this	PRON
cblr-11902	198	3	would	would	AUX
cblr-11902	198	4	be	be	AUX
cblr-11902	198	5	because	because	SCONJ
cblr-11902	198	6	the	the	DET
cblr-11902	198	7	ap	ap	PROPN
cblr-11902	198	8	would	would	AUX
cblr-11902	198	9	thus	thus	ADV
cblr-11902	198	10	inherit	inherit	VERB
cblr-11902	198	11	the	the	DET
cblr-11902	198	12	etf	etf	NOUN
cblr-11902	198	13	’s	’s	PART
cblr-11902	198	14	cost	cost	NOUN
cblr-11902	198	15	of	of	ADP
cblr-11902	198	16	acquiring	acquire	VERB
cblr-11902	198	17	the	the	DET
cblr-11902	198	18	stock	stock	NOUN
cblr-11902	198	19	,	,	PUNCT
cblr-11902	198	20	which	which	PRON
cblr-11902	198	21	would	would	AUX
cblr-11902	198	22	make	make	VERB
cblr-11902	198	23	the	the	DET
cblr-11902	198	24	gain	gain	NOUN
cblr-11902	198	25	from	from	ADP
cblr-11902	198	26	its	its	PRON
cblr-11902	198	27	later	later	ADJ
cblr-11902	198	28	sale	sale	NOUN
cblr-11902	198	29	greater	great	ADJ
cblr-11902	198	30	.	.	PUNCT
cblr-11902	199	1	since	since	SCONJ
cblr-11902	199	2	a	a	DET
cblr-11902	199	3	stock	stock	NOUN
cblr-11902	199	4	is	be	AUX
cblr-11902	199	5	a	a	DET
cblr-11902	199	6	capital	capital	NOUN
cblr-11902	199	7	asset	asset	NOUN
cblr-11902	199	8	,	,	PUNCT
cblr-11902	199	9	the	the	DET
cblr-11902	199	10	capital	capital	NOUN
cblr-11902	199	11	gains	gain	NOUN
cblr-11902	199	12	tax	tax	NOUN
cblr-11902	199	13	would	would	AUX
cblr-11902	199	14	apply	apply	VERB
cblr-11902	199	15	.	.	PUNCT
cblr-11902	200	1	see	see	VERB
cblr-11902	200	2	26	26	NUM
cblr-11902	200	3	u.s.c	u.s.c	ADJ
cblr-11902	200	4	.	.	PUNCT
cblr-11902	201	1	§	§	NOUN
cblr-11902	201	2	1221(a)(1	1221(a)(1	NUM
cblr-11902	201	3	)	)	PUNCT
cblr-11902	201	4	(	(	PUNCT
cblr-11902	201	5	defining	define	VERB
cblr-11902	201	6	a	a	DET
cblr-11902	201	7	stock	stock	NOUN
cblr-11902	201	8	as	as	ADP
cblr-11902	201	9	“	"	PUNCT
cblr-11902	201	10	capital	capital	NOUN
cblr-11902	201	11	asset	asset	NOUN
cblr-11902	201	12	”	"	PUNCT
cblr-11902	201	13	)	)	PUNCT
cblr-11902	201	14	.	.	PUNCT
cblr-11902	202	1	see	see	VERB
cblr-11902	202	2	also	also	ADV
cblr-11902	202	3	26	26	NUM
cblr-11902	202	4	u.s.c	u.s.c	ADJ
cblr-11902	202	5	.	.	PUNCT
cblr-11902	203	1	§	§	PROPN
cblr-11902	203	2	1001(a	1001(a	NOUN
cblr-11902	203	3	)	)	PUNCT
cblr-11902	203	4	(	(	PUNCT
cblr-11902	203	5	“	"	PUNCT
cblr-11902	203	6	the	the	DET
cblr-11902	203	7	gain	gain	NOUN
cblr-11902	203	8	from	from	ADP
cblr-11902	203	9	the	the	DET
cblr-11902	203	10	sale	sale	NOUN
cblr-11902	203	11	or	or	CCONJ
cblr-11902	203	12	other	other	ADJ
cblr-11902	203	13	disposition	disposition	NOUN
cblr-11902	203	14	of	of	ADP
cblr-11902	203	15	property	property	NOUN
cblr-11902	203	16	shall	shall	AUX
cblr-11902	203	17	be	be	AUX
cblr-11902	203	18	the	the	DET
cblr-11902	203	19	excess	excess	NOUN
cblr-11902	203	20	of	of	ADP
cblr-11902	203	21	the	the	DET
cblr-11902	203	22	amount	amount	NOUN
cblr-11902	203	23	realized	realize	VERB
cblr-11902	203	24	therefrom	therefrom	NOUN
cblr-11902	203	25	over	over	ADP
cblr-11902	203	26	the	the	DET
cblr-11902	203	27	adjusted	adjusted	ADJ
cblr-11902	203	28	basis	basis	NOUN
cblr-11902	203	29	provided	provide	VERB
cblr-11902	203	30	in	in	ADP
cblr-11902	203	31	section	section	NOUN
cblr-11902	203	32	1011	1011	NUM
cblr-11902	203	33	for	for	ADP
cblr-11902	203	34	determining	determine	VERB
cblr-11902	203	35	gain	gain	NOUN
cblr-11902	203	36	”	"	PUNCT
cblr-11902	203	37	)	)	PUNCT
cblr-11902	203	38	.	.	PUNCT
cblr-11902	204	1	87	87	NUM
cblr-11902	204	2	see	see	VERB
cblr-11902	204	3	colon	colon	NOUN
cblr-11902	204	4	,	,	PUNCT
cblr-11902	204	5	supra	supra	PROPN
cblr-11902	204	6	note	note	NOUN
cblr-11902	204	7	22	22	NUM
cblr-11902	204	8	,	,	PUNCT
cblr-11902	204	9	at	at	ADP
cblr-11902	204	10	27	27	NUM
cblr-11902	204	11	;	;	PUNCT
cblr-11902	204	12	see	see	VERB
cblr-11902	204	13	also	also	ADV
cblr-11902	204	14	treas	treas	PROPN
cblr-11902	204	15	.	.	PUNCT
cblr-11902	205	1	reg	reg	PROPN
cblr-11902	205	2	.	.	PUNCT
cblr-11902	206	1	§	§	PROPN
cblr-11902	206	2	1.1012	1.1012	NUM
cblr-11902	206	3	-	-	SYM
cblr-11902	206	4	1(d	1(d	NUM
cblr-11902	206	5	)	)	PUNCT
cblr-11902	206	6	(	(	PUNCT
cblr-11902	206	7	“	"	PUNCT
cblr-11902	206	8	for	for	ADP
cblr-11902	206	9	purposes	purpose	NOUN
cblr-11902	206	10	of	of	ADP
cblr-11902	206	11	determining	determine	VERB
cblr-11902	206	12	the	the	DET
cblr-11902	206	13	basis	basis	NOUN
cblr-11902	206	14	of	of	ADP
cblr-11902	206	15	the	the	DET
cblr-11902	206	16	individual	individual	ADJ
cblr-11902	206	17	elements	element	NOUN
cblr-11902	206	18	of	of	ADP
cblr-11902	206	19	an	an	DET
cblr-11902	206	20	investment	investment	NOUN
cblr-11902	206	21	unit	unit	NOUN
cblr-11902	206	22	.	.	PUNCT
cblr-11902	206	23	.	.	PUNCT
cblr-11902	206	24	.	.	PUNCT
cblr-11902	207	1	the	the	DET
cblr-11902	207	2	cost	cost	NOUN
cblr-11902	207	3	of	of	ADP
cblr-11902	207	4	such	such	ADJ
cblr-11902	207	5	investment	investment	NOUN
cblr-11902	207	6	unit	unit	NOUN
cblr-11902	207	7	shall	shall	AUX
cblr-11902	207	8	be	be	AUX
cblr-11902	207	9	allocated	allocate	VERB
cblr-11902	207	10	to	to	ADP
cblr-11902	207	11	such	such	ADJ
cblr-11902	207	12	individual	individual	ADJ
cblr-11902	207	13	elements	element	NOUN
cblr-11902	207	14	on	on	ADP
cblr-11902	207	15	the	the	DET
cblr-11902	207	16	basis	basis	NOUN
cblr-11902	207	17	of	of	ADP
cblr-11902	207	18	their	their	PRON
cblr-11902	207	19	respective	respective	ADJ
cblr-11902	207	20	fair	fair	ADJ
cblr-11902	207	21	market	market	NOUN
cblr-11902	207	22	values	value	NOUN
cblr-11902	207	23	”	"	PUNCT
cblr-11902	207	24	)	)	PUNCT
cblr-11902	207	25	;	;	PUNCT
cblr-11902	207	26	26	26	NUM
cblr-11902	207	27	u.s.c	u.s.c	NOUN
cblr-11902	207	28	.	.	PUNCT
cblr-11902	208	1	§	§	PROPN
cblr-11902	208	2	1012(a	1012(a	NOUN
cblr-11902	208	3	)	)	PUNCT
cblr-11902	208	4	(	(	PUNCT
cblr-11902	208	5	“	"	PUNCT
cblr-11902	208	6	the	the	DET
cblr-11902	208	7	basis	basis	NOUN
cblr-11902	208	8	of	of	ADP
cblr-11902	208	9	property	property	NOUN
cblr-11902	208	10	shall	shall	AUX
cblr-11902	208	11	be	be	AUX
cblr-11902	208	12	the	the	DET
cblr-11902	208	13	cost	cost	NOUN
cblr-11902	208	14	of	of	ADP
cblr-11902	208	15	such	such	ADJ
cblr-11902	208	16	property	property	NOUN
cblr-11902	208	17	”	"	PUNCT
cblr-11902	208	18	)	)	PUNCT
cblr-11902	208	19	.	.	PUNCT
cblr-11902	209	1	88	88	NUM
cblr-11902	209	2	see	see	VERB
cblr-11902	209	3	colon	colon	NOUN
cblr-11902	209	4	,	,	PUNCT
cblr-11902	209	5	supra	supra	PROPN
cblr-11902	209	6	note	note	NOUN
cblr-11902	209	7	22	22	NUM
cblr-11902	209	8	,	,	PUNCT
cblr-11902	209	9	at	at	ADP
cblr-11902	209	10	27	27	NUM
cblr-11902	209	11	.	.	PUNCT
cblr-11902	209	12	89	89	NUM
cblr-11902	209	13	see	see	VERB
cblr-11902	209	14	i	i	PRON
cblr-11902	209	15	d.	d.	PROPN
cblr-11902	209	16	at	at	ADP
cblr-11902	209	17	27–28	27–28	NUM
cblr-11902	209	18	.	.	PROPN
cblr-11902	210	1	90	90	NUM
cblr-11902	210	2	see	see	VERB
cblr-11902	210	3	i	i	PRON
cblr-11902	210	4	d.	d.	PROPN
cblr-11902	210	5	at	at	ADP
cblr-11902	210	6	28	28	NUM
cblr-11902	210	7	(	(	PUNCT
cblr-11902	210	8	demonstrating	demonstrate	VERB
cblr-11902	210	9	that	that	PRON
cblr-11902	210	10	redeemed	redeem	VERB
cblr-11902	210	11	appreciated	appreciated	ADJ
cblr-11902	210	12	securities	security	NOUN
cblr-11902	210	13	still	still	ADV
cblr-11902	210	14	raise	raise	VERB
cblr-11902	210	15	the	the	DET
cblr-11902	210	16	value	value	NOUN
cblr-11902	210	17	of	of	ADP
cblr-11902	210	18	an	an	DET
cblr-11902	210	19	etf	etf	NOUN
cblr-11902	210	20	share	share	NOUN
cblr-11902	210	21	)	)	PUNCT
cblr-11902	210	22	.	.	PUNCT
cblr-11902	211	1	91	91	NUM
cblr-11902	211	2	see	see	VERB
cblr-11902	211	3	i	i	PRON
cblr-11902	211	4	d.	d.	PROPN
cblr-11902	211	5	at	at	ADP
cblr-11902	211	6	28–29	28–29	NUM
cblr-11902	211	7	.	.	PUNCT
cblr-11902	212	1	92	92	NUM
cblr-11902	212	2	26	26	NUM
cblr-11902	212	3	u.s.c	u.s.c	NOUN
cblr-11902	212	4	.	.	PUNCT
cblr-11902	213	1	§	§	PROPN
cblr-11902	213	2	1001(b	1001(b	NUM
cblr-11902	213	3	)	)	PUNCT
cblr-11902	213	4	(	(	PUNCT
cblr-11902	213	5	defining	define	VERB
cblr-11902	213	6	“	"	PUNCT
cblr-11902	213	7	amount	amount	NOUN
cblr-11902	213	8	realized	realize	VERB
cblr-11902	213	9	”	"	PUNCT
cblr-11902	213	10	)	)	PUNCT
cblr-11902	213	11	.	.	PUNCT
cblr-11902	214	1	93	93	NUM
cblr-11902	215	1	i	i	PRON
cblr-11902	215	2	d.	d.	PROPN
cblr-11902	215	3	§	§	PROPN
cblr-11902	215	4	1012(a	1012(a	PROPN
cblr-11902	215	5	)	)	PUNCT
cblr-11902	215	6	(	(	PUNCT
cblr-11902	215	7	“	"	PUNCT
cblr-11902	215	8	the	the	DET
cblr-11902	215	9	basis	basis	NOUN
cblr-11902	215	10	of	of	ADP
cblr-11902	215	11	property	property	NOUN
cblr-11902	215	12	shall	shall	AUX
cblr-11902	215	13	be	be	AUX
cblr-11902	215	14	the	the	DET
cblr-11902	215	15	cost	cost	NOUN
cblr-11902	215	16	of	of	ADP
cblr-11902	215	17	such	such	ADJ
cblr-11902	215	18	property	property	NOUN
cblr-11902	215	19	”	"	PUNCT
cblr-11902	215	20	)	)	PUNCT
cblr-11902	215	21	.	.	PUNCT
cblr-11902	216	1	no	no	INTJ
cblr-11902	216	2	.	.	NOUN
cblr-11902	217	1	1	1	NUM
cblr-11902	217	2	]	]	PUNCT
cblr-11902	217	3	sec	sec	PROPN
cblr-11902	217	4	rule	rule	NOUN
cblr-11902	217	5	6c-11	6c-11	PROPN
cblr-11902	217	6	’s	’s	PART
cblr-11902	217	7	impact	impact	NOUN
cblr-11902	217	8	on	on	ADP
cblr-11902	217	9	usage	usage	NOUN
cblr-11902	217	10	of	of	ADP
cblr-11902	217	11	heartbeat	heartbeat	NOUN
cblr-11902	217	12	trades	trade	NOUN
cblr-11902	217	13	549	549	NUM
cblr-11902	217	14	c.	c.	NOUN
cblr-11902	217	15	the	the	DET
cblr-11902	217	16	“	"	PUNCT
cblr-11902	217	17	heartbeat	heartbeat	NOUN
cblr-11902	217	18	trade	trade	NOUN
cblr-11902	217	19	”	"	PUNCT
cblr-11902	217	20	in	in	ADP
cblr-11902	217	21	recent	recent	ADJ
cblr-11902	217	22	years	year	NOUN
cblr-11902	217	23	,	,	PUNCT
cblr-11902	217	24	there	there	PRON
cblr-11902	217	25	has	have	AUX
cblr-11902	217	26	been	be	AUX
cblr-11902	217	27	significant	significant	ADJ
cblr-11902	217	28	coverage	coverage	NOUN
cblr-11902	217	29	of	of	ADP
cblr-11902	217	30	trades	trade	NOUN
cblr-11902	217	31	undertaken	undertake	VERB
cblr-11902	217	32	by	by	ADP
cblr-11902	217	33	some	some	DET
cblr-11902	217	34	etfs	etfs	NOUN
cblr-11902	217	35	that	that	PRON
cblr-11902	217	36	allow	allow	VERB
cblr-11902	217	37	them	they	PRON
cblr-11902	217	38	to	to	PART
cblr-11902	217	39	maximize	maximize	VERB
cblr-11902	217	40	the	the	DET
cblr-11902	217	41	exemption	exemption	NOUN
cblr-11902	217	42	in	in	ADP
cblr-11902	217	43	§	§	PROPN
cblr-11902	217	44	852(b)(6).94	852(b)(6).94	NUM
cblr-11902	217	45	sometimes	sometimes	ADV
cblr-11902	217	46	,	,	PUNCT
cblr-11902	217	47	an	an	DET
cblr-11902	217	48	etf	etf	NOUN
cblr-11902	217	49	’s	’s	PART
cblr-11902	217	50	daily	daily	ADJ
cblr-11902	217	51	trading	trading	NOUN
cblr-11902	217	52	activities	activity	NOUN
cblr-11902	217	53	do	do	AUX
cblr-11902	217	54	not	not	PART
cblr-11902	217	55	exhibit	exhibit	VERB
cblr-11902	217	56	sufficient	sufficient	ADJ
cblr-11902	217	57	volume	volume	NOUN
cblr-11902	217	58	for	for	ADP
cblr-11902	217	59	a	a	DET
cblr-11902	217	60	fund	fund	NOUN
cblr-11902	217	61	to	to	PART
cblr-11902	217	62	wash	wash	VERB
cblr-11902	217	63	out	out	ADP
cblr-11902	217	64	its	its	PRON
cblr-11902	217	65	gains	gain	NOUN
cblr-11902	217	66	by	by	ADP
cblr-11902	217	67	distributing	distribute	VERB
cblr-11902	217	68	appreciated	appreciated	ADJ
cblr-11902	217	69	securities.95	securities.95	NOUN
cblr-11902	217	70	in	in	ADP
cblr-11902	217	71	response	response	NOUN
cblr-11902	217	72	to	to	ADP
cblr-11902	217	73	such	such	DET
cblr-11902	217	74	a	a	DET
cblr-11902	217	75	scenario	scenario	NOUN
cblr-11902	217	76	,	,	PUNCT
cblr-11902	217	77	however	however	ADV
cblr-11902	217	78	,	,	PUNCT
cblr-11902	217	79	a	a	DET
cblr-11902	217	80	common	common	ADJ
cblr-11902	217	81	workaround	workaround	NOUN
cblr-11902	217	82	—	—	PUNCT
cblr-11902	217	83	known	know	VERB
cblr-11902	217	84	as	as	ADP
cblr-11902	217	85	a	a	DET
cblr-11902	217	86	heartbeat	heartbeat	NOUN
cblr-11902	217	87	trade	trade	NOUN
cblr-11902	217	88	—	—	PUNCT
cblr-11902	217	89	has	have	AUX
cblr-11902	217	90	emerged.96	emerged.96	PROPN
cblr-11902	217	91	the	the	DET
cblr-11902	217	92	fund	fund	NOUN
cblr-11902	217	93	receives	receive	VERB
cblr-11902	217	94	a	a	DET
cblr-11902	217	95	large	large	ADJ
cblr-11902	217	96	influx	influx	NOUN
cblr-11902	217	97	of	of	ADP
cblr-11902	217	98	capital	capital	NOUN
cblr-11902	217	99	from	from	ADP
cblr-11902	217	100	an	an	DET
cblr-11902	217	101	ap	ap	PROPN
cblr-11902	217	102	,	,	PUNCT
cblr-11902	217	103	usually	usually	ADV
cblr-11902	217	104	a	a	DET
cblr-11902	217	105	bank,97	bank,97	NOUN
cblr-11902	217	106	to	to	PART
cblr-11902	217	107	create	create	VERB
cblr-11902	217	108	fund	fund	NOUN
cblr-11902	217	109	shares	share	NOUN
cblr-11902	217	110	.	.	PUNCT
cblr-11902	218	1	within	within	ADP
cblr-11902	218	2	a	a	DET
cblr-11902	218	3	few	few	ADJ
cblr-11902	218	4	days	day	NOUN
cblr-11902	218	5	,	,	PUNCT
cblr-11902	218	6	the	the	DET
cblr-11902	218	7	same	same	ADJ
cblr-11902	218	8	fund	fund	NOUN
cblr-11902	218	9	receives	receive	VERB
cblr-11902	218	10	a	a	DET
cblr-11902	218	11	(	(	PUNCT
cblr-11902	218	12	pre	pre	ADJ
cblr-11902	218	13	-	-	ADJ
cblr-11902	218	14	arranged	arranged	ADJ
cblr-11902	218	15	)	)	PUNCT
cblr-11902	218	16	redemption	redemption	NOUN
cblr-11902	218	17	order	order	NOUN
cblr-11902	218	18	from	from	ADP
cblr-11902	218	19	the	the	DET
cblr-11902	218	20	same	same	ADJ
cblr-11902	218	21	market	market	NOUN
cblr-11902	218	22	maker	maker	NOUN
cblr-11902	218	23	,	,	PUNCT
cblr-11902	218	24	resulting	result	VERB
cblr-11902	218	25	in	in	ADP
cblr-11902	218	26	a	a	DET
cblr-11902	218	27	large	large	ADJ
cblr-11902	218	28	in	in	ADP
cblr-11902	218	29	-	-	PUNCT
cblr-11902	218	30	kind	kind	NOUN
cblr-11902	218	31	distribution	distribution	NOUN
cblr-11902	218	32	of	of	ADP
cblr-11902	218	33	the	the	DET
cblr-11902	218	34	etf	etf	NOUN
cblr-11902	218	35	’s	’s	PART
cblr-11902	218	36	holdings.98	holdings.98	NOUN
cblr-11902	218	37	this	this	DET
cblr-11902	218	38	process	process	NOUN
cblr-11902	218	39	is	be	AUX
cblr-11902	218	40	aimed	aim	VERB
cblr-11902	218	41	specifically	specifically	ADV
cblr-11902	218	42	to	to	PART
cblr-11902	218	43	transfer	transfer	VERB
cblr-11902	218	44	out	out	ADP
cblr-11902	218	45	appreciated	appreciated	ADJ
cblr-11902	218	46	securities	security	NOUN
cblr-11902	218	47	in	in	ADP
cblr-11902	218	48	the	the	DET
cblr-11902	218	49	in	in	ADP
cblr-11902	218	50	-	-	PUNCT
cblr-11902	218	51	kind	kind	NOUN
cblr-11902	218	52	redemption	redemption	NOUN
cblr-11902	218	53	basket	basket	NOUN
cblr-11902	218	54	,	,	PUNCT
cblr-11902	218	55	washing	wash	VERB
cblr-11902	218	56	out	out	ADP
cblr-11902	218	57	any	any	DET
cblr-11902	218	58	capital	capital	NOUN
cblr-11902	218	59	gains	gain	NOUN
cblr-11902	218	60	for	for	ADP
cblr-11902	218	61	the	the	DET
cblr-11902	218	62	etf.99additionally	etf.99additionally	ADV
cblr-11902	218	63	,	,	PUNCT
cblr-11902	218	64	the	the	DET
cblr-11902	218	65	trade	trade	NOUN
cblr-11902	218	66	causes	cause	VERB
cblr-11902	218	67	no	no	DET
cblr-11902	218	68	hardship	hardship	NOUN
cblr-11902	218	69	for	for	ADP
cblr-11902	218	70	the	the	DET
cblr-11902	218	71	ap	ap	PROPN
cblr-11902	218	72	partner	partner	NOUN
cblr-11902	218	73	as	as	SCONJ
cblr-11902	218	74	it	it	PRON
cblr-11902	218	75	will	will	AUX
cblr-11902	218	76	take	take	VERB
cblr-11902	218	77	a	a	DET
cblr-11902	218	78	fair	fair	ADJ
cblr-11902	218	79	-	-	PUNCT
cblr-11902	218	80	market	market	NOUN
cblr-11902	218	81	value	value	NOUN
cblr-11902	218	82	basis	basis	NOUN
cblr-11902	218	83	in	in	ADP
cblr-11902	218	84	the	the	DET
cblr-11902	218	85	stocks	stock	NOUN
cblr-11902	218	86	given	give	VERB
cblr-11902	218	87	rather	rather	ADV
cblr-11902	218	88	than	than	ADP
cblr-11902	218	89	inheriting	inherit	VERB
cblr-11902	218	90	the	the	DET
cblr-11902	218	91	etf	etf	NOUN
cblr-11902	218	92	’s	’s	NOUN
cblr-11902	218	93	.	.	PUNCT
cblr-11902	219	1	100the	100the	DET
cblr-11902	219	2	term	term	NOUN
cblr-11902	219	3	heartbeat	heartbeat	NOUN
cblr-11902	219	4	trade	trade	NOUN
cblr-11902	219	5	was	be	AUX
cblr-11902	219	6	originally	originally	ADV
cblr-11902	219	7	coined	coin	VERB
cblr-11902	219	8	by	by	ADP
cblr-11902	219	9	elisabeth	elisabeth	PROPN
cblr-11902	219	10	kashner	kashner	PROPN
cblr-11902	219	11	,	,	PUNCT
cblr-11902	219	12	who	who	PRON
cblr-11902	219	13	noted	note	VERB
cblr-11902	219	14	the	the	DET
cblr-11902	219	15	flows	flow	NOUN
cblr-11902	219	16	resembled	resemble	VERB
cblr-11902	219	17	an	an	DET
cblr-11902	219	18	ecg	ecg	PROPN
cblr-11902	219	19	monitor.101	monitor.101	NOUN
cblr-11902	219	20	such	such	ADJ
cblr-11902	219	21	trades	trade	NOUN
cblr-11902	219	22	are	be	AUX
cblr-11902	219	23	especially	especially	ADV
cblr-11902	219	24	common	common	ADJ
cblr-11902	219	25	for	for	ADP
cblr-11902	219	26	funds	fund	NOUN
cblr-11902	219	27	around	around	ADP
cblr-11902	219	28	times	time	NOUN
cblr-11902	219	29	in	in	ADP
cblr-11902	219	30	which	which	PRON
cblr-11902	219	31	a	a	DET
cblr-11902	219	32	stock	stock	NOUN
cblr-11902	219	33	is	be	AUX
cblr-11902	219	34	leaving	leave	VERB
cblr-11902	219	35	the	the	DET
cblr-11902	219	36	index	index	NOUN
cblr-11902	219	37	the	the	DET
cblr-11902	219	38	fund	fund	NOUN
cblr-11902	219	39	tracks.102	tracks.102	NOUN
cblr-11902	219	40	the	the	DET
cblr-11902	219	41	94	94	NUM
cblr-11902	219	42	see	see	VERB
cblr-11902	219	43	generally	generally	ADV
cblr-11902	219	44	,	,	PUNCT
cblr-11902	219	45	e.g.	e.g.	ADV
cblr-11902	219	46	,	,	PUNCT
cblr-11902	219	47	kashner	kashner	NOUN
cblr-11902	219	48	,	,	PUNCT
cblr-11902	219	49	supra	supra	PROPN
cblr-11902	219	50	note	note	PROPN
cblr-11902	219	51	7	7	NUM
cblr-11902	219	52	;	;	PUNCT
cblr-11902	219	53	mider	mider	NOUN
cblr-11902	219	54	et	et	PROPN
cblr-11902	219	55	al	al	PROPN
cblr-11902	219	56	.	.	PROPN
cblr-11902	219	57	,	,	PUNCT
cblr-11902	219	58	supra	supra	PROPN
cblr-11902	219	59	note	note	PROPN
cblr-11902	219	60	10	10	NUM
cblr-11902	219	61	;	;	PUNCT
cblr-11902	219	62	moussawi	moussawi	PROPN
cblr-11902	219	63	et	et	PROPN
cblr-11902	219	64	al	al	PROPN
cblr-11902	219	65	.	.	PROPN
cblr-11902	219	66	,	,	PUNCT
cblr-11902	219	67	supra	supra	PROPN
cblr-11902	219	68	note	note	PROPN
cblr-11902	219	69	81	81	NUM
cblr-11902	219	70	;	;	PUNCT
cblr-11902	219	71	lee	lee	PROPN
cblr-11902	219	72	a.	a.	PROPN
cblr-11902	219	73	sheppard	sheppard	PROPN
cblr-11902	219	74	,	,	PUNCT
cblr-11902	219	75	etfs	etfs	PROPN
cblr-11902	219	76	as	as	ADP
cblr-11902	219	77	tax	tax	NOUN
cblr-11902	219	78	dialysis	dialysis	NOUN
cblr-11902	219	79	machines	machine	NOUN
cblr-11902	219	80	,	,	PUNCT
cblr-11902	219	81	130	130	NUM
cblr-11902	219	82	tax	tax	NOUN
cblr-11902	219	83	notes	note	NOUN
cblr-11902	219	84	fed	feed	VERB
cblr-11902	219	85	.	.	PUNCT
cblr-11902	220	1	909	909	NUM
cblr-11902	220	2	,	,	PUNCT
cblr-11902	220	3	911	911	NUM
cblr-11902	220	4	,	,	PUNCT
cblr-11902	220	5	914	914	NUM
cblr-11902	220	6	(	(	PUNCT
cblr-11902	220	7	nov	nov	PROPN
cblr-11902	220	8	.	.	PROPN
cblr-11902	220	9	11	11	NUM
cblr-11902	220	10	,	,	PUNCT
cblr-11902	220	11	2019	2019	NUM
cblr-11902	220	12	)	)	PUNCT
cblr-11902	220	13	.	.	PUNCT
cblr-11902	221	1	95	95	NUM
cblr-11902	221	2	see	see	VERB
cblr-11902	221	3	kashner	kashner	NOUN
cblr-11902	221	4	,	,	PUNCT
cblr-11902	221	5	supra	supra	PROPN
cblr-11902	221	6	note	note	NOUN
cblr-11902	221	7	7	7	NUM
cblr-11902	221	8	.	.	SYM
cblr-11902	221	9	96	96	NUM
cblr-11902	221	10	see	see	VERB
cblr-11902	221	11	i	i	PRON
cblr-11902	221	12	d.	d.	PROPN
cblr-11902	221	13	97	97	NUM
cblr-11902	221	14	see	see	VERB
cblr-11902	221	15	mider	mider	NOUN
cblr-11902	221	16	et	et	PROPN
cblr-11902	221	17	al	al	PROPN
cblr-11902	221	18	.	.	PROPN
cblr-11902	221	19	,	,	PUNCT
cblr-11902	221	20	supra	supra	PROPN
cblr-11902	221	21	note	note	PROPN
cblr-11902	221	22	10	10	NUM
cblr-11902	221	23	(	(	PUNCT
cblr-11902	221	24	“	"	PUNCT
cblr-11902	221	25	the	the	DET
cblr-11902	221	26	biggest	big	ADJ
cblr-11902	221	27	etf	etf	NOUN
cblr-11902	221	28	managers	manager	NOUN
cblr-11902	221	29	,	,	PUNCT
cblr-11902	221	30	including	include	VERB
cblr-11902	221	31	blackrock	blackrock	NOUN
cblr-11902	221	32	,	,	PUNCT
cblr-11902	221	33	state	state	NOUN
cblr-11902	221	34	street	street	NOUN
cblr-11902	221	35	,	,	PUNCT
cblr-11902	221	36	and	and	CCONJ
cblr-11902	221	37	vanguard	vanguard	NOUN
cblr-11902	221	38	group	group	NOUN
cblr-11902	221	39	,	,	PUNCT
cblr-11902	221	40	all	all	PRON
cblr-11902	221	41	use	use	VERB
cblr-11902	221	42	heartbeats	heartbeat	NOUN
cblr-11902	221	43	,	,	PUNCT
cblr-11902	221	44	with	with	ADP
cblr-11902	221	45	help	help	NOUN
cblr-11902	221	46	from	from	ADP
cblr-11902	221	47	banks	bank	NOUN
cblr-11902	221	48	such	such	ADJ
cblr-11902	221	49	as	as	ADP
cblr-11902	221	50	bank	bank	PROPN
cblr-11902	221	51	of	of	ADP
cblr-11902	221	52	america	america	PROPN
cblr-11902	221	53	,	,	PUNCT
cblr-11902	221	54	credit	credit	NOUN
cblr-11902	221	55	suisse	suisse	NOUN
cblr-11902	221	56	group	group	NOUN
cblr-11902	221	57	,	,	PUNCT
cblr-11902	221	58	and	and	CCONJ
cblr-11902	221	59	goldman	goldman	PROPN
cblr-11902	221	60	sachs	sachs	PROPN
cblr-11902	221	61	group	group	PROPN
cblr-11902	221	62	”	"	PUNCT
cblr-11902	221	63	)	)	PUNCT
cblr-11902	221	64	.	.	PUNCT
cblr-11902	222	1	98	98	NUM
cblr-11902	222	2	see	see	VERB
cblr-11902	222	3	i	i	PRON
cblr-11902	222	4	d.	d.	PROPN
cblr-11902	222	5	99	99	NUM
cblr-11902	222	6	see	see	VERB
cblr-11902	222	7	i	i	PRON
cblr-11902	222	8	d.	d.	PROPN
cblr-11902	222	9	100	100	NUM
cblr-11902	222	10	see	see	VERB
cblr-11902	222	11	supra	supra	PROPN
cblr-11902	222	12	part	part	NOUN
cblr-11902	222	13	ii.b.3	ii.b.3	NOUN
cblr-11902	222	14	.	.	PUNCT
cblr-11902	223	1	101	101	NUM
cblr-11902	224	1	i	i	PRON
cblr-11902	224	2	d.	d.	PROPN
cblr-11902	224	3	for	for	ADP
cblr-11902	224	4	an	an	DET
cblr-11902	224	5	illustration	illustration	NOUN
cblr-11902	224	6	of	of	ADP
cblr-11902	224	7	a	a	DET
cblr-11902	224	8	“	"	PUNCT
cblr-11902	224	9	heartbeat	heartbeat	NOUN
cblr-11902	224	10	trade	trade	NOUN
cblr-11902	224	11	,	,	PUNCT
cblr-11902	224	12	”	"	PUNCT
cblr-11902	224	13	see	see	VERB
cblr-11902	224	14	figure	figure	NOUN
cblr-11902	224	15	2	2	NUM
cblr-11902	224	16	in	in	ADP
cblr-11902	224	17	part	part	NOUN
cblr-11902	224	18	iii.a.1	iii.a.1	NOUN
cblr-11902	224	19	.	.	PUNCT
cblr-11902	225	1	102	102	NUM
cblr-11902	225	2	see	see	NOUN
cblr-11902	225	3	kashner	kashner	NOUN
cblr-11902	225	4	,	,	PUNCT
cblr-11902	225	5	supra	supra	PROPN
cblr-11902	225	6	note	note	PROPN
cblr-11902	225	7	7	7	NUM
cblr-11902	225	8	;	;	PUNCT
cblr-11902	225	9	see	see	VERB
cblr-11902	225	10	also	also	ADV
cblr-11902	225	11	mider	mider	VERB
cblr-11902	225	12	et	et	PROPN
cblr-11902	225	13	al	al	PROPN
cblr-11902	225	14	.	.	PROPN
cblr-11902	225	15	,	,	PUNCT
cblr-11902	225	16	supra	supra	PROPN
cblr-11902	225	17	note	note	PROPN
cblr-11902	225	18	10	10	NUM
cblr-11902	225	19	;	;	PUNCT
cblr-11902	225	20	see	see	VERB
cblr-11902	225	21	also	also	ADV
cblr-11902	225	22	asjylyn	asjylyn	ADV
cblr-11902	225	23	loder	loder	NOUN
cblr-11902	225	24	,	,	PUNCT
cblr-11902	225	25	etf	etf	NOUN
cblr-11902	225	26	‘	'	PUNCT
cblr-11902	225	27	heartbeats	heartbeat	NOUN
cblr-11902	225	28	’	'	PUNCT
cblr-11902	225	29	show	show	VERB
cblr-11902	225	30	influence	influence	NOUN
cblr-11902	225	31	of	of	ADP
cblr-11902	225	32	indexes	index	NOUN
cblr-11902	225	33	,	,	PUNCT
cblr-11902	225	34	wall	wall	PROPN
cblr-11902	225	35	street	street	PROPN
cblr-11902	225	36	journal	journal	PROPN
cblr-11902	225	37	(	(	PUNCT
cblr-11902	225	38	june	june	PROPN
cblr-11902	225	39	5	5	NUM
cblr-11902	225	40	,	,	PUNCT
cblr-11902	225	41	2019	2019	NUM
cblr-11902	225	42	)	)	PUNCT
cblr-11902	225	43	,	,	PUNCT
cblr-11902	225	44	https://www.wsj.com/articles/etf	https://www.wsj.com/articles/etf	PROPN
cblr-11902	225	45	550	550	NUM
cblr-11902	225	46	columbia	columbia	PROPN
cblr-11902	225	47	business	business	NOUN
cblr-11902	225	48	law	law	PROPN
cblr-11902	225	49	review	review	NOUN
cblr-11902	225	50	[	[	X
cblr-11902	225	51	vol	vol	NOUN
cblr-11902	225	52	.	.	PUNCT
cblr-11902	225	53	2023	2023	NUM
cblr-11902	225	54	significance	significance	NOUN
cblr-11902	225	55	of	of	ADP
cblr-11902	225	56	heartbeat	heartbeat	NOUN
cblr-11902	225	57	trades	trade	NOUN
cblr-11902	225	58	at	at	ADP
cblr-11902	225	59	this	this	DET
cblr-11902	225	60	juncture	juncture	NOUN
cblr-11902	225	61	is	be	AUX
cblr-11902	225	62	unsurprising	unsurprising	ADJ
cblr-11902	225	63	,	,	PUNCT
cblr-11902	225	64	because	because	SCONJ
cblr-11902	225	65	the	the	DET
cblr-11902	225	66	fund	fund	NOUN
cblr-11902	225	67	needs	need	VERB
cblr-11902	225	68	to	to	PART
cblr-11902	225	69	remove	remove	VERB
cblr-11902	225	70	its	its	PRON
cblr-11902	225	71	entire	entire	ADJ
cblr-11902	225	72	holdings	holding	NOUN
cblr-11902	225	73	of	of	ADP
cblr-11902	225	74	the	the	DET
cblr-11902	225	75	departing	depart	VERB
cblr-11902	225	76	stock	stock	NOUN
cblr-11902	225	77	—	—	PUNCT
cblr-11902	225	78	a	a	DET
cblr-11902	225	79	financial	financial	ADJ
cblr-11902	225	80	“	"	PUNCT
cblr-11902	225	81	juice	juice	NOUN
cblr-11902	225	82	cleanse	cleanse	NOUN
cblr-11902	225	83	”	"	PUNCT
cblr-11902	225	84	—	—	PUNCT
cblr-11902	225	85	that	that	PRON
cblr-11902	225	86	would	would	AUX
cblr-11902	225	87	be	be	AUX
cblr-11902	225	88	hard	hard	ADJ
cblr-11902	225	89	to	to	PART
cblr-11902	225	90	achieve	achieve	VERB
cblr-11902	225	91	through	through	ADP
cblr-11902	225	92	the	the	DET
cblr-11902	225	93	normal	normal	ADJ
cblr-11902	225	94	procedure	procedure	NOUN
cblr-11902	225	95	of	of	ADP
cblr-11902	225	96	stock	stock	NOUN
cblr-11902	225	97	redemptions	redemption	NOUN
cblr-11902	225	98	without	without	ADP
cblr-11902	225	99	having	have	VERB
cblr-11902	225	100	to	to	PART
cblr-11902	225	101	recognize	recognize	VERB
cblr-11902	225	102	substantial	substantial	ADJ
cblr-11902	225	103	tax	tax	NOUN
cblr-11902	225	104	gains	gain	NOUN
cblr-11902	225	105	on	on	ADP
cblr-11902	225	106	the	the	DET
cblr-11902	225	107	stock.103	stock.103	NOUN
cblr-11902	225	108	since	since	SCONJ
cblr-11902	225	109	2000	2000	NUM
cblr-11902	225	110	,	,	PUNCT
cblr-11902	225	111	bloomberg	bloomberg	PROPN
cblr-11902	225	112	identified	identify	VERB
cblr-11902	225	113	2,261	2,261	NUM
cblr-11902	225	114	heartbeat	heartbeat	NOUN
cblr-11902	225	115	trades	trade	NOUN
cblr-11902	225	116	worth	worth	ADJ
cblr-11902	225	117	$	$	SYM
cblr-11902	225	118	330	330	NUM
cblr-11902	225	119	billion.104	billion.104	NOUN
cblr-11902	225	120	in	in	ADP
cblr-11902	225	121	2018	2018	NUM
cblr-11902	225	122	alone	alone	ADV
cblr-11902	225	123	,	,	PUNCT
cblr-11902	225	124	it	it	PRON
cblr-11902	225	125	estimated	estimate	VERB
cblr-11902	225	126	that	that	SCONJ
cblr-11902	225	127	there	there	PRON
cblr-11902	225	128	were	be	VERB
cblr-11902	225	129	548	548	NUM
cblr-11902	225	130	heartbeat	heartbeat	NOUN
cblr-11902	225	131	trades	trade	NOUN
cblr-11902	225	132	worth	worth	ADJ
cblr-11902	225	133	$	$	SYM
cblr-11902	225	134	98	98	NUM
cblr-11902	225	135	billion.105	billion.105	ADJ
cblr-11902	225	136	in	in	ADP
cblr-11902	225	137	the	the	DET
cblr-11902	225	138	same	same	ADJ
cblr-11902	225	139	year	year	NOUN
cblr-11902	225	140	,	,	PUNCT
cblr-11902	225	141	bloomberg	bloomberg	PROPN
cblr-11902	225	142	reported	report	VERB
cblr-11902	225	143	that	that	SCONJ
cblr-11902	225	144	etfs	etfs	PROPN
cblr-11902	225	145	avoided	avoid	VERB
cblr-11902	225	146	a	a	DET
cblr-11902	225	147	tax	tax	NOUN
cblr-11902	225	148	on	on	ADP
cblr-11902	225	149	more	more	ADJ
cblr-11902	225	150	than	than	ADP
cblr-11902	225	151	$	$	SYM
cblr-11902	225	152	211	211	NUM
cblr-11902	225	153	billion	billion	NUM
cblr-11902	225	154	in	in	ADP
cblr-11902	225	155	gains	gain	NOUN
cblr-11902	225	156	and	and	CCONJ
cblr-11902	225	157	estimated	estimate	VERB
cblr-11902	225	158	the	the	DET
cblr-11902	225	159	avoided	avoided	ADJ
cblr-11902	225	160	gain	gain	NOUN
cblr-11902	225	161	translated	translate	VERB
cblr-11902	225	162	to	to	ADP
cblr-11902	225	163	“	"	PUNCT
cblr-11902	225	164	$	$	SYM
cblr-11902	225	165	23	23	NUM
cblr-11902	225	166	billion	billion	NUM
cblr-11902	225	167	in	in	ADP
cblr-11902	225	168	deferred	deferred	ADJ
cblr-11902	225	169	taxes	taxis	NOUN
cblr-11902	225	170	.	.	PUNCT
cblr-11902	225	171	”106	”106	NOUN
cblr-11902	226	1	although	although	SCONJ
cblr-11902	226	2	many	many	ADJ
cblr-11902	226	3	funds	fund	NOUN
cblr-11902	226	4	routinely	routinely	ADV
cblr-11902	226	5	use	use	VERB
cblr-11902	226	6	them	they	PRON
cblr-11902	226	7	,	,	PUNCT
cblr-11902	226	8	heartbeat	heartbeat	NOUN
cblr-11902	226	9	trades	trade	NOUN
cblr-11902	226	10	are	be	AUX
cblr-11902	226	11	a	a	DET
cblr-11902	226	12	source	source	NOUN
cblr-11902	226	13	of	of	ADP
cblr-11902	226	14	debate	debate	NOUN
cblr-11902	226	15	and	and	CCONJ
cblr-11902	226	16	controversy	controversy	NOUN
cblr-11902	226	17	.	.	PUNCT
cblr-11902	227	1	those	those	PRON
cblr-11902	227	2	in	in	ADP
cblr-11902	227	3	the	the	DET
cblr-11902	227	4	etf	etf	NOUN
cblr-11902	227	5	industry	industry	NOUN
cblr-11902	227	6	consider	consider	VERB
cblr-11902	227	7	them	they	PRON
cblr-11902	227	8	smart	smart	ADJ
cblr-11902	227	9	tax	tax	NOUN
cblr-11902	227	10	strategy107	strategy107	PROPN
cblr-11902	227	11	,	,	PUNCT
cblr-11902	227	12	but	but	CCONJ
cblr-11902	227	13	others	other	NOUN
cblr-11902	227	14	argue	argue	VERB
cblr-11902	227	15	the	the	DET
cblr-11902	227	16	trades	trade	NOUN
cblr-11902	227	17	are	be	AUX
cblr-11902	227	18	“	"	PUNCT
cblr-11902	227	19	sham	sham	ADJ
cblr-11902	227	20	transactions	transaction	NOUN
cblr-11902	227	21	”	"	PUNCT
cblr-11902	227	22	,	,	PUNCT
cblr-11902	227	23	only	only	ADV
cblr-11902	227	24	undertaken	undertake	VERB
cblr-11902	227	25	for	for	ADP
cblr-11902	227	26	the	the	DET
cblr-11902	227	27	purpose	purpose	NOUN
cblr-11902	227	28	of	of	ADP
cblr-11902	227	29	tax	tax	NOUN
cblr-11902	227	30	avoidance.108	avoidance.108	NOUN
cblr-11902	227	31	in	in	ADP
cblr-11902	227	32	the	the	DET
cblr-11902	227	33	view	view	NOUN
cblr-11902	227	34	of	of	ADP
cblr-11902	227	35	critics	critic	NOUN
cblr-11902	227	36	,	,	PUNCT
cblr-11902	227	37	heartbeat	heartbeat	NOUN
cblr-11902	227	38	trades	trade	NOUN
cblr-11902	227	39	differ	differ	VERB
cblr-11902	227	40	from	from	ADP
cblr-11902	227	41	typical	typical	ADJ
cblr-11902	227	42	in	in	ADP
cblr-11902	227	43	-	-	PUNCT
cblr-11902	227	44	kind	kind	NOUN
cblr-11902	227	45	redemptions	redemption	NOUN
cblr-11902	227	46	because	because	SCONJ
cblr-11902	227	47	they	they	PRON
cblr-11902	227	48	are	be	AUX
cblr-11902	227	49	done	do	VERB
cblr-11902	227	50	between	between	ADP
cblr-11902	227	51	“	"	PUNCT
cblr-11902	227	52	a	a	DET
cblr-11902	227	53	cooperative	cooperative	ADJ
cblr-11902	227	54	set	set	NOUN
cblr-11902	227	55	of	of	ADP
cblr-11902	227	56	investment	investment	NOUN
cblr-11902	227	57	heartbeats	heartbeat	NOUN
cblr-11902	227	58	-	-	PUNCT
cblr-11902	227	59	show	show	NOUN
cblr-11902	227	60	-	-	PUNCT
cblr-11902	227	61	influence	influence	NOUN
cblr-11902	227	62	-	-	PUNCT
cblr-11902	227	63	of	of	ADP
cblr-11902	227	64	-	-	PUNCT
cblr-11902	227	65	indexes-11559736000	indexes-11559736000	ADJ
cblr-11902	227	66	[	[	X
cblr-11902	227	67	https://perma.cc/3tgh-6h67	https://perma.cc/3tgh-6h67	NOUN
cblr-11902	227	68	]	]	X
cblr-11902	227	69	.	.	PUNCT
cblr-11902	228	1	103	103	NUM
cblr-11902	228	2	see	see	NOUN
cblr-11902	228	3	also	also	ADV
cblr-11902	228	4	mider	mider	VERB
cblr-11902	228	5	et	et	PROPN
cblr-11902	228	6	al	al	PROPN
cblr-11902	228	7	.	.	PROPN
cblr-11902	228	8	,	,	PUNCT
cblr-11902	228	9	supra	supra	PROPN
cblr-11902	228	10	note	note	NOUN
cblr-11902	228	11	10	10	NUM
cblr-11902	228	12	.	.	PUNCT
cblr-11902	229	1	104	104	NUM
cblr-11902	230	1	i	i	PRON
cblr-11902	230	2	d.	d.	PROPN
cblr-11902	230	3	105	105	NUM
cblr-11902	231	1	i	i	PRON
cblr-11902	231	2	d.	d.	PROPN
cblr-11902	231	3	106	106	NUM
cblr-11902	232	1	i	i	PRON
cblr-11902	232	2	d.	d.	PROPN
cblr-11902	232	3	107	107	NUM
cblr-11902	232	4	see	see	VERB
cblr-11902	232	5	i	i	PROPN
cblr-11902	232	6	d.	d.	PROPN
cblr-11902	232	7	(	(	PUNCT
cblr-11902	232	8	“	"	PUNCT
cblr-11902	232	9	to	to	ADP
cblr-11902	232	10	people	people	NOUN
cblr-11902	232	11	in	in	ADP
cblr-11902	232	12	the	the	DET
cblr-11902	232	13	industry	industry	NOUN
cblr-11902	232	14	,	,	PUNCT
cblr-11902	232	15	heartbeats	heartbeat	NOUN
cblr-11902	232	16	are	be	AUX
cblr-11902	232	17	just	just	ADV
cblr-11902	232	18	smart	smart	ADJ
cblr-11902	232	19	tax	tax	NOUN
cblr-11902	232	20	strategy	strategy	NOUN
cblr-11902	232	21	.	.	PUNCT
cblr-11902	233	1	‘	'	PUNCT
cblr-11902	233	2	it	it	PRON
cblr-11902	233	3	’s	’s	AUX
cblr-11902	233	4	removing	remove	VERB
cblr-11902	233	5	a	a	DET
cblr-11902	233	6	negative	negative	ADJ
cblr-11902	233	7	from	from	ADP
cblr-11902	233	8	the	the	DET
cblr-11902	233	9	investment	investment	NOUN
cblr-11902	233	10	process	process	NOUN
cblr-11902	233	11	,	,	PUNCT
cblr-11902	233	12	’	'	PUNCT
cblr-11902	233	13	says	say	VERB
cblr-11902	233	14	bruce	bruce	PROPN
cblr-11902	233	15	bond	bond	PROPN
cblr-11902	233	16	,	,	PUNCT
cblr-11902	233	17	a	a	DET
cblr-11902	233	18	pioneering	pioneering	ADJ
cblr-11902	233	19	etf	etf	NOUN
cblr-11902	233	20	executive	executive	NOUN
cblr-11902	233	21	”	"	PUNCT
cblr-11902	233	22	)	)	PUNCT
cblr-11902	233	23	.	.	PUNCT
cblr-11902	234	1	108	108	NUM
cblr-11902	234	2	see	see	VERB
cblr-11902	234	3	i	i	PRON
cblr-11902	234	4	d.	d.	PROPN
cblr-11902	234	5	(	(	PUNCT
cblr-11902	234	6	“	"	PUNCT
cblr-11902	234	7	if	if	SCONJ
cblr-11902	234	8	the	the	DET
cblr-11902	234	9	irs	irs	PROPN
cblr-11902	234	10	were	be	AUX
cblr-11902	234	11	looking	look	VERB
cblr-11902	234	12	at	at	ADP
cblr-11902	234	13	it	it	PRON
cblr-11902	234	14	,	,	PUNCT
cblr-11902	234	15	they	they	PRON
cblr-11902	234	16	would	would	AUX
cblr-11902	234	17	say	say	VERB
cblr-11902	234	18	that	that	PRON
cblr-11902	234	19	’s	’	VERB
cblr-11902	234	20	a	a	DET
cblr-11902	234	21	sham	sham	ADJ
cblr-11902	234	22	transaction	transaction	NOUN
cblr-11902	234	23	,	,	PUNCT
cblr-11902	234	24	”	"	PUNCT
cblr-11902	234	25	says	say	VERB
cblr-11902	234	26	peter	peter	PROPN
cblr-11902	234	27	kraus	kraus	PROPN
cblr-11902	234	28	,	,	PUNCT
cblr-11902	234	29	a	a	DET
cblr-11902	234	30	former	former	ADJ
cblr-11902	234	31	chief	chief	ADJ
cblr-11902	234	32	executive	executive	ADJ
cblr-11902	234	33	officer	officer	NOUN
cblr-11902	234	34	of	of	ADP
cblr-11902	234	35	mutual	mutual	ADJ
cblr-11902	234	36	fund	fund	NOUN
cblr-11902	234	37	”	"	PUNCT
cblr-11902	234	38	)	)	PUNCT
cblr-11902	234	39	;	;	PUNCT
cblr-11902	234	40	see	see	VERB
cblr-11902	234	41	also	also	ADV
cblr-11902	234	42	i	i	PROPN
cblr-11902	234	43	d.	d.	PROPN
cblr-11902	234	44	(	(	PUNCT
cblr-11902	234	45	“	"	PUNCT
cblr-11902	234	46	does	do	AUX
cblr-11902	234	47	the	the	DET
cblr-11902	234	48	bank	bank	NOUN
cblr-11902	234	49	have	have	AUX
cblr-11902	234	50	some	some	DET
cblr-11902	234	51	independent	independent	ADJ
cblr-11902	234	52	reason	reason	NOUN
cblr-11902	234	53	for	for	ADP
cblr-11902	234	54	this	this	DET
cblr-11902	234	55	investment	investment	NOUN
cblr-11902	234	56	?	?	PUNCT
cblr-11902	234	57	.	.	PUNCT
cblr-11902	235	1	.	.	PUNCT
cblr-11902	236	1	.	.	PUNCT
cblr-11902	237	1	if	if	SCONJ
cblr-11902	237	2	not	not	PART
cblr-11902	237	3	,	,	PUNCT
cblr-11902	237	4	colon	colon	NOUN
cblr-11902	237	5	says	say	VERB
cblr-11902	237	6	,	,	PUNCT
cblr-11902	237	7	‘	'	PUNCT
cblr-11902	237	8	the	the	DET
cblr-11902	237	9	only	only	ADJ
cblr-11902	237	10	reason	reason	NOUN
cblr-11902	237	11	you	you	PRON
cblr-11902	237	12	’re	’re	AUX
cblr-11902	237	13	doing	do	VERB
cblr-11902	237	14	this	this	PRON
cblr-11902	237	15	is	be	AUX
cblr-11902	237	16	to	to	PART
cblr-11902	237	17	facilitate	facilitate	VERB
cblr-11902	237	18	the	the	DET
cblr-11902	237	19	avoidance	avoidance	NOUN
cblr-11902	237	20	of	of	ADP
cblr-11902	237	21	tax	tax	NOUN
cblr-11902	237	22	.	.	PUNCT
cblr-11902	237	23	’	'	PUNCT
cblr-11902	237	24	”	"	PUNCT
cblr-11902	237	25	)	)	PUNCT
cblr-11902	237	26	;	;	PUNCT
cblr-11902	237	27	see	see	VERB
cblr-11902	237	28	also	also	ADV
cblr-11902	237	29	bernice	bernice	PROPN
cblr-11902	237	30	napach	napach	PROPN
cblr-11902	237	31	,	,	PUNCT
cblr-11902	237	32	6	6	NUM
cblr-11902	237	33	big	big	ADJ
cblr-11902	237	34	changes	change	NOUN
cblr-11902	237	35	that	that	PRON
cblr-11902	237	36	could	could	AUX
cblr-11902	237	37	transform	transform	VERB
cblr-11902	237	38	the	the	DET
cblr-11902	237	39	etf	etf	NOUN
cblr-11902	237	40	market	market	NOUN
cblr-11902	237	41	,	,	PUNCT
cblr-11902	237	42	thinkadvisor	thinkadvisor	NOUN
cblr-11902	237	43	(	(	PUNCT
cblr-11902	237	44	july	july	PROPN
cblr-11902	237	45	15	15	NUM
cblr-11902	237	46	,	,	PUNCT
cblr-11902	237	47	2019	2019	NUM
cblr-11902	237	48	)	)	PUNCT
cblr-11902	237	49	,	,	PUNCT
cblr-11902	237	50	https://www.thinkadvisor.com/2019/07/15/6-big-changes-that-couldtransform-the-etf-market/	https://www.thinkadvisor.com/2019/07/15/6-big-changes-that-couldtransform-the-etf-market/	X
cblr-11902	237	51	[	[	X
cblr-11902	237	52	https://perma.cc/9tt5-32cy	https://perma.cc/9tt5-32cy	X
cblr-11902	237	53	]	]	PUNCT
cblr-11902	237	54	(	(	PUNCT
cblr-11902	237	55	quoting	quote	VERB
cblr-11902	237	56	robert	robert	PROPN
cblr-11902	237	57	gordon	gordon	PROPN
cblr-11902	237	58	,	,	PUNCT
cblr-11902	237	59	president	president	NOUN
cblr-11902	237	60	of	of	ADP
cblr-11902	237	61	twenty	twenty	NUM
cblr-11902	237	62	-	-	PUNCT
cblr-11902	237	63	first	first	ADJ
cblr-11902	237	64	securities	security	NOUN
cblr-11902	237	65	,	,	PUNCT
cblr-11902	237	66	as	as	ADP
cblr-11902	237	67	saying	say	VERB
cblr-11902	237	68	heartbeat	heartbeat	NOUN
cblr-11902	237	69	trades	trade	NOUN
cblr-11902	237	70	“	"	PUNCT
cblr-11902	237	71	smack	smack	NOUN
cblr-11902	237	72	of	of	ADP
cblr-11902	237	73	prearranged	prearrange	VERB
cblr-11902	237	74	transactions	transaction	NOUN
cblr-11902	237	75	,	,	PUNCT
cblr-11902	237	76	”	"	PUNCT
cblr-11902	237	77	that	that	PRON
cblr-11902	237	78	violate	violate	VERB
cblr-11902	237	79	securities	security	NOUN
cblr-11902	237	80	law	law	NOUN
cblr-11902	237	81	)	)	PUNCT
cblr-11902	237	82	.	.	PUNCT
cblr-11902	238	1	no	no	INTJ
cblr-11902	238	2	.	.	NOUN
cblr-11902	239	1	1	1	NUM
cblr-11902	239	2	]	]	PUNCT
cblr-11902	239	3	sec	sec	PROPN
cblr-11902	239	4	rule	rule	NOUN
cblr-11902	239	5	6c-11	6c-11	PROPN
cblr-11902	239	6	’s	’s	PART
cblr-11902	239	7	impact	impact	NOUN
cblr-11902	239	8	on	on	ADP
cblr-11902	239	9	usage	usage	NOUN
cblr-11902	239	10	of	of	ADP
cblr-11902	239	11	heartbeat	heartbeat	NOUN
cblr-11902	239	12	trades	trade	NOUN
cblr-11902	239	13	551	551	NUM
cblr-11902	239	14	professionals”109	professionals”109	VERB
cblr-11902	239	15	in	in	ADP
cblr-11902	239	16	“	"	PUNCT
cblr-11902	239	17	prearranged	prearranged	ADJ
cblr-11902	239	18	transactions	transaction	NOUN
cblr-11902	239	19	.	.	PUNCT
cblr-11902	240	1	”110	”110	ADJ
cblr-11902	240	2	routine	routine	ADJ
cblr-11902	240	3	redemptions	redemption	NOUN
cblr-11902	240	4	,	,	PUNCT
cblr-11902	240	5	on	on	ADP
cblr-11902	240	6	the	the	DET
cblr-11902	240	7	other	other	ADJ
cblr-11902	240	8	hand	hand	NOUN
cblr-11902	240	9	,	,	PUNCT
cblr-11902	240	10	originate	originate	VERB
cblr-11902	240	11	with	with	ADP
cblr-11902	240	12	shareholder	shareholder	NOUN
cblr-11902	240	13	demand	demand	NOUN
cblr-11902	240	14	and	and	CCONJ
cblr-11902	240	15	while	while	SCONJ
cblr-11902	240	16	a	a	DET
cblr-11902	240	17	fund	fund	NOUN
cblr-11902	240	18	benefits	benefit	NOUN
cblr-11902	240	19	from	from	ADP
cblr-11902	240	20	offloading	offload	VERB
cblr-11902	240	21	its	its	PRON
cblr-11902	240	22	lowbasis	lowbasis	NOUN
cblr-11902	240	23	stocks	stock	NOUN
cblr-11902	240	24	,	,	PUNCT
cblr-11902	240	25	the	the	DET
cblr-11902	240	26	main	main	ADJ
cblr-11902	240	27	purpose	purpose	NOUN
cblr-11902	240	28	of	of	ADP
cblr-11902	240	29	the	the	DET
cblr-11902	240	30	redemption	redemption	NOUN
cblr-11902	240	31	is	be	AUX
cblr-11902	240	32	satisfy	satisfy	VERB
cblr-11902	240	33	the	the	DET
cblr-11902	240	34	ap	ap	PROPN
cblr-11902	240	35	’s	’s	PART
cblr-11902	240	36	demand	demand	NOUN
cblr-11902	240	37	to	to	PART
cblr-11902	240	38	redeem	redeem	VERB
cblr-11902	240	39	its	its	PRON
cblr-11902	240	40	fund	fund	NOUN
cblr-11902	240	41	shares.111	shares.111	PROPN
cblr-11902	240	42	elisabeth	elisabeth	PROPN
cblr-11902	240	43	kashner	kashner	PROPN
cblr-11902	240	44	,	,	PUNCT
cblr-11902	240	45	director	director	NOUN
cblr-11902	240	46	of	of	ADP
cblr-11902	240	47	etf	etf	PROPN
cblr-11902	240	48	research	research	NOUN
cblr-11902	240	49	at	at	ADP
cblr-11902	240	50	factset	factset	NOUN
cblr-11902	240	51	,	,	PUNCT
cblr-11902	240	52	put	put	VERB
cblr-11902	240	53	it	it	PRON
cblr-11902	240	54	best	good	ADJ
cblr-11902	240	55	in	in	ADP
cblr-11902	240	56	saying	say	VERB
cblr-11902	240	57	:	:	PUNCT
cblr-11902	240	58	“	"	PUNCT
cblr-11902	240	59	[	[	X
cblr-11902	240	60	w]hile	w]hile	ADP
cblr-11902	240	61	heartbeat	heartbeat	NOUN
cblr-11902	240	62	trades	trade	NOUN
cblr-11902	240	63	seem	seem	VERB
cblr-11902	240	64	to	to	PART
cblr-11902	240	65	be	be	AUX
cblr-11902	240	66	on	on	ADP
cblr-11902	240	67	solid	solid	ADJ
cblr-11902	240	68	legal	legal	ADJ
cblr-11902	240	69	footing	footing	NOUN
cblr-11902	240	70	in	in	ADP
cblr-11902	240	71	the	the	DET
cblr-11902	240	72	technical	technical	ADJ
cblr-11902	240	73	sense	sense	NOUN
cblr-11902	240	74	,	,	PUNCT
cblr-11902	240	75	it	it	PRON
cblr-11902	240	76	is	be	AUX
cblr-11902	240	77	fair	fair	ADJ
cblr-11902	240	78	to	to	PART
cblr-11902	240	79	ask	ask	VERB
cblr-11902	240	80	if	if	SCONJ
cblr-11902	240	81	they	they	PRON
cblr-11902	240	82	have	have	AUX
cblr-11902	240	83	strayed	stray	VERB
cblr-11902	240	84	from	from	ADP
cblr-11902	240	85	the	the	DET
cblr-11902	240	86	spirit	spirit	NOUN
cblr-11902	240	87	of	of	ADP
cblr-11902	240	88	the	the	DET
cblr-11902	240	89	law	law	NOUN
cblr-11902	240	90	that	that	PRON
cblr-11902	240	91	governs	govern	VERB
cblr-11902	240	92	them	they	PRON
cblr-11902	240	93	.	.	PUNCT
cblr-11902	240	94	”112	”112	PUNCT
cblr-11902	241	1	although	although	SCONJ
cblr-11902	241	2	critics	critic	NOUN
cblr-11902	241	3	have	have	AUX
cblr-11902	241	4	pointed	point	VERB
cblr-11902	241	5	out	out	ADP
cblr-11902	241	6	how	how	SCONJ
cblr-11902	241	7	heartbeat	heartbeat	NOUN
cblr-11902	241	8	trades	trade	NOUN
cblr-11902	241	9	differ	differ	VERB
cblr-11902	241	10	from	from	ADP
cblr-11902	241	11	typical	typical	ADJ
cblr-11902	241	12	in	in	ADP
cblr-11902	241	13	-	-	PUNCT
cblr-11902	241	14	kind	kind	NOUN
cblr-11902	241	15	transactions	transaction	NOUN
cblr-11902	241	16	and	and	CCONJ
cblr-11902	241	17	have	have	AUX
cblr-11902	241	18	questioned	question	VERB
cblr-11902	241	19	their	their	PRON
cblr-11902	241	20	legality	legality	NOUN
cblr-11902	241	21	,	,	PUNCT
cblr-11902	241	22	the	the	DET
cblr-11902	241	23	irs	irs	PROPN
cblr-11902	241	24	remains	remain	VERB
cblr-11902	241	25	silent	silent	ADJ
cblr-11902	241	26	on	on	ADP
cblr-11902	241	27	the	the	DET
cblr-11902	241	28	issue	issue	NOUN
cblr-11902	241	29	.	.	PUNCT
cblr-11902	242	1	it	it	PRON
cblr-11902	242	2	has	have	AUX
cblr-11902	242	3	only	only	ADV
cblr-11902	242	4	stated	state	VERB
cblr-11902	242	5	that	that	SCONJ
cblr-11902	242	6	it	it	PRON
cblr-11902	242	7	is	be	AUX
cblr-11902	242	8	aware	aware	ADJ
cblr-11902	242	9	of	of	ADP
cblr-11902	242	10	heartbeat	heartbeat	NOUN
cblr-11902	242	11	trades	trade	NOUN
cblr-11902	242	12	and	and	CCONJ
cblr-11902	242	13	would	would	AUX
cblr-11902	242	14	not	not	PART
cblr-11902	242	15	say	say	VERB
cblr-11902	242	16	if	if	SCONJ
cblr-11902	242	17	it	it	PRON
cblr-11902	242	18	considers	consider	VERB
cblr-11902	242	19	them	they	PRON
cblr-11902	242	20	an	an	DET
cblr-11902	242	21	abuse.113	abuse.113	PROPN
cblr-11902	242	22	d.	d.	PROPN
cblr-11902	242	23	sec	sec	PROPN
cblr-11902	242	24	rule	rule	NOUN
cblr-11902	242	25	6c-11	6c-11	PROPN
cblr-11902	242	26	and	and	CCONJ
cblr-11902	242	27	its	its	PRON
cblr-11902	242	28	impact	impact	NOUN
cblr-11902	242	29	on	on	ADP
cblr-11902	242	30	september	september	PROPN
cblr-11902	242	31	26	26	NUM
cblr-11902	242	32	,	,	PUNCT
cblr-11902	242	33	2019	2019	NUM
cblr-11902	242	34	the	the	DET
cblr-11902	242	35	sec	sec	PROPN
cblr-11902	242	36	promulgated	promulgated	AUX
cblr-11902	242	37	rule	rule	VERB
cblr-11902	242	38	6c-11	6c-11	PROPN
cblr-11902	242	39	under	under	ADP
cblr-11902	242	40	the	the	DET
cblr-11902	242	41	1940	1940	NUM
cblr-11902	242	42	act.114	act.114	NOUN
cblr-11902	242	43	before	before	ADP
cblr-11902	242	44	this	this	DET
cblr-11902	242	45	rule	rule	NOUN
cblr-11902	242	46	change	change	NOUN
cblr-11902	242	47	,	,	PUNCT
cblr-11902	242	48	etfs	etfs	PROPN
cblr-11902	242	49	had	have	VERB
cblr-11902	242	50	to	to	PART
cblr-11902	242	51	obtain	obtain	VERB
cblr-11902	242	52	exemptive	exemptive	NOUN
cblr-11902	242	53	relief	relief	NOUN
cblr-11902	242	54	from	from	ADP
cblr-11902	242	55	certain	certain	ADJ
cblr-11902	242	56	requirements	requirement	NOUN
cblr-11902	242	57	of	of	ADP
cblr-11902	242	58	the	the	DET
cblr-11902	242	59	1940	1940	NUM
cblr-11902	242	60	109	109	NUM
cblr-11902	242	61	see	see	VERB
cblr-11902	242	62	elisabeth	elisabeth	PROPN
cblr-11902	242	63	kashner	kashner	PROPN
cblr-11902	242	64	,	,	PUNCT
cblr-11902	242	65	heartbeats	heartbeat	NOUN
cblr-11902	242	66	and	and	CCONJ
cblr-11902	242	67	taxes	taxis	NOUN
cblr-11902	242	68	:	:	PUNCT
cblr-11902	242	69	do	do	AUX
cblr-11902	242	70	n’t	not	PART
cblr-11902	242	71	let	let	VERB
cblr-11902	242	72	tax	tax	NOUN
cblr-11902	242	73	treatments	treatment	NOUN
cblr-11902	242	74	give	give	VERB
cblr-11902	242	75	you	you	PRON
cblr-11902	242	76	a	a	DET
cblr-11902	242	77	heart	heart	NOUN
cblr-11902	242	78	attack	attack	NOUN
cblr-11902	242	79	,	,	PUNCT
cblr-11902	242	80	factset.com	factset.com	X
cblr-11902	242	81	(	(	PUNCT
cblr-11902	242	82	apr	apr	NOUN
cblr-11902	242	83	.	.	PROPN
cblr-11902	242	84	11	11	NUM
cblr-11902	242	85	,	,	PUNCT
cblr-11902	242	86	2019	2019	NUM
cblr-11902	242	87	)	)	PUNCT
cblr-11902	242	88	,	,	PUNCT
cblr-11902	242	89	https://insight.factset.com/heartbeats-and-taxes-dont-let-tax-treatmentsgive-you-a-heart-attack	https://insight.factset.com/heartbeats-and-taxes-dont-let-tax-treatmentsgive-you-a-heart-attack	PUNCT
cblr-11902	243	1	[	[	X
cblr-11902	243	2	https://perma.cc/h6mr-6lh4	https://perma.cc/h6mr-6lh4	NOUN
cblr-11902	243	3	]	]	PUNCT
cblr-11902	243	4	.	.	PUNCT
cblr-11902	244	1	110	110	NUM
cblr-11902	244	2	see	see	VERB
cblr-11902	244	3	napach	napach	NOUN
cblr-11902	244	4	,	,	PUNCT
cblr-11902	244	5	supra	supra	PROPN
cblr-11902	244	6	note	note	NOUN
cblr-11902	244	7	108	108	NUM
cblr-11902	244	8	(	(	PUNCT
cblr-11902	244	9	quoting	quote	VERB
cblr-11902	244	10	robert	robert	PROPN
cblr-11902	244	11	gordon	gordon	PROPN
cblr-11902	244	12	,	,	PUNCT
cblr-11902	244	13	president	president	NOUN
cblr-11902	244	14	of	of	ADP
cblr-11902	244	15	twenty	twenty	NUM
cblr-11902	244	16	-	-	PUNCT
cblr-11902	244	17	first	first	ADJ
cblr-11902	244	18	securities	security	NOUN
cblr-11902	244	19	,	,	PUNCT
cblr-11902	244	20	as	as	ADP
cblr-11902	244	21	saying	say	VERB
cblr-11902	244	22	heartbeat	heartbeat	NOUN
cblr-11902	244	23	trades	trade	NOUN
cblr-11902	244	24	“	"	PUNCT
cblr-11902	244	25	smack	smack	NOUN
cblr-11902	244	26	of	of	ADP
cblr-11902	244	27	prearranged	prearrange	VERB
cblr-11902	244	28	transactions	transaction	NOUN
cblr-11902	244	29	,	,	PUNCT
cblr-11902	244	30	”	"	PUNCT
cblr-11902	244	31	that	that	PRON
cblr-11902	244	32	violate	violate	VERB
cblr-11902	244	33	securities	security	NOUN
cblr-11902	244	34	law	law	NOUN
cblr-11902	244	35	)	)	PUNCT
cblr-11902	244	36	.	.	PUNCT
cblr-11902	245	1	111	111	NUM
cblr-11902	245	2	see	see	NOUN
cblr-11902	245	3	kashner	kashner	NOUN
cblr-11902	245	4	,	,	PUNCT
cblr-11902	245	5	supra	supra	PROPN
cblr-11902	245	6	note	note	NOUN
cblr-11902	245	7	109	109	NUM
cblr-11902	245	8	(	(	PUNCT
cblr-11902	245	9	“	"	PUNCT
cblr-11902	245	10	routine	routine	ADJ
cblr-11902	245	11	creations	creation	NOUN
cblr-11902	245	12	/	/	SYM
cblr-11902	245	13	redemptions	redemption	NOUN
cblr-11902	245	14	originate	originate	VERB
cblr-11902	245	15	with	with	ADP
cblr-11902	245	16	shareholder	shareholder	NOUN
cblr-11902	245	17	activity	activity	NOUN
cblr-11902	245	18	.	.	PUNCT
cblr-11902	246	1	while	while	SCONJ
cblr-11902	246	2	portfolio	portfolio	NOUN
cblr-11902	246	3	managers	manager	NOUN
cblr-11902	246	4	take	take	VERB
cblr-11902	246	5	advantage	advantage	NOUN
cblr-11902	246	6	of	of	ADP
cblr-11902	246	7	routine	routine	ADJ
cblr-11902	246	8	redemptions	redemption	NOUN
cblr-11902	246	9	to	to	ADP
cblr-11902	246	10	offload	offload	ADJ
cblr-11902	246	11	low	low	ADJ
cblr-11902	246	12	-	-	PUNCT
cblr-11902	246	13	basis	basis	NOUN
cblr-11902	246	14	stocks	stock	NOUN
cblr-11902	246	15	,	,	PUNCT
cblr-11902	246	16	a	a	DET
cblr-11902	246	17	routine	routine	ADJ
cblr-11902	246	18	redemption	redemption	NOUN
cblr-11902	246	19	’s	’s	PART
cblr-11902	246	20	main	main	ADJ
cblr-11902	246	21	purpose	purpose	NOUN
cblr-11902	246	22	is	be	AUX
cblr-11902	246	23	to	to	PART
cblr-11902	246	24	satisfy	satisfy	VERB
cblr-11902	246	25	investor	investor	NOUN
cblr-11902	246	26	demand	demand	NOUN
cblr-11902	246	27	for	for	ADP
cblr-11902	246	28	fund	fund	NOUN
cblr-11902	246	29	shares	share	NOUN
cblr-11902	246	30	.	.	PUNCT
cblr-11902	246	31	”	"	PUNCT
cblr-11902	246	32	)	)	PUNCT
cblr-11902	246	33	.	.	PUNCT
cblr-11902	247	1	112	112	NUM
cblr-11902	247	2	see	see	VERB
cblr-11902	247	3	kashner	kashner	NOUN
cblr-11902	247	4	,	,	PUNCT
cblr-11902	247	5	supra	supra	PROPN
cblr-11902	247	6	note	note	NOUN
cblr-11902	247	7	109	109	NUM
cblr-11902	247	8	.	.	SYM
cblr-11902	247	9	113	113	NUM
cblr-11902	247	10	see	see	NOUN
cblr-11902	247	11	mider	mider	NOUN
cblr-11902	247	12	et	et	PROPN
cblr-11902	247	13	al	al	PROPN
cblr-11902	247	14	.	.	PROPN
cblr-11902	247	15	,	,	PUNCT
cblr-11902	247	16	supra	supra	PROPN
cblr-11902	247	17	note	note	PROPN
cblr-11902	247	18	10	10	NUM
cblr-11902	247	19	(	(	PUNCT
cblr-11902	247	20	“	"	PUNCT
cblr-11902	247	21	the	the	DET
cblr-11902	247	22	internal	internal	ADJ
cblr-11902	247	23	revenue	revenue	NOUN
cblr-11902	247	24	service	service	NOUN
cblr-11902	247	25	says	say	VERB
cblr-11902	247	26	it	it	PRON
cblr-11902	247	27	’s	’	VERB
cblr-11902	247	28	aware	aware	ADJ
cblr-11902	247	29	of	of	ADP
cblr-11902	247	30	heartbeats	heartbeat	NOUN
cblr-11902	247	31	and	and	CCONJ
cblr-11902	247	32	would	would	AUX
cblr-11902	247	33	n’t	not	PART
cblr-11902	247	34	say	say	VERB
cblr-11902	247	35	whether	whether	SCONJ
cblr-11902	247	36	it	it	PRON
cblr-11902	247	37	considers	consider	VERB
cblr-11902	247	38	them	they	PRON
cblr-11902	247	39	an	an	DET
cblr-11902	247	40	abuse	abuse	NOUN
cblr-11902	247	41	”	"	PUNCT
cblr-11902	247	42	)	)	PUNCT
cblr-11902	247	43	.	.	PUNCT
cblr-11902	248	1	114	114	NUM
cblr-11902	248	2	see	see	VERB
cblr-11902	248	3	17	17	NUM
cblr-11902	248	4	c.f.r	c.f.r	NOUN
cblr-11902	248	5	.	.	PUNCT
cblr-11902	249	1	§	§	PROPN
cblr-11902	249	2	270.6c-11	270.6c-11	NUM
cblr-11902	249	3	(	(	PUNCT
cblr-11902	249	4	“	"	PUNCT
cblr-11902	249	5	rule	rule	VERB
cblr-11902	249	6	6c-11	6c-11	NUM
cblr-11902	249	7	”	"	PUNCT
cblr-11902	249	8	)	)	PUNCT
cblr-11902	250	1	[	[	X
cblr-11902	250	2	good	good	X
cblr-11902	250	3	]	]	X
cblr-11902	250	4	[	[	X
cblr-11902	250	5	correct	correct	ADJ
cblr-11902	250	6	]	]	X
cblr-11902	250	7	;	;	PUNCT
cblr-11902	250	8	exchangetraded	exchangetrade	VERB
cblr-11902	250	9	funds	fund	NOUN
cblr-11902	250	10	,	,	PUNCT
cblr-11902	250	11	investment	investment	NOUN
cblr-11902	250	12	company	company	NOUN
cblr-11902	250	13	act	act	VERB
cblr-11902	250	14	release	release	VERB
cblr-11902	250	15	no	no	NOUN
cblr-11902	250	16	.	.	NOUN
cblr-11902	250	17	33	33	NUM
cblr-11902	250	18	-	-	SYM
cblr-11902	250	19	10695	10695	NUM
cblr-11902	250	20	,	,	PUNCT
cblr-11902	250	21	at	at	ADP
cblr-11902	250	22	9	9	NUM
cblr-11902	250	23	(	(	PUNCT
cblr-11902	250	24	sept	sept	PROPN
cblr-11902	250	25	.	.	PROPN
cblr-11902	250	26	25	25	NUM
cblr-11902	250	27	,	,	PUNCT
cblr-11902	250	28	2019	2019	NUM
cblr-11902	250	29	)	)	PUNCT
cblr-11902	250	30	(	(	PUNCT
cblr-11902	250	31	to	to	PART
cblr-11902	250	32	be	be	AUX
cblr-11902	250	33	codified	codify	VERB
cblr-11902	250	34	at	at	ADP
cblr-11902	250	35	17	17	NUM
cblr-11902	250	36	c.f.r	c.f.r	NOUN
cblr-11902	250	37	.	.	PUNCT
cblr-11902	251	1	pts	pts	PROPN
cblr-11902	251	2	.	.	PROPN
cblr-11902	251	3	210	210	NUM
cblr-11902	251	4	,	,	PUNCT
cblr-11902	251	5	232	232	NUM
cblr-11902	251	6	,	,	PUNCT
cblr-11902	251	7	239	239	NUM
cblr-11902	251	8	,	,	PUNCT
cblr-11902	251	9	270	270	NUM
cblr-11902	251	10	,	,	PUNCT
cblr-11902	251	11	and	and	CCONJ
cblr-11902	251	12	274	274	NUM
cblr-11902	251	13	)	)	PUNCT
cblr-11902	251	14	,	,	PUNCT
cblr-11902	252	1	https://www.sec.gov/rules/final/2019/33-10695.pdf	https://www.sec.gov/rules/final/2019/33-10695.pdf	PROPN
cblr-11902	253	1	[	[	X
cblr-11902	253	2	https://perma.cc/m8c4jqhe	https://perma.cc/m8c4jqhe	X
cblr-11902	253	3	]	]	X
cblr-11902	254	1	[	[	X
cblr-11902	254	2	hereinafter	hereinafter	NOUN
cblr-11902	254	3	“	"	PUNCT
cblr-11902	254	4	sec	sec	PROPN
cblr-11902	254	5	final	final	ADJ
cblr-11902	254	6	rule	rule	NOUN
cblr-11902	254	7	”	"	PUNCT
cblr-11902	254	8	]	]	PUNCT
cblr-11902	254	9	.	.	PUNCT
cblr-11902	254	10	552	552	NUM
cblr-11902	254	11	columbia	columbia	PROPN
cblr-11902	254	12	business	business	NOUN
cblr-11902	254	13	law	law	PROPN
cblr-11902	254	14	review	review	NOUN
cblr-11902	254	15	[	[	X
cblr-11902	254	16	vol	vol	NOUN
cblr-11902	254	17	.	.	PUNCT
cblr-11902	254	18	2023	2023	NUM
cblr-11902	254	19	act	act	NOUN
cblr-11902	254	20	from	from	ADP
cblr-11902	254	21	the	the	DET
cblr-11902	254	22	sec.115	sec.115	NOUN
cblr-11902	254	23	these	these	DET
cblr-11902	254	24	exemptions	exemption	NOUN
cblr-11902	254	25	usually	usually	ADV
cblr-11902	254	26	included	include	VERB
cblr-11902	254	27	the	the	DET
cblr-11902	254	28	ability	ability	NOUN
cblr-11902	254	29	to	to	PART
cblr-11902	254	30	trade	trade	VERB
cblr-11902	254	31	shares	share	NOUN
cblr-11902	254	32	at	at	ADP
cblr-11902	254	33	prices	price	NOUN
cblr-11902	254	34	other	other	ADJ
cblr-11902	254	35	than	than	ADP
cblr-11902	254	36	the	the	DET
cblr-11902	254	37	nav	nav	NOUN
cblr-11902	254	38	and	and	CCONJ
cblr-11902	254	39	the	the	DET
cblr-11902	254	40	ability	ability	NOUN
cblr-11902	254	41	to	to	PART
cblr-11902	254	42	only	only	ADV
cblr-11902	254	43	redeem	redeem	VERB
cblr-11902	254	44	shares	share	NOUN
cblr-11902	254	45	in	in	ADP
cblr-11902	254	46	creation	creation	NOUN
cblr-11902	254	47	units	unit	NOUN
cblr-11902	254	48	with	with	ADP
cblr-11902	254	49	aps	ap	NOUN
cblr-11902	254	50	rather	rather	ADV
cblr-11902	254	51	than	than	ADP
cblr-11902	254	52	in	in	ADP
cblr-11902	254	53	individual	individual	ADJ
cblr-11902	254	54	shares.116	shares.116	NOUN
cblr-11902	254	55	although	although	SCONJ
cblr-11902	254	56	all	all	DET
cblr-11902	254	57	exemptive	exemptive	NOUN
cblr-11902	254	58	orders	order	NOUN
cblr-11902	254	59	give	give	VERB
cblr-11902	254	60	etfs	etfs	NOUN
cblr-11902	254	61	those	those	DET
cblr-11902	254	62	capabilities	capability	NOUN
cblr-11902	254	63	,	,	PUNCT
cblr-11902	254	64	exemptive	exemptive	NOUN
cblr-11902	254	65	orders	order	NOUN
cblr-11902	254	66	are	be	AUX
cblr-11902	254	67	not	not	PART
cblr-11902	254	68	identical	identical	ADJ
cblr-11902	254	69	and	and	CCONJ
cblr-11902	254	70	can	can	AUX
cblr-11902	254	71	differ	differ	VERB
cblr-11902	254	72	in	in	ADP
cblr-11902	254	73	important	important	ADJ
cblr-11902	254	74	respects.117	respects.117	NOUN
cblr-11902	254	75	exemptive	exemptive	NOUN
cblr-11902	254	76	orders	order	NOUN
cblr-11902	254	77	that	that	PRON
cblr-11902	254	78	have	have	AUX
cblr-11902	254	79	been	be	AUX
cblr-11902	254	80	obtained	obtain	VERB
cblr-11902	254	81	more	more	ADV
cblr-11902	254	82	recently	recently	ADV
cblr-11902	254	83	“	"	PUNCT
cblr-11902	254	84	typically	typically	ADV
cblr-11902	254	85	hav[e	hav[e	ADJ
cblr-11902	254	86	]	]	PUNCT
cblr-11902	254	87	tighter	tight	ADJ
cblr-11902	254	88	restrictions	restriction	NOUN
cblr-11902	254	89	on	on	ADP
cblr-11902	254	90	key	key	ADJ
cblr-11902	254	91	etf	etf	NOUN
cblr-11902	254	92	operations	operation	NOUN
cblr-11902	254	93	,	,	PUNCT
cblr-11902	254	94	such	such	ADJ
cblr-11902	254	95	as	as	ADP
cblr-11902	254	96	the	the	DET
cblr-11902	254	97	creation	creation	NOUN
cblr-11902	254	98	and	and	CCONJ
cblr-11902	254	99	redemption	redemption	NOUN
cblr-11902	254	100	basket	basket	NOUN
cblr-11902	254	101	process	process	NOUN
cblr-11902	254	102	.	.	PUNCT
cblr-11902	255	1	”118	”118	PROPN
cblr-11902	256	1	rule	rule	NOUN
cblr-11902	256	2	6c-11	6c-11	PROPN
cblr-11902	256	3	was	be	AUX
cblr-11902	256	4	adopted	adopt	VERB
cblr-11902	256	5	to	to	PART
cblr-11902	256	6	standardize	standardize	VERB
cblr-11902	256	7	the	the	DET
cblr-11902	256	8	operation	operation	NOUN
cblr-11902	256	9	amongst	amongst	ADP
cblr-11902	256	10	all	all	DET
cblr-11902	256	11	etfs	etfs	NOUN
cblr-11902	256	12	and	and	CCONJ
cblr-11902	256	13	to	to	PART
cblr-11902	256	14	establish	establish	VERB
cblr-11902	256	15	“	"	PUNCT
cblr-11902	256	16	a	a	DET
cblr-11902	256	17	clear	clear	ADJ
cblr-11902	256	18	and	and	CCONJ
cblr-11902	256	19	consistent	consistent	ADJ
cblr-11902	256	20	framework	framework	NOUN
cblr-11902	256	21	for	for	ADP
cblr-11902	256	22	the	the	DET
cblr-11902	256	23	vast	vast	ADJ
cblr-11902	256	24	majority	majority	NOUN
cblr-11902	256	25	of	of	ADP
cblr-11902	256	26	etfs	etfs	PROPN
cblr-11902	256	27	”	"	PUNCT
cblr-11902	256	28	that	that	PRON
cblr-11902	256	29	would	would	AUX
cblr-11902	256	30	allow	allow	VERB
cblr-11902	256	31	“	"	PUNCT
cblr-11902	256	32	etfs	etfs	NOUN
cblr-11902	256	33	to	to	PART
cblr-11902	256	34	come	come	VERB
cblr-11902	256	35	to	to	ADP
cblr-11902	256	36	market	market	NOUN
cblr-11902	256	37	more	more	ADV
cblr-11902	256	38	quickly	quickly	ADV
cblr-11902	256	39	without	without	ADP
cblr-11902	256	40	the	the	DET
cblr-11902	256	41	time	time	NOUN
cblr-11902	256	42	or	or	CCONJ
cblr-11902	256	43	expense	expense	NOUN
cblr-11902	256	44	of	of	ADP
cblr-11902	256	45	applying	apply	VERB
cblr-11902	256	46	for	for	ADP
cblr-11902	256	47	individual	individual	ADJ
cblr-11902	256	48	exemptive	exemptive	NOUN
cblr-11902	256	49	relief	relief	NOUN
cblr-11902	256	50	.	.	PUNCT
cblr-11902	257	1	”119	”119	NOUN
cblr-11902	258	1	the	the	DET
cblr-11902	258	2	rule	rule	NOUN
cblr-11902	258	3	allows	allow	VERB
cblr-11902	258	4	eligible	eligible	ADJ
cblr-11902	258	5	etfs	etfs	PROPN
cblr-11902	258	6	to	to	PART
cblr-11902	258	7	operate	operate	VERB
cblr-11902	258	8	without	without	ADP
cblr-11902	258	9	first	first	ADV
cblr-11902	258	10	obtaining	obtain	VERB
cblr-11902	258	11	an	an	DET
cblr-11902	258	12	exemptive	exemptive	NOUN
cblr-11902	258	13	order	order	NOUN
cblr-11902	258	14	if	if	SCONJ
cblr-11902	258	15	they	they	PRON
cblr-11902	258	16	meet	meet	VERB
cblr-11902	258	17	the	the	DET
cblr-11902	258	18	uniform	uniform	ADJ
cblr-11902	258	19	requirements	requirement	NOUN
cblr-11902	258	20	laid	lay	VERB
cblr-11902	258	21	out	out	ADP
cblr-11902	258	22	in	in	ADP
cblr-11902	258	23	the	the	DET
cblr-11902	258	24	rule.120	rule.120	NOUN
cblr-11902	258	25	the	the	DET
cblr-11902	258	26	requirements	requirement	NOUN
cblr-11902	258	27	include	include	VERB
cblr-11902	258	28	meeting	meet	VERB
cblr-11902	258	29	the	the	DET
cblr-11902	258	30	sec	sec	PROPN
cblr-11902	258	31	’s	’s	PART
cblr-11902	258	32	definition	definition	NOUN
cblr-11902	258	33	of	of	ADP
cblr-11902	258	34	fund	fund	NOUN
cblr-11902	258	35	type	type	NOUN
cblr-11902	258	36	that	that	PRON
cblr-11902	258	37	is	be	AUX
cblr-11902	258	38	eligible	eligible	ADJ
cblr-11902	258	39	for	for	ADP
cblr-11902	258	40	the	the	DET
cblr-11902	258	41	rule	rule	NOUN
cblr-11902	258	42	,	,	PUNCT
cblr-11902	258	43	disclosing	disclose	VERB
cblr-11902	258	44	certain	certain	ADJ
cblr-11902	258	45	information	information	NOUN
cblr-11902	258	46	on	on	ADP
cblr-11902	258	47	the	the	DET
cblr-11902	258	48	fund	fund	NOUN
cblr-11902	258	49	’s	’s	PART
cblr-11902	258	50	website	website	NOUN
cblr-11902	258	51	,	,	PUNCT
cblr-11902	258	52	complying	comply	VERB
cblr-11902	258	53	with	with	ADP
cblr-11902	258	54	additional	additional	ADJ
cblr-11902	258	55	recordkeeping	recordkeeping	NOUN
cblr-11902	258	56	,	,	PUNCT
cblr-11902	258	57	and	and	CCONJ
cblr-11902	258	58	providing	provide	VERB
cblr-11902	258	59	additional	additional	ADJ
cblr-11902	258	60	information	information	NOUN
cblr-11902	258	61	in	in	ADP
cblr-11902	258	62	form	form	NOUN
cblr-11902	258	63	n-1a	n-1a	PROPN
cblr-11902	258	64	and	and	CCONJ
cblr-11902	258	65	in	in	ADP
cblr-11902	258	66	annual	annual	ADJ
cblr-11902	258	67	prospectuses.121	prospectuses.121	NOUN
cblr-11902	258	68	there	there	PRON
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cblr-11902	258	70	a	a	DET
cblr-11902	258	71	one	one	NUM
cblr-11902	258	72	-	-	PUNCT
cblr-11902	258	73	year	year	NOUN
cblr-11902	258	74	transition	transition	NOUN
cblr-11902	258	75	period	period	NOUN
cblr-11902	258	76	for	for	ADP
cblr-11902	258	77	compliance	compliance	NOUN
cblr-11902	258	78	with	with	ADP
cblr-11902	258	79	rule	rule	NOUN
cblr-11902	258	80	6c-11.122	6c-11.122	NUM
cblr-11902	258	81	on	on	ADP
cblr-11902	258	82	december	december	PROPN
cblr-11902	258	83	22	22	NUM
cblr-11902	258	84	,	,	PUNCT
cblr-11902	258	85	2020	2020	NUM
cblr-11902	258	86	,	,	PUNCT
cblr-11902	258	87	prior	prior	ADJ
cblr-11902	258	88	exemptive	exemptive	NOUN
cblr-11902	258	89	orders	order	NOUN
cblr-11902	258	90	115	115	NUM
cblr-11902	258	91	see	see	VERB
cblr-11902	258	92	hill	hill	PROPN
cblr-11902	258	93	et	et	PROPN
cblr-11902	258	94	al	al	PROPN
cblr-11902	258	95	.	.	PROPN
cblr-11902	258	96	,	,	PUNCT
cblr-11902	258	97	supra	supra	PROPN
cblr-11902	258	98	note	note	PROPN
cblr-11902	258	99	19	19	NUM
cblr-11902	258	100	,	,	PUNCT
cblr-11902	258	101	at	at	ADP
cblr-11902	258	102	34	34	NUM
cblr-11902	258	103	.	.	NOUN
cblr-11902	259	1	116	116	NUM
cblr-11902	260	1	i	i	PRON
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cblr-11902	260	3	at	at	ADP
cblr-11902	260	4	36	36	NUM
cblr-11902	260	5	.	.	PUNCT
cblr-11902	261	1	117	117	NUM
cblr-11902	261	2	ropes	rope	NOUN
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cblr-11902	261	5	,	,	PUNCT
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cblr-11902	261	8	etf	etf	NOUN
cblr-11902	261	9	rulemaking	rulemaking	NOUN
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cblr-11902	261	11	summary	summary	NOUN
cblr-11902	261	12	and	and	CCONJ
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cblr-11902	261	14	,	,	PUNCT
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cblr-11902	261	16	,	,	PUNCT
cblr-11902	261	17	7	7	NUM
cblr-11902	261	18	(	(	PUNCT
cblr-11902	261	19	oct	oct	PROPN
cblr-11902	261	20	.	.	PROPN
cblr-11902	261	21	15	15	NUM
cblr-11902	261	22	,	,	PUNCT
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cblr-11902	261	25	,	,	PUNCT
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cblr-11902	261	27	[	[	X
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cblr-11902	261	30	.	.	PUNCT
cblr-11902	262	1	118	118	NUM
cblr-11902	263	1	i	i	PROPN
cblr-11902	263	2	d.	d.	PROPN
cblr-11902	263	3	119	119	NUM
cblr-11902	263	4	press	press	NOUN
cblr-11902	263	5	release	release	NOUN
cblr-11902	263	6	,	,	PUNCT
cblr-11902	263	7	sec	sec	PROPN
cblr-11902	263	8	,	,	PUNCT
cblr-11902	263	9	sec	sec	PROPN
cblr-11902	263	10	adopts	adopt	VERB
cblr-11902	263	11	new	new	ADJ
cblr-11902	263	12	rule	rule	NOUN
cblr-11902	263	13	to	to	PART
cblr-11902	263	14	modernize	modernize	VERB
cblr-11902	263	15	regulation	regulation	NOUN
cblr-11902	263	16	of	of	ADP
cblr-11902	263	17	exchange	exchange	NOUN
cblr-11902	263	18	-	-	PUNCT
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cblr-11902	263	20	funds	fund	NOUN
cblr-11902	263	21	(	(	PUNCT
cblr-11902	263	22	sept	sept	PROPN
cblr-11902	263	23	.	.	PROPN
cblr-11902	263	24	26	26	NUM
cblr-11902	263	25	,	,	PUNCT
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cblr-11902	263	28	,	,	PUNCT
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cblr-11902	264	1	[	[	X
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cblr-11902	264	4	.	.	PUNCT
cblr-11902	265	1	120	120	NUM
cblr-11902	265	2	willkie	willkie	PROPN
cblr-11902	265	3	farr	farr	PROPN
cblr-11902	265	4	&	&	CCONJ
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cblr-11902	265	6	llp	llp	PROPN
cblr-11902	265	7	,	,	PUNCT
cblr-11902	265	8	sec	sec	PROPN
cblr-11902	265	9	adopts	adopt	VERB
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cblr-11902	265	12	etf	etf	NOUN
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cblr-11902	265	14	,	,	PUNCT
cblr-11902	265	15	1	1	NUM
cblr-11902	265	16	(	(	PUNCT
cblr-11902	265	17	oct	oct	PROPN
cblr-11902	265	18	.	.	PROPN
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cblr-11902	265	20	,	,	PUNCT
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cblr-11902	265	23	,	,	PUNCT
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cblr-11902	266	4	.	.	PUNCT
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cblr-11902	267	2	see	see	VERB
cblr-11902	267	3	sec	sec	PROPN
cblr-11902	267	4	final	final	ADJ
cblr-11902	267	5	rule	rule	NOUN
cblr-11902	267	6	,	,	PUNCT
cblr-11902	267	7	supra	supra	PROPN
cblr-11902	267	8	note	note	PROPN
cblr-11902	267	9	114	114	NUM
cblr-11902	267	10	.	.	PUNCT
cblr-11902	268	1	122	122	NUM
cblr-11902	268	2	see	see	VERB
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cblr-11902	268	7	.	.	PUNCT
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cblr-11902	269	2	.	.	NOUN
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cblr-11902	270	3	sec	sec	PROPN
cblr-11902	270	4	rule	rule	NOUN
cblr-11902	270	5	6c-11	6c-11	PROPN
cblr-11902	270	6	’s	’s	PART
cblr-11902	270	7	impact	impact	NOUN
cblr-11902	270	8	on	on	ADP
cblr-11902	270	9	usage	usage	NOUN
cblr-11902	270	10	of	of	ADP
cblr-11902	270	11	heartbeat	heartbeat	NOUN
cblr-11902	270	12	trades	trade	NOUN
cblr-11902	270	13	553	553	NUM
cblr-11902	270	14	were	be	AUX
cblr-11902	270	15	rescinded	rescind	VERB
cblr-11902	270	16	and	and	CCONJ
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cblr-11902	270	19	to	to	PART
cblr-11902	270	20	operate	operate	VERB
cblr-11902	270	21	under	under	ADP
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cblr-11902	270	24	relief	relief	NOUN
cblr-11902	270	25	provided	provide	VERB
cblr-11902	270	26	by	by	ADP
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cblr-11902	270	32	of	of	ADP
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cblr-11902	270	34	note	note	NOUN
cblr-11902	270	35	,	,	PUNCT
cblr-11902	270	36	the	the	DET
cblr-11902	270	37	most	most	ADV
cblr-11902	270	38	significant	significant	ADJ
cblr-11902	270	39	change	change	NOUN
cblr-11902	270	40	brought	bring	VERB
cblr-11902	270	41	about	about	ADP
cblr-11902	270	42	by	by	ADP
cblr-11902	270	43	rule	rule	NOUN
cblr-11902	270	44	6c-11	6c-11	NUM
cblr-11902	270	45	was	be	AUX
cblr-11902	270	46	the	the	DET
cblr-11902	270	47	newfound	newfound	NOUN
cblr-11902	270	48	blanket	blanket	NOUN
cblr-11902	270	49	ability	ability	NOUN
cblr-11902	270	50	of	of	ADP
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cblr-11902	270	52	etfs	etfs	NOUN
cblr-11902	270	53	to	to	PART
cblr-11902	270	54	use	use	VERB
cblr-11902	270	55	custom	custom	NOUN
cblr-11902	270	56	baskets	basket	NOUN
cblr-11902	270	57	as	as	ADP
cblr-11902	270	58	part	part	NOUN
cblr-11902	270	59	of	of	ADP
cblr-11902	270	60	their	their	PRON
cblr-11902	270	61	creation	creation	NOUN
cblr-11902	270	62	and	and	CCONJ
cblr-11902	270	63	redemption	redemption	NOUN
cblr-11902	270	64	process.124	process.124	NOUN
cblr-11902	270	65	custom	custom	NOUN
cblr-11902	270	66	baskets	basket	NOUN
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cblr-11902	270	68	“	"	PUNCT
cblr-11902	270	69	baskets	basket	NOUN
cblr-11902	270	70	that	that	PRON
cblr-11902	270	71	do	do	AUX
cblr-11902	270	72	not	not	PART
cblr-11902	270	73	reflect	reflect	VERB
cblr-11902	270	74	:	:	PUNCT
cblr-11902	270	75	(	(	PUNCT
cblr-11902	270	76	i	i	NOUN
cblr-11902	270	77	)	)	PUNCT
cblr-11902	270	78	a	a	DET
cblr-11902	270	79	pro	pro	ADJ
cblr-11902	270	80	rata	rata	ADJ
cblr-11902	270	81	representation	representation	NOUN
cblr-11902	270	82	of	of	ADP
cblr-11902	270	83	the	the	DET
cblr-11902	270	84	etf	etf	NOUN
cblr-11902	270	85	’s	’s	PART
cblr-11902	270	86	portfolio	portfolio	NOUN
cblr-11902	270	87	holdings	holding	NOUN
cblr-11902	270	88	;	;	PUNCT
cblr-11902	270	89	(	(	PUNCT
cblr-11902	270	90	ii	ii	NOUN
cblr-11902	270	91	)	)	PUNCT
cblr-11902	270	92	a	a	DET
cblr-11902	270	93	representative	representative	ADJ
cblr-11902	270	94	sampling	sampling	NOUN
cblr-11902	270	95	of	of	ADP
cblr-11902	270	96	the	the	DET
cblr-11902	270	97	etf	etf	NOUN
cblr-11902	270	98	’s	’s	PART
cblr-11902	270	99	portfolio	portfolio	NOUN
cblr-11902	270	100	holdings	holding	NOUN
cblr-11902	270	101	;	;	PUNCT
cblr-11902	270	102	or	or	CCONJ
cblr-11902	270	103	(	(	PUNCT
cblr-11902	270	104	iii	iii	NOUN
cblr-11902	270	105	)	)	PUNCT
cblr-11902	270	106	changes	change	NOUN
cblr-11902	270	107	due	due	ADJ
cblr-11902	270	108	to	to	ADP
cblr-11902	270	109	a	a	DET
cblr-11902	270	110	rebalancing	rebalancing	NOUN
cblr-11902	270	111	or	or	CCONJ
cblr-11902	270	112	reconstitution	reconstitution	NOUN
cblr-11902	270	113	of	of	ADP
cblr-11902	270	114	the	the	DET
cblr-11902	270	115	etf	etf	NOUN
cblr-11902	270	116	’s	’s	PART
cblr-11902	270	117	securities	securities	PROPN
cblr-11902	270	118	market	market	NOUN
cblr-11902	270	119	index	index	NOUN
cblr-11902	270	120	.	.	PUNCT
cblr-11902	271	1	”125	”125	PROPN
cblr-11902	272	1	under	under	ADP
cblr-11902	272	2	rule	rule	NOUN
cblr-11902	272	3	6c-11	6c-11	NUM
cblr-11902	272	4	,	,	PUNCT
cblr-11902	272	5	all	all	DET
cblr-11902	272	6	etfs	etfs	NOUN
cblr-11902	272	7	are	be	AUX
cblr-11902	272	8	allowed	allow	VERB
cblr-11902	272	9	to	to	PART
cblr-11902	272	10	accept	accept	VERB
cblr-11902	272	11	and	and	CCONJ
cblr-11902	272	12	redeem	redeem	VERB
cblr-11902	272	13	custom	custom	NOUN
cblr-11902	272	14	baskets.126	baskets.126	NOUN
cblr-11902	272	15	to	to	PART
cblr-11902	272	16	ensure	ensure	VERB
cblr-11902	272	17	an	an	DET
cblr-11902	272	18	ap	ap	PROPN
cblr-11902	272	19	could	could	AUX
cblr-11902	272	20	exert	exert	VERB
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cblr-11902	272	26	force	force	VERB
cblr-11902	272	27	them	they	PRON
cblr-11902	272	28	to	to	PART
cblr-11902	272	29	transact	transact	VERB
cblr-11902	272	30	in	in	ADP
cblr-11902	272	31	a	a	DET
cblr-11902	272	32	basket	basket	NOUN
cblr-11902	272	33	that	that	PRON
cblr-11902	272	34	is	be	AUX
cblr-11902	272	35	for	for	ADP
cblr-11902	272	36	the	the	DET
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cblr-11902	272	38	of	of	ADP
cblr-11902	272	39	the	the	DET
cblr-11902	272	40	ap	ap	PROPN
cblr-11902	272	41	,	,	PUNCT
cblr-11902	272	42	funds	fund	NOUN
cblr-11902	272	43	are	be	AUX
cblr-11902	272	44	required	require	VERB
cblr-11902	272	45	to	to	PART
cblr-11902	272	46	adopt	adopt	VERB
cblr-11902	272	47	written	write	VERB
cblr-11902	272	48	policies	policy	NOUN
cblr-11902	272	49	and	and	CCONJ
cblr-11902	272	50	procedures	procedure	NOUN
cblr-11902	272	51	“	"	PUNCT
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cblr-11902	272	54	forth	forth	ADP
cblr-11902	272	55	detailed	detailed	ADJ
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cblr-11902	272	62	of	of	ADP
cblr-11902	272	63	custom	custom	NOUN
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cblr-11902	272	65	that	that	PRON
cblr-11902	272	66	are	be	AUX
cblr-11902	272	67	in	in	ADP
cblr-11902	272	68	the	the	DET
cblr-11902	272	69	best	good	ADJ
cblr-11902	272	70	interests	interest	NOUN
cblr-11902	272	71	of	of	ADP
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cblr-11902	272	73	[	[	X
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cblr-11902	273	10	tool	tool	NOUN
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cblr-11902	273	12	a	a	DET
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cblr-11902	273	19	certain	certain	ADJ
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cblr-11902	274	7	did	do	AUX
cblr-11902	274	8	not	not	PART
cblr-11902	274	9	expressly	expressly	ADV
cblr-11902	274	10	limit	limit	VERB
cblr-11902	274	11	etfs	etfs	NOUN
cblr-11902	274	12	’	'	PUNCT
cblr-11902	274	13	baskets	basket	NOUN
cblr-11902	274	14	to	to	ADP
cblr-11902	274	15	a	a	DET
cblr-11902	274	16	pro	pro	ADJ
cblr-11902	274	17	rata	rata	ADJ
cblr-11902	274	18	representation	representation	NOUN
cblr-11902	274	19	of	of	ADP
cblr-11902	274	20	the	the	DET
cblr-11902	274	21	etf	etf	NOUN
cblr-11902	274	22	’s	’s	PART
cblr-11902	274	23	portfolio	portfolio	NOUN
cblr-11902	274	24	holdings,”128	holdings,”128	VERB
cblr-11902	274	25	meaning	mean	VERB
cblr-11902	274	26	funds	fund	NOUN
cblr-11902	274	27	granted	grant	VERB
cblr-11902	274	28	orders	order	NOUN
cblr-11902	274	29	during	during	ADP
cblr-11902	274	30	that	that	DET
cblr-11902	274	31	time	time	NOUN
cblr-11902	274	32	have	have	AUX
cblr-11902	274	33	always	always	ADV
cblr-11902	274	34	been	be	AUX
cblr-11902	274	35	able	able	ADJ
cblr-11902	274	36	to	to	PART
cblr-11902	274	37	use	use	VERB
cblr-11902	274	38	custom	custom	NOUN
cblr-11902	274	39	baskets	basket	NOUN
cblr-11902	274	40	.	.	PUNCT
cblr-11902	275	1	however	however	ADV
cblr-11902	275	2	,	,	PUNCT
cblr-11902	275	3	since	since	SCONJ
cblr-11902	275	4	approximately	approximately	ADV
cblr-11902	275	5	2006	2006	NUM
cblr-11902	275	6	,	,	PUNCT
cblr-11902	275	7	exemptive	exemptive	NOUN
cblr-11902	275	8	orders	order	NOUN
cblr-11902	275	9	placed	place	VERB
cblr-11902	275	10	tighter	tight	ADJ
cblr-11902	275	11	restrictions	restriction	NOUN
cblr-11902	275	12	on	on	ADP
cblr-11902	275	13	basket	basket	NOUN
cblr-11902	275	14	composition	composition	NOUN
cblr-11902	275	15	and	and	CCONJ
cblr-11902	275	16	generally	generally	ADV
cblr-11902	275	17	required	require	VERB
cblr-11902	275	18	etf	etf	NOUN
cblr-11902	275	19	baskets	basket	NOUN
cblr-11902	275	20	to	to	PART
cblr-11902	275	21	correspond	correspond	VERB
cblr-11902	275	22	pro	pro	ADJ
cblr-11902	275	23	rata	rata	NOUN
cblr-11902	275	24	to	to	ADP
cblr-11902	275	25	their	their	PRON
cblr-11902	275	26	portfolio	portfolio	NOUN
cblr-11902	275	27	holdings	holding	NOUN
cblr-11902	275	28	,	,	PUNCT
cblr-11902	275	29	except	except	SCONJ
cblr-11902	275	30	under	under	ADP
cblr-11902	275	31	limited	limited	ADJ
cblr-11902	275	32	circumstances.129	circumstances.129	PROPN
cblr-11902	275	33	these	these	DET
cblr-11902	275	34	differing	differ	VERB
cblr-11902	275	35	restrictions	restriction	NOUN
cblr-11902	275	36	led	lead	VERB
cblr-11902	275	37	to	to	ADP
cblr-11902	275	38	an	an	DET
cblr-11902	275	39	uneven	uneven	ADJ
cblr-11902	275	40	playing	playing	NOUN
cblr-11902	275	41	field	field	NOUN
cblr-11902	275	42	amongst	amongst	ADP
cblr-11902	275	43	etfs.130	etfs.130	ADJ
cblr-11902	275	44	funds	fund	NOUN
cblr-11902	275	45	that	that	PRON
cblr-11902	275	46	lacked	lack	VERB
cblr-11902	275	47	basket	basket	NOUN
cblr-11902	275	48	flexibility	flexibility	NOUN
cblr-11902	275	49	123	123	NUM
cblr-11902	275	50	see	see	VERB
cblr-11902	275	51	i	i	PRON
cblr-11902	275	52	d.	d.	PROPN
cblr-11902	275	53	at	at	ADP
cblr-11902	275	54	17	17	NUM
cblr-11902	275	55	,	,	PUNCT
cblr-11902	275	56	150	150	NUM
cblr-11902	275	57	.	.	X
cblr-11902	276	1	124	124	NUM
cblr-11902	276	2	see	see	VERB
cblr-11902	276	3	i	i	PRON
cblr-11902	276	4	d.	d.	PROPN
cblr-11902	276	5	at	at	ADP
cblr-11902	276	6	80	80	NUM
cblr-11902	276	7	.	.	PUNCT
cblr-11902	277	1	125	125	NUM
cblr-11902	277	2	see	see	VERB
cblr-11902	277	3	i	i	PRON
cblr-11902	277	4	d.	d.	PROPN
cblr-11902	277	5	at	at	ADP
cblr-11902	277	6	91–92	91–92	NUM
cblr-11902	277	7	.	.	PUNCT
cblr-11902	278	1	126	126	NUM
cblr-11902	278	2	see	see	VERB
cblr-11902	278	3	17	17	NUM
cblr-11902	278	4	c.f.r	c.f.r	NOUN
cblr-11902	278	5	.	.	PUNCT
cblr-11902	279	1	§	§	PROPN
cblr-11902	279	2	270.6c-11(c)(3)(i	270.6c-11(c)(3)(i	PROPN
cblr-11902	279	3	)	)	PUNCT
cblr-11902	279	4	.	.	PUNCT
cblr-11902	280	1	127	127	NUM
cblr-11902	280	2	17	17	NUM
cblr-11902	280	3	c.f.r	c.f.r	NOUN
cblr-11902	280	4	.	.	PUNCT
cblr-11902	281	1	§	§	PROPN
cblr-11902	281	2	270.6c-11(c)(3)(i	270.6c-11(c)(3)(i	PROPN
cblr-11902	281	3	)	)	PUNCT
cblr-11902	281	4	;	;	PUNCT
cblr-11902	281	5	sec	sec	PROPN
cblr-11902	281	6	final	final	ADJ
cblr-11902	281	7	rule	rule	NOUN
cblr-11902	281	8	,	,	PUNCT
cblr-11902	281	9	supra	supra	PROPN
cblr-11902	281	10	note	note	PROPN
cblr-11902	281	11	114	114	NUM
cblr-11902	281	12	,	,	PUNCT
cblr-11902	281	13	at	at	ADP
cblr-11902	281	14	80	80	NUM
cblr-11902	281	15	.	.	PUNCT
cblr-11902	281	16	128	128	NUM
cblr-11902	281	17	sec	sec	PROPN
cblr-11902	281	18	final	final	ADJ
cblr-11902	281	19	rule	rule	NOUN
cblr-11902	281	20	,	,	PUNCT
cblr-11902	281	21	supra	supra	PROPN
cblr-11902	281	22	note	note	PROPN
cblr-11902	281	23	114	114	NUM
cblr-11902	281	24	,	,	PUNCT
cblr-11902	281	25	at	at	ADP
cblr-11902	281	26	81	81	NUM
cblr-11902	281	27	.	.	PUNCT
cblr-11902	282	1	129	129	NUM
cblr-11902	282	2	see	see	VERB
cblr-11902	282	3	i	i	PRON
cblr-11902	282	4	d.	d.	PROPN
cblr-11902	282	5	at	at	ADP
cblr-11902	282	6	82	82	NUM
cblr-11902	282	7	.	.	PUNCT
cblr-11902	282	8	130	130	NUM
cblr-11902	282	9	see	see	VERB
cblr-11902	282	10	i	i	PRON
cblr-11902	282	11	d.	d.	PROPN
cblr-11902	282	12	at	at	ADP
cblr-11902	282	13	83	83	NUM
cblr-11902	282	14	(	(	PUNCT
cblr-11902	282	15	noting	note	VERB
cblr-11902	282	16	that	that	SCONJ
cblr-11902	282	17	“	"	PUNCT
cblr-11902	282	18	[	[	X
cblr-11902	282	19	a]s	a]	VERB
cblr-11902	282	20	a	a	DET
cblr-11902	282	21	result	result	NOUN
cblr-11902	282	22	,	,	PUNCT
cblr-11902	282	23	these	these	DET
cblr-11902	282	24	differing	differ	VERB
cblr-11902	282	25	conditions	condition	NOUN
cblr-11902	282	26	and	and	CCONJ
cblr-11902	282	27	requirements	requirement	NOUN
cblr-11902	282	28	for	for	ADP
cblr-11902	282	29	basket	basket	NOUN
cblr-11902	282	30	composition	composition	NOUN
cblr-11902	282	31	in	in	ADP
cblr-11902	282	32	our	our	PRON
cblr-11902	282	33	exemptive	exemptive	NOUN
cblr-11902	282	34	orders	order	NOUN
cblr-11902	282	35	may	may	AUX
cblr-11902	282	36	have	have	VERB
cblr-11902	282	37	554	554	NUM
cblr-11902	282	38	columbia	columbia	PROPN
cblr-11902	282	39	business	business	NOUN
cblr-11902	282	40	law	law	PROPN
cblr-11902	282	41	review	review	NOUN
cblr-11902	282	42	[	[	X
cblr-11902	282	43	vol	vol	NOUN
cblr-11902	282	44	.	.	PUNCT
cblr-11902	282	45	2023	2023	NUM
cblr-11902	282	46	typically	typically	ADV
cblr-11902	282	47	needed	need	VERB
cblr-11902	282	48	to	to	PART
cblr-11902	282	49	include	include	VERB
cblr-11902	282	50	more	more	ADJ
cblr-11902	282	51	securities	security	NOUN
cblr-11902	282	52	in	in	ADP
cblr-11902	282	53	basket	basket	NOUN
cblr-11902	282	54	transactions	transaction	NOUN
cblr-11902	282	55	,	,	PUNCT
cblr-11902	282	56	making	make	VERB
cblr-11902	282	57	it	it	PRON
cblr-11902	282	58	more	more	ADV
cblr-11902	282	59	costly	costly	ADJ
cblr-11902	282	60	to	to	PART
cblr-11902	282	61	assemble	assemble	VERB
cblr-11902	282	62	and	and	CCONJ
cblr-11902	282	63	liquidate	liquidate	VERB
cblr-11902	282	64	baskets.131	baskets.131	PROPN
cblr-11902	282	65	this	this	PRON
cblr-11902	282	66	could	could	AUX
cblr-11902	282	67	affect	affect	VERB
cblr-11902	282	68	the	the	DET
cblr-11902	282	69	arbitrage	arbitrage	NOUN
cblr-11902	282	70	mechanism	mechanism	NOUN
cblr-11902	282	71	and	and	CCONJ
cblr-11902	282	72	lead	lead	VERB
cblr-11902	282	73	to	to	ADP
cblr-11902	282	74	wider	wide	ADJ
cblr-11902	282	75	spreads	spread	NOUN
cblr-11902	282	76	between	between	ADP
cblr-11902	282	77	the	the	DET
cblr-11902	282	78	nav	nav	NOUN
cblr-11902	282	79	and	and	CCONJ
cblr-11902	282	80	etf	etf	NOUN
cblr-11902	282	81	price.132	price.132	PROPN
cblr-11902	282	82	as	as	ADP
cblr-11902	282	83	a	a	DET
cblr-11902	282	84	result	result	NOUN
cblr-11902	282	85	,	,	PUNCT
cblr-11902	282	86	newer	new	ADJ
cblr-11902	282	87	etfs	etfs	PROPN
cblr-11902	282	88	were	be	AUX
cblr-11902	282	89	at	at	ADP
cblr-11902	282	90	a	a	DET
cblr-11902	282	91	competitive	competitive	ADJ
cblr-11902	282	92	disadvantage	disadvantage	NOUN
cblr-11902	282	93	to	to	ADP
cblr-11902	282	94	older	old	ADJ
cblr-11902	282	95	funds.133	funds.133	NOUN
cblr-11902	282	96	by	by	ADP
cblr-11902	282	97	removing	remove	VERB
cblr-11902	282	98	the	the	DET
cblr-11902	282	99	basket	basket	NOUN
cblr-11902	282	100	restriction	restriction	NOUN
cblr-11902	282	101	,	,	PUNCT
cblr-11902	282	102	the	the	DET
cblr-11902	282	103	rule	rule	NOUN
cblr-11902	282	104	corrected	correct	VERB
cblr-11902	282	105	the	the	DET
cblr-11902	282	106	disadvantage	disadvantage	NOUN
cblr-11902	282	107	to	to	PART
cblr-11902	282	108	promote	promote	VERB
cblr-11902	282	109	competition	competition	NOUN
cblr-11902	282	110	amongst	amongst	ADP
cblr-11902	282	111	funds.134	funds.134	ADJ
cblr-11902	282	112	new	new	ADJ
cblr-11902	282	113	access	access	NOUN
cblr-11902	282	114	to	to	ADP
cblr-11902	282	115	custom	custom	NOUN
cblr-11902	282	116	baskets	basket	NOUN
cblr-11902	282	117	also	also	ADV
cblr-11902	282	118	has	have	AUX
cblr-11902	282	119	the	the	DET
cblr-11902	282	120	potential	potential	NOUN
cblr-11902	282	121	to	to	PART
cblr-11902	282	122	further	further	VERB
cblr-11902	282	123	the	the	DET
cblr-11902	282	124	tax	tax	NOUN
cblr-11902	282	125	efficiency	efficiency	NOUN
cblr-11902	282	126	of	of	ADP
cblr-11902	282	127	etfs	etfs	PROPN
cblr-11902	282	128	as	as	SCONJ
cblr-11902	282	129	they	they	PRON
cblr-11902	282	130	will	will	AUX
cblr-11902	282	131	have	have	VERB
cblr-11902	282	132	even	even	ADV
cblr-11902	282	133	more	more	ADJ
cblr-11902	282	134	freedom	freedom	NOUN
cblr-11902	282	135	to	to	PART
cblr-11902	282	136	pass	pass	VERB
cblr-11902	282	137	appreciated	appreciated	ADJ
cblr-11902	282	138	stocks	stock	NOUN
cblr-11902	282	139	to	to	ADP
cblr-11902	282	140	aps	ap	NOUN
cblr-11902	282	141	in	in	ADP
cblr-11902	282	142	in	in	ADP
cblr-11902	282	143	-	-	PUNCT
cblr-11902	282	144	kind	kind	NOUN
cblr-11902	282	145	redemptions.135	redemptions.135	VERB
cblr-11902	282	146	a	a	DET
cblr-11902	282	147	fund	fund	NOUN
cblr-11902	282	148	can	can	AUX
cblr-11902	282	149	now	now	ADV
cblr-11902	282	150	pass	pass	VERB
cblr-11902	282	151	on	on	ADP
cblr-11902	282	152	only	only	ADV
cblr-11902	282	153	appreciated	appreciated	ADJ
cblr-11902	282	154	stocks	stock	NOUN
cblr-11902	282	155	to	to	ADP
cblr-11902	282	156	an	an	DET
cblr-11902	282	157	ap	ap	NOUN
cblr-11902	282	158	and	and	CCONJ
cblr-11902	282	159	omit	omit	VERB
cblr-11902	282	160	stocks	stock	NOUN
cblr-11902	282	161	without	without	ADP
cblr-11902	282	162	gain	gain	NOUN
cblr-11902	282	163	,	,	PUNCT
cblr-11902	282	164	even	even	ADV
cblr-11902	282	165	if	if	SCONJ
cblr-11902	282	166	they	they	PRON
cblr-11902	282	167	are	be	AUX
cblr-11902	282	168	part	part	NOUN
cblr-11902	282	169	of	of	ADP
cblr-11902	282	170	the	the	DET
cblr-11902	282	171	index	index	NOUN
cblr-11902	282	172	the	the	DET
cblr-11902	282	173	etf	etf	NOUN
cblr-11902	282	174	tracks	track	VERB
cblr-11902	282	175	because	because	SCONJ
cblr-11902	282	176	the	the	DET
cblr-11902	282	177	fund	fund	NOUN
cblr-11902	282	178	is	be	AUX
cblr-11902	282	179	no	no	ADV
cblr-11902	282	180	longer	long	ADV
cblr-11902	282	181	limited	limit	VERB
cblr-11902	282	182	to	to	ADP
cblr-11902	282	183	baskets	basket	NOUN
cblr-11902	282	184	that	that	PRON
cblr-11902	282	185	are	be	AUX
cblr-11902	282	186	a	a	DET
cblr-11902	282	187	pro	pro	ADJ
cblr-11902	282	188	rata	rata	ADJ
cblr-11902	282	189	representation	representation	NOUN
cblr-11902	282	190	of	of	ADP
cblr-11902	282	191	its	its	PRON
cblr-11902	282	192	portfolio.136	portfolio.136	NOUN
cblr-11902	282	193	in	in	ADP
cblr-11902	282	194	particular	particular	ADJ
cblr-11902	282	195	,	,	PUNCT
cblr-11902	282	196	the	the	DET
cblr-11902	282	197	extension	extension	NOUN
cblr-11902	282	198	of	of	ADP
cblr-11902	282	199	custom	custom	ADJ
cblr-11902	282	200	-	-	PUNCT
cblr-11902	282	201	basket	basket	NOUN
cblr-11902	282	202	use	use	NOUN
cblr-11902	282	203	to	to	ADP
cblr-11902	282	204	all	all	DET
cblr-11902	282	205	etfs	etfs	PROPN
cblr-11902	282	206	has	have	VERB
cblr-11902	282	207	the	the	DET
cblr-11902	282	208	potential	potential	NOUN
cblr-11902	282	209	to	to	PART
cblr-11902	282	210	increase	increase	VERB
cblr-11902	282	211	heartbeat	heartbeat	NOUN
cblr-11902	282	212	trades.137	trades.137	NOUN
cblr-11902	282	213	this	this	PRON
cblr-11902	282	214	is	be	AUX
cblr-11902	282	215	because	because	SCONJ
cblr-11902	282	216	“	"	PUNCT
cblr-11902	282	217	[	[	X
cblr-11902	282	218	h]eartbeat	h]eartbeat	NOUN
cblr-11902	282	219	trades	trade	NOUN
cblr-11902	282	220	are	be	AUX
cblr-11902	282	221	operationally	operationally	ADV
cblr-11902	282	222	easier	easy	ADJ
cblr-11902	282	223	to	to	PART
cblr-11902	282	224	implement	implement	VERB
cblr-11902	282	225	for	for	ADP
cblr-11902	282	226	certain	certain	ADJ
cblr-11902	282	227	etfs	etfs	NOUN
cblr-11902	282	228	that	that	PRON
cblr-11902	282	229	qualify	qualify	VERB
cblr-11902	282	230	for	for	ADP
cblr-11902	282	231	the	the	DET
cblr-11902	282	232	custom	custom	NOUN
cblr-11902	282	233	basket	basket	NOUN
cblr-11902	282	234	exemption	exemption	NOUN
cblr-11902	282	235	,	,	PUNCT
cblr-11902	282	236	as	as	SCONJ
cblr-11902	282	237	the	the	DET
cblr-11902	282	238	redemption	redemption	NOUN
cblr-11902	282	239	basket	basket	NOUN
cblr-11902	282	240	would	would	AUX
cblr-11902	282	241	consist	consist	VERB
cblr-11902	282	242	only	only	ADV
cblr-11902	282	243	of	of	ADP
cblr-11902	282	244	the	the	DET
cblr-11902	282	245	appreciated	appreciated	ADJ
cblr-11902	282	246	securities	security	NOUN
cblr-11902	282	247	leaving	leave	VERB
cblr-11902	282	248	the	the	DET
cblr-11902	282	249	fund	fund	NOUN
cblr-11902	282	250	rather	rather	ADV
cblr-11902	282	251	than	than	ADP
cblr-11902	282	252	the	the	DET
cblr-11902	282	253	previously	previously	ADV
cblr-11902	282	254	required	require	VERB
cblr-11902	282	255	pro	pro	ADJ
cblr-11902	282	256	rata	rata	ADJ
cblr-11902	282	257	representation	representation	NOUN
cblr-11902	282	258	basket	basket	NOUN
cblr-11902	282	259	,	,	PUNCT
cblr-11902	282	260	thus	thus	ADV
cblr-11902	282	261	created	create	VERB
cblr-11902	282	262	a	a	DET
cblr-11902	282	263	disadvantage	disadvantage	NOUN
cblr-11902	282	264	for	for	ADP
cblr-11902	282	265	newer	new	ADJ
cblr-11902	282	266	etfs	etfs	NOUN
cblr-11902	282	267	that	that	PRON
cblr-11902	282	268	are	be	AUX
cblr-11902	282	269	subject	subject	ADJ
cblr-11902	282	270	to	to	ADP
cblr-11902	282	271	our	our	PRON
cblr-11902	282	272	later	later	ADJ
cblr-11902	282	273	,	,	PUNCT
cblr-11902	282	274	more	more	ADV
cblr-11902	282	275	stringent	stringent	ADJ
cblr-11902	282	276	restrictions	restriction	NOUN
cblr-11902	282	277	on	on	ADP
cblr-11902	282	278	baskets	basket	NOUN
cblr-11902	282	279	”	"	PUNCT
cblr-11902	282	280	)	)	PUNCT
cblr-11902	282	281	.	.	PUNCT
cblr-11902	283	1	131	131	NUM
cblr-11902	283	2	see	see	VERB
cblr-11902	283	3	i	i	PRON
cblr-11902	283	4	d.	d.	PROPN
cblr-11902	283	5	at	at	ADP
cblr-11902	283	6	83	83	NUM
cblr-11902	283	7	.	.	PUNCT
cblr-11902	284	1	132	132	NUM
cblr-11902	284	2	see	see	VERB
cblr-11902	284	3	i	i	PRON
cblr-11902	284	4	d.	d.	PROPN
cblr-11902	284	5	133	133	NUM
cblr-11902	284	6	see	see	VERB
cblr-11902	284	7	i	i	PRON
cblr-11902	284	8	d.	d.	PROPN
cblr-11902	284	9	134	134	NUM
cblr-11902	284	10	see	see	VERB
cblr-11902	284	11	i	i	PRON
cblr-11902	284	12	d.	d.	PROPN
cblr-11902	284	13	at	at	ADP
cblr-11902	284	14	197	197	NUM
cblr-11902	284	15	.	.	PUNCT
cblr-11902	284	16	135	135	NUM
cblr-11902	284	17	see	see	VERB
cblr-11902	284	18	saqib	saqib	PROPN
cblr-11902	284	19	iqbal	iqbal	PROPN
cblr-11902	284	20	ahmed	ahmed	PROPN
cblr-11902	284	21	,	,	PUNCT
cblr-11902	284	22	sec	sec	PROPN
cblr-11902	284	23	adopts	adopt	VERB
cblr-11902	284	24	new	new	ADJ
cblr-11902	284	25	rules	rule	NOUN
cblr-11902	284	26	to	to	PART
cblr-11902	284	27	level	level	VERB
cblr-11902	284	28	playing	playing	NOUN
cblr-11902	284	29	field	field	NOUN
cblr-11902	284	30	for	for	ADP
cblr-11902	284	31	etf	etf	NOUN
cblr-11902	284	32	provider	provider	NOUN
cblr-11902	284	33	,	,	PUNCT
cblr-11902	284	34	reuters	reuters	PROPN
cblr-11902	284	35	(	(	PUNCT
cblr-11902	284	36	sept	sept	PROPN
cblr-11902	284	37	.	.	PROPN
cblr-11902	284	38	26	26	NUM
cblr-11902	284	39	,	,	PUNCT
cblr-11902	284	40	2019	2019	NUM
cblr-11902	284	41	)	)	PUNCT
cblr-11902	284	42	,	,	PUNCT
cblr-11902	284	43	https://www.reuters.com/article/us-usa-sec-etf/sec-adopts-new-rules-tolevel-playing-field-for-etf-providers-iduskbn1wb2jg	https://www.reuters.com/article/us-usa-sec-etf/sec-adopts-new-rules-tolevel-playing-field-for-etf-providers-iduskbn1wb2jg	X
cblr-11902	285	1	[	[	X
cblr-11902	285	2	https://perma.cc/rd6j-xgnm	https://perma.cc/rd6j-xgnm	X
cblr-11902	285	3	]	]	PUNCT
cblr-11902	285	4	.	.	PUNCT
cblr-11902	286	1	136	136	NUM
cblr-11902	286	2	see	see	VERB
cblr-11902	286	3	i	i	PRON
cblr-11902	286	4	d.	d.	PROPN
cblr-11902	286	5	137	137	NUM
cblr-11902	286	6	see	see	VERB
cblr-11902	286	7	i	i	PROPN
cblr-11902	286	8	d.	d.	PROPN
cblr-11902	286	9	(	(	PUNCT
cblr-11902	286	10	quoting	quote	VERB
cblr-11902	286	11	elizabeth	elizabeth	PROPN
cblr-11902	286	12	kashner	kashner	PROPN
cblr-11902	286	13	)	)	PUNCT
cblr-11902	286	14	(	(	PUNCT
cblr-11902	286	15	“	"	PUNCT
cblr-11902	286	16	the	the	DET
cblr-11902	286	17	custom	custom	NOUN
cblr-11902	286	18	basket	basket	NOUN
cblr-11902	286	19	provision	provision	NOUN
cblr-11902	286	20	,	,	PUNCT
cblr-11902	286	21	now	now	ADV
cblr-11902	286	22	extended	extend	VERB
cblr-11902	286	23	to	to	ADP
cblr-11902	286	24	virtually	virtually	ADV
cblr-11902	286	25	all	all	DET
cblr-11902	286	26	players	player	NOUN
cblr-11902	286	27	,	,	PUNCT
cblr-11902	286	28	will	will	AUX
cblr-11902	286	29	increase	increase	VERB
cblr-11902	286	30	access	access	NOUN
cblr-11902	286	31	to	to	ADP
cblr-11902	286	32	the	the	DET
cblr-11902	286	33	‘	'	PUNCT
cblr-11902	286	34	heartbeat	heartbeat	NOUN
cblr-11902	286	35	’	'	PUNCT
cblr-11902	286	36	trade	trade	NOUN
cblr-11902	286	37	,	,	PUNCT
cblr-11902	286	38	allowing	allow	VERB
cblr-11902	286	39	newer	new	ADJ
cblr-11902	286	40	entrants	entrant	NOUN
cblr-11902	286	41	to	to	AUX
cblr-11902	286	42	re	re	VERB
cblr-11902	286	43	-	-	NOUN
cblr-11902	286	44	balance	balance	NOUN
cblr-11902	286	45	portfolios	portfolio	NOUN
cblr-11902	286	46	without	without	ADP
cblr-11902	286	47	passing	pass	VERB
cblr-11902	286	48	along	along	ADP
cblr-11902	286	49	capital	capital	NOUN
cblr-11902	286	50	gains	gain	NOUN
cblr-11902	286	51	.	.	PUNCT
cblr-11902	286	52	”	"	PUNCT
cblr-11902	286	53	)	)	PUNCT
cblr-11902	286	54	.	.	PUNCT
cblr-11902	287	1	no	no	INTJ
cblr-11902	287	2	.	.	NOUN
cblr-11902	288	1	1	1	NUM
cblr-11902	288	2	]	]	PUNCT
cblr-11902	288	3	sec	sec	PROPN
cblr-11902	288	4	rule	rule	NOUN
cblr-11902	288	5	6c-11	6c-11	PROPN
cblr-11902	288	6	’s	’s	PART
cblr-11902	288	7	impact	impact	NOUN
cblr-11902	288	8	on	on	ADP
cblr-11902	288	9	usage	usage	NOUN
cblr-11902	288	10	of	of	ADP
cblr-11902	288	11	heartbeat	heartbeat	NOUN
cblr-11902	288	12	trades	trade	NOUN
cblr-11902	288	13	555	555	NUM
cblr-11902	288	14	reducing	reduce	VERB
cblr-11902	288	15	the	the	DET
cblr-11902	288	16	size	size	NOUN
cblr-11902	288	17	and	and	CCONJ
cblr-11902	288	18	costs	cost	NOUN
cblr-11902	288	19	of	of	ADP
cblr-11902	288	20	the	the	DET
cblr-11902	288	21	overall	overall	ADJ
cblr-11902	288	22	heartbeat	heartbeat	NOUN
cblr-11902	288	23	trades	trade	NOUN
cblr-11902	288	24	.	.	PUNCT
cblr-11902	289	1	”138	”138	PROPN
cblr-11902	290	1	most	most	ADJ
cblr-11902	290	2	heartbeat	heartbeat	NOUN
cblr-11902	290	3	trades	trade	NOUN
cblr-11902	290	4	occur	occur	VERB
cblr-11902	290	5	when	when	SCONJ
cblr-11902	290	6	an	an	DET
cblr-11902	290	7	etf	etf	NOUN
cblr-11902	290	8	needs	need	VERB
cblr-11902	290	9	to	to	PART
cblr-11902	290	10	remove	remove	VERB
cblr-11902	290	11	a	a	DET
cblr-11902	290	12	stock	stock	NOUN
cblr-11902	290	13	due	due	ADP
cblr-11902	290	14	to	to	ADP
cblr-11902	290	15	a	a	DET
cblr-11902	290	16	change	change	NOUN
cblr-11902	290	17	in	in	ADP
cblr-11902	290	18	the	the	DET
cblr-11902	290	19	index	index	NOUN
cblr-11902	290	20	it	it	PRON
cblr-11902	290	21	tracks.139	tracks.139	VERB
cblr-11902	290	22	for	for	ADP
cblr-11902	290	23	example	example	NOUN
cblr-11902	290	24	,	,	PUNCT
cblr-11902	290	25	in	in	ADP
cblr-11902	290	26	september	september	PROPN
cblr-11902	290	27	2018	2018	NUM
cblr-11902	290	28	,	,	PUNCT
cblr-11902	290	29	many	many	ADJ
cblr-11902	290	30	technology	technology	NOUN
cblr-11902	290	31	stocks	stock	NOUN
cblr-11902	290	32	,	,	PUNCT
cblr-11902	290	33	including	include	VERB
cblr-11902	290	34	facebook	facebook	PROPN
cblr-11902	290	35	and	and	CCONJ
cblr-11902	290	36	alphabet	alphabet	NOUN
cblr-11902	290	37	were	be	AUX
cblr-11902	290	38	moved	move	VERB
cblr-11902	290	39	from	from	ADP
cblr-11902	290	40	the	the	DET
cblr-11902	290	41	technology	technology	NOUN
cblr-11902	290	42	sector	sector	NOUN
cblr-11902	290	43	into	into	ADP
cblr-11902	290	44	a	a	DET
cblr-11902	290	45	new	new	ADJ
cblr-11902	290	46	s&p	s&p	PROPN
cblr-11902	290	47	sector	sector	NOUN
cblr-11902	290	48	,	,	PUNCT
cblr-11902	290	49	communication	communication	NOUN
cblr-11902	290	50	services.140	services.140	NOUN
cblr-11902	290	51	therefore	therefore	ADV
cblr-11902	290	52	,	,	PUNCT
cblr-11902	290	53	etfs	etfs	PROPN
cblr-11902	290	54	tracking	tracking	NOUN
cblr-11902	290	55	indices	index	NOUN
cblr-11902	290	56	based	base	VERB
cblr-11902	290	57	on	on	ADP
cblr-11902	290	58	the	the	DET
cblr-11902	290	59	technology	technology	NOUN
cblr-11902	290	60	sector	sector	NOUN
cblr-11902	290	61	needed	need	VERB
cblr-11902	290	62	to	to	PART
cblr-11902	290	63	remove	remove	VERB
cblr-11902	290	64	the	the	DET
cblr-11902	290	65	stocks	stock	NOUN
cblr-11902	290	66	from	from	ADP
cblr-11902	290	67	their	their	PRON
cblr-11902	290	68	portfolio	portfolio	NOUN
cblr-11902	290	69	since	since	SCONJ
cblr-11902	290	70	they	they	PRON
cblr-11902	290	71	were	be	AUX
cblr-11902	290	72	no	no	ADV
cblr-11902	290	73	longer	long	ADV
cblr-11902	290	74	a	a	DET
cblr-11902	290	75	part	part	NOUN
cblr-11902	290	76	of	of	ADP
cblr-11902	290	77	the	the	DET
cblr-11902	290	78	index.141	index.141	ADJ
cblr-11902	290	79	one	one	NUM
cblr-11902	290	80	such	such	ADJ
cblr-11902	290	81	fund	fund	NOUN
cblr-11902	290	82	was	be	AUX
cblr-11902	290	83	state	state	PROPN
cblr-11902	290	84	street	street	PROPN
cblr-11902	290	85	’s	’s	PART
cblr-11902	290	86	technology	technology	NOUN
cblr-11902	290	87	spider	spider	NOUN
cblr-11902	290	88	select	select	ADJ
cblr-11902	290	89	sector	sector	NOUN
cblr-11902	290	90	spdr(xlk	spdr(xlk	NOUN
cblr-11902	290	91	)	)	PUNCT
cblr-11902	290	92	.	.	PUNCT
cblr-11902	291	1	as	as	ADP
cblr-11902	291	2	an	an	DET
cblr-11902	291	3	older	old	ADJ
cblr-11902	291	4	fund	fund	NOUN
cblr-11902	291	5	,	,	PUNCT
cblr-11902	291	6	state	state	NOUN
cblr-11902	291	7	street	street	NOUN
cblr-11902	291	8	has	have	AUX
cblr-11902	291	9	“	"	PUNCT
cblr-11902	291	10	grandfathered	grandfathere	VERB
cblr-11902	291	11	”	"	PUNCT
cblr-11902	291	12	status	status	NOUN
cblr-11902	291	13	,	,	PUNCT
cblr-11902	291	14	giving	give	VERB
cblr-11902	291	15	it	it	PRON
cblr-11902	291	16	access	access	NOUN
cblr-11902	291	17	to	to	ADP
cblr-11902	291	18	custom	custom	NOUN
cblr-11902	291	19	baskets	basket	NOUN
cblr-11902	291	20	.	.	PUNCT
cblr-11902	292	1	when	when	SCONJ
cblr-11902	292	2	facebook	facebook	NOUN
cblr-11902	292	3	and	and	CCONJ
cblr-11902	292	4	alphabet	alphabet	NOUN
cblr-11902	292	5	were	be	AUX
cblr-11902	292	6	changing	change	VERB
cblr-11902	292	7	sectors	sector	NOUN
cblr-11902	292	8	,	,	PUNCT
cblr-11902	292	9	xlk	xlk	PROPN
cblr-11902	292	10	took	take	VERB
cblr-11902	292	11	advantage	advantage	NOUN
cblr-11902	292	12	of	of	ADP
cblr-11902	292	13	this	this	DET
cblr-11902	292	14	feature	feature	NOUN
cblr-11902	292	15	to	to	PART
cblr-11902	292	16	execute	execute	VERB
cblr-11902	292	17	a	a	DET
cblr-11902	292	18	heartbeat	heartbeat	NOUN
cblr-11902	292	19	trade	trade	NOUN
cblr-11902	292	20	,	,	PUNCT
cblr-11902	292	21	where	where	SCONJ
cblr-11902	292	22	an	an	DET
cblr-11902	292	23	investor	investor	NOUN
cblr-11902	292	24	provided	provide	VERB
cblr-11902	292	25	the	the	DET
cblr-11902	292	26	fund	fund	NOUN
cblr-11902	292	27	with	with	ADP
cblr-11902	292	28	$	$	SYM
cblr-11902	292	29	3.3	3.3	NUM
cblr-11902	292	30	billion	billion	NUM
cblr-11902	292	31	of	of	ADP
cblr-11902	292	32	new	new	ADJ
cblr-11902	292	33	stocks	stock	NOUN
cblr-11902	292	34	two	two	NUM
cblr-11902	292	35	days	day	NOUN
cblr-11902	292	36	before	before	ADP
cblr-11902	292	37	the	the	DET
cblr-11902	292	38	index	index	NOUN
cblr-11902	292	39	change	change	NOUN
cblr-11902	292	40	,	,	PUNCT
cblr-11902	292	41	only	only	ADV
cblr-11902	292	42	to	to	PART
cblr-11902	292	43	pull	pull	VERB
cblr-11902	292	44	$	$	SYM
cblr-11902	292	45	3	3	NUM
cblr-11902	292	46	billion	billion	NUM
cblr-11902	292	47	back	back	ADV
cblr-11902	292	48	out	out	ADV
cblr-11902	292	49	two	two	NUM
cblr-11902	292	50	days	day	NOUN
cblr-11902	292	51	later.142	later.142	ADJ
cblr-11902	292	52	instead	instead	ADV
cblr-11902	292	53	of	of	ADP
cblr-11902	292	54	taking	take	VERB
cblr-11902	292	55	back	back	ADP
cblr-11902	292	56	the	the	DET
cblr-11902	292	57	shares	share	NOUN
cblr-11902	292	58	it	it	PRON
cblr-11902	292	59	provided	provide	VERB
cblr-11902	292	60	the	the	DET
cblr-11902	292	61	fund	fund	NOUN
cblr-11902	292	62	just	just	ADV
cblr-11902	292	63	days	day	NOUN
cblr-11902	292	64	before	before	ADV
cblr-11902	292	65	,	,	PUNCT
cblr-11902	292	66	the	the	DET
cblr-11902	292	67	investor	investor	NOUN
cblr-11902	292	68	left	leave	VERB
cblr-11902	292	69	with	with	ADP
cblr-11902	292	70	the	the	DET
cblr-11902	292	71	fund	fund	NOUN
cblr-11902	292	72	’s	’s	PART
cblr-11902	292	73	oldest	old	ADJ
cblr-11902	292	74	shares	share	NOUN
cblr-11902	292	75	of	of	ADP
cblr-11902	292	76	facebook	facebook	NOUN
cblr-11902	292	77	and	and	CCONJ
cblr-11902	292	78	alphabet	alphabet	PROPN
cblr-11902	292	79	,	,	PUNCT
cblr-11902	292	80	which	which	PRON
cblr-11902	292	81	were	be	AUX
cblr-11902	292	82	embedded	embed	VERB
cblr-11902	292	83	with	with	ADP
cblr-11902	292	84	significant	significant	ADJ
cblr-11902	292	85	taxable	taxable	ADJ
cblr-11902	292	86	gains.143	gains.143	NOUN
cblr-11902	292	87	with	with	ADP
cblr-11902	292	88	the	the	DET
cblr-11902	292	89	passage	passage	NOUN
cblr-11902	292	90	of	of	ADP
cblr-11902	292	91	6c-11	6c-11	NUM
cblr-11902	292	92	,	,	PUNCT
cblr-11902	292	93	newer	new	ADJ
cblr-11902	292	94	funds	fund	NOUN
cblr-11902	292	95	will	will	AUX
cblr-11902	292	96	now	now	ADV
cblr-11902	292	97	be	be	AUX
cblr-11902	292	98	able	able	ADJ
cblr-11902	292	99	to	to	PART
cblr-11902	292	100	replicate	replicate	VERB
cblr-11902	292	101	this	this	DET
cblr-11902	292	102	xlk	xlk	PROPN
cblr-11902	292	103	trade	trade	NOUN
cblr-11902	292	104	with	with	ADP
cblr-11902	292	105	heartbeat	heartbeat	NOUN
cblr-11902	292	106	trades	trade	NOUN
cblr-11902	292	107	of	of	ADP
cblr-11902	292	108	their	their	PRON
cblr-11902	292	109	own.144	own.144	NOUN
cblr-11902	292	110	these	these	DET
cblr-11902	292	111	trades	trade	NOUN
cblr-11902	292	112	are	be	AUX
cblr-11902	292	113	likely	likely	ADJ
cblr-11902	292	114	to	to	PART
cblr-11902	292	115	further	far	ADV
cblr-11902	292	116	increase	increase	VERB
cblr-11902	292	117	the	the	DET
cblr-11902	292	118	tax	tax	NOUN
cblr-11902	292	119	-	-	PUNCT
cblr-11902	292	120	efficiency	efficiency	NOUN
cblr-11902	292	121	of	of	ADP
cblr-11902	292	122	the	the	DET
cblr-11902	292	123	etf	etf	NOUN
cblr-11902	292	124	sector	sector	NOUN
cblr-11902	292	125	but	but	CCONJ
cblr-11902	292	126	are	be	AUX
cblr-11902	292	127	also	also	ADV
cblr-11902	292	128	likely	likely	ADJ
cblr-11902	292	129	to	to	PART
cblr-11902	292	130	fuel	fuel	VERB
cblr-11902	292	131	the	the	DET
cblr-11902	292	132	growing	grow	VERB
cblr-11902	292	133	debate	debate	NOUN
cblr-11902	292	134	about	about	ADP
cblr-11902	292	135	the	the	DET
cblr-11902	292	136	legality	legality	NOUN
cblr-11902	292	137	of	of	ADP
cblr-11902	292	138	such	such	ADJ
cblr-11902	292	139	trades	trade	NOUN
cblr-11902	292	140	.	.	PUNCT
cblr-11902	293	1	138	138	NUM
cblr-11902	293	2	moussawi	moussawi	NOUN
cblr-11902	293	3	et	et	PROPN
cblr-11902	293	4	al	al	PROPN
cblr-11902	293	5	.	.	PROPN
cblr-11902	293	6	,	,	PUNCT
cblr-11902	293	7	supra	supra	PROPN
cblr-11902	293	8	note	note	PROPN
cblr-11902	293	9	81	81	NUM
cblr-11902	293	10	,	,	PUNCT
cblr-11902	293	11	at	at	ADP
cblr-11902	293	12	15	15	NUM
cblr-11902	293	13	.	.	PUNCT
cblr-11902	293	14	;	;	PUNCT
cblr-11902	293	15	see	see	VERB
cblr-11902	293	16	also	also	ADV
cblr-11902	293	17	mider	mider	VERB
cblr-11902	293	18	et	et	PROPN
cblr-11902	293	19	al	al	PROPN
cblr-11902	293	20	.	.	PROPN
cblr-11902	293	21	,	,	PUNCT
cblr-11902	293	22	supra	supra	PROPN
cblr-11902	293	23	note	note	PROPN
cblr-11902	293	24	10	10	NUM
cblr-11902	293	25	(	(	PUNCT
cblr-11902	293	26	“	"	PUNCT
cblr-11902	293	27	a	a	DET
cblr-11902	293	28	few	few	ADJ
cblr-11902	293	29	etfs	etfs	NOUN
cblr-11902	293	30	ca	can	AUX
cblr-11902	293	31	n’t	not	PART
cblr-11902	293	32	fully	fully	ADV
cblr-11902	293	33	benefit	benefit	VERB
cblr-11902	293	34	from	from	ADP
cblr-11902	293	35	heartbeats	heartbeat	NOUN
cblr-11902	293	36	,	,	PUNCT
cblr-11902	293	37	because	because	SCONJ
cblr-11902	293	38	the	the	DET
cblr-11902	293	39	securities	security	NOUN
cblr-11902	293	40	and	and	CCONJ
cblr-11902	293	41	exchange	exchange	PROPN
cblr-11902	293	42	commission	commission	NOUN
cblr-11902	293	43	restricts	restrict	VERB
cblr-11902	293	44	their	their	PRON
cblr-11902	293	45	ability	ability	NOUN
cblr-11902	293	46	to	to	PART
cblr-11902	293	47	pick	pick	VERB
cblr-11902	293	48	and	and	CCONJ
cblr-11902	293	49	choose	choose	VERB
cblr-11902	293	50	which	which	DET
cblr-11902	293	51	stocks	stock	NOUN
cblr-11902	293	52	to	to	PART
cblr-11902	293	53	hand	hand	VERB
cblr-11902	293	54	over	over	ADP
cblr-11902	293	55	to	to	ADP
cblr-11902	293	56	redeeming	redeem	VERB
cblr-11902	293	57	investors	investor	NOUN
cblr-11902	293	58	.	.	PUNCT
cblr-11902	293	59	”	"	PUNCT
cblr-11902	293	60	)	)	PUNCT
cblr-11902	293	61	.	.	PUNCT
cblr-11902	294	1	139	139	NUM
cblr-11902	294	2	see	see	VERB
cblr-11902	294	3	mider	mider	NOUN
cblr-11902	294	4	et	et	PROPN
cblr-11902	294	5	al	al	PROPN
cblr-11902	294	6	.	.	PROPN
cblr-11902	294	7	,	,	PUNCT
cblr-11902	294	8	supra	supra	PROPN
cblr-11902	294	9	note	note	NOUN
cblr-11902	294	10	10	10	NUM
cblr-11902	294	11	.	.	PUNCT
cblr-11902	295	1	140	140	NUM
cblr-11902	295	2	see	see	VERB
cblr-11902	295	3	noel	noel	PROPN
cblr-11902	295	4	randewich	randewich	PROPN
cblr-11902	295	5	,	,	PUNCT
cblr-11902	295	6	facebook	facebook	PROPN
cblr-11902	295	7	,	,	PUNCT
cblr-11902	295	8	alphabet	alphabet	PROPN
cblr-11902	295	9	shifted	shift	VERB
cblr-11902	295	10	in	in	ADP
cblr-11902	295	11	sector	sector	NOUN
cblr-11902	295	12	classification	classification	NOUN
cblr-11902	295	13	system	system	NOUN
cblr-11902	295	14	,	,	PUNCT
cblr-11902	295	15	reuters	reuters	PROPN
cblr-11902	295	16	(	(	PUNCT
cblr-11902	295	17	jan	jan	PROPN
cblr-11902	295	18	.	.	PROPN
cblr-11902	295	19	11	11	NUM
cblr-11902	295	20	,	,	PUNCT
cblr-11902	295	21	2018	2018	NUM
cblr-11902	295	22	)	)	PUNCT
cblr-11902	295	23	,	,	PUNCT
cblr-11902	295	24	https://www.reuters.com/article/us-s-p-sectors/facebook-alphabet-shiftedin-sector-classification-system-iduskbn1f037	https://www.reuters.com/article/us-s-p-sectors/facebook-alphabet-shiftedin-sector-classification-system-iduskbn1f037	PROPN
cblr-11902	295	25	g	g	NOUN
cblr-11902	296	1	[	[	X
cblr-11902	296	2	https://perma.cc/7qwfv4tk	https://perma.cc/7qwfv4tk	NOUN
cblr-11902	296	3	]	]	X
cblr-11902	296	4	.	.	PUNCT
cblr-11902	296	5	141	141	NUM
cblr-11902	296	6	see	see	NOUN
cblr-11902	296	7	mider	mider	NOUN
cblr-11902	296	8	et	et	PROPN
cblr-11902	296	9	al	al	PROPN
cblr-11902	296	10	.	.	PROPN
cblr-11902	296	11	,	,	PUNCT
cblr-11902	296	12	supra	supra	PROPN
cblr-11902	296	13	note	note	NOUN
cblr-11902	296	14	10	10	NUM
cblr-11902	296	15	.	.	PUNCT
cblr-11902	296	16	142	142	NUM
cblr-11902	297	1	i	i	PRON
cblr-11902	297	2	d.	d.	PROPN
cblr-11902	297	3	143	143	VERB
cblr-11902	298	1	i	i	PROPN
cblr-11902	298	2	d.	d.	PROPN
cblr-11902	298	3	144	144	NUM
cblr-11902	298	4	see	see	VERB
cblr-11902	298	5	ahmed	ahmed	PROPN
cblr-11902	298	6	,	,	PUNCT
cblr-11902	298	7	supra	supra	PROPN
cblr-11902	298	8	note	note	PROPN
cblr-11902	298	9	135	135	NUM
cblr-11902	298	10	.	.	SYM
cblr-11902	299	1	556	556	NUM
cblr-11902	299	2	columbia	columbia	PROPN
cblr-11902	299	3	business	business	PROPN
cblr-11902	299	4	law	law	PROPN
cblr-11902	299	5	review	review	NOUN
cblr-11902	299	6	[	[	X
cblr-11902	299	7	vol	vol	NOUN
cblr-11902	299	8	.	.	PUNCT
cblr-11902	300	1	2023	2023	NUM
cblr-11902	300	2	iii	iii	NOUN
cblr-11902	300	3	.	.	PUNCT
cblr-11902	301	1	an	an	DET
cblr-11902	301	2	empirical	empirical	ADJ
cblr-11902	301	3	estimation	estimation	NOUN
cblr-11902	301	4	of	of	ADP
cblr-11902	301	5	growth	growth	NOUN
cblr-11902	301	6	in	in	ADP
cblr-11902	301	7	heartbeat	heartbeat	NOUN
cblr-11902	301	8	trades	trade	NOUN
cblr-11902	301	9	since	since	SCONJ
cblr-11902	301	10	rule	rule	NOUN
cblr-11902	301	11	6c-11	6c-11	NUM
cblr-11902	301	12	the	the	DET
cblr-11902	301	13	purpose	purpose	NOUN
cblr-11902	301	14	of	of	ADP
cblr-11902	301	15	estimating	estimate	VERB
cblr-11902	301	16	the	the	DET
cblr-11902	301	17	impact	impact	NOUN
cblr-11902	301	18	of	of	ADP
cblr-11902	301	19	rule	rule	NOUN
cblr-11902	301	20	6c-11	6c-11	PROPN
cblr-11902	301	21	’s	’s	PART
cblr-11902	301	22	impact	impact	NOUN
cblr-11902	301	23	is	be	AUX
cblr-11902	301	24	because	because	SCONJ
cblr-11902	301	25	if	if	SCONJ
cblr-11902	301	26	as	as	SCONJ
cblr-11902	301	27	predicted	predict	VERB
cblr-11902	301	28	,	,	PUNCT
cblr-11902	301	29	the	the	DET
cblr-11902	301	30	rule	rule	NOUN
cblr-11902	301	31	has	have	AUX
cblr-11902	301	32	led	lead	VERB
cblr-11902	301	33	heartbeat	heartbeat	NOUN
cblr-11902	301	34	usage	usage	NOUN
cblr-11902	301	35	to	to	PART
cblr-11902	301	36	increase	increase	VERB
cblr-11902	301	37	,	,	PUNCT
cblr-11902	301	38	then	then	ADV
cblr-11902	301	39	it	it	PRON
cblr-11902	301	40	is	be	AUX
cblr-11902	301	41	likely	likely	ADJ
cblr-11902	301	42	to	to	PART
cblr-11902	301	43	increase	increase	VERB
cblr-11902	301	44	the	the	DET
cblr-11902	301	45	controversy	controversy	NOUN
cblr-11902	301	46	surrounding	surround	VERB
cblr-11902	301	47	the	the	DET
cblr-11902	301	48	use	use	NOUN
cblr-11902	301	49	of	of	ADP
cblr-11902	301	50	such	such	ADJ
cblr-11902	301	51	trades	trade	NOUN
cblr-11902	301	52	.	.	PUNCT
cblr-11902	302	1	as	as	SCONJ
cblr-11902	302	2	mentioned	mention	VERB
cblr-11902	302	3	earlier	early	ADV
cblr-11902	302	4	,	,	PUNCT
cblr-11902	302	5	the	the	DET
cblr-11902	302	6	irs	irs	PROPN
cblr-11902	302	7	has	have	VERB
cblr-11902	302	8	yet	yet	ADV
cblr-11902	302	9	to	to	PART
cblr-11902	302	10	comment	comment	VERB
cblr-11902	302	11	on	on	ADP
cblr-11902	302	12	heartbeat	heartbeat	NOUN
cblr-11902	302	13	trade	trade	NOUN
cblr-11902	302	14	legality	legality	NOUN
cblr-11902	302	15	,	,	PUNCT
cblr-11902	302	16	beyond	beyond	ADP
cblr-11902	302	17	stating	state	VERB
cblr-11902	302	18	that	that	SCONJ
cblr-11902	302	19	it	it	PRON
cblr-11902	302	20	is	be	AUX
cblr-11902	302	21	aware	aware	ADJ
cblr-11902	302	22	heartbeat	heartbeat	NOUN
cblr-11902	302	23	trades	trade	NOUN
cblr-11902	302	24	exist	exist	VERB
cblr-11902	302	25	.	.	PUNCT
cblr-11902	303	1	however	however	ADV
cblr-11902	303	2	,	,	PUNCT
cblr-11902	303	3	if	if	SCONJ
cblr-11902	303	4	the	the	DET
cblr-11902	303	5	sec	sec	PROPN
cblr-11902	303	6	’s	’s	PART
cblr-11902	303	7	rule	rule	NOUN
cblr-11902	303	8	has	have	AUX
cblr-11902	303	9	increased	increase	VERB
cblr-11902	303	10	the	the	DET
cblr-11902	303	11	use	use	NOUN
cblr-11902	303	12	in	in	ADP
cblr-11902	303	13	a	a	DET
cblr-11902	303	14	substantial	substantial	ADJ
cblr-11902	303	15	way	way	NOUN
cblr-11902	303	16	,	,	PUNCT
cblr-11902	303	17	it	it	PRON
cblr-11902	303	18	may	may	AUX
cblr-11902	303	19	no	no	ADV
cblr-11902	303	20	longer	long	ADV
cblr-11902	303	21	be	be	AUX
cblr-11902	303	22	tenable	tenable	ADJ
cblr-11902	303	23	for	for	SCONJ
cblr-11902	303	24	the	the	DET
cblr-11902	303	25	irs	irs	PROPN
cblr-11902	303	26	to	to	PART
cblr-11902	303	27	remain	remain	VERB
cblr-11902	303	28	silent	silent	ADJ
cblr-11902	303	29	as	as	SCONJ
cblr-11902	303	30	heartbeat	heartbeat	NOUN
cblr-11902	303	31	trade	trade	NOUN
cblr-11902	303	32	growth	growth	NOUN
cblr-11902	303	33	continues	continue	VERB
cblr-11902	303	34	.	.	PUNCT
cblr-11902	304	1	part	part	NOUN
cblr-11902	304	2	iii	iii	NOUN
cblr-11902	304	3	analyzes	analyze	VERB
cblr-11902	304	4	the	the	DET
cblr-11902	304	5	impact	impact	NOUN
cblr-11902	304	6	of	of	ADP
cblr-11902	304	7	rule	rule	NOUN
cblr-11902	304	8	6c-11	6c-11	PROPN
cblr-11902	304	9	on	on	ADP
cblr-11902	304	10	the	the	DET
cblr-11902	304	11	use	use	NOUN
cblr-11902	304	12	of	of	ADP
cblr-11902	304	13	heartbeat	heartbeat	NOUN
cblr-11902	304	14	trades	trade	NOUN
cblr-11902	304	15	by	by	ADP
cblr-11902	304	16	etfs	etfs	PROPN
cblr-11902	304	17	.	.	PUNCT
cblr-11902	305	1	this	this	DET
cblr-11902	305	2	part	part	NOUN
cblr-11902	305	3	first	first	ADV
cblr-11902	305	4	describes	describe	VERB
cblr-11902	305	5	the	the	DET
cblr-11902	305	6	methodology	methodology	NOUN
cblr-11902	305	7	used	use	VERB
cblr-11902	305	8	to	to	PART
cblr-11902	305	9	identify	identify	VERB
cblr-11902	305	10	when	when	SCONJ
cblr-11902	305	11	a	a	DET
cblr-11902	305	12	fund	fund	NOUN
cblr-11902	305	13	undertook	undertake	VERB
cblr-11902	305	14	a	a	DET
cblr-11902	305	15	heartbeat	heartbeat	NOUN
cblr-11902	305	16	trade	trade	NOUN
cblr-11902	305	17	.	.	PUNCT
cblr-11902	306	1	after	after	ADP
cblr-11902	306	2	establishing	establish	VERB
cblr-11902	306	3	the	the	DET
cblr-11902	306	4	methodology	methodology	NOUN
cblr-11902	306	5	used	use	VERB
cblr-11902	306	6	,	,	PUNCT
cblr-11902	306	7	the	the	DET
cblr-11902	306	8	part	part	NOUN
cblr-11902	306	9	explains	explain	VERB
cblr-11902	306	10	how	how	SCONJ
cblr-11902	306	11	etfs	etfs	PROPN
cblr-11902	306	12	were	be	AUX
cblr-11902	306	13	sorted	sort	VERB
cblr-11902	306	14	into	into	ADP
cblr-11902	306	15	funds	fund	NOUN
cblr-11902	306	16	that	that	PRON
cblr-11902	306	17	have	have	AUX
cblr-11902	306	18	always	always	ADV
cblr-11902	306	19	had	have	VERB
cblr-11902	306	20	custom	custom	NOUN
cblr-11902	306	21	basket	basket	NOUN
cblr-11902	306	22	access	access	NOUN
cblr-11902	306	23	and	and	CCONJ
cblr-11902	306	24	those	those	PRON
cblr-11902	306	25	who	who	PRON
cblr-11902	306	26	gained	gain	VERB
cblr-11902	306	27	the	the	DET
cblr-11902	306	28	tool	tool	NOUN
cblr-11902	306	29	after	after	ADP
cblr-11902	306	30	the	the	DET
cblr-11902	306	31	promulgation	promulgation	NOUN
cblr-11902	306	32	of	of	ADP
cblr-11902	306	33	rule	rule	NOUN
cblr-11902	306	34	6c-11	6c-11	NUM
cblr-11902	306	35	.	.	PUNCT
cblr-11902	307	1	next	next	ADV
cblr-11902	307	2	,	,	PUNCT
cblr-11902	307	3	it	it	PRON
cblr-11902	307	4	lays	lay	VERB
cblr-11902	307	5	out	out	ADP
cblr-11902	307	6	the	the	DET
cblr-11902	307	7	time	time	NOUN
cblr-11902	307	8	periods	period	NOUN
cblr-11902	307	9	that	that	PRON
cblr-11902	307	10	will	will	AUX
cblr-11902	307	11	be	be	AUX
cblr-11902	307	12	compared	compare	VERB
cblr-11902	307	13	to	to	PART
cblr-11902	307	14	assess	assess	VERB
cblr-11902	307	15	rule	rule	NOUN
cblr-11902	307	16	6c-11	6c-11	PROPN
cblr-11902	307	17	’s	’s	PART
cblr-11902	307	18	impact	impact	NOUN
cblr-11902	307	19	.	.	PUNCT
cblr-11902	308	1	due	due	ADP
cblr-11902	308	2	to	to	ADP
cblr-11902	308	3	a	a	DET
cblr-11902	308	4	year	year	NOUN
cblr-11902	308	5	-	-	PUNCT
cblr-11902	308	6	long	long	ADJ
cblr-11902	308	7	transition	transition	NOUN
cblr-11902	308	8	period	period	NOUN
cblr-11902	308	9	that	that	PRON
cblr-11902	308	10	makes	make	VERB
cblr-11902	308	11	it	it	PRON
cblr-11902	308	12	difficult	difficult	ADJ
cblr-11902	308	13	to	to	PART
cblr-11902	308	14	tell	tell	VERB
cblr-11902	308	15	when	when	SCONJ
cblr-11902	308	16	funds	fund	NOUN
cblr-11902	308	17	actually	actually	ADV
cblr-11902	308	18	gained	gain	VERB
cblr-11902	308	19	access	access	NOUN
cblr-11902	308	20	to	to	ADP
cblr-11902	308	21	custom	custom	NOUN
cblr-11902	308	22	baskets	basket	NOUN
cblr-11902	308	23	,	,	PUNCT
cblr-11902	308	24	the	the	DET
cblr-11902	308	25	use	use	NOUN
cblr-11902	308	26	of	of	ADP
cblr-11902	308	27	heartbeat	heartbeat	NOUN
cblr-11902	308	28	trades	trade	NOUN
cblr-11902	308	29	in	in	ADP
cblr-11902	308	30	2019	2019	NUM
cblr-11902	308	31	(	(	PUNCT
cblr-11902	308	32	the	the	DET
cblr-11902	308	33	year	year	NOUN
cblr-11902	308	34	before	before	SCONJ
cblr-11902	308	35	6c-11	6c-11	PROPN
cblr-11902	308	36	went	go	VERB
cblr-11902	308	37	into	into	ADP
cblr-11902	308	38	effect	effect	NOUN
cblr-11902	308	39	)	)	PUNCT
cblr-11902	308	40	will	will	AUX
cblr-11902	308	41	be	be	AUX
cblr-11902	308	42	compared	compare	VERB
cblr-11902	308	43	to	to	ADP
cblr-11902	308	44	2021	2021	NUM
cblr-11902	308	45	(	(	PUNCT
cblr-11902	308	46	the	the	DET
cblr-11902	308	47	first	first	ADJ
cblr-11902	308	48	full	full	ADJ
cblr-11902	308	49	year	year	NOUN
cblr-11902	308	50	in	in	ADP
cblr-11902	308	51	which	which	PRON
cblr-11902	308	52	all	all	DET
cblr-11902	308	53	funds	fund	NOUN
cblr-11902	308	54	must	must	AUX
cblr-11902	308	55	be	be	AUX
cblr-11902	308	56	in	in	ADP
cblr-11902	308	57	compliance	compliance	NOUN
cblr-11902	308	58	with	with	ADP
cblr-11902	308	59	6c-11	6c-11	NUM
cblr-11902	308	60	)	)	PUNCT
cblr-11902	308	61	.	.	PUNCT
cblr-11902	309	1	the	the	DET
cblr-11902	309	2	part	part	NOUN
cblr-11902	309	3	then	then	ADV
cblr-11902	309	4	discusses	discuss	VERB
cblr-11902	309	5	the	the	DET
cblr-11902	309	6	data	data	NOUN
cblr-11902	309	7	sources	source	NOUN
cblr-11902	309	8	used	use	VERB
cblr-11902	309	9	and	and	CCONJ
cblr-11902	309	10	presents	present	VERB
cblr-11902	309	11	the	the	DET
cblr-11902	309	12	results	result	NOUN
cblr-11902	309	13	of	of	ADP
cblr-11902	309	14	the	the	DET
cblr-11902	309	15	analysis	analysis	NOUN
cblr-11902	309	16	.	.	PUNCT
cblr-11902	310	1	finally	finally	ADV
cblr-11902	310	2	,	,	PUNCT
cblr-11902	310	3	the	the	DET
cblr-11902	310	4	part	part	NOUN
cblr-11902	310	5	presents	present	VERB
cblr-11902	310	6	a	a	DET
cblr-11902	310	7	simple	simple	ADJ
cblr-11902	310	8	did	do	AUX
cblr-11902	310	9	model	model	NOUN
cblr-11902	310	10	that	that	PRON
cblr-11902	310	11	evaluates	evaluate	VERB
cblr-11902	310	12	the	the	DET
cblr-11902	310	13	differences	difference	NOUN
cblr-11902	310	14	in	in	ADP
cblr-11902	310	15	the	the	DET
cblr-11902	310	16	“	"	PUNCT
cblr-11902	310	17	treatment	treatment	NOUN
cblr-11902	310	18	”	"	PUNCT
cblr-11902	310	19	group	group	NOUN
cblr-11902	310	20	’s	’s	PART
cblr-11902	310	21	use	use	NOUN
cblr-11902	310	22	of	of	ADP
cblr-11902	310	23	heartbeat	heartbeat	NOUN
cblr-11902	310	24	trades	trade	NOUN
cblr-11902	310	25	.	.	PUNCT
cblr-11902	311	1	both	both	DET
cblr-11902	311	2	sets	set	NOUN
cblr-11902	311	3	of	of	ADP
cblr-11902	311	4	results	result	NOUN
cblr-11902	311	5	show	show	VERB
cblr-11902	311	6	that	that	SCONJ
cblr-11902	311	7	heartbeat	heartbeat	NOUN
cblr-11902	311	8	trades	trade	NOUN
cblr-11902	311	9	overall	overall	ADV
cblr-11902	311	10	have	have	AUX
cblr-11902	311	11	grown	grow	VERB
cblr-11902	311	12	since	since	SCONJ
cblr-11902	311	13	the	the	DET
cblr-11902	311	14	passage	passage	NOUN
cblr-11902	311	15	of	of	ADP
cblr-11902	311	16	rule	rule	NOUN
cblr-11902	311	17	6c-11	6c-11	NUM
cblr-11902	311	18	.	.	PUNCT
cblr-11902	312	1	in	in	ADP
cblr-11902	312	2	particular	particular	ADJ
cblr-11902	312	3	,	,	PUNCT
cblr-11902	312	4	the	the	DET
cblr-11902	312	5	growth	growth	NOUN
cblr-11902	312	6	in	in	ADP
cblr-11902	312	7	their	their	PRON
cblr-11902	312	8	usage	usage	NOUN
cblr-11902	312	9	has	have	AUX
cblr-11902	312	10	been	be	AUX
cblr-11902	312	11	much	much	ADV
cblr-11902	312	12	greater	great	ADJ
cblr-11902	312	13	for	for	ADP
cblr-11902	312	14	funds	fund	NOUN
cblr-11902	312	15	that	that	PRON
cblr-11902	312	16	recently	recently	ADV
cblr-11902	312	17	gained	gain	VERB
cblr-11902	312	18	access	access	NOUN
cblr-11902	312	19	to	to	ADP
cblr-11902	312	20	custom	custom	NOUN
cblr-11902	312	21	baskets	basket	NOUN
cblr-11902	312	22	compared	compare	VERB
cblr-11902	312	23	to	to	ADP
cblr-11902	312	24	those	those	DET
cblr-11902	312	25	funds	fund	NOUN
cblr-11902	312	26	that	that	PRON
cblr-11902	312	27	have	have	AUX
cblr-11902	312	28	always	always	ADV
cblr-11902	312	29	had	have	VERB
cblr-11902	312	30	access	access	NOUN
cblr-11902	312	31	.	.	PUNCT
cblr-11902	313	1	such	such	ADJ
cblr-11902	313	2	results	result	NOUN
cblr-11902	313	3	show	show	VERB
cblr-11902	313	4	that	that	SCONJ
cblr-11902	313	5	the	the	DET
cblr-11902	313	6	implementation	implementation	NOUN
cblr-11902	313	7	of	of	ADP
cblr-11902	313	8	rule	rule	NOUN
cblr-11902	313	9	6c-11	6c-11	PROPN
cblr-11902	313	10	and	and	CCONJ
cblr-11902	313	11	the	the	DET
cblr-11902	313	12	blanket	blanket	NOUN
cblr-11902	313	13	extension	extension	NOUN
cblr-11902	313	14	of	of	ADP
cblr-11902	313	15	custom	custom	NOUN
cblr-11902	313	16	basket	basket	NOUN
cblr-11902	313	17	ability	ability	NOUN
cblr-11902	313	18	has	have	AUX
cblr-11902	313	19	contributed	contribute	VERB
cblr-11902	313	20	to	to	ADP
cblr-11902	313	21	an	an	DET
cblr-11902	313	22	increase	increase	NOUN
cblr-11902	313	23	in	in	ADP
cblr-11902	313	24	heartbeat	heartbeat	NOUN
cblr-11902	313	25	trades	trade	NOUN
cblr-11902	313	26	.	.	PUNCT
cblr-11902	314	1	no	no	INTJ
cblr-11902	314	2	.	.	NOUN
cblr-11902	315	1	1	1	NUM
cblr-11902	315	2	]	]	PUNCT
cblr-11902	315	3	sec	sec	PROPN
cblr-11902	315	4	rule	rule	NOUN
cblr-11902	315	5	6c-11	6c-11	PROPN
cblr-11902	315	6	’s	’s	PART
cblr-11902	315	7	impact	impact	NOUN
cblr-11902	315	8	on	on	ADP
cblr-11902	315	9	usage	usage	NOUN
cblr-11902	315	10	of	of	ADP
cblr-11902	315	11	heartbeat	heartbeat	NOUN
cblr-11902	315	12	trades	trade	VERB
cblr-11902	315	13	557	557	NUM
cblr-11902	315	14	a.	a.	NOUN
cblr-11902	315	15	methodology	methodology	NOUN
cblr-11902	315	16	1	1	NUM
cblr-11902	315	17	.	.	X
cblr-11902	315	18	heartbeat	heartbeat	NOUN
cblr-11902	315	19	trade	trade	NOUN
cblr-11902	315	20	definition	definition	NOUN
cblr-11902	315	21	to	to	PART
cblr-11902	315	22	identify	identify	VERB
cblr-11902	315	23	heartbeat	heartbeat	NOUN
cblr-11902	315	24	trades	trade	NOUN
cblr-11902	315	25	,	,	PUNCT
cblr-11902	315	26	i	i	PRON
cblr-11902	315	27	follow	follow	VERB
cblr-11902	315	28	the	the	DET
cblr-11902	315	29	methodology	methodology	NOUN
cblr-11902	315	30	used	use	VERB
cblr-11902	315	31	by	by	ADP
cblr-11902	315	32	moussawi	moussawi	PROPN
cblr-11902	315	33	,	,	PUNCT
cblr-11902	315	34	shen	shen	NOUN
cblr-11902	315	35	and	and	CCONJ
cblr-11902	315	36	velthuis	velthuis	NOUN
cblr-11902	315	37	in	in	ADP
cblr-11902	315	38	their	their	PRON
cblr-11902	315	39	forthcoming	forthcoming	ADJ
cblr-11902	315	40	paper	paper	NOUN
cblr-11902	315	41	on	on	ADP
cblr-11902	315	42	etf	etf	NOUN
cblr-11902	315	43	heartbeat	heartbeat	NOUN
cblr-11902	315	44	trades	trade	NOUN
cblr-11902	315	45	and	and	CCONJ
cblr-11902	315	46	tax	tax	NOUN
cblr-11902	315	47	efficiency.145	efficiency.145	PROPN
cblr-11902	315	48	this	this	DET
cblr-11902	315	49	method	method	NOUN
cblr-11902	315	50	uses	use	VERB
cblr-11902	315	51	fund	fund	NOUN
cblr-11902	315	52	flow	flow	NOUN
cblr-11902	315	53	,	,	PUNCT
cblr-11902	315	54	a	a	DET
cblr-11902	315	55	measure	measure	NOUN
cblr-11902	315	56	of	of	ADP
cblr-11902	315	57	the	the	DET
cblr-11902	315	58	net	net	ADJ
cblr-11902	315	59	assets	asset	NOUN
cblr-11902	315	60	that	that	PRON
cblr-11902	315	61	flow	flow	VERB
cblr-11902	315	62	in	in	ADP
cblr-11902	315	63	or	or	CCONJ
cblr-11902	315	64	out	out	ADP
cblr-11902	315	65	of	of	ADP
cblr-11902	315	66	an	an	DET
cblr-11902	315	67	etf	etf	NOUN
cblr-11902	315	68	each	each	DET
cblr-11902	315	69	day	day	NOUN
cblr-11902	315	70	through	through	ADP
cblr-11902	315	71	the	the	DET
cblr-11902	315	72	creation	creation	NOUN
cblr-11902	315	73	and	and	CCONJ
cblr-11902	315	74	redemption	redemption	NOUN
cblr-11902	315	75	process.146	process.146	NOUN
cblr-11902	315	76	flow	flow	NOUN
cblr-11902	315	77	data	datum	NOUN
cblr-11902	315	78	can	can	AUX
cblr-11902	315	79	be	be	AUX
cblr-11902	315	80	used	use	VERB
cblr-11902	315	81	to	to	PART
cblr-11902	315	82	identify	identify	VERB
cblr-11902	315	83	heartbeat	heartbeat	NOUN
cblr-11902	315	84	trades	trade	NOUN
cblr-11902	315	85	since	since	SCONJ
cblr-11902	315	86	a	a	DET
cblr-11902	315	87	heartbeat	heartbeat	NOUN
cblr-11902	315	88	trade	trade	NOUN
cblr-11902	315	89	is	be	AUX
cblr-11902	315	90	characterized	characterize	VERB
cblr-11902	315	91	by	by	ADP
cblr-11902	315	92	a	a	DET
cblr-11902	315	93	large	large	ADJ
cblr-11902	315	94	inflow	inflow	NOUN
cblr-11902	315	95	of	of	ADP
cblr-11902	315	96	capital	capital	NOUN
cblr-11902	315	97	followed	follow	VERB
cblr-11902	315	98	by	by	ADP
cblr-11902	315	99	a	a	DET
cblr-11902	315	100	large	large	ADJ
cblr-11902	315	101	matching	matching	NOUN
cblr-11902	315	102	outflow	outflow	NOUN
cblr-11902	315	103	in	in	ADP
cblr-11902	315	104	the	the	DET
cblr-11902	315	105	following	follow	VERB
cblr-11902	315	106	days.147	days.147	NOUN
cblr-11902	315	107	in	in	ADP
cblr-11902	315	108	applying	apply	VERB
cblr-11902	315	109	this	this	DET
cblr-11902	315	110	method	method	NOUN
cblr-11902	315	111	,	,	PUNCT
cblr-11902	315	112	i	i	PRON
cblr-11902	315	113	calculate	calculate	VERB
cblr-11902	315	114	the	the	DET
cblr-11902	315	115	flow	flow	NOUN
cblr-11902	315	116	of	of	ADP
cblr-11902	315	117	a	a	DET
cblr-11902	315	118	fund	fund	NOUN
cblr-11902	315	119	on	on	ADP
cblr-11902	315	120	a	a	DET
cblr-11902	315	121	given	give	VERB
cblr-11902	315	122	day	day	NOUN
cblr-11902	315	123	,	,	PUNCT
cblr-11902	315	124	t	t	PROPN
cblr-11902	315	125	,	,	PUNCT
cblr-11902	315	126	as	as	ADP
cblr-11902	315	127	:	:	PUNCT
cblr-11902	315	128	𝑓𝑙𝑜𝑤	𝑓𝑙𝑜𝑤	NOUN
cblr-11902	315	129	=	=	SYM
cblr-11902	315	130	(	(	PUNCT
cblr-11902	315	131	𝑠ℎ𝑎𝑟𝑒𝑠	𝑠ℎ𝑎𝑟𝑒𝑠	ADJ
cblr-11902	315	132	𝑜𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔	𝑜𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔	NOUN
cblr-11902	315	133	!	!	PUNCT
cblr-11902	316	1	−	−	PROPN
cblr-11902	316	2	𝑠ℎ𝑎𝑟𝑒𝑠	𝑠ℎ𝑎𝑟𝑒𝑠	ADJ
cblr-11902	316	3	𝑜𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔!"#)148	𝑜𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔!"#)148	NOUN
cblr-11902	316	4	using	use	VERB
cblr-11902	316	5	this	this	DET
cblr-11902	316	6	variable	variable	NOUN
cblr-11902	316	7	,	,	PUNCT
cblr-11902	316	8	i	i	PRON
cblr-11902	316	9	identified	identify	VERB
cblr-11902	316	10	large	large	ADJ
cblr-11902	316	11	inflows	inflow	NOUN
cblr-11902	316	12	as	as	ADP
cblr-11902	316	13	positive	positive	ADJ
cblr-11902	316	14	flows	flow	NOUN
cblr-11902	316	15	into	into	ADP
cblr-11902	316	16	a	a	DET
cblr-11902	316	17	fund	fund	NOUN
cblr-11902	316	18	“	"	PUNCT
cblr-11902	316	19	that	that	PRON
cblr-11902	316	20	have	have	VERB
cblr-11902	316	21	a	a	DET
cblr-11902	316	22	magnitude	magnitude	NOUN
cblr-11902	316	23	of	of	ADP
cblr-11902	316	24	at	at	ADV
cblr-11902	316	25	least	least	ADV
cblr-11902	316	26	1	1	NUM
cblr-11902	316	27	%	%	NOUN
cblr-11902	316	28	relative	relative	ADJ
cblr-11902	316	29	to	to	ADP
cblr-11902	316	30	shares	share	NOUN
cblr-11902	316	31	outstanding	outstanding	ADJ
cblr-11902	316	32	.	.	PUNCT
cblr-11902	317	1	”149	”149	VERB
cblr-11902	318	1	i	i	PRON
cblr-11902	318	2	then	then	ADV
cblr-11902	318	3	excluded	exclude	VERB
cblr-11902	318	4	flows	flow	NOUN
cblr-11902	318	5	that	that	PRON
cblr-11902	318	6	equal	equal	VERB
cblr-11902	318	7	25,000	25,000	NUM
cblr-11902	318	8	or	or	CCONJ
cblr-11902	318	9	50,000	50,000	NUM
cblr-11902	318	10	shares	share	NOUN
cblr-11902	318	11	,	,	PUNCT
cblr-11902	318	12	the	the	DET
cblr-11902	318	13	size	size	NOUN
cblr-11902	318	14	of	of	ADP
cblr-11902	318	15	a	a	DET
cblr-11902	318	16	typical	typical	ADJ
cblr-11902	318	17	creation	creation	NOUN
cblr-11902	318	18	unit	unit	NOUN
cblr-11902	318	19	,	,	PUNCT
cblr-11902	318	20	because	because	SCONJ
cblr-11902	318	21	these	these	PRON
cblr-11902	318	22	flows	flow	VERB
cblr-11902	318	23	,	,	PUNCT
cblr-11902	318	24	according	accord	VERB
cblr-11902	318	25	to	to	ADP
cblr-11902	318	26	moussaswi	moussaswi	PROPN
cblr-11902	318	27	et	et	PROPN
cblr-11902	318	28	al	al	PROPN
cblr-11902	318	29	,	,	PUNCT
cblr-11902	318	30	likely	likely	ADV
cblr-11902	318	31	belong	belong	VERB
cblr-11902	318	32	to	to	ADP
cblr-11902	318	33	“	"	PUNCT
cblr-11902	318	34	infrequently	infrequently	ADV
cblr-11902	318	35	traded	trade	VERB
cblr-11902	318	36	etfs	etfs	NOUN
cblr-11902	318	37	and	and	CCONJ
cblr-11902	318	38	are	be	AUX
cblr-11902	318	39	liquidity	liquidity	NOUN
cblr-11902	318	40	driven	drive	VERB
cblr-11902	318	41	.	.	PUNCT
cblr-11902	319	1	”150	”150	PROPN
cblr-11902	320	1	i	i	PRON
cblr-11902	320	2	also	also	ADV
cblr-11902	320	3	accounted	account	VERB
cblr-11902	320	4	for	for	ADP
cblr-11902	320	5	funds	fund	NOUN
cblr-11902	320	6	’	'	PUNCT
cblr-11902	320	7	stock	stock	NOUN
cblr-11902	320	8	splits	split	VERB
cblr-11902	320	9	and	and	CCONJ
cblr-11902	320	10	excluded	exclude	VERB
cblr-11902	320	11	145	145	NUM
cblr-11902	320	12	moussawi	moussawi	NOUN
cblr-11902	320	13	et	et	PROPN
cblr-11902	320	14	al	al	PROPN
cblr-11902	320	15	.	.	PROPN
cblr-11902	320	16	,	,	PUNCT
cblr-11902	320	17	supra	supra	PROPN
cblr-11902	320	18	note	note	PROPN
cblr-11902	320	19	81	81	NUM
cblr-11902	320	20	,	,	PUNCT
cblr-11902	320	21	at	at	ADP
cblr-11902	320	22	17	17	NUM
cblr-11902	320	23	.	.	PUNCT
cblr-11902	321	1	i	i	PRON
cblr-11902	321	2	chose	choose	VERB
cblr-11902	321	3	this	this	DET
cblr-11902	321	4	method	method	NOUN
cblr-11902	321	5	because	because	SCONJ
cblr-11902	321	6	it	it	PRON
cblr-11902	321	7	builds	build	VERB
cblr-11902	321	8	upon	upon	SCONJ
cblr-11902	321	9	the	the	DET
cblr-11902	321	10	method	method	NOUN
cblr-11902	321	11	used	use	VERB
cblr-11902	321	12	by	by	ADP
cblr-11902	321	13	mider	mider	PROPN
cblr-11902	321	14	et	et	PROPN
cblr-11902	321	15	al	al	PROPN
cblr-11902	321	16	.	.	PROPN
cblr-11902	322	1	in	in	ADP
cblr-11902	322	2	the	the	DET
cblr-11902	322	3	etf	etf	NOUN
cblr-11902	322	4	tax	tax	NOUN
cblr-11902	322	5	dodge	dodge	NOUN
cblr-11902	322	6	is	be	AUX
cblr-11902	322	7	wall	wall	PROPN
cblr-11902	322	8	street	street	PROPN
cblr-11902	322	9	’s	’s	PART
cblr-11902	322	10	‘	'	PUNCT
cblr-11902	322	11	dirty	dirty	ADJ
cblr-11902	322	12	little	little	ADJ
cblr-11902	322	13	secret	secret	NOUN
cblr-11902	322	14	’	'	PUNCT
cblr-11902	322	15	,	,	PUNCT
cblr-11902	322	16	the	the	DET
cblr-11902	322	17	first	first	ADJ
cblr-11902	322	18	source	source	NOUN
cblr-11902	322	19	to	to	PART
cblr-11902	322	20	lay	lay	VERB
cblr-11902	322	21	out	out	ADP
cblr-11902	322	22	a	a	DET
cblr-11902	322	23	mechanical	mechanical	ADJ
cblr-11902	322	24	way	way	NOUN
cblr-11902	322	25	to	to	PART
cblr-11902	322	26	identify	identify	VERB
cblr-11902	322	27	heartbeat	heartbeat	NOUN
cblr-11902	322	28	trades	trade	NOUN
cblr-11902	322	29	.	.	PUNCT
cblr-11902	323	1	the	the	DET
cblr-11902	323	2	method	method	NOUN
cblr-11902	323	3	used	use	VERB
cblr-11902	323	4	by	by	ADP
cblr-11902	323	5	moussawi	moussawi	PROPN
cblr-11902	323	6	et	et	PROPN
cblr-11902	323	7	al	al	PROPN
cblr-11902	323	8	.	.	PROPN
cblr-11902	323	9	has	have	VERB
cblr-11902	323	10	to	to	PART
cblr-11902	323	11	benefit	benefit	VERB
cblr-11902	323	12	of	of	ADP
cblr-11902	323	13	listing	list	VERB
cblr-11902	323	14	all	all	DET
cblr-11902	323	15	criteria	criterion	NOUN
cblr-11902	323	16	used	use	VERB
cblr-11902	323	17	to	to	PART
cblr-11902	323	18	screen	screen	VERB
cblr-11902	323	19	for	for	ADP
cblr-11902	323	20	heartbeats	heartbeat	NOUN
cblr-11902	323	21	,	,	PUNCT
cblr-11902	323	22	while	while	SCONJ
cblr-11902	323	23	mider	mider	PROPN
cblr-11902	323	24	et	et	PROPN
cblr-11902	323	25	al	al	PROPN
cblr-11902	323	26	.	.	PROPN
cblr-11902	323	27	list	list	NOUN
cblr-11902	323	28	some	some	PRON
cblr-11902	323	29	but	but	CCONJ
cblr-11902	323	30	also	also	ADV
cblr-11902	323	31	allude	allude	VERB
cblr-11902	323	32	to	to	ADP
cblr-11902	323	33	“	"	PUNCT
cblr-11902	323	34	other	other	ADJ
cblr-11902	323	35	criteria	criterion	NOUN
cblr-11902	323	36	”	"	PUNCT
cblr-11902	323	37	that	that	PRON
cblr-11902	323	38	was	be	AUX
cblr-11902	323	39	not	not	PART
cblr-11902	323	40	disclosed	disclose	VERB
cblr-11902	323	41	.	.	PUNCT
cblr-11902	324	1	146	146	NUM
cblr-11902	324	2	see	see	VERB
cblr-11902	324	3	margaret	margaret	PROPN
cblr-11902	324	4	giles	giles	PROPN
cblr-11902	324	5	,	,	PUNCT
cblr-11902	324	6	what	what	PRON
cblr-11902	324	7	are	be	AUX
cblr-11902	324	8	fund	fund	NOUN
cblr-11902	324	9	flows	flow	NOUN
cblr-11902	324	10	and	and	CCONJ
cblr-11902	324	11	why	why	SCONJ
cblr-11902	324	12	do	do	AUX
cblr-11902	324	13	they	they	PRON
cblr-11902	324	14	matter	matter	VERB
cblr-11902	324	15	?	?	PUNCT
cblr-11902	324	16	,	,	PUNCT
cblr-11902	324	17	morningstar	morningstar	PROPN
cblr-11902	324	18	(	(	PUNCT
cblr-11902	324	19	dec	dec	PROPN
cblr-11902	324	20	.	.	PROPN
cblr-11902	324	21	17	17	NUM
cblr-11902	324	22	,	,	PUNCT
cblr-11902	324	23	2020	2020	NUM
cblr-11902	324	24	)	)	PUNCT
cblr-11902	324	25	,	,	PUNCT
cblr-11902	324	26	https://www.morningstar.com/articles/1014854/what-are-fund-flows-andwhy-do-they-matter	https://www.morningstar.com/articles/1014854/what-are-fund-flows-andwhy-do-they-matter	X
cblr-11902	325	1	[	[	X
cblr-11902	325	2	https://perma.cc/88cp-d3u7	https://perma.cc/88cp-d3u7	NOUN
cblr-11902	325	3	]	]	X
cblr-11902	325	4	.	.	PUNCT
cblr-11902	326	1	147	147	NUM
cblr-11902	326	2	see	see	VERB
cblr-11902	326	3	moussawi	moussawi	PROPN
cblr-11902	326	4	et	et	PROPN
cblr-11902	326	5	al	al	PROPN
cblr-11902	326	6	.	.	PROPN
cblr-11902	326	7	,	,	PUNCT
cblr-11902	326	8	supra	supra	PROPN
cblr-11902	326	9	note	note	PROPN
cblr-11902	326	10	81	81	NUM
cblr-11902	326	11	,	,	PUNCT
cblr-11902	326	12	at	at	ADP
cblr-11902	326	13	17	17	NUM
cblr-11902	326	14	.	.	PUNCT
cblr-11902	327	1	148	148	NUM
cblr-11902	327	2	see	see	VERB
cblr-11902	327	3	dave	dave	PROPN
cblr-11902	327	4	nadig	nadig	PROPN
cblr-11902	327	5	,	,	PUNCT
cblr-11902	327	6	understanding	understand	VERB
cblr-11902	327	7	etf	etf	PROPN
cblr-11902	327	8	daily	daily	PROPN
cblr-11902	327	9	data	datum	NOUN
cblr-11902	327	10	,	,	PUNCT
cblr-11902	327	11	etf.com	etf.com	X
cblr-11902	327	12	(	(	PUNCT
cblr-11902	327	13	july	july	PROPN
cblr-11902	327	14	6	6	NUM
cblr-11902	327	15	,	,	PUNCT
cblr-11902	327	16	2010	2010	NUM
cblr-11902	327	17	)	)	PUNCT
cblr-11902	327	18	,	,	PUNCT
cblr-11902	327	19	https://www.etf.com/sections/blog/7766-understanding-etf-daily-data.html	https://www.etf.com/sections/blog/7766-understanding-etf-daily-data.html	X
cblr-11902	328	1	[	[	X
cblr-11902	328	2	https://perma.cc/yas4-35ry	https://perma.cc/yas4-35ry	X
cblr-11902	328	3	]	]	PUNCT
cblr-11902	328	4	(	(	PUNCT
cblr-11902	328	5	noting	note	VERB
cblr-11902	328	6	that	that	SCONJ
cblr-11902	328	7	“	"	PUNCT
cblr-11902	328	8	changes	change	NOUN
cblr-11902	328	9	in	in	ADP
cblr-11902	328	10	shares	share	NOUN
cblr-11902	328	11	outstanding	outstanding	ADJ
cblr-11902	328	12	create	create	VERB
cblr-11902	328	13	a	a	DET
cblr-11902	328	14	picture	picture	NOUN
cblr-11902	328	15	of	of	ADP
cblr-11902	328	16	asset	asset	NOUN
cblr-11902	328	17	flows	flow	VERB
cblr-11902	328	18	from	from	ADP
cblr-11902	328	19	day	day	NOUN
cblr-11902	328	20	to	to	ADP
cblr-11902	328	21	day	day	NOUN
cblr-11902	328	22	”	"	PUNCT
cblr-11902	328	23	)	)	PUNCT
cblr-11902	328	24	.	.	PUNCT
cblr-11902	329	1	149	149	NUM
cblr-11902	329	2	moussawi	moussawi	NOUN
cblr-11902	329	3	et	et	PROPN
cblr-11902	329	4	al	al	PROPN
cblr-11902	329	5	.	.	PROPN
cblr-11902	329	6	,	,	PUNCT
cblr-11902	329	7	supra	supra	PROPN
cblr-11902	329	8	note	note	PROPN
cblr-11902	329	9	81	81	NUM
cblr-11902	329	10	,	,	PUNCT
cblr-11902	329	11	at	at	ADP
cblr-11902	329	12	17	17	NUM
cblr-11902	329	13	.	.	PUNCT
cblr-11902	329	14	150	150	NUM
cblr-11902	330	1	i	i	PRON
cblr-11902	330	2	d.	d.	PROPN
cblr-11902	330	3	558	558	NUM
cblr-11902	330	4	columbia	columbia	PROPN
cblr-11902	330	5	business	business	NOUN
cblr-11902	330	6	law	law	PROPN
cblr-11902	330	7	review	review	NOUN
cblr-11902	330	8	[	[	X
cblr-11902	330	9	vol	vol	NOUN
cblr-11902	330	10	.	.	PUNCT
cblr-11902	330	11	2023	2023	NUM
cblr-11902	330	12	the	the	DET
cblr-11902	330	13	large	large	ADJ
cblr-11902	330	14	flows	flow	NOUN
cblr-11902	330	15	resulting	result	VERB
cblr-11902	330	16	from	from	ADP
cblr-11902	330	17	stock	stock	NOUN
cblr-11902	330	18	splits.151	splits.151	PROPN
cblr-11902	330	19	i	i	PRON
cblr-11902	330	20	determined	determine	VERB
cblr-11902	330	21	if	if	SCONJ
cblr-11902	330	22	an	an	DET
cblr-11902	330	23	inflow	inflow	NOUN
cblr-11902	330	24	is	be	AUX
cblr-11902	330	25	a	a	DET
cblr-11902	330	26	heartbeat	heartbeat	NOUN
cblr-11902	330	27	trade	trade	NOUN
cblr-11902	330	28	by	by	ADP
cblr-11902	330	29	comparing	compare	VERB
cblr-11902	330	30	the	the	DET
cblr-11902	330	31	inflow	inflow	NOUN
cblr-11902	330	32	to	to	ADP
cblr-11902	330	33	the	the	DET
cblr-11902	330	34	flows	flow	NOUN
cblr-11902	330	35	of	of	ADP
cblr-11902	330	36	the	the	DET
cblr-11902	330	37	surrounding	surround	VERB
cblr-11902	330	38	days	day	NOUN
cblr-11902	330	39	.	.	PUNCT
cblr-11902	331	1	to	to	PART
cblr-11902	331	2	be	be	AUX
cblr-11902	331	3	considered	consider	VERB
cblr-11902	331	4	a	a	DET
cblr-11902	331	5	heartbeat	heartbeat	NOUN
cblr-11902	331	6	trade	trade	NOUN
cblr-11902	331	7	,	,	PUNCT
cblr-11902	331	8	the	the	DET
cblr-11902	331	9	percentage	percentage	NOUN
cblr-11902	331	10	change	change	NOUN
cblr-11902	331	11	in	in	ADP
cblr-11902	331	12	flow	flow	NOUN
cblr-11902	331	13	on	on	ADP
cblr-11902	331	14	the	the	DET
cblr-11902	331	15	day	day	NOUN
cblr-11902	331	16	in	in	ADP
cblr-11902	331	17	question	question	NOUN
cblr-11902	331	18	must	must	AUX
cblr-11902	331	19	be	be	AUX
cblr-11902	331	20	at	at	ADV
cblr-11902	331	21	least	least	ADV
cblr-11902	331	22	three	three	NUM
cblr-11902	331	23	times	time	NOUN
cblr-11902	331	24	as	as	ADV
cblr-11902	331	25	large	large	ADJ
cblr-11902	331	26	as	as	ADP
cblr-11902	331	27	the	the	DET
cblr-11902	331	28	largest	large	ADJ
cblr-11902	331	29	of	of	ADP
cblr-11902	331	30	:	:	PUNCT
cblr-11902	331	31	(	(	PUNCT
cblr-11902	331	32	1	1	X
cblr-11902	331	33	)	)	PUNCT
cblr-11902	331	34	the	the	DET
cblr-11902	331	35	maximum	maximum	ADJ
cblr-11902	331	36	absolute	absolute	ADJ
cblr-11902	331	37	percentage	percentage	NOUN
cblr-11902	331	38	flow	flow	NOUN
cblr-11902	331	39	in	in	ADP
cblr-11902	331	40	the	the	DET
cblr-11902	331	41	fifteen	fifteen	ADJ
cblr-11902	331	42	days	day	NOUN
cblr-11902	331	43	prior	prior	ADV
cblr-11902	331	44	;	;	PUNCT
cblr-11902	331	45	(	(	PUNCT
cblr-11902	331	46	2	2	X
cblr-11902	331	47	)	)	PUNCT
cblr-11902	331	48	the	the	DET
cblr-11902	331	49	maximum	maximum	ADJ
cblr-11902	331	50	percentage	percentage	NOUN
cblr-11902	331	51	inflow	inflow	NOUN
cblr-11902	331	52	during	during	ADP
cblr-11902	331	53	the	the	DET
cblr-11902	331	54	fifteen	fifteen	ADJ
cblr-11902	331	55	days	day	NOUN
cblr-11902	331	56	after	after	ADV
cblr-11902	331	57	;	;	PUNCT
cblr-11902	331	58	and	and	CCONJ
cblr-11902	331	59	(	(	PUNCT
cblr-11902	331	60	3	3	X
cblr-11902	331	61	)	)	PUNCT
cblr-11902	331	62	the	the	DET
cblr-11902	331	63	maximum	maximum	ADJ
cblr-11902	331	64	absolute	absolute	ADJ
cblr-11902	331	65	percentage	percentage	NOUN
cblr-11902	331	66	flow	flow	NOUN
cblr-11902	331	67	in	in	ADP
cblr-11902	331	68	days	day	NOUN
cblr-11902	331	69	eight	eight	NUM
cblr-11902	331	70	through	through	ADP
cblr-11902	331	71	fifteen	fifteen	NUM
cblr-11902	331	72	following	follow	VERB
cblr-11902	331	73	the	the	DET
cblr-11902	331	74	inflow.152additionally	inflow.152additionally	NOUN
cblr-11902	331	75	,	,	PUNCT
cblr-11902	331	76	the	the	DET
cblr-11902	331	77	cumulative	cumulative	ADJ
cblr-11902	331	78	outflow	outflow	NOUN
cblr-11902	331	79	in	in	ADP
cblr-11902	331	80	the	the	DET
cblr-11902	331	81	seven	seven	NUM
cblr-11902	331	82	days	day	NOUN
cblr-11902	331	83	following	follow	VERB
cblr-11902	331	84	the	the	DET
cblr-11902	331	85	flow	flow	NOUN
cblr-11902	331	86	must	must	AUX
cblr-11902	331	87	reverse	reverse	VERB
cblr-11902	331	88	at	at	ADV
cblr-11902	331	89	least	least	ADJ
cblr-11902	331	90	seventy	seventy	NUM
cblr-11902	331	91	-	-	PUNCT
cblr-11902	331	92	five	five	NUM
cblr-11902	331	93	percent	percent	NOUN
cblr-11902	331	94	of	of	ADP
cblr-11902	331	95	the	the	DET
cblr-11902	331	96	flow.153	flow.153	ADJ
cblr-11902	331	97	figure	figure	NOUN
cblr-11902	331	98	a	a	PRON
cblr-11902	331	99	provides	provide	VERB
cblr-11902	331	100	an	an	DET
cblr-11902	331	101	illustration	illustration	NOUN
cblr-11902	331	102	of	of	ADP
cblr-11902	331	103	the	the	DET
cblr-11902	331	104	detection	detection	NOUN
cblr-11902	331	105	method.154	method.154	NOUN
cblr-11902	331	106	figure	figure	NOUN
cblr-11902	331	107	2	2	NUM
cblr-11902	331	108	,	,	PUNCT
cblr-11902	331	109	below	below	ADV
cblr-11902	331	110	,	,	PUNCT
cblr-11902	331	111	provides	provide	VERB
cblr-11902	331	112	an	an	DET
cblr-11902	331	113	illustration	illustration	NOUN
cblr-11902	331	114	of	of	ADP
cblr-11902	331	115	vanguard	vanguard	PROPN
cblr-11902	331	116	s&p	s&p	PROPN
cblr-11902	331	117	mid	mid	PROPN
cblr-11902	331	118	-	-	NOUN
cblr-11902	331	119	cap	cap	ADJ
cblr-11902	331	120	400	400	NUM
cblr-11902	331	121	index	index	NOUN
cblr-11902	331	122	fund	fund	NOUN
cblr-11902	331	123	etf	etf	NOUN
cblr-11902	331	124	(	(	PUNCT
cblr-11902	331	125	ivoo	ivoo	PROPN
cblr-11902	331	126	)	)	PUNCT
cblr-11902	331	127	fund	fund	NOUN
cblr-11902	331	128	and	and	CCONJ
cblr-11902	331	129	its	its	PRON
cblr-11902	331	130	heartbeat	heartbeat	NOUN
cblr-11902	331	131	trades	trade	NOUN
cblr-11902	331	132	detected	detect	VERB
cblr-11902	331	133	using	use	VERB
cblr-11902	331	134	this	this	DET
cblr-11902	331	135	method	method	NOUN
cblr-11902	331	136	.	.	PUNCT
cblr-11902	332	1	figure	figure	NOUN
cblr-11902	332	2	2	2	NUM
cblr-11902	332	3	:	:	PUNCT
cblr-11902	332	4	ivoo	ivoo	PROPN
cblr-11902	332	5	heartbeat	heartbeat	NOUN
cblr-11902	332	6	trades	trade	VERB
cblr-11902	332	7	151	151	NUM
cblr-11902	332	8	to	to	PART
cblr-11902	332	9	do	do	VERB
cblr-11902	332	10	so	so	ADV
cblr-11902	332	11	,	,	PUNCT
cblr-11902	332	12	i	i	PRON
cblr-11902	332	13	used	use	VERB
cblr-11902	332	14	center	center	NOUN
cblr-11902	332	15	for	for	ADP
cblr-11902	332	16	research	research	NOUN
cblr-11902	332	17	in	in	ADP
cblr-11902	332	18	security	security	NOUN
cblr-11902	332	19	prices	price	NOUN
cblr-11902	332	20	(	(	PUNCT
cblr-11902	332	21	crsp	crsp	NOUN
cblr-11902	332	22	)	)	PUNCT
cblr-11902	332	23	daily	daily	ADJ
cblr-11902	332	24	stock	stock	NOUN
cblr-11902	332	25	data	datum	NOUN
cblr-11902	332	26	,	,	PUNCT
cblr-11902	332	27	which	which	PRON
cblr-11902	332	28	has	have	VERB
cblr-11902	332	29	a	a	DET
cblr-11902	332	30	variable	variable	ADJ
cblr-11902	332	31	“	"	PUNCT
cblr-11902	332	32	cumulative	cumulative	ADJ
cblr-11902	332	33	factor	factor	NOUN
cblr-11902	332	34	to	to	PART
cblr-11902	332	35	adjust	adjust	VERB
cblr-11902	332	36	shares	share	NOUN
cblr-11902	332	37	”	"	PUNCT
cblr-11902	332	38	(	(	PUNCT
cblr-11902	332	39	cfacshr	cfacshr	NOUN
cblr-11902	332	40	)	)	PUNCT
cblr-11902	332	41	,	,	PUNCT
cblr-11902	332	42	which	which	PRON
cblr-11902	332	43	is	be	AUX
cblr-11902	332	44	equal	equal	ADJ
cblr-11902	332	45	to	to	ADP
cblr-11902	332	46	1	1	NUM
cblr-11902	332	47	on	on	ADP
cblr-11902	332	48	days	day	NOUN
cblr-11902	332	49	where	where	SCONJ
cblr-11902	332	50	there	there	PRON
cblr-11902	332	51	is	be	VERB
cblr-11902	332	52	not	not	PART
cblr-11902	332	53	a	a	DET
cblr-11902	332	54	stock	stock	NOUN
cblr-11902	332	55	split	split	NOUN
cblr-11902	332	56	.	.	PUNCT
cblr-11902	333	1	the	the	DET
cblr-11902	333	2	data	datum	NOUN
cblr-11902	333	3	was	be	AUX
cblr-11902	333	4	retrieved	retrieve	VERB
cblr-11902	333	5	from	from	ADP
cblr-11902	333	6	wharton	wharton	PROPN
cblr-11902	333	7	research	research	NOUN
cblr-11902	333	8	data	datum	NOUN
cblr-11902	333	9	service	service	NOUN
cblr-11902	333	10	(	(	PUNCT
cblr-11902	333	11	wrds	wrd	NOUN
cblr-11902	333	12	)	)	PUNCT
cblr-11902	333	13	.	.	PUNCT
cblr-11902	334	1	152	152	NUM
cblr-11902	334	2	see	see	VERB
cblr-11902	334	3	moussawi	moussawi	PROPN
cblr-11902	334	4	et	et	PROPN
cblr-11902	334	5	al	al	PROPN
cblr-11902	334	6	.	.	PROPN
cblr-11902	334	7	,	,	PUNCT
cblr-11902	334	8	supra	supra	PROPN
cblr-11902	334	9	note	note	PROPN
cblr-11902	334	10	81	81	NUM
cblr-11902	334	11	,	,	PUNCT
cblr-11902	334	12	at	at	ADP
cblr-11902	334	13	45	45	NUM
cblr-11902	334	14	.	.	NOUN
cblr-11902	334	15	153	153	NUM
cblr-11902	334	16	i	i	PROPN
cblr-11902	334	17	d.	d.	PROPN
cblr-11902	334	18	154	154	NUM
cblr-11902	334	19	see	see	VERB
cblr-11902	334	20	infra	infra	NOUN
cblr-11902	334	21	figure	figure	NOUN
cblr-11902	334	22	a.	a.	NOUN
cblr-11902	334	23	6.25	6.25	NUM
cblr-11902	334	24	6.75	6.75	NUM
cblr-11902	334	25	7.25	7.25	NUM
cblr-11902	334	26	7.75	7.75	NUM
cblr-11902	334	27	8.25	8.25	NUM
cblr-11902	334	28	8.75	8.75	NUM
cblr-11902	334	29	jan	jan	PROPN
cblr-11902	334	30	-18	-18	PROPN
cblr-11902	334	31	mar18	mar18	PROPN
cblr-11902	334	32	may18	may18	PROPN
cblr-11902	335	1	jul	jul	PROPN
cblr-11902	335	2	-18	-18	PROPN
cblr-11902	335	3	sep18	sep18	PROPN
cblr-11902	335	4	nov18	nov18	NOUN
cblr-11902	335	5	jan	jan	PROPN
cblr-11902	335	6	-19	-19	PROPN
cblr-11902	335	7	mar19	mar19	NOUN
cblr-11902	335	8	may19	may19	PROPN
cblr-11902	335	9	jul	jul	PROPN
cblr-11902	335	10	-19	-19	PROPN
cblr-11902	335	11	sep19	sep19	PROPN
cblr-11902	335	12	nov19	nov19	PROPN
cblr-11902	335	13	jan	jan	PROPN
cblr-11902	335	14	-20	-20	PUNCT
cblr-11902	335	15	mar20	mar20	NOUN
cblr-11902	335	16	may20	may20	PROPN
cblr-11902	335	17	jul	jul	PROPN
cblr-11902	335	18	-20	-20	PROPN
cblr-11902	335	19	sep20	sep20	NOUN
cblr-11902	335	20	nov20	nov20	PROPN
cblr-11902	335	21	jan	jan	PROPN
cblr-11902	335	22	-21	-21	PROPN
cblr-11902	335	23	mar21	mar21	PROPN
cblr-11902	335	24	may21	may21	PROPN
cblr-11902	335	25	jul	jul	PROPN
cblr-11902	335	26	-21	-21	PROPN
cblr-11902	335	27	sep21	sep21	PROPN
cblr-11902	335	28	sa	sa	PROPN
cblr-11902	335	29	hr	hr	PROPN
cblr-11902	335	30	es	es	ADP
cblr-11902	335	31	o	o	PROPN
cblr-11902	335	32	ut	ut	PROPN
cblr-11902	335	33	sa	sa	PROPN
cblr-11902	335	34	nd	nd	PROPN
cblr-11902	335	35	in	in	ADP
cblr-11902	335	36	g	g	PROPN
cblr-11902	335	37	(	(	PUNCT
cblr-11902	335	38	in	in	ADP
cblr-11902	335	39	m	m	PROPN
cblr-11902	335	40	ill	ill	PROPN
cblr-11902	335	41	io	io	X
cblr-11902	335	42	ns	ns	NUM
cblr-11902	335	43	)	)	PUNCT
cblr-11902	335	44	date(daily	date(daily	ADV
cblr-11902	335	45	)	)	PUNCT
cblr-11902	335	46	ivoo	ivoo	ADJ
cblr-11902	335	47	shares	share	NOUN
cblr-11902	335	48	outstanding	outstanding	ADJ
cblr-11902	335	49	no	no	NOUN
cblr-11902	335	50	.	.	NOUN
cblr-11902	335	51	1	1	NUM
cblr-11902	335	52	]	]	PUNCT
cblr-11902	335	53	sec	sec	PROPN
cblr-11902	335	54	rule	rule	NOUN
cblr-11902	335	55	6c-11	6c-11	PROPN
cblr-11902	335	56	’s	’s	PART
cblr-11902	335	57	impact	impact	NOUN
cblr-11902	335	58	on	on	ADP
cblr-11902	335	59	usage	usage	NOUN
cblr-11902	335	60	of	of	ADP
cblr-11902	335	61	heartbeat	heartbeat	NOUN
cblr-11902	335	62	trades	trade	NOUN
cblr-11902	335	63	559	559	NUM
cblr-11902	335	64	2	2	NUM
cblr-11902	335	65	.	.	PUNCT
cblr-11902	335	66	identification	identification	NOUN
cblr-11902	335	67	of	of	ADP
cblr-11902	335	68	etfs	etfs	PROPN
cblr-11902	335	69	with	with	ADP
cblr-11902	335	70	new	new	ADJ
cblr-11902	335	71	access	access	NOUN
cblr-11902	335	72	to	to	ADP
cblr-11902	335	73	custom	custom	NOUN
cblr-11902	335	74	baskets	basket	NOUN
cblr-11902	335	75	to	to	PART
cblr-11902	335	76	analyze	analyze	VERB
cblr-11902	335	77	the	the	DET
cblr-11902	335	78	effect	effect	NOUN
cblr-11902	335	79	of	of	ADP
cblr-11902	335	80	the	the	DET
cblr-11902	335	81	newly	newly	ADV
cblr-11902	335	82	accessible	accessible	ADJ
cblr-11902	335	83	custom	custom	NOUN
cblr-11902	335	84	basket	basket	NOUN
cblr-11902	335	85	mechanism	mechanism	NOUN
cblr-11902	335	86	on	on	ADP
cblr-11902	335	87	heartbeat	heartbeat	NOUN
cblr-11902	335	88	trade	trade	NOUN
cblr-11902	335	89	frequency	frequency	NOUN
cblr-11902	335	90	,	,	PUNCT
cblr-11902	335	91	etfs	etfs	PROPN
cblr-11902	335	92	need	need	VERB
cblr-11902	335	93	to	to	PART
cblr-11902	335	94	be	be	AUX
cblr-11902	335	95	divided	divide	VERB
cblr-11902	335	96	into	into	ADP
cblr-11902	335	97	those	those	PRON
cblr-11902	335	98	that	that	PRON
cblr-11902	335	99	had	have	VERB
cblr-11902	335	100	the	the	DET
cblr-11902	335	101	ability	ability	NOUN
cblr-11902	335	102	to	to	PART
cblr-11902	335	103	use	use	VERB
cblr-11902	335	104	custom	custom	NOUN
cblr-11902	335	105	baskets	basket	NOUN
cblr-11902	335	106	before	before	ADP
cblr-11902	335	107	rule	rule	NOUN
cblr-11902	335	108	6c-11	6c-11	PROPN
cblr-11902	335	109	(	(	PUNCT
cblr-11902	335	110	the	the	DET
cblr-11902	335	111	control	control	NOUN
cblr-11902	335	112	group	group	NOUN
cblr-11902	335	113	)	)	PUNCT
cblr-11902	335	114	and	and	CCONJ
cblr-11902	335	115	those	those	PRON
cblr-11902	335	116	that	that	PRON
cblr-11902	335	117	gained	gain	VERB
cblr-11902	335	118	it	it	PRON
cblr-11902	335	119	after	after	SCONJ
cblr-11902	335	120	the	the	DET
cblr-11902	335	121	rule	rule	NOUN
cblr-11902	335	122	went	go	VERB
cblr-11902	335	123	into	into	ADP
cblr-11902	335	124	effect	effect	NOUN
cblr-11902	335	125	(	(	PUNCT
cblr-11902	335	126	the	the	DET
cblr-11902	335	127	treatment	treatment	NOUN
cblr-11902	335	128	group	group	NOUN
cblr-11902	335	129	)	)	PUNCT
cblr-11902	335	130	.	.	PUNCT
cblr-11902	336	1	an	an	DET
cblr-11902	336	2	etf	etf	NOUN
cblr-11902	336	3	would	would	AUX
cblr-11902	336	4	have	have	AUX
cblr-11902	336	5	had	have	VERB
cblr-11902	336	6	the	the	DET
cblr-11902	336	7	ability	ability	NOUN
cblr-11902	336	8	to	to	PART
cblr-11902	336	9	use	use	VERB
cblr-11902	336	10	custom	custom	NOUN
cblr-11902	336	11	baskets	basket	NOUN
cblr-11902	336	12	if	if	SCONJ
cblr-11902	336	13	the	the	DET
cblr-11902	336	14	firm	firm	NOUN
cblr-11902	336	15	that	that	PRON
cblr-11902	336	16	issued	issue	VERB
cblr-11902	336	17	the	the	DET
cblr-11902	336	18	etf	etf	NOUN
cblr-11902	336	19	was	be	AUX
cblr-11902	336	20	given	give	VERB
cblr-11902	336	21	an	an	DET
cblr-11902	336	22	exemption	exemption	NOUN
cblr-11902	336	23	prior	prior	ADV
cblr-11902	336	24	to	to	ADP
cblr-11902	336	25	2006.155	2006.155	NUM
cblr-11902	336	26	therefore	therefore	ADV
cblr-11902	336	27	,	,	PUNCT
cblr-11902	336	28	this	this	DET
cblr-11902	336	29	paper	paper	NOUN
cblr-11902	336	30	identifies	identify	VERB
cblr-11902	336	31	the	the	DET
cblr-11902	336	32	issuing	issue	VERB
cblr-11902	336	33	firm	firm	NOUN
cblr-11902	336	34	for	for	ADP
cblr-11902	336	35	every	every	DET
cblr-11902	336	36	etf.156	etf.156	NOUN
cblr-11902	336	37	for	for	ADP
cblr-11902	336	38	each	each	DET
cblr-11902	336	39	firm	firm	NOUN
cblr-11902	336	40	,	,	PUNCT
cblr-11902	336	41	this	this	DET
cblr-11902	336	42	paper	paper	NOUN
cblr-11902	336	43	also	also	ADV
cblr-11902	336	44	identifies	identify	VERB
cblr-11902	336	45	the	the	DET
cblr-11902	336	46	date	date	NOUN
cblr-11902	336	47	the	the	DET
cblr-11902	336	48	first	first	ADJ
cblr-11902	336	49	respective	respective	ADJ
cblr-11902	336	50	etf	etf	NOUN
cblr-11902	336	51	was	be	AUX
cblr-11902	336	52	created	create	VERB
cblr-11902	336	53	in	in	ADP
cblr-11902	336	54	order	order	NOUN
cblr-11902	336	55	to	to	PART
cblr-11902	336	56	determine	determine	VERB
cblr-11902	336	57	when	when	SCONJ
cblr-11902	336	58	the	the	DET
cblr-11902	336	59	firm	firm	NOUN
cblr-11902	336	60	was	be	AUX
cblr-11902	336	61	first	first	ADV
cblr-11902	336	62	granted	grant	VERB
cblr-11902	336	63	an	an	DET
cblr-11902	336	64	exemptive	exemptive	NOUN
cblr-11902	336	65	order.157	order.157	NOUN
cblr-11902	336	66	in	in	ADP
cblr-11902	336	67	its	its	PRON
cblr-11902	336	68	final	final	ADJ
cblr-11902	336	69	rule	rule	NOUN
cblr-11902	336	70	,	,	PUNCT
cblr-11902	336	71	the	the	DET
cblr-11902	336	72	sec	sec	PROPN
cblr-11902	336	73	cites	cite	VERB
cblr-11902	336	74	its	its	PRON
cblr-11902	336	75	2006	2006	NUM
cblr-11902	336	76	exemptive	exemptive	NOUN
cblr-11902	336	77	order	order	NOUN
cblr-11902	336	78	for	for	ADP
cblr-11902	336	79	wisdomtree	wisdomtree	ADJ
cblr-11902	336	80	investments	investment	NOUN
cblr-11902	336	81	as	as	ADP
cblr-11902	336	82	an	an	DET
cblr-11902	336	83	example	example	NOUN
cblr-11902	336	84	that	that	PRON
cblr-11902	336	85	occurred	occur	VERB
cblr-11902	336	86	around	around	ADP
cblr-11902	336	87	the	the	DET
cblr-11902	336	88	time	time	NOUN
cblr-11902	336	89	it	it	PRON
cblr-11902	336	90	began	begin	VERB
cblr-11902	336	91	to	to	PART
cblr-11902	336	92	place	place	VERB
cblr-11902	336	93	restrictions	restriction	NOUN
cblr-11902	336	94	on	on	ADP
cblr-11902	336	95	custom	custom	NOUN
cblr-11902	336	96	basket	basket	NOUN
cblr-11902	336	97	procedures.158	procedures.158	NOUN
cblr-11902	336	98	therefore	therefore	ADV
cblr-11902	336	99	,	,	PUNCT
cblr-11902	336	100	any	any	DET
cblr-11902	336	101	firm	firm	NOUN
cblr-11902	336	102	with	with	ADP
cblr-11902	336	103	an	an	DET
cblr-11902	336	104	etf	etf	NOUN
cblr-11902	336	105	that	that	PRON
cblr-11902	336	106	came	come	VERB
cblr-11902	336	107	to	to	ADP
cblr-11902	336	108	market	market	NOUN
cblr-11902	336	109	before	before	SCONJ
cblr-11902	336	110	wisdomtree	wisdomtree	NOUN
cblr-11902	336	111	would	would	AUX
cblr-11902	336	112	have	have	VERB
cblr-11902	336	113	access	access	NOUN
cblr-11902	336	114	to	to	ADP
cblr-11902	336	115	custom	custom	NOUN
cblr-11902	336	116	baskets	basket	NOUN
cblr-11902	336	117	as	as	SCONJ
cblr-11902	336	118	this	this	PRON
cblr-11902	336	119	was	be	AUX
cblr-11902	336	120	a	a	DET
cblr-11902	336	121	time	time	NOUN
cblr-11902	336	122	when	when	SCONJ
cblr-11902	336	123	no	no	DET
cblr-11902	336	124	restrictions	restriction	NOUN
cblr-11902	336	125	were	be	AUX
cblr-11902	336	126	in	in	ADP
cblr-11902	336	127	place.159	place.159	NUM
cblr-11902	336	128	using	use	VERB
cblr-11902	336	129	this	this	DET
cblr-11902	336	130	cutoff	cutoff	NOUN
cblr-11902	336	131	,	,	PUNCT
cblr-11902	336	132	this	this	DET
cblr-11902	336	133	paper	paper	NOUN
cblr-11902	336	134	found	find	VERB
cblr-11902	336	135	that	that	SCONJ
cblr-11902	336	136	there	there	PRON
cblr-11902	336	137	are	be	VERB
cblr-11902	336	138	17	17	NUM
cblr-11902	336	139	etf	etf	NOUN
cblr-11902	336	140	firms	firm	NOUN
cblr-11902	336	141	created	create	VERB
cblr-11902	336	142	before	before	ADP
cblr-11902	336	143	this	this	DET
cblr-11902	336	144	date	date	NOUN
cblr-11902	336	145	and	and	CCONJ
cblr-11902	336	146	that	that	SCONJ
cblr-11902	336	147	those	those	DET
cblr-11902	336	148	firms	firm	NOUN
cblr-11902	336	149	manage	manage	VERB
cblr-11902	336	150	1,367	1,367	NUM
cblr-11902	336	151	etfs.160	etfs.160	NOUN
cblr-11902	336	152	one	one	NUM
cblr-11902	336	153	hundred	hundred	NUM
cblr-11902	336	154	and	and	CCONJ
cblr-11902	336	155	sixty	sixty	NUM
cblr-11902	336	156	etf	etf	NOUN
cblr-11902	336	157	firms	firm	NOUN
cblr-11902	336	158	155	155	NUM
cblr-11902	336	159	see	see	VERB
cblr-11902	336	160	ahmed	ahmed	PROPN
cblr-11902	336	161	,	,	PUNCT
cblr-11902	336	162	supra	supra	PROPN
cblr-11902	336	163	note	note	NOUN
cblr-11902	336	164	136	136	NUM
cblr-11902	336	165	(	(	PUNCT
cblr-11902	336	166	“	"	PUNCT
cblr-11902	336	167	the	the	DET
cblr-11902	336	168	use	use	NOUN
cblr-11902	336	169	of	of	ADP
cblr-11902	336	170	custom	custom	NOUN
cblr-11902	336	171	baskets	basket	NOUN
cblr-11902	336	172	,	,	PUNCT
cblr-11902	336	173	commonly	commonly	ADV
cblr-11902	336	174	allowed	allow	VERB
cblr-11902	336	175	in	in	ADP
cblr-11902	336	176	the	the	DET
cblr-11902	336	177	early	early	ADJ
cblr-11902	336	178	days	day	NOUN
cblr-11902	336	179	of	of	ADP
cblr-11902	336	180	etfs	etfs	NOUN
cblr-11902	336	181	,	,	PUNCT
cblr-11902	336	182	but	but	CCONJ
cblr-11902	336	183	not	not	PART
cblr-11902	336	184	in	in	ADP
cblr-11902	336	185	recent	recent	ADJ
cblr-11902	336	186	years	year	NOUN
cblr-11902	336	187	,	,	PUNCT
cblr-11902	336	188	has	have	AUX
cblr-11902	336	189	allowed	allow	VERB
cblr-11902	336	190	older	old	ADJ
cblr-11902	336	191	etf	etf	NOUN
cblr-11902	336	192	firms	firm	NOUN
cblr-11902	336	193	like	like	ADP
cblr-11902	336	194	blackrock	blackrock	NOUN
cblr-11902	336	195	and	and	CCONJ
cblr-11902	336	196	state	state	PROPN
cblr-11902	336	197	street	street	NOUN
cblr-11902	336	198	to	to	PART
cblr-11902	336	199	adjust	adjust	VERB
cblr-11902	336	200	their	their	PRON
cblr-11902	336	201	portfolio	portfolio	NOUN
cblr-11902	336	202	’s	’s	PART
cblr-11902	336	203	holdings	holding	NOUN
cblr-11902	336	204	efficiently	efficiently	ADV
cblr-11902	336	205	[	[	X
cblr-11902	336	206	.	.	X
cblr-11902	336	207	]	]	X
cblr-11902	336	208	”	"	PUNCT
cblr-11902	336	209	)	)	PUNCT
cblr-11902	336	210	(	(	PUNCT
cblr-11902	336	211	emphasis	emphasis	NOUN
cblr-11902	336	212	added	add	VERB
cblr-11902	336	213	)	)	PUNCT
cblr-11902	336	214	.	.	PUNCT
cblr-11902	337	1	156	156	NUM
cblr-11902	337	2	done	do	VERB
cblr-11902	337	3	so	so	ADV
cblr-11902	337	4	using	use	VERB
cblr-11902	337	5	bloomberg	bloomberg	PROPN
cblr-11902	337	6	’s	’s	PART
cblr-11902	337	7	management	management	NOUN
cblr-11902	337	8	company	company	NOUN
cblr-11902	337	9	field	field	NOUN
cblr-11902	337	10	,	,	PUNCT
cblr-11902	337	11	“	"	PUNCT
cblr-11902	337	12	fund_management_co	fund_management_co	NOUN
cblr-11902	337	13	”	"	PUNCT
cblr-11902	337	14	.	.	PUNCT
cblr-11902	338	1	157	157	NUM
cblr-11902	338	2	for	for	ADP
cblr-11902	338	3	each	each	DET
cblr-11902	338	4	management	management	NOUN
cblr-11902	338	5	company	company	NOUN
cblr-11902	338	6	,	,	PUNCT
cblr-11902	338	7	fund	fund	NOUN
cblr-11902	338	8	with	with	ADP
cblr-11902	338	9	the	the	DET
cblr-11902	338	10	earliest	early	ADJ
cblr-11902	338	11	inception	inception	NOUN
cblr-11902	338	12	date	date	NOUN
cblr-11902	338	13	identified	identify	VERB
cblr-11902	338	14	(	(	PUNCT
cblr-11902	338	15	in	in	ADP
cblr-11902	338	16	bloomberg	bloomberg	PROPN
cblr-11902	338	17	as	as	ADP
cblr-11902	338	18	“	"	PUNCT
cblr-11902	338	19	fund_incept_dt	fund_incept_dt	PROPN
cblr-11902	338	20	”	"	PUNCT
cblr-11902	338	21	)	)	PUNCT
cblr-11902	338	22	.	.	PUNCT
cblr-11902	339	1	158	158	NUM
cblr-11902	339	2	sec	sec	PROPN
cblr-11902	339	3	final	final	ADJ
cblr-11902	339	4	rule	rule	NOUN
cblr-11902	339	5	,	,	PUNCT
cblr-11902	339	6	supra	supra	PROPN
cblr-11902	339	7	note	note	NOUN
cblr-11902	339	8	115	115	NUM
cblr-11902	339	9	,	,	PUNCT
cblr-11902	339	10	at	at	ADP
cblr-11902	339	11	81	81	NUM
cblr-11902	339	12	number	number	NOUN
cblr-11902	339	13	277	277	NUM
cblr-11902	339	14	,	,	PUNCT
cblr-11902	339	15	citing	cite	VERB
cblr-11902	339	16	wisdomtree	wisdomtree	ADJ
cblr-11902	339	17	investments	investment	NOUN
cblr-11902	339	18	,	,	PUNCT
cblr-11902	339	19	inc	inc	PROPN
cblr-11902	339	20	.	.	PROPN
cblr-11902	339	21	,	,	PUNCT
cblr-11902	339	22	et	et	PROPN
cblr-11902	339	23	al	al	PROPN
cblr-11902	339	24	.	.	PROPN
cblr-11902	339	25	,	,	PUNCT
cblr-11902	339	26	investment	investment	NOUN
cblr-11902	339	27	company	company	NOUN
cblr-11902	339	28	act	act	VERB
cblr-11902	339	29	release	release	NOUN
cblr-11902	339	30	nos	nos	NOUN
cblr-11902	339	31	.	.	PROPN
cblr-11902	339	32	27324	27324	NUM
cblr-11902	339	33	(	(	PUNCT
cblr-11902	339	34	may	may	PROPN
cblr-11902	339	35	18	18	NUM
cblr-11902	339	36	,	,	PUNCT
cblr-11902	339	37	2006	2006	NUM
cblr-11902	339	38	)	)	PUNCT
cblr-11902	340	1	[	[	X
cblr-11902	340	2	71	71	NUM
cblr-11902	340	3	fr	fr	PROPN
cblr-11902	340	4	29995	29995	NUM
cblr-11902	340	5	(	(	PUNCT
cblr-11902	340	6	may	may	PROPN
cblr-11902	340	7	24	24	NUM
cblr-11902	340	8	,	,	PUNCT
cblr-11902	340	9	2006	2006	NUM
cblr-11902	340	10	)	)	PUNCT
cblr-11902	340	11	]	]	PUNCT
cblr-11902	340	12	(	(	PUNCT
cblr-11902	340	13	notice	notice	NOUN
cblr-11902	340	14	)	)	PUNCT
cblr-11902	340	15	and	and	CCONJ
cblr-11902	340	16	27391	27391	NUM
cblr-11902	340	17	(	(	PUNCT
cblr-11902	340	18	june	june	PROPN
cblr-11902	340	19	12	12	NUM
cblr-11902	340	20	,	,	PUNCT
cblr-11902	340	21	2006	2006	NUM
cblr-11902	340	22	)	)	PUNCT
cblr-11902	340	23	(	(	PUNCT
cblr-11902	340	24	order	order	NOUN
cblr-11902	340	25	)	)	PUNCT
cblr-11902	340	26	and	and	CCONJ
cblr-11902	340	27	related	relate	VERB
cblr-11902	340	28	application	application	NOUN
cblr-11902	340	29	as	as	ADP
cblr-11902	340	30	the	the	DET
cblr-11902	340	31	last	last	ADJ
cblr-11902	340	32	exemptive	exemptive	NOUN
cblr-11902	340	33	orders	order	NOUN
cblr-11902	340	34	with	with	ADP
cblr-11902	340	35	custom	custom	NOUN
cblr-11902	340	36	baskets	basket	NOUN
cblr-11902	340	37	.	.	PUNCT
cblr-11902	341	1	159	159	NUM
cblr-11902	341	2	i	i	PRON
cblr-11902	341	3	d.	d.	PROPN
cblr-11902	341	4	at	at	ADP
cblr-11902	341	5	81–82	81–82	NUM
cblr-11902	341	6	.	.	PUNCT
cblr-11902	342	1	160	160	NUM
cblr-11902	342	2	based	base	VERB
cblr-11902	342	3	on	on	ADP
cblr-11902	342	4	the	the	DET
cblr-11902	342	5	number	number	NOUN
cblr-11902	342	6	of	of	ADP
cblr-11902	342	7	etfs	etfs	PROPN
cblr-11902	342	8	as	as	ADP
cblr-11902	342	9	of	of	ADP
cblr-11902	342	10	november	november	PROPN
cblr-11902	342	11	2021	2021	NUM
cblr-11902	342	12	present	present	NOUN
cblr-11902	342	13	in	in	ADP
cblr-11902	342	14	bloomberg	bloomberg	PROPN
cblr-11902	342	15	data	datum	NOUN
cblr-11902	342	16	.	.	PUNCT
cblr-11902	343	1	data	datum	NOUN
cblr-11902	343	2	on	on	ADP
cblr-11902	343	3	file	file	NOUN
cblr-11902	343	4	with	with	ADP
cblr-11902	343	5	author	author	NOUN
cblr-11902	343	6	.	.	PUNCT
cblr-11902	344	1	560	560	NUM
cblr-11902	344	2	columbia	columbia	PROPN
cblr-11902	344	3	business	business	NOUN
cblr-11902	344	4	law	law	PROPN
cblr-11902	344	5	review	review	NOUN
cblr-11902	344	6	[	[	X
cblr-11902	344	7	vol	vol	NOUN
cblr-11902	344	8	.	.	PUNCT
cblr-11902	344	9	2023	2023	NUM
cblr-11902	344	10	came	come	VERB
cblr-11902	344	11	to	to	ADP
cblr-11902	344	12	market	market	NOUN
cblr-11902	344	13	after	after	ADP
cblr-11902	344	14	the	the	DET
cblr-11902	344	15	2006	2006	NUM
cblr-11902	344	16	cutoff	cutoff	NOUN
cblr-11902	344	17	and	and	CCONJ
cblr-11902	344	18	manage	manage	VERB
cblr-11902	344	19	the	the	DET
cblr-11902	344	20	other	other	ADJ
cblr-11902	344	21	1,256	1,256	NUM
cblr-11902	344	22	etfs.161	etfs.161	VERB
cblr-11902	344	23	3	3	NUM
cblr-11902	344	24	.	.	NOUN
cblr-11902	344	25	time	time	NOUN
cblr-11902	344	26	period	period	NOUN
cblr-11902	344	27	of	of	ADP
cblr-11902	344	28	interest	interest	NOUN
cblr-11902	344	29	rule	rule	NOUN
cblr-11902	344	30	6c-11	6c-11	NUM
cblr-11902	344	31	went	go	VERB
cblr-11902	344	32	into	into	ADP
cblr-11902	344	33	effect	effect	NOUN
cblr-11902	344	34	december	december	PROPN
cblr-11902	344	35	23	23	NUM
cblr-11902	344	36	,	,	PUNCT
cblr-11902	344	37	2019	2019	NUM
cblr-11902	344	38	,	,	PUNCT
cblr-11902	344	39	meaning	mean	VERB
cblr-11902	344	40	that	that	SCONJ
cblr-11902	344	41	any	any	DET
cblr-11902	344	42	etf	etf	NOUN
cblr-11902	344	43	that	that	PRON
cblr-11902	344	44	met	meet	VERB
cblr-11902	344	45	its	its	PRON
cblr-11902	344	46	requirements	requirement	NOUN
cblr-11902	344	47	would	would	AUX
cblr-11902	344	48	be	be	AUX
cblr-11902	344	49	able	able	ADJ
cblr-11902	344	50	to	to	PART
cblr-11902	344	51	use	use	VERB
cblr-11902	344	52	custom	custom	NOUN
cblr-11902	344	53	baskets	basket	NOUN
cblr-11902	344	54	on	on	ADP
cblr-11902	344	55	or	or	CCONJ
cblr-11902	344	56	after	after	ADP
cblr-11902	344	57	that	that	DET
cblr-11902	344	58	date.162	date.162	VERB
cblr-11902	344	59	however	however	ADV
cblr-11902	344	60	,	,	PUNCT
cblr-11902	344	61	the	the	DET
cblr-11902	344	62	sec	sec	PROPN
cblr-11902	344	63	created	create	VERB
cblr-11902	344	64	a	a	DET
cblr-11902	344	65	transition	transition	NOUN
cblr-11902	344	66	period	period	NOUN
cblr-11902	344	67	,	,	PUNCT
cblr-11902	344	68	so	so	SCONJ
cblr-11902	344	69	compliance	compliance	NOUN
cblr-11902	344	70	with	with	ADP
cblr-11902	344	71	the	the	DET
cblr-11902	344	72	rule	rule	NOUN
cblr-11902	344	73	was	be	AUX
cblr-11902	344	74	not	not	PART
cblr-11902	344	75	mandatory	mandatory	ADJ
cblr-11902	344	76	until	until	ADP
cblr-11902	344	77	december	december	PROPN
cblr-11902	344	78	22	22	NUM
cblr-11902	344	79	,	,	PUNCT
cblr-11902	344	80	2020.163	2020.163	NUM
cblr-11902	344	81	after	after	ADP
cblr-11902	344	82	that	that	PRON
cblr-11902	344	83	,	,	PUNCT
cblr-11902	344	84	previous	previous	ADJ
cblr-11902	344	85	exemptive	exemptive	NOUN
cblr-11902	344	86	relief	relief	NOUN
cblr-11902	344	87	orders	order	NOUN
cblr-11902	344	88	were	be	AUX
cblr-11902	344	89	revoked	revoke	VERB
cblr-11902	344	90	,	,	PUNCT
cblr-11902	344	91	and	and	CCONJ
cblr-11902	344	92	qualifying	qualify	VERB
cblr-11902	344	93	etfs	etfs	PROPN
cblr-11902	344	94	had	have	VERB
cblr-11902	344	95	to	to	PART
cblr-11902	344	96	operate	operate	VERB
cblr-11902	344	97	under	under	ADP
cblr-11902	344	98	rule	rule	NOUN
cblr-11902	344	99	6c-11	6c-11	NUM
cblr-11902	344	100	.	.	PUNCT
cblr-11902	345	1	this	this	PRON
cblr-11902	345	2	gave	give	VERB
cblr-11902	345	3	them	they	PRON
cblr-11902	345	4	access	access	NOUN
cblr-11902	345	5	to	to	ADP
cblr-11902	345	6	the	the	DET
cblr-11902	345	7	custom	custom	NOUN
cblr-11902	345	8	basket	basket	NOUN
cblr-11902	345	9	tool.164	tool.164	NOUN
cblr-11902	345	10	although	although	SCONJ
cblr-11902	345	11	some	some	DET
cblr-11902	345	12	etfs	etfs	NOUN
cblr-11902	345	13	could	could	AUX
cblr-11902	345	14	(	(	PUNCT
cblr-11902	345	15	and	and	CCONJ
cblr-11902	345	16	likely	likely	ADV
cblr-11902	345	17	did	do	AUX
cblr-11902	345	18	)	)	PUNCT
cblr-11902	345	19	come	come	VERB
cblr-11902	345	20	into	into	ADP
cblr-11902	345	21	compliance	compliance	NOUN
cblr-11902	345	22	with	with	ADP
cblr-11902	345	23	the	the	DET
cblr-11902	345	24	rule	rule	NOUN
cblr-11902	345	25	during	during	ADP
cblr-11902	345	26	the	the	DET
cblr-11902	345	27	period	period	NOUN
cblr-11902	345	28	between	between	ADP
cblr-11902	345	29	the	the	DET
cblr-11902	345	30	effective	effective	ADJ
cblr-11902	345	31	date	date	NOUN
cblr-11902	345	32	and	and	CCONJ
cblr-11902	345	33	the	the	DET
cblr-11902	345	34	compliance	compliance	NOUN
cblr-11902	345	35	date	date	NOUN
cblr-11902	345	36	,	,	PUNCT
cblr-11902	345	37	it	it	PRON
cblr-11902	345	38	is	be	AUX
cblr-11902	345	39	not	not	PART
cblr-11902	345	40	possible	possible	ADJ
cblr-11902	345	41	to	to	PART
cblr-11902	345	42	determine	determine	VERB
cblr-11902	345	43	exactly	exactly	ADV
cblr-11902	345	44	when	when	SCONJ
cblr-11902	345	45	exactly	exactly	ADV
cblr-11902	345	46	a	a	DET
cblr-11902	345	47	fund	fund	NOUN
cblr-11902	345	48	came	come	VERB
cblr-11902	345	49	into	into	ADP
cblr-11902	345	50	compliance	compliance	NOUN
cblr-11902	345	51	and	and	CCONJ
cblr-11902	345	52	thus	thus	ADV
cblr-11902	345	53	gained	gain	VERB
cblr-11902	345	54	the	the	DET
cblr-11902	345	55	ability	ability	NOUN
cblr-11902	345	56	to	to	PART
cblr-11902	345	57	use	use	VERB
cblr-11902	345	58	custom	custom	NOUN
cblr-11902	345	59	baskets	basket	NOUN
cblr-11902	345	60	.	.	PUNCT
cblr-11902	346	1	this	this	PRON
cblr-11902	346	2	is	be	AUX
cblr-11902	346	3	because	because	SCONJ
cblr-11902	346	4	coming	come	VERB
cblr-11902	346	5	into	into	ADP
cblr-11902	346	6	compliance	compliance	NOUN
cblr-11902	346	7	requires	require	VERB
cblr-11902	346	8	actions	action	NOUN
cblr-11902	346	9	such	such	ADJ
cblr-11902	346	10	as	as	ADP
cblr-11902	346	11	creating	create	VERB
cblr-11902	346	12	procedures	procedure	NOUN
cblr-11902	346	13	around	around	ADP
cblr-11902	346	14	custom	custom	NOUN
cblr-11902	346	15	baskets	basket	NOUN
cblr-11902	346	16	,	,	PUNCT
cblr-11902	346	17	disclosing	disclose	VERB
cblr-11902	346	18	additional	additional	ADJ
cblr-11902	346	19	information	information	NOUN
cblr-11902	346	20	on	on	ADP
cblr-11902	346	21	fund	fund	NOUN
cblr-11902	346	22	websites	website	NOUN
cblr-11902	346	23	,	,	PUNCT
cblr-11902	346	24	and	and	CCONJ
cblr-11902	346	25	updating	update	VERB
cblr-11902	346	26	records	record	NOUN
cblr-11902	346	27	,	,	PUNCT
cblr-11902	346	28	which	which	PRON
cblr-11902	346	29	are	be	AUX
cblr-11902	346	30	either	either	ADV
cblr-11902	346	31	changed	change	VERB
cblr-11902	346	32	internally	internally	ADV
cblr-11902	346	33	at	at	ADP
cblr-11902	346	34	the	the	DET
cblr-11902	346	35	fund	fund	NOUN
cblr-11902	346	36	and	and	CCONJ
cblr-11902	346	37	thus	thus	ADV
cblr-11902	346	38	not	not	PART
cblr-11902	346	39	publicly	publicly	ADV
cblr-11902	346	40	disclosed	disclose	VERB
cblr-11902	346	41	,	,	PUNCT
cblr-11902	346	42	or	or	CCONJ
cblr-11902	346	43	are	be	AUX
cblr-11902	346	44	disclosed	disclose	VERB
cblr-11902	346	45	imprecisely	imprecisely	ADV
cblr-11902	346	46	through	through	ADP
cblr-11902	346	47	methods	method	NOUN
cblr-11902	346	48	such	such	ADJ
cblr-11902	346	49	as	as	ADP
cblr-11902	346	50	website	website	NOUN
cblr-11902	346	51	updates	update	NOUN
cblr-11902	346	52	where	where	SCONJ
cblr-11902	346	53	it	it	PRON
cblr-11902	346	54	is	be	AUX
cblr-11902	346	55	not	not	PART
cblr-11902	346	56	possible	possible	ADJ
cblr-11902	346	57	to	to	PART
cblr-11902	346	58	pinpoint	pinpoint	VERB
cblr-11902	346	59	the	the	DET
cblr-11902	346	60	day	day	NOUN
cblr-11902	346	61	the	the	DET
cblr-11902	346	62	change	change	NOUN
cblr-11902	346	63	was	be	AUX
cblr-11902	346	64	made.165	made.165	NOUN
cblr-11902	346	65	the	the	DET
cblr-11902	346	66	rule	rule	NOUN
cblr-11902	346	67	does	do	AUX
cblr-11902	346	68	require	require	VERB
cblr-11902	346	69	funds	fund	NOUN
cblr-11902	346	70	to	to	PART
cblr-11902	346	71	amend	amend	VERB
cblr-11902	346	72	sec	sec	PROPN
cblr-11902	346	73	form	form	NOUN
cblr-11902	346	74	n-1a	n-1a	PROPN
cblr-11902	346	75	,	,	PUNCT
cblr-11902	346	76	form	form	VERB
cblr-11902	346	77	n-8b-2	n-8b-2	ADV
cblr-11902	346	78	,	,	PUNCT
cblr-11902	346	79	161	161	NUM
cblr-11902	346	80	based	base	VERB
cblr-11902	346	81	on	on	ADP
cblr-11902	346	82	the	the	DET
cblr-11902	346	83	number	number	NOUN
cblr-11902	346	84	of	of	ADP
cblr-11902	346	85	etfs	etfs	PROPN
cblr-11902	346	86	as	as	ADP
cblr-11902	346	87	of	of	ADP
cblr-11902	346	88	november	november	PROPN
cblr-11902	346	89	2021	2021	NUM
cblr-11902	346	90	present	present	NOUN
cblr-11902	346	91	in	in	ADP
cblr-11902	346	92	bloomberg	bloomberg	PROPN
cblr-11902	346	93	data	datum	NOUN
cblr-11902	346	94	.	.	PUNCT
cblr-11902	347	1	data	datum	NOUN
cblr-11902	347	2	on	on	ADP
cblr-11902	347	3	file	file	NOUN
cblr-11902	347	4	with	with	ADP
cblr-11902	347	5	author	author	NOUN
cblr-11902	347	6	.	.	PUNCT
cblr-11902	348	1	162	162	NUM
cblr-11902	348	2	sec	sec	PROPN
cblr-11902	348	3	final	final	ADJ
cblr-11902	348	4	rule	rule	NOUN
cblr-11902	348	5	,	,	PUNCT
cblr-11902	348	6	supra	supra	PROPN
cblr-11902	348	7	note	note	NOUN
cblr-11902	348	8	115	115	NUM
cblr-11902	348	9	,	,	PUNCT
cblr-11902	348	10	at	at	ADP
cblr-11902	348	11	1	1	NUM
cblr-11902	348	12	,	,	PUNCT
cblr-11902	348	13	16	16	NUM
cblr-11902	348	14	;	;	PUNCT
cblr-11902	348	15	see	see	VERB
cblr-11902	348	16	davalla	davalla	PROPN
cblr-11902	348	17	et	et	PROPN
cblr-11902	348	18	al	al	PROPN
cblr-11902	348	19	.	.	PROPN
cblr-11902	348	20	,	,	PUNCT
cblr-11902	348	21	etf	etf	NOUN
cblr-11902	348	22	complexes	complex	NOUN
cblr-11902	348	23	should	should	AUX
cblr-11902	348	24	prepare	prepare	VERB
cblr-11902	348	25	now	now	ADV
cblr-11902	348	26	to	to	PART
cblr-11902	348	27	comply	comply	VERB
cblr-11902	348	28	with	with	ADP
cblr-11902	348	29	new	new	ADJ
cblr-11902	348	30	rule	rule	NOUN
cblr-11902	348	31	6c-11	6c-11	PROPN
cblr-11902	348	32	to	to	PART
cblr-11902	348	33	be	be	AUX
cblr-11902	348	34	in	in	ADP
cblr-11902	348	35	a	a	DET
cblr-11902	348	36	position	position	NOUN
cblr-11902	348	37	to	to	PART
cblr-11902	348	38	unlock	unlock	VERB
cblr-11902	348	39	its	its	PRON
cblr-11902	348	40	key	key	ADJ
cblr-11902	348	41	regulatory	regulatory	ADJ
cblr-11902	348	42	advantages	advantage	NOUN
cblr-11902	348	43	by	by	ADP
cblr-11902	348	44	year	year	NOUN
cblr-11902	348	45	-	-	PUNCT
cblr-11902	348	46	end	end	NOUN
cblr-11902	348	47	,	,	PUNCT
cblr-11902	348	48	thompson	thompson	PROPN
cblr-11902	348	49	hines	hines	PROPN
cblr-11902	348	50	(	(	PUNCT
cblr-11902	348	51	oct	oct	PROPN
cblr-11902	348	52	.	.	PROPN
cblr-11902	348	53	3	3	NUM
cblr-11902	348	54	,	,	PUNCT
cblr-11902	348	55	2019	2019	NUM
cblr-11902	348	56	)	)	PUNCT
cblr-11902	348	57	,	,	PUNCT
cblr-11902	348	58	https://www.thompsonhine.com/insights/etfcomplexes-should-prepare-now-to-comply-with-new-rule-6c-11-to-be-in-aposition-to-unlock-its-key-regulatory-advantages-by-year-end-ftn6/	https://www.thompsonhine.com/insights/etfcomplexes-should-prepare-now-to-comply-with-new-rule-6c-11-to-be-in-aposition-to-unlock-its-key-regulatory-advantages-by-year-end-ftn6/	PROPN
cblr-11902	349	1	[	[	X
cblr-11902	349	2	https://perma.cc/5ruj-474b	https://perma.cc/5ruj-474b	X
cblr-11902	349	3	]	]	X
cblr-11902	349	4	163	163	NUM
cblr-11902	349	5	sec	sec	PROPN
cblr-11902	349	6	final	final	ADJ
cblr-11902	349	7	rule	rule	NOUN
cblr-11902	349	8	,	,	PUNCT
cblr-11902	349	9	supra	supra	PROPN
cblr-11902	349	10	note	note	NOUN
cblr-11902	349	11	115	115	NUM
cblr-11902	349	12	,	,	PUNCT
cblr-11902	349	13	at	at	ADP
cblr-11902	349	14	150	150	NUM
cblr-11902	349	15	.	.	NOUN
cblr-11902	349	16	164	164	NUM
cblr-11902	349	17	willkie	willkie	PROPN
cblr-11902	349	18	farr	farr	PROPN
cblr-11902	349	19	&	&	CCONJ
cblr-11902	349	20	gallagher	gallagher	PROPN
cblr-11902	349	21	llp	llp	PROPN
cblr-11902	349	22	,	,	PUNCT
cblr-11902	349	23	supra	supra	PROPN
cblr-11902	349	24	note	note	PROPN
cblr-11902	349	25	121	121	NUM
cblr-11902	349	26	,	,	PUNCT
cblr-11902	349	27	at	at	ADP
cblr-11902	349	28	1–2	1–2	NUM
cblr-11902	349	29	.	.	PUNCT
cblr-11902	350	1	165	165	NUM
cblr-11902	350	2	davalla	davalla	NOUN
cblr-11902	350	3	et	et	PROPN
cblr-11902	350	4	al	al	PROPN
cblr-11902	350	5	.	.	PROPN
cblr-11902	350	6	,	,	PUNCT
cblr-11902	350	7	supra	supra	PROPN
cblr-11902	350	8	note	note	VERB
cblr-11902	350	9	162	162	NUM
cblr-11902	350	10	(	(	PUNCT
cblr-11902	350	11	explaining	explain	VERB
cblr-11902	350	12	the	the	DET
cblr-11902	350	13	conditions	condition	NOUN
cblr-11902	350	14	etfs	etfs	PROPN
cblr-11902	350	15	must	must	AUX
cblr-11902	350	16	meet	meet	VERB
cblr-11902	350	17	to	to	PART
cblr-11902	350	18	comply	comply	VERB
cblr-11902	350	19	with	with	ADP
cblr-11902	350	20	the	the	DET
cblr-11902	350	21	rule	rule	NOUN
cblr-11902	350	22	)	)	PUNCT
cblr-11902	350	23	.	.	PUNCT
cblr-11902	351	1	no	no	INTJ
cblr-11902	351	2	.	.	NOUN
cblr-11902	352	1	1	1	NUM
cblr-11902	352	2	]	]	PUNCT
cblr-11902	352	3	sec	sec	PROPN
cblr-11902	352	4	rule	rule	NOUN
cblr-11902	352	5	6c-11	6c-11	PROPN
cblr-11902	352	6	’s	’s	PART
cblr-11902	352	7	impact	impact	NOUN
cblr-11902	352	8	on	on	ADP
cblr-11902	352	9	usage	usage	NOUN
cblr-11902	352	10	of	of	ADP
cblr-11902	352	11	heartbeat	heartbeat	NOUN
cblr-11902	352	12	trades	trade	NOUN
cblr-11902	352	13	561	561	NUM
cblr-11902	352	14	and	and	CCONJ
cblr-11902	352	15	form	form	NOUN
cblr-11902	352	16	n	n	CCONJ
cblr-11902	352	17	-	-	PUNCT
cblr-11902	352	18	cen166	cen166	NOUN
cblr-11902	352	19	however	however	ADV
cblr-11902	352	20	,	,	PUNCT
cblr-11902	352	21	the	the	DET
cblr-11902	352	22	change	change	NOUN
cblr-11902	352	23	to	to	PART
cblr-11902	352	24	form	form	VERB
cblr-11902	352	25	n-1a	n-1a	PROPN
cblr-11902	352	26	and	and	CCONJ
cblr-11902	352	27	n-8b-2	n-8b-2	ADV
cblr-11902	352	28	can	can	AUX
cblr-11902	352	29	not	not	PART
cblr-11902	352	30	be	be	AUX
cblr-11902	352	31	used	use	VERB
cblr-11902	352	32	to	to	PART
cblr-11902	352	33	pinpoint	pinpoint	VERB
cblr-11902	352	34	a	a	DET
cblr-11902	352	35	certain	certain	ADJ
cblr-11902	352	36	date	date	NOUN
cblr-11902	352	37	of	of	ADP
cblr-11902	352	38	compliance	compliance	NOUN
cblr-11902	352	39	because	because	SCONJ
cblr-11902	352	40	the	the	DET
cblr-11902	352	41	disclosures	disclosure	NOUN
cblr-11902	352	42	it	it	PRON
cblr-11902	352	43	requires	require	VERB
cblr-11902	352	44	were	be	AUX
cblr-11902	352	45	already	already	ADV
cblr-11902	352	46	used	use	VERB
cblr-11902	352	47	by	by	ADP
cblr-11902	352	48	some	some	DET
cblr-11902	352	49	firms	firm	NOUN
cblr-11902	352	50	prior	prior	ADV
cblr-11902	352	51	to	to	ADP
cblr-11902	352	52	the	the	DET
cblr-11902	352	53	rule	rule	NOUN
cblr-11902	352	54	,	,	PUNCT
cblr-11902	352	55	so	so	SCONJ
cblr-11902	352	56	the	the	DET
cblr-11902	352	57	presence	presence	NOUN
cblr-11902	352	58	of	of	ADP
cblr-11902	352	59	such	such	ADJ
cblr-11902	352	60	information	information	NOUN
cblr-11902	352	61	does	do	AUX
cblr-11902	352	62	not	not	PART
cblr-11902	352	63	establish	establish	VERB
cblr-11902	352	64	rule	rule	NOUN
cblr-11902	352	65	6c-11	6c-11	ADJ
cblr-11902	352	66	reliance	reliance	NOUN
cblr-11902	352	67	by	by	ADP
cblr-11902	352	68	a	a	DET
cblr-11902	352	69	fund.167	fund.167	ADJ
cblr-11902	352	70	form	form	NOUN
cblr-11902	352	71	ncen	ncen	NOUN
cblr-11902	352	72	is	be	AUX
cblr-11902	352	73	only	only	ADV
cblr-11902	352	74	filed	file	VERB
cblr-11902	352	75	annually	annually	ADV
cblr-11902	352	76	,	,	PUNCT
cblr-11902	352	77	so	so	CCONJ
cblr-11902	352	78	although	although	SCONJ
cblr-11902	352	79	it	it	PRON
cblr-11902	352	80	shows	show	VERB
cblr-11902	352	81	whether	whether	SCONJ
cblr-11902	352	82	a	a	DET
cblr-11902	352	83	fund	fund	NOUN
cblr-11902	352	84	relied	rely	VERB
cblr-11902	352	85	on	on	ADP
cblr-11902	352	86	rule	rule	NOUN
cblr-11902	352	87	6c-11	6c-11	NUM
cblr-11902	352	88	in	in	ADP
cblr-11902	352	89	a	a	DET
cblr-11902	352	90	given	give	VERB
cblr-11902	352	91	year	year	NOUN
cblr-11902	352	92	,	,	PUNCT
cblr-11902	352	93	168	168	NUM
cblr-11902	352	94	it	it	PRON
cblr-11902	352	95	does	do	AUX
cblr-11902	352	96	not	not	PART
cblr-11902	352	97	provide	provide	VERB
cblr-11902	352	98	the	the	DET
cblr-11902	352	99	exact	exact	ADJ
cblr-11902	352	100	date.169	date.169	NOUN
cblr-11902	352	101	due	due	ADP
cblr-11902	352	102	to	to	ADP
cblr-11902	352	103	the	the	DET
cblr-11902	352	104	inability	inability	NOUN
cblr-11902	352	105	to	to	PART
cblr-11902	352	106	observe	observe	VERB
cblr-11902	352	107	precisely	precisely	ADV
cblr-11902	352	108	which	which	DET
cblr-11902	352	109	treatmentgroup	treatmentgroup	NOUN
cblr-11902	352	110	etfs	etfs	PROPN
cblr-11902	352	111	are	be	AUX
cblr-11902	352	112	using	use	VERB
cblr-11902	352	113	custom	custom	NOUN
cblr-11902	352	114	baskets	basket	NOUN
cblr-11902	352	115	in	in	ADP
cblr-11902	352	116	2020	2020	NUM
cblr-11902	352	117	,	,	PUNCT
cblr-11902	352	118	this	this	DET
cblr-11902	352	119	note	note	NOUN
cblr-11902	352	120	excludes	exclude	VERB
cblr-11902	352	121	2020	2020	NUM
cblr-11902	352	122	in	in	ADP
cblr-11902	352	123	analyzing	analyze	VERB
cblr-11902	352	124	the	the	DET
cblr-11902	352	125	growth	growth	NOUN
cblr-11902	352	126	of	of	ADP
cblr-11902	352	127	heartbeat	heartbeat	NOUN
cblr-11902	352	128	trades	trade	NOUN
cblr-11902	352	129	.	.	PUNCT
cblr-11902	353	1	instead	instead	ADV
cblr-11902	353	2	,	,	PUNCT
cblr-11902	353	3	it	it	PRON
cblr-11902	353	4	will	will	AUX
cblr-11902	353	5	compare	compare	VERB
cblr-11902	353	6	the	the	DET
cblr-11902	353	7	use	use	NOUN
cblr-11902	353	8	of	of	ADP
cblr-11902	353	9	trades	trade	NOUN
cblr-11902	353	10	in	in	ADP
cblr-11902	353	11	2019	2019	NUM
cblr-11902	353	12	to	to	ADP
cblr-11902	353	13	those	those	PRON
cblr-11902	353	14	that	that	PRON
cblr-11902	353	15	took	take	VERB
cblr-11902	353	16	place	place	NOUN
cblr-11902	353	17	in	in	ADP
cblr-11902	353	18	2021	2021	NUM
cblr-11902	353	19	.	.	PUNCT
cblr-11902	354	1	b.	b.	PROPN
cblr-11902	354	2	data	data	PROPN
cblr-11902	354	3	for	for	ADP
cblr-11902	354	4	the	the	DET
cblr-11902	354	5	identification	identification	NOUN
cblr-11902	354	6	of	of	ADP
cblr-11902	354	7	heartbeat	heartbeat	NOUN
cblr-11902	354	8	trades	trade	NOUN
cblr-11902	354	9	,	,	PUNCT
cblr-11902	354	10	i	i	PRON
cblr-11902	354	11	use	use	VERB
cblr-11902	354	12	bloomberg	bloomberg	PROPN
cblr-11902	354	13	data	datum	NOUN
cblr-11902	354	14	from	from	ADP
cblr-11902	354	15	2018	2018	NUM
cblr-11902	354	16	to	to	ADP
cblr-11902	354	17	december	december	PROPN
cblr-11902	354	18	31	31	NUM
cblr-11902	354	19	,	,	PUNCT
cblr-11902	354	20	2021	2021	NUM
cblr-11902	354	21	.	.	PUNCT
cblr-11902	355	1	from	from	ADP
cblr-11902	355	2	bloomberg	bloomberg	PROPN
cblr-11902	355	3	,	,	PUNCT
cblr-11902	355	4	i	i	PRON
cblr-11902	355	5	was	be	AUX
cblr-11902	355	6	able	able	ADJ
cblr-11902	355	7	to	to	PART
cblr-11902	355	8	identify	identify	VERB
cblr-11902	355	9	etfs	etfs	PROPN
cblr-11902	355	10	that	that	PRON
cblr-11902	355	11	were	be	AUX
cblr-11902	355	12	active	active	ADJ
cblr-11902	355	13	during	during	ADP
cblr-11902	355	14	this	this	DET
cblr-11902	355	15	period	period	NOUN
cblr-11902	355	16	and	and	CCONJ
cblr-11902	355	17	obtained	obtain	VERB
cblr-11902	355	18	their	their	PRON
cblr-11902	355	19	tickers.170	tickers.170	NOUN
cblr-11902	355	20	to	to	PART
cblr-11902	355	21	calculate	calculate	VERB
cblr-11902	355	22	flows	flow	NOUN
cblr-11902	355	23	,	,	PUNCT
cblr-11902	355	24	i	i	PRON
cblr-11902	355	25	obtained	obtain	VERB
cblr-11902	355	26	daily	daily	ADJ
cblr-11902	355	27	data	datum	NOUN
cblr-11902	355	28	on	on	ADP
cblr-11902	355	29	the	the	DET
cblr-11902	355	30	number	number	NOUN
cblr-11902	355	31	of	of	ADP
cblr-11902	355	32	shares	share	NOUN
cblr-11902	355	33	outstanding	outstanding	ADJ
cblr-11902	355	34	of	of	ADP
cblr-11902	355	35	etfs	etfs	PROPN
cblr-11902	355	36	from	from	ADP
cblr-11902	355	37	bloomberg.171	bloomberg.171	NOUN
cblr-11902	355	38	from	from	ADP
cblr-11902	355	39	center	center	NOUN
cblr-11902	355	40	for	for	ADP
cblr-11902	355	41	research	research	NOUN
cblr-11902	355	42	in	in	ADP
cblr-11902	355	43	security	security	NOUN
cblr-11902	355	44	prices	price	NOUN
cblr-11902	355	45	daily	daily	ADJ
cblr-11902	355	46	stock	stock	NOUN
cblr-11902	355	47	files	file	NOUN
cblr-11902	355	48	,	,	PUNCT
cblr-11902	355	49	i	i	PRON
cblr-11902	355	50	obtained	obtain	VERB
cblr-11902	355	51	information	information	NOUN
cblr-11902	355	52	illustrating	illustrate	VERB
cblr-11902	355	53	when	when	SCONJ
cblr-11902	355	54	funds	fund	NOUN
cblr-11902	355	55	experienced	experience	VERB
cblr-11902	355	56	stock	stock	NOUN
cblr-11902	355	57	splits.172	splits.172	NOUN
cblr-11902	355	58	i	i	PRON
cblr-11902	355	59	also	also	ADV
cblr-11902	355	60	used	use	VERB
cblr-11902	355	61	bloomberg	bloomberg	PROPN
cblr-11902	355	62	to	to	ADP
cblr-11902	355	63	166	166	NUM
cblr-11902	355	64	sec	sec	PROPN
cblr-11902	355	65	final	final	ADJ
cblr-11902	355	66	rule	rule	NOUN
cblr-11902	355	67	,	,	PUNCT
cblr-11902	355	68	supra	supra	PROPN
cblr-11902	355	69	note	note	NOUN
cblr-11902	355	70	115	115	NUM
cblr-11902	355	71	,	,	PUNCT
cblr-11902	355	72	at	at	ADP
cblr-11902	355	73	150	150	NUM
cblr-11902	355	74	.	.	PUNCT
cblr-11902	355	75	167	167	NUM
cblr-11902	355	76	pgim	pgim	PROPN
cblr-11902	355	77	etf	etf	NOUN
cblr-11902	355	78	tr	tr	VERB
cblr-11902	355	79	.	.	PROPN
cblr-11902	355	80	,	,	PUNCT
cblr-11902	355	81	registration	registration	NOUN
cblr-11902	355	82	statement	statement	NOUN
cblr-11902	355	83	(	(	PUNCT
cblr-11902	355	84	form	form	NOUN
cblr-11902	355	85	n-1a	n-1a	PROPN
cblr-11902	355	86	)	)	PUNCT
cblr-11902	355	87	(	(	PUNCT
cblr-11902	355	88	feb	feb	PROPN
cblr-11902	355	89	.	.	PROPN
cblr-11902	355	90	28	28	NUM
cblr-11902	355	91	,	,	PUNCT
cblr-11902	355	92	2018	2018	NUM
cblr-11902	355	93	)	)	PUNCT
cblr-11902	355	94	,	,	PUNCT
cblr-11902	355	95	accessed	access	VERB
cblr-11902	355	96	at	at	ADP
cblr-11902	355	97	https://www.sec.gov/archives/edgar/data/0001727074/00000675901800033	https://www.sec.gov/archives/edgar/data/0001727074/00000675901800033	NOUN
cblr-11902	355	98	3	3	NUM
cblr-11902	355	99	/	/	SYM
cblr-11902	355	100	pgimetfn1aa.htm	pgimetfn1aa.htm	PROPN
cblr-11902	356	1	[	[	X
cblr-11902	356	2	https://perma.cc/v7e3-kl9u	https://perma.cc/v7e3-kl9u	X
cblr-11902	356	3	]	]	X
cblr-11902	356	4	168	168	NUM
cblr-11902	356	5	u.s	u.s	PROPN
cblr-11902	356	6	.	.	PROPN
cblr-11902	356	7	sec	sec	PROPN
cblr-11902	356	8	.	.	PROPN
cblr-11902	356	9	&	&	CCONJ
cblr-11902	356	10	exch	exch	PROPN
cblr-11902	356	11	.	.	PUNCT
cblr-11902	357	1	comm’n	comm’n	PROPN
cblr-11902	357	2	,	,	PUNCT
cblr-11902	357	3	form	form	NOUN
cblr-11902	357	4	n	n	CCONJ
cblr-11902	357	5	-	-	PUNCT
cblr-11902	357	6	cen	cen	NOUN
cblr-11902	357	7	,	,	PUNCT
cblr-11902	357	8	at	at	ADP
cblr-11902	357	9	item	item	NOUN
cblr-11902	357	10	c.7.k	c.7.k	PROPN
cblr-11902	357	11	,	,	PUNCT
cblr-11902	357	12	available	available	ADJ
cblr-11902	357	13	at	at	ADP
cblr-11902	357	14	https://www.sec.gov/files/formn-cen.pdf	https://www.sec.gov/files/formn-cen.pdf	PUNCT
cblr-11902	357	15	(	(	PUNCT
cblr-11902	357	16	last	last	ADJ
cblr-11902	357	17	visited	visit	VERB
cblr-11902	357	18	feb	feb	PROPN
cblr-11902	357	19	.	.	PROPN
cblr-11902	357	20	15	15	NUM
cblr-11902	357	21	,	,	PUNCT
cblr-11902	357	22	2022	2022	NUM
cblr-11902	357	23	)	)	PUNCT
cblr-11902	357	24	.	.	PUNCT
cblr-11902	358	1	169	169	NUM
cblr-11902	359	1	i	i	PRON
cblr-11902	359	2	d.	d.	NOUN
cblr-11902	359	3	at	at	ADP
cblr-11902	359	4	1	1	NUM
cblr-11902	359	5	.	.	SYM
cblr-11902	359	6	170	170	NUM
cblr-11902	359	7	data	datum	NOUN
cblr-11902	359	8	on	on	ADP
cblr-11902	359	9	file	file	NOUN
cblr-11902	359	10	with	with	ADP
cblr-11902	359	11	author	author	NOUN
cblr-11902	359	12	.	.	PUNCT
cblr-11902	360	1	171	171	NUM
cblr-11902	360	2	daily	daily	ADJ
cblr-11902	360	3	data	datum	NOUN
cblr-11902	360	4	would	would	AUX
cblr-11902	360	5	not	not	PART
cblr-11902	360	6	capture	capture	VERB
cblr-11902	360	7	any	any	DET
cblr-11902	360	8	intraday	intraday	NOUN
cblr-11902	360	9	heartbeat	heartbeat	NOUN
cblr-11902	360	10	trades	trade	NOUN
cblr-11902	360	11	;	;	PUNCT
cblr-11902	360	12	however	however	ADV
cblr-11902	360	13	,	,	PUNCT
cblr-11902	360	14	this	this	PRON
cblr-11902	360	15	should	should	AUX
cblr-11902	360	16	not	not	PART
cblr-11902	360	17	pose	pose	VERB
cblr-11902	360	18	any	any	DET
cblr-11902	360	19	issues	issue	NOUN
cblr-11902	360	20	are	be	AUX
cblr-11902	360	21	the	the	DET
cblr-11902	360	22	industry	industry	NOUN
cblr-11902	360	23	standard	standard	NOUN
cblr-11902	360	24	for	for	ADP
cblr-11902	360	25	heartbeat	heartbeat	NOUN
cblr-11902	360	26	trades	trade	NOUN
cblr-11902	360	27	is	be	AUX
cblr-11902	360	28	to	to	PART
cblr-11902	360	29	hold	hold	VERB
cblr-11902	360	30	the	the	DET
cblr-11902	360	31	funds	fund	NOUN
cblr-11902	360	32	for	for	ADP
cblr-11902	360	33	48	48	NUM
cblr-11902	360	34	hours	hour	NOUN
cblr-11902	360	35	so	so	SCONJ
cblr-11902	360	36	as	as	SCONJ
cblr-11902	360	37	to	to	PART
cblr-11902	360	38	not	not	PART
cblr-11902	360	39	be	be	AUX
cblr-11902	360	40	challenged	challenge	VERB
cblr-11902	360	41	as	as	ADP
cblr-11902	360	42	a	a	DET
cblr-11902	360	43	sham	sham	ADJ
cblr-11902	360	44	transaction	transaction	NOUN
cblr-11902	360	45	.	.	PUNCT
cblr-11902	361	1	see	see	VERB
cblr-11902	361	2	moussawi	moussawi	PROPN
cblr-11902	361	3	et	et	PROPN
cblr-11902	361	4	al	al	PROPN
cblr-11902	361	5	.	.	PROPN
cblr-11902	361	6	,	,	PUNCT
cblr-11902	361	7	supra	supra	PROPN
cblr-11902	361	8	note	note	PROPN
cblr-11902	361	9	81	81	NUM
cblr-11902	361	10	,	,	PUNCT
cblr-11902	361	11	at	at	ADP
cblr-11902	361	12	n.21	n.21	PROPN
cblr-11902	361	13	;	;	PUNCT
cblr-11902	361	14	data	datum	NOUN
cblr-11902	361	15	on	on	ADP
cblr-11902	361	16	file	file	NOUN
cblr-11902	361	17	with	with	ADP
cblr-11902	361	18	author	author	NOUN
cblr-11902	361	19	.	.	PUNCT
cblr-11902	362	1	172	172	NUM
cblr-11902	362	2	crsp	crsp	PROPN
cblr-11902	362	3	daily	daily	ADJ
cblr-11902	362	4	stock	stock	NOUN
cblr-11902	362	5	file	file	NOUN
cblr-11902	362	6	,	,	PUNCT
cblr-11902	362	7	wharton	wharton	PROPN
cblr-11902	362	8	research	research	NOUN
cblr-11902	362	9	data	datum	NOUN
cblr-11902	362	10	services	service	NOUN
cblr-11902	362	11	(	(	PUNCT
cblr-11902	362	12	wrds	wrd	NOUN
cblr-11902	362	13	)	)	PUNCT
cblr-11902	362	14	,	,	PUNCT
cblr-11902	362	15	https://wrds-www.wharton.upenn.edu/pages/get-data/center	https://wrds-www.wharton.upenn.edu/pages/get-data/center	PROPN
cblr-11902	362	16	562	562	NUM
cblr-11902	362	17	columbia	columbia	PROPN
cblr-11902	362	18	business	business	NOUN
cblr-11902	362	19	law	law	NOUN
cblr-11902	362	20	review	review	NOUN
cblr-11902	363	1	[	[	X
cblr-11902	363	2	vol	vol	NOUN
cblr-11902	363	3	.	.	PUNCT
cblr-11902	363	4	2023	2023	NUM
cblr-11902	363	5	identify	identify	VERB
cblr-11902	363	6	the	the	DET
cblr-11902	363	7	firm	firm	ADJ
cblr-11902	363	8	issuer	issuer	NOUN
cblr-11902	363	9	of	of	ADP
cblr-11902	363	10	each	each	DET
cblr-11902	363	11	etf	etf	NOUN
cblr-11902	363	12	in	in	ADP
cblr-11902	363	13	order	order	NOUN
cblr-11902	363	14	to	to	PART
cblr-11902	363	15	determine	determine	VERB
cblr-11902	363	16	which	which	DET
cblr-11902	363	17	funds	fund	NOUN
cblr-11902	363	18	were	be	AUX
cblr-11902	363	19	affected	affect	VERB
cblr-11902	363	20	by	by	ADP
cblr-11902	363	21	rule	rule	NOUN
cblr-11902	363	22	6c-11.173	6c-11.173	PROPN
cblr-11902	363	23	c.	c.	NOUN
cblr-11902	363	24	results	result	NOUN
cblr-11902	363	25	of	of	ADP
cblr-11902	363	26	heartbeat	heartbeat	NOUN
cblr-11902	363	27	identification	identification	NOUN
cblr-11902	363	28	using	use	VERB
cblr-11902	363	29	the	the	DET
cblr-11902	363	30	method	method	NOUN
cblr-11902	363	31	defined	define	VERB
cblr-11902	363	32	above	above	ADV
cblr-11902	363	33	,	,	PUNCT
cblr-11902	363	34	i	i	PRON
cblr-11902	363	35	first	first	ADV
cblr-11902	363	36	found	find	VERB
cblr-11902	363	37	the	the	DET
cblr-11902	363	38	number	number	NOUN
cblr-11902	363	39	of	of	ADP
cblr-11902	363	40	heartbeat	heartbeat	NOUN
cblr-11902	363	41	trades	trade	NOUN
cblr-11902	363	42	per	per	ADP
cblr-11902	363	43	month	month	NOUN
cblr-11902	363	44	for	for	ADP
cblr-11902	363	45	the	the	DET
cblr-11902	363	46	etf	etf	NOUN
cblr-11902	363	47	universe	universe	NOUN
cblr-11902	363	48	as	as	ADP
cblr-11902	363	49	a	a	DET
cblr-11902	363	50	whole	whole	NOUN
cblr-11902	363	51	,	,	PUNCT
cblr-11902	363	52	which	which	PRON
cblr-11902	363	53	consists	consist	VERB
cblr-11902	363	54	of	of	ADP
cblr-11902	363	55	2,769	2,769	NUM
cblr-11902	363	56	funds	fund	NOUN
cblr-11902	363	57	.	.	PUNCT
cblr-11902	364	1	the	the	DET
cblr-11902	364	2	results	result	NOUN
cblr-11902	364	3	show	show	VERB
cblr-11902	364	4	the	the	DET
cblr-11902	364	5	usage	usage	NOUN
cblr-11902	364	6	of	of	ADP
cblr-11902	364	7	the	the	DET
cblr-11902	364	8	trade	trade	NOUN
cblr-11902	364	9	has	have	AUX
cblr-11902	364	10	generally	generally	ADV
cblr-11902	364	11	been	be	AUX
cblr-11902	364	12	increasing	increase	VERB
cblr-11902	364	13	over	over	ADP
cblr-11902	364	14	the	the	DET
cblr-11902	364	15	sample.174	sample.174	NOUN
cblr-11902	364	16	during	during	ADP
cblr-11902	364	17	this	this	DET
cblr-11902	364	18	time	time	NOUN
cblr-11902	364	19	period	period	NOUN
cblr-11902	364	20	,	,	PUNCT
cblr-11902	364	21	there	there	PRON
cblr-11902	364	22	was	be	VERB
cblr-11902	364	23	also	also	ADV
cblr-11902	364	24	significant	significant	ADJ
cblr-11902	364	25	growth	growth	NOUN
cblr-11902	364	26	in	in	ADP
cblr-11902	364	27	the	the	DET
cblr-11902	364	28	number	number	NOUN
cblr-11902	364	29	of	of	ADP
cblr-11902	364	30	etfs	etfs	PROPN
cblr-11902	364	31	in	in	ADP
cblr-11902	364	32	operation	operation	NOUN
cblr-11902	364	33	,	,	PUNCT
cblr-11902	364	34	rising	rise	VERB
cblr-11902	364	35	from	from	ADP
cblr-11902	364	36	1,682	1,682	NUM
cblr-11902	364	37	in	in	ADP
cblr-11902	364	38	january	january	PROPN
cblr-11902	364	39	2018	2018	NUM
cblr-11902	364	40	to	to	ADP
cblr-11902	364	41	2,765	2,765	NUM
cblr-11902	364	42	in	in	ADP
cblr-11902	364	43	november	november	PROPN
cblr-11902	364	44	2021.175	2021.175	NUM
cblr-11902	364	45	this	this	DET
cblr-11902	364	46	overall	overall	ADJ
cblr-11902	364	47	industry	industry	NOUN
cblr-11902	364	48	growth	growth	NOUN
cblr-11902	364	49	would	would	AUX
cblr-11902	364	50	contribute	contribute	VERB
cblr-11902	364	51	to	to	ADP
cblr-11902	364	52	the	the	DET
cblr-11902	364	53	heartbeat	heartbeat	NOUN
cblr-11902	364	54	trade	trade	NOUN
cblr-11902	364	55	growth	growth	NOUN
cblr-11902	364	56	.	.	PUNCT
cblr-11902	365	1	to	to	PART
cblr-11902	365	2	control	control	VERB
cblr-11902	365	3	for	for	ADP
cblr-11902	365	4	this	this	PRON
cblr-11902	365	5	,	,	PUNCT
cblr-11902	365	6	i	i	PRON
cblr-11902	365	7	limited	limit	VERB
cblr-11902	365	8	the	the	DET
cblr-11902	365	9	data	datum	NOUN
cblr-11902	365	10	to	to	PART
cblr-11902	365	11	only	only	ADV
cblr-11902	365	12	include	include	VERB
cblr-11902	365	13	funds	fund	NOUN
cblr-11902	365	14	that	that	PRON
cblr-11902	365	15	were	be	AUX
cblr-11902	365	16	present	present	ADJ
cblr-11902	365	17	in	in	ADP
cblr-11902	365	18	the	the	DET
cblr-11902	365	19	whole	whole	ADJ
cblr-11902	365	20	sample	sample	NOUN
cblr-11902	365	21	.	.	PUNCT
cblr-11902	366	1	the	the	DET
cblr-11902	366	2	resulting	result	VERB
cblr-11902	366	3	sample	sample	NOUN
cblr-11902	366	4	size	size	NOUN
cblr-11902	366	5	was	be	AUX
cblr-11902	366	6	1,666	1,666	NUM
cblr-11902	366	7	funds	fund	NOUN
cblr-11902	366	8	and	and	CCONJ
cblr-11902	366	9	total	total	ADJ
cblr-11902	366	10	heartbeats	heartbeat	NOUN
cblr-11902	366	11	performed	perform	VERB
cblr-11902	366	12	by	by	ADP
cblr-11902	366	13	this	this	DET
cblr-11902	366	14	group	group	NOUN
cblr-11902	366	15	is	be	AUX
cblr-11902	366	16	shown	show	VERB
cblr-11902	366	17	in	in	ADP
cblr-11902	366	18	figure	figure	NOUN
cblr-11902	366	19	2	2	NUM
cblr-11902	366	20	.	.	PUNCT
cblr-11902	367	1	as	as	ADP
cblr-11902	367	2	with	with	ADP
cblr-11902	367	3	the	the	DET
cblr-11902	367	4	larger	large	ADJ
cblr-11902	367	5	sample	sample	NOUN
cblr-11902	367	6	,	,	PUNCT
cblr-11902	367	7	use	use	NOUN
cblr-11902	367	8	of	of	ADP
cblr-11902	367	9	heartbeat	heartbeat	NOUN
cblr-11902	367	10	trades	trade	NOUN
cblr-11902	367	11	has	have	AUX
cblr-11902	367	12	increased	increase	VERB
cblr-11902	367	13	over	over	ADP
cblr-11902	367	14	time	time	NOUN
cblr-11902	367	15	,	,	PUNCT
cblr-11902	367	16	though	though	SCONJ
cblr-11902	367	17	the	the	DET
cblr-11902	367	18	growth	growth	NOUN
cblr-11902	367	19	is	be	AUX
cblr-11902	367	20	less	less	ADJ
cblr-11902	367	21	than	than	ADP
cblr-11902	367	22	the	the	DET
cblr-11902	367	23	total	total	ADJ
cblr-11902	367	24	sample	sample	NOUN
cblr-11902	367	25	given	give	VERB
cblr-11902	367	26	its	its	PRON
cblr-11902	367	27	limited	limited	ADJ
cblr-11902	367	28	size	size	NOUN
cblr-11902	367	29	.	.	PUNCT
cblr-11902	368	1	of	of	ADP
cblr-11902	368	2	the	the	DET
cblr-11902	368	3	funds	fund	NOUN
cblr-11902	368	4	in	in	ADP
cblr-11902	368	5	this	this	DET
cblr-11902	368	6	group	group	NOUN
cblr-11902	368	7	,	,	PUNCT
cblr-11902	368	8	41.54	41.54	NUM
cblr-11902	368	9	%	%	NOUN
cblr-11902	368	10	of	of	ADP
cblr-11902	368	11	them	they	PRON
cblr-11902	368	12	exhibited	exhibit	VERB
cblr-11902	368	13	at	at	ADV
cblr-11902	368	14	least	least	ADV
cblr-11902	368	15	one	one	NUM
cblr-11902	368	16	heartbeat	heartbeat	NOUN
cblr-11902	368	17	trade	trade	NOUN
cblr-11902	368	18	in	in	ADP
cblr-11902	368	19	2021	2021	NUM
cblr-11902	368	20	,	,	PUNCT
cblr-11902	368	21	representing	represent	VERB
cblr-11902	368	22	an	an	DET
cblr-11902	368	23	increase	increase	NOUN
cblr-11902	368	24	from	from	ADP
cblr-11902	368	25	the	the	DET
cblr-11902	368	26	31.03	31.03	NUM
cblr-11902	368	27	%	%	NOUN
cblr-11902	368	28	that	that	PRON
cblr-11902	368	29	used	use	VERB
cblr-11902	368	30	them	they	PRON
cblr-11902	368	31	in	in	ADP
cblr-11902	368	32	2018.176	2018.176	PROPN
cblr-11902	368	33	of	of	ADP
cblr-11902	368	34	the	the	DET
cblr-11902	368	35	funds	fund	NOUN
cblr-11902	368	36	that	that	PRON
cblr-11902	368	37	use	use	VERB
cblr-11902	368	38	them	they	PRON
cblr-11902	368	39	,	,	PUNCT
cblr-11902	368	40	they	they	PRON
cblr-11902	368	41	on	on	ADP
cblr-11902	368	42	average	average	ADJ
cblr-11902	368	43	executed	execute	VERB
cblr-11902	368	44	2.23	2.23	NUM
cblr-11902	368	45	such	such	ADJ
cblr-11902	368	46	trades	trade	NOUN
cblr-11902	368	47	2021.177	2021.177	NUM
cblr-11902	368	48	research	research	NOUN
cblr-11902	368	49	-	-	PUNCT
cblr-11902	368	50	security	security	NOUN
cblr-11902	368	51	-	-	PUNCT
cblr-11902	368	52	prices	price	NOUN
cblr-11902	368	53	-	-	PUNCT
cblr-11902	368	54	crsp	crsp	NOUN
cblr-11902	368	55	/	/	PUNCT
cblr-11902	368	56	quarterly	quarterly	ADJ
cblr-11902	368	57	-	-	PUNCT
cblr-11902	368	58	update	update	NOUN
cblr-11902	368	59	/	/	SYM
cblr-11902	368	60	stock	stock	NOUN
cblr-11902	368	61	-	-	PUNCT
cblr-11902	368	62	security	security	NOUN
cblr-11902	368	63	-	-	PUNCT
cblr-11902	368	64	files	file	NOUN
cblr-11902	368	65	/	/	SYM
cblr-11902	368	66	dailystock	dailystock	NOUN
cblr-11902	368	67	-	-	PUNCT
cblr-11902	368	68	file/.	file/.	NOUN
cblr-11902	368	69	173	173	NUM
cblr-11902	368	70	data	datum	NOUN
cblr-11902	368	71	on	on	ADP
cblr-11902	368	72	file	file	NOUN
cblr-11902	368	73	with	with	ADP
cblr-11902	368	74	author	author	NOUN
cblr-11902	368	75	.	.	PUNCT
cblr-11902	369	1	174	174	NUM
cblr-11902	369	2	see	see	VERB
cblr-11902	369	3	infra	infra	NOUN
cblr-11902	369	4	figure	figure	NOUN
cblr-11902	369	5	b.	b.	PROPN
cblr-11902	369	6	175	175	NUM
cblr-11902	369	7	see	see	VERB
cblr-11902	369	8	infra	infra	NOUN
cblr-11902	369	9	figure	figure	NOUN
cblr-11902	369	10	c.	c.	PROPN
cblr-11902	369	11	176	176	NUM
cblr-11902	369	12	see	see	VERB
cblr-11902	369	13	infra	infra	NOUN
cblr-11902	369	14	table	table	NOUN
cblr-11902	369	15	a.	a.	NOUN
cblr-11902	369	16	177	177	NUM
cblr-11902	370	1	i	i	PRON
cblr-11902	370	2	d.	d.	PROPN
cblr-11902	370	3	no	no	INTJ
cblr-11902	370	4	.	.	NOUN
cblr-11902	371	1	1	1	NUM
cblr-11902	371	2	]	]	PUNCT
cblr-11902	371	3	sec	sec	PROPN
cblr-11902	371	4	rule	rule	NOUN
cblr-11902	371	5	6c-11	6c-11	PROPN
cblr-11902	371	6	’s	’s	PART
cblr-11902	371	7	impact	impact	NOUN
cblr-11902	371	8	on	on	ADP
cblr-11902	371	9	usage	usage	NOUN
cblr-11902	371	10	of	of	ADP
cblr-11902	371	11	heartbeat	heartbeat	NOUN
cblr-11902	371	12	trades	trade	NOUN
cblr-11902	371	13	563	563	NUM
cblr-11902	371	14	figure	figure	NOUN
cblr-11902	371	15	2	2	NUM
cblr-11902	371	16	:	:	PUNCT
cblr-11902	371	17	total	total	ADJ
cblr-11902	371	18	heartbeats	heartbeat	NOUN
cblr-11902	371	19	per	per	ADP
cblr-11902	371	20	month	month	NOUN
cblr-11902	371	21	by	by	ADP
cblr-11902	371	22	funds	fund	NOUN
cblr-11902	371	23	existing	exist	VERB
cblr-11902	371	24	from	from	ADP
cblr-11902	371	25	2018	2018	NUM
cblr-11902	371	26	-	-	SYM
cblr-11902	371	27	2021	2021	NUM
cblr-11902	371	28	.	.	PUNCT
cblr-11902	372	1	i	i	PRON
cblr-11902	372	2	further	far	ADV
cblr-11902	372	3	split	split	VERB
cblr-11902	372	4	this	this	DET
cblr-11902	372	5	sample	sample	NOUN
cblr-11902	372	6	into	into	ADP
cblr-11902	372	7	a	a	DET
cblr-11902	372	8	control	control	NOUN
cblr-11902	372	9	group	group	NOUN
cblr-11902	372	10	consisting	consist	VERB
cblr-11902	372	11	of	of	ADP
cblr-11902	372	12	funds	fund	NOUN
cblr-11902	372	13	that	that	PRON
cblr-11902	372	14	always	always	ADV
cblr-11902	372	15	had	have	VERB
cblr-11902	372	16	custom	custom	NOUN
cblr-11902	372	17	basket	basket	NOUN
cblr-11902	372	18	access	access	NOUN
cblr-11902	372	19	(	(	PUNCT
cblr-11902	372	20	pre-2006	pre-2006	NOUN
cblr-11902	372	21	)	)	PUNCT
cblr-11902	372	22	,	,	PUNCT
cblr-11902	372	23	and	and	CCONJ
cblr-11902	372	24	a	a	DET
cblr-11902	372	25	treatment	treatment	NOUN
cblr-11902	372	26	group	group	NOUN
cblr-11902	372	27	consisting	consist	VERB
cblr-11902	372	28	of	of	ADP
cblr-11902	372	29	those	those	PRON
cblr-11902	372	30	with	with	ADP
cblr-11902	372	31	newly	newly	ADV
cblr-11902	372	32	gained	gain	VERB
cblr-11902	372	33	access	access	NOUN
cblr-11902	372	34	to	to	ADP
cblr-11902	372	35	the	the	DET
cblr-11902	372	36	tool	tool	NOUN
cblr-11902	372	37	(	(	PUNCT
cblr-11902	372	38	post-2006	post-2006	NOUN
cblr-11902	372	39	)	)	PUNCT
cblr-11902	372	40	,	,	PUNCT
cblr-11902	372	41	which	which	PRON
cblr-11902	372	42	can	can	AUX
cblr-11902	372	43	be	be	AUX
cblr-11902	372	44	seen	see	VERB
cblr-11902	372	45	in	in	ADP
cblr-11902	372	46	figures	figure	NOUN
cblr-11902	372	47	3	3	NUM
cblr-11902	372	48	and	and	CCONJ
cblr-11902	372	49	4	4	NUM
cblr-11902	372	50	.	.	PUNCT
cblr-11902	373	1	both	both	DET
cblr-11902	373	2	groups	group	NOUN
cblr-11902	373	3	show	show	VERB
cblr-11902	373	4	the	the	DET
cblr-11902	373	5	same	same	ADJ
cblr-11902	373	6	general	general	ADJ
cblr-11902	373	7	increase	increase	NOUN
cblr-11902	373	8	over	over	ADP
cblr-11902	373	9	time	time	NOUN
cblr-11902	373	10	.	.	PUNCT
cblr-11902	374	1	however	however	ADV
cblr-11902	374	2	,	,	PUNCT
cblr-11902	374	3	the	the	DET
cblr-11902	374	4	post-2006	post-2006	ADJ
cblr-11902	374	5	funds	fund	NOUN
cblr-11902	374	6	have	have	VERB
cblr-11902	374	7	a	a	DET
cblr-11902	374	8	noticeable	noticeable	ADJ
cblr-11902	374	9	level	level	NOUN
cblr-11902	374	10	jump	jump	NOUN
cblr-11902	374	11	beginning	begin	VERB
cblr-11902	374	12	in	in	ADP
cblr-11902	374	13	2020	2020	NUM
cblr-11902	374	14	.	.	PUNCT
cblr-11902	375	1	0	0	NUM
cblr-11902	375	2	50	50	NUM
cblr-11902	375	3	100	100	NUM
cblr-11902	375	4	150	150	NUM
cblr-11902	375	5	200	200	NUM
cblr-11902	375	6	250	250	NUM
cblr-11902	375	7	feb18	feb18	PROPN
cblr-11902	375	8	apr18	apr18	PROPN
cblr-11902	375	9	jun	jun	PROPN
cblr-11902	375	10	-18	-18	PROPN
cblr-11902	375	11	aug	aug	PROPN
cblr-11902	375	12	-18	-18	PROPN
cblr-11902	375	13	oct18	oct18	PROPN
cblr-11902	375	14	dec18	dec18	PROPN
cblr-11902	375	15	feb19	feb19	PROPN
cblr-11902	375	16	apr19	apr19	PROPN
cblr-11902	375	17	jun	jun	PROPN
cblr-11902	375	18	-19	-19	PROPN
cblr-11902	375	19	aug	aug	PROPN
cblr-11902	375	20	-19	-19	PROPN
cblr-11902	375	21	oct19	oct19	NOUN
cblr-11902	375	22	dec19	dec19	NOUN
cblr-11902	375	23	feb20	feb20	NOUN
cblr-11902	375	24	apr20	apr20	NOUN
cblr-11902	375	25	jun	jun	PROPN
cblr-11902	375	26	-20	-20	PUNCT
cblr-11902	375	27	aug	aug	PROPN
cblr-11902	375	28	-20	-20	PUNCT
cblr-11902	375	29	oct20	oct20	NOUN
cblr-11902	375	30	dec20	dec20	NOUN
cblr-11902	375	31	feb21	feb21	PROPN
cblr-11902	375	32	apr21	apr21	PROPN
cblr-11902	375	33	jun	jun	PROPN
cblr-11902	375	34	-21	-21	PROPN
cblr-11902	375	35	aug	aug	PROPN
cblr-11902	375	36	-21	-21	NOUN
cblr-11902	375	37	oct21	oct21	PROPN
cblr-11902	375	38	dec21	dec21	NOUN
cblr-11902	375	39	n	n	CCONJ
cblr-11902	375	40	um	um	INTJ
cblr-11902	375	41	be	be	AUX
cblr-11902	375	42	r	r	NOUN
cblr-11902	375	43	o	o	NOUN
cblr-11902	375	44	f	f	X
cblr-11902	375	45	h	h	NOUN
cblr-11902	375	46	ea	ea	PROPN
cblr-11902	375	47	rtb	rtb	NOUN
cblr-11902	375	48	ea	ea	PROPN
cblr-11902	375	49	t	t	NOUN
cblr-11902	375	50	date	date	NOUN
cblr-11902	375	51	total	total	ADJ
cblr-11902	375	52	heartbeats	heartbeat	NOUN
cblr-11902	375	53	per	per	ADP
cblr-11902	375	54	month	month	NOUN
cblr-11902	375	55	by	by	ADP
cblr-11902	375	56	funds	fund	NOUN
cblr-11902	375	57	in	in	ADP
cblr-11902	375	58	existence	existence	NOUN
cblr-11902	375	59	from	from	ADP
cblr-11902	375	60	2018	2018	NUM
cblr-11902	375	61	-	-	SYM
cblr-11902	375	62	2021	2021	NUM
cblr-11902	375	63	564	564	NUM
cblr-11902	375	64	columbia	columbia	PROPN
cblr-11902	375	65	business	business	NOUN
cblr-11902	375	66	law	law	PROPN
cblr-11902	375	67	review	review	NOUN
cblr-11902	376	1	[	[	X
cblr-11902	376	2	vol	vol	NOUN
cblr-11902	376	3	.	.	PUNCT
cblr-11902	376	4	2023	2023	NUM
cblr-11902	376	5	figure	figure	NOUN
cblr-11902	376	6	3	3	NUM
cblr-11902	376	7	:	:	PUNCT
cblr-11902	376	8	total	total	ADJ
cblr-11902	376	9	heartbeat	heartbeat	NOUN
cblr-11902	376	10	trades	trade	NOUN
cblr-11902	376	11	per	per	ADP
cblr-11902	376	12	month	month	NOUN
cblr-11902	376	13	by	by	ADP
cblr-11902	376	14	pre-2006	pre-2006	ADJ
cblr-11902	376	15	funds	fund	NOUN
cblr-11902	376	16	figure	figure	VERB
cblr-11902	376	17	4	4	NUM
cblr-11902	376	18	:	:	PUNCT
cblr-11902	376	19	total	total	ADJ
cblr-11902	376	20	heartbeat	heartbeat	NOUN
cblr-11902	376	21	trades	trade	NOUN
cblr-11902	376	22	per	per	ADP
cblr-11902	376	23	month	month	NOUN
cblr-11902	376	24	by	by	ADP
cblr-11902	376	25	post-2006	post-2006	ADJ
cblr-11902	376	26	funds	fund	NOUN
cblr-11902	376	27	0	0	NUM
cblr-11902	376	28	20	20	NUM
cblr-11902	376	29	40	40	NUM
cblr-11902	376	30	60	60	NUM
cblr-11902	376	31	80	80	NUM
cblr-11902	376	32	100	100	NUM
cblr-11902	376	33	120	120	NUM
cblr-11902	376	34	140	140	NUM
cblr-11902	376	35	160	160	NUM
cblr-11902	376	36	180	180	NUM
cblr-11902	376	37	fe	fe	X
cblr-11902	376	38	b-1	b-1	PROPN
cblr-11902	376	39	8	8	NUM
cblr-11902	376	40	ap	ap	NOUN
cblr-11902	376	41	r-1	r-1	VERB
cblr-11902	376	42	8	8	NUM
cblr-11902	376	43	jun	jun	PROPN
cblr-11902	376	44	-18	-18	PUNCT
cblr-11902	376	45	au	au	PROPN
cblr-11902	376	46	g-1	g-1	PROPN
cblr-11902	376	47	8	8	NUM
cblr-11902	376	48	oc	oc	ADP
cblr-11902	376	49	t-1	t-1	PROPN
cblr-11902	376	50	8	8	NUM
cblr-11902	376	51	de	de	PROPN
cblr-11902	376	52	c-1	c-1	NOUN
cblr-11902	376	53	8	8	NUM
cblr-11902	376	54	fe	fe	X
cblr-11902	376	55	b-1	b-1	PROPN
cblr-11902	376	56	9	9	NUM
cblr-11902	376	57	ap	ap	NOUN
cblr-11902	376	58	r-1	r-1	VERB
cblr-11902	376	59	9	9	NUM
cblr-11902	376	60	jun	jun	PROPN
cblr-11902	376	61	-19	-19	PROPN
cblr-11902	376	62	au	au	PROPN
cblr-11902	377	1	g-1	g-1	PROPN
cblr-11902	377	2	9	9	NUM
cblr-11902	377	3	oc	oc	ADP
cblr-11902	377	4	t-1	t-1	PROPN
cblr-11902	377	5	9	9	NUM
cblr-11902	377	6	de	de	X
cblr-11902	377	7	c-1	c-1	NOUN
cblr-11902	377	8	9	9	NUM
cblr-11902	377	9	fe	fe	X
cblr-11902	377	10	b-2	b-2	PROPN
cblr-11902	377	11	0	0	PROPN
cblr-11902	377	12	ap	ap	PROPN
cblr-11902	377	13	r-2	r-2	PROPN
cblr-11902	377	14	0	0	PROPN
cblr-11902	378	1	jun	jun	PROPN
cblr-11902	378	2	-20	-20	PUNCT
cblr-11902	378	3	au	au	PROPN
cblr-11902	378	4	g-2	g-2	PROPN
cblr-11902	378	5	0	0	PUNCT
cblr-11902	379	1	oc	oc	PROPN
cblr-11902	379	2	t-2	t-2	PROPN
cblr-11902	379	3	0	0	NUM
cblr-11902	379	4	de	de	X
cblr-11902	379	5	c-2	c-2	NOUN
cblr-11902	379	6	0	0	NUM
cblr-11902	379	7	fe	fe	X
cblr-11902	379	8	b-2	b-2	PROPN
cblr-11902	379	9	1	1	PROPN
cblr-11902	379	10	ap	ap	PROPN
cblr-11902	379	11	r-2	r-2	PROPN
cblr-11902	379	12	1	1	NUM
cblr-11902	379	13	jun	jun	PROPN
cblr-11902	379	14	-21	-21	PUNCT
cblr-11902	379	15	au	au	PROPN
cblr-11902	379	16	g-2	g-2	PROPN
cblr-11902	379	17	1	1	NUM
cblr-11902	379	18	oc	oc	ADP
cblr-11902	379	19	t-2	t-2	PROPN
cblr-11902	379	20	1	1	NUM
cblr-11902	379	21	de	de	X
cblr-11902	379	22	c-2	c-2	NOUN
cblr-11902	379	23	1	1	NUM
cblr-11902	379	24	n	n	NUM
cblr-11902	379	25	um	um	INTJ
cblr-11902	379	26	be	be	AUX
cblr-11902	379	27	r	r	NOUN
cblr-11902	379	28	o	o	NOUN
cblr-11902	379	29	f	f	X
cblr-11902	379	30	h	h	NOUN
cblr-11902	379	31	ea	ea	PROPN
cblr-11902	379	32	rtb	rtb	NOUN
cblr-11902	379	33	ea	ea	PROPN
cblr-11902	379	34	t	t	PROPN
cblr-11902	379	35	t	t	PROPN
cblr-11902	379	36	ra	ra	PROPN
cblr-11902	379	37	de	de	PROPN
cblr-11902	379	38	s	s	PART
cblr-11902	379	39	date	date	NOUN
cblr-11902	379	40	total	total	ADJ
cblr-11902	379	41	heartbeat	heartbeat	NOUN
cblr-11902	379	42	trades	trade	NOUN
cblr-11902	379	43	per	per	ADP
cblr-11902	379	44	month	month	NOUN
cblr-11902	379	45	by	by	ADP
cblr-11902	380	1	pre-2006	pre-2006	ADJ
cblr-11902	380	2	funds	fund	NOUN
cblr-11902	380	3	0	0	NUM
cblr-11902	380	4	10	10	NUM
cblr-11902	380	5	20	20	NUM
cblr-11902	380	6	30	30	NUM
cblr-11902	380	7	40	40	NUM
cblr-11902	380	8	50	50	NUM
cblr-11902	380	9	60	60	NUM
cblr-11902	380	10	70	70	NUM
cblr-11902	380	11	feb18	feb18	PROPN
cblr-11902	380	12	apr18	apr18	PROPN
cblr-11902	380	13	jun	jun	PROPN
cblr-11902	380	14	-18	-18	PROPN
cblr-11902	380	15	aug	aug	PROPN
cblr-11902	380	16	-18	-18	PROPN
cblr-11902	380	17	oct18	oct18	PROPN
cblr-11902	380	18	dec18	dec18	PROPN
cblr-11902	380	19	feb19	feb19	PROPN
cblr-11902	380	20	apr19	apr19	PROPN
cblr-11902	380	21	jun	jun	PROPN
cblr-11902	380	22	-19	-19	PROPN
cblr-11902	380	23	aug	aug	PROPN
cblr-11902	380	24	-19	-19	PROPN
cblr-11902	380	25	oct19	oct19	NOUN
cblr-11902	380	26	dec19	dec19	NOUN
cblr-11902	380	27	feb20	feb20	NOUN
cblr-11902	380	28	apr20	apr20	NOUN
cblr-11902	380	29	jun	jun	PROPN
cblr-11902	380	30	-20	-20	PUNCT
cblr-11902	380	31	aug	aug	PROPN
cblr-11902	380	32	-20	-20	PUNCT
cblr-11902	380	33	oct20	oct20	NOUN
cblr-11902	380	34	dec20	dec20	NOUN
cblr-11902	380	35	feb21	feb21	PROPN
cblr-11902	380	36	apr21	apr21	PROPN
cblr-11902	380	37	jun	jun	PROPN
cblr-11902	380	38	-21	-21	PROPN
cblr-11902	380	39	aug	aug	PROPN
cblr-11902	380	40	-21	-21	NOUN
cblr-11902	380	41	oct21	oct21	PROPN
cblr-11902	380	42	dec21	dec21	NOUN
cblr-11902	380	43	n	n	CCONJ
cblr-11902	380	44	um	um	INTJ
cblr-11902	380	45	be	be	AUX
cblr-11902	380	46	r	r	NOUN
cblr-11902	380	47	o	o	NOUN
cblr-11902	380	48	f	f	X
cblr-11902	380	49	h	h	NOUN
cblr-11902	380	50	ea	ea	PROPN
cblr-11902	380	51	rtb	rtb	NOUN
cblr-11902	380	52	ea	ea	PROPN
cblr-11902	380	53	t	t	PROPN
cblr-11902	380	54	t	t	PROPN
cblr-11902	380	55	ra	ra	PROPN
cblr-11902	380	56	de	de	PROPN
cblr-11902	380	57	s	s	PART
cblr-11902	380	58	date	date	NOUN
cblr-11902	380	59	total	total	ADJ
cblr-11902	380	60	heartbeat	heartbeat	NOUN
cblr-11902	380	61	trades	trade	NOUN
cblr-11902	380	62	per	per	ADP
cblr-11902	380	63	month	month	NOUN
cblr-11902	380	64	by	by	ADP
cblr-11902	380	65	post-2006	post-2006	ADJ
cblr-11902	380	66	funds	fund	NOUN
cblr-11902	380	67	no	no	NOUN
cblr-11902	380	68	.	.	NOUN
cblr-11902	380	69	1	1	NUM
cblr-11902	380	70	]	]	PUNCT
cblr-11902	380	71	sec	sec	PROPN
cblr-11902	380	72	rule	rule	NOUN
cblr-11902	380	73	6c-11	6c-11	PROPN
cblr-11902	380	74	’s	’s	PART
cblr-11902	380	75	impact	impact	NOUN
cblr-11902	380	76	on	on	ADP
cblr-11902	380	77	usage	usage	NOUN
cblr-11902	380	78	of	of	ADP
cblr-11902	380	79	heartbeat	heartbeat	NOUN
cblr-11902	380	80	trades	trade	VERB
cblr-11902	380	81	565	565	NUM
cblr-11902	380	82	table	table	NOUN
cblr-11902	380	83	1	1	NUM
cblr-11902	380	84	shows	show	VERB
cblr-11902	380	85	the	the	DET
cblr-11902	380	86	year	year	NOUN
cblr-11902	380	87	-	-	PUNCT
cblr-11902	380	88	over	over	ADP
cblr-11902	380	89	-	-	PUNCT
cblr-11902	380	90	year	year	NOUN
cblr-11902	380	91	growth	growth	NOUN
cblr-11902	380	92	between	between	ADP
cblr-11902	380	93	2019	2019	NUM
cblr-11902	380	94	and	and	CCONJ
cblr-11902	380	95	2021.178	2021.178	NUM
cblr-11902	380	96	,	,	PUNCT
cblr-11902	380	97	in	in	ADP
cblr-11902	380	98	all	all	DET
cblr-11902	380	99	months	month	NOUN
cblr-11902	380	100	,	,	PUNCT
cblr-11902	380	101	except	except	SCONJ
cblr-11902	380	102	march	march	PROPN
cblr-11902	380	103	,	,	PUNCT
cblr-11902	380	104	the	the	DET
cblr-11902	380	105	growth	growth	NOUN
cblr-11902	380	106	in	in	ADP
cblr-11902	380	107	heartbeat	heartbeat	NOUN
cblr-11902	380	108	trades	trade	NOUN
cblr-11902	380	109	in	in	ADP
cblr-11902	380	110	post-2006	post-2006	ADJ
cblr-11902	380	111	funds	fund	NOUN
cblr-11902	380	112	is	be	AUX
cblr-11902	380	113	more	more	ADJ
cblr-11902	380	114	than	than	ADP
cblr-11902	380	115	in	in	ADP
cblr-11902	380	116	pre-2006	pre-2006	ADJ
cblr-11902	380	117	funds	fund	NOUN
cblr-11902	380	118	,	,	PUNCT
cblr-11902	380	119	with	with	ADP
cblr-11902	380	120	a	a	DET
cblr-11902	380	121	maximum	maximum	ADJ
cblr-11902	380	122	difference	difference	NOUN
cblr-11902	380	123	of	of	ADP
cblr-11902	380	124	over	over	ADP
cblr-11902	380	125	400	400	NUM
cblr-11902	380	126	%	%	NOUN
cblr-11902	380	127	.	.	PUNCT
cblr-11902	381	1	this	this	PRON
cblr-11902	381	2	demonstrates	demonstrate	VERB
cblr-11902	381	3	a	a	DET
cblr-11902	381	4	pronounced	pronounced	ADJ
cblr-11902	381	5	increase	increase	NOUN
cblr-11902	381	6	in	in	ADP
cblr-11902	381	7	the	the	DET
cblr-11902	381	8	usage	usage	NOUN
cblr-11902	381	9	of	of	ADP
cblr-11902	381	10	heartbeat	heartbeat	NOUN
cblr-11902	381	11	trades	trade	NOUN
cblr-11902	381	12	following	follow	VERB
cblr-11902	381	13	the	the	DET
cblr-11902	381	14	implementation	implementation	NOUN
cblr-11902	381	15	of	of	ADP
cblr-11902	381	16	rule	rule	NOUN
cblr-11902	381	17	6c-11	6c-11	PROPN
cblr-11902	381	18	and	and	CCONJ
cblr-11902	381	19	that	that	SCONJ
cblr-11902	381	20	the	the	DET
cblr-11902	381	21	increase	increase	NOUN
cblr-11902	381	22	of	of	ADP
cblr-11902	381	23	use	use	NOUN
cblr-11902	381	24	was	be	AUX
cblr-11902	381	25	larger	large	ADJ
cblr-11902	381	26	for	for	ADP
cblr-11902	381	27	funds	fund	NOUN
cblr-11902	381	28	that	that	PRON
cblr-11902	381	29	were	be	AUX
cblr-11902	381	30	not	not	PART
cblr-11902	381	31	able	able	ADJ
cblr-11902	381	32	to	to	PART
cblr-11902	381	33	use	use	VERB
cblr-11902	381	34	custom	custom	NOUN
cblr-11902	381	35	baskets	basket	NOUN
cblr-11902	381	36	before	before	ADP
cblr-11902	381	37	the	the	DET
cblr-11902	381	38	adoption	adoption	NOUN
cblr-11902	381	39	of	of	ADP
cblr-11902	381	40	the	the	DET
cblr-11902	381	41	rule	rule	NOUN
cblr-11902	381	42	.	.	PUNCT
cblr-11902	382	1	the	the	DET
cblr-11902	382	2	yearover	yearover	NOUN
cblr-11902	382	3	-	-	PUNCT
cblr-11902	382	4	year	year	NOUN
cblr-11902	382	5	growth	growth	NOUN
cblr-11902	382	6	rates	rate	NOUN
cblr-11902	382	7	are	be	AUX
cblr-11902	382	8	also	also	ADV
cblr-11902	382	9	notably	notably	ADV
cblr-11902	382	10	larger	large	ADJ
cblr-11902	382	11	than	than	ADP
cblr-11902	382	12	the	the	DET
cblr-11902	382	13	those	those	PRON
cblr-11902	382	14	seen	see	VERB
cblr-11902	382	15	for	for	ADP
cblr-11902	382	16	the	the	DET
cblr-11902	382	17	same	same	ADJ
cblr-11902	382	18	funds	fund	NOUN
cblr-11902	382	19	between	between	ADP
cblr-11902	382	20	2018	2018	NUM
cblr-11902	382	21	and	and	CCONJ
cblr-11902	382	22	2019.179	2019.179	PROPN
cblr-11902	382	23	table	table	NOUN
cblr-11902	382	24	1	1	NUM
cblr-11902	382	25	:	:	PUNCT
cblr-11902	382	26	year	year	NOUN
cblr-11902	382	27	over	over	ADP
cblr-11902	382	28	year	year	NOUN
cblr-11902	382	29	growth	growth	NOUN
cblr-11902	382	30	2019:2021	2019:2021	NUM
cblr-11902	382	31	comparison	comparison	NOUN
cblr-11902	382	32	month	month	NOUN
cblr-11902	382	33	post-2006	post-2006	NOUN
cblr-11902	382	34	:	:	PUNCT
cblr-11902	382	35	year	year	NOUN
cblr-11902	382	36	over	over	ADP
cblr-11902	382	37	year	year	NOUN
cblr-11902	382	38	growth	growth	NOUN
cblr-11902	382	39	,	,	PUNCT
cblr-11902	382	40	2019:2021	2019:2021	NUM
cblr-11902	382	41	pre-2006	pre-2006	NOUN
cblr-11902	382	42	:	:	PUNCT
cblr-11902	382	43	year	year	NOUN
cblr-11902	382	44	over	over	ADP
cblr-11902	382	45	year	year	NOUN
cblr-11902	382	46	growth	growth	NOUN
cblr-11902	382	47	,	,	PUNCT
cblr-11902	382	48	2019:2021	2019:2021	NUM
cblr-11902	382	49	%	%	NOUN
cblr-11902	382	50	difference	difference	NOUN
cblr-11902	382	51	january	january	PROPN
cblr-11902	382	52	237.50	237.50	NUM
cblr-11902	382	53	%	%	NOUN
cblr-11902	382	54	54.39	54.39	NUM
cblr-11902	382	55	%	%	NOUN
cblr-11902	382	56	183.11	183.11	NUM
cblr-11902	382	57	%	%	NOUN
cblr-11902	382	58	february	february	NOUN
cblr-11902	382	59	477.78	477.78	NUM
cblr-11902	382	60	%	%	NOUN
cblr-11902	382	61	41.54	41.54	NUM
cblr-11902	382	62	%	%	NOUN
cblr-11902	382	63	436.24	436.24	NUM
cblr-11902	382	64	%	%	NOUN
cblr-11902	382	65	march	march	NOUN
cblr-11902	382	66	111.54	111.54	NUM
cblr-11902	382	67	%	%	NOUN
cblr-11902	382	68	161.67	161.67	NUM
cblr-11902	382	69	%	%	NOUN
cblr-11902	382	70	-50.13	-50.13	NUM
cblr-11902	382	71	%	%	NOUN
cblr-11902	382	72	april	april	PROPN
cblr-11902	382	73	100.00	100.00	NUM
cblr-11902	382	74	%	%	NOUN
cblr-11902	382	75	57.63	57.63	NUM
cblr-11902	382	76	%	%	NOUN
cblr-11902	382	77	42.37	42.37	NUM
cblr-11902	382	78	%	%	NOUN
cblr-11902	382	79	may	may	AUX
cblr-11902	382	80	250.00	250.00	NUM
cblr-11902	382	81	%	%	NOUN
cblr-11902	382	82	130.77	130.77	NUM
cblr-11902	382	83	%	%	NOUN
cblr-11902	382	84	119.23	119.23	NUM
cblr-11902	382	85	%	%	NOUN
cblr-11902	382	86	june	june	PROPN
cblr-11902	382	87	126.67	126.67	NUM
cblr-11902	382	88	%	%	NOUN
cblr-11902	382	89	22.37	22.37	NUM
cblr-11902	382	90	%	%	NOUN
cblr-11902	382	91	104.30	104.30	NUM
cblr-11902	382	92	%	%	NOUN
cblr-11902	382	93	july	july	PROPN
cblr-11902	382	94	133.33	133.33	NUM
cblr-11902	382	95	%	%	NOUN
cblr-11902	382	96	19.61	19.61	NUM
cblr-11902	382	97	%	%	NOUN
cblr-11902	382	98	113.73	113.73	NUM
cblr-11902	382	99	%	%	NOUN
cblr-11902	382	100	august	august	PROPN
cblr-11902	382	101	100.00	100.00	NUM
cblr-11902	382	102	%	%	NOUN
cblr-11902	382	103	-15.38	-15.38	NOUN
cblr-11902	382	104	%	%	NOUN
cblr-11902	382	105	115.38	115.38	NUM
cblr-11902	382	106	%	%	NOUN
cblr-11902	382	107	september	september	PROPN
cblr-11902	382	108	150.00	150.00	NUM
cblr-11902	382	109	%	%	NOUN
cblr-11902	382	110	51.06	51.06	NUM
cblr-11902	382	111	%	%	NOUN
cblr-11902	382	112	98.94	98.94	NUM
cblr-11902	382	113	%	%	NOUN
cblr-11902	382	114	october	october	NOUN
cblr-11902	382	115	207.69	207.69	NUM
cblr-11902	382	116	%	%	NOUN
cblr-11902	382	117	23.21	23.21	NUM
cblr-11902	382	118	%	%	NOUN
cblr-11902	382	119	184.48	184.48	NUM
cblr-11902	382	120	%	%	NOUN
cblr-11902	382	121	november	november	PROPN
cblr-11902	382	122	8.70	8.70	NUM
cblr-11902	382	123	%	%	NOUN
cblr-11902	383	1	-19.61	-19.61	NUM
cblr-11902	383	2	%	%	NOUN
cblr-11902	383	3	28.30	28.30	NUM
cblr-11902	383	4	%	%	NOUN
cblr-11902	383	5	december	december	PROPN
cblr-11902	383	6	65.22	65.22	NUM
cblr-11902	383	7	%	%	NOUN
cblr-11902	383	8	36.62	36.62	NUM
cblr-11902	383	9	%	%	NOUN
cblr-11902	383	10	28.60	28.60	NUM
cblr-11902	383	11	%	%	NOUN
cblr-11902	383	12	d.	d.	PROPN
cblr-11902	383	13	model	model	PROPN
cblr-11902	383	14	estimation	estimation	NOUN
cblr-11902	383	15	of	of	ADP
cblr-11902	383	16	impact	impact	NOUN
cblr-11902	383	17	in	in	ADP
cblr-11902	383	18	addition	addition	NOUN
cblr-11902	383	19	to	to	ADP
cblr-11902	383	20	comparing	compare	VERB
cblr-11902	383	21	the	the	DET
cblr-11902	383	22	growth	growth	NOUN
cblr-11902	383	23	over	over	ADP
cblr-11902	383	24	the	the	DET
cblr-11902	383	25	sample	sample	NOUN
cblr-11902	384	1	,	,	PUNCT
cblr-11902	384	2	i	i	PRON
cblr-11902	384	3	also	also	ADV
cblr-11902	384	4	estimate	estimate	VERB
cblr-11902	384	5	the	the	DET
cblr-11902	384	6	impact	impact	NOUN
cblr-11902	384	7	of	of	ADP
cblr-11902	384	8	rule	rule	NOUN
cblr-11902	384	9	6c-11	6c-11	PROPN
cblr-11902	384	10	on	on	ADP
cblr-11902	384	11	the	the	DET
cblr-11902	384	12	“	"	PUNCT
cblr-11902	384	13	treatment	treatment	NOUN
cblr-11902	384	14	”	"	PUNCT
cblr-11902	384	15	group	group	NOUN
cblr-11902	384	16	with	with	ADP
cblr-11902	384	17	a	a	DET
cblr-11902	384	18	differences	difference	NOUN
cblr-11902	384	19	-	-	PUNCT
cblr-11902	384	20	in	in	ADP
cblr-11902	384	21	-	-	PUNCT
cblr-11902	384	22	differences	difference	NOUN
cblr-11902	384	23	(	(	PUNCT
cblr-11902	384	24	did	do	AUX
cblr-11902	384	25	)	)	PUNCT
cblr-11902	384	26	approach	approach	NOUN
cblr-11902	384	27	.	.	PUNCT
cblr-11902	385	1	this	this	DET
cblr-11902	385	2	method	method	NOUN
cblr-11902	385	3	is	be	AUX
cblr-11902	385	4	commonly	commonly	ADV
cblr-11902	385	5	used	use	VERB
cblr-11902	385	6	in	in	ADP
cblr-11902	385	7	studies	study	NOUN
cblr-11902	385	8	of	of	ADP
cblr-11902	385	9	regulatory	regulatory	ADJ
cblr-11902	385	10	interventions	intervention	NOUN
cblr-11902	385	11	178	178	NUM
cblr-11902	385	12	this	this	DET
cblr-11902	385	13	time	time	NOUN
cblr-11902	385	14	period	period	NOUN
cblr-11902	385	15	is	be	AUX
cblr-11902	385	16	used	use	VERB
cblr-11902	385	17	to	to	PART
cblr-11902	385	18	account	account	VERB
cblr-11902	385	19	for	for	ADP
cblr-11902	385	20	the	the	DET
cblr-11902	385	21	uncertainty	uncertainty	NOUN
cblr-11902	385	22	of	of	ADP
cblr-11902	385	23	custom	custom	NOUN
cblr-11902	385	24	basket	basket	NOUN
cblr-11902	385	25	access	access	NOUN
cblr-11902	385	26	in	in	ADP
cblr-11902	385	27	2020	2020	NUM
cblr-11902	385	28	.	.	PUNCT
cblr-11902	386	1	see	see	VERB
cblr-11902	386	2	supra	supra	PROPN
cblr-11902	386	3	part	part	PROPN
cblr-11902	386	4	iii.a.3	iii.a.3	PROPN
cblr-11902	386	5	.	.	PUNCT
cblr-11902	386	6	179	179	NUM
cblr-11902	386	7	see	see	VERB
cblr-11902	386	8	infra	infra	NOUN
cblr-11902	386	9	table	table	NOUN
cblr-11902	386	10	c	c	NOUN
cblr-11902	386	11	;	;	PUNCT
cblr-11902	386	12	see	see	VERB
cblr-11902	386	13	also	also	ADV
cblr-11902	386	14	infra	infra	VERB
cblr-11902	386	15	table	table	NOUN
cblr-11902	386	16	b	b	NOUN
cblr-11902	386	17	for	for	ADP
cblr-11902	386	18	comparison	comparison	NOUN
cblr-11902	386	19	of	of	ADP
cblr-11902	386	20	2019:2020	2019:2020	NUM
cblr-11902	386	21	growth	growth	NOUN
cblr-11902	386	22	rates	rate	NOUN
cblr-11902	386	23	.	.	PUNCT
cblr-11902	387	1	566	566	NUM
cblr-11902	387	2	columbia	columbia	PROPN
cblr-11902	387	3	business	business	NOUN
cblr-11902	387	4	law	law	PROPN
cblr-11902	387	5	review	review	NOUN
cblr-11902	387	6	[	[	X
cblr-11902	387	7	vol	vol	NOUN
cblr-11902	387	8	.	.	PUNCT
cblr-11902	387	9	2023	2023	NUM
cblr-11902	387	10	because	because	SCONJ
cblr-11902	387	11	it	it	PRON
cblr-11902	387	12	can	can	AUX
cblr-11902	387	13	be	be	AUX
cblr-11902	387	14	used	use	VERB
cblr-11902	387	15	to	to	PART
cblr-11902	387	16	compare	compare	VERB
cblr-11902	387	17	certain	certain	ADJ
cblr-11902	387	18	groups	group	NOUN
cblr-11902	387	19	that	that	PRON
cblr-11902	387	20	have	have	AUX
cblr-11902	387	21	been	be	AUX
cblr-11902	387	22	exposed	expose	VERB
cblr-11902	387	23	to	to	ADP
cblr-11902	387	24	some	some	DET
cblr-11902	387	25	casual	casual	ADJ
cblr-11902	387	26	variable	variable	NOUN
cblr-11902	387	27	of	of	ADP
cblr-11902	387	28	interest	interest	NOUN
cblr-11902	387	29	and	and	CCONJ
cblr-11902	387	30	other	other	ADJ
cblr-11902	387	31	groups	group	NOUN
cblr-11902	387	32	who	who	PRON
cblr-11902	387	33	have	have	VERB
cblr-11902	387	34	not.180	not.180	NOUN
cblr-11902	387	35	in	in	ADP
cblr-11902	387	36	this	this	DET
cblr-11902	387	37	case	case	NOUN
cblr-11902	387	38	,	,	PUNCT
cblr-11902	387	39	the	the	DET
cblr-11902	387	40	group	group	NOUN
cblr-11902	387	41	exposed	expose	VERB
cblr-11902	387	42	would	would	AUX
cblr-11902	387	43	be	be	AUX
cblr-11902	387	44	the	the	DET
cblr-11902	387	45	post-2006	post-2006	ADJ
cblr-11902	387	46	funds	fund	NOUN
cblr-11902	387	47	with	with	ADP
cblr-11902	387	48	recent	recent	ADJ
cblr-11902	387	49	access	access	NOUN
cblr-11902	387	50	to	to	ADP
cblr-11902	387	51	custom	custom	NOUN
cblr-11902	387	52	baskets	basket	NOUN
cblr-11902	387	53	,	,	PUNCT
cblr-11902	387	54	and	and	CCONJ
cblr-11902	387	55	the	the	DET
cblr-11902	387	56	group	group	NOUN
cblr-11902	387	57	unexposed	unexposed	ADJ
cblr-11902	387	58	would	would	AUX
cblr-11902	387	59	be	be	AUX
cblr-11902	387	60	the	the	DET
cblr-11902	387	61	pre-2006	pre-2006	NOUN
cblr-11902	387	62	who	who	PRON
cblr-11902	387	63	have	have	AUX
cblr-11902	387	64	always	always	ADV
cblr-11902	387	65	had	have	VERB
cblr-11902	387	66	the	the	DET
cblr-11902	387	67	tool	tool	NOUN
cblr-11902	387	68	.	.	PUNCT
cblr-11902	388	1	to	to	PART
cblr-11902	388	2	implement	implement	VERB
cblr-11902	388	3	the	the	DET
cblr-11902	388	4	did	did	ADJ
cblr-11902	388	5	model	model	NOUN
cblr-11902	388	6	,	,	PUNCT
cblr-11902	388	7	i	i	PRON
cblr-11902	388	8	used	use	VERB
cblr-11902	388	9	an	an	DET
cblr-11902	388	10	ordinary	ordinary	ADJ
cblr-11902	388	11	least	least	ADJ
cblr-11902	388	12	squares	square	NOUN
cblr-11902	388	13	linear	linear	PROPN
cblr-11902	388	14	regression	regression	NOUN
cblr-11902	388	15	model	model	NOUN
cblr-11902	388	16	,	,	PUNCT
cblr-11902	388	17	which	which	PRON
cblr-11902	388	18	is	be	AUX
cblr-11902	388	19	a	a	PRON
cblr-11902	388	20	commonly	commonly	ADV
cblr-11902	388	21	used	use	VERB
cblr-11902	388	22	for	for	ADP
cblr-11902	388	23	predictive	predictive	ADJ
cblr-11902	388	24	analysis.181	analysis.181	PROPN
cblr-11902	388	25	linear	linear	NOUN
cblr-11902	388	26	regressions	regression	NOUN
cblr-11902	388	27	are	be	AUX
cblr-11902	388	28	used	use	VERB
cblr-11902	388	29	to	to	PART
cblr-11902	388	30	explain	explain	VERB
cblr-11902	388	31	the	the	DET
cblr-11902	388	32	relationship	relationship	NOUN
cblr-11902	388	33	between	between	ADP
cblr-11902	388	34	one	one	NUM
cblr-11902	388	35	dependent	dependent	ADJ
cblr-11902	388	36	variable	variable	NOUN
cblr-11902	388	37	and	and	CCONJ
cblr-11902	388	38	one	one	NUM
cblr-11902	388	39	or	or	CCONJ
cblr-11902	388	40	more	more	ADV
cblr-11902	388	41	independent	independent	ADJ
cblr-11902	388	42	variables.182	variables.182	NOUN
cblr-11902	388	43	the	the	DET
cblr-11902	388	44	overall	overall	ADJ
cblr-11902	388	45	goal	goal	NOUN
cblr-11902	388	46	is	be	AUX
cblr-11902	388	47	to	to	PART
cblr-11902	388	48	estimate	estimate	VERB
cblr-11902	388	49	if	if	SCONJ
cblr-11902	388	50	a	a	DET
cblr-11902	388	51	set	set	NOUN
cblr-11902	388	52	of	of	ADP
cblr-11902	388	53	predictor	predictor	NOUN
cblr-11902	388	54	variables	variable	NOUN
cblr-11902	388	55	predicts	predict	VERB
cblr-11902	388	56	an	an	DET
cblr-11902	388	57	outcome	outcome	NOUN
cblr-11902	388	58	(	(	PUNCT
cblr-11902	388	59	the	the	DET
cblr-11902	388	60	dependent	dependent	ADJ
cblr-11902	388	61	variable	variable	NOUN
cblr-11902	388	62	)	)	PUNCT
cblr-11902	388	63	and	and	CCONJ
cblr-11902	388	64	if	if	SCONJ
cblr-11902	388	65	so	so	ADV
cblr-11902	388	66	,	,	PUNCT
cblr-11902	388	67	what	what	PRON
cblr-11902	388	68	is	be	AUX
cblr-11902	388	69	the	the	DET
cblr-11902	388	70	strength	strength	NOUN
cblr-11902	388	71	of	of	ADP
cblr-11902	388	72	the	the	DET
cblr-11902	388	73	relationship(as	relationship(as	NOUN
cblr-11902	388	74	indicated	indicate	VERB
cblr-11902	388	75	by	by	ADP
cblr-11902	388	76	the	the	DET
cblr-11902	388	77	magnitude	magnitude	NOUN
cblr-11902	388	78	of	of	ADP
cblr-11902	388	79	the	the	DET
cblr-11902	388	80	coefficient	coefficient	NOUN
cblr-11902	388	81	estimated	estimate	VERB
cblr-11902	388	82	for	for	ADP
cblr-11902	388	83	each	each	DET
cblr-11902	388	84	variable	variable	NOUN
cblr-11902	388	85	,	,	PUNCT
cblr-11902	388	86	often	often	ADV
cblr-11902	388	87	depicted	depict	VERB
cblr-11902	388	88	as	as	ADP
cblr-11902	388	89	𝛽).183	𝛽).183	NUM
cblr-11902	388	90	because	because	SCONJ
cblr-11902	388	91	the	the	DET
cblr-11902	388	92	potential	potential	NOUN
cblr-11902	388	93	to	to	PART
cblr-11902	388	94	use	use	VERB
cblr-11902	388	95	a	a	DET
cblr-11902	388	96	heartbeat	heartbeat	NOUN
cblr-11902	388	97	trade	trade	NOUN
cblr-11902	388	98	may	may	AUX
cblr-11902	388	99	be	be	AUX
cblr-11902	388	100	influenced	influence	VERB
cblr-11902	388	101	by	by	ADP
cblr-11902	388	102	both	both	CCONJ
cblr-11902	388	103	the	the	DET
cblr-11902	388	104	date184	date184	PROPN
cblr-11902	388	105	and	and	CCONJ
cblr-11902	388	106	the	the	DET
cblr-11902	388	107	particular	particular	ADJ
cblr-11902	388	108	firm	firm	NOUN
cblr-11902	388	109	,	,	PUNCT
cblr-11902	388	110	i	i	PRON
cblr-11902	388	111	include	include	VERB
cblr-11902	388	112	“	"	PUNCT
cblr-11902	388	113	fixed	fix	VERB
cblr-11902	388	114	effects	effect	NOUN
cblr-11902	388	115	”	"	PUNCT
cblr-11902	388	116	controls	control	NOUN
cblr-11902	388	117	for	for	ADP
cblr-11902	388	118	both	both	CCONJ
cblr-11902	388	119	the	the	DET
cblr-11902	388	120	fund	fund	NOUN
cblr-11902	388	121	and	and	CCONJ
cblr-11902	388	122	the	the	DET
cblr-11902	388	123	date	date	NOUN
cblr-11902	388	124	in	in	ADP
cblr-11902	388	125	the	the	DET
cblr-11902	388	126	regression.185	regression.185	NOUN
cblr-11902	388	127	the	the	DET
cblr-11902	388	128	regression	regression	NOUN
cblr-11902	388	129	is	be	AUX
cblr-11902	388	130	represented	represent	VERB
cblr-11902	388	131	by	by	ADP
cblr-11902	388	132	the	the	DET
cblr-11902	388	133	following	follow	VERB
cblr-11902	388	134	equation	equation	NOUN
cblr-11902	388	135	,	,	PUNCT
cblr-11902	388	136	where	where	SCONJ
cblr-11902	388	137	i	i	PRON
cblr-11902	388	138	is	be	AUX
cblr-11902	388	139	a	a	DET
cblr-11902	388	140	particular	particular	ADJ
cblr-11902	388	141	fund	fund	NOUN
cblr-11902	388	142	and	and	CCONJ
cblr-11902	388	143	t	t	PROPN
cblr-11902	388	144	is	be	AUX
cblr-11902	388	145	the	the	DET
cblr-11902	388	146	date	date	NOUN
cblr-11902	388	147	:	:	PUNCT
cblr-11902	388	148	𝐻𝑒𝑎𝑟𝑡𝑏𝑒𝑎𝑡$	𝐻𝑒𝑎𝑟𝑡𝑏𝑒𝑎𝑡$	NOUN
cblr-11902	388	149	,	,	PUNCT
cblr-11902	388	150	!	!	PUNCT
cblr-11902	389	1	=	=	SYM
cblr-11902	389	2	𝛽	𝛽	NOUN
cblr-11902	389	3	&	&	CCONJ
cblr-11902	389	4	+	+	CCONJ
cblr-11902	389	5	𝛽#𝐹𝑢𝑛𝑑$	𝛽#𝐹𝑢𝑛𝑑$	PROPN
cblr-11902	389	6	+	+	CCONJ
cblr-11902	389	7	𝛽'𝑇𝑖𝑚𝑒	𝛽'𝑇𝑖𝑚𝑒	PROPN
cblr-11902	389	8	!	!	PUNCT
cblr-11902	390	1	+	+	PUNCT
cblr-11902	390	2	𝛽((𝐴𝑓𝑡𝑒𝑟	𝛽((𝐴𝑓𝑡𝑒𝑟	PROPN
cblr-11902	390	3	!	!	PUNCT
cblr-11902	390	4	𝑥	𝑥	PRON
cblr-11902	390	5	𝑇𝑟𝑒𝑎𝑡𝑒𝑑$	𝑇𝑟𝑒𝑎𝑡𝑒𝑑$	NOUN
cblr-11902	390	6	)	)	PUNCT
cblr-11902	391	1	+	+	NUM
cblr-11902	391	2	𝜀$	𝜀$	NOUN
cblr-11902	391	3	,	,	PUNCT
cblr-11902	391	4	!	!	PUNCT
cblr-11902	392	1	180	180	NUM
cblr-11902	392	2	see	see	VERB
cblr-11902	392	3	joshua	joshua	PROPN
cblr-11902	392	4	d.	d.	PROPN
cblr-11902	392	5	angrist	angrist	PROPN
cblr-11902	392	6	and	and	CCONJ
cblr-11902	392	7	alan	alan	PROPN
cblr-11902	392	8	b.	b.	PROPN
cblr-11902	392	9	krueger	krueger	PROPN
cblr-11902	392	10	,	,	PUNCT
cblr-11902	392	11	empirical	empirical	ADJ
cblr-11902	392	12	strategies	strategy	NOUN
cblr-11902	392	13	in	in	ADP
cblr-11902	392	14	labor	labor	NOUN
cblr-11902	392	15	economics	economic	NOUN
cblr-11902	392	16	,	,	PUNCT
cblr-11902	392	17	handbook	handbook	NOUN
cblr-11902	392	18	of	of	ADP
cblr-11902	392	19	labor	labor	NOUN
cblr-11902	392	20	economics	economic	NOUN
cblr-11902	392	21	1277	1277	NUM
cblr-11902	392	22	,	,	PUNCT
cblr-11902	392	23	1296	1296	NUM
cblr-11902	392	24	(	(	PUNCT
cblr-11902	392	25	1999	1999	NUM
cblr-11902	392	26	)	)	PUNCT
cblr-11902	392	27	.	.	PUNCT
cblr-11902	393	1	181	181	NUM
cblr-11902	393	2	what	what	PRON
cblr-11902	393	3	is	be	AUX
cblr-11902	393	4	linear	linear	PROPN
cblr-11902	393	5	regression	regression	NOUN
cblr-11902	393	6	?	?	PUNCT
cblr-11902	393	7	,	,	PUNCT
cblr-11902	393	8	statistics	statistic	NOUN
cblr-11902	393	9	solutions	solution	NOUN
cblr-11902	393	10	,	,	PUNCT
cblr-11902	393	11	https://www.statisticssolutions.com/free-resources/directory-of-statisticalanalyses/what-is-linear-regression/	https://www.statisticssolutions.com/free-resources/directory-of-statisticalanalyses/what-is-linear-regression/	X
cblr-11902	394	1	[	[	X
cblr-11902	394	2	https://perma.cc/cml7-hgfz	https://perma.cc/cml7-hgfz	X
cblr-11902	394	3	]	]	X
cblr-11902	394	4	(	(	PUNCT
cblr-11902	394	5	last	last	ADV
cblr-11902	394	6	visited	visit	VERB
cblr-11902	394	7	feb	feb	PROPN
cblr-11902	394	8	.	.	PROPN
cblr-11902	394	9	18	18	NUM
cblr-11902	394	10	,	,	PUNCT
cblr-11902	394	11	2022	2022	NUM
cblr-11902	394	12	)	)	PUNCT
cblr-11902	394	13	.	.	PUNCT
cblr-11902	395	1	182	182	NUM
cblr-11902	395	2	see	see	VERB
cblr-11902	395	3	i	i	PRON
cblr-11902	395	4	d.	d.	PROPN
cblr-11902	395	5	183	183	NUM
cblr-11902	395	6	see	see	VERB
cblr-11902	395	7	i	i	PROPN
cblr-11902	395	8	d.	d.	PROPN
cblr-11902	395	9	184	184	NUM
cblr-11902	395	10	indices	index	NOUN
cblr-11902	395	11	typically	typically	ADV
cblr-11902	395	12	rebalance	rebalance	VERB
cblr-11902	395	13	at	at	ADP
cblr-11902	395	14	set	set	NOUN
cblr-11902	395	15	times	time	NOUN
cblr-11902	395	16	of	of	ADP
cblr-11902	395	17	year	year	NOUN
cblr-11902	395	18	,	,	PUNCT
cblr-11902	395	19	which	which	PRON
cblr-11902	395	20	would	would	AUX
cblr-11902	395	21	lead	lead	VERB
cblr-11902	395	22	to	to	ADP
cblr-11902	395	23	certain	certain	ADJ
cblr-11902	395	24	dates	date	NOUN
cblr-11902	395	25	having	have	VERB
cblr-11902	395	26	a	a	DET
cblr-11902	395	27	stronger	strong	ADJ
cblr-11902	395	28	chance	chance	NOUN
cblr-11902	395	29	of	of	ADP
cblr-11902	395	30	heartbeat	heartbeat	NOUN
cblr-11902	395	31	trades	trade	NOUN
cblr-11902	395	32	.	.	PUNCT
cblr-11902	396	1	185	185	NUM
cblr-11902	396	2	see	see	VERB
cblr-11902	396	3	oscar	oscar	NOUN
cblr-11902	396	4	torres	torre	NOUN
cblr-11902	396	5	-	-	PUNCT
cblr-11902	396	6	reyna	reyna	NOUN
cblr-11902	396	7	,	,	PUNCT
cblr-11902	396	8	panel	panel	NOUN
cblr-11902	396	9	data	data	VERB
cblr-11902	396	10	analysis	analysis	NOUN
cblr-11902	396	11	fixed	fix	VERB
cblr-11902	396	12	and	and	CCONJ
cblr-11902	396	13	random	random	ADJ
cblr-11902	396	14	effects	effect	NOUN
cblr-11902	396	15	using	use	VERB
cblr-11902	396	16	stata	stata	PROPN
cblr-11902	396	17	,	,	PUNCT
cblr-11902	396	18	princeton	princeton	PROPN
cblr-11902	396	19	university	university	PROPN
cblr-11902	396	20	9	9	NUM
cblr-11902	396	21	(	(	PUNCT
cblr-11902	396	22	dec	dec	PROPN
cblr-11902	396	23	.	.	PROPN
cblr-11902	396	24	2007	2007	NUM
cblr-11902	396	25	)	)	PUNCT
cblr-11902	396	26	,	,	PUNCT
cblr-11902	396	27	https://www.princeton.edu/~otorres/panel101.pdf	https://www.princeton.edu/~otorres/panel101.pdf	NOUN
cblr-11902	397	1	[	[	X
cblr-11902	397	2	https://perma.cc/ym9bruf8	https://perma.cc/ym9bruf8	X
cblr-11902	397	3	]	]	X
cblr-11902	397	4	(	(	PUNCT
cblr-11902	397	5	“	"	PUNCT
cblr-11902	397	6	when	when	SCONJ
cblr-11902	397	7	using	use	VERB
cblr-11902	397	8	fe	fe	NOUN
cblr-11902	397	9	we	we	PRON
cblr-11902	397	10	assume	assume	VERB
cblr-11902	397	11	that	that	SCONJ
cblr-11902	397	12	something	something	PRON
cblr-11902	397	13	within	within	ADP
cblr-11902	397	14	the	the	DET
cblr-11902	397	15	individual	individual	NOUN
cblr-11902	397	16	may	may	AUX
cblr-11902	397	17	impact	impact	VERB
cblr-11902	397	18	or	or	CCONJ
cblr-11902	397	19	bias	bias	VERB
cblr-11902	397	20	the	the	DET
cblr-11902	397	21	predictor	predictor	NOUN
cblr-11902	397	22	or	or	CCONJ
cblr-11902	397	23	outcome	outcome	NOUN
cblr-11902	397	24	variables	variable	NOUN
cblr-11902	397	25	and	and	CCONJ
cblr-11902	397	26	we	we	PRON
cblr-11902	397	27	need	need	VERB
cblr-11902	397	28	to	to	PART
cblr-11902	397	29	control	control	VERB
cblr-11902	397	30	for	for	ADP
cblr-11902	397	31	this	this	PRON
cblr-11902	397	32	.	.	PUNCT
cblr-11902	397	33	”	"	PUNCT
cblr-11902	397	34	)	)	PUNCT
cblr-11902	397	35	.	.	PUNCT
cblr-11902	398	1	no	no	INTJ
cblr-11902	398	2	.	.	NOUN
cblr-11902	399	1	1	1	NUM
cblr-11902	399	2	]	]	PUNCT
cblr-11902	399	3	sec	sec	PROPN
cblr-11902	399	4	rule	rule	NOUN
cblr-11902	399	5	6c-11	6c-11	PROPN
cblr-11902	399	6	’s	’s	PART
cblr-11902	399	7	impact	impact	NOUN
cblr-11902	399	8	on	on	ADP
cblr-11902	399	9	usage	usage	NOUN
cblr-11902	399	10	of	of	ADP
cblr-11902	399	11	heartbeat	heartbeat	NOUN
cblr-11902	399	12	trades	trade	VERB
cblr-11902	399	13	567	567	NUM
cblr-11902	399	14	in	in	ADP
cblr-11902	399	15	the	the	DET
cblr-11902	399	16	above	above	ADJ
cblr-11902	399	17	equation	equation	NOUN
cblr-11902	399	18	,	,	PUNCT
cblr-11902	399	19	heartbeat	heartbeat	NOUN
cblr-11902	399	20	is	be	AUX
cblr-11902	399	21	a	a	DET
cblr-11902	399	22	variable	variable	NOUN
cblr-11902	399	23	that	that	PRON
cblr-11902	399	24	is	be	AUX
cblr-11902	399	25	1	1	NUM
cblr-11902	399	26	if	if	SCONJ
cblr-11902	399	27	fund	fund	NOUN
cblr-11902	399	28	i	i	PRON
cblr-11902	399	29	executed	execute	VERB
cblr-11902	399	30	a	a	DET
cblr-11902	399	31	heartbeat	heartbeat	NOUN
cblr-11902	399	32	on	on	ADP
cblr-11902	399	33	day	day	NOUN
cblr-11902	399	34	t.	t.	PROPN
cblr-11902	399	35	𝛽	𝛽	NOUN
cblr-11902	399	36	#	#	NOUN
cblr-11902	399	37	controls	control	NOUN
cblr-11902	399	38	for	for	ADP
cblr-11902	399	39	fund	fund	NOUN
cblr-11902	399	40	fixed	fix	VERB
cblr-11902	399	41	effects	effect	NOUN
cblr-11902	399	42	and	and	CCONJ
cblr-11902	399	43	𝛽	𝛽	NOUN
cblr-11902	399	44	'	'	PUNCT
cblr-11902	399	45	controls	control	NOUN
cblr-11902	399	46	for	for	ADP
cblr-11902	399	47	time	time	NOUN
cblr-11902	399	48	fixed	fix	VERB
cblr-11902	399	49	effects	effect	NOUN
cblr-11902	399	50	.	.	PUNCT
cblr-11902	400	1	𝐴𝑓𝑡𝑒𝑟	𝐴𝑓𝑡𝑒𝑟	PROPN
cblr-11902	400	2	!	!	PUNCT
cblr-11902	400	3	is	be	AUX
cblr-11902	400	4	a	a	DET
cblr-11902	400	5	variable	variable	NOUN
cblr-11902	400	6	that	that	PRON
cblr-11902	400	7	is	be	AUX
cblr-11902	400	8	equal	equal	ADJ
cblr-11902	400	9	to	to	ADP
cblr-11902	400	10	1	1	NUM
cblr-11902	400	11	if	if	SCONJ
cblr-11902	400	12	the	the	DET
cblr-11902	400	13	date	date	NOUN
cblr-11902	400	14	is	be	AUX
cblr-11902	400	15	after	after	ADP
cblr-11902	400	16	the	the	DET
cblr-11902	400	17	effective	effective	ADJ
cblr-11902	400	18	date	date	NOUN
cblr-11902	400	19	of	of	ADP
cblr-11902	400	20	rule	rule	NOUN
cblr-11902	400	21	6c-11	6c-11	NUM
cblr-11902	400	22	,	,	PUNCT
cblr-11902	400	23	and	and	CCONJ
cblr-11902	400	24	𝑇𝑟𝑒𝑎𝑡𝑒𝑑$	𝑇𝑟𝑒𝑎𝑡𝑒𝑑$	NOUN
cblr-11902	400	25	is	be	AUX
cblr-11902	400	26	equal	equal	ADJ
cblr-11902	400	27	to	to	ADP
cblr-11902	400	28	1	1	NUM
cblr-11902	400	29	if	if	SCONJ
cblr-11902	400	30	the	the	DET
cblr-11902	400	31	fund	fund	NOUN
cblr-11902	400	32	i	i	PRON
cblr-11902	400	33	was	be	AUX
cblr-11902	400	34	impacted	impact	VERB
cblr-11902	400	35	by	by	ADP
cblr-11902	400	36	6c-11	6c-11	PROPN
cblr-11902	400	37	and	and	CCONJ
cblr-11902	400	38	is	be	AUX
cblr-11902	400	39	thus	thus	ADV
cblr-11902	400	40	a	a	DET
cblr-11902	400	41	member	member	NOUN
cblr-11902	400	42	of	of	ADP
cblr-11902	400	43	the	the	DET
cblr-11902	400	44	“	"	PUNCT
cblr-11902	400	45	post-2006	post-2006	ADJ
cblr-11902	400	46	”	"	PUNCT
cblr-11902	400	47	funds	fund	NOUN
cblr-11902	400	48	.	.	PUNCT
cblr-11902	401	1	the	the	DET
cblr-11902	401	2	key	key	ADJ
cblr-11902	401	3	variable	variable	NOUN
cblr-11902	401	4	in	in	ADP
cblr-11902	401	5	the	the	DET
cblr-11902	401	6	regression	regression	NOUN
cblr-11902	401	7	estimation	estimation	NOUN
cblr-11902	401	8	is	be	AUX
cblr-11902	401	9	𝛽	𝛽	NOUN
cblr-11902	401	10	(	(	PUNCT
cblr-11902	401	11	.	.	PUNCT
cblr-11902	402	1	this	this	DET
cblr-11902	402	2	interaction	interaction	NOUN
cblr-11902	402	3	term	term	NOUN
cblr-11902	402	4	will	will	AUX
cblr-11902	402	5	measure	measure	VERB
cblr-11902	402	6	if	if	SCONJ
cblr-11902	402	7	and	and	CCONJ
cblr-11902	402	8	how	how	SCONJ
cblr-11902	402	9	much	much	ADJ
cblr-11902	402	10	funds	fund	NOUN
cblr-11902	402	11	that	that	PRON
cblr-11902	402	12	were	be	AUX
cblr-11902	402	13	affected	affect	VERB
cblr-11902	402	14	by	by	ADP
cblr-11902	402	15	rule	rule	NOUN
cblr-11902	402	16	6c-11	6c-11	PROPN
cblr-11902	402	17	differ	differ	VERB
cblr-11902	402	18	in	in	ADP
cblr-11902	402	19	their	their	PRON
cblr-11902	402	20	usage	usage	NOUN
cblr-11902	402	21	of	of	ADP
cblr-11902	402	22	heartbeat	heartbeat	NOUN
cblr-11902	402	23	trades	trade	NOUN
cblr-11902	402	24	after	after	ADP
cblr-11902	402	25	the	the	DET
cblr-11902	402	26	rule	rule	NOUN
cblr-11902	402	27	implementation	implementation	NOUN
cblr-11902	402	28	from	from	ADP
cblr-11902	402	29	the	the	DET
cblr-11902	402	30	rest	rest	NOUN
cblr-11902	402	31	of	of	ADP
cblr-11902	402	32	the	the	DET
cblr-11902	402	33	sample	sample	NOUN
cblr-11902	402	34	.	.	PUNCT
cblr-11902	403	1	the	the	DET
cblr-11902	403	2	results	result	NOUN
cblr-11902	403	3	from	from	ADP
cblr-11902	403	4	the	the	DET
cblr-11902	403	5	regression	regression	NOUN
cblr-11902	403	6	are	be	AUX
cblr-11902	403	7	presented	present	VERB
cblr-11902	403	8	below	below	ADP
cblr-11902	403	9	:	:	PUNCT
cblr-11902	403	10	table	table	NOUN
cblr-11902	403	11	2	2	NUM
cblr-11902	403	12	:	:	PUNCT
cblr-11902	403	13	baseline	baseline	PROPN
cblr-11902	403	14	model	model	NOUN
cblr-11902	403	15	result	result	NOUN
cblr-11902	403	16	results	result	NOUN
cblr-11902	403	17	from	from	ADP
cblr-11902	403	18	regression	regression	NOUN
cblr-11902	403	19	observations	observation	NOUN
cblr-11902	403	20	1,691,566	1,691,566	NUM
cblr-11902	403	21	number	number	NOUN
cblr-11902	403	22	of	of	ADP
cblr-11902	403	23	groups	group	NOUN
cblr-11902	403	24	1,579	1,579	NUM
cblr-11902	403	25	variable	variable	ADJ
cblr-11902	403	26	coefficient	coefficient	NOUN
cblr-11902	403	27	p	p	ADJ
cblr-11902	403	28	-	-	PUNCT
cblr-11902	403	29	value	value	NOUN
cblr-11902	403	30	standard	standard	ADJ
cblr-11902	403	31	error	error	NOUN
cblr-11902	403	32	after	after	SCONJ
cblr-11902	403	33	x	x	PRON
cblr-11902	403	34	treat	treat	VERB
cblr-11902	403	35	0.0009574	0.0009574	NUM
cblr-11902	403	36	0.002	0.002	NUM
cblr-11902	403	37	*	*	PUNCT
cblr-11902	403	38	*	*	PUNCT
cblr-11902	403	39	0.0003123	0.0003123	NUM
cblr-11902	403	40	intercept	intercept	NOUN
cblr-11902	403	41	term	term	NOUN
cblr-11902	403	42	0.0000955	0.0000955	NUM
cblr-11902	403	43	0	0	NUM
cblr-11902	403	44	*	*	PUNCT
cblr-11902	403	45	*	*	PUNCT
cblr-11902	403	46	*	*	PUNCT
cblr-11902	403	47	0.0000955	0.0000955	NUM
cblr-11902	403	48	in	in	ADP
cblr-11902	403	49	the	the	DET
cblr-11902	403	50	model	model	NOUN
cblr-11902	403	51	,	,	PUNCT
cblr-11902	403	52	the	the	DET
cblr-11902	403	53	coefficient	coefficient	NOUN
cblr-11902	403	54	,	,	PUNCT
cblr-11902	403	55	𝛽	𝛽	NOUN
cblr-11902	403	56	(	(	PUNCT
cblr-11902	403	57	,	,	PUNCT
cblr-11902	403	58	is	be	AUX
cblr-11902	403	59	both	both	PRON
cblr-11902	403	60	positive	positive	ADJ
cblr-11902	403	61	and	and	CCONJ
cblr-11902	403	62	statistically	statistically	ADV
cblr-11902	403	63	significant	significant	ADJ
cblr-11902	403	64	,	,	PUNCT
cblr-11902	403	65	with	with	SCONJ
cblr-11902	403	66	a	a	DET
cblr-11902	403	67	p	p	NOUN
cblr-11902	403	68	-	-	PUNCT
cblr-11902	403	69	value	value	NOUN
cblr-11902	403	70	of	of	ADP
cblr-11902	403	71	0.0002	0.0002	NUM
cblr-11902	403	72	,	,	PUNCT
cblr-11902	403	73	which	which	PRON
cblr-11902	403	74	means	mean	VERB
cblr-11902	403	75	it	it	PRON
cblr-11902	403	76	is	be	AUX
cblr-11902	403	77	highly	highly	ADV
cblr-11902	403	78	unlikely	unlikely	ADJ
cblr-11902	403	79	the	the	DET
cblr-11902	403	80	coefficient	coefficient	NOUN
cblr-11902	403	81	is	be	AUX
cblr-11902	403	82	equal	equal	ADJ
cblr-11902	403	83	to	to	ADP
cblr-11902	403	84	zero.186	zero.186	NOUN
cblr-11902	403	85	the	the	DET
cblr-11902	403	86	result	result	NOUN
cblr-11902	403	87	of	of	ADP
cblr-11902	403	88	0.0009574	0.0009574	NUM
cblr-11902	403	89	means	mean	VERB
cblr-11902	403	90	that	that	SCONJ
cblr-11902	403	91	when	when	SCONJ
cblr-11902	403	92	a	a	DET
cblr-11902	403	93	fund	fund	NOUN
cblr-11902	403	94	is	be	AUX
cblr-11902	403	95	a	a	DET
cblr-11902	403	96	part	part	NOUN
cblr-11902	403	97	of	of	ADP
cblr-11902	403	98	the	the	DET
cblr-11902	403	99	post-2006	post-2006	ADJ
cblr-11902	403	100	groups	group	NOUN
cblr-11902	403	101	and	and	CCONJ
cblr-11902	403	102	the	the	DET
cblr-11902	403	103	date	date	NOUN
cblr-11902	403	104	is	be	AUX
cblr-11902	403	105	after	after	ADP
cblr-11902	403	106	december	december	PROPN
cblr-11902	403	107	22	22	NUM
cblr-11902	403	108	,	,	PUNCT
cblr-11902	403	109	2020	2020	NUM
cblr-11902	403	110	,	,	PUNCT
cblr-11902	403	111	the	the	DET
cblr-11902	403	112	average	average	ADJ
cblr-11902	403	113	mean	mean	NOUN
cblr-11902	403	114	value	value	NOUN
cblr-11902	403	115	of	of	ADP
cblr-11902	403	116	heartbeats	heartbeat	NOUN
cblr-11902	403	117	is	be	AUX
cblr-11902	403	118	0.00009574	0.00009574	NUM
cblr-11902	403	119	higher	high	ADJ
cblr-11902	403	120	than	than	ADP
cblr-11902	403	121	funds	fund	NOUN
cblr-11902	403	122	that	that	PRON
cblr-11902	403	123	do	do	AUX
cblr-11902	403	124	not	not	PART
cblr-11902	403	125	meet	meet	VERB
cblr-11902	403	126	the	the	DET
cblr-11902	403	127	criteria.187	criteria.187	NOUN
cblr-11902	403	128	this	this	PRON
cblr-11902	403	129	provides	provide	VERB
cblr-11902	403	130	further	further	ADJ
cblr-11902	403	131	evidence	evidence	NOUN
cblr-11902	403	132	that	that	SCONJ
cblr-11902	403	133	the	the	DET
cblr-11902	403	134	implementation	implementation	NOUN
cblr-11902	403	135	of	of	ADP
cblr-11902	403	136	rule	rule	NOUN
cblr-11902	403	137	186	186	NUM
cblr-11902	403	138	data	datum	NOUN
cblr-11902	403	139	science	science	NOUN
cblr-11902	403	140	:	:	PUNCT
cblr-11902	403	141	regression	regression	NOUN
cblr-11902	403	142	table	table	NOUN
cblr-11902	403	143	:	:	PUNCT
cblr-11902	403	144	p	p	X
cblr-11902	403	145	-	-	PUNCT
cblr-11902	403	146	value	value	NOUN
cblr-11902	403	147	,	,	PUNCT
cblr-11902	403	148	https://www.w3schools.com/datascience/ds_linear_regression_pvalue.asp	https://www.w3schools.com/datascience/ds_linear_regression_pvalue.asp	X
cblr-11902	404	1	[	[	X
cblr-11902	404	2	https://perma.cc/6pxt-crp7	https://perma.cc/6pxt-crp7	X
cblr-11902	404	3	]	]	X
cblr-11902	404	4	(	(	PUNCT
cblr-11902	404	5	last	last	ADJ
cblr-11902	404	6	visited	visit	VERB
cblr-11902	404	7	feb	feb	PROPN
cblr-11902	404	8	.	.	PROPN
cblr-11902	404	9	18	18	NUM
cblr-11902	404	10	,	,	PUNCT
cblr-11902	404	11	2022	2022	NUM
cblr-11902	404	12	)	)	PUNCT
cblr-11902	404	13	.	.	PUNCT
cblr-11902	405	1	187	187	NUM
cblr-11902	405	2	as	as	ADP
cblr-11902	405	3	a	a	DET
cblr-11902	405	4	robustness	robustness	NOUN
cblr-11902	405	5	check	check	NOUN
cblr-11902	405	6	,	,	PUNCT
cblr-11902	405	7	i	i	PRON
cblr-11902	405	8	also	also	ADV
cblr-11902	405	9	ran	run	VERB
cblr-11902	405	10	the	the	DET
cblr-11902	405	11	model	model	NOUN
cblr-11902	405	12	and	and	CCONJ
cblr-11902	405	13	clustered	cluster	VERB
cblr-11902	405	14	the	the	DET
cblr-11902	405	15	errors	error	NOUN
cblr-11902	405	16	based	base	VERB
cblr-11902	405	17	on	on	ADP
cblr-11902	405	18	funds	fund	NOUN
cblr-11902	405	19	that	that	PRON
cblr-11902	405	20	are	be	AUX
cblr-11902	405	21	issues	issue	NOUN
cblr-11902	405	22	by	by	ADP
cblr-11902	405	23	the	the	DET
cblr-11902	405	24	same	same	ADJ
cblr-11902	405	25	firm	firm	NOUN
cblr-11902	405	26	to	to	PART
cblr-11902	405	27	account	account	VERB
cblr-11902	405	28	for	for	ADP
cblr-11902	405	29	potential	potential	ADJ
cblr-11902	405	30	trends	trend	NOUN
cblr-11902	405	31	in	in	ADP
cblr-11902	405	32	heartbeat	heartbeat	NOUN
cblr-11902	405	33	usage	usage	NOUN
cblr-11902	405	34	among	among	ADP
cblr-11902	405	35	these	these	DET
cblr-11902	405	36	“	"	PUNCT
cblr-11902	405	37	fund	fund	NOUN
cblr-11902	405	38	families	family	NOUN
cblr-11902	405	39	.	.	PUNCT
cblr-11902	405	40	”	"	PUNCT
cblr-11902	406	1	the	the	DET
cblr-11902	406	2	results	result	NOUN
cblr-11902	406	3	did	do	AUX
cblr-11902	406	4	not	not	PART
cblr-11902	406	5	significantly	significantly	ADV
cblr-11902	406	6	change	change	VERB
cblr-11902	406	7	with	with	ADP
cblr-11902	406	8	this	this	DET
cblr-11902	406	9	addition	addition	NOUN
cblr-11902	406	10	,	,	PUNCT
cblr-11902	406	11	which	which	PRON
cblr-11902	406	12	can	can	AUX
cblr-11902	406	13	be	be	AUX
cblr-11902	406	14	seen	see	VERB
cblr-11902	406	15	in	in	ADP
cblr-11902	406	16	table	table	NOUN
cblr-11902	406	17	d	d	NOUN
cblr-11902	406	18	in	in	ADP
cblr-11902	406	19	the	the	DET
cblr-11902	406	20	appendix	appendix	NOUN
cblr-11902	406	21	.	.	PUNCT
cblr-11902	407	1	568	568	NUM
cblr-11902	407	2	columbia	columbia	PROPN
cblr-11902	407	3	business	business	NOUN
cblr-11902	407	4	law	law	PROPN
cblr-11902	407	5	review	review	NOUN
cblr-11902	407	6	[	[	X
cblr-11902	407	7	vol	vol	NOUN
cblr-11902	407	8	.	.	PUNCT
cblr-11902	408	1	2023	2023	NUM
cblr-11902	408	2	6c-11	6c-11	NUM
cblr-11902	408	3	increased	increase	VERB
cblr-11902	408	4	usage	usage	NOUN
cblr-11902	408	5	of	of	ADP
cblr-11902	408	6	heartbeat	heartbeat	NOUN
cblr-11902	408	7	trades	trade	NOUN
cblr-11902	408	8	among	among	ADP
cblr-11902	408	9	those	those	DET
cblr-11902	408	10	funds	fund	NOUN
cblr-11902	408	11	who	who	PRON
cblr-11902	408	12	were	be	AUX
cblr-11902	408	13	in	in	ADP
cblr-11902	408	14	the	the	DET
cblr-11902	408	15	post-2006	post-2006	ADJ
cblr-11902	408	16	group	group	NOUN
cblr-11902	408	17	.	.	PUNCT
cblr-11902	409	1	iv	iv	X
cblr-11902	409	2	.	.	PUNCT
cblr-11902	409	3	implications	implication	NOUN
cblr-11902	409	4	for	for	ADP
cblr-11902	409	5	policymakers	policymaker	NOUN
cblr-11902	409	6	part	part	VERB
cblr-11902	409	7	iv	iv	NUM
cblr-11902	409	8	addresses	address	NOUN
cblr-11902	409	9	how	how	SCONJ
cblr-11902	409	10	policymakers	policymaker	NOUN
cblr-11902	409	11	should	should	AUX
cblr-11902	409	12	respond	respond	VERB
cblr-11902	409	13	to	to	ADP
cblr-11902	409	14	both	both	CCONJ
cblr-11902	409	15	the	the	DET
cblr-11902	409	16	broader	broad	ADJ
cblr-11902	409	17	§	§	NOUN
cblr-11902	409	18	852(b)(6	852(b)(6	NUM
cblr-11902	409	19	)	)	PUNCT
cblr-11902	409	20	exemption	exemption	NOUN
cblr-11902	409	21	and	and	CCONJ
cblr-11902	409	22	to	to	PART
cblr-11902	409	23	heartbeat	heartbeat	VERB
cblr-11902	409	24	trades	trade	NOUN
cblr-11902	409	25	specifically	specifically	ADV
cblr-11902	409	26	.	.	PUNCT
cblr-11902	410	1	this	this	DET
cblr-11902	410	2	part	part	NOUN
cblr-11902	410	3	argues	argue	VERB
cblr-11902	410	4	that	that	SCONJ
cblr-11902	410	5	§	§	PROPN
cblr-11902	410	6	852(b)(6	852(b)(6	NUM
cblr-11902	410	7	)	)	PUNCT
cblr-11902	410	8	should	should	AUX
cblr-11902	410	9	not	not	PART
cblr-11902	410	10	be	be	AUX
cblr-11902	410	11	repealed	repeal	VERB
cblr-11902	410	12	as	as	SCONJ
cblr-11902	410	13	advocated	advocate	VERB
cblr-11902	410	14	by	by	ADP
cblr-11902	410	15	senator	senator	PROPN
cblr-11902	410	16	wyden	wyden	PROPN
cblr-11902	410	17	.	.	PUNCT
cblr-11902	411	1	§	§	PROPN
cblr-11902	411	2	852(b)(6	852(b)(6	PROPN
cblr-11902	411	3	)	)	PUNCT
cblr-11902	411	4	is	be	AUX
cblr-11902	411	5	a	a	DET
cblr-11902	411	6	crucial	crucial	ADJ
cblr-11902	411	7	mechanism	mechanism	NOUN
cblr-11902	411	8	needed	need	VERB
cblr-11902	411	9	to	to	PART
cblr-11902	411	10	keep	keep	VERB
cblr-11902	411	11	etfs	etfs	NOUN
cblr-11902	411	12	’	'	PUNCT
cblr-11902	411	13	prices	price	NOUN
cblr-11902	411	14	in	in	ADP
cblr-11902	411	15	line	line	NOUN
cblr-11902	411	16	with	with	ADP
cblr-11902	411	17	their	their	PRON
cblr-11902	411	18	navs	navs	NOUN
cblr-11902	411	19	.	.	PUNCT
cblr-11902	412	1	without	without	ADP
cblr-11902	412	2	it	it	PRON
cblr-11902	412	3	,	,	PUNCT
cblr-11902	412	4	the	the	DET
cblr-11902	412	5	arbitrage	arbitrage	NOUN
cblr-11902	412	6	mechanism	mechanism	NOUN
cblr-11902	412	7	would	would	AUX
cblr-11902	412	8	become	become	VERB
cblr-11902	412	9	more	more	ADV
cblr-11902	412	10	costly	costly	ADJ
cblr-11902	412	11	because	because	SCONJ
cblr-11902	412	12	funds	fund	NOUN
cblr-11902	412	13	would	would	AUX
cblr-11902	412	14	have	have	VERB
cblr-11902	412	15	to	to	PART
cblr-11902	412	16	sell	sell	VERB
cblr-11902	412	17	-	-	PUNCT
cblr-11902	412	18	off	off	ADP
cblr-11902	412	19	additional	additional	ADJ
cblr-11902	412	20	securities	security	NOUN
cblr-11902	412	21	to	to	PART
cblr-11902	412	22	pay	pay	VERB
cblr-11902	412	23	for	for	ADP
cblr-11902	412	24	any	any	DET
cblr-11902	412	25	recognized	recognize	VERB
cblr-11902	412	26	gain	gain	NOUN
cblr-11902	412	27	,	,	PUNCT
cblr-11902	412	28	hurting	hurt	VERB
cblr-11902	412	29	the	the	DET
cblr-11902	412	30	returns	return	NOUN
cblr-11902	412	31	of	of	ADP
cblr-11902	412	32	etfs	etfs	NOUN
cblr-11902	412	33	.	.	PUNCT
cblr-11902	413	1	additionally	additionally	ADV
cblr-11902	413	2	,	,	PUNCT
cblr-11902	413	3	the	the	DET
cblr-11902	413	4	etf	etf	NOUN
cblr-11902	413	5	industry	industry	NOUN
cblr-11902	413	6	has	have	AUX
cblr-11902	413	7	grown	grow	VERB
cblr-11902	413	8	extensively	extensively	ADV
cblr-11902	413	9	,	,	PUNCT
cblr-11902	413	10	so	so	SCONJ
cblr-11902	413	11	a	a	DET
cblr-11902	413	12	repeal	repeal	NOUN
cblr-11902	413	13	that	that	PRON
cblr-11902	413	14	would	would	AUX
cblr-11902	413	15	damage	damage	VERB
cblr-11902	413	16	the	the	DET
cblr-11902	413	17	industry	industry	NOUN
cblr-11902	413	18	is	be	AUX
cblr-11902	413	19	unlikely	unlikely	ADJ
cblr-11902	413	20	to	to	PART
cblr-11902	413	21	gain	gain	VERB
cblr-11902	413	22	traction	traction	NOUN
cblr-11902	413	23	.	.	PUNCT
cblr-11902	414	1	although	although	SCONJ
cblr-11902	414	2	it	it	PRON
cblr-11902	414	3	is	be	AUX
cblr-11902	414	4	true	true	ADJ
cblr-11902	414	5	that	that	SCONJ
cblr-11902	414	6	the	the	DET
cblr-11902	414	7	exemption	exemption	NOUN
cblr-11902	414	8	is	be	AUX
cblr-11902	414	9	letting	let	VERB
cblr-11902	414	10	etfs	etfs	PROPN
cblr-11902	414	11	and	and	CCONJ
cblr-11902	414	12	their	their	PRON
cblr-11902	414	13	shareholders	shareholder	NOUN
cblr-11902	414	14	dodge	dodge	VERB
cblr-11902	414	15	taxes	taxis	NOUN
cblr-11902	414	16	,	,	PUNCT
cblr-11902	414	17	rather	rather	ADV
cblr-11902	414	18	than	than	SCONJ
cblr-11902	414	19	merely	merely	ADV
cblr-11902	414	20	defer	defer	VERB
cblr-11902	414	21	them	they	PRON
cblr-11902	414	22	in	in	ADP
cblr-11902	414	23	some	some	DET
cblr-11902	414	24	cases	case	NOUN
cblr-11902	414	25	,	,	PUNCT
cblr-11902	414	26	it	it	PRON
cblr-11902	414	27	is	be	AUX
cblr-11902	414	28	still	still	ADV
cblr-11902	414	29	not	not	PART
cblr-11902	414	30	enough	enough	ADJ
cblr-11902	414	31	to	to	PART
cblr-11902	414	32	justify	justify	VERB
cblr-11902	414	33	a	a	DET
cblr-11902	414	34	repeal	repeal	NOUN
cblr-11902	414	35	of	of	ADP
cblr-11902	414	36	such	such	DET
cblr-11902	414	37	a	a	DET
cblr-11902	414	38	crucial	crucial	ADJ
cblr-11902	414	39	element	element	NOUN
cblr-11902	414	40	of	of	ADP
cblr-11902	414	41	etfs	etfs	PROPN
cblr-11902	414	42	’	'	PUNCT
cblr-11902	414	43	functioning	functioning	NOUN
cblr-11902	414	44	.	.	PUNCT
cblr-11902	415	1	next	next	ADV
cblr-11902	415	2	,	,	PUNCT
cblr-11902	415	3	this	this	DET
cblr-11902	415	4	part	part	NOUN
cblr-11902	415	5	advocates	advocate	VERB
cblr-11902	415	6	for	for	ADP
cblr-11902	415	7	heartbeat	heartbeat	NOUN
cblr-11902	415	8	trades	trade	NOUN
cblr-11902	415	9	to	to	PART
cblr-11902	415	10	be	be	AUX
cblr-11902	415	11	considered	consider	VERB
cblr-11902	415	12	a	a	DET
cblr-11902	415	13	taxable	taxable	ADJ
cblr-11902	415	14	event	event	NOUN
cblr-11902	415	15	.	.	PUNCT
cblr-11902	416	1	heartbeats	heartbeat	NOUN
cblr-11902	416	2	,	,	PUNCT
cblr-11902	416	3	unlike	unlike	ADP
cblr-11902	416	4	ordinary	ordinary	ADJ
cblr-11902	416	5	inkind	inkind	ADJ
cblr-11902	416	6	redemptions	redemption	NOUN
cblr-11902	416	7	,	,	PUNCT
cblr-11902	416	8	are	be	AUX
cblr-11902	416	9	not	not	PART
cblr-11902	416	10	driven	drive	VERB
cblr-11902	416	11	by	by	ADP
cblr-11902	416	12	the	the	DET
cblr-11902	416	13	arbitrage	arbitrage	NOUN
cblr-11902	416	14	mechanism	mechanism	NOUN
cblr-11902	416	15	to	to	PART
cblr-11902	416	16	keep	keep	VERB
cblr-11902	416	17	prices	price	NOUN
cblr-11902	416	18	and	and	CCONJ
cblr-11902	416	19	nav	nav	NOUN
cblr-11902	416	20	in	in	ADP
cblr-11902	416	21	line	line	NOUN
cblr-11902	416	22	.	.	PUNCT
cblr-11902	417	1	instead	instead	ADV
cblr-11902	417	2	,	,	PUNCT
cblr-11902	417	3	they	they	PRON
cblr-11902	417	4	are	be	AUX
cblr-11902	417	5	pre	pre	ADJ
cblr-11902	417	6	-	-	ADJ
cblr-11902	417	7	planned	planned	ADJ
cblr-11902	417	8	transactions	transaction	NOUN
cblr-11902	417	9	done	do	VERB
cblr-11902	417	10	at	at	ADP
cblr-11902	417	11	the	the	DET
cblr-11902	417	12	fund	fund	NOUN
cblr-11902	417	13	’s	’s	PART
cblr-11902	417	14	behest	behest	NOUN
cblr-11902	417	15	and	and	CCONJ
cblr-11902	417	16	are	be	AUX
cblr-11902	417	17	only	only	ADV
cblr-11902	417	18	structured	structure	VERB
cblr-11902	417	19	as	as	ADP
cblr-11902	417	20	in	in	ADP
cblr-11902	417	21	-	-	PUNCT
cblr-11902	417	22	kind	kind	NOUN
cblr-11902	417	23	redemptions	redemption	NOUN
cblr-11902	417	24	to	to	PART
cblr-11902	417	25	avoid	avoid	VERB
cblr-11902	417	26	taxes	taxis	NOUN
cblr-11902	417	27	.	.	PUNCT
cblr-11902	418	1	additionally	additionally	ADV
cblr-11902	418	2	,	,	PUNCT
cblr-11902	418	3	after	after	ADP
cblr-11902	418	4	6c-11	6c-11	NUM
cblr-11902	418	5	,	,	PUNCT
cblr-11902	418	6	their	their	PRON
cblr-11902	418	7	usage	usage	NOUN
cblr-11902	418	8	is	be	AUX
cblr-11902	418	9	growing	grow	VERB
cblr-11902	418	10	.	.	PUNCT
cblr-11902	419	1	based	base	VERB
cblr-11902	419	2	on	on	ADP
cblr-11902	419	3	this	this	PRON
cblr-11902	419	4	,	,	PUNCT
cblr-11902	419	5	the	the	DET
cblr-11902	419	6	section	section	NOUN
cblr-11902	419	7	argues	argue	VERB
cblr-11902	419	8	either	either	CCONJ
cblr-11902	419	9	the	the	DET
cblr-11902	419	10	irs	irs	PROPN
cblr-11902	419	11	or	or	CCONJ
cblr-11902	419	12	congress	congress	PROPN
cblr-11902	419	13	should	should	AUX
cblr-11902	419	14	act	act	VERB
cblr-11902	419	15	to	to	PART
cblr-11902	419	16	exclude	exclude	VERB
cblr-11902	419	17	heartbeat	heartbeat	NOUN
cblr-11902	419	18	trades	trade	NOUN
cblr-11902	419	19	from	from	ADP
cblr-11902	419	20	§	§	PROPN
cblr-11902	419	21	852(b)(6	852(b)(6	NUM
cblr-11902	419	22	)	)	PUNCT
cblr-11902	419	23	.	.	PUNCT
cblr-11902	420	1	the	the	DET
cblr-11902	420	2	irs	irs	PROPN
cblr-11902	420	3	could	could	AUX
cblr-11902	420	4	accomplish	accomplish	VERB
cblr-11902	420	5	this	this	PRON
cblr-11902	420	6	through	through	ADP
cblr-11902	420	7	the	the	DET
cblr-11902	420	8	substance	substance	NOUN
cblr-11902	420	9	over	over	ADP
cblr-11902	420	10	form	form	NOUN
cblr-11902	420	11	doctrine	doctrine	NOUN
cblr-11902	420	12	,	,	PUNCT
cblr-11902	420	13	which	which	PRON
cblr-11902	420	14	allows	allow	VERB
cblr-11902	420	15	the	the	DET
cblr-11902	420	16	irs	irs	PROPN
cblr-11902	420	17	to	to	PART
cblr-11902	420	18	ignore	ignore	VERB
cblr-11902	420	19	a	a	DET
cblr-11902	420	20	transaction	transaction	NOUN
cblr-11902	420	21	’s	’s	PART
cblr-11902	420	22	form	form	NOUN
cblr-11902	420	23	and	and	CCONJ
cblr-11902	420	24	examine	examine	VERB
cblr-11902	420	25	its	its	PRON
cblr-11902	420	26	actual	actual	ADJ
cblr-11902	420	27	substance	substance	NOUN
cblr-11902	420	28	,	,	PUNCT
cblr-11902	420	29	with	with	ADP
cblr-11902	420	30	the	the	DET
cblr-11902	420	31	goal	goal	NOUN
cblr-11902	420	32	of	of	ADP
cblr-11902	420	33	preventing	prevent	VERB
cblr-11902	420	34	mischaracterization	mischaracterization	NOUN
cblr-11902	420	35	of	of	ADP
cblr-11902	420	36	transactions	transaction	NOUN
cblr-11902	420	37	to	to	PART
cblr-11902	420	38	receive	receive	VERB
cblr-11902	420	39	more	more	ADV
cblr-11902	420	40	favorable	favorable	ADJ
cblr-11902	420	41	tax	tax	NOUN
cblr-11902	420	42	treatment	treatment	NOUN
cblr-11902	420	43	.	.	PUNCT
cblr-11902	421	1	alternatively	alternatively	ADV
cblr-11902	421	2	,	,	PUNCT
cblr-11902	421	3	congress	congress	PROPN
cblr-11902	421	4	could	could	AUX
cblr-11902	421	5	also	also	ADV
cblr-11902	421	6	stop	stop	VERB
cblr-11902	421	7	heartbeats	heartbeat	NOUN
cblr-11902	421	8	by	by	ADP
cblr-11902	421	9	altering	alter	VERB
cblr-11902	421	10	the	the	DET
cblr-11902	421	11	language	language	NOUN
cblr-11902	421	12	of	of	ADP
cblr-11902	421	13	§	§	PROPN
cblr-11902	421	14	852(b)(6	852(b)(6	PROPN
cblr-11902	421	15	)	)	PUNCT
cblr-11902	421	16	with	with	ADP
cblr-11902	421	17	phrasing	phrase	VERB
cblr-11902	421	18	that	that	SCONJ
cblr-11902	421	19	accounts	account	VERB
cblr-11902	421	20	for	for	ADP
cblr-11902	421	21	the	the	DET
cblr-11902	421	22	fact	fact	NOUN
cblr-11902	421	23	that	that	SCONJ
cblr-11902	421	24	heartbeats	heartbeat	NOUN
cblr-11902	421	25	are	be	AUX
cblr-11902	421	26	driven	drive	VERB
cblr-11902	421	27	by	by	ADP
cblr-11902	421	28	fund	fund	NOUN
cblr-11902	421	29	-	-	PUNCT
cblr-11902	421	30	orchestrated	orchestrate	VERB
cblr-11902	421	31	redemption	redemption	NOUN
cblr-11902	421	32	demand	demand	NOUN
cblr-11902	421	33	,	,	PUNCT
cblr-11902	421	34	not	not	PART
cblr-11902	421	35	organic	organic	ADJ
cblr-11902	421	36	ap	ap	NOUN
cblr-11902	421	37	demand	demand	NOUN
cblr-11902	421	38	.	.	PUNCT
cblr-11902	422	1	no	no	INTJ
cblr-11902	422	2	.	.	NOUN
cblr-11902	423	1	1	1	NUM
cblr-11902	423	2	]	]	PUNCT
cblr-11902	423	3	sec	sec	PROPN
cblr-11902	423	4	rule	rule	NOUN
cblr-11902	423	5	6c-11	6c-11	PROPN
cblr-11902	423	6	’s	’s	PART
cblr-11902	423	7	impact	impact	NOUN
cblr-11902	423	8	on	on	ADP
cblr-11902	423	9	usage	usage	NOUN
cblr-11902	423	10	of	of	ADP
cblr-11902	423	11	heartbeat	heartbeat	NOUN
cblr-11902	423	12	trades	trade	NOUN
cblr-11902	423	13	569	569	NUM
cblr-11902	423	14	a.	a.	NOUN
cblr-11902	423	15	the	the	DET
cblr-11902	423	16	§	§	PROPN
cblr-11902	423	17	852(b)(6	852(b)(6	PROPN
cblr-11902	423	18	)	)	PUNCT
cblr-11902	423	19	exemption	exemption	NOUN
cblr-11902	423	20	for	for	ADP
cblr-11902	423	21	in	in	ADP
cblr-11902	423	22	-	-	PUNCT
cblr-11902	423	23	kind	kind	NOUN
cblr-11902	423	24	redemptions	redemption	NOUN
cblr-11902	423	25	should	should	AUX
cblr-11902	423	26	not	not	PART
cblr-11902	423	27	be	be	AUX
cblr-11902	423	28	repealed	repeal	VERB
cblr-11902	423	29	as	as	SCONJ
cblr-11902	423	30	mentioned	mention	VERB
cblr-11902	423	31	in	in	ADP
cblr-11902	423	32	the	the	DET
cblr-11902	423	33	introduction	introduction	NOUN
cblr-11902	423	34	,	,	PUNCT
cblr-11902	423	35	there	there	PRON
cblr-11902	423	36	has	have	AUX
cblr-11902	423	37	recently	recently	ADV
cblr-11902	423	38	been	be	AUX
cblr-11902	423	39	renewed	renew	VERB
cblr-11902	423	40	interest	interest	NOUN
cblr-11902	423	41	in	in	ADP
cblr-11902	423	42	§	§	PROPN
cblr-11902	423	43	852(b)(6	852(b)(6	NUM
cblr-11902	423	44	)	)	PUNCT
cblr-11902	423	45	and	and	CCONJ
cblr-11902	423	46	the	the	DET
cblr-11902	423	47	non	non	NOUN
cblr-11902	423	48	-	-	NOUN
cblr-11902	423	49	recognition	recognition	NOUN
cblr-11902	423	50	of	of	ADP
cblr-11902	423	51	gain	gain	NOUN
cblr-11902	423	52	of	of	ADP
cblr-11902	423	53	in	in	ADP
cblr-11902	423	54	-	-	PUNCT
cblr-11902	423	55	kind	kind	NOUN
cblr-11902	423	56	redemptions.188	redemptions.188	NOUN
cblr-11902	423	57	although	although	SCONJ
cblr-11902	423	58	senator	senator	PROPN
cblr-11902	423	59	wyden	wyden	PROPN
cblr-11902	423	60	’s	’s	PART
cblr-11902	423	61	proposal	proposal	NOUN
cblr-11902	423	62	is	be	AUX
cblr-11902	423	63	unlikely	unlikely	ADJ
cblr-11902	423	64	to	to	ADP
cblr-11902	423	65	pass189	pass189	PROPN
cblr-11902	423	66	,	,	PUNCT
cblr-11902	423	67	it	it	PRON
cblr-11902	423	68	sparked	spark	VERB
cblr-11902	423	69	debates	debate	NOUN
cblr-11902	423	70	about	about	ADP
cblr-11902	423	71	the	the	DET
cblr-11902	423	72	impact	impact	NOUN
cblr-11902	423	73	of	of	ADP
cblr-11902	423	74	such	such	DET
cblr-11902	423	75	a	a	DET
cblr-11902	423	76	repeal	repeal	NOUN
cblr-11902	423	77	would	would	AUX
cblr-11902	423	78	have	have	VERB
cblr-11902	423	79	and	and	CCONJ
cblr-11902	423	80	the	the	DET
cblr-11902	423	81	benefits	benefit	NOUN
cblr-11902	423	82	accrued	accrue	VERB
cblr-11902	423	83	and	and	CCONJ
cblr-11902	423	84	costs	cost	NOUN
cblr-11902	423	85	incurred	incur	VERB
cblr-11902	423	86	due	due	ADP
cblr-11902	423	87	to	to	ADP
cblr-11902	423	88	the	the	DET
cblr-11902	423	89	current	current	ADJ
cblr-11902	423	90	tax	tax	NOUN
cblr-11902	423	91	exemption	exemption	NOUN
cblr-11902	423	92	.	.	PUNCT
cblr-11902	424	1	those	those	PRON
cblr-11902	424	2	who	who	PRON
cblr-11902	424	3	support	support	VERB
cblr-11902	424	4	the	the	DET
cblr-11902	424	5	current	current	ADJ
cblr-11902	424	6	exemption	exemption	NOUN
cblr-11902	424	7	of	of	ADP
cblr-11902	424	8	in	in	ADP
cblr-11902	424	9	-	-	PUNCT
cblr-11902	424	10	kind	kind	NOUN
cblr-11902	424	11	redemptions	redemption	NOUN
cblr-11902	424	12	have	have	AUX
cblr-11902	424	13	noted	note	VERB
cblr-11902	424	14	how	how	SCONJ
cblr-11902	424	15	essential	essential	ADJ
cblr-11902	424	16	the	the	DET
cblr-11902	424	17	creation	creation	NOUN
cblr-11902	424	18	and	and	CCONJ
cblr-11902	424	19	redemption	redemption	NOUN
cblr-11902	424	20	process	process	NOUN
cblr-11902	424	21	is	be	AUX
cblr-11902	424	22	for	for	SCONJ
cblr-11902	424	23	etfs	etfs	PROPN
cblr-11902	424	24	to	to	PART
cblr-11902	424	25	keep	keep	VERB
cblr-11902	424	26	the	the	DET
cblr-11902	424	27	market	market	NOUN
cblr-11902	424	28	price	price	NOUN
cblr-11902	424	29	of	of	ADP
cblr-11902	424	30	an	an	DET
cblr-11902	424	31	etf	etf	NOUN
cblr-11902	424	32	in	in	ADP
cblr-11902	424	33	line	line	NOUN
cblr-11902	424	34	with	with	ADP
cblr-11902	424	35	the	the	DET
cblr-11902	424	36	underlying	underlie	VERB
cblr-11902	424	37	value	value	NOUN
cblr-11902	424	38	of	of	ADP
cblr-11902	424	39	the	the	DET
cblr-11902	424	40	shares	share	NOUN
cblr-11902	424	41	it	it	PRON
cblr-11902	424	42	holds.190	holds.190	VERB
cblr-11902	424	43	the	the	DET
cblr-11902	424	44	sec	sec	PROPN
cblr-11902	424	45	has	have	AUX
cblr-11902	424	46	noted	note	VERB
cblr-11902	424	47	the	the	DET
cblr-11902	424	48	importance	importance	NOUN
cblr-11902	424	49	of	of	ADP
cblr-11902	424	50	the	the	DET
cblr-11902	424	51	tie	tie	NOUN
cblr-11902	424	52	between	between	ADP
cblr-11902	424	53	market	market	NOUN
cblr-11902	424	54	price	price	NOUN
cblr-11902	424	55	and	and	CCONJ
cblr-11902	424	56	the	the	DET
cblr-11902	424	57	nav	nav	NOUN
cblr-11902	424	58	as	as	SCONJ
cblr-11902	424	59	it	it	PRON
cblr-11902	424	60	“	"	PUNCT
cblr-11902	424	61	ensures	ensure	VERB
cblr-11902	424	62	etf	etf	NOUN
cblr-11902	424	63	investors	investor	NOUN
cblr-11902	424	64	are	be	AUX
cblr-11902	424	65	treated	treat	VERB
cblr-11902	424	66	equitably	equitably	ADV
cblr-11902	424	67	when	when	SCONJ
cblr-11902	424	68	buying	buy	VERB
cblr-11902	424	69	and	and	CCONJ
cblr-11902	424	70	selling	sell	VERB
cblr-11902	424	71	fund	fund	NOUN
cblr-11902	424	72	shares	share	NOUN
cblr-11902	424	73	.	.	PUNCT
cblr-11902	424	74	”191	”191	PUNCT
cblr-11902	425	1	if	if	SCONJ
cblr-11902	425	2	§	§	PROPN
cblr-11902	425	3	852(b)(6	852(b)(6	NUM
cblr-11902	425	4	)	)	PUNCT
cblr-11902	425	5	were	be	AUX
cblr-11902	425	6	repealed	repeal	VERB
cblr-11902	425	7	,	,	PUNCT
cblr-11902	425	8	these	these	DET
cblr-11902	425	9	necessary	necessary	ADJ
cblr-11902	425	10	,	,	PUNCT
cblr-11902	425	11	continuous	continuous	ADJ
cblr-11902	425	12	trades	trade	NOUN
cblr-11902	425	13	would	would	AUX
cblr-11902	425	14	incur	incur	VERB
cblr-11902	425	15	a	a	DET
cblr-11902	425	16	much	much	ADV
cblr-11902	425	17	greater	great	ADJ
cblr-11902	425	18	economic	economic	ADJ
cblr-11902	425	19	cost	cost	NOUN
cblr-11902	425	20	on	on	ADP
cblr-11902	425	21	the	the	DET
cblr-11902	425	22	fund	fund	NOUN
cblr-11902	425	23	.	.	PUNCT
cblr-11902	426	1	this	this	PRON
cblr-11902	426	2	is	be	AUX
cblr-11902	426	3	because	because	SCONJ
cblr-11902	426	4	,	,	PUNCT
cblr-11902	426	5	as	as	SCONJ
cblr-11902	426	6	rics	ric	NOUN
cblr-11902	426	7	,	,	PUNCT
cblr-11902	426	8	etfs	etfs	PROPN
cblr-11902	426	9	are	be	AUX
cblr-11902	426	10	required	require	VERB
cblr-11902	426	11	to	to	PART
cblr-11902	426	12	distribute	distribute	VERB
cblr-11902	426	13	their	their	PRON
cblr-11902	426	14	gains	gain	NOUN
cblr-11902	426	15	to	to	ADP
cblr-11902	426	16	shareholders	shareholder	NOUN
cblr-11902	426	17	each	each	DET
cblr-11902	426	18	year	year	NOUN
cblr-11902	426	19	to	to	PART
cblr-11902	426	20	avoid	avoid	VERB
cblr-11902	426	21	entity	entity	NOUN
cblr-11902	426	22	-	-	PUNCT
cblr-11902	426	23	level	level	NOUN
cblr-11902	426	24	taxation.192	taxation.192	CCONJ
cblr-11902	426	25	if	if	SCONJ
cblr-11902	426	26	they	they	PRON
cblr-11902	426	27	generated	generate	VERB
cblr-11902	426	28	gains	gain	NOUN
cblr-11902	426	29	from	from	ADP
cblr-11902	426	30	an	an	DET
cblr-11902	426	31	inkind	inkind	ADJ
cblr-11902	426	32	redemption	redemption	NOUN
cblr-11902	426	33	transaction	transaction	NOUN
cblr-11902	426	34	,	,	PUNCT
cblr-11902	426	35	an	an	DET
cblr-11902	426	36	etf	etf	NOUN
cblr-11902	426	37	would	would	AUX
cblr-11902	426	38	likely	likely	ADV
cblr-11902	426	39	need	need	VERB
cblr-11902	426	40	to	to	PART
cblr-11902	426	41	sell	sell	VERB
cblr-11902	426	42	additional	additional	ADJ
cblr-11902	426	43	securities	security	NOUN
cblr-11902	426	44	to	to	PART
cblr-11902	426	45	generate	generate	VERB
cblr-11902	426	46	the	the	DET
cblr-11902	426	47	cash	cash	NOUN
cblr-11902	426	48	needed	need	VERB
cblr-11902	426	49	to	to	ADP
cblr-11902	426	50	188	188	NUM
cblr-11902	426	51	see	see	NOUN
cblr-11902	426	52	supra	supra	PROPN
cblr-11902	426	53	part	part	PROPN
cblr-11902	426	54	i.	i.	PROPN
cblr-11902	426	55	189	189	NUM
cblr-11902	426	56	see	see	VERB
cblr-11902	426	57	steven	steven	PROPN
cblr-11902	426	58	z.	z.	PROPN
cblr-11902	426	59	hodaszy	hodaszy	PROPN
cblr-11902	426	60	,	,	PUNCT
cblr-11902	426	61	exchange	exchange	NOUN
cblr-11902	426	62	-	-	PUNCT
cblr-11902	426	63	traded	trade	VERB
cblr-11902	426	64	funds	fund	NOUN
cblr-11902	426	65	use	use	VERB
cblr-11902	426	66	section	section	NOUN
cblr-11902	426	67	852(b)(6	852(b)(6	PROPN
cblr-11902	426	68	)	)	PUNCT
cblr-11902	426	69	for	for	ADP
cblr-11902	426	70	tax	tax	NOUN
cblr-11902	426	71	avoidance	avoidance	NOUN
cblr-11902	426	72	,	,	PUNCT
cblr-11902	426	73	not	not	PART
cblr-11902	426	74	just	just	ADV
cblr-11902	426	75	tax	tax	NOUN
cblr-11902	426	76	deferral	deferral	NOUN
cblr-11902	426	77	:	:	PUNCT
cblr-11902	426	78	so	so	ADV
cblr-11902	426	79	why	why	SCONJ
cblr-11902	426	80	is	be	AUX
cblr-11902	426	81	this	this	DET
cblr-11902	426	82	loophole	loophole	NOUN
cblr-11902	426	83	still	still	ADV
cblr-11902	426	84	open	open	VERB
cblr-11902	426	85	?	?	PUNCT
cblr-11902	426	86	,	,	PUNCT
cblr-11902	426	87	75	75	NUM
cblr-11902	426	88	tax	tax	NOUN
cblr-11902	426	89	law	law	NOUN
cblr-11902	426	90	.	.	PUNCT
cblr-11902	427	1	489	489	NUM
cblr-11902	427	2	,	,	PUNCT
cblr-11902	427	3	495	495	NUM
cblr-11902	427	4	fn	fn	NOUN
cblr-11902	427	5	.	.	NOUN
cblr-11902	427	6	9	9	NUM
cblr-11902	427	7	(	(	PUNCT
cblr-11902	427	8	2022)(noting	2022)(note	VERB
cblr-11902	427	9	that	that	PRON
cblr-11902	427	10	the	the	DET
cblr-11902	427	11	house	house	NOUN
cblr-11902	427	12	of	of	ADP
cblr-11902	427	13	representatives	representative	NOUN
cblr-11902	427	14	did	do	AUX
cblr-11902	427	15	not	not	PART
cblr-11902	427	16	include	include	VERB
cblr-11902	427	17	the	the	DET
cblr-11902	427	18	wyden	wyden	PROPN
cblr-11902	427	19	proposal	proposal	NOUN
cblr-11902	427	20	in	in	ADP
cblr-11902	427	21	its	its	PRON
cblr-11902	427	22	version	version	NOUN
cblr-11902	427	23	of	of	ADP
cblr-11902	427	24	build	build	VERB
cblr-11902	427	25	back	back	ADP
cblr-11902	427	26	better	well	ADJ
cblr-11902	427	27	bill	bill	NOUN
cblr-11902	427	28	it	it	PRON
cblr-11902	427	29	passed	pass	VERB
cblr-11902	427	30	)	)	PUNCT
cblr-11902	427	31	.	.	PUNCT
cblr-11902	428	1	190	190	NUM
cblr-11902	428	2	see	see	VERB
cblr-11902	428	3	sec	sec	PROPN
cblr-11902	428	4	final	final	ADJ
cblr-11902	428	5	rule	rule	NOUN
cblr-11902	428	6	,	,	PUNCT
cblr-11902	428	7	supra	supra	PROPN
cblr-11902	428	8	note	note	PROPN
cblr-11902	428	9	114	114	NUM
cblr-11902	428	10	,	,	PUNCT
cblr-11902	428	11	at	at	ADP
cblr-11902	428	12	12	12	NUM
cblr-11902	428	13	(	(	PUNCT
cblr-11902	428	14	“	"	PUNCT
cblr-11902	428	15	the	the	DET
cblr-11902	428	16	combination	combination	NOUN
cblr-11902	428	17	of	of	ADP
cblr-11902	428	18	the	the	DET
cblr-11902	428	19	creation	creation	NOUN
cblr-11902	428	20	and	and	CCONJ
cblr-11902	428	21	redemption	redemption	NOUN
cblr-11902	428	22	process	process	NOUN
cblr-11902	428	23	with	with	ADP
cblr-11902	428	24	secondary	secondary	ADJ
cblr-11902	428	25	market	market	NOUN
cblr-11902	428	26	trading	trading	NOUN
cblr-11902	428	27	keep	keep	VERB
cblr-11902	428	28	the	the	DET
cblr-11902	428	29	market	market	NOUN
cblr-11902	428	30	price	price	NOUN
cblr-11902	428	31	of	of	ADP
cblr-11902	428	32	etf	etf	NOUN
cblr-11902	428	33	shares	share	NOUN
cblr-11902	428	34	at	at	ADP
cblr-11902	428	35	or	or	CCONJ
cblr-11902	428	36	close	close	ADJ
cblr-11902	428	37	to	to	ADP
cblr-11902	428	38	the	the	DET
cblr-11902	428	39	nav	nav	NOUN
cblr-11902	428	40	per	per	ADP
cblr-11902	428	41	share	share	NOUN
cblr-11902	428	42	of	of	ADP
cblr-11902	428	43	the	the	DET
cblr-11902	428	44	etf	etf	NOUN
cblr-11902	428	45	”	"	PUNCT
cblr-11902	428	46	)	)	PUNCT
cblr-11902	428	47	;	;	PUNCT
cblr-11902	428	48	see	see	VERB
cblr-11902	428	49	also	also	ADV
cblr-11902	428	50	k&l	k&l	PROPN
cblr-11902	428	51	gates	gate	NOUN
cblr-11902	428	52	,	,	PUNCT
cblr-11902	428	53	unintended	unintended	ADJ
cblr-11902	428	54	tax	tax	NOUN
cblr-11902	428	55	consequences	consequence	NOUN
cblr-11902	428	56	of	of	ADP
cblr-11902	428	57	wyden	wyden	PROPN
cblr-11902	428	58	’s	’s	PART
cblr-11902	428	59	proposal	proposal	NOUN
cblr-11902	428	60	to	to	PART
cblr-11902	428	61	change	change	VERB
cblr-11902	428	62	tax	tax	NOUN
cblr-11902	428	63	treatment	treatment	NOUN
cblr-11902	428	64	for	for	ADP
cblr-11902	428	65	mutual	mutual	ADJ
cblr-11902	428	66	funds	fund	NOUN
cblr-11902	428	67	and	and	CCONJ
cblr-11902	428	68	etfs	etfs	PROPN
cblr-11902	428	69	,	,	PUNCT
cblr-11902	428	70	https://www.klgates.com/unintended-consequences-of-wydens-proposalto-change-tax-treatment-for-mutual-funds-and-etfs-9-17-2021	https://www.klgates.com/unintended-consequences-of-wydens-proposalto-change-tax-treatment-for-mutual-funds-and-etfs-9-17-2021	PROPN
cblr-11902	428	71	[	[	X
cblr-11902	428	72	https://perma.cc/7my5-44tf	https://perma.cc/7my5-44tf	X
cblr-11902	428	73	]	]	X
cblr-11902	428	74	(	(	PUNCT
cblr-11902	428	75	sept	sept	PROPN
cblr-11902	428	76	.	.	PROPN
cblr-11902	428	77	17	17	NUM
cblr-11902	428	78	,	,	PUNCT
cblr-11902	428	79	2021	2021	NUM
cblr-11902	428	80	)	)	PUNCT
cblr-11902	428	81	(	(	PUNCT
cblr-11902	428	82	highlighting	highlight	VERB
cblr-11902	428	83	the	the	DET
cblr-11902	428	84	importance	importance	NOUN
cblr-11902	428	85	of	of	ADP
cblr-11902	428	86	the	the	DET
cblr-11902	428	87	arbitrage	arbitrage	NOUN
cblr-11902	428	88	mechanism	mechanism	NOUN
cblr-11902	428	89	)	)	PUNCT
cblr-11902	428	90	.	.	PUNCT
cblr-11902	429	1	191	191	NUM
cblr-11902	429	2	see	see	VERB
cblr-11902	429	3	sec	sec	PROPN
cblr-11902	429	4	final	final	ADJ
cblr-11902	429	5	rule	rule	NOUN
cblr-11902	429	6	,	,	PUNCT
cblr-11902	429	7	supra	supra	PROPN
cblr-11902	429	8	note	note	PROPN
cblr-11902	429	9	114	114	NUM
cblr-11902	429	10	,	,	PUNCT
cblr-11902	429	11	at	at	ADP
cblr-11902	429	12	14	14	NUM
cblr-11902	429	13	.	.	PUNCT
cblr-11902	429	14	192	192	NUM
cblr-11902	429	15	see	see	VERB
cblr-11902	429	16	supra	supra	PROPN
cblr-11902	429	17	part	part	PROPN
cblr-11902	429	18	ii.b.1	ii.b.1	PROPN
cblr-11902	429	19	.	.	PUNCT
cblr-11902	430	1	570	570	NUM
cblr-11902	430	2	columbia	columbia	PROPN
cblr-11902	430	3	business	business	NOUN
cblr-11902	430	4	law	law	PROPN
cblr-11902	430	5	review	review	NOUN
cblr-11902	430	6	[	[	X
cblr-11902	430	7	vol	vol	NOUN
cblr-11902	430	8	.	.	PUNCT
cblr-11902	430	9	2023	2023	NUM
cblr-11902	430	10	distribute	distribute	VERB
cblr-11902	430	11	to	to	ADP
cblr-11902	430	12	shareholders	shareholder	NOUN
cblr-11902	430	13	as	as	ADP
cblr-11902	430	14	capital	capital	NOUN
cblr-11902	430	15	gains.193	gains.193	NOUN
cblr-11902	430	16	those	those	DET
cblr-11902	430	17	security	security	NOUN
cblr-11902	430	18	sales	sale	NOUN
cblr-11902	430	19	themselves	themselves	PRON
cblr-11902	430	20	could	could	AUX
cblr-11902	430	21	also	also	ADV
cblr-11902	430	22	trigger	trigger	VERB
cblr-11902	430	23	capital	capital	NOUN
cblr-11902	430	24	gains	gain	NOUN
cblr-11902	430	25	,	,	PUNCT
cblr-11902	430	26	leading	lead	VERB
cblr-11902	430	27	to	to	ADP
cblr-11902	430	28	more	more	ADJ
cblr-11902	430	29	capital	capital	NOUN
cblr-11902	430	30	distribution	distribution	NOUN
cblr-11902	430	31	requirements	requirement	NOUN
cblr-11902	430	32	,	,	PUNCT
cblr-11902	430	33	which	which	PRON
cblr-11902	430	34	could	could	AUX
cblr-11902	430	35	then	then	ADV
cblr-11902	430	36	trigger	trigger	VERB
cblr-11902	430	37	additional	additional	ADJ
cblr-11902	430	38	security	security	NOUN
cblr-11902	430	39	sales.194	sales.194	PROPN
cblr-11902	430	40	such	such	DET
cblr-11902	430	41	a	a	DET
cblr-11902	430	42	loop	loop	NOUN
cblr-11902	430	43	has	have	VERB
cblr-11902	430	44	the	the	DET
cblr-11902	430	45	potential	potential	NOUN
cblr-11902	430	46	to	to	PART
cblr-11902	430	47	deplete	deplete	VERB
cblr-11902	430	48	a	a	DET
cblr-11902	430	49	fund	fund	NOUN
cblr-11902	430	50	’s	’s	PART
cblr-11902	430	51	investment	investment	NOUN
cblr-11902	430	52	portfolio	portfolio	NOUN
cblr-11902	430	53	to	to	ADP
cblr-11902	430	54	the	the	DET
cblr-11902	430	55	point	point	NOUN
cblr-11902	430	56	where	where	SCONJ
cblr-11902	430	57	it	it	PRON
cblr-11902	430	58	is	be	AUX
cblr-11902	430	59	no	no	ADV
cblr-11902	430	60	longer	long	ADV
cblr-11902	430	61	a	a	DET
cblr-11902	430	62	viable	viable	ADJ
cblr-11902	430	63	investment	investment	NOUN
cblr-11902	430	64	vehicle.195	vehicle.195	NOUN
cblr-11902	430	65	thus	thus	ADV
cblr-11902	430	66	,	,	PUNCT
cblr-11902	430	67	the	the	DET
cblr-11902	430	68	removal	removal	NOUN
cblr-11902	430	69	of	of	ADP
cblr-11902	430	70	the	the	DET
cblr-11902	430	71	in	in	ADP
cblr-11902	430	72	-	-	PUNCT
cblr-11902	430	73	kind	kind	NOUN
cblr-11902	430	74	exemption	exemption	NOUN
cblr-11902	430	75	would	would	AUX
cblr-11902	430	76	fundamentally	fundamentally	ADV
cblr-11902	430	77	alter	alter	VERB
cblr-11902	430	78	a	a	DET
cblr-11902	430	79	key	key	ADJ
cblr-11902	430	80	mechanism	mechanism	NOUN
cblr-11902	430	81	that	that	PRON
cblr-11902	430	82	etfs	etfs	PROPN
cblr-11902	430	83	need	need	VERB
cblr-11902	430	84	to	to	PART
cblr-11902	430	85	operate	operate	VERB
cblr-11902	430	86	.	.	PUNCT
cblr-11902	431	1	advocates	advocate	NOUN
cblr-11902	431	2	of	of	ADP
cblr-11902	431	3	the	the	DET
cblr-11902	431	4	current	current	ADJ
cblr-11902	431	5	exemption	exemption	NOUN
cblr-11902	431	6	also	also	ADV
cblr-11902	431	7	point	point	VERB
cblr-11902	431	8	to	to	ADP
cblr-11902	431	9	the	the	DET
cblr-11902	431	10	growth	growth	NOUN
cblr-11902	431	11	of	of	ADP
cblr-11902	431	12	etfs	etfs	PROPN
cblr-11902	431	13	as	as	ADP
cblr-11902	431	14	an	an	DET
cblr-11902	431	15	investment	investment	NOUN
cblr-11902	431	16	vehicle	vehicle	NOUN
cblr-11902	431	17	in	in	ADP
cblr-11902	431	18	recent	recent	ADJ
cblr-11902	431	19	years.196	years.196	PROPN
cblr-11902	431	20	experts	expert	NOUN
cblr-11902	431	21	have	have	AUX
cblr-11902	431	22	noted	note	VERB
cblr-11902	431	23	that	that	SCONJ
cblr-11902	431	24	,	,	PUNCT
cblr-11902	431	25	along	along	ADP
cblr-11902	431	26	with	with	ADP
cblr-11902	431	27	low	low	ADJ
cblr-11902	431	28	fees	fee	NOUN
cblr-11902	431	29	,	,	PUNCT
cblr-11902	431	30	the	the	DET
cblr-11902	431	31	tax	tax	NOUN
cblr-11902	431	32	efficiency	efficiency	NOUN
cblr-11902	431	33	of	of	ADP
cblr-11902	431	34	etfs	etfs	PROPN
cblr-11902	431	35	is	be	AUX
cblr-11902	431	36	an	an	DET
cblr-11902	431	37	essential	essential	ADJ
cblr-11902	431	38	reason	reason	NOUN
cblr-11902	431	39	for	for	ADP
cblr-11902	431	40	their	their	PRON
cblr-11902	431	41	popularity.197	popularity.197	NOUN
cblr-11902	431	42	the	the	DET
cblr-11902	431	43	existence	existence	NOUN
cblr-11902	431	44	of	of	ADP
cblr-11902	431	45	§	§	PROPN
cblr-11902	431	46	852(b)(6	852(b)(6	NUM
cblr-11902	431	47	)	)	PUNCT
cblr-11902	431	48	is	be	AUX
cblr-11902	431	49	critical	critical	ADJ
cblr-11902	431	50	to	to	ADP
cblr-11902	431	51	that	that	DET
cblr-11902	431	52	193	193	NUM
cblr-11902	432	1	see	see	VERB
cblr-11902	432	2	morgan	morgan	PROPN
cblr-11902	432	3	lewis	lewis	PROPN
cblr-11902	432	4	,	,	PUNCT
cblr-11902	432	5	tax	tax	NOUN
cblr-11902	432	6	proposal	proposal	NOUN
cblr-11902	432	7	may	may	AUX
cblr-11902	432	8	affect	affect	VERB
cblr-11902	432	9	exchange	exchange	NOUN
cblr-11902	432	10	-	-	PUNCT
cblr-11902	432	11	traded	trade	VERB
cblr-11902	432	12	funds	fund	NOUN
cblr-11902	432	13	,	,	PUNCT
cblr-11902	432	14	https://www.morganlewis.com/pubs/2021/09/tax-proposals-mayaffect-exchange-traded-funds	https://www.morganlewis.com/pubs/2021/09/tax-proposals-mayaffect-exchange-traded-fund	VERB
cblr-11902	432	15	[	[	X
cblr-11902	432	16	https://perma.cc/ja3b-a8n3	https://perma.cc/ja3b-a8n3	X
cblr-11902	432	17	]	]	X
cblr-11902	432	18	(	(	PUNCT
cblr-11902	432	19	sept	sept	PROPN
cblr-11902	432	20	.	.	PROPN
cblr-11902	432	21	22	22	NUM
cblr-11902	432	22	,	,	PUNCT
cblr-11902	432	23	2021	2021	NUM
cblr-11902	432	24	)	)	PUNCT
cblr-11902	432	25	.	.	PUNCT
cblr-11902	433	1	194	194	NUM
cblr-11902	433	2	see	see	VERB
cblr-11902	433	3	morgan	morgan	PROPN
cblr-11902	433	4	lewis	lewis	PROPN
cblr-11902	433	5	,	,	PUNCT
cblr-11902	433	6	supra	supra	PROPN
cblr-11902	433	7	note	note	PROPN
cblr-11902	433	8	193	193	NUM
cblr-11902	433	9	;	;	PUNCT
cblr-11902	433	10	see	see	VERB
cblr-11902	433	11	also	also	ADV
cblr-11902	433	12	hodaszy	hodaszy	ADJ
cblr-11902	433	13	,	,	PUNCT
cblr-11902	433	14	supra	supra	ADJ
cblr-11902	433	15	note	note	NOUN
cblr-11902	433	16	189	189	NUM
cblr-11902	433	17	,	,	PUNCT
cblr-11902	433	18	at	at	ADP
cblr-11902	433	19	517	517	NUM
cblr-11902	433	20	.	.	NOUN
cblr-11902	433	21	195	195	NUM
cblr-11902	433	22	see	see	NOUN
cblr-11902	433	23	hodaszy	hodaszy	NOUN
cblr-11902	433	24	,	,	PUNCT
cblr-11902	433	25	supra	supra	ADJ
cblr-11902	433	26	note	note	NOUN
cblr-11902	433	27	189	189	NUM
cblr-11902	433	28	,	,	PUNCT
cblr-11902	433	29	517	517	NUM
cblr-11902	433	30	(	(	PUNCT
cblr-11902	433	31	“	"	PUNCT
cblr-11902	433	32	the	the	DET
cblr-11902	433	33	depletion	depletion	NOUN
cblr-11902	433	34	of	of	ADP
cblr-11902	433	35	the	the	DET
cblr-11902	433	36	etf	etf	NOUN
cblr-11902	433	37	’s	’s	PART
cblr-11902	433	38	investment	investment	NOUN
cblr-11902	433	39	portfolio	portfolio	NOUN
cblr-11902	433	40	.	.	PUNCT
cblr-11902	433	41	.	.	PUNCT
cblr-11902	433	42	.	.	PUNCT
cblr-11902	434	1	ultimately	ultimately	ADV
cblr-11902	434	2	render	render	VERB
cblr-11902	434	3	the	the	DET
cblr-11902	434	4	fund	fund	NOUN
cblr-11902	434	5	impracticable	impracticable	ADJ
cblr-11902	434	6	as	as	ADP
cblr-11902	434	7	a	a	DET
cblr-11902	434	8	pooled	pooled	ADJ
cblr-11902	434	9	investment	investment	NOUN
cblr-11902	434	10	vehicle	vehicle	NOUN
cblr-11902	434	11	”	"	PUNCT
cblr-11902	434	12	)	)	PUNCT
cblr-11902	434	13	.	.	PUNCT
cblr-11902	435	1	196	196	NUM
cblr-11902	435	2	see	see	VERB
cblr-11902	435	3	michael	michael	PROPN
cblr-11902	435	4	mackenzie	mackenzie	PROPN
cblr-11902	435	5	and	and	CCONJ
cblr-11902	435	6	chris	chris	PROPN
cblr-11902	435	7	flood	flood	PROPN
cblr-11902	435	8	,	,	PUNCT
cblr-11902	435	9	etf	etf	NOUN
cblr-11902	435	10	industry	industry	NOUN
cblr-11902	435	11	heavyweights	heavyweight	NOUN
cblr-11902	435	12	push	push	VERB
cblr-11902	435	13	back	back	ADV
cblr-11902	435	14	on	on	ADP
cblr-11902	435	15	proposed	propose	VERB
cblr-11902	435	16	us	we	PRON
cblr-11902	435	17	tax	tax	NOUN
cblr-11902	435	18	change	change	NOUN
cblr-11902	435	19	,	,	PUNCT
cblr-11902	435	20	financial	financial	ADJ
cblr-11902	435	21	times	time	NOUN
cblr-11902	435	22	(	(	PUNCT
cblr-11902	435	23	sept	sept	PROPN
cblr-11902	435	24	.	.	PROPN
cblr-11902	435	25	17	17	NUM
cblr-11902	435	26	,	,	PUNCT
cblr-11902	435	27	2021	2021	NUM
cblr-11902	435	28	)	)	PUNCT
cblr-11902	435	29	,	,	PUNCT
cblr-11902	435	30	https://www.ft.com/content/d9e8ca9d-3416-47bf-b3894b6fed16199a	https://www.ft.com/content/d9e8ca9d-3416-47bf-b3894b6fed16199a	ADP
cblr-11902	436	1	[	[	X
cblr-11902	436	2	https://perma.cc/h64a-g8ln	https://perma.cc/h64a-g8ln	NOUN
cblr-11902	436	3	]	]	PUNCT
cblr-11902	436	4	(	(	PUNCT
cblr-11902	436	5	noting	note	VERB
cblr-11902	436	6	that	that	SCONJ
cblr-11902	436	7	etf	etf	PROPN
cblr-11902	436	8	global	global	ADJ
cblr-11902	436	9	market	market	NOUN
cblr-11902	436	10	has	have	AUX
cblr-11902	436	11	grown	grow	VERB
cblr-11902	436	12	to	to	ADP
cblr-11902	436	13	$	$	SYM
cblr-11902	436	14	9.7	9.7	NUM
cblr-11902	436	15	trillion	trillion	NUM
cblr-11902	436	16	)	)	PUNCT
cblr-11902	436	17	;	;	PUNCT
cblr-11902	436	18	see	see	VERB
cblr-11902	436	19	also	also	ADV
cblr-11902	436	20	f.	f.	PROPN
cblr-11902	436	21	norrestd	norrestd	PROPN
cblr-11902	436	22	,	,	PUNCT
cblr-11902	436	23	etf	etf	NOUN
cblr-11902	436	24	–	–	PUNCT
cblr-11902	436	25	statistics	statistic	NOUN
cblr-11902	436	26	&	&	CCONJ
cblr-11902	436	27	facts	fact	NOUN
cblr-11902	436	28	,	,	PUNCT
cblr-11902	436	29	statista	statista	NOUN
cblr-11902	436	30	(	(	PUNCT
cblr-11902	436	31	feb	feb	PROPN
cblr-11902	436	32	.	.	PROPN
cblr-11902	436	33	7	7	NUM
cblr-11902	436	34	2022	2022	NUM
cblr-11902	436	35	)	)	PUNCT
cblr-11902	436	36	,	,	PUNCT
cblr-11902	436	37	https://www.statista.com/topics/2365/exchange-tradedfunds/#dossierkeyfigures	https://www.statista.com/topics/2365/exchange-tradedfunds/#dossierkeyfigure	VERB
cblr-11902	436	38	[	[	X
cblr-11902	436	39	https://perma.cc/486l-d55k	https://perma.cc/486l-d55k	X
cblr-11902	436	40	]	]	X
cblr-11902	436	41	(	(	PUNCT
cblr-11902	436	42	reporting	report	VERB
cblr-11902	436	43	u.s	u.s	PROPN
cblr-11902	436	44	.	.	PROPN
cblr-11902	436	45	etf	etf	NOUN
cblr-11902	436	46	assets	asset	NOUN
cblr-11902	436	47	under	under	ADP
cblr-11902	436	48	management	management	NOUN
cblr-11902	436	49	as	as	ADP
cblr-11902	436	50	$	$	SYM
cblr-11902	436	51	5.45	5.45	NUM
cblr-11902	436	52	trillion	trillion	NUM
cblr-11902	436	53	)	)	PUNCT
cblr-11902	436	54	.	.	PUNCT
cblr-11902	437	1	197	197	NUM
cblr-11902	437	2	nir	nir	ADJ
cblr-11902	437	3	kaissar	kaissar	NOUN
cblr-11902	437	4	,	,	PUNCT
cblr-11902	437	5	the	the	DET
cblr-11902	437	6	era	era	NOUN
cblr-11902	437	7	of	of	ADP
cblr-11902	437	8	mutual	mutual	ADJ
cblr-11902	437	9	funds	fund	NOUN
cblr-11902	437	10	is	be	AUX
cblr-11902	437	11	dying	die	VERB
cblr-11902	437	12	.	.	PUNCT
cblr-11902	438	1	long	long	ADV
cblr-11902	438	2	live	live	PROPN
cblr-11902	438	3	etfs	etfs	PROPN
cblr-11902	438	4	,	,	PUNCT
cblr-11902	438	5	bloomberg	bloomberg	PROPN
cblr-11902	438	6	(	(	PUNCT
cblr-11902	438	7	oct	oct	PROPN
cblr-11902	438	8	.	.	PROPN
cblr-11902	438	9	11	11	NUM
cblr-11902	438	10	,	,	PUNCT
cblr-11902	438	11	2021	2021	NUM
cblr-11902	438	12	)	)	PUNCT
cblr-11902	438	13	,	,	PUNCT
cblr-11902	438	14	https://www.bloomberg.com/opinion/articles/2021-10-11/personal-financeera-of-expensive-mutual-funds-is-dying-long-live-etfs	https://www.bloomberg.com/opinion/articles/2021-10-11/personal-financeera-of-expensive-mutual-funds-is-dying-long-live-etfs	PROPN
cblr-11902	438	15	(	(	PUNCT
cblr-11902	438	16	on	on	ADP
cblr-11902	438	17	file	file	NOUN
cblr-11902	438	18	with	with	ADP
cblr-11902	438	19	columbia	columbia	PROPN
cblr-11902	438	20	business	business	PROPN
cblr-11902	438	21	law	law	PROPN
cblr-11902	438	22	review	review	PROPN
cblr-11902	438	23	)	)	PUNCT
cblr-11902	438	24	(	(	PUNCT
cblr-11902	438	25	“	"	PUNCT
cblr-11902	438	26	etfs	etfs	NOUN
cblr-11902	438	27	differ	differ	VERB
cblr-11902	438	28	in	in	ADP
cblr-11902	438	29	two	two	NUM
cblr-11902	438	30	ways	way	NOUN
cblr-11902	438	31	that	that	PRON
cblr-11902	438	32	give	give	VERB
cblr-11902	438	33	them	they	PRON
cblr-11902	438	34	a	a	DET
cblr-11902	438	35	demonstrable	demonstrable	ADJ
cblr-11902	438	36	edge	edge	NOUN
cblr-11902	438	37	.	.	PUNCT
cblr-11902	439	1	one	one	NUM
cblr-11902	439	2	is	be	AUX
cblr-11902	439	3	cost	cost	NOUN
cblr-11902	439	4	.	.	PUNCT
cblr-11902	439	5	.	.	PUNCT
cblr-11902	439	6	.	.	PUNCT
cblr-11902	440	1	etfs	etfs	PROPN
cblr-11902	440	2	are	be	AUX
cblr-11902	440	3	also	also	ADV
cblr-11902	440	4	more	more	ADJ
cblr-11902	440	5	tax	tax	NOUN
cblr-11902	440	6	efficient	efficient	ADJ
cblr-11902	440	7	”	"	PUNCT
cblr-11902	440	8	)	)	PUNCT
cblr-11902	440	9	;	;	PUNCT
cblr-11902	440	10	see	see	VERB
cblr-11902	440	11	also	also	ADV
cblr-11902	440	12	mike	mike	PROPN
cblr-11902	440	13	patton	patton	PROPN
cblr-11902	440	14	,	,	PUNCT
cblr-11902	440	15	tax	tax	NOUN
cblr-11902	440	16	advantage	advantage	NOUN
cblr-11902	440	17	:	:	PUNCT
cblr-11902	440	18	mutual	mutual	ADJ
cblr-11902	440	19	funds	fund	NOUN
cblr-11902	440	20	vs.	vs.	ADP
cblr-11902	440	21	etfs	etfs	PROPN
cblr-11902	440	22	?	?	PUNCT
cblr-11902	441	1	and	and	CCONJ
cblr-11902	441	2	the	the	DET
cblr-11902	441	3	winner	winner	NOUN
cblr-11902	441	4	is	be	AUX
cblr-11902	441	5	…	…	PUNCT
cblr-11902	441	6	,	,	PUNCT
cblr-11902	441	7	forbes	forbes	X
cblr-11902	441	8	(	(	PUNCT
cblr-11902	441	9	jan	jan	PROPN
cblr-11902	441	10	.	.	PROPN
cblr-11902	441	11	31	31	NUM
cblr-11902	441	12	,	,	PUNCT
cblr-11902	441	13	2020	2020	NUM
cblr-11902	441	14	)	)	PUNCT
cblr-11902	441	15	https://www.forbes.com/sites/mikepatton/2020/01/31/tax-advantagemutual-funds-vs-etfs-and-the-winner-is/?sh=47ac3bd11e94	https://www.forbes.com/sites/mikepatton/2020/01/31/tax-advantagemutual-funds-vs-etfs-and-the-winner-is/?sh=47ac3bd11e94	PROPN
cblr-11902	442	1	no	no	INTJ
cblr-11902	442	2	.	.	NOUN
cblr-11902	443	1	1	1	NUM
cblr-11902	443	2	]	]	PUNCT
cblr-11902	443	3	sec	sec	PROPN
cblr-11902	443	4	rule	rule	NOUN
cblr-11902	443	5	6c-11	6c-11	PROPN
cblr-11902	443	6	’s	’s	PART
cblr-11902	443	7	impact	impact	NOUN
cblr-11902	443	8	on	on	ADP
cblr-11902	443	9	usage	usage	NOUN
cblr-11902	443	10	of	of	ADP
cblr-11902	443	11	heartbeat	heartbeat	NOUN
cblr-11902	443	12	trades	trade	VERB
cblr-11902	443	13	571	571	NUM
cblr-11902	443	14	tax	tax	NOUN
cblr-11902	443	15	efficiency.198	efficiency.198	NOUN
cblr-11902	443	16	because	because	SCONJ
cblr-11902	443	17	of	of	ADP
cblr-11902	443	18	this	this	DET
cblr-11902	443	19	appeal	appeal	NOUN
cblr-11902	443	20	,	,	PUNCT
cblr-11902	443	21	an	an	DET
cblr-11902	443	22	estimated	estimate	VERB
cblr-11902	443	23	12	12	NUM
cblr-11902	443	24	million	million	NUM
cblr-11902	443	25	households	household	NOUN
cblr-11902	443	26	invested	invest	VERB
cblr-11902	443	27	in	in	ADP
cblr-11902	443	28	etfs	etfs	NOUN
cblr-11902	443	29	in	in	ADP
cblr-11902	443	30	2020.199	2020.199	NUM
cblr-11902	443	31	the	the	DET
cblr-11902	443	32	repeal	repeal	NOUN
cblr-11902	443	33	of	of	ADP
cblr-11902	443	34	§	§	PROPN
cblr-11902	443	35	852(b)(6	852(b)(6	NUM
cblr-11902	443	36	)	)	PUNCT
cblr-11902	443	37	would	would	AUX
cblr-11902	443	38	result	result	VERB
cblr-11902	443	39	in	in	ADP
cblr-11902	443	40	additional	additional	ADJ
cblr-11902	443	41	costs	cost	NOUN
cblr-11902	443	42	on	on	ADP
cblr-11902	443	43	those	those	DET
cblr-11902	443	44	investors	investor	NOUN
cblr-11902	443	45	by	by	ADP
cblr-11902	443	46	forcing	force	VERB
cblr-11902	443	47	funds	fund	NOUN
cblr-11902	443	48	to	to	PART
cblr-11902	443	49	distribute	distribute	VERB
cblr-11902	443	50	taxable	taxable	ADJ
cblr-11902	443	51	capital	capital	NOUN
cblr-11902	443	52	gains	gain	NOUN
cblr-11902	443	53	to	to	ADP
cblr-11902	443	54	the	the	DET
cblr-11902	443	55	investors200	investors200	PROPN
cblr-11902	443	56	,	,	PUNCT
cblr-11902	443	57	diminishing	diminish	VERB
cblr-11902	443	58	the	the	DET
cblr-11902	443	59	returns	return	NOUN
cblr-11902	443	60	on	on	ADP
cblr-11902	443	61	their	their	PRON
cblr-11902	443	62	investment.201	investment.201	NOUN
cblr-11902	443	63	although	although	SCONJ
cblr-11902	443	64	senator	senator	PROPN
cblr-11902	443	65	wyden	wyden	PROPN
cblr-11902	443	66	highlighted	highlight	VERB
cblr-11902	443	67	his	his	PRON
cblr-11902	443	68	plan	plan	NOUN
cblr-11902	443	69	would	would	AUX
cblr-11902	443	70	only	only	ADV
cblr-11902	443	71	affect	affect	VERB
cblr-11902	443	72	the	the	DET
cblr-11902	443	73	“	"	PUNCT
cblr-11902	443	74	taxable	taxable	ADJ
cblr-11902	443	75	accounts	account	NOUN
cblr-11902	443	76	of	of	ADP
cblr-11902	443	77	the	the	DET
cblr-11902	443	78	wealthiest	wealthy	ADJ
cblr-11902	443	79	investors,”202	investors,”202	NOUN
cblr-11902	443	80	the	the	DET
cblr-11902	443	81	median	median	ADJ
cblr-11902	443	82	household	household	NOUN
cblr-11902	443	83	income	income	NOUN
cblr-11902	443	84	of	of	ADP
cblr-11902	443	85	an	an	DET
cblr-11902	443	86	etf	etf	NOUN
cblr-11902	443	87	owner	owner	NOUN
cblr-11902	443	88	is	be	AUX
cblr-11902	443	89	only	only	ADV
cblr-11902	443	90	$	$	SYM
cblr-11902	443	91	125,000.203	125,000.203	NUM
cblr-11902	443	92	this	this	DET
cblr-11902	443	93	income	income	NOUN
cblr-11902	443	94	,	,	PUNCT
cblr-11902	443	95	advocates	advocate	NOUN
cblr-11902	443	96	note	note	VERB
cblr-11902	443	97	,	,	PUNCT
cblr-11902	443	98	hardly	hardly	ADV
cblr-11902	443	99	makes	make	VERB
cblr-11902	443	100	the	the	DET
cblr-11902	443	101	average	average	ADJ
cblr-11902	443	102	etf	etf	NOUN
cblr-11902	443	103	owner	owner	NOUN
cblr-11902	443	104	among	among	ADP
cblr-11902	443	105	the	the	DET
cblr-11902	443	106	“	"	PUNCT
cblr-11902	443	107	wealthiest	wealthy	ADJ
cblr-11902	443	108	investors”.204	investors”.204	PROPN
cblr-11902	443	109	additionally	additionally	ADV
cblr-11902	443	110	,	,	PUNCT
cblr-11902	443	111	the	the	DET
cblr-11902	443	112	repeal	repeal	NOUN
cblr-11902	443	113	of	of	ADP
cblr-11902	443	114	§	§	PROPN
cblr-11902	443	115	852(b)(6	852(b)(6	NUM
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cblr-11902	443	117	may	may	AUX
cblr-11902	443	118	not	not	PART
cblr-11902	443	119	actually	actually	ADV
cblr-11902	443	120	result	result	VERB
cblr-11902	443	121	in	in	ADP
cblr-11902	443	122	more	more	ADJ
cblr-11902	443	123	taxes	taxis	NOUN
cblr-11902	443	124	being	be	AUX
cblr-11902	443	125	paid	pay	VERB
cblr-11902	443	126	by	by	ADP
cblr-11902	443	127	the	the	DET
cblr-11902	443	128	ultra	ultra	ADJ
cblr-11902	443	129	-	-	ADJ
cblr-11902	443	130	wealthy	wealthy	ADJ
cblr-11902	443	131	because	because	SCONJ
cblr-11902	443	132	they	they	PRON
cblr-11902	443	133	[	[	X
cblr-11902	443	134	https://perma.cc/86me-h5qa	https://perma.cc/86me-h5qa	X
cblr-11902	443	135	]	]	X
cblr-11902	443	136	(	(	PUNCT
cblr-11902	443	137	“	"	PUNCT
cblr-11902	443	138	etfs	etfs	PROPN
cblr-11902	443	139	have	have	VERB
cblr-11902	443	140	a	a	DET
cblr-11902	443	141	distinct	distinct	ADJ
cblr-11902	443	142	tax	tax	NOUN
cblr-11902	443	143	advantage	advantage	NOUN
cblr-11902	443	144	over	over	ADP
cblr-11902	443	145	mutual	mutual	ADJ
cblr-11902	443	146	funds	fund	NOUN
cblr-11902	443	147	”	"	PUNCT
cblr-11902	443	148	)	)	PUNCT
cblr-11902	443	149	.	.	PUNCT
cblr-11902	444	1	198	198	NUM
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cblr-11902	444	3	isenberg	isenberg	PROPN
cblr-11902	444	4	,	,	PUNCT
cblr-11902	444	5	etf	etf	NOUN
cblr-11902	444	6	tax	tax	NOUN
cblr-11902	444	7	breaks	break	NOUN
cblr-11902	444	8	biden	biden	PROPN
cblr-11902	444	9	pledge	pledge	NOUN
cblr-11902	444	10	:	:	PUNCT
cblr-11902	444	11	fund	fund	NOUN
cblr-11902	444	12	trade	trade	NOUN
cblr-11902	444	13	group	group	NOUN
cblr-11902	444	14	,	,	PUNCT
cblr-11902	444	15	financial	financial	ADJ
cblr-11902	444	16	advisor	advisor	NOUN
cblr-11902	444	17	iq	iq	PROPN
cblr-11902	444	18	(	(	PUNCT
cblr-11902	444	19	sept	sept	PROPN
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cblr-11902	444	21	22	22	NUM
cblr-11902	444	22	,	,	PUNCT
cblr-11902	444	23	2021	2021	NUM
cblr-11902	444	24	)	)	PUNCT
cblr-11902	444	25	,	,	PUNCT
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cblr-11902	445	1	d_trade_group	d_trade_group	PROPN
cblr-11902	446	1	[	[	X
cblr-11902	446	2	https://perma.cc/wa8l-np4a	https://perma.cc/wa8l-np4a	X
cblr-11902	446	3	]	]	X
cblr-11902	446	4	(	(	PUNCT
cblr-11902	446	5	“	"	PUNCT
cblr-11902	446	6	allowing	allow	VERB
cblr-11902	446	7	in	in	ADP
cblr-11902	446	8	-	-	PUNCT
cblr-11902	446	9	kind	kind	NOUN
cblr-11902	446	10	redemptions	redemption	NOUN
cblr-11902	446	11	of	of	ADP
cblr-11902	446	12	etf	etf	NOUN
cblr-11902	446	13	shares	share	NOUN
cblr-11902	446	14	is	be	AUX
cblr-11902	446	15	critical	critical	ADJ
cblr-11902	446	16	to	to	ADP
cblr-11902	446	17	etfs	etfs	NOUN
cblr-11902	446	18	’	'	PUNCT
cblr-11902	446	19	tax	tax	NOUN
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cblr-11902	446	21	”	"	PUNCT
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cblr-11902	446	23	(	(	PUNCT
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cblr-11902	446	27	,	,	PUNCT
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cblr-11902	446	29	’s	’s	PART
cblr-11902	446	30	global	global	ADJ
cblr-11902	446	31	director	director	NOUN
cblr-11902	446	32	of	of	ADP
cblr-11902	446	33	etf	etf	PROPN
cblr-11902	446	34	research	research	PROPN
cblr-11902	446	35	)	)	PUNCT
cblr-11902	446	36	.	.	PUNCT
cblr-11902	447	1	199	199	NUM
cblr-11902	447	2	inv	inv	PROPN
cblr-11902	447	3	.	.	PUNCT
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cblr-11902	447	5	inst	inst	PROPN
cblr-11902	447	6	.	.	PROPN
cblr-11902	447	7	,	,	PUNCT
cblr-11902	447	8	2021	2021	NUM
cblr-11902	447	9	investment	investment	NOUN
cblr-11902	447	10	company	company	NOUN
cblr-11902	447	11	fact	fact	NOUN
cblr-11902	447	12	book	book	NOUN
cblr-11902	447	13	:	:	PUNCT
cblr-11902	447	14	a	a	DET
cblr-11902	447	15	review	review	NOUN
cblr-11902	447	16	of	of	ADP
cblr-11902	447	17	trends	trend	NOUN
cblr-11902	447	18	and	and	CCONJ
cblr-11902	447	19	activities	activity	NOUN
cblr-11902	447	20	in	in	ADP
cblr-11902	447	21	the	the	DET
cblr-11902	447	22	investment	investment	NOUN
cblr-11902	447	23	company	company	NOUN
cblr-11902	447	24	industry	industry	NOUN
cblr-11902	447	25	1	1	NUM
cblr-11902	447	26	,	,	PUNCT
cblr-11902	447	27	113	113	NUM
cblr-11902	447	28	(	(	PUNCT
cblr-11902	447	29	2021	2021	NUM
cblr-11902	447	30	)	)	PUNCT
cblr-11902	447	31	,	,	PUNCT
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cblr-11902	448	1	[	[	X
cblr-11902	448	2	https://perma.cc/npl9-2t9	https://perma.cc/npl9-2t9	NOUN
cblr-11902	448	3	t	t	X
cblr-11902	448	4	]	]	PUNCT
cblr-11902	448	5	.	.	PUNCT
cblr-11902	449	1	200	200	NUM
cblr-11902	449	2	see	see	VERB
cblr-11902	449	3	supra	supra	PROPN
cblr-11902	449	4	part	part	NOUN
cblr-11902	449	5	ii.2.b	ii.2.b	PROPN
cblr-11902	449	6	.	.	PUNCT
cblr-11902	450	1	201	201	NUM
cblr-11902	450	2	see	see	VERB
cblr-11902	450	3	mackenzie	mackenzie	NOUN
cblr-11902	450	4	and	and	CCONJ
cblr-11902	450	5	flood	flood	NOUN
cblr-11902	450	6	,	,	PUNCT
cblr-11902	450	7	supra	supra	PROPN
cblr-11902	450	8	note	note	NOUN
cblr-11902	450	9	196	196	NUM
cblr-11902	450	10	(	(	PUNCT
cblr-11902	450	11	“	"	PUNCT
cblr-11902	450	12	we	we	PRON
cblr-11902	450	13	would	would	AUX
cblr-11902	450	14	be	be	AUX
cblr-11902	450	15	concerned	concern	VERB
cblr-11902	450	16	about	about	ADP
cblr-11902	450	17	policies	policy	NOUN
cblr-11902	450	18	that	that	PRON
cblr-11902	450	19	would	would	AUX
cblr-11902	450	20	raise	raise	VERB
cblr-11902	450	21	costs	cost	NOUN
cblr-11902	450	22	and	and	CCONJ
cblr-11902	450	23	reduce	reduce	VERB
cblr-11902	450	24	returns	return	NOUN
cblr-11902	450	25	for	for	ADP
cblr-11902	450	26	long	long	ADJ
cblr-11902	450	27	-	-	PUNCT
cblr-11902	450	28	term	term	NOUN
cblr-11902	450	29	investors	investor	NOUN
cblr-11902	450	30	and	and	CCONJ
cblr-11902	450	31	retirement	retirement	NOUN
cblr-11902	450	32	savers	saver	NOUN
cblr-11902	450	33	”	"	PUNCT
cblr-11902	450	34	)	)	PUNCT
cblr-11902	450	35	(	(	PUNCT
cblr-11902	450	36	quoting	quote	VERB
cblr-11902	450	37	blackrock	blackrock	NOUN
cblr-11902	450	38	)	)	PUNCT
cblr-11902	450	39	.	.	PUNCT
cblr-11902	451	1	202	202	NUM
cblr-11902	451	2	kate	kate	NOUN
cblr-11902	451	3	dore	dore	PROPN
cblr-11902	451	4	,	,	PUNCT
cblr-11902	451	5	democratic	democratic	ADJ
cblr-11902	451	6	plan	plan	NOUN
cblr-11902	451	7	would	would	AUX
cblr-11902	451	8	close	close	VERB
cblr-11902	451	9	tax	tax	NOUN
cblr-11902	451	10	break	break	NOUN
cblr-11902	451	11	on	on	ADP
cblr-11902	451	12	exchangetraded	exchangetrade	VERB
cblr-11902	451	13	funds	fund	NOUN
cblr-11902	451	14	,	,	PUNCT
cblr-11902	451	15	cnbc	cnbc	PROPN
cblr-11902	451	16	(	(	PUNCT
cblr-11902	451	17	sept	sept	PROPN
cblr-11902	451	18	.	.	PROPN
cblr-11902	451	19	16	16	NUM
cblr-11902	451	20	,	,	PUNCT
cblr-11902	451	21	2021	2021	NUM
cblr-11902	451	22	)	)	PUNCT
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cblr-11902	452	1	[	[	X
cblr-11902	452	2	perma.cc/u6vf-mcv7	perma.cc/u6vf-mcv7	X
cblr-11902	452	3	]	]	X
cblr-11902	452	4	(	(	PUNCT
cblr-11902	452	5	“	"	PUNCT
cblr-11902	452	6	we	we	PRON
cblr-11902	452	7	’re	’re	AUX
cblr-11902	452	8	only	only	ADV
cblr-11902	452	9	talking	talk	VERB
cblr-11902	452	10	about	about	ADP
cblr-11902	452	11	the	the	DET
cblr-11902	452	12	taxable	taxable	ADJ
cblr-11902	452	13	accounts	account	NOUN
cblr-11902	452	14	of	of	ADP
cblr-11902	452	15	the	the	DET
cblr-11902	452	16	wealthiest	wealthy	ADJ
cblr-11902	452	17	investors	investor	NOUN
cblr-11902	452	18	,	,	PUNCT
cblr-11902	452	19	”	"	PUNCT
cblr-11902	452	20	said	say	VERB
cblr-11902	452	21	wyden	wyden	PROPN
cblr-11902	452	22	in	in	ADP
cblr-11902	452	23	a	a	DET
cblr-11902	452	24	statement	statement	NOUN
cblr-11902	452	25	”	"	PUNCT
cblr-11902	452	26	)	)	PUNCT
cblr-11902	452	27	.	.	PUNCT
cblr-11902	453	1	203	203	NUM
cblr-11902	453	2	inv	inv	X
cblr-11902	453	3	.	.	PUNCT
cblr-11902	453	4	co.	co.	PROPN
cblr-11902	453	5	inst	inst	PROPN
cblr-11902	453	6	,	,	PUNCT
cblr-11902	453	7	supra	supra	PROPN
cblr-11902	453	8	note	note	PROPN
cblr-11902	453	9	199	199	NUM
cblr-11902	453	10	,	,	PUNCT
cblr-11902	453	11	at	at	ADP
cblr-11902	453	12	114	114	NUM
cblr-11902	453	13	.	.	PUNCT
cblr-11902	453	14	204	204	NUM
cblr-11902	453	15	see	see	VERB
cblr-11902	453	16	isenberg	isenberg	PROPN
cblr-11902	453	17	,	,	PUNCT
cblr-11902	453	18	supra	supra	PROPN
cblr-11902	453	19	note	note	NOUN
cblr-11902	453	20	198	198	NUM
cblr-11902	453	21	(	(	PUNCT
cblr-11902	453	22	noting	note	VERB
cblr-11902	453	23	that	that	SCONJ
cblr-11902	453	24	biden	biden	PROPN
cblr-11902	453	25	promised	promise	VERB
cblr-11902	453	26	not	not	PART
cblr-11902	453	27	to	to	PART
cblr-11902	453	28	raise	raise	VERB
cblr-11902	453	29	taxes	taxis	NOUN
cblr-11902	453	30	on	on	ADP
cblr-11902	453	31	those	those	PRON
cblr-11902	453	32	who	who	PRON
cblr-11902	453	33	made	make	VERB
cblr-11902	453	34	less	less	ADJ
cblr-11902	453	35	than	than	ADP
cblr-11902	453	36	$	$	SYM
cblr-11902	453	37	400,000	400,000	NUM
cblr-11902	453	38	)	)	PUNCT
cblr-11902	453	39	;	;	PUNCT
cblr-11902	453	40	see	see	VERB
cblr-11902	453	41	also	also	ADV
cblr-11902	453	42	etf	etf	NOUN
cblr-11902	453	43	taxation	taxation	NOUN
cblr-11902	453	44	in	in	ADP
cblr-11902	453	45	the	the	DET
cblr-11902	453	46	crosshairs	crosshair	NOUN
cblr-11902	453	47	,	,	PUNCT
cblr-11902	453	48	nasdaq	nasdaq	PROPN
cblr-11902	453	49	(	(	PUNCT
cblr-11902	453	50	sept	sept	PROPN
cblr-11902	453	51	.	.	PROPN
cblr-11902	453	52	13	13	NUM
cblr-11902	453	53	,	,	PUNCT
cblr-11902	453	54	2021	2021	NUM
cblr-11902	453	55	)	)	PUNCT
cblr-11902	454	1	https://www.nasdaq.com/articles/etf-taxation-in-the-crosshairs-2021-09-13	https://www.nasdaq.com/articles/etf-taxation-in-the-crosshairs-2021-09-13	PROPN
cblr-11902	455	1	[	[	X
cblr-11902	455	2	https://perma.cc/w7u5-4rjh	https://perma.cc/w7u5-4rjh	X
cblr-11902	455	3	]	]	X
cblr-11902	455	4	(	(	PUNCT
cblr-11902	455	5	“	"	PUNCT
cblr-11902	455	6	it	it	PRON
cblr-11902	455	7	would	would	AUX
cblr-11902	455	8	hurt	hurt	VERB
cblr-11902	455	9	mom	mom	NOUN
cblr-11902	455	10	and	and	CCONJ
cblr-11902	455	11	pop	pop	NOUN
cblr-11902	455	12	investors	investor	NOUN
cblr-11902	455	13	”	"	PUNCT
cblr-11902	455	14	)	)	PUNCT
cblr-11902	455	15	.	.	PUNCT
cblr-11902	456	1	572	572	NUM
cblr-11902	456	2	columbia	columbia	PROPN
cblr-11902	456	3	business	business	NOUN
cblr-11902	456	4	law	law	PROPN
cblr-11902	456	5	review	review	NOUN
cblr-11902	456	6	[	[	X
cblr-11902	456	7	vol	vol	NOUN
cblr-11902	456	8	.	.	PUNCT
cblr-11902	456	9	2023	2023	NUM
cblr-11902	456	10	could	could	AUX
cblr-11902	456	11	simply	simply	ADV
cblr-11902	456	12	switch	switch	VERB
cblr-11902	456	13	from	from	ADP
cblr-11902	456	14	etfs	etfs	PROPN
cblr-11902	456	15	to	to	ADP
cblr-11902	456	16	direct	direct	VERB
cblr-11902	456	17	indexing205	indexing205	PROPN
cblr-11902	456	18	,	,	PUNCT
cblr-11902	456	19	which	which	PRON
cblr-11902	456	20	is	be	AUX
cblr-11902	456	21	a	a	DET
cblr-11902	456	22	new	new	ADJ
cblr-11902	456	23	strategy	strategy	NOUN
cblr-11902	456	24	where	where	SCONJ
cblr-11902	456	25	well	well	ADV
cblr-11902	456	26	-	-	PUNCT
cblr-11902	456	27	off	off	ADP
cblr-11902	456	28	investors	investor	NOUN
cblr-11902	456	29	buy	buy	VERB
cblr-11902	456	30	the	the	DET
cblr-11902	456	31	stocks	stock	NOUN
cblr-11902	456	32	in	in	ADP
cblr-11902	456	33	an	an	DET
cblr-11902	456	34	index	index	NOUN
cblr-11902	456	35	directly	directly	ADV
cblr-11902	456	36	and	and	CCONJ
cblr-11902	456	37	“	"	PUNCT
cblr-11902	456	38	harvest	harvest	NOUN
cblr-11902	456	39	”	"	PUNCT
cblr-11902	456	40	losses	loss	NOUN
cblr-11902	456	41	to	to	PART
cblr-11902	456	42	obtain	obtain	VERB
cblr-11902	456	43	tax	tax	NOUN
cblr-11902	456	44	-	-	PUNCT
cblr-11902	456	45	efficient	efficient	ADJ
cblr-11902	456	46	results	result	NOUN
cblr-11902	456	47	,	,	PUNCT
cblr-11902	456	48	which	which	PRON
cblr-11902	456	49	can	can	AUX
cblr-11902	456	50	potentially	potentially	ADV
cblr-11902	456	51	be	be	AUX
cblr-11902	456	52	better	well	ADJ
cblr-11902	456	53	than	than	ADP
cblr-11902	456	54	those	those	PRON
cblr-11902	456	55	offered	offer	VERB
cblr-11902	456	56	by	by	ADP
cblr-11902	456	57	etfs.206	etfs.206	PROPN
cblr-11902	456	58	thus	thus	ADV
cblr-11902	456	59	,	,	PUNCT
cblr-11902	456	60	the	the	DET
cblr-11902	456	61	investors	investor	NOUN
cblr-11902	456	62	who	who	PRON
cblr-11902	456	63	would	would	AUX
cblr-11902	456	64	likely	likely	ADV
cblr-11902	456	65	end	end	VERB
cblr-11902	456	66	up	up	ADP
cblr-11902	456	67	paying	pay	VERB
cblr-11902	456	68	more	more	ADJ
cblr-11902	456	69	taxes	taxis	NOUN
cblr-11902	456	70	upon	upon	SCONJ
cblr-11902	456	71	repeal	repeal	NOUN
cblr-11902	456	72	would	would	AUX
cblr-11902	456	73	be	be	AUX
cblr-11902	456	74	those	those	PRON
cblr-11902	456	75	unable	unable	ADJ
cblr-11902	456	76	to	to	PART
cblr-11902	456	77	afford	afford	VERB
cblr-11902	456	78	switching	switch	VERB
cblr-11902	456	79	to	to	ADP
cblr-11902	456	80	direct	direct	ADJ
cblr-11902	456	81	indexing	indexing	NOUN
cblr-11902	456	82	of	of	ADP
cblr-11902	456	83	stocks.207	stocks.207	NOUN
cblr-11902	456	84	however	however	ADV
cblr-11902	456	85	,	,	PUNCT
cblr-11902	456	86	repeal	repeal	NOUN
cblr-11902	456	87	proponents	proponent	NOUN
cblr-11902	456	88	have	have	AUX
cblr-11902	456	89	argued	argue	VERB
cblr-11902	456	90	that	that	SCONJ
cblr-11902	456	91	there	there	PRON
cblr-11902	456	92	are	be	VERB
cblr-11902	456	93	already	already	ADV
cblr-11902	456	94	protections	protection	NOUN
cblr-11902	456	95	in	in	ADP
cblr-11902	456	96	place	place	NOUN
cblr-11902	456	97	for	for	ADP
cblr-11902	456	98	some	some	DET
cblr-11902	456	99	groups	group	NOUN
cblr-11902	456	100	of	of	ADP
cblr-11902	456	101	etf	etf	NOUN
cblr-11902	456	102	investors	investor	NOUN
cblr-11902	456	103	that	that	PRON
cblr-11902	456	104	would	would	AUX
cblr-11902	456	105	shelter	shelter	VERB
cblr-11902	456	106	them	they	PRON
cblr-11902	456	107	from	from	ADP
cblr-11902	456	108	the	the	DET
cblr-11902	456	109	tax	tax	NOUN
cblr-11902	456	110	burden	burden	NOUN
cblr-11902	456	111	should	should	AUX
cblr-11902	456	112	the	the	DET
cblr-11902	456	113	rule	rule	NOUN
cblr-11902	456	114	be	be	AUX
cblr-11902	456	115	revoked	revoke	VERB
cblr-11902	456	116	,	,	PUNCT
cblr-11902	456	117	which	which	PRON
cblr-11902	456	118	should	should	AUX
cblr-11902	456	119	lessen	lessen	VERB
cblr-11902	456	120	the	the	DET
cblr-11902	456	121	concern	concern	NOUN
cblr-11902	456	122	in	in	ADP
cblr-11902	456	123	repealing	repeal	VERB
cblr-11902	456	124	§	§	PROPN
cblr-11902	456	125	852(b)(6	852(b)(6	PROPN
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cblr-11902	456	127	.	.	PUNCT
cblr-11902	457	1	jeffrey	jeffrey	PROPN
cblr-11902	457	2	colon	colon	PROPN
cblr-11902	457	3	,	,	PUNCT
cblr-11902	457	4	a	a	DET
cblr-11902	457	5	professor	professor	NOUN
cblr-11902	457	6	at	at	ADP
cblr-11902	457	7	fordham	fordham	PROPN
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cblr-11902	457	10	points	point	VERB
cblr-11902	457	11	out	out	ADP
cblr-11902	457	12	that	that	SCONJ
cblr-11902	457	13	married	married	ADJ
cblr-11902	457	14	couples	couple	NOUN
cblr-11902	457	15	filing	file	VERB
cblr-11902	457	16	jointly	jointly	ADV
cblr-11902	457	17	do	do	AUX
cblr-11902	457	18	not	not	PART
cblr-11902	457	19	pay	pay	VERB
cblr-11902	457	20	capital	capital	NOUN
cblr-11902	457	21	gains	gain	NOUN
cblr-11902	457	22	if	if	SCONJ
cblr-11902	457	23	their	their	PRON
cblr-11902	457	24	income	income	NOUN
cblr-11902	457	25	is	be	AUX
cblr-11902	457	26	less	less	ADJ
cblr-11902	457	27	than	than	ADP
cblr-11902	457	28	$	$	SYM
cblr-11902	457	29	80,000.208	80,000.208	NOUN
cblr-11902	457	30	additionally	additionally	ADV
cblr-11902	457	31	,	,	PUNCT
cblr-11902	457	32	etfs	etfs	PROPN
cblr-11902	457	33	held	hold	VERB
cblr-11902	457	34	in	in	ADP
cblr-11902	457	35	tax	tax	NOUN
cblr-11902	457	36	-	-	PUNCT
cblr-11902	457	37	exempt	exempt	ADJ
cblr-11902	457	38	accounts	account	NOUN
cblr-11902	457	39	,	,	PUNCT
cblr-11902	457	40	such	such	ADJ
cblr-11902	457	41	as	as	ADP
cblr-11902	457	42	a	a	DET
cblr-11902	457	43	401(k	401(k	PROPN
cblr-11902	457	44	)	)	PUNCT
cblr-11902	457	45	or	or	CCONJ
cblr-11902	457	46	ira	ira	PROPN
cblr-11902	457	47	,	,	PUNCT
cblr-11902	457	48	would	would	AUX
cblr-11902	457	49	still	still	ADV
cblr-11902	457	50	remain	remain	VERB
cblr-11902	457	51	exempt	exempt	ADJ
cblr-11902	457	52	from	from	ADP
cblr-11902	457	53	capital	capital	NOUN
cblr-11902	457	54	gains.209	gains.209	PROPN
cblr-11902	457	55	thus	thus	ADV
cblr-11902	457	56	,	,	PUNCT
cblr-11902	457	57	repeal	repeal	NOUN
cblr-11902	457	58	of	of	ADP
cblr-11902	457	59	the	the	DET
cblr-11902	457	60	exemption	exemption	NOUN
cblr-11902	457	61	would	would	AUX
cblr-11902	457	62	not	not	PART
cblr-11902	457	63	negatively	negatively	ADV
cblr-11902	457	64	impact	impact	VERB
cblr-11902	457	65	the	the	DET
cblr-11902	457	66	least	least	ADJ
cblr-11902	457	67	wealthy	wealthy	ADJ
cblr-11902	457	68	of	of	ADP
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cblr-11902	457	70	investors	investor	NOUN
cblr-11902	457	71	.	.	PUNCT
cblr-11902	458	1	205	205	NUM
cblr-11902	458	2	see	see	VERB
cblr-11902	458	3	etf	etf	NOUN
cblr-11902	458	4	taxation	taxation	NOUN
cblr-11902	458	5	in	in	ADP
cblr-11902	458	6	the	the	DET
cblr-11902	458	7	crosshairs	crosshair	NOUN
cblr-11902	458	8	,	,	PUNCT
cblr-11902	458	9	supra	supra	PROPN
cblr-11902	458	10	note	note	NOUN
cblr-11902	458	11	204	204	NUM
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cblr-11902	458	14	wealthy	wealthy	ADJ
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cblr-11902	458	40	outcome	outcome	NOUN
cblr-11902	458	41	is	be	AUX
cblr-11902	458	42	that	that	SCONJ
cblr-11902	458	43	some	some	DET
cblr-11902	458	44	investors	investor	NOUN
cblr-11902	458	45	would	would	AUX
cblr-11902	458	46	increasingly	increasingly	ADV
cblr-11902	458	47	adopt	adopt	VERB
cblr-11902	458	48	tax	tax	NOUN
cblr-11902	458	49	-	-	PUNCT
cblr-11902	458	50	managed	manage	VERB
cblr-11902	458	51	accounts	account	NOUN
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cblr-11902	458	56	direct	direct	ADJ
cblr-11902	458	57	indexing	indexing	NOUN
cblr-11902	458	58	.	.	PUNCT
cblr-11902	458	59	’	'	PUNCT
cblr-11902	458	60	”	"	PUNCT
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cblr-11902	459	1	206	206	NUM
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cblr-11902	459	4	wallace	wallace	PROPN
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cblr-11902	459	6	what	what	PRON
cblr-11902	459	7	is	be	AUX
cblr-11902	459	8	direct	direct	ADJ
cblr-11902	459	9	indexing	indexing	NOUN
cblr-11902	459	10	?	?	PROPN
cblr-11902	459	11	,	,	PUNCT
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cblr-11902	459	13	(	(	PUNCT
cblr-11902	459	14	aug	aug	PROPN
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cblr-11902	459	17	,	,	PUNCT
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cblr-11902	459	20	,	,	PUNCT
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cblr-11902	459	22	[	[	X
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cblr-11902	459	25	;	;	PUNCT
cblr-11902	459	26	see	see	VERB
cblr-11902	459	27	also	also	ADV
cblr-11902	459	28	adam	adam	PROPN
cblr-11902	459	29	grealish	grealish	NOUN
cblr-11902	459	30	,	,	PUNCT
cblr-11902	459	31	move	move	VERB
cblr-11902	459	32	over	over	ADP
cblr-11902	459	33	etfs	etfs	PROPN
cblr-11902	459	34	:	:	PUNCT
cblr-11902	459	35	direct	direct	ADJ
cblr-11902	459	36	indexing	indexing	NOUN
cblr-11902	459	37	is	be	AUX
cblr-11902	459	38	an	an	DET
cblr-11902	459	39	investment	investment	NOUN
cblr-11902	459	40	strategy	strategy	NOUN
cblr-11902	459	41	worth	worth	ADJ
cblr-11902	459	42	paying	pay	VERB
cblr-11902	459	43	attention	attention	NOUN
cblr-11902	459	44	,	,	PUNCT
cblr-11902	459	45	kiplinger	kiplinger	PROPN
cblr-11902	459	46	(	(	PUNCT
cblr-11902	459	47	jun	jun	PROPN
cblr-11902	459	48	.	.	PROPN
cblr-11902	459	49	25	25	NUM
cblr-11902	459	50	,	,	PUNCT
cblr-11902	459	51	2022	2022	NUM
cblr-11902	459	52	)	)	PUNCT
cblr-11902	459	53	,	,	PUNCT
cblr-11902	459	54	https://www.kiplinger.com/investing/604846/move-over-etfs-directindexing-is-an-investment-strategy-worth-paying-attention-to	https://www.kiplinger.com/investing/604846/move-over-etfs-directindexing-is-an-investment-strategy-worth-paying-attention-to	PROPN
cblr-11902	459	55	.	.	PUNCT
cblr-11902	460	1	207	207	NUM
cblr-11902	460	2	see	see	VERB
cblr-11902	460	3	i	i	PRON
cblr-11902	460	4	d.	d.	PROPN
cblr-11902	460	5	(	(	PUNCT
cblr-11902	460	6	“	"	PUNCT
cblr-11902	460	7	one	one	NUM
cblr-11902	460	8	barrier	barrier	NOUN
cblr-11902	460	9	to	to	ADP
cblr-11902	460	10	doing	do	VERB
cblr-11902	460	11	this	this	PRON
cblr-11902	460	12	,	,	PUNCT
cblr-11902	460	13	traditionally	traditionally	ADV
cblr-11902	460	14	,	,	PUNCT
cblr-11902	460	15	is	be	AUX
cblr-11902	460	16	that	that	SCONJ
cblr-11902	460	17	you	you	PRON
cblr-11902	460	18	ca	can	AUX
cblr-11902	460	19	n’t	not	PART
cblr-11902	460	20	buy	buy	VERB
cblr-11902	460	21	every	every	DET
cblr-11902	460	22	stock	stock	NOUN
cblr-11902	460	23	in	in	ADP
cblr-11902	460	24	the	the	DET
cblr-11902	460	25	index	index	NOUN
cblr-11902	460	26	if	if	SCONJ
cblr-11902	460	27	you	you	PRON
cblr-11902	460	28	do	do	AUX
cblr-11902	460	29	n’t	not	PART
cblr-11902	460	30	have	have	VERB
cblr-11902	460	31	a	a	DET
cblr-11902	460	32	lot	lot	NOUN
cblr-11902	460	33	of	of	ADP
cblr-11902	460	34	money	money	NOUN
cblr-11902	460	35	to	to	PART
cblr-11902	460	36	invest	invest	VERB
cblr-11902	460	37	”	"	PUNCT
cblr-11902	460	38	)	)	PUNCT
cblr-11902	460	39	.	.	PUNCT
cblr-11902	461	1	208	208	NUM
cblr-11902	461	2	see	see	VERB
cblr-11902	461	3	isenberg	isenberg	PROPN
cblr-11902	461	4	,	,	PUNCT
cblr-11902	461	5	supra	supra	PROPN
cblr-11902	461	6	note	note	NOUN
cblr-11902	461	7	198	198	NUM
cblr-11902	461	8	.	.	PUNCT
cblr-11902	462	1	209	209	NUM
cblr-11902	462	2	see	see	VERB
cblr-11902	462	3	i	i	PRON
cblr-11902	462	4	d.	d.	PROPN
cblr-11902	462	5	;	;	PUNCT
cblr-11902	462	6	see	see	VERB
cblr-11902	462	7	also	also	ADV
cblr-11902	462	8	steven	steven	PROPN
cblr-11902	462	9	z.	z.	PROPN
cblr-11902	462	10	hodaszy	hodaszy	PROPN
cblr-11902	462	11	,	,	PUNCT
cblr-11902	462	12	exchange	exchange	NOUN
cblr-11902	462	13	-	-	PUNCT
cblr-11902	462	14	traded	trade	VERB
cblr-11902	462	15	funds	fund	NOUN
cblr-11902	462	16	use	use	VERB
cblr-11902	462	17	section	section	NOUN
cblr-11902	462	18	852(b)(6	852(b)(6	PROPN
cblr-11902	462	19	)	)	PUNCT
cblr-11902	462	20	for	for	ADP
cblr-11902	462	21	tax	tax	NOUN
cblr-11902	462	22	avoidance	avoidance	NOUN
cblr-11902	462	23	,	,	PUNCT
cblr-11902	462	24	not	not	PART
cblr-11902	462	25	just	just	ADV
cblr-11902	462	26	tax	tax	NOUN
cblr-11902	462	27	deferral	deferral	NOUN
cblr-11902	462	28	:	:	PUNCT
cblr-11902	462	29	so	so	ADV
cblr-11902	462	30	why	why	SCONJ
cblr-11902	462	31	is	be	AUX
cblr-11902	462	32	this	this	DET
cblr-11902	462	33	loophole	loophole	NOUN
cblr-11902	462	34	still	still	ADV
cblr-11902	462	35	open	open	VERB
cblr-11902	462	36	?	?	PUNCT
cblr-11902	462	37	,	,	PUNCT
cblr-11902	462	38	75	75	NUM
cblr-11902	462	39	tax	tax	NOUN
cblr-11902	462	40	law	law	NOUN
cblr-11902	462	41	.	.	PUNCT
cblr-11902	463	1	489	489	NUM
cblr-11902	463	2	,	,	PUNCT
cblr-11902	463	3	565	565	NUM
cblr-11902	463	4	(	(	PUNCT
cblr-11902	463	5	2022	2022	NUM
cblr-11902	463	6	)	)	PUNCT
cblr-11902	463	7	;	;	PUNCT
cblr-11902	463	8	see	see	AUX
cblr-11902	463	9	also	also	ADV
cblr-11902	463	10	dawn	dawn	VERB
cblr-11902	463	11	lim	lim	PROPN
cblr-11902	463	12	&	&	CCONJ
cblr-11902	463	13	richard	richard	PROPN
cblr-11902	463	14	rubin	rubin	PROPN
cblr-11902	463	15	,	,	PUNCT
cblr-11902	463	16	democratic	democratic	ADJ
cblr-11902	463	17	tax	tax	NOUN
cblr-11902	463	18	proposal	proposal	NOUN
cblr-11902	463	19	takes	take	VERB
cblr-11902	463	20	aim	aim	NOUN
cblr-11902	463	21	at	at	ADP
cblr-11902	463	22	etfs	etfs	PROPN
cblr-11902	463	23	,	,	PUNCT
cblr-11902	463	24	wall	wall	PROPN
cblr-11902	463	25	st	st	PROPN
cblr-11902	463	26	.	.	PROPN
cblr-11902	463	27	j.	j.	PROPN
cblr-11902	463	28	(	(	PUNCT
cblr-11902	463	29	sept	sept	PROPN
cblr-11902	463	30	.	.	PROPN
cblr-11902	463	31	15	15	NUM
cblr-11902	463	32	,	,	PUNCT
cblr-11902	463	33	2021	2021	NUM
cblr-11902	463	34	)	)	PUNCT
cblr-11902	463	35	,	,	PUNCT
cblr-11902	463	36	https://www.wsj.com/articles/democrats-tax-proposaltakes-aim-at-etfs-11631717324	https://www.wsj.com/articles/democrats-tax-proposaltakes-aim-at-etfs-11631717324	NOUN
cblr-11902	464	1	[	[	X
cblr-11902	464	2	perma.cc/3rr7-qadh	perma.cc/3rr7-qadh	NOUN
cblr-11902	464	3	]	]	X
cblr-11902	464	4	(	(	PUNCT
cblr-11902	464	5	“	"	PUNCT
cblr-11902	464	6	a	a	DET
cblr-11902	464	7	spokeswoman	spokeswoman	NOUN
cblr-11902	464	8	for	for	ADP
cblr-11902	464	9	sen	sen	PROPN
cblr-11902	464	10	.	.	PROPN
cblr-11902	464	11	wyden	wyden	PROPN
cblr-11902	464	12	said	say	VERB
cblr-11902	464	13	that	that	SCONJ
cblr-11902	464	14	the	the	DET
cblr-11902	464	15	proposed	propose	VERB
cblr-11902	464	16	rule	rule	NOUN
cblr-11902	464	17	would	would	AUX
cblr-11902	464	18	affect	affect	VERB
cblr-11902	464	19	those	those	PRON
cblr-11902	464	20	that	that	PRON
cblr-11902	464	21	invest	invest	VERB
cblr-11902	464	22	in	in	ADP
cblr-11902	464	23	no	no	NOUN
cblr-11902	464	24	.	.	NOUN
cblr-11902	464	25	1	1	NUM
cblr-11902	464	26	]	]	PUNCT
cblr-11902	464	27	sec	sec	PROPN
cblr-11902	464	28	rule	rule	NOUN
cblr-11902	464	29	6c-11	6c-11	PROPN
cblr-11902	464	30	’s	’s	PART
cblr-11902	464	31	impact	impact	NOUN
cblr-11902	464	32	on	on	ADP
cblr-11902	464	33	usage	usage	NOUN
cblr-11902	464	34	of	of	ADP
cblr-11902	464	35	heartbeat	heartbeat	NOUN
cblr-11902	464	36	trades	trade	VERB
cblr-11902	464	37	573	573	NUM
cblr-11902	464	38	another	another	DET
cblr-11902	464	39	argument	argument	NOUN
cblr-11902	464	40	in	in	ADP
cblr-11902	464	41	favor	favor	NOUN
cblr-11902	464	42	of	of	ADP
cblr-11902	464	43	§	§	PROPN
cblr-11902	464	44	852(b)(6	852(b)(6	NUM
cblr-11902	464	45	)	)	PUNCT
cblr-11902	464	46	is	be	AUX
cblr-11902	464	47	that	that	SCONJ
cblr-11902	464	48	it	it	PRON
cblr-11902	464	49	only	only	ADV
cblr-11902	464	50	allows	allow	VERB
cblr-11902	464	51	for	for	ADP
cblr-11902	464	52	tax	tax	NOUN
cblr-11902	464	53	deferral	deferral	NOUN
cblr-11902	464	54	,	,	PUNCT
cblr-11902	464	55	not	not	PART
cblr-11902	464	56	tax	tax	NOUN
cblr-11902	464	57	evasion.210	evasion.210	PROPN
cblr-11902	464	58	because	because	SCONJ
cblr-11902	464	59	the	the	DET
cblr-11902	464	60	gains	gain	NOUN
cblr-11902	464	61	that	that	PRON
cblr-11902	464	62	are	be	AUX
cblr-11902	464	63	a	a	DET
cblr-11902	464	64	part	part	NOUN
cblr-11902	464	65	of	of	ADP
cblr-11902	464	66	the	the	DET
cblr-11902	464	67	in	in	ADP
cblr-11902	464	68	-	-	PUNCT
cblr-11902	464	69	kind	kind	NOUN
cblr-11902	464	70	redemptions	redemption	NOUN
cblr-11902	464	71	should	should	AUX
cblr-11902	464	72	be	be	AUX
cblr-11902	464	73	incorporated	incorporate	VERB
cblr-11902	464	74	into	into	ADP
cblr-11902	464	75	the	the	DET
cblr-11902	464	76	etf	etf	NOUN
cblr-11902	464	77	’s	’s	PART
cblr-11902	464	78	’	'	PUNCT
cblr-11902	464	79	nav	nav	NOUN
cblr-11902	464	80	and	and	CCONJ
cblr-11902	464	81	thus	thus	ADV
cblr-11902	464	82	its	its	PRON
cblr-11902	464	83	market	market	NOUN
cblr-11902	464	84	price	price	NOUN
cblr-11902	464	85	,	,	PUNCT
cblr-11902	464	86	when	when	SCONJ
cblr-11902	464	87	a	a	DET
cblr-11902	464	88	shareholder	shareholder	NOUN
cblr-11902	464	89	sells	sell	VERB
cblr-11902	464	90	an	an	DET
cblr-11902	464	91	etf	etf	NOUN
cblr-11902	464	92	share	share	NOUN
cblr-11902	464	93	,	,	PUNCT
cblr-11902	464	94	they	they	PRON
cblr-11902	464	95	will	will	AUX
cblr-11902	464	96	be	be	AUX
cblr-11902	464	97	selling	sell	VERB
cblr-11902	464	98	it	it	PRON
cblr-11902	464	99	as	as	ADP
cblr-11902	464	100	a	a	DET
cblr-11902	464	101	higher	high	ADJ
cblr-11902	464	102	price	price	NOUN
cblr-11902	464	103	due	due	ADP
cblr-11902	464	104	to	to	ADP
cblr-11902	464	105	the	the	DET
cblr-11902	464	106	price	price	NOUN
cblr-11902	464	107	gains	gain	NOUN
cblr-11902	464	108	the	the	DET
cblr-11902	464	109	fund	fund	NOUN
cblr-11902	464	110	experienced	experience	VERB
cblr-11902	464	111	while	while	SCONJ
cblr-11902	464	112	they	they	PRON
cblr-11902	464	113	held	hold	VERB
cblr-11902	464	114	it.211	it.211	NOUN
cblr-11902	464	115	when	when	SCONJ
cblr-11902	464	116	a	a	DET
cblr-11902	464	117	shareholder	shareholder	NOUN
cblr-11902	464	118	sells	sell	VERB
cblr-11902	464	119	,	,	PUNCT
cblr-11902	464	120	they	they	PRON
cblr-11902	464	121	are	be	AUX
cblr-11902	464	122	taxed	tax	VERB
cblr-11902	464	123	on	on	ADP
cblr-11902	464	124	the	the	DET
cblr-11902	464	125	rise	rise	NOUN
cblr-11902	464	126	in	in	ADP
cblr-11902	464	127	the	the	DET
cblr-11902	464	128	price	price	NOUN
cblr-11902	464	129	of	of	ADP
cblr-11902	464	130	the	the	DET
cblr-11902	464	131	stock	stock	NOUN
cblr-11902	464	132	while	while	SCONJ
cblr-11902	464	133	the	the	DET
cblr-11902	464	134	etf	etf	NOUN
cblr-11902	464	135	was	be	AUX
cblr-11902	464	136	held.212	held.212	PROPN
cblr-11902	464	137	if	if	SCONJ
cblr-11902	464	138	an	an	DET
cblr-11902	464	139	etf	etf	NOUN
cblr-11902	464	140	had	have	VERB
cblr-11902	464	141	significant	significant	ADJ
cblr-11902	464	142	capital	capital	NOUN
cblr-11902	464	143	gains	gain	NOUN
cblr-11902	464	144	distributed	distribute	VERB
cblr-11902	464	145	in	in	ADP
cblr-11902	464	146	in	in	ADP
cblr-11902	464	147	-	-	PUNCT
cblr-11902	464	148	kind	kind	NOUN
cblr-11902	464	149	redemptions	redemption	NOUN
cblr-11902	464	150	over	over	ADP
cblr-11902	464	151	time	time	NOUN
cblr-11902	464	152	,	,	PUNCT
cblr-11902	464	153	the	the	DET
cblr-11902	464	154	realized	realize	VERB
cblr-11902	464	155	gain	gain	NOUN
cblr-11902	464	156	will	will	AUX
cblr-11902	464	157	be	be	AUX
cblr-11902	464	158	higher	high	ADJ
cblr-11902	464	159	than	than	SCONJ
cblr-11902	464	160	it	it	PRON
cblr-11902	464	161	would	would	AUX
cblr-11902	464	162	have	have	AUX
cblr-11902	464	163	been	be	AUX
cblr-11902	464	164	otherwise	otherwise	ADV
cblr-11902	464	165	and	and	CCONJ
cblr-11902	464	166	the	the	DET
cblr-11902	464	167	shareholder	shareholder	NOUN
cblr-11902	464	168	will	will	AUX
cblr-11902	464	169	owe	owe	VERB
cblr-11902	464	170	more	more	ADJ
cblr-11902	464	171	tax	tax	NOUN
cblr-11902	464	172	because	because	SCONJ
cblr-11902	464	173	of	of	ADP
cblr-11902	464	174	it.213	it.213	NOUN
cblr-11902	464	175	thus	thus	ADV
cblr-11902	464	176	,	,	PUNCT
cblr-11902	464	177	a	a	DET
cblr-11902	464	178	tax	tax	NOUN
cblr-11902	464	179	is	be	AUX
cblr-11902	464	180	ultimately	ultimately	ADV
cblr-11902	464	181	paid	pay	VERB
cblr-11902	464	182	.	.	PUNCT
cblr-11902	465	1	etf	etf	NOUN
cblr-11902	465	2	industry	industry	NOUN
cblr-11902	465	3	advocates	advocate	NOUN
cblr-11902	465	4	also	also	ADV
cblr-11902	465	5	note	note	VERB
cblr-11902	465	6	that	that	SCONJ
cblr-11902	465	7	the	the	DET
cblr-11902	465	8	treatment	treatment	NOUN
cblr-11902	465	9	of	of	ADP
cblr-11902	465	10	etfs	etfs	PROPN
cblr-11902	465	11	is	be	AUX
cblr-11902	465	12	in	in	ADP
cblr-11902	465	13	line	line	NOUN
cblr-11902	465	14	with	with	ADP
cblr-11902	465	15	the	the	DET
cblr-11902	465	16	broader	broad	ADJ
cblr-11902	465	17	use	use	NOUN
cblr-11902	465	18	of	of	ADP
cblr-11902	465	19	the	the	DET
cblr-11902	465	20	tax	tax	NOUN
cblr-11902	465	21	code	code	NOUN
cblr-11902	465	22	to	to	PART
cblr-11902	465	23	incentivize	incentivize	VERB
cblr-11902	465	24	long	long	ADJ
cblr-11902	465	25	-	-	PUNCT
cblr-11902	465	26	term	term	NOUN
cblr-11902	465	27	investing	investing	NOUN
cblr-11902	465	28	and	and	CCONJ
cblr-11902	465	29	that	that	SCONJ
cblr-11902	465	30	its	its	PRON
cblr-11902	465	31	elimination	elimination	NOUN
cblr-11902	465	32	“	"	PUNCT
cblr-11902	465	33	runs	run	VERB
cblr-11902	465	34	counter	counter	ADV
cblr-11902	465	35	to	to	ADP
cblr-11902	465	36	that	that	DET
cblr-11902	465	37	spirit”.214	spirit”.214	PROPN
cblr-11902	465	38	however	however	ADV
cblr-11902	465	39	,	,	PUNCT
cblr-11902	465	40	it	it	PRON
cblr-11902	465	41	is	be	AUX
cblr-11902	465	42	not	not	PART
cblr-11902	465	43	always	always	ADV
cblr-11902	465	44	the	the	DET
cblr-11902	465	45	case	case	NOUN
cblr-11902	465	46	that	that	SCONJ
cblr-11902	465	47	the	the	DET
cblr-11902	465	48	tax	tax	NOUN
cblr-11902	465	49	is	be	AUX
cblr-11902	465	50	only	only	ADV
cblr-11902	465	51	deferred	defer	VERB
cblr-11902	465	52	—	—	PUNCT
cblr-11902	465	53	there	there	PRON
cblr-11902	465	54	are	be	VERB
cblr-11902	465	55	some	some	DET
cblr-11902	465	56	situations	situation	NOUN
cblr-11902	465	57	in	in	ADP
cblr-11902	465	58	which	which	PRON
cblr-11902	465	59	non	non	NOUN
cblr-11902	465	60	-	-	NOUN
cblr-11902	465	61	taxation	taxation	NOUN
cblr-11902	465	62	of	of	ADP
cblr-11902	465	63	gains	gain	NOUN
cblr-11902	465	64	at	at	ADP
cblr-11902	465	65	the	the	DET
cblr-11902	465	66	time	time	NOUN
cblr-11902	465	67	of	of	ADP
cblr-11902	465	68	in	in	ADP
cblr-11902	465	69	-	-	PUNCT
cblr-11902	465	70	kind	kind	NOUN
cblr-11902	465	71	redemption	redemption	NOUN
cblr-11902	465	72	results	result	NOUN
cblr-11902	465	73	in	in	ADP
cblr-11902	465	74	tax	tax	NOUN
cblr-11902	465	75	avoidance	avoidance	NOUN
cblr-11902	465	76	rather	rather	ADV
cblr-11902	465	77	than	than	ADP
cblr-11902	465	78	mere	mere	ADJ
cblr-11902	465	79	deferral.215	deferral.215	NOUN
cblr-11902	465	80	if	if	SCONJ
cblr-11902	465	81	an	an	DET
cblr-11902	465	82	etf	etf	NOUN
cblr-11902	465	83	loses	lose	VERB
cblr-11902	465	84	value	value	NOUN
cblr-11902	465	85	over	over	ADP
cblr-11902	465	86	the	the	DET
cblr-11902	465	87	time	time	NOUN
cblr-11902	465	88	a	a	DET
cblr-11902	465	89	shareholder	shareholder	NOUN
cblr-11902	465	90	holds	hold	VERB
cblr-11902	465	91	a	a	DET
cblr-11902	465	92	fund	fund	NOUN
cblr-11902	465	93	,	,	PUNCT
cblr-11902	465	94	the	the	DET
cblr-11902	465	95	shareholder	shareholder	NOUN
cblr-11902	465	96	will	will	AUX
cblr-11902	465	97	not	not	PART
cblr-11902	465	98	pay	pay	VERB
cblr-11902	465	99	the	the	DET
cblr-11902	465	100	taxes	taxis	NOUN
cblr-11902	465	101	that	that	PRON
cblr-11902	465	102	were	be	AUX
cblr-11902	465	103	deferred	defer	VERB
cblr-11902	465	104	from	from	ADP
cblr-11902	465	105	an	an	DET
cblr-11902	465	106	in	in	ADP
cblr-11902	465	107	-	-	PUNCT
cblr-11902	465	108	kind	kind	NOUN
cblr-11902	465	109	transaction	transaction	NOUN
cblr-11902	465	110	because	because	SCONJ
cblr-11902	465	111	the	the	DET
cblr-11902	465	112	share	share	NOUN
cblr-11902	465	113	price	price	NOUN
cblr-11902	465	114	will	will	AUX
cblr-11902	465	115	no	no	ADV
cblr-11902	465	116	longer	long	ADV
cblr-11902	465	117	reflect	reflect	VERB
cblr-11902	465	118	the	the	DET
cblr-11902	465	119	etfs	etfs	NOUN
cblr-11902	465	120	through	through	ADP
cblr-11902	465	121	taxable	taxable	ADJ
cblr-11902	465	122	brokerages	brokerage	NOUN
cblr-11902	465	123	,	,	PUNCT
cblr-11902	465	124	while	while	SCONJ
cblr-11902	465	125	those	those	PRON
cblr-11902	465	126	in	in	ADP
cblr-11902	465	127	tax	tax	NOUN
cblr-11902	465	128	-	-	PUNCT
cblr-11902	465	129	sheltered	shelter	VERB
cblr-11902	465	130	accounts	account	NOUN
cblr-11902	465	131	such	such	ADJ
cblr-11902	465	132	as	as	ADP
cblr-11902	465	133	individual	individual	ADJ
cblr-11902	465	134	retirement	retirement	NOUN
cblr-11902	465	135	accounts	account	NOUN
cblr-11902	465	136	would	would	AUX
cblr-11902	465	137	n’t	not	PART
cblr-11902	465	138	be	be	AUX
cblr-11902	465	139	affected	affect	VERB
cblr-11902	465	140	”	"	PUNCT
cblr-11902	465	141	)	)	PUNCT
cblr-11902	465	142	.	.	PUNCT
cblr-11902	466	1	210	210	NUM
cblr-11902	466	2	see	see	VERB
cblr-11902	466	3	dave	dave	PROPN
cblr-11902	466	4	nadig	nadig	PROPN
cblr-11902	466	5	,	,	PUNCT
cblr-11902	466	6	etfs	etfs	PROPN
cblr-11902	466	7	’	'	PUNCT
cblr-11902	466	8	tax	tax	NOUN
cblr-11902	466	9	fairness	fairness	NOUN
cblr-11902	466	10	advantage	advantage	NOUN
cblr-11902	466	11	,	,	PUNCT
cblr-11902	466	12	etf.com	etf.com	X
cblr-11902	466	13	(	(	PUNCT
cblr-11902	466	14	mar	mar	PROPN
cblr-11902	466	15	.	.	PROPN
cblr-11902	466	16	29	29	NUM
cblr-11902	466	17	,	,	PUNCT
cblr-11902	466	18	2019	2019	NUM
cblr-11902	466	19	)	)	PUNCT
cblr-11902	466	20	,	,	PUNCT
cblr-11902	466	21	https://www.etf.com/sections/blog/etfs-tax-fairnessadvantage?nopaging=1	https://www.etf.com/sections/blog/etfs-tax-fairnessadvantage?nopaging=1	PROPN
cblr-11902	466	22	[	[	X
cblr-11902	466	23	perma.cc/p6xx-9a2j	perma.cc/p6xx-9a2j	X
cblr-11902	466	24	]	]	X
cblr-11902	466	25	(	(	PUNCT
cblr-11902	466	26	“	"	PUNCT
cblr-11902	466	27	etf	etf	NOUN
cblr-11902	466	28	investors	investor	NOUN
cblr-11902	466	29	are	be	AUX
cblr-11902	466	30	paying	pay	VERB
cblr-11902	466	31	taxes	taxis	NOUN
cblr-11902	466	32	and	and	CCONJ
cblr-11902	466	33	doing	do	VERB
cblr-11902	466	34	so	so	ADV
cblr-11902	466	35	completely	completely	ADV
cblr-11902	466	36	fairly	fairly	ADV
cblr-11902	466	37	”	"	PUNCT
cblr-11902	466	38	)	)	PUNCT
cblr-11902	466	39	.	.	PUNCT
cblr-11902	467	1	211	211	NUM
cblr-11902	467	2	see	see	VERB
cblr-11902	467	3	supra	supra	PROPN
cblr-11902	467	4	part	part	NOUN
cblr-11902	467	5	ii.b.3	ii.b.3	NOUN
cblr-11902	467	6	.	.	PUNCT
cblr-11902	468	1	212	212	NUM
cblr-11902	468	2	see	see	VERB
cblr-11902	468	3	supra	supra	PROPN
cblr-11902	468	4	part	part	NOUN
cblr-11902	468	5	ii.b.3	ii.b.3	NOUN
cblr-11902	468	6	.	.	PUNCT
cblr-11902	468	7	213	213	NUM
cblr-11902	468	8	see	see	VERB
cblr-11902	468	9	i	i	PRON
cblr-11902	468	10	d.	d.	PROPN
cblr-11902	468	11	214	214	NUM
cblr-11902	468	12	aaron	aaron	PROPN
cblr-11902	469	1	neurwith	neurwith	PROPN
cblr-11902	469	2	,	,	PUNCT
cblr-11902	469	3	etf	etf	NOUN
cblr-11902	469	4	prime	prime	NOUN
cblr-11902	469	5	:	:	PUNCT
cblr-11902	469	6	dave	dave	PROPN
cblr-11902	469	7	nadig	nadig	PROPN
cblr-11902	469	8	talks	talks	PROPN
cblr-11902	469	9	bitcoin	bitcoin	PROPN
cblr-11902	469	10	etfs	etfs	PROPN
cblr-11902	469	11	&	&	CCONJ
cblr-11902	469	12	etf	etf	PROPN
cblr-11902	469	13	taxes	taxis	NOUN
cblr-11902	469	14	,	,	PUNCT
cblr-11902	469	15	etfprime	etfprime	NOUN
cblr-11902	469	16	(	(	PUNCT
cblr-11902	469	17	nov	nov	PROPN
cblr-11902	469	18	.	.	PROPN
cblr-11902	469	19	10	10	NUM
cblr-11902	469	20	,	,	PUNCT
cblr-11902	469	21	2021	2021	NUM
cblr-11902	469	22	)	)	PUNCT
cblr-11902	469	23	,	,	PUNCT
cblr-11902	469	24	https://etfdb.com/etf-prime/etfprime-dave-nadig-talks-bitcoin-etfs-etf-taxes/	https://etfdb.com/etf-prime/etfprime-dave-nadig-talks-bitcoin-etfs-etf-taxes/	NOUN
cblr-11902	470	1	[	[	X
cblr-11902	470	2	https://perma.cc/598s98kd	https://perma.cc/598s98kd	X
cblr-11902	470	3	]	]	PUNCT
cblr-11902	470	4	.	.	PUNCT
cblr-11902	471	1	215	215	NUM
cblr-11902	471	2	see	see	VERB
cblr-11902	471	3	hodaszy	hodaszy	NOUN
cblr-11902	471	4	,	,	PUNCT
cblr-11902	471	5	supra	supra	ADJ
cblr-11902	471	6	note	note	NOUN
cblr-11902	471	7	189	189	NUM
cblr-11902	471	8	,	,	PUNCT
cblr-11902	471	9	at	at	ADP
cblr-11902	471	10	538–48	538–48	NUM
cblr-11902	471	11	.	.	PUNCT
cblr-11902	472	1	574	574	NUM
cblr-11902	472	2	columbia	columbia	PROPN
cblr-11902	472	3	business	business	NOUN
cblr-11902	472	4	law	law	NOUN
cblr-11902	472	5	review	review	NOUN
cblr-11902	472	6	[	[	X
cblr-11902	472	7	vol	vol	NOUN
cblr-11902	472	8	.	.	PUNCT
cblr-11902	472	9	2023	2023	NUM
cblr-11902	472	10	value	value	NOUN
cblr-11902	472	11	of	of	ADP
cblr-11902	472	12	that	that	PRON
cblr-11902	472	13	transaction.216	transaction.216	ADJ
cblr-11902	472	14	there	there	PRON
cblr-11902	472	15	are	be	VERB
cblr-11902	472	16	also	also	ADV
cblr-11902	472	17	other	other	ADJ
cblr-11902	472	18	features	feature	NOUN
cblr-11902	472	19	in	in	ADP
cblr-11902	472	20	the	the	DET
cblr-11902	472	21	tax	tax	NOUN
cblr-11902	472	22	code	code	NOUN
cblr-11902	472	23	that	that	PRON
cblr-11902	472	24	would	would	AUX
cblr-11902	472	25	mean	mean	VERB
cblr-11902	472	26	shareholders	shareholder	NOUN
cblr-11902	472	27	could	could	AUX
cblr-11902	472	28	avoid	avoid	VERB
cblr-11902	472	29	paying	pay	VERB
cblr-11902	472	30	taxes	taxis	NOUN
cblr-11902	472	31	on	on	ADP
cblr-11902	472	32	their	their	PRON
cblr-11902	472	33	gain	gain	NOUN
cblr-11902	472	34	.	.	PUNCT
cblr-11902	473	1	for	for	ADP
cblr-11902	473	2	example	example	NOUN
cblr-11902	473	3	,	,	PUNCT
cblr-11902	473	4	if	if	SCONJ
cblr-11902	473	5	an	an	DET
cblr-11902	473	6	etf	etf	NOUN
cblr-11902	473	7	shareholder	shareholder	NOUN
cblr-11902	473	8	died	die	VERB
cblr-11902	473	9	and	and	CCONJ
cblr-11902	473	10	left	leave	VERB
cblr-11902	473	11	their	their	PRON
cblr-11902	473	12	shares	share	NOUN
cblr-11902	473	13	to	to	ADP
cblr-11902	473	14	an	an	DET
cblr-11902	473	15	heir	heir	NOUN
cblr-11902	473	16	,	,	PUNCT
cblr-11902	473	17	the	the	DET
cblr-11902	473	18	heir	heir	NOUN
cblr-11902	473	19	would	would	AUX
cblr-11902	473	20	get	get	VERB
cblr-11902	473	21	a	a	DET
cblr-11902	473	22	stepped	step	VERB
cblr-11902	473	23	-	-	PUNCT
cblr-11902	473	24	up	up	ADP
cblr-11902	473	25	basis	basis	NOUN
cblr-11902	473	26	that	that	PRON
cblr-11902	473	27	was	be	AUX
cblr-11902	473	28	equal	equal	ADJ
cblr-11902	473	29	to	to	ADP
cblr-11902	473	30	the	the	DET
cblr-11902	473	31	fair	fair	ADJ
cblr-11902	473	32	market	market	NOUN
cblr-11902	473	33	value	value	NOUN
cblr-11902	473	34	of	of	ADP
cblr-11902	473	35	the	the	DET
cblr-11902	473	36	etf	etf	NOUN
cblr-11902	473	37	at	at	ADP
cblr-11902	473	38	the	the	DET
cblr-11902	473	39	time	time	NOUN
cblr-11902	473	40	of	of	ADP
cblr-11902	473	41	the	the	DET
cblr-11902	473	42	original	original	ADJ
cblr-11902	473	43	holder	holder	NOUN
cblr-11902	473	44	’s	’s	PART
cblr-11902	473	45	death.217	death.217	NOUN
cblr-11902	473	46	thus	thus	ADV
cblr-11902	473	47	,	,	PUNCT
cblr-11902	473	48	if	if	SCONJ
cblr-11902	473	49	they	they	PRON
cblr-11902	473	50	ever	ever	ADV
cblr-11902	473	51	sold	sell	VERB
cblr-11902	473	52	their	their	PRON
cblr-11902	473	53	inherited	inherit	VERB
cblr-11902	473	54	etf	etf	NOUN
cblr-11902	473	55	shares	share	NOUN
cblr-11902	473	56	,	,	PUNCT
cblr-11902	473	57	taxation	taxation	NOUN
cblr-11902	473	58	on	on	ADP
cblr-11902	473	59	their	their	PRON
cblr-11902	473	60	realized	realize	VERB
cblr-11902	473	61	gain	gain	NOUN
cblr-11902	473	62	would	would	AUX
cblr-11902	473	63	be	be	AUX
cblr-11902	473	64	smaller	small	ADJ
cblr-11902	473	65	than	than	SCONJ
cblr-11902	473	66	if	if	SCONJ
cblr-11902	473	67	the	the	DET
cblr-11902	473	68	original	original	ADJ
cblr-11902	473	69	holder	holder	NOUN
cblr-11902	473	70	had	have	AUX
cblr-11902	473	71	sold	sell	VERB
cblr-11902	473	72	it	it	PRON
cblr-11902	473	73	since	since	SCONJ
cblr-11902	473	74	the	the	DET
cblr-11902	473	75	basis	basis	NOUN
cblr-11902	473	76	would	would	AUX
cblr-11902	473	77	be	be	AUX
cblr-11902	473	78	higher.218	higher.218	ADJ
cblr-11902	473	79	although	although	SCONJ
cblr-11902	473	80	this	this	PRON
cblr-11902	473	81	is	be	AUX
cblr-11902	473	82	a	a	DET
cblr-11902	473	83	broader	broad	ADJ
cblr-11902	473	84	issue	issue	NOUN
cblr-11902	473	85	with	with	ADP
cblr-11902	473	86	the	the	DET
cblr-11902	473	87	tax	tax	NOUN
cblr-11902	473	88	system	system	NOUN
cblr-11902	473	89	and	and	CCONJ
cblr-11902	473	90	not	not	PART
cblr-11902	473	91	unique	unique	ADJ
cblr-11902	473	92	to	to	ADP
cblr-11902	473	93	etfs	etfs	PROPN
cblr-11902	473	94	,	,	PUNCT
cblr-11902	473	95	it	it	PRON
cblr-11902	473	96	still	still	ADV
cblr-11902	473	97	shows	show	VERB
cblr-11902	473	98	the	the	DET
cblr-11902	473	99	flaw	flaw	NOUN
cblr-11902	473	100	in	in	ADP
cblr-11902	473	101	advocates	advocate	NOUN
cblr-11902	473	102	’	'	PUNCT
cblr-11902	473	103	argument	argument	NOUN
cblr-11902	473	104	that	that	SCONJ
cblr-11902	473	105	capital	capital	NOUN
cblr-11902	473	106	gains	gain	VERB
cblr-11902	473	107	from	from	ADP
cblr-11902	473	108	in	in	ADP
cblr-11902	473	109	-	-	PUNCT
cblr-11902	473	110	kind	kind	NOUN
cblr-11902	473	111	redemptions	redemption	NOUN
cblr-11902	473	112	are	be	AUX
cblr-11902	473	113	always	always	ADV
cblr-11902	473	114	deferred	defer	VERB
cblr-11902	473	115	and	and	CCONJ
cblr-11902	473	116	not	not	PART
cblr-11902	473	117	avoided	avoid	VERB
cblr-11902	473	118	.	.	PUNCT
cblr-11902	474	1	additionally	additionally	ADV
cblr-11902	474	2	,	,	PUNCT
cblr-11902	474	3	even	even	ADV
cblr-11902	474	4	if	if	SCONJ
cblr-11902	474	5	the	the	DET
cblr-11902	474	6	full	full	ADJ
cblr-11902	474	7	value	value	NOUN
cblr-11902	474	8	of	of	ADP
cblr-11902	474	9	capital	capital	NOUN
cblr-11902	474	10	gains	gain	NOUN
cblr-11902	474	11	was	be	AUX
cblr-11902	474	12	recognized	recognize	VERB
cblr-11902	474	13	when	when	SCONJ
cblr-11902	474	14	a	a	DET
cblr-11902	474	15	shareholder	shareholder	NOUN
cblr-11902	474	16	sold	sell	VERB
cblr-11902	474	17	their	their	PRON
cblr-11902	474	18	shares	share	NOUN
cblr-11902	474	19	,	,	PUNCT
cblr-11902	474	20	the	the	DET
cblr-11902	474	21	deferral	deferral	ADJ
cblr-11902	474	22	argument	argument	NOUN
cblr-11902	474	23	still	still	ADV
cblr-11902	474	24	does	do	AUX
cblr-11902	474	25	not	not	PART
cblr-11902	474	26	account	account	VERB
cblr-11902	474	27	for	for	SCONJ
cblr-11902	474	28	the	the	DET
cblr-11902	474	29	time	time	NOUN
cblr-11902	474	30	-	-	PUNCT
cblr-11902	474	31	value	value	NOUN
cblr-11902	474	32	of	of	ADP
cblr-11902	474	33	money	money	NOUN
cblr-11902	474	34	advantage	advantage	NOUN
cblr-11902	474	35	investors	investor	NOUN
cblr-11902	474	36	in	in	ADP
cblr-11902	474	37	etfs	etfs	PROPN
cblr-11902	474	38	receive	receive	VERB
cblr-11902	474	39	over	over	ADP
cblr-11902	474	40	other	other	ADJ
cblr-11902	474	41	investment	investment	NOUN
cblr-11902	474	42	vehicles.219	vehicles.219	NOUN
cblr-11902	474	43	since	since	SCONJ
cblr-11902	474	44	etfs	etfs	PROPN
cblr-11902	474	45	do	do	AUX
cblr-11902	474	46	not	not	PART
cblr-11902	474	47	have	have	VERB
cblr-11902	474	48	to	to	PART
cblr-11902	474	49	recognize	recognize	VERB
cblr-11902	474	50	the	the	DET
cblr-11902	474	51	gain	gain	NOUN
cblr-11902	474	52	and	and	CCONJ
cblr-11902	474	53	thus	thus	ADV
cblr-11902	474	54	distribute	distribute	VERB
cblr-11902	474	55	it	it	PRON
cblr-11902	474	56	to	to	ADP
cblr-11902	474	57	their	their	PRON
cblr-11902	474	58	shareholders	shareholder	NOUN
cblr-11902	474	59	,	,	PUNCT
cblr-11902	474	60	etf	etf	NOUN
cblr-11902	474	61	investors	investor	NOUN
cblr-11902	474	62	are	be	AUX
cblr-11902	474	63	able	able	ADJ
cblr-11902	474	64	to	to	PART
cblr-11902	474	65	avoid	avoid	VERB
cblr-11902	474	66	paying	pay	VERB
cblr-11902	474	67	taxes	taxis	NOUN
cblr-11902	474	68	on	on	ADP
cblr-11902	474	69	that	that	DET
cblr-11902	474	70	money	money	NOUN
cblr-11902	474	71	until	until	SCONJ
cblr-11902	474	72	they	they	PRON
cblr-11902	474	73	sell	sell	VERB
cblr-11902	474	74	,	,	PUNCT
cblr-11902	474	75	unlike	unlike	ADP
cblr-11902	474	76	investors	investor	NOUN
cblr-11902	474	77	in	in	ADP
cblr-11902	474	78	funds	fund	NOUN
cblr-11902	474	79	like	like	ADP
cblr-11902	474	80	mutual	mutual	ADJ
cblr-11902	474	81	funds	fund	NOUN
cblr-11902	474	82	,	,	PUNCT
cblr-11902	474	83	who	who	PRON
cblr-11902	474	84	distribute	distribute	VERB
cblr-11902	474	85	capital	capital	NOUN
cblr-11902	474	86	gains	gain	NOUN
cblr-11902	474	87	much	much	ADV
cblr-11902	474	88	more	more	ADV
cblr-11902	474	89	frequently.220	frequently.220	ADJ
cblr-11902	474	90	in	in	ADP
cblr-11902	474	91	other	other	ADJ
cblr-11902	474	92	words	word	NOUN
cblr-11902	474	93	,	,	PUNCT
cblr-11902	474	94	they	they	PRON
cblr-11902	474	95	are	be	AUX
cblr-11902	474	96	getting	get	VERB
cblr-11902	474	97	a	a	DET
cblr-11902	474	98	“	"	PUNCT
cblr-11902	474	99	no	no	DET
cblr-11902	474	100	-	-	PUNCT
cblr-11902	474	101	interest	interest	NOUN
cblr-11902	474	102	loan	loan	NOUN
cblr-11902	474	103	from	from	ADP
cblr-11902	474	104	the	the	DET
cblr-11902	474	105	us	us	PROPN
cblr-11902	474	106	government”221	government”221	NOUN
cblr-11902	474	107	that	that	SCONJ
cblr-11902	474	108	other	other	ADJ
cblr-11902	474	109	investors	investor	NOUN
cblr-11902	474	110	are	be	AUX
cblr-11902	474	111	not	not	PART
cblr-11902	474	112	as	as	ADP
cblr-11902	474	113	a	a	DET
cblr-11902	474	114	result	result	NOUN
cblr-11902	474	115	of	of	ADP
cblr-11902	474	116	the	the	DET
cblr-11902	474	117	in	in	ADP
cblr-11902	474	118	-	-	PUNCT
cblr-11902	474	119	kind	kind	NOUN
cblr-11902	474	120	redemption	redemption	NOUN
cblr-11902	474	121	exemption	exemption	NOUN
cblr-11902	474	122	.	.	PUNCT
cblr-11902	475	1	216	216	NUM
cblr-11902	475	2	see	see	VERB
cblr-11902	475	3	i	i	PROPN
cblr-11902	475	4	d.	d.	PROPN
cblr-11902	475	5	manuscript	manuscript	PROPN
cblr-11902	475	6	at	at	ADP
cblr-11902	475	7	42–44	42–44	PROPN
cblr-11902	475	8	(	(	PUNCT
cblr-11902	475	9	providing	provide	VERB
cblr-11902	475	10	an	an	DET
cblr-11902	475	11	example	example	NOUN
cblr-11902	475	12	in	in	ADP
cblr-11902	475	13	where	where	SCONJ
cblr-11902	475	14	an	an	DET
cblr-11902	475	15	etf	etf	NOUN
cblr-11902	475	16	value	value	NOUN
cblr-11902	475	17	drops	drop	NOUN
cblr-11902	475	18	and	and	CCONJ
cblr-11902	475	19	the	the	DET
cblr-11902	475	20	taxes	taxis	NOUN
cblr-11902	475	21	paid	pay	VERB
cblr-11902	475	22	are	be	AUX
cblr-11902	475	23	thus	thus	ADV
cblr-11902	475	24	lower	low	ADJ
cblr-11902	475	25	than	than	SCONJ
cblr-11902	475	26	would	would	AUX
cblr-11902	475	27	be	be	AUX
cblr-11902	475	28	to	to	ADP
cblr-11902	475	29	a	a	DET
cblr-11902	475	30	comparable	comparable	ADJ
cblr-11902	475	31	mutual	mutual	ADJ
cblr-11902	475	32	fund	fund	NOUN
cblr-11902	475	33	investment	investment	NOUN
cblr-11902	475	34	)	)	PUNCT
cblr-11902	475	35	.	.	PUNCT
cblr-11902	476	1	217	217	NUM
cblr-11902	476	2	see	see	VERB
cblr-11902	476	3	i	i	PROPN
cblr-11902	476	4	d.	d.	PROPN
cblr-11902	476	5	manuscript	manuscript	PROPN
cblr-11902	476	6	at	at	ADP
cblr-11902	476	7	38	38	NUM
cblr-11902	476	8	(	(	PUNCT
cblr-11902	476	9	“	"	PUNCT
cblr-11902	476	10	because	because	SCONJ
cblr-11902	476	11	death	death	NOUN
cblr-11902	476	12	is	be	AUX
cblr-11902	476	13	not	not	PART
cblr-11902	476	14	a	a	DET
cblr-11902	476	15	realization	realization	NOUN
cblr-11902	476	16	event	event	NOUN
cblr-11902	476	17	,	,	PUNCT
cblr-11902	476	18	the	the	DET
cblr-11902	476	19	decedent	decedent	NOUN
cblr-11902	476	20	will	will	AUX
cblr-11902	476	21	not	not	PART
cblr-11902	476	22	be	be	AUX
cblr-11902	476	23	taxed	tax	VERB
cblr-11902	476	24	on	on	ADP
cblr-11902	476	25	any	any	DET
cblr-11902	476	26	gain	gain	NOUN
cblr-11902	476	27	on	on	ADP
cblr-11902	476	28	her	her	PRON
cblr-11902	476	29	etf	etf	NOUN
cblr-11902	476	30	shares	share	NOUN
cblr-11902	476	31	.	.	PUNCT
cblr-11902	476	32	.	.	PUNCT
cblr-11902	477	1	.the	.the	PRON
cblr-11902	477	2	beneficiary	beneficiary	PROPN
cblr-11902	477	3	will	will	AUX
cblr-11902	477	4	never	never	ADV
cblr-11902	477	5	be	be	AUX
cblr-11902	477	6	taxed	tax	VERB
cblr-11902	477	7	on	on	ADP
cblr-11902	477	8	any	any	DET
cblr-11902	477	9	such	such	ADJ
cblr-11902	477	10	gain	gain	NOUN
cblr-11902	477	11	,	,	PUNCT
cblr-11902	477	12	either	either	ADV
cblr-11902	477	13	”	"	PUNCT
cblr-11902	477	14	)	)	PUNCT
cblr-11902	477	15	(	(	PUNCT
cblr-11902	477	16	footnotes	footnote	NOUN
cblr-11902	477	17	omitted	omit	VERB
cblr-11902	477	18	)	)	PUNCT
cblr-11902	477	19	.	.	PUNCT
cblr-11902	478	1	218	218	NUM
cblr-11902	478	2	see	see	VERB
cblr-11902	478	3	i	i	PRON
cblr-11902	478	4	d.	d.	PROPN
cblr-11902	478	5	219	219	NUM
cblr-11902	478	6	see	see	VERB
cblr-11902	478	7	kashner	kashner	NOUN
cblr-11902	478	8	,	,	PUNCT
cblr-11902	478	9	supra	supra	PROPN
cblr-11902	478	10	note	note	NOUN
cblr-11902	478	11	109	109	NUM
cblr-11902	478	12	(	(	PUNCT
cblr-11902	478	13	“	"	PUNCT
cblr-11902	478	14	tax	tax	NOUN
cblr-11902	478	15	deferral	deferral	NOUN
cblr-11902	478	16	is	be	AUX
cblr-11902	478	17	advantageous	advantageous	ADJ
cblr-11902	478	18	to	to	ADP
cblr-11902	478	19	investors	investor	NOUN
cblr-11902	478	20	because	because	SCONJ
cblr-11902	478	21	a	a	DET
cblr-11902	478	22	dollar	dollar	NOUN
cblr-11902	478	23	tomorrow	tomorrow	NOUN
cblr-11902	478	24	is	be	AUX
cblr-11902	478	25	generally	generally	ADV
cblr-11902	478	26	worth	worth	ADJ
cblr-11902	478	27	less	less	ADJ
cblr-11902	478	28	than	than	ADP
cblr-11902	478	29	a	a	DET
cblr-11902	478	30	dollar	dollar	NOUN
cblr-11902	478	31	today	today	NOUN
cblr-11902	478	32	.	.	PUNCT
cblr-11902	478	33	”	"	PUNCT
cblr-11902	478	34	)	)	PUNCT
cblr-11902	478	35	.	.	PUNCT
cblr-11902	479	1	220	220	NUM
cblr-11902	479	2	see	see	VERB
cblr-11902	479	3	i	i	PRON
cblr-11902	479	4	d.	d.	PROPN
cblr-11902	479	5	221	221	NUM
cblr-11902	479	6	‘	'	PUNCT
cblr-11902	479	7	heartbeat	heartbeat	NOUN
cblr-11902	479	8	trades	trade	NOUN
cblr-11902	479	9	’	'	PUNCT
cblr-11902	479	10	&	&	CCONJ
cblr-11902	479	11	etfs	etfs	PROPN
cblr-11902	479	12	:	:	PUNCT
cblr-11902	479	13	the	the	DET
cblr-11902	479	14	elusive	elusive	ADJ
cblr-11902	479	15	world	world	NOUN
cblr-11902	479	16	of	of	ADP
cblr-11902	479	17	tax	tax	NOUN
cblr-11902	479	18	optimization	optimization	NOUN
cblr-11902	479	19	,	,	PUNCT
cblr-11902	479	20	the	the	DET
cblr-11902	479	21	investment	investment	NOUN
cblr-11902	479	22	blueprint	blueprint	NOUN
cblr-11902	479	23	(	(	PUNCT
cblr-11902	479	24	nov	nov	PROPN
cblr-11902	479	25	.	.	PROPN
cblr-11902	479	26	6	6	NUM
cblr-11902	479	27	,	,	PUNCT
cblr-11902	479	28	2019	2019	NUM
cblr-11902	479	29	)	)	PUNCT
cblr-11902	479	30	,	,	PUNCT
cblr-11902	479	31	no	no	INTJ
cblr-11902	479	32	.	.	NOUN
cblr-11902	479	33	1	1	NUM
cblr-11902	479	34	]	]	PUNCT
cblr-11902	479	35	sec	sec	PROPN
cblr-11902	479	36	rule	rule	NOUN
cblr-11902	479	37	6c-11	6c-11	PROPN
cblr-11902	479	38	’s	’s	PART
cblr-11902	479	39	impact	impact	NOUN
cblr-11902	479	40	on	on	ADP
cblr-11902	479	41	usage	usage	NOUN
cblr-11902	479	42	of	of	ADP
cblr-11902	479	43	heartbeat	heartbeat	NOUN
cblr-11902	479	44	trades	trade	VERB
cblr-11902	479	45	575	575	NUM
cblr-11902	479	46	a	a	DET
cblr-11902	479	47	final	final	ADJ
cblr-11902	479	48	argument	argument	NOUN
cblr-11902	479	49	of	of	ADP
cblr-11902	479	50	critics	critic	NOUN
cblr-11902	479	51	of	of	ADP
cblr-11902	479	52	§	§	PROPN
cblr-11902	479	53	852(b)(6	852(b)(6	NUM
cblr-11902	479	54	)	)	PUNCT
cblr-11902	479	55	focuses	focus	VERB
cblr-11902	479	56	not	not	PART
cblr-11902	479	57	on	on	ADP
cblr-11902	479	58	the	the	DET
cblr-11902	479	59	functions	function	NOUN
cblr-11902	479	60	of	of	ADP
cblr-11902	479	61	§	§	PROPN
cblr-11902	479	62	852(b)(6	852(b)(6	NUM
cblr-11902	479	63	)	)	PUNCT
cblr-11902	479	64	but	but	CCONJ
cblr-11902	479	65	on	on	ADP
cblr-11902	479	66	its	its	PRON
cblr-11902	479	67	original	original	ADJ
cblr-11902	479	68	purpose	purpose	NOUN
cblr-11902	479	69	.	.	PUNCT
cblr-11902	480	1	in	in	ADP
cblr-11902	480	2	their	their	PRON
cblr-11902	480	3	view	view	NOUN
cblr-11902	480	4	,	,	PUNCT
cblr-11902	480	5	§	§	PROPN
cblr-11902	480	6	852(b)(6	852(b)(6	NUM
cblr-11902	480	7	)	)	PUNCT
cblr-11902	480	8	was	be	AUX
cblr-11902	480	9	created	create	VERB
cblr-11902	480	10	to	to	PART
cblr-11902	480	11	aid	aid	VERB
cblr-11902	480	12	funds	fund	NOUN
cblr-11902	480	13	in	in	ADP
cblr-11902	480	14	times	time	NOUN
cblr-11902	480	15	of	of	ADP
cblr-11902	480	16	unfavorable	unfavorable	ADJ
cblr-11902	480	17	,	,	PUNCT
cblr-11902	480	18	rather	rather	ADV
cblr-11902	480	19	than	than	ADP
cblr-11902	480	20	typical	typical	ADJ
cblr-11902	480	21	,	,	PUNCT
cblr-11902	480	22	market	market	NOUN
cblr-11902	480	23	conditions.222	conditions.222	NOUN
cblr-11902	480	24	thus	thus	ADV
cblr-11902	480	25	,	,	PUNCT
cblr-11902	480	26	it	it	PRON
cblr-11902	480	27	is	be	AUX
cblr-11902	480	28	reasonable	reasonable	ADJ
cblr-11902	480	29	to	to	PART
cblr-11902	480	30	assume	assume	VERB
cblr-11902	480	31	drafters	drafter	NOUN
cblr-11902	480	32	would	would	AUX
cblr-11902	480	33	have	have	AUX
cblr-11902	480	34	“	"	PUNCT
cblr-11902	480	35	expected	expect	VERB
cblr-11902	480	36	inkind	inkind	ADJ
cblr-11902	480	37	redemptions	redemption	NOUN
cblr-11902	480	38	to	to	PART
cblr-11902	480	39	be	be	AUX
cblr-11902	480	40	the	the	DET
cblr-11902	480	41	exception	exception	NOUN
cblr-11902	480	42	,	,	PUNCT
cblr-11902	480	43	rather	rather	ADV
cblr-11902	480	44	than	than	ADP
cblr-11902	480	45	the	the	DET
cblr-11902	480	46	general	general	ADJ
cblr-11902	480	47	rule	rule	NOUN
cblr-11902	480	48	.	.	PUNCT
cblr-11902	481	1	”223	”223	PROPN
cblr-11902	481	2	such	such	DET
cblr-11902	481	3	a	a	DET
cblr-11902	481	4	view	view	NOUN
cblr-11902	481	5	would	would	AUX
cblr-11902	481	6	make	make	VERB
cblr-11902	481	7	sense	sense	NOUN
cblr-11902	481	8	as	as	SCONJ
cblr-11902	481	9	mutual	mutual	ADJ
cblr-11902	481	10	funds	fund	NOUN
cblr-11902	481	11	dominated	dominate	VERB
cblr-11902	481	12	when	when	SCONJ
cblr-11902	481	13	the	the	DET
cblr-11902	481	14	section	section	NOUN
cblr-11902	481	15	was	be	AUX
cblr-11902	481	16	passed	pass	VERB
cblr-11902	481	17	,	,	PUNCT
cblr-11902	481	18	and	and	CCONJ
cblr-11902	481	19	they	they	PRON
cblr-11902	481	20	usually	usually	ADV
cblr-11902	481	21	redeemed	redeem	VERB
cblr-11902	481	22	in	in	ADP
cblr-11902	481	23	cash	cash	NOUN
cblr-11902	481	24	,	,	PUNCT
cblr-11902	481	25	not	not	PART
cblr-11902	481	26	in	in	ADP
cblr-11902	481	27	-	-	PUNCT
cblr-11902	481	28	kind.224	kind.224	NOUN
cblr-11902	481	29	in	in	ADP
cblr-11902	481	30	fact	fact	NOUN
cblr-11902	481	31	,	,	PUNCT
cblr-11902	481	32	etfs	etfs	PROPN
cblr-11902	481	33	did	do	AUX
cblr-11902	481	34	not	not	PART
cblr-11902	481	35	even	even	ADV
cblr-11902	481	36	exist	exist	VERB
cblr-11902	481	37	at	at	ADP
cblr-11902	481	38	the	the	DET
cblr-11902	481	39	time	time	NOUN
cblr-11902	481	40	of	of	ADP
cblr-11902	481	41	passage	passage	NOUN
cblr-11902	481	42	,	,	PUNCT
cblr-11902	481	43	so	so	ADV
cblr-11902	481	44	their	their	PRON
cblr-11902	481	45	constant	constant	ADJ
cblr-11902	481	46	use	use	NOUN
cblr-11902	481	47	of	of	ADP
cblr-11902	481	48	in	in	ADP
cblr-11902	481	49	-	-	PUNCT
cblr-11902	481	50	kind	kind	NOUN
cblr-11902	481	51	redemptions	redemption	NOUN
cblr-11902	481	52	could	could	AUX
cblr-11902	481	53	not	not	PART
cblr-11902	481	54	have	have	AUX
cblr-11902	481	55	been	be	AUX
cblr-11902	481	56	contemplated.225	contemplated.225	PROPN
cblr-11902	481	57	thus	thus	ADV
cblr-11902	481	58	,	,	PUNCT
cblr-11902	481	59	in	in	ADP
cblr-11902	481	60	critics	critic	NOUN
cblr-11902	481	61	views	view	VERB
cblr-11902	481	62	,	,	PUNCT
cblr-11902	481	63	etfs	etfs	ADJ
cblr-11902	481	64	reliance	reliance	NOUN
cblr-11902	481	65	on	on	ADP
cblr-11902	481	66	§	§	PROPN
cblr-11902	481	67	852(b)(6	852(b)(6	NUM
cblr-11902	481	68	)	)	PUNCT
cblr-11902	481	69	is	be	AUX
cblr-11902	481	70	beyond	beyond	ADP
cblr-11902	481	71	the	the	DET
cblr-11902	481	72	scope	scope	NOUN
cblr-11902	481	73	of	of	ADP
cblr-11902	481	74	the	the	DET
cblr-11902	481	75	section	section	NOUN
cblr-11902	481	76	’s	’s	PART
cblr-11902	481	77	original	original	ADJ
cblr-11902	481	78	purpose	purpose	NOUN
cblr-11902	481	79	.	.	PUNCT
cblr-11902	482	1	although	although	SCONJ
cblr-11902	482	2	critics	critic	NOUN
cblr-11902	482	3	have	have	AUX
cblr-11902	482	4	highlighted	highlight	VERB
cblr-11902	482	5	both	both	CCONJ
cblr-11902	482	6	the	the	DET
cblr-11902	482	7	problems	problem	NOUN
cblr-11902	482	8	with	with	ADP
cblr-11902	482	9	§	§	PROPN
cblr-11902	482	10	852(b)(6	852(b)(6	PROPN
cblr-11902	482	11	)	)	PUNCT
cblr-11902	482	12	,	,	PUNCT
cblr-11902	482	13	the	the	DET
cblr-11902	482	14	proposal	proposal	NOUN
cblr-11902	482	15	of	of	ADP
cblr-11902	482	16	repealing	repeal	VERB
cblr-11902	482	17	§	§	PROPN
cblr-11902	482	18	852(b)(6	852(b)(6	NUM
cblr-11902	482	19	)	)	PUNCT
cblr-11902	482	20	is	be	AUX
cblr-11902	482	21	flawed	flawed	ADJ
cblr-11902	482	22	and	and	CCONJ
cblr-11902	482	23	ultimately	ultimately	ADV
cblr-11902	482	24	untenable	untenable	ADJ
cblr-11902	482	25	.	.	PUNCT
cblr-11902	483	1	first	first	ADV
cblr-11902	483	2	,	,	PUNCT
cblr-11902	483	3	congress	congress	PROPN
cblr-11902	483	4	,	,	PUNCT
cblr-11902	483	5	although	although	SCONJ
cblr-11902	483	6	not	not	PART
cblr-11902	483	7	anticipating	anticipate	VERB
cblr-11902	483	8	etfs	etfs	NOUN
cblr-11902	483	9	usage	usage	NOUN
cblr-11902	483	10	of	of	ADP
cblr-11902	483	11	the	the	DET
cblr-11902	483	12	section	section	NOUN
cblr-11902	483	13	,	,	PUNCT
cblr-11902	483	14	did	do	AUX
cblr-11902	483	15	consider	consider	VERB
cblr-11902	483	16	the	the	DET
cblr-11902	483	17	passage	passage	NOUN
cblr-11902	483	18	of	of	ADP
cblr-11902	483	19	the	the	DET
cblr-11902	483	20	exemption	exemption	NOUN
cblr-11902	483	21	crucial	crucial	ADJ
cblr-11902	483	22	for	for	ADP
cblr-11902	483	23	mutual	mutual	ADJ
cblr-11902	483	24	funds	fund	NOUN
cblr-11902	483	25	in	in	ADP
cblr-11902	483	26	times	time	NOUN
cblr-11902	483	27	of	of	ADP
cblr-11902	483	28	market	market	NOUN
cblr-11902	483	29	crisis.226	crisis.226	PROPN
cblr-11902	483	30	more	more	ADV
cblr-11902	483	31	importantly	importantly	ADV
cblr-11902	483	32	,	,	PUNCT
cblr-11902	483	33	the	the	DET
cblr-11902	483	34	sec	sec	PROPN
cblr-11902	483	35	considers	consider	VERB
cblr-11902	483	36	inkind	inkind	ADJ
cblr-11902	483	37	redemptions	redemption	NOUN
cblr-11902	483	38	a	a	DET
cblr-11902	483	39	necessary	necessary	ADJ
cblr-11902	483	40	tool	tool	NOUN
cblr-11902	483	41	for	for	ADP
cblr-11902	483	42	etfs	etfs	PROPN
cblr-11902	483	43	to	to	ADP
cblr-11902	483	44	function.227	function.227	PROPN
cblr-11902	483	45	the	the	DET
cblr-11902	483	46	elimination	elimination	NOUN
cblr-11902	483	47	of	of	ADP
cblr-11902	483	48	§	§	PROPN
cblr-11902	483	49	852(b)(6	852(b)(6	PROPN
cblr-11902	483	50	)	)	PUNCT
cblr-11902	483	51	would	would	AUX
cblr-11902	483	52	clearly	clearly	ADV
cblr-11902	483	53	conflict	conflict	VERB
cblr-11902	483	54	with	with	ADP
cblr-11902	483	55	both	both	PRON
cblr-11902	483	56	of	of	ADP
cblr-11902	483	57	these	these	DET
cblr-11902	483	58	government	government	NOUN
cblr-11902	483	59	positions	position	NOUN
cblr-11902	483	60	.	.	PUNCT
cblr-11902	484	1	moreover	moreover	ADV
cblr-11902	484	2	,	,	PUNCT
cblr-11902	484	3	those	those	PRON
cblr-11902	484	4	who	who	PRON
cblr-11902	484	5	advocate	advocate	VERB
cblr-11902	484	6	for	for	ADP
cblr-11902	484	7	full	full	ADJ
cblr-11902	484	8	repeal	repeal	NOUN
cblr-11902	484	9	seem	seem	VERB
cblr-11902	484	10	to	to	PART
cblr-11902	484	11	disregard	disregard	VERB
cblr-11902	484	12	the	the	DET
cblr-11902	484	13	potential	potential	ADJ
cblr-11902	484	14	dire	dire	ADJ
cblr-11902	484	15	consequences	consequence	NOUN
cblr-11902	484	16	of	of	ADP
cblr-11902	484	17	repeal	repeal	NOUN
cblr-11902	484	18	for	for	ADP
cblr-11902	484	19	the	the	DET
cblr-11902	484	20	etf	etf	NOUN
cblr-11902	484	21	industry.228	industry.228	NOUN
cblr-11902	484	22	such	such	DET
cblr-11902	484	23	an	an	DET
cblr-11902	484	24	approach	approach	NOUN
cblr-11902	484	25	ignores	ignore	VERB
cblr-11902	484	26	the	the	DET
cblr-11902	484	27	sheer	sheer	ADJ
cblr-11902	484	28	size	size	NOUN
cblr-11902	484	29	of	of	ADP
cblr-11902	484	30	the	the	DET
cblr-11902	484	31	etf	etf	NOUN
cblr-11902	484	32	industry	industry	NOUN
cblr-11902	484	33	,	,	PUNCT
cblr-11902	484	34	which	which	DET
cblr-11902	484	35	https://theinvestmentblueprinthome.wordpress.com/2019/11/06/heartbeattrades-etfs-the-elusive-world-of-tax-optimisation/	https://theinvestmentblueprinthome.wordpress.com/2019/11/06/heartbeattrades-etfs-the-elusive-world-of-tax-optimisation/	NOUN
cblr-11902	484	36	[	[	X
cblr-11902	484	37	perma.cc/8lsb-buud	perma.cc/8lsb-buud	X
cblr-11902	484	38	]	]	X
cblr-11902	484	39	.	.	PUNCT
cblr-11902	485	1	222	222	NUM
cblr-11902	485	2	see	see	VERB
cblr-11902	485	3	supra	supra	PROPN
cblr-11902	485	4	part	part	PROPN
cblr-11902	485	5	ii.b.2	ii.b.2	PROPN
cblr-11902	485	6	;	;	PUNCT
cblr-11902	485	7	see	see	VERB
cblr-11902	485	8	also	also	ADV
cblr-11902	485	9	hodaszy	hodaszy	ADJ
cblr-11902	485	10	,	,	PUNCT
cblr-11902	485	11	supra	supra	PROPN
cblr-11902	485	12	note	note	PROPN
cblr-11902	485	13	67	67	NUM
cblr-11902	485	14	,	,	PUNCT
cblr-11902	485	15	at	at	ADP
cblr-11902	485	16	592	592	NUM
cblr-11902	485	17	.	.	PUNCT
cblr-11902	485	18	223	223	NUM
cblr-11902	485	19	hodaszy	hodaszy	NOUN
cblr-11902	485	20	,	,	PUNCT
cblr-11902	485	21	supra	supra	PROPN
cblr-11902	485	22	note	note	NOUN
cblr-11902	485	23	67	67	NUM
cblr-11902	485	24	.	.	PUNCT
cblr-11902	486	1	224	224	NUM
cblr-11902	486	2	see	see	VERB
cblr-11902	486	3	i	i	PRON
cblr-11902	486	4	d.	d.	PROPN
cblr-11902	486	5	225	225	NUM
cblr-11902	486	6	see	see	VERB
cblr-11902	486	7	i	i	PRON
cblr-11902	486	8	d.	d.	PROPN
cblr-11902	486	9	226	226	NUM
cblr-11902	486	10	see	see	VERB
cblr-11902	486	11	supra	supra	PROPN
cblr-11902	486	12	part	part	PROPN
cblr-11902	486	13	ii.b.2	ii.b.2	PROPN
cblr-11902	486	14	.	.	PUNCT
cblr-11902	487	1	227	227	NUM
cblr-11902	487	2	see	see	VERB
cblr-11902	487	3	supra	supra	PROPN
cblr-11902	487	4	note	note	NOUN
cblr-11902	487	5	192	192	NUM
cblr-11902	487	6	and	and	CCONJ
cblr-11902	487	7	accompanying	accompany	VERB
cblr-11902	487	8	text	text	NOUN
cblr-11902	487	9	;	;	PUNCT
cblr-11902	487	10	see	see	VERB
cblr-11902	487	11	also	also	ADV
cblr-11902	487	12	hodaszy	hodaszy	ADJ
cblr-11902	487	13	,	,	PUNCT
cblr-11902	487	14	supra	supra	ADJ
cblr-11902	487	15	note	note	NOUN
cblr-11902	487	16	189	189	NUM
cblr-11902	487	17	,	,	PUNCT
cblr-11902	487	18	at	at	ADP
cblr-11902	487	19	569	569	NUM
cblr-11902	487	20	.	.	PUNCT
cblr-11902	488	1	228	228	NUM
cblr-11902	488	2	see	see	VERB
cblr-11902	488	3	hodaszy	hodaszy	NOUN
cblr-11902	488	4	,	,	PUNCT
cblr-11902	488	5	supra	supra	ADJ
cblr-11902	488	6	note	note	NOUN
cblr-11902	488	7	189	189	NUM
cblr-11902	488	8	,	,	PUNCT
cblr-11902	488	9	at	at	ADP
cblr-11902	488	10	570	570	NUM
cblr-11902	488	11	;	;	PUNCT
cblr-11902	488	12	see	see	VERB
cblr-11902	488	13	also	also	ADV
cblr-11902	488	14	colon	colon	NOUN
cblr-11902	488	15	,	,	PUNCT
cblr-11902	488	16	supra	supra	PROPN
cblr-11902	488	17	note	note	NOUN
cblr-11902	488	18	22	22	NUM
cblr-11902	488	19	(	(	PUNCT
cblr-11902	488	20	“	"	PUNCT
cblr-11902	488	21	if	if	SCONJ
cblr-11902	488	22	etfs	etfs	PROPN
cblr-11902	488	23	are	be	AUX
cblr-11902	488	24	only	only	ADV
cblr-11902	488	25	viable	viable	ADJ
cblr-11902	488	26	because	because	SCONJ
cblr-11902	488	27	of	of	ADP
cblr-11902	488	28	the	the	DET
cblr-11902	488	29	tax	tax	NOUN
cblr-11902	488	30	subsidy	subsidy	NOUN
cblr-11902	488	31	of	of	ADP
cblr-11902	488	32	§	§	PROPN
cblr-11902	488	33	852(b)(6	852(b)(6	PROPN
cblr-11902	488	34	)	)	PUNCT
cblr-11902	488	35	,	,	PUNCT
cblr-11902	488	36	they	they	PRON
cblr-11902	488	37	should	should	AUX
cblr-11902	488	38	not	not	PART
cblr-11902	488	39	survive	survive	VERB
cblr-11902	488	40	”	"	PUNCT
cblr-11902	488	41	)	)	PUNCT
cblr-11902	488	42	.	.	PUNCT
cblr-11902	489	1	576	576	NUM
cblr-11902	489	2	columbia	columbia	PROPN
cblr-11902	489	3	business	business	NOUN
cblr-11902	489	4	law	law	PROPN
cblr-11902	489	5	review	review	NOUN
cblr-11902	489	6	[	[	X
cblr-11902	489	7	vol	vol	NOUN
cblr-11902	489	8	.	.	PUNCT
cblr-11902	489	9	2023	2023	NUM
cblr-11902	489	10	has	have	VERB
cblr-11902	489	11	over	over	ADP
cblr-11902	489	12	$	$	SYM
cblr-11902	489	13	9	9	NUM
cblr-11902	489	14	trillion	trillion	NUM
cblr-11902	489	15	assets	asset	NOUN
cblr-11902	489	16	worldwide,229	worldwide,229	ADJ
cblr-11902	489	17	and	and	CCONJ
cblr-11902	489	18	its	its	PRON
cblr-11902	489	19	popularity	popularity	NOUN
cblr-11902	489	20	among	among	ADP
cblr-11902	489	21	investors	investor	NOUN
cblr-11902	489	22	,	,	PUNCT
cblr-11902	489	23	with	with	ADP
cblr-11902	489	24	over	over	ADP
cblr-11902	489	25	9	9	NUM
cblr-11902	489	26	percent	percent	NOUN
cblr-11902	489	27	of	of	ADP
cblr-11902	489	28	u.s	u.s	PROPN
cblr-11902	489	29	.	.	PROPN
cblr-11902	489	30	households	household	NOUN
cblr-11902	489	31	investing	invest	VERB
cblr-11902	489	32	in	in	ADP
cblr-11902	489	33	etfs.230	etfs.230	NUM
cblr-11902	489	34	given	give	VERB
cblr-11902	489	35	this	this	PRON
cblr-11902	489	36	,	,	PUNCT
cblr-11902	489	37	policymakers	policymaker	NOUN
cblr-11902	489	38	can	can	AUX
cblr-11902	489	39	not	not	PART
cblr-11902	489	40	afford	afford	VERB
cblr-11902	489	41	to	to	PART
cblr-11902	489	42	repeal	repeal	VERB
cblr-11902	489	43	the	the	DET
cblr-11902	489	44	measure	measure	NOUN
cblr-11902	489	45	with	with	ADP
cblr-11902	489	46	no	no	DET
cblr-11902	489	47	concern	concern	NOUN
cblr-11902	489	48	for	for	ADP
cblr-11902	489	49	its	its	PRON
cblr-11902	489	50	impact	impact	NOUN
cblr-11902	489	51	on	on	ADP
cblr-11902	489	52	the	the	DET
cblr-11902	489	53	industry.231	industry.231	PROPN
cblr-11902	489	54	even	even	ADV
cblr-11902	489	55	steven	steven	PROPN
cblr-11902	489	56	hodaszy	hodaszy	PROPN
cblr-11902	489	57	,	,	PUNCT
cblr-11902	489	58	a	a	DET
cblr-11902	489	59	tax	tax	NOUN
cblr-11902	489	60	professor	professor	NOUN
cblr-11902	489	61	who	who	PRON
cblr-11902	489	62	has	have	AUX
cblr-11902	489	63	been	be	AUX
cblr-11902	489	64	critical	critical	ADJ
cblr-11902	489	65	of	of	ADP
cblr-11902	489	66	the	the	DET
cblr-11902	489	67	exemption	exemption	NOUN
cblr-11902	489	68	,	,	PUNCT
cblr-11902	489	69	has	have	AUX
cblr-11902	489	70	noted	note	VERB
cblr-11902	489	71	that	that	SCONJ
cblr-11902	489	72	“	"	PUNCT
cblr-11902	489	73	[	[	X
cblr-11902	489	74	n]o	n]o	X
cblr-11902	489	75	approach	approach	NOUN
cblr-11902	489	76	to	to	ADP
cblr-11902	489	77	reforming	reform	VERB
cblr-11902	489	78	the	the	DET
cblr-11902	489	79	tax	tax	NOUN
cblr-11902	489	80	treatment	treatment	NOUN
cblr-11902	489	81	of	of	ADP
cblr-11902	489	82	etf	etf	NOUN
cblr-11902	489	83	investment	investment	NOUN
cblr-11902	489	84	gains	gain	NOUN
cblr-11902	489	85	can	can	AUX
cblr-11902	489	86	be	be	AUX
cblr-11902	489	87	premised	premise	VERB
cblr-11902	489	88	on	on	ADP
cblr-11902	489	89	a	a	DET
cblr-11902	489	90	notion	notion	NOUN
cblr-11902	489	91	that	that	SCONJ
cblr-11902	489	92	the	the	DET
cblr-11902	489	93	extinction	extinction	NOUN
cblr-11902	489	94	of	of	ADP
cblr-11902	489	95	etfs	etfs	PROPN
cblr-11902	489	96	is	be	AUX
cblr-11902	489	97	an	an	DET
cblr-11902	489	98	acceptable	acceptable	ADJ
cblr-11902	489	99	outcome	outcome	NOUN
cblr-11902	489	100	.	.	PUNCT
cblr-11902	490	1	”232	”232	PROPN
cblr-11902	491	1	this	this	PRON
cblr-11902	491	2	has	have	AUX
cblr-11902	491	3	caused	cause	VERB
cblr-11902	491	4	some	some	DET
cblr-11902	491	5	opponents	opponent	NOUN
cblr-11902	491	6	of	of	ADP
cblr-11902	491	7	§	§	PROPN
cblr-11902	491	8	852(b)(6	852(b)(6	NUM
cblr-11902	491	9	)	)	PUNCT
cblr-11902	491	10	to	to	PART
cblr-11902	491	11	instead	instead	ADV
cblr-11902	491	12	advocate	advocate	VERB
cblr-11902	491	13	for	for	ADP
cblr-11902	491	14	a	a	DET
cblr-11902	491	15	more	more	ADV
cblr-11902	491	16	nuanced	nuanced	ADJ
cblr-11902	491	17	reform	reform	NOUN
cblr-11902	491	18	in	in	ADP
cblr-11902	491	19	which	which	PRON
cblr-11902	491	20	etfs	etfs	PROPN
cblr-11902	491	21	reduce	reduce	VERB
cblr-11902	491	22	the	the	DET
cblr-11902	491	23	basis	basis	NOUN
cblr-11902	491	24	of	of	ADP
cblr-11902	491	25	the	the	DET
cblr-11902	491	26	remaining	remain	VERB
cblr-11902	491	27	portfolio	portfolio	NOUN
cblr-11902	491	28	holdings	holding	NOUN
cblr-11902	491	29	to	to	PART
cblr-11902	491	30	account	account	VERB
cblr-11902	491	31	for	for	ADP
cblr-11902	491	32	any	any	DET
cblr-11902	491	33	unrecognized	unrecognized	ADJ
cblr-11902	491	34	gain.233	gain.233	NOUN
cblr-11902	491	35	although	although	SCONJ
cblr-11902	491	36	such	such	DET
cblr-11902	491	37	a	a	DET
cblr-11902	491	38	proposal	proposal	NOUN
cblr-11902	491	39	may	may	AUX
cblr-11902	491	40	also	also	ADV
cblr-11902	491	41	struggle	struggle	VERB
cblr-11902	491	42	to	to	PART
cblr-11902	491	43	gain	gain	VERB
cblr-11902	491	44	traction	traction	NOUN
cblr-11902	491	45	with	with	ADP
cblr-11902	491	46	policymakers	policymaker	NOUN
cblr-11902	491	47	,	,	PUNCT
cblr-11902	491	48	it	it	PRON
cblr-11902	491	49	does	do	AUX
cblr-11902	491	50	bolster	bolster	VERB
cblr-11902	491	51	the	the	DET
cblr-11902	491	52	argument	argument	NOUN
cblr-11902	491	53	that	that	SCONJ
cblr-11902	491	54	outright	outright	ADJ
cblr-11902	491	55	repeal	repeal	NOUN
cblr-11902	491	56	is	be	AUX
cblr-11902	491	57	not	not	PART
cblr-11902	491	58	the	the	DET
cblr-11902	491	59	way	way	NOUN
cblr-11902	491	60	forward	forward	ADV
cblr-11902	491	61	and	and	CCONJ
cblr-11902	491	62	that	that	SCONJ
cblr-11902	491	63	there	there	PRON
cblr-11902	491	64	are	be	VERB
cblr-11902	491	65	other	other	ADJ
cblr-11902	491	66	options	option	NOUN
cblr-11902	491	67	to	to	PART
cblr-11902	491	68	consider	consider	VERB
cblr-11902	491	69	with	with	ADP
cblr-11902	491	70	greater	great	ADJ
cblr-11902	491	71	potential	potential	NOUN
cblr-11902	491	72	for	for	ADP
cblr-11902	491	73	support	support	NOUN
cblr-11902	491	74	from	from	ADP
cblr-11902	491	75	policymakers	policymaker	NOUN
cblr-11902	491	76	.	.	PUNCT
cblr-11902	492	1	b.	b.	PROPN
cblr-11902	492	2	heartbeat	heartbeat	PROPN
cblr-11902	492	3	trades	trade	NOUN
cblr-11902	492	4	should	should	AUX
cblr-11902	492	5	not	not	PART
cblr-11902	492	6	be	be	AUX
cblr-11902	492	7	exempted	exempt	VERB
cblr-11902	492	8	for	for	ADP
cblr-11902	492	9	recognition	recognition	NOUN
cblr-11902	492	10	under	under	ADP
cblr-11902	492	11	§	§	PROPN
cblr-11902	492	12	852(b)(6	852(b)(6	NUM
cblr-11902	492	13	)	)	PUNCT
cblr-11902	492	14	while	while	SCONJ
cblr-11902	492	15	§	§	PROPN
cblr-11902	492	16	852(b)(6	852(b)(6	NUM
cblr-11902	492	17	)	)	PUNCT
cblr-11902	492	18	should	should	AUX
cblr-11902	492	19	not	not	PART
cblr-11902	492	20	be	be	AUX
cblr-11902	492	21	repealed	repeal	VERB
cblr-11902	492	22	,	,	PUNCT
cblr-11902	492	23	heartbeat	heartbeat	NOUN
cblr-11902	492	24	trades	trade	NOUN
cblr-11902	492	25	should	should	AUX
cblr-11902	492	26	be	be	AUX
cblr-11902	492	27	treated	treat	VERB
cblr-11902	492	28	as	as	ADP
cblr-11902	492	29	a	a	DET
cblr-11902	492	30	taxable	taxable	ADJ
cblr-11902	492	31	event	event	NOUN
cblr-11902	492	32	by	by	ADP
cblr-11902	492	33	either	either	CCONJ
cblr-11902	492	34	the	the	DET
cblr-11902	492	35	irs	irs	PROPN
cblr-11902	492	36	or	or	CCONJ
cblr-11902	492	37	by	by	ADP
cblr-11902	492	38	congress	congress	PROPN
cblr-11902	492	39	.	.	PUNCT
cblr-11902	493	1	heartbeat	heartbeat	NOUN
cblr-11902	493	2	trades	trade	NOUN
cblr-11902	493	3	differ	differ	VERB
cblr-11902	493	4	from	from	ADP
cblr-11902	493	5	day	day	NOUN
cblr-11902	493	6	-	-	PUNCT
cblr-11902	493	7	to	to	ADP
cblr-11902	493	8	-	-	PUNCT
cblr-11902	493	9	day	day	NOUN
cblr-11902	493	10	creation	creation	NOUN
cblr-11902	493	11	and	and	CCONJ
cblr-11902	493	12	redemption	redemption	NOUN
cblr-11902	493	13	activity	activity	NOUN
cblr-11902	493	14	because	because	SCONJ
cblr-11902	493	15	they	they	PRON
cblr-11902	493	16	are	be	AUX
cblr-11902	493	17	not	not	PART
cblr-11902	493	18	driven	drive	VERB
cblr-11902	493	19	by	by	ADP
cblr-11902	493	20	aps	ap	NOUN
cblr-11902	493	21	seeking	seek	VERB
cblr-11902	493	22	to	to	PART
cblr-11902	493	23	redeem	redeem	VERB
cblr-11902	493	24	shares	share	NOUN
cblr-11902	493	25	to	to	PART
cblr-11902	493	26	engage	engage	VERB
cblr-11902	493	27	in	in	ADP
cblr-11902	493	28	the	the	DET
cblr-11902	493	29	arbitrage	arbitrage	NOUN
cblr-11902	493	30	mechanism	mechanism	NOUN
cblr-11902	493	31	used	use	VERB
cblr-11902	493	32	to	to	PART
cblr-11902	493	33	keep	keep	VERB
cblr-11902	493	34	etf	etf	NOUN
cblr-11902	493	35	prices	price	NOUN
cblr-11902	493	36	aligned	align	VERB
cblr-11902	493	37	with	with	ADP
cblr-11902	493	38	their	their	PRON
cblr-11902	493	39	navs.234	navs.234	NOUN
cblr-11902	493	40	instead	instead	ADV
cblr-11902	493	41	,	,	PUNCT
cblr-11902	493	42	heartbeat	heartbeat	NOUN
cblr-11902	493	43	trades	trade	NOUN
cblr-11902	493	44	are	be	AUX
cblr-11902	493	45	used	use	VERB
cblr-11902	493	46	to	to	PART
cblr-11902	493	47	facilitate	facilitate	VERB
cblr-11902	493	48	portfolio	portfolio	NOUN
cblr-11902	493	49	rebalances	rebalance	NOUN
cblr-11902	493	50	without	without	ADP
cblr-11902	493	51	triggering	trigger	VERB
cblr-11902	493	52	taxes.235	taxes.235	NOUN
cblr-11902	493	53	unlike	unlike	ADP
cblr-11902	493	54	229	229	NUM
cblr-11902	493	55	see	see	NOUN
cblr-11902	493	56	supra	supra	PROPN
cblr-11902	493	57	note	note	PROPN
cblr-11902	493	58	196	196	NUM
cblr-11902	493	59	.	.	PUNCT
cblr-11902	494	1	230	230	NUM
cblr-11902	494	2	inv	inv	X
cblr-11902	494	3	.	.	PUNCT
cblr-11902	494	4	co.	co.	PROPN
cblr-11902	494	5	inst	inst	PROPN
cblr-11902	494	6	,	,	PUNCT
cblr-11902	494	7	supra	supra	PROPN
cblr-11902	494	8	note	note	PROPN
cblr-11902	494	9	199	199	NUM
cblr-11902	494	10	,	,	PUNCT
cblr-11902	494	11	at	at	ADP
cblr-11902	494	12	113	113	NUM
cblr-11902	494	13	.	.	PUNCT
cblr-11902	494	14	231	231	NUM
cblr-11902	494	15	see	see	VERB
cblr-11902	494	16	hodaszy	hodaszy	NOUN
cblr-11902	494	17	,	,	PUNCT
cblr-11902	494	18	supra	supra	ADJ
cblr-11902	494	19	note	note	NOUN
cblr-11902	494	20	189	189	NUM
cblr-11902	494	21	,	,	PUNCT
cblr-11902	494	22	at	at	ADP
cblr-11902	494	23	570	570	NUM
cblr-11902	494	24	.	.	PUNCT
cblr-11902	494	25	232	232	NUM
cblr-11902	495	1	i	i	PRON
cblr-11902	495	2	d.	d.	PROPN
cblr-11902	495	3	233	233	NUM
cblr-11902	495	4	see	see	VERB
cblr-11902	495	5	i	i	PROPN
cblr-11902	495	6	d.	d.	PROPN
cblr-11902	495	7	manuscript	manuscript	PROPN
cblr-11902	495	8	at	at	ADP
cblr-11902	495	9	74–76	74–76	NUM
cblr-11902	495	10	.	.	PUNCT
cblr-11902	496	1	234	234	NUM
cblr-11902	496	2	see	see	NOUN
cblr-11902	496	3	kashner	kashner	NOUN
cblr-11902	496	4	,	,	PUNCT
cblr-11902	496	5	supra	supra	PROPN
cblr-11902	496	6	note	note	NOUN
cblr-11902	496	7	109	109	NUM
cblr-11902	496	8	(	(	PUNCT
cblr-11902	496	9	heartbeat	heartbeat	NOUN
cblr-11902	496	10	trades	trade	NOUN
cblr-11902	496	11	’	'	PUNCT
cblr-11902	496	12	purpose	purpose	NOUN
cblr-11902	496	13	is	be	AUX
cblr-11902	496	14	not	not	PART
cblr-11902	496	15	to	to	PART
cblr-11902	496	16	meet	meet	VERB
cblr-11902	496	17	public	public	ADJ
cblr-11902	496	18	demand	demand	NOUN
cblr-11902	496	19	for	for	ADP
cblr-11902	496	20	etf	etf	NOUN
cblr-11902	496	21	shares	share	NOUN
cblr-11902	496	22	,	,	PUNCT
cblr-11902	496	23	but	but	CCONJ
cblr-11902	496	24	to	to	PART
cblr-11902	496	25	facilitate	facilitate	VERB
cblr-11902	496	26	a	a	DET
cblr-11902	496	27	frictionless	frictionless	NOUN
cblr-11902	496	28	,	,	PUNCT
cblr-11902	496	29	taxdeferring	taxdeferring	NOUN
cblr-11902	496	30	portfolio	portfolio	NOUN
cblr-11902	496	31	rebalance	rebalance	NOUN
cblr-11902	496	32	.	.	PUNCT
cblr-11902	496	33	”	"	PUNCT
cblr-11902	497	1	)	)	PUNCT
cblr-11902	497	2	235	235	NUM
cblr-11902	497	3	see	see	VERB
cblr-11902	497	4	i	i	PROPN
cblr-11902	497	5	d.	d.	PROPN
cblr-11902	497	6	;	;	PUNCT
cblr-11902	497	7	see	see	VERB
cblr-11902	497	8	also	also	ADV
cblr-11902	497	9	kashner	kashner	PROPN
cblr-11902	497	10	,	,	PUNCT
cblr-11902	497	11	supra	supra	PROPN
cblr-11902	497	12	note	note	NOUN
cblr-11902	497	13	7	7	NUM
cblr-11902	497	14	(	(	PUNCT
cblr-11902	497	15	“	"	PUNCT
cblr-11902	497	16	this	this	DET
cblr-11902	497	17	short	short	ADJ
cblr-11902	497	18	-	-	PUNCT
cblr-11902	497	19	term	term	NOUN
cblr-11902	497	20	access	access	NOUN
cblr-11902	497	21	to	to	ADP
cblr-11902	497	22	capital	capital	NOUN
cblr-11902	497	23	allows	allow	VERB
cblr-11902	497	24	etf	etf	NOUN
cblr-11902	497	25	portfolio	portfolio	NOUN
cblr-11902	497	26	managers	manager	NOUN
cblr-11902	497	27	to	to	PART
cblr-11902	497	28	essentially	essentially	ADV
cblr-11902	497	29	manufacture	manufacture	VERB
cblr-11902	497	30	no	no	NOUN
cblr-11902	497	31	.	.	NOUN
cblr-11902	497	32	1	1	NUM
cblr-11902	497	33	]	]	PUNCT
cblr-11902	497	34	sec	sec	PROPN
cblr-11902	497	35	rule	rule	NOUN
cblr-11902	497	36	6c-11	6c-11	PROPN
cblr-11902	497	37	’s	’s	PART
cblr-11902	497	38	impact	impact	NOUN
cblr-11902	497	39	on	on	ADP
cblr-11902	497	40	usage	usage	NOUN
cblr-11902	497	41	of	of	ADP
cblr-11902	497	42	heartbeat	heartbeat	NOUN
cblr-11902	497	43	trades	trade	VERB
cblr-11902	497	44	577	577	NUM
cblr-11902	497	45	ordinary	ordinary	ADJ
cblr-11902	497	46	creation	creation	NOUN
cblr-11902	497	47	and	and	CCONJ
cblr-11902	497	48	redemption	redemption	NOUN
cblr-11902	497	49	transactions	transaction	NOUN
cblr-11902	497	50	where	where	SCONJ
cblr-11902	497	51	an	an	DET
cblr-11902	497	52	etf	etf	NOUN
cblr-11902	497	53	is	be	AUX
cblr-11902	497	54	simply	simply	ADV
cblr-11902	497	55	meeting	meet	VERB
cblr-11902	497	56	a	a	DET
cblr-11902	497	57	demand	demand	NOUN
cblr-11902	497	58	by	by	ADP
cblr-11902	497	59	an	an	DET
cblr-11902	497	60	ap	ap	PROPN
cblr-11902	497	61	,	,	PUNCT
cblr-11902	497	62	a	a	DET
cblr-11902	497	63	heartbeat	heartbeat	NOUN
cblr-11902	497	64	trade	trade	NOUN
cblr-11902	497	65	is	be	AUX
cblr-11902	497	66	a	a	DET
cblr-11902	497	67	pre	pre	ADJ
cblr-11902	497	68	-	-	ADJ
cblr-11902	497	69	arranged	arranged	ADJ
cblr-11902	497	70	cooperative	cooperative	ADJ
cblr-11902	497	71	endeavor	endeavor	NOUN
cblr-11902	497	72	between	between	ADP
cblr-11902	497	73	etf	etf	NOUN
cblr-11902	497	74	managers	manager	NOUN
cblr-11902	497	75	and	and	CCONJ
cblr-11902	497	76	investment	investment	NOUN
cblr-11902	497	77	banks.236	banks.236	PROPN
cblr-11902	497	78	jeffrey	jeffrey	PROPN
cblr-11902	497	79	colon	colon	NOUN
cblr-11902	497	80	has	have	AUX
cblr-11902	497	81	suggested	suggest	VERB
cblr-11902	497	82	the	the	DET
cblr-11902	497	83	irs	irs	PROPN
cblr-11902	497	84	look	look	VERB
cblr-11902	497	85	to	to	ADP
cblr-11902	497	86	whether	whether	SCONJ
cblr-11902	497	87	the	the	DET
cblr-11902	497	88	“	"	PUNCT
cblr-11902	497	89	bank	bank	NOUN
cblr-11902	497	90	ha[s	ha[s	PROPN
cblr-11902	497	91	]	]	PUNCT
cblr-11902	497	92	some	some	DET
cblr-11902	497	93	independent	independent	ADJ
cblr-11902	497	94	reason	reason	NOUN
cblr-11902	497	95	for	for	ADP
cblr-11902	497	96	this	this	DET
cblr-11902	497	97	investment	investment	NOUN
cblr-11902	497	98	.	.	PUNCT
cblr-11902	497	99	”237	”237	PUNCT
cblr-11902	498	1	if	if	SCONJ
cblr-11902	498	2	they	they	PRON
cblr-11902	498	3	do	do	VERB
cblr-11902	498	4	not	not	PART
cblr-11902	498	5	,	,	PUNCT
cblr-11902	498	6	the	the	DET
cblr-11902	498	7	only	only	ADJ
cblr-11902	498	8	reason	reason	NOUN
cblr-11902	498	9	for	for	ADP
cblr-11902	498	10	the	the	DET
cblr-11902	498	11	investment	investment	NOUN
cblr-11902	498	12	is	be	AUX
cblr-11902	498	13	for	for	ADP
cblr-11902	498	14	avoidance	avoidance	NOUN
cblr-11902	498	15	of	of	ADP
cblr-11902	498	16	tax.238	tax.238	NOUN
cblr-11902	498	17	in	in	ADP
cblr-11902	498	18	interviewing	interview	VERB
cblr-11902	498	19	banks	bank	NOUN
cblr-11902	498	20	,	,	PUNCT
cblr-11902	498	21	market	market	NOUN
cblr-11902	498	22	makers	maker	NOUN
cblr-11902	498	23	,	,	PUNCT
cblr-11902	498	24	and	and	CCONJ
cblr-11902	498	25	fund	fund	NOUN
cblr-11902	498	26	managers	manager	NOUN
cblr-11902	498	27	,	,	PUNCT
cblr-11902	498	28	mider	mider	PROPN
cblr-11902	498	29	et	et	PROPN
cblr-11902	498	30	al	al	PROPN
cblr-11902	498	31	.	.	PROPN
cblr-11902	498	32	were	be	AUX
cblr-11902	498	33	anonymously	anonymously	ADV
cblr-11902	498	34	told	tell	VERB
cblr-11902	498	35	by	by	ADP
cblr-11902	498	36	market	market	NOUN
cblr-11902	498	37	participants	participant	NOUN
cblr-11902	498	38	that	that	PRON
cblr-11902	498	39	banks	bank	NOUN
cblr-11902	498	40	were	be	AUX
cblr-11902	498	41	doing	do	VERB
cblr-11902	498	42	heartbeat	heartbeat	NOUN
cblr-11902	498	43	trades	trade	NOUN
cblr-11902	498	44	to	to	PART
cblr-11902	498	45	win	win	VERB
cblr-11902	498	46	goodwill	goodwill	NOUN
cblr-11902	498	47	from	from	ADP
cblr-11902	498	48	their	their	PRON
cblr-11902	498	49	clients	client	NOUN
cblr-11902	498	50	rather	rather	ADV
cblr-11902	498	51	than	than	ADP
cblr-11902	498	52	pursuing	pursue	VERB
cblr-11902	498	53	for	for	ADP
cblr-11902	498	54	their	their	PRON
cblr-11902	498	55	own	own	ADJ
cblr-11902	498	56	profits.239	profits.239	PROPN
cblr-11902	498	57	elizabeth	elizabeth	PROPN
cblr-11902	498	58	kashner	kashner	PROPN
cblr-11902	498	59	notes	note	VERB
cblr-11902	498	60	that	that	SCONJ
cblr-11902	498	61	heartbeat	heartbeat	NOUN
cblr-11902	498	62	trades	trade	NOUN
cblr-11902	498	63	service	service	VERB
cblr-11902	498	64	three	three	NUM
cblr-11902	498	65	goals	goal	NOUN
cblr-11902	498	66	:	:	PUNCT
cblr-11902	498	67	minimize	minimize	VERB
cblr-11902	498	68	tracking	tracking	NOUN
cblr-11902	498	69	error	error	NOUN
cblr-11902	498	70	,	,	PUNCT
cblr-11902	498	71	avoid	avoid	VERB
cblr-11902	498	72	block	block	NOUN
cblr-11902	498	73	trades	trade	NOUN
cblr-11902	498	74	,	,	PUNCT
cblr-11902	498	75	and	and	CCONJ
cblr-11902	498	76	wash	wash	VERB
cblr-11902	498	77	out	out	ADP
cblr-11902	498	78	capital	capital	NOUN
cblr-11902	498	79	gains	gain	NOUN
cblr-11902	498	80	from	from	ADP
cblr-11902	498	81	stock	stock	NOUN
cblr-11902	498	82	with	with	ADP
cblr-11902	498	83	low	low	ADJ
cblr-11902	498	84	basis.240	basis.240	NOUN
cblr-11902	498	85	while	while	SCONJ
cblr-11902	498	86	the	the	DET
cblr-11902	498	87	first	first	ADJ
cblr-11902	498	88	two	two	NUM
cblr-11902	498	89	goals	goal	NOUN
cblr-11902	498	90	can	can	AUX
cblr-11902	498	91	be	be	AUX
cblr-11902	498	92	achieved	achieve	VERB
cblr-11902	498	93	with	with	ADP
cblr-11902	498	94	other	other	ADJ
cblr-11902	498	95	tools	tool	NOUN
cblr-11902	498	96	,	,	PUNCT
cblr-11902	498	97	only	only	ADV
cblr-11902	498	98	a	a	DET
cblr-11902	498	99	heartbeat	heartbeat	NOUN
cblr-11902	498	100	trade	trade	NOUN
cblr-11902	498	101	can	can	AUX
cblr-11902	498	102	achieve	achieve	VERB
cblr-11902	498	103	the	the	DET
cblr-11902	498	104	tax	tax	NOUN
cblr-11902	498	105	management	management	NOUN
cblr-11902	498	106	benefits	benefit	NOUN
cblr-11902	498	107	that	that	PRON
cblr-11902	498	108	come	come	VERB
cblr-11902	498	109	from	from	ADP
cblr-11902	498	110	non	non	ADJ
cblr-11902	498	111	-	-	NOUN
cblr-11902	498	112	recognition	recognition	NOUN
cblr-11902	498	113	of	of	ADP
cblr-11902	498	114	gains	gain	NOUN
cblr-11902	498	115	,	,	PUNCT
cblr-11902	498	116	which	which	PRON
cblr-11902	498	117	implies	imply	VERB
cblr-11902	498	118	the	the	DET
cblr-11902	498	119	trade	trade	NOUN
cblr-11902	498	120	is	be	AUX
cblr-11902	498	121	mainly	mainly	ADV
cblr-11902	498	122	done	do	VERB
cblr-11902	498	123	for	for	ADP
cblr-11902	498	124	tax	tax	NOUN
cblr-11902	498	125	avoidance	avoidance	NOUN
cblr-11902	498	126	purposes.241	purposes.241	NOUN
cblr-11902	498	127	as	as	SCONJ
cblr-11902	498	128	shown	show	VERB
cblr-11902	498	129	in	in	ADP
cblr-11902	498	130	part	part	PROPN
cblr-11902	498	131	iii	iii	NOUN
cblr-11902	498	132	,	,	PUNCT
cblr-11902	498	133	there	there	PRON
cblr-11902	498	134	has	have	AUX
cblr-11902	498	135	been	be	AUX
cblr-11902	498	136	a	a	DET
cblr-11902	498	137	significant	significant	ADJ
cblr-11902	498	138	uptick	uptick	NOUN
cblr-11902	498	139	in	in	ADP
cblr-11902	498	140	heartbeat	heartbeat	NOUN
cblr-11902	498	141	trades	trade	NOUN
cblr-11902	498	142	among	among	ADP
cblr-11902	498	143	those	those	DET
cblr-11902	498	144	funds	fund	NOUN
cblr-11902	498	145	which	which	PRON
cblr-11902	498	146	gained	gain	VERB
cblr-11902	498	147	access	access	NOUN
cblr-11902	498	148	to	to	ADP
cblr-11902	498	149	custom	custom	NOUN
cblr-11902	498	150	baskets	basket	NOUN
cblr-11902	498	151	through	through	ADP
cblr-11902	498	152	the	the	DET
cblr-11902	498	153	sec	sec	PROPN
cblr-11902	498	154	rule	rule	NOUN
cblr-11902	498	155	with	with	ADP
cblr-11902	498	156	this	this	DET
cblr-11902	498	157	uptick	uptick	NOUN
cblr-11902	498	158	in	in	ADP
cblr-11902	498	159	trade	trade	NOUN
cblr-11902	498	160	usage	usage	NOUN
cblr-11902	498	161	being	be	AUX
cblr-11902	498	162	greater	great	ADJ
cblr-11902	498	163	than	than	ADP
cblr-11902	498	164	for	for	ADP
cblr-11902	498	165	those	those	DET
cblr-11902	498	166	funds	fund	NOUN
cblr-11902	498	167	that	that	PRON
cblr-11902	498	168	were	be	AUX
cblr-11902	498	169	able	able	ADJ
cblr-11902	498	170	to	to	PART
cblr-11902	498	171	use	use	VERB
cblr-11902	498	172	custom	custom	NOUN
cblr-11902	498	173	baskets	basket	NOUN
cblr-11902	498	174	beforehand.242	beforehand.242	NOUN
cblr-11902	498	175	in	in	ADP
cblr-11902	498	176	2021	2021	NUM
cblr-11902	498	177	after	after	ADP
cblr-11902	498	178	rule	rule	NOUN
cblr-11902	498	179	6c-11	6c-11	NUM
cblr-11902	498	180	,	,	PUNCT
cblr-11902	498	181	there	there	PRON
cblr-11902	498	182	were	be	VERB
cblr-11902	498	183	1,542	1,542	NUM
cblr-11902	498	184	trades	trade	NOUN
cblr-11902	498	185	with	with	ADP
cblr-11902	498	186	a	a	DET
cblr-11902	498	187	value	value	NOUN
cblr-11902	498	188	of	of	ADP
cblr-11902	498	189	$	$	SYM
cblr-11902	498	190	174	174	NUM
cblr-11902	498	191	billion	billion	NUM
cblr-11902	498	192	.	.	PUNCT
cblr-11902	499	1	redemptions	redemption	NOUN
cblr-11902	499	2	that	that	PRON
cblr-11902	499	3	wash	wash	VERB
cblr-11902	499	4	out	out	ADP
cblr-11902	499	5	capital	capital	NOUN
cblr-11902	499	6	gains	gain	NOUN
cblr-11902	499	7	that	that	PRON
cblr-11902	499	8	would	would	AUX
cblr-11902	499	9	otherwise	otherwise	ADV
cblr-11902	499	10	be	be	AUX
cblr-11902	499	11	realized	realize	VERB
cblr-11902	499	12	in	in	ADP
cblr-11902	499	13	a	a	DET
cblr-11902	499	14	rebalance	rebalance	NOUN
cblr-11902	499	15	”	"	PUNCT
cblr-11902	499	16	)	)	PUNCT
cblr-11902	499	17	.	.	PUNCT
cblr-11902	500	1	236	236	NUM
cblr-11902	500	2	see	see	NOUN
cblr-11902	500	3	kashner	kashner	NOUN
cblr-11902	500	4	,	,	PUNCT
cblr-11902	500	5	supra	supra	PROPN
cblr-11902	500	6	note	note	NOUN
cblr-11902	500	7	109	109	NUM
cblr-11902	500	8	(	(	PUNCT
cblr-11902	500	9	“	"	PUNCT
cblr-11902	500	10	[	[	X
cblr-11902	500	11	heartbeats	heartbeat	NOUN
cblr-11902	500	12	]	]	PUNCT
cblr-11902	500	13	are	be	AUX
cblr-11902	500	14	a	a	DET
cblr-11902	500	15	cooperative	cooperative	ADJ
cblr-11902	500	16	set	set	NOUN
cblr-11902	500	17	of	of	ADP
cblr-11902	500	18	investment	investment	NOUN
cblr-11902	500	19	professionals	professional	NOUN
cblr-11902	500	20	,	,	PUNCT
cblr-11902	500	21	namely	namely	ADV
cblr-11902	500	22	etf	etf	NOUN
cblr-11902	500	23	asset	asset	NOUN
cblr-11902	500	24	managers	manager	NOUN
cblr-11902	500	25	and	and	CCONJ
cblr-11902	500	26	investment	investment	NOUN
cblr-11902	500	27	banks	bank	NOUN
cblr-11902	500	28	.	.	PUNCT
cblr-11902	500	29	”	"	PUNCT
cblr-11902	500	30	;	;	PUNCT
cblr-11902	500	31	see	see	VERB
cblr-11902	500	32	also	also	ADV
cblr-11902	500	33	mider	mider	VERB
cblr-11902	500	34	et	et	PROPN
cblr-11902	500	35	al	al	PROPN
cblr-11902	500	36	,	,	PUNCT
cblr-11902	500	37	supra	supra	PROPN
cblr-11902	500	38	note	note	NOUN
cblr-11902	500	39	10	10	NUM
cblr-11902	500	40	(	(	PUNCT
cblr-11902	500	41	“	"	PUNCT
cblr-11902	500	42	fund	fund	NOUN
cblr-11902	500	43	managers	manager	NOUN
cblr-11902	500	44	simply	simply	ADV
cblr-11902	500	45	call	call	VERB
cblr-11902	500	46	up	up	ADP
cblr-11902	500	47	a	a	DET
cblr-11902	500	48	banker	banker	NOUN
cblr-11902	500	49	or	or	CCONJ
cblr-11902	500	50	market	market	NOUN
cblr-11902	500	51	maker	maker	NOUN
cblr-11902	500	52	and	and	CCONJ
cblr-11902	500	53	ask	ask	VERB
cblr-11902	500	54	them	they	PRON
cblr-11902	500	55	to	to	PART
cblr-11902	500	56	pour	pour	VERB
cblr-11902	500	57	a	a	DET
cblr-11902	500	58	certain	certain	ADJ
cblr-11902	500	59	amount	amount	NOUN
cblr-11902	500	60	into	into	ADP
cblr-11902	500	61	the	the	DET
cblr-11902	500	62	fund	fund	NOUN
cblr-11902	500	63	”	"	PUNCT
cblr-11902	500	64	)	)	PUNCT
cblr-11902	500	65	.	.	PUNCT
cblr-11902	501	1	237	237	NUM
cblr-11902	501	2	see	see	VERB
cblr-11902	501	3	mider	mider	NOUN
cblr-11902	501	4	et	et	PROPN
cblr-11902	501	5	al	al	PROPN
cblr-11902	501	6	,	,	PUNCT
cblr-11902	501	7	supra	supra	PROPN
cblr-11902	501	8	note	note	NOUN
cblr-11902	501	9	10	10	NUM
cblr-11902	501	10	.	.	PUNCT
cblr-11902	502	1	(	(	PUNCT
cblr-11902	502	2	“	"	PUNCT
cblr-11902	502	3	if	if	SCONJ
cblr-11902	502	4	not	not	PART
cblr-11902	502	5	,	,	PUNCT
cblr-11902	502	6	colon	colon	NOUN
cblr-11902	502	7	says	say	VERB
cblr-11902	502	8	,	,	PUNCT
cblr-11902	502	9	‘	'	PUNCT
cblr-11902	502	10	the	the	DET
cblr-11902	502	11	only	only	ADJ
cblr-11902	502	12	reason	reason	NOUN
cblr-11902	502	13	you	you	PRON
cblr-11902	502	14	’re	’re	AUX
cblr-11902	502	15	doing	do	VERB
cblr-11902	502	16	this	this	PRON
cblr-11902	502	17	is	be	AUX
cblr-11902	502	18	to	to	PART
cblr-11902	502	19	facilitate	facilitate	VERB
cblr-11902	502	20	the	the	DET
cblr-11902	502	21	avoidance	avoidance	NOUN
cblr-11902	502	22	of	of	ADP
cblr-11902	502	23	tax	tax	NOUN
cblr-11902	502	24	.	.	PUNCT
cblr-11902	502	25	’	'	PUNCT
cblr-11902	502	26	”	"	PUNCT
cblr-11902	502	27	)	)	PUNCT
cblr-11902	502	28	.	.	PUNCT
cblr-11902	503	1	238	238	NUM
cblr-11902	503	2	see	see	VERB
cblr-11902	503	3	i	i	PRON
cblr-11902	503	4	d.	d.	PROPN
cblr-11902	503	5	239	239	NUM
cblr-11902	503	6	see	see	VERB
cblr-11902	503	7	i	i	PRON
cblr-11902	503	8	d.	d.	PROPN
cblr-11902	503	9	240	240	NUM
cblr-11902	503	10	see	see	VERB
cblr-11902	503	11	kashner	kashner	PROPN
cblr-11902	503	12	,	,	PUNCT
cblr-11902	503	13	supra	supra	PROPN
cblr-11902	503	14	note	note	NOUN
cblr-11902	503	15	109	109	NUM
cblr-11902	503	16	.	.	PUNCT
cblr-11902	504	1	241	241	NUM
cblr-11902	505	1	i	i	PRON
cblr-11902	505	2	d.	d.	PROPN
cblr-11902	505	3	242	242	NUM
cblr-11902	505	4	see	see	VERB
cblr-11902	505	5	supra	supra	PROPN
cblr-11902	505	6	part	part	PROPN
cblr-11902	505	7	iii.c	iii.c	PROPN
cblr-11902	505	8	.	.	PUNCT
cblr-11902	505	9	578	578	NUM
cblr-11902	505	10	columbia	columbia	PROPN
cblr-11902	505	11	business	business	NOUN
cblr-11902	505	12	law	law	PROPN
cblr-11902	505	13	review	review	NOUN
cblr-11902	505	14	[	[	X
cblr-11902	505	15	vol	vol	NOUN
cblr-11902	505	16	.	.	PUNCT
cblr-11902	505	17	2023	2023	NUM
cblr-11902	505	18	of	of	ADP
cblr-11902	505	19	those	those	DET
cblr-11902	505	20	trades	trade	NOUN
cblr-11902	505	21	,	,	PUNCT
cblr-11902	505	22	443	443	NUM
cblr-11902	505	23	with	with	ADP
cblr-11902	505	24	a	a	DET
cblr-11902	505	25	value	value	NOUN
cblr-11902	505	26	of	of	ADP
cblr-11902	505	27	$	$	SYM
cblr-11902	505	28	269	269	NUM
cblr-11902	505	29	million	million	NUM
cblr-11902	505	30	were	be	AUX
cblr-11902	505	31	completed	complete	VERB
cblr-11902	505	32	by	by	ADP
cblr-11902	505	33	funds	fund	NOUN
cblr-11902	505	34	with	with	ADP
cblr-11902	505	35	new	new	ADJ
cblr-11902	505	36	custom	custom	NOUN
cblr-11902	505	37	basket	basket	NOUN
cblr-11902	505	38	access	access	NOUN
cblr-11902	505	39	.	.	PUNCT
cblr-11902	506	1	in	in	ADP
cblr-11902	506	2	the	the	DET
cblr-11902	506	3	last	last	ADJ
cblr-11902	506	4	year	year	NOUN
cblr-11902	506	5	,	,	PUNCT
cblr-11902	506	6	the	the	DET
cblr-11902	506	7	10	10	NUM
cblr-11902	506	8	largest	large	ADJ
cblr-11902	506	9	post-2006	post-2006	ADJ
cblr-11902	506	10	funds	fund	NOUN
cblr-11902	506	11	have	have	AUX
cblr-11902	506	12	avoided	avoid	VERB
cblr-11902	506	13	tax	tax	NOUN
cblr-11902	506	14	on	on	ADP
cblr-11902	506	15	$	$	SYM
cblr-11902	506	16	11,168,478,227	11,168,478,227	NUM
cblr-11902	506	17	on	on	ADP
cblr-11902	506	18	gains	gain	NOUN
cblr-11902	506	19	from	from	ADP
cblr-11902	506	20	in	in	ADP
cblr-11902	506	21	-	-	PUNCT
cblr-11902	506	22	kind	kind	NOUN
cblr-11902	506	23	redemptions	redemption	NOUN
cblr-11902	506	24	,	,	PUNCT
cblr-11902	506	25	up	up	ADV
cblr-11902	506	26	from	from	ADP
cblr-11902	506	27	$	$	SYM
cblr-11902	506	28	1,780,576,862	1,780,576,862	NUM
cblr-11902	506	29	in	in	ADP
cblr-11902	506	30	2019.243	2019.243	PROPN
cblr-11902	506	31	although	although	SCONJ
cblr-11902	506	32	it	it	PRON
cblr-11902	506	33	is	be	AUX
cblr-11902	506	34	not	not	PART
cblr-11902	506	35	possible	possible	ADJ
cblr-11902	506	36	to	to	PART
cblr-11902	506	37	tell	tell	VERB
cblr-11902	506	38	how	how	SCONJ
cblr-11902	506	39	much	much	ADJ
cblr-11902	506	40	of	of	ADP
cblr-11902	506	41	this	this	DET
cblr-11902	506	42	avoidance	avoidance	NOUN
cblr-11902	506	43	is	be	AUX
cblr-11902	506	44	from	from	ADP
cblr-11902	506	45	heartbeat	heartbeat	NOUN
cblr-11902	506	46	trades,244	trades,244	PROPN
cblr-11902	507	1	they	they	PRON
cblr-11902	507	2	certainly	certainly	ADV
cblr-11902	507	3	contributed	contribute	VERB
cblr-11902	507	4	.	.	PUNCT
cblr-11902	508	1	these	these	DET
cblr-11902	508	2	results	result	NOUN
cblr-11902	508	3	help	help	VERB
cblr-11902	508	4	show	show	VERB
cblr-11902	508	5	the	the	DET
cblr-11902	508	6	monetary	monetary	ADJ
cblr-11902	508	7	value	value	NOUN
cblr-11902	508	8	of	of	ADP
cblr-11902	508	9	heartbeat	heartbeat	NOUN
cblr-11902	508	10	trades	trade	NOUN
cblr-11902	508	11	and	and	CCONJ
cblr-11902	508	12	the	the	DET
cblr-11902	508	13	importance	importance	NOUN
cblr-11902	508	14	of	of	ADP
cblr-11902	508	15	making	make	VERB
cblr-11902	508	16	them	they	PRON
cblr-11902	508	17	taxable	taxable	ADJ
cblr-11902	508	18	events	event	NOUN
cblr-11902	508	19	.	.	PUNCT
cblr-11902	509	1	given	give	VERB
cblr-11902	509	2	the	the	DET
cblr-11902	509	3	artificial	artificial	ADJ
cblr-11902	509	4	nature	nature	NOUN
cblr-11902	509	5	of	of	ADP
cblr-11902	509	6	the	the	DET
cblr-11902	509	7	demand	demand	NOUN
cblr-11902	509	8	,	,	PUNCT
cblr-11902	509	9	tax	tax	NOUN
cblr-11902	509	10	avoidance	avoidance	NOUN
cblr-11902	509	11	being	be	AUX
cblr-11902	509	12	the	the	DET
cblr-11902	509	13	main	main	ADJ
cblr-11902	509	14	motivating	motivating	NOUN
cblr-11902	509	15	factor	factor	NOUN
cblr-11902	509	16	behind	behind	ADP
cblr-11902	509	17	the	the	DET
cblr-11902	509	18	trade	trade	NOUN
cblr-11902	509	19	and	and	CCONJ
cblr-11902	509	20	the	the	DET
cblr-11902	509	21	increasing	increase	VERB
cblr-11902	509	22	usage	usage	NOUN
cblr-11902	509	23	,	,	PUNCT
cblr-11902	509	24	heartbeat	heartbeat	NOUN
cblr-11902	509	25	trades	trade	NOUN
cblr-11902	509	26	should	should	AUX
cblr-11902	509	27	not	not	PART
cblr-11902	509	28	be	be	AUX
cblr-11902	509	29	exempted	exempt	VERB
cblr-11902	509	30	from	from	ADP
cblr-11902	509	31	recognition	recognition	NOUN
cblr-11902	509	32	under	under	ADP
cblr-11902	509	33	§	§	PROPN
cblr-11902	509	34	852(b)(6	852(b)(6	NUM
cblr-11902	509	35	)	)	PUNCT
cblr-11902	509	36	.	.	PUNCT
cblr-11902	510	1	one	one	NUM
cblr-11902	510	2	way	way	NOUN
cblr-11902	510	3	to	to	PART
cblr-11902	510	4	do	do	VERB
cblr-11902	510	5	so	so	ADV
cblr-11902	510	6	would	would	AUX
cblr-11902	510	7	be	be	AUX
cblr-11902	510	8	through	through	ADP
cblr-11902	510	9	the	the	DET
cblr-11902	510	10	irs	irs	PROPN
cblr-11902	510	11	,	,	PUNCT
cblr-11902	510	12	which	which	PRON
cblr-11902	510	13	could	could	AUX
cblr-11902	510	14	step	step	VERB
cblr-11902	510	15	in	in	ADV
cblr-11902	510	16	without	without	ADP
cblr-11902	510	17	any	any	DET
cblr-11902	510	18	action	action	NOUN
cblr-11902	510	19	from	from	ADP
cblr-11902	510	20	congress	congress	PROPN
cblr-11902	510	21	.	.	PUNCT
cblr-11902	511	1	the	the	DET
cblr-11902	511	2	irs	irs	PROPN
cblr-11902	511	3	already	already	ADV
cblr-11902	511	4	has	have	VERB
cblr-11902	511	5	a	a	DET
cblr-11902	511	6	tool	tool	NOUN
cblr-11902	511	7	to	to	PART
cblr-11902	511	8	address	address	VERB
cblr-11902	511	9	heartbeats	heartbeat	NOUN
cblr-11902	511	10	:	:	PUNCT
cblr-11902	511	11	the	the	DET
cblr-11902	511	12	longstanding	longstanding	ADJ
cblr-11902	511	13	“	"	PUNCT
cblr-11902	511	14	substance	substance	NOUN
cblr-11902	511	15	over	over	ADP
cblr-11902	511	16	form	form	NOUN
cblr-11902	511	17	”	"	PUNCT
cblr-11902	511	18	doctrine.245	doctrine.245	NOUN
cblr-11902	511	19	this	this	DET
cblr-11902	511	20	doctrine	doctrine	NOUN
cblr-11902	511	21	allows	allow	VERB
cblr-11902	511	22	the	the	DET
cblr-11902	511	23	irs	irs	PROPN
cblr-11902	511	24	to	to	PART
cblr-11902	511	25	ignore	ignore	VERB
cblr-11902	511	26	a	a	DET
cblr-11902	511	27	transaction	transaction	NOUN
cblr-11902	511	28	’s	’s	PART
cblr-11902	511	29	form	form	NOUN
cblr-11902	511	30	and	and	CCONJ
cblr-11902	511	31	examine	examine	VERB
cblr-11902	511	32	its	its	PRON
cblr-11902	511	33	actual	actual	ADJ
cblr-11902	511	34	substance	substance	NOUN
cblr-11902	511	35	,	,	PUNCT
cblr-11902	511	36	with	with	ADP
cblr-11902	511	37	the	the	DET
cblr-11902	511	38	goal	goal	NOUN
cblr-11902	511	39	of	of	ADP
cblr-11902	511	40	preventing	prevent	VERB
cblr-11902	511	41	mischaracterization	mischaracterization	NOUN
cblr-11902	511	42	of	of	ADP
cblr-11902	511	43	transactions	transaction	NOUN
cblr-11902	511	44	to	to	PART
cblr-11902	511	45	receive	receive	VERB
cblr-11902	511	46	more	more	ADV
cblr-11902	511	47	favorable	favorable	ADJ
cblr-11902	511	48	tax	tax	NOUN
cblr-11902	511	49	treatment.246	treatment.246	NOUN
cblr-11902	511	50	the	the	DET
cblr-11902	511	51	doctrine	doctrine	NOUN
cblr-11902	511	52	provides	provide	VERB
cblr-11902	511	53	that	that	SCONJ
cblr-11902	511	54	if	if	SCONJ
cblr-11902	511	55	the	the	DET
cblr-11902	511	56	form	form	NOUN
cblr-11902	511	57	of	of	ADP
cblr-11902	511	58	the	the	DET
cblr-11902	511	59	transaction	transaction	NOUN
cblr-11902	511	60	exists	exist	VERB
cblr-11902	511	61	only	only	ADV
cblr-11902	511	62	to	to	PART
cblr-11902	511	63	alter	alter	VERB
cblr-11902	511	64	the	the	DET
cblr-11902	511	65	parties	party	NOUN
cblr-11902	511	66	’	’	PART
cblr-11902	511	67	tax	tax	NOUN
cblr-11902	511	68	liabilities	liability	NOUN
cblr-11902	511	69	,	,	PUNCT
cblr-11902	511	70	the	the	DET
cblr-11902	511	71	form	form	NOUN
cblr-11902	511	72	will	will	AUX
cblr-11902	511	73	be	be	AUX
cblr-11902	511	74	disregarded	disregard	VERB
cblr-11902	511	75	and	and	CCONJ
cblr-11902	511	76	the	the	DET
cblr-11902	511	77	substance	substance	NOUN
cblr-11902	511	78	of	of	ADP
cblr-11902	511	79	the	the	DET
cblr-11902	511	80	transaction	transaction	NOUN
cblr-11902	511	81	will	will	AUX
cblr-11902	511	82	dictate	dictate	VERB
cblr-11902	511	83	the	the	DET
cblr-11902	511	84	tax	tax	NOUN
cblr-11902	511	85	consequences	consequence	NOUN
cblr-11902	511	86	of	of	ADP
cblr-11902	511	87	the	the	DET
cblr-11902	511	88	parties	party	NOUN
cblr-11902	511	89	involved.247	involved.247	VERB
cblr-11902	511	90	with	with	ADP
cblr-11902	511	91	heartbeats	heartbeat	NOUN
cblr-11902	511	92	,	,	PUNCT
cblr-11902	511	93	the	the	DET
cblr-11902	511	94	irs	irs	PROPN
cblr-11902	511	95	could	could	AUX
cblr-11902	511	96	use	use	VERB
cblr-11902	511	97	this	this	DET
cblr-11902	511	98	doctrine	doctrine	NOUN
cblr-11902	511	99	to	to	PART
cblr-11902	511	100	disregard	disregard	VERB
cblr-11902	511	101	the	the	DET
cblr-11902	511	102	trades	trade	NOUN
cblr-11902	511	103	“	"	PUNCT
cblr-11902	511	104	form	form	NOUN
cblr-11902	511	105	”	"	PUNCT
cblr-11902	511	106	as	as	ADP
cblr-11902	511	107	an	an	DET
cblr-11902	511	108	in	in	ADP
cblr-11902	511	109	-	-	PUNCT
cblr-11902	511	110	kind	kind	NOUN
cblr-11902	511	111	creation	creation	NOUN
cblr-11902	511	112	transaction	transaction	NOUN
cblr-11902	511	113	followed	follow	VERB
cblr-11902	511	114	by	by	ADP
cblr-11902	511	115	an	an	DET
cblr-11902	511	116	in	in	ADP
cblr-11902	511	117	-	-	PUNCT
cblr-11902	511	118	kind	kind	NOUN
cblr-11902	511	119	redemption	redemption	NOUN
cblr-11902	511	120	transaction	transaction	NOUN
cblr-11902	511	121	for	for	ADP
cblr-11902	511	122	the	the	DET
cblr-11902	511	123	actual	actual	ADJ
cblr-11902	511	124	substance	substance	NOUN
cblr-11902	511	125	of	of	ADP
cblr-11902	511	126	the	the	DET
cblr-11902	511	127	trade	trade	NOUN
cblr-11902	511	128	,	,	PUNCT
cblr-11902	511	129	which	which	PRON
cblr-11902	511	130	is	be	AUX
cblr-11902	511	131	a	a	DET
cblr-11902	511	132	taxable	taxable	ADJ
cblr-11902	511	133	exchange	exchange	NOUN
cblr-11902	511	134	of	of	ADP
cblr-11902	511	135	a	a	DET
cblr-11902	511	136	portfolio	portfolio	NOUN
cblr-11902	511	137	securities	security	NOUN
cblr-11902	511	138	for	for	ADP
cblr-11902	511	139	other	other	ADJ
cblr-11902	511	140	securities	security	NOUN
cblr-11902	511	141	of	of	ADP
cblr-11902	511	142	equal	equal	ADJ
cblr-11902	511	143	243	243	NUM
cblr-11902	511	144	see	see	NOUN
cblr-11902	511	145	table	table	NOUN
cblr-11902	511	146	d	d	NOUN
cblr-11902	511	147	in	in	ADP
cblr-11902	511	148	appendix	appendix	NOUN
cblr-11902	511	149	.	.	PUNCT
cblr-11902	512	1	244	244	NUM
cblr-11902	512	2	see	see	NOUN
cblr-11902	512	3	mider	mider	NOUN
cblr-11902	512	4	et	et	PROPN
cblr-11902	512	5	al	al	PROPN
cblr-11902	512	6	.	.	PROPN
cblr-11902	512	7	,	,	PUNCT
cblr-11902	512	8	supra	supra	PROPN
cblr-11902	512	9	note	note	NOUN
cblr-11902	512	10	10	10	NUM
cblr-11902	512	11	.	.	PUNCT
cblr-11902	513	1	245	245	NUM
cblr-11902	513	2	see	see	VERB
cblr-11902	513	3	gregory	gregory	PROPN
cblr-11902	513	4	v.	v.	ADP
cblr-11902	513	5	helvering	helvering	PROPN
cblr-11902	513	6	,	,	PUNCT
cblr-11902	513	7	293	293	NUM
cblr-11902	513	8	u.s	u.s	PROPN
cblr-11902	513	9	.	.	PROPN
cblr-11902	513	10	465	465	NUM
cblr-11902	513	11	(	(	PUNCT
cblr-11902	513	12	1935	1935	NUM
cblr-11902	513	13	)	)	PUNCT
cblr-11902	513	14	(	(	PUNCT
cblr-11902	513	15	supporting	support	VERB
cblr-11902	513	16	the	the	DET
cblr-11902	513	17	proposition	proposition	NOUN
cblr-11902	513	18	that	that	SCONJ
cblr-11902	513	19	,	,	PUNCT
cblr-11902	513	20	as	as	ADP
cblr-11902	513	21	a	a	DET
cblr-11902	513	22	general	general	ADJ
cblr-11902	513	23	rule	rule	NOUN
cblr-11902	513	24	,	,	PUNCT
cblr-11902	513	25	the	the	DET
cblr-11902	513	26	incident	incident	NOUN
cblr-11902	513	27	of	of	ADP
cblr-11902	513	28	taxation	taxation	NOUN
cblr-11902	513	29	depends	depend	VERB
cblr-11902	513	30	on	on	ADP
cblr-11902	513	31	the	the	DET
cblr-11902	513	32	substance	substance	NOUN
cblr-11902	513	33	rather	rather	ADV
cblr-11902	513	34	than	than	ADP
cblr-11902	513	35	form	form	NOUN
cblr-11902	513	36	of	of	ADP
cblr-11902	513	37	the	the	DET
cblr-11902	513	38	transaction	transaction	NOUN
cblr-11902	513	39	)	)	PUNCT
cblr-11902	513	40	.	.	PUNCT
cblr-11902	514	1	246	246	NUM
cblr-11902	514	2	see	see	VERB
cblr-11902	514	3	paldini	paldini	ADJ
cblr-11902	514	4	law	law	NOUN
cblr-11902	514	5	,	,	PUNCT
cblr-11902	514	6	what	what	PRON
cblr-11902	514	7	is	be	AUX
cblr-11902	514	8	the	the	DET
cblr-11902	514	9	substance	substance	NOUN
cblr-11902	514	10	over	over	ADP
cblr-11902	514	11	form	form	NOUN
cblr-11902	514	12	doctrine	doctrine	NOUN
cblr-11902	514	13	?	?	PUNCT
cblr-11902	514	14	,	,	PUNCT
cblr-11902	514	15	paldini	paldini	ADJ
cblr-11902	514	16	law	law	NOUN
cblr-11902	514	17	(	(	PUNCT
cblr-11902	514	18	oct	oct	PROPN
cblr-11902	514	19	.	.	PROPN
cblr-11902	514	20	20	20	NUM
cblr-11902	514	21	,	,	PUNCT
cblr-11902	514	22	2019	2019	NUM
cblr-11902	514	23	)	)	PUNCT
cblr-11902	514	24	https://paladinilaw.com/substance-over-form/	https://paladinilaw.com/substance-over-form/	NOUN
cblr-11902	515	1	[	[	X
cblr-11902	515	2	https://perma.cc/4bfv-zpxf	https://perma.cc/4bfv-zpxf	PROPN
cblr-11902	515	3	]	]	X
cblr-11902	515	4	.	.	PUNCT
cblr-11902	516	1	247	247	NUM
cblr-11902	516	2	see	see	NOUN
cblr-11902	516	3	hodaszy	hodaszy	NOUN
cblr-11902	516	4	,	,	PUNCT
cblr-11902	516	5	supra	supra	ADJ
cblr-11902	516	6	note	note	NOUN
cblr-11902	516	7	189	189	NUM
cblr-11902	516	8	,	,	PUNCT
cblr-11902	516	9	at	at	ADP
cblr-11902	516	10	594	594	NUM
cblr-11902	516	11	.	.	PUNCT
cblr-11902	517	1	no	no	INTJ
cblr-11902	517	2	.	.	NOUN
cblr-11902	518	1	1	1	NUM
cblr-11902	518	2	]	]	PUNCT
cblr-11902	518	3	sec	sec	PROPN
cblr-11902	518	4	rule	rule	NOUN
cblr-11902	518	5	6c-11	6c-11	PROPN
cblr-11902	518	6	’s	’s	PART
cblr-11902	518	7	impact	impact	NOUN
cblr-11902	518	8	on	on	ADP
cblr-11902	518	9	usage	usage	NOUN
cblr-11902	518	10	of	of	ADP
cblr-11902	518	11	heartbeat	heartbeat	NOUN
cblr-11902	518	12	trades	trade	VERB
cblr-11902	518	13	579	579	NUM
cblr-11902	518	14	market	market	NOUN
cblr-11902	518	15	value	value	NOUN
cblr-11902	518	16	,	,	PUNCT
cblr-11902	518	17	incurring	incur	VERB
cblr-11902	518	18	a	a	DET
cblr-11902	518	19	gain	gain	NOUN
cblr-11902	518	20	which	which	PRON
cblr-11902	518	21	an	an	DET
cblr-11902	518	22	etf	etf	NOUN
cblr-11902	518	23	wishes	wish	VERB
cblr-11902	518	24	to	to	PART
cblr-11902	518	25	remove.248	remove.248	VERB
cblr-11902	518	26	an	an	DET
cblr-11902	518	27	often	often	ADV
cblr-11902	518	28	-	-	PUNCT
cblr-11902	518	29	used	use	VERB
cblr-11902	518	30	variation	variation	NOUN
cblr-11902	518	31	of	of	ADP
cblr-11902	518	32	substance	substance	NOUN
cblr-11902	518	33	-	-	PUNCT
cblr-11902	518	34	over	over	ADP
cblr-11902	518	35	-	-	PUNCT
cblr-11902	518	36	form	form	NOUN
cblr-11902	518	37	is	be	AUX
cblr-11902	518	38	the	the	DET
cblr-11902	518	39	“	"	PUNCT
cblr-11902	518	40	step	step	NOUN
cblr-11902	518	41	-	-	PUNCT
cblr-11902	518	42	transaction	transaction	NOUN
cblr-11902	518	43	”	"	PUNCT
cblr-11902	518	44	doctrine	doctrine	NOUN
cblr-11902	518	45	,	,	PUNCT
cblr-11902	518	46	which	which	PRON
cblr-11902	518	47	mandates	mandate	VERB
cblr-11902	518	48	that	that	SCONJ
cblr-11902	518	49	formally	formally	ADV
cblr-11902	518	50	distinct	distinct	ADJ
cblr-11902	518	51	transactions	transaction	NOUN
cblr-11902	518	52	should	should	AUX
cblr-11902	518	53	be	be	AUX
cblr-11902	518	54	treated	treat	VERB
cblr-11902	518	55	as	as	ADP
cblr-11902	518	56	one	one	NUM
cblr-11902	518	57	integrated	integrate	VERB
cblr-11902	518	58	transaction	transaction	NOUN
cblr-11902	518	59	for	for	ADP
cblr-11902	518	60	tax	tax	NOUN
cblr-11902	518	61	purposes	purpose	NOUN
cblr-11902	518	62	if	if	SCONJ
cblr-11902	518	63	,	,	PUNCT
cblr-11902	518	64	when	when	SCONJ
cblr-11902	518	65	taking	take	VERB
cblr-11902	518	66	the	the	DET
cblr-11902	518	67	first	first	ADJ
cblr-11902	518	68	step	step	NOUN
cblr-11902	518	69	,	,	PUNCT
cblr-11902	518	70	the	the	DET
cblr-11902	518	71	parties	party	NOUN
cblr-11902	518	72	’	’	PART
cblr-11902	518	73	purpose	purpose	NOUN
cblr-11902	518	74	was	be	AUX
cblr-11902	518	75	to	to	PART
cblr-11902	518	76	achieve	achieve	VERB
cblr-11902	518	77	the	the	DET
cblr-11902	518	78	outcome	outcome	NOUN
cblr-11902	518	79	resulting	result	VERB
cblr-11902	518	80	from	from	ADP
cblr-11902	518	81	the	the	DET
cblr-11902	518	82	last	last	ADJ
cblr-11902	518	83	step.249	step.249	NOUN
cblr-11902	518	84	the	the	DET
cblr-11902	518	85	irs	irs	PROPN
cblr-11902	518	86	often	often	ADV
cblr-11902	518	87	applies	apply	VERB
cblr-11902	518	88	the	the	DET
cblr-11902	518	89	doctrine	doctrine	NOUN
cblr-11902	518	90	specifically	specifically	ADV
cblr-11902	518	91	to	to	ADP
cblr-11902	518	92	artificial	artificial	ADJ
cblr-11902	518	93	divisions	division	NOUN
cblr-11902	518	94	of	of	ADP
cblr-11902	518	95	transactions	transaction	NOUN
cblr-11902	518	96	that	that	PRON
cblr-11902	518	97	try	try	VERB
cblr-11902	518	98	to	to	PART
cblr-11902	518	99	characterize	characterize	VERB
cblr-11902	518	100	taxable	taxable	ADJ
cblr-11902	518	101	events	event	NOUN
cblr-11902	518	102	,	,	PUNCT
cblr-11902	518	103	like	like	ADP
cblr-11902	518	104	a	a	DET
cblr-11902	518	105	sale	sale	NOUN
cblr-11902	518	106	of	of	ADP
cblr-11902	518	107	property	property	NOUN
cblr-11902	518	108	,	,	PUNCT
cblr-11902	518	109	as	as	ADP
cblr-11902	518	110	nonrecognition	nonrecognition	NOUN
cblr-11902	518	111	events	event	NOUN
cblr-11902	518	112	,	,	PUNCT
cblr-11902	518	113	where	where	SCONJ
cblr-11902	518	114	taxes	taxis	NOUN
cblr-11902	518	115	would	would	AUX
cblr-11902	518	116	not	not	PART
cblr-11902	518	117	be	be	AUX
cblr-11902	518	118	owed.250	owed.250	ADJ
cblr-11902	518	119	there	there	PRON
cblr-11902	518	120	are	be	VERB
cblr-11902	518	121	three	three	NUM
cblr-11902	518	122	primary	primary	ADJ
cblr-11902	518	123	tests	test	NOUN
cblr-11902	518	124	used	use	VERB
cblr-11902	518	125	to	to	PART
cblr-11902	518	126	determine	determine	VERB
cblr-11902	518	127	if	if	SCONJ
cblr-11902	518	128	the	the	DET
cblr-11902	518	129	steptransaction	steptransaction	NOUN
cblr-11902	518	130	doctrine	doctrine	NOUN
cblr-11902	518	131	applies	apply	VERB
cblr-11902	518	132	:	:	PUNCT
cblr-11902	518	133	(	(	PUNCT
cblr-11902	518	134	1	1	X
cblr-11902	518	135	)	)	PUNCT
cblr-11902	518	136	the	the	DET
cblr-11902	518	137	“	"	PUNCT
cblr-11902	518	138	binding	binding	ADJ
cblr-11902	518	139	commitment	commitment	NOUN
cblr-11902	518	140	test	test	NOUN
cblr-11902	518	141	,	,	PUNCT
cblr-11902	518	142	”	"	PUNCT
cblr-11902	518	143	which	which	PRON
cblr-11902	518	144	considers	consider	VERB
cblr-11902	518	145	if	if	SCONJ
cblr-11902	518	146	there	there	PRON
cblr-11902	518	147	is	be	VERB
cblr-11902	518	148	an	an	DET
cblr-11902	518	149	agreement	agreement	NOUN
cblr-11902	518	150	to	to	PART
cblr-11902	518	151	take	take	VERB
cblr-11902	518	152	subsequent	subsequent	ADJ
cblr-11902	518	153	steps	step	NOUN
cblr-11902	518	154	when	when	SCONJ
cblr-11902	518	155	the	the	DET
cblr-11902	518	156	first	first	ADJ
cblr-11902	518	157	step	step	NOUN
cblr-11902	518	158	is	be	AUX
cblr-11902	518	159	undertaken	undertake	VERB
cblr-11902	518	160	,	,	PUNCT
cblr-11902	518	161	(	(	PUNCT
cblr-11902	518	162	2	2	X
cblr-11902	518	163	)	)	PUNCT
cblr-11902	518	164	the	the	DET
cblr-11902	518	165	“	"	PUNCT
cblr-11902	518	166	end	end	NOUN
cblr-11902	518	167	result	result	NOUN
cblr-11902	518	168	test	test	NOUN
cblr-11902	518	169	,	,	PUNCT
cblr-11902	518	170	”	"	PUNCT
cblr-11902	518	171	which	which	PRON
cblr-11902	518	172	considers	consider	VERB
cblr-11902	518	173	if	if	SCONJ
cblr-11902	518	174	the	the	DET
cblr-11902	518	175	transactions	transaction	NOUN
cblr-11902	518	176	were	be	AUX
cblr-11902	518	177	parts	part	NOUN
cblr-11902	518	178	of	of	ADP
cblr-11902	518	179	a	a	DET
cblr-11902	518	180	prearranged	prearranged	ADJ
cblr-11902	518	181	single	single	ADJ
cblr-11902	518	182	plan	plan	NOUN
cblr-11902	518	183	in	in	ADP
cblr-11902	518	184	which	which	PRON
cblr-11902	518	185	parties	party	NOUN
cblr-11902	518	186	intended	intend	VERB
cblr-11902	518	187	from	from	ADP
cblr-11902	518	188	the	the	DET
cblr-11902	518	189	outset	outset	NOUN
cblr-11902	518	190	to	to	PART
cblr-11902	518	191	reach	reach	VERB
cblr-11902	518	192	a	a	DET
cblr-11902	518	193	particular	particular	ADJ
cblr-11902	518	194	end	end	NOUN
cblr-11902	518	195	result	result	NOUN
cblr-11902	518	196	,	,	PUNCT
cblr-11902	518	197	and	and	CCONJ
cblr-11902	518	198	(	(	PUNCT
cblr-11902	518	199	3	3	X
cblr-11902	518	200	)	)	PUNCT
cblr-11902	518	201	the	the	DET
cblr-11902	518	202	“	"	PUNCT
cblr-11902	518	203	interdependence	interdependence	NOUN
cblr-11902	518	204	test	test	NOUN
cblr-11902	518	205	,	,	PUNCT
cblr-11902	518	206	”	"	PUNCT
cblr-11902	518	207	which	which	PRON
cblr-11902	518	208	considers	consider	VERB
cblr-11902	518	209	whether	whether	SCONJ
cblr-11902	518	210	the	the	DET
cblr-11902	518	211	transactions	transaction	NOUN
cblr-11902	518	212	are	be	AUX
cblr-11902	518	213	so	so	ADV
cblr-11902	518	214	interdependent	interdependent	ADJ
cblr-11902	518	215	that	that	SCONJ
cblr-11902	518	216	the	the	DET
cblr-11902	518	217	first	first	ADJ
cblr-11902	518	218	step	step	NOUN
cblr-11902	518	219	would	would	AUX
cblr-11902	518	220	be	be	AUX
cblr-11902	518	221	fruitless	fruitless	ADJ
cblr-11902	518	222	without	without	ADP
cblr-11902	518	223	the	the	DET
cblr-11902	518	224	later	later	ADJ
cblr-11902	518	225	steps.251	steps.251	NOUN
cblr-11902	518	226	the	the	DET
cblr-11902	518	227	irs	irs	PROPN
cblr-11902	518	228	could	could	AUX
cblr-11902	518	229	apply	apply	VERB
cblr-11902	518	230	any	any	DET
cblr-11902	518	231	formulation	formulation	NOUN
cblr-11902	518	232	to	to	ADP
cblr-11902	518	233	a	a	DET
cblr-11902	518	234	heartbeat	heartbeat	NOUN
cblr-11902	518	235	trade	trade	NOUN
cblr-11902	518	236	,	,	PUNCT
cblr-11902	518	237	and	and	CCONJ
cblr-11902	518	238	the	the	DET
cblr-11902	518	239	trade	trade	NOUN
cblr-11902	518	240	would	would	AUX
cblr-11902	518	241	meet	meet	VERB
cblr-11902	518	242	the	the	DET
cblr-11902	518	243	criteria	criterion	NOUN
cblr-11902	518	244	.	.	PUNCT
cblr-11902	519	1	in	in	ADP
cblr-11902	519	2	this	this	DET
cblr-11902	519	3	analysis	analysis	NOUN
cblr-11902	519	4	,	,	PUNCT
cblr-11902	519	5	the	the	DET
cblr-11902	519	6	aps	ap	NOUN
cblr-11902	519	7	’	'	PUNCT
cblr-11902	519	8	delivery	delivery	NOUN
cblr-11902	519	9	of	of	ADP
cblr-11902	519	10	shares	share	NOUN
cblr-11902	519	11	to	to	ADP
cblr-11902	519	12	etfs	etfs	PROPN
cblr-11902	519	13	would	would	AUX
cblr-11902	519	14	be	be	AUX
cblr-11902	519	15	the	the	DET
cblr-11902	519	16	first	first	ADJ
cblr-11902	519	17	-	-	PUNCT
cblr-11902	519	18	step	step	NOUN
cblr-11902	519	19	transaction	transaction	NOUN
cblr-11902	519	20	,	,	PUNCT
cblr-11902	519	21	and	and	CCONJ
cblr-11902	519	22	the	the	DET
cblr-11902	519	23	subsequent	subsequent	ADJ
cblr-11902	519	24	redemption	redemption	NOUN
cblr-11902	519	25	of	of	ADP
cblr-11902	519	26	shares	share	NOUN
cblr-11902	519	27	for	for	ADP
cblr-11902	519	28	appreciated	appreciated	ADJ
cblr-11902	519	29	securities	security	NOUN
cblr-11902	519	30	would	would	AUX
cblr-11902	519	31	constitute	constitute	VERB
cblr-11902	519	32	the	the	DET
cblr-11902	519	33	second	second	ADJ
cblr-11902	519	34	-	-	PUNCT
cblr-11902	519	35	step	step	NOUN
cblr-11902	519	36	transaction	transaction	NOUN
cblr-11902	519	37	.	.	PUNCT
cblr-11902	520	1	etfs	etfs	PROPN
cblr-11902	520	2	and	and	CCONJ
cblr-11902	520	3	their	their	PRON
cblr-11902	520	4	counterparty	counterparty	NOUN
cblr-11902	520	5	clearly	clearly	ADV
cblr-11902	520	6	have	have	VERB
cblr-11902	520	7	an	an	DET
cblr-11902	520	8	agreement	agreement	NOUN
cblr-11902	520	9	before	before	ADP
cblr-11902	520	10	the	the	DET
cblr-11902	520	11	trade	trade	NOUN
cblr-11902	520	12	that	that	PRON
cblr-11902	520	13	the	the	DET
cblr-11902	520	14	ap	ap	PROPN
cblr-11902	520	15	will	will	AUX
cblr-11902	520	16	create	create	VERB
cblr-11902	520	17	shares	share	NOUN
cblr-11902	520	18	in	in	ADP
cblr-11902	520	19	the	the	DET
cblr-11902	520	20	fund	fund	NOUN
cblr-11902	520	21	to	to	ADP
cblr-11902	520	22	the	the	DET
cblr-11902	520	23	fund	fund	NOUN
cblr-11902	520	24	,	,	PUNCT
cblr-11902	520	25	hold	hold	VERB
cblr-11902	520	26	those	those	DET
cblr-11902	520	27	shares	share	NOUN
cblr-11902	520	28	for	for	ADP
cblr-11902	520	29	a	a	DET
cblr-11902	520	30	set	set	ADJ
cblr-11902	520	31	time	time	NOUN
cblr-11902	520	32	period	period	NOUN
cblr-11902	520	33	,	,	PUNCT
cblr-11902	520	34	and	and	CCONJ
cblr-11902	520	35	then	then	ADV
cblr-11902	520	36	redeem	redeem	VERB
cblr-11902	520	37	the	the	DET
cblr-11902	520	38	shares.252	shares.252	NOUN
cblr-11902	520	39	in	in	ADP
cblr-11902	520	40	fact	fact	NOUN
cblr-11902	520	41	,	,	PUNCT
cblr-11902	520	42	the	the	DET
cblr-11902	520	43	industry	industry	NOUN
cblr-11902	520	44	even	even	ADV
cblr-11902	520	45	has	have	AUX
cblr-11902	520	46	248	248	NUM
cblr-11902	520	47	see	see	VERB
cblr-11902	520	48	i	i	PRON
cblr-11902	520	49	d.	d.	PROPN
cblr-11902	520	50	at	at	ADP
cblr-11902	520	51	596	596	NUM
cblr-11902	520	52	.	.	PUNCT
cblr-11902	521	1	249	249	NUM
cblr-11902	521	2	see	see	VERB
cblr-11902	521	3	i	i	PRON
cblr-11902	521	4	d.	d.	PROPN
cblr-11902	521	5	at	at	ADP
cblr-11902	521	6	594	594	NUM
cblr-11902	521	7	.	.	PUNCT
cblr-11902	522	1	250	250	NUM
cblr-11902	522	2	see	see	VERB
cblr-11902	522	3	i	i	PROPN
cblr-11902	522	4	d.	d.	PROPN
cblr-11902	522	5	;	;	PUNCT
cblr-11902	522	6	see	see	VERB
cblr-11902	522	7	also	also	ADV
cblr-11902	522	8	26	26	NUM
cblr-11902	522	9	u.s.c	u.s.c	ADJ
cblr-11902	522	10	.	.	PUNCT
cblr-11902	523	1	§	§	PROPN
cblr-11902	523	2	1001(c	1001(c	NOUN
cblr-11902	523	3	)	)	PUNCT
cblr-11902	523	4	(	(	PUNCT
cblr-11902	523	5	“	"	PUNCT
cblr-11902	523	6	except	except	SCONJ
cblr-11902	523	7	as	as	ADV
cblr-11902	523	8	otherwise	otherwise	ADV
cblr-11902	523	9	provided	provide	VERB
cblr-11902	523	10	in	in	ADP
cblr-11902	523	11	this	this	DET
cblr-11902	523	12	subtitle	subtitle	NOUN
cblr-11902	523	13	,	,	PUNCT
cblr-11902	523	14	the	the	DET
cblr-11902	523	15	entire	entire	ADJ
cblr-11902	523	16	amount	amount	NOUN
cblr-11902	523	17	of	of	ADP
cblr-11902	523	18	the	the	DET
cblr-11902	523	19	gain	gain	NOUN
cblr-11902	523	20	or	or	CCONJ
cblr-11902	523	21	loss	loss	NOUN
cblr-11902	523	22	,	,	PUNCT
cblr-11902	523	23	determined	determine	VERB
cblr-11902	523	24	under	under	ADP
cblr-11902	523	25	this	this	DET
cblr-11902	523	26	section	section	NOUN
cblr-11902	523	27	,	,	PUNCT
cblr-11902	523	28	on	on	ADP
cblr-11902	523	29	the	the	DET
cblr-11902	523	30	sale	sale	NOUN
cblr-11902	523	31	or	or	CCONJ
cblr-11902	523	32	exchange	exchange	NOUN
cblr-11902	523	33	of	of	ADP
cblr-11902	523	34	property	property	NOUN
cblr-11902	523	35	shall	shall	AUX
cblr-11902	523	36	be	be	AUX
cblr-11902	523	37	recognized	recognize	VERB
cblr-11902	523	38	”	"	PUNCT
cblr-11902	523	39	)	)	PUNCT
cblr-11902	523	40	.	.	PUNCT
cblr-11902	524	1	251	251	NUM
cblr-11902	524	2	see	see	VERB
cblr-11902	524	3	hodaszy	hodaszy	NOUN
cblr-11902	524	4	,	,	PUNCT
cblr-11902	524	5	supra	supra	ADJ
cblr-11902	524	6	note	note	NOUN
cblr-11902	524	7	189	189	NUM
cblr-11902	524	8	,	,	PUNCT
cblr-11902	524	9	at	at	ADP
cblr-11902	524	10	595	595	NUM
cblr-11902	524	11	.	.	PUNCT
cblr-11902	525	1	252	252	NUM
cblr-11902	525	2	see	see	NOUN
cblr-11902	525	3	mider	mider	NOUN
cblr-11902	525	4	et	et	PROPN
cblr-11902	525	5	al	al	PROPN
cblr-11902	525	6	.	.	PROPN
cblr-11902	525	7	,	,	PUNCT
cblr-11902	525	8	supra	supra	PROPN
cblr-11902	525	9	note	note	PROPN
cblr-11902	525	10	10	10	NUM
cblr-11902	525	11	(	(	PUNCT
cblr-11902	525	12	stating	state	VERB
cblr-11902	525	13	that	that	SCONJ
cblr-11902	525	14	funds	fund	NOUN
cblr-11902	525	15	call	call	VERB
cblr-11902	525	16	up	up	ADP
cblr-11902	525	17	bankers	banker	NOUN
cblr-11902	525	18	,	,	PUNCT
cblr-11902	525	19	ask	ask	VERB
cblr-11902	525	20	for	for	ADP
cblr-11902	525	21	a	a	DET
cblr-11902	525	22	certain	certain	ADJ
cblr-11902	525	23	amount	amount	NOUN
cblr-11902	525	24	and	and	CCONJ
cblr-11902	525	25	insist	insist	VERB
cblr-11902	525	26	on	on	ADP
cblr-11902	525	27	keeping	keep	VERB
cblr-11902	525	28	it	it	PRON
cblr-11902	525	29	for	for	ADP
cblr-11902	525	30	more	more	ADJ
cblr-11902	525	31	than	than	ADP
cblr-11902	525	32	a	a	DET
cblr-11902	525	33	day	day	NOUN
cblr-11902	525	34	)	)	PUNCT
cblr-11902	525	35	.	.	PUNCT
cblr-11902	526	1	580	580	NUM
cblr-11902	526	2	columbia	columbia	PROPN
cblr-11902	526	3	business	business	NOUN
cblr-11902	526	4	law	law	PROPN
cblr-11902	526	5	review	review	NOUN
cblr-11902	526	6	[	[	X
cblr-11902	526	7	vol	vol	NOUN
cblr-11902	526	8	.	.	PUNCT
cblr-11902	526	9	2023	2023	NUM
cblr-11902	526	10	set	set	VERB
cblr-11902	526	11	a	a	DET
cblr-11902	526	12	standard	standard	ADJ
cblr-11902	526	13	amount	amount	NOUN
cblr-11902	526	14	of	of	ADP
cblr-11902	526	15	time	time	NOUN
cblr-11902	526	16	of	of	ADP
cblr-11902	526	17	48	48	NUM
cblr-11902	526	18	hours	hour	NOUN
cblr-11902	526	19	to	to	PART
cblr-11902	526	20	avoid	avoid	VERB
cblr-11902	526	21	scrutiny	scrutiny	NOUN
cblr-11902	526	22	by	by	ADP
cblr-11902	526	23	the	the	DET
cblr-11902	526	24	irs.253	irs.253	NOUN
cblr-11902	526	25	the	the	DET
cblr-11902	526	26	end	end	NOUN
cblr-11902	526	27	result	result	NOUN
cblr-11902	526	28	of	of	ADP
cblr-11902	526	29	a	a	DET
cblr-11902	526	30	heartbeat	heartbeat	NOUN
cblr-11902	526	31	trade	trade	NOUN
cblr-11902	526	32	is	be	AUX
cblr-11902	526	33	that	that	SCONJ
cblr-11902	526	34	an	an	DET
cblr-11902	526	35	ap	ap	PROPN
cblr-11902	526	36	exchanges	exchange	VERB
cblr-11902	526	37	a	a	DET
cblr-11902	526	38	set	set	NOUN
cblr-11902	526	39	of	of	ADP
cblr-11902	526	40	securities	security	NOUN
cblr-11902	526	41	with	with	ADP
cblr-11902	526	42	the	the	DET
cblr-11902	526	43	fund	fund	NOUN
cblr-11902	526	44	(	(	PUNCT
cblr-11902	526	45	step	step	NOUN
cblr-11902	526	46	one	one	NUM
cblr-11902	526	47	)	)	PUNCT
cblr-11902	526	48	for	for	ADP
cblr-11902	526	49	a	a	DET
cblr-11902	526	50	different	different	ADJ
cblr-11902	526	51	set	set	NOUN
cblr-11902	526	52	of	of	ADP
cblr-11902	526	53	securities	security	NOUN
cblr-11902	526	54	(	(	PUNCT
cblr-11902	526	55	step	step	NOUN
cblr-11902	526	56	two	two	NUM
cblr-11902	526	57	)	)	PUNCT
cblr-11902	526	58	,	,	PUNCT
cblr-11902	526	59	typically	typically	ADV
cblr-11902	526	60	the	the	DET
cblr-11902	526	61	stock	stock	NOUN
cblr-11902	526	62	leaving	leave	VERB
cblr-11902	526	63	the	the	DET
cblr-11902	526	64	index.254	index.254	NOUN
cblr-11902	526	65	finally	finally	ADV
cblr-11902	526	66	,	,	PUNCT
cblr-11902	526	67	the	the	DET
cblr-11902	526	68	first	first	ADJ
cblr-11902	526	69	step	step	NOUN
cblr-11902	526	70	would	would	AUX
cblr-11902	526	71	be	be	AUX
cblr-11902	526	72	fruitless	fruitless	ADJ
cblr-11902	526	73	without	without	ADP
cblr-11902	526	74	the	the	DET
cblr-11902	526	75	redemption	redemption	NOUN
cblr-11902	526	76	step	step	NOUN
cblr-11902	526	77	;	;	PUNCT
cblr-11902	526	78	in	in	ADP
cblr-11902	526	79	fact	fact	NOUN
cblr-11902	526	80	,	,	PUNCT
cblr-11902	526	81	the	the	DET
cblr-11902	526	82	first	first	ADJ
cblr-11902	526	83	step	step	NOUN
cblr-11902	526	84	would	would	AUX
cblr-11902	526	85	likely	likely	ADV
cblr-11902	526	86	not	not	PART
cblr-11902	526	87	occur	occur	VERB
cblr-11902	526	88	if	if	SCONJ
cblr-11902	526	89	the	the	DET
cblr-11902	526	90	ap	ap	PROPN
cblr-11902	526	91	was	be	AUX
cblr-11902	526	92	not	not	PART
cblr-11902	526	93	later	later	ADV
cblr-11902	526	94	allowed	allow	VERB
cblr-11902	526	95	to	to	PART
cblr-11902	526	96	redeem	redeem	VERB
cblr-11902	526	97	its	its	PRON
cblr-11902	526	98	capital	capital	NOUN
cblr-11902	526	99	as	as	SCONJ
cblr-11902	526	100	the	the	DET
cblr-11902	526	101	intent	intent	NOUN
cblr-11902	526	102	is	be	AUX
cblr-11902	526	103	not	not	PART
cblr-11902	526	104	to	to	PART
cblr-11902	526	105	invest	invest	VERB
cblr-11902	526	106	in	in	ADP
cblr-11902	526	107	the	the	DET
cblr-11902	526	108	etf	etf	NOUN
cblr-11902	526	109	long	long	ADJ
cblr-11902	526	110	-	-	PUNCT
cblr-11902	526	111	term	term	NOUN
cblr-11902	526	112	but	but	SCONJ
cblr-11902	526	113	to	to	PART
cblr-11902	526	114	temporarily	temporarily	ADV
cblr-11902	526	115	loan	loan	VERB
cblr-11902	526	116	capital.255	capital.255	PROPN
cblr-11902	526	117	thus	thus	ADV
cblr-11902	526	118	,	,	PUNCT
cblr-11902	526	119	the	the	DET
cblr-11902	526	120	two	two	NUM
cblr-11902	526	121	steps	step	NOUN
cblr-11902	526	122	are	be	AUX
cblr-11902	526	123	interdependent	interdependent	ADJ
cblr-11902	526	124	,	,	PUNCT
cblr-11902	526	125	and	and	CCONJ
cblr-11902	526	126	the	the	DET
cblr-11902	526	127	creation	creation	NOUN
cblr-11902	526	128	of	of	ADP
cblr-11902	526	129	shares	share	NOUN
cblr-11902	526	130	and	and	CCONJ
cblr-11902	526	131	subsequent	subsequent	ADJ
cblr-11902	526	132	redemption	redemption	NOUN
cblr-11902	526	133	of	of	ADP
cblr-11902	526	134	shares	share	NOUN
cblr-11902	526	135	should	should	AUX
cblr-11902	526	136	be	be	AUX
cblr-11902	526	137	treated	treat	VERB
cblr-11902	526	138	as	as	ADP
cblr-11902	526	139	one	one	NUM
cblr-11902	526	140	transaction	transaction	NOUN
cblr-11902	526	141	,	,	PUNCT
cblr-11902	526	142	namely	namely	ADV
cblr-11902	526	143	an	an	DET
cblr-11902	526	144	exchange	exchange	NOUN
cblr-11902	526	145	of	of	ADP
cblr-11902	526	146	one	one	NUM
cblr-11902	526	147	set	set	NOUN
cblr-11902	526	148	of	of	ADP
cblr-11902	526	149	securities	security	NOUN
cblr-11902	526	150	for	for	ADP
cblr-11902	526	151	another	another	PRON
cblr-11902	526	152	,	,	PUNCT
cblr-11902	526	153	which	which	PRON
cblr-11902	526	154	is	be	AUX
cblr-11902	526	155	a	a	DET
cblr-11902	526	156	taxable	taxable	ADJ
cblr-11902	526	157	event.256	event.256	NOUN
cblr-11902	526	158	clearly	clearly	ADV
cblr-11902	526	159	,	,	PUNCT
cblr-11902	526	160	the	the	DET
cblr-11902	526	161	irs	irs	PROPN
cblr-11902	526	162	has	have	VERB
cblr-11902	526	163	the	the	DET
cblr-11902	526	164	tools	tool	NOUN
cblr-11902	526	165	at	at	ADP
cblr-11902	526	166	its	its	PRON
cblr-11902	526	167	disposal	disposal	NOUN
cblr-11902	526	168	to	to	PART
cblr-11902	526	169	make	make	VERB
cblr-11902	526	170	heartbeat	heartbeat	NOUN
cblr-11902	526	171	trades	trade	NOUN
cblr-11902	526	172	a	a	DET
cblr-11902	526	173	recognition	recognition	NOUN
cblr-11902	526	174	event	event	NOUN
cblr-11902	526	175	,	,	PUNCT
cblr-11902	526	176	but	but	CCONJ
cblr-11902	526	177	it	it	PRON
cblr-11902	526	178	still	still	ADV
cblr-11902	526	179	has	have	AUX
cblr-11902	526	180	chosen	choose	VERB
cblr-11902	526	181	not	not	PART
cblr-11902	526	182	to	to	PART
cblr-11902	526	183	act.257	act.257	VERB
cblr-11902	526	184	perhaps	perhaps	ADV
cblr-11902	526	185	,	,	PUNCT
cblr-11902	526	186	it	it	PRON
cblr-11902	526	187	is	be	AUX
cblr-11902	526	188	reluctant	reluctant	ADJ
cblr-11902	526	189	to	to	PART
cblr-11902	526	190	interfere	interfere	VERB
cblr-11902	526	191	in	in	ADP
cblr-11902	526	192	any	any	DET
cblr-11902	526	193	manner	manner	NOUN
cblr-11902	526	194	that	that	PRON
cblr-11902	526	195	would	would	AUX
cblr-11902	526	196	impede	impede	VERB
cblr-11902	526	197	etf	etf	NOUN
cblr-11902	526	198	operations	operation	NOUN
cblr-11902	526	199	,	,	PUNCT
cblr-11902	526	200	especially	especially	ADV
cblr-11902	526	201	in	in	ADP
cblr-11902	526	202	light	light	NOUN
cblr-11902	526	203	of	of	ADP
cblr-11902	526	204	the	the	DET
cblr-11902	526	205	sec	sec	PROPN
cblr-11902	526	206	’s	’s	PART
cblr-11902	526	207	endorsement	endorsement	NOUN
cblr-11902	526	208	of	of	ADP
cblr-11902	526	209	in	in	ADP
cblr-11902	526	210	-	-	PUNCT
cblr-11902	526	211	kind	kind	NOUN
cblr-11902	526	212	redemptions	redemption	NOUN
cblr-11902	526	213	,	,	PUNCT
cblr-11902	526	214	most	most	ADV
cblr-11902	526	215	recently	recently	ADV
cblr-11902	526	216	in	in	ADP
cblr-11902	526	217	the	the	DET
cblr-11902	526	218	passage	passage	NOUN
cblr-11902	526	219	of	of	ADP
cblr-11902	526	220	rule	rule	NOUN
cblr-11902	526	221	6c-11.258	6c-11.258	NUM
cblr-11902	526	222	although	although	SCONJ
cblr-11902	526	223	continued	continue	VERB
cblr-11902	526	224	inaction	inaction	NOUN
cblr-11902	526	225	would	would	AUX
cblr-11902	526	226	be	be	AUX
cblr-11902	526	227	a	a	DET
cblr-11902	526	228	violation	violation	NOUN
cblr-11902	526	229	of	of	ADP
cblr-11902	526	230	the	the	DET
cblr-11902	526	231	irs	irs	PROPN
cblr-11902	526	232	’s	’s	PART
cblr-11902	526	233	duty	duty	NOUN
cblr-11902	526	234	to	to	PART
cblr-11902	526	235	apply	apply	VERB
cblr-11902	526	236	the	the	DET
cblr-11902	526	237	tax	tax	NOUN
cblr-11902	526	238	law	law	NOUN
cblr-11902	526	239	,	,	PUNCT
cblr-11902	526	240	the	the	DET
cblr-11902	526	241	irs	irs	PROPN
cblr-11902	526	242	is	be	AUX
cblr-11902	526	243	thankfully	thankfully	ADV
cblr-11902	526	244	not	not	PART
cblr-11902	526	245	the	the	DET
cblr-11902	526	246	only	only	ADJ
cblr-11902	526	247	solution	solution	NOUN
cblr-11902	526	248	to	to	ADP
cblr-11902	526	249	making	make	VERB
cblr-11902	526	250	heartbeat	heartbeat	NOUN
cblr-11902	526	251	trades	trade	NOUN
cblr-11902	526	252	a	a	DET
cblr-11902	526	253	taxable	taxable	ADJ
cblr-11902	526	254	transaction	transaction	NOUN
cblr-11902	526	255	.	.	PUNCT
cblr-11902	527	1	congress	congress	PROPN
cblr-11902	527	2	could	could	AUX
cblr-11902	527	3	also	also	ADV
cblr-11902	527	4	remove	remove	VERB
cblr-11902	527	5	heartbeat	heartbeat	NOUN
cblr-11902	527	6	trades	trade	NOUN
cblr-11902	527	7	from	from	ADP
cblr-11902	527	8	§	§	PROPN
cblr-11902	527	9	852(b)(6	852(b)(6	NUM
cblr-11902	527	10	)	)	PUNCT
cblr-11902	527	11	exemption	exemption	NOUN
cblr-11902	527	12	with	with	ADP
cblr-11902	527	13	minor	minor	ADJ
cblr-11902	527	14	alterations	alteration	NOUN
cblr-11902	527	15	to	to	ADP
cblr-11902	527	16	the	the	DET
cblr-11902	527	17	existing	exist	VERB
cblr-11902	527	18	§	§	PROPN
cblr-11902	527	19	852(b)(6	852(b)(6	NUM
cblr-11902	527	20	)	)	PUNCT
cblr-11902	527	21	language	language	NOUN
cblr-11902	527	22	,	,	PUNCT
cblr-11902	527	23	which	which	PRON
cblr-11902	527	24	exempts	exempt	VERB
cblr-11902	527	25	“	"	PUNCT
cblr-11902	527	26	any	any	DET
cblr-11902	527	27	distribution	distribution	NOUN
cblr-11902	527	28	by	by	ADP
cblr-11902	527	29	a	a	PRON
cblr-11902	527	30	[	[	X
cblr-11902	527	31	ric	ric	X
cblr-11902	527	32	]	]	X
cblr-11902	527	33	.	.	PUNCT
cblr-11902	527	34	.	.	PUNCT
cblr-11902	528	1	.if	.if	PUNCT
cblr-11902	529	1	such	such	ADJ
cblr-11902	529	2	distribution	distribution	NOUN
cblr-11902	529	3	is	be	AUX
cblr-11902	529	4	in	in	ADP
cblr-11902	529	5	redemption	redemption	NOUN
cblr-11902	529	6	of	of	ADP
cblr-11902	529	7	its	its	PRON
cblr-11902	529	8	stock	stock	NOUN
cblr-11902	529	9	upon	upon	SCONJ
cblr-11902	529	10	the	the	DET
cblr-11902	529	11	demand	demand	NOUN
cblr-11902	529	12	of	of	ADP
cblr-11902	529	13	the	the	DET
cblr-11902	529	14	shareholder”259	shareholder”259	NOUN
cblr-11902	529	15	from	from	ADP
cblr-11902	529	16	gain	gain	NOUN
cblr-11902	529	17	recognition	recognition	NOUN
cblr-11902	529	18	.	.	PUNCT
cblr-11902	530	1	currently	currently	ADV
cblr-11902	530	2	,	,	PUNCT
cblr-11902	530	3	heartbeat	heartbeat	NOUN
cblr-11902	530	4	trades	trade	NOUN
cblr-11902	530	5	fall	fall	VERB
cblr-11902	530	6	within	within	ADP
cblr-11902	530	7	that	that	DET
cblr-11902	530	8	language	language	NOUN
cblr-11902	530	9	as	as	ADP
cblr-11902	530	10	the	the	DET
cblr-11902	530	11	253	253	NUM
cblr-11902	530	12	see	see	NOUN
cblr-11902	530	13	mider	mider	NOUN
cblr-11902	530	14	et	et	PROPN
cblr-11902	530	15	al	al	PROPN
cblr-11902	530	16	.	.	PROPN
cblr-11902	530	17	,	,	PUNCT
cblr-11902	530	18	supra	supra	PROPN
cblr-11902	530	19	note	note	PROPN
cblr-11902	530	20	10	10	NUM
cblr-11902	530	21	(	(	PUNCT
cblr-11902	530	22	noting	note	VERB
cblr-11902	530	23	“	"	PUNCT
cblr-11902	530	24	the	the	DET
cblr-11902	530	25	industry	industry	NOUN
cblr-11902	530	26	standard	standard	NOUN
cblr-11902	530	27	is	be	AUX
cblr-11902	530	28	48	48	NUM
cblr-11902	530	29	hours	hour	NOUN
cblr-11902	530	30	,	,	PUNCT
cblr-11902	530	31	”	"	PUNCT
cblr-11902	530	32	after	after	SCONJ
cblr-11902	530	33	there	there	PRON
cblr-11902	530	34	was	be	VERB
cblr-11902	530	35	alarm	alarm	NOUN
cblr-11902	530	36	amongst	amongst	ADP
cblr-11902	530	37	etf	etf	NOUN
cblr-11902	530	38	lawyers	lawyer	NOUN
cblr-11902	530	39	when	when	SCONJ
cblr-11902	530	40	banks	bank	NOUN
cblr-11902	530	41	were	be	AUX
cblr-11902	530	42	completing	complete	VERB
cblr-11902	530	43	heartbeats	heartbeat	NOUN
cblr-11902	530	44	in	in	ADP
cblr-11902	530	45	less	less	ADJ
cblr-11902	530	46	than	than	ADP
cblr-11902	530	47	a	a	DET
cblr-11902	530	48	day	day	NOUN
cblr-11902	530	49	)	)	PUNCT
cblr-11902	530	50	.	.	PUNCT
cblr-11902	531	1	254	254	NUM
cblr-11902	531	2	see	see	VERB
cblr-11902	531	3	hodaszy	hodaszy	NOUN
cblr-11902	531	4	,	,	PUNCT
cblr-11902	531	5	supra	supra	ADJ
cblr-11902	531	6	note	note	NOUN
cblr-11902	531	7	189	189	NUM
cblr-11902	531	8	,	,	PUNCT
cblr-11902	531	9	at	at	ADP
cblr-11902	531	10	596	596	NUM
cblr-11902	531	11	.	.	PUNCT
cblr-11902	531	12	255	255	NUM
cblr-11902	531	13	see	see	VERB
cblr-11902	531	14	i	i	PRON
cblr-11902	531	15	d.	d.	PROPN
cblr-11902	531	16	;	;	PUNCT
cblr-11902	531	17	see	see	VERB
cblr-11902	531	18	also	also	ADV
cblr-11902	531	19	mider	mider	VERB
cblr-11902	531	20	et	et	PROPN
cblr-11902	531	21	al	al	PROPN
cblr-11902	531	22	.	.	PROPN
cblr-11902	531	23	,	,	PUNCT
cblr-11902	531	24	supra	supra	PROPN
cblr-11902	531	25	note	note	PROPN
cblr-11902	531	26	10	10	NUM
cblr-11902	531	27	(	(	PUNCT
cblr-11902	531	28	noting	note	VERB
cblr-11902	531	29	that	that	SCONJ
cblr-11902	531	30	banks	bank	NOUN
cblr-11902	531	31	want	want	VERB
cblr-11902	531	32	to	to	PART
cblr-11902	531	33	tie	tie	VERB
cblr-11902	531	34	up	up	ADP
cblr-11902	531	35	their	their	PRON
cblr-11902	531	36	capital	capital	NOUN
cblr-11902	531	37	as	as	ADV
cblr-11902	531	38	little	little	ADJ
cblr-11902	531	39	as	as	ADP
cblr-11902	531	40	possible	possible	ADJ
cblr-11902	531	41	)	)	PUNCT
cblr-11902	531	42	.	.	PUNCT
cblr-11902	532	1	256	256	NUM
cblr-11902	532	2	see	see	VERB
cblr-11902	532	3	hodaszy	hodaszy	NOUN
cblr-11902	532	4	,	,	PUNCT
cblr-11902	532	5	supra	supra	ADJ
cblr-11902	532	6	note	note	NOUN
cblr-11902	532	7	189	189	NUM
cblr-11902	532	8	,	,	PUNCT
cblr-11902	532	9	at	at	ADP
cblr-11902	532	10	596–97	596–97	NUM
cblr-11902	532	11	.	.	PUNCT
cblr-11902	533	1	257	257	NUM
cblr-11902	533	2	see	see	VERB
cblr-11902	533	3	supra	supra	PROPN
cblr-11902	533	4	note	note	PROPN
cblr-11902	533	5	113	113	NUM
cblr-11902	533	6	.	.	PUNCT
cblr-11902	533	7	258	258	NUM
cblr-11902	533	8	see	see	VERB
cblr-11902	533	9	supra	supra	PROPN
cblr-11902	533	10	note	note	PROPN
cblr-11902	533	11	192	192	NUM
cblr-11902	533	12	;	;	PUNCT
cblr-11902	533	13	see	see	VERB
cblr-11902	533	14	also	also	ADV
cblr-11902	533	15	hodaszy	hodaszy	ADJ
cblr-11902	533	16	,	,	PUNCT
cblr-11902	533	17	supra	supra	ADJ
cblr-11902	533	18	note	note	NOUN
cblr-11902	533	19	189	189	NUM
cblr-11902	533	20	,	,	PUNCT
cblr-11902	533	21	at	at	ADP
cblr-11902	533	22	595	595	NUM
cblr-11902	533	23	.	.	PUNCT
cblr-11902	534	1	259	259	NUM
cblr-11902	534	2	26	26	NUM
cblr-11902	534	3	u.s.c	u.s.c	NOUN
cblr-11902	534	4	.	.	PUNCT
cblr-11902	535	1	§	§	PROPN
cblr-11902	535	2	852(b)(6	852(b)(6	PROPN
cblr-11902	535	3	)	)	PUNCT
cblr-11902	535	4	.	.	PUNCT
cblr-11902	536	1	no	no	INTJ
cblr-11902	536	2	.	.	NOUN
cblr-11902	537	1	1	1	NUM
cblr-11902	537	2	]	]	PUNCT
cblr-11902	537	3	sec	sec	PROPN
cblr-11902	537	4	rule	rule	NOUN
cblr-11902	537	5	6c-11	6c-11	PROPN
cblr-11902	537	6	’s	’s	PART
cblr-11902	537	7	impact	impact	NOUN
cblr-11902	537	8	on	on	ADP
cblr-11902	537	9	usage	usage	NOUN
cblr-11902	537	10	of	of	ADP
cblr-11902	537	11	heartbeat	heartbeat	NOUN
cblr-11902	537	12	trades	trade	NOUN
cblr-11902	537	13	581	581	NUM
cblr-11902	537	14	ap	ap	NOUN
cblr-11902	537	15	is	be	AUX
cblr-11902	537	16	legitimately	legitimately	ADV
cblr-11902	537	17	demanding	demand	VERB
cblr-11902	537	18	the	the	DET
cblr-11902	537	19	return	return	NOUN
cblr-11902	537	20	of	of	ADP
cblr-11902	537	21	its	its	PRON
cblr-11902	537	22	capital	capital	NOUN
cblr-11902	537	23	in	in	ADP
cblr-11902	537	24	the	the	DET
cblr-11902	537	25	form	form	NOUN
cblr-11902	537	26	of	of	ADP
cblr-11902	537	27	the	the	DET
cblr-11902	537	28	shares	share	NOUN
cblr-11902	537	29	the	the	DET
cblr-11902	537	30	etf	etf	NOUN
cblr-11902	537	31	is	be	AUX
cblr-11902	537	32	looking	look	VERB
cblr-11902	537	33	to	to	PART
cblr-11902	537	34	remove	remove	VERB
cblr-11902	537	35	from	from	ADP
cblr-11902	537	36	the	the	DET
cblr-11902	537	37	fund.260	fund.260	NOUN
cblr-11902	537	38	however	however	ADV
cblr-11902	537	39	,	,	PUNCT
cblr-11902	537	40	as	as	SCONJ
cblr-11902	537	41	previously	previously	ADV
cblr-11902	537	42	stated	state	VERB
cblr-11902	537	43	,	,	PUNCT
cblr-11902	537	44	what	what	PRON
cblr-11902	537	45	distinguishes	distinguish	VERB
cblr-11902	537	46	heartbeat	heartbeat	NOUN
cblr-11902	537	47	trades	trade	NOUN
cblr-11902	537	48	is	be	AUX
cblr-11902	537	49	that	that	SCONJ
cblr-11902	537	50	they	they	PRON
cblr-11902	537	51	do	do	AUX
cblr-11902	537	52	not	not	PART
cblr-11902	537	53	arise	arise	VERB
cblr-11902	537	54	organically	organically	ADV
cblr-11902	537	55	from	from	ADP
cblr-11902	537	56	the	the	DET
cblr-11902	537	57	increases	increase	NOUN
cblr-11902	537	58	and	and	CCONJ
cblr-11902	537	59	decreases	decrease	NOUN
cblr-11902	537	60	of	of	ADP
cblr-11902	537	61	ap	ap	PROPN
cblr-11902	537	62	demand	demand	NOUN
cblr-11902	537	63	;	;	PUNCT
cblr-11902	537	64	they	they	PRON
cblr-11902	537	65	are	be	AUX
cblr-11902	537	66	instead	instead	ADV
cblr-11902	537	67	pre	pre	VERB
cblr-11902	537	68	-	-	VERB
cblr-11902	537	69	planned	plan	VERB
cblr-11902	537	70	by	by	ADP
cblr-11902	537	71	the	the	DET
cblr-11902	537	72	fund	fund	NOUN
cblr-11902	537	73	managers	manager	NOUN
cblr-11902	537	74	who	who	PRON
cblr-11902	537	75	reach	reach	VERB
cblr-11902	537	76	out	out	ADP
cblr-11902	537	77	to	to	ADP
cblr-11902	537	78	the	the	DET
cblr-11902	537	79	aps	ap	NOUN
cblr-11902	537	80	to	to	PART
cblr-11902	537	81	engage	engage	VERB
cblr-11902	537	82	in	in	ADP
cblr-11902	537	83	the	the	DET
cblr-11902	537	84	trade.261	trade.261	NOUN
cblr-11902	537	85	therefore	therefore	ADV
cblr-11902	537	86	,	,	PUNCT
cblr-11902	537	87	congress	congress	PROPN
cblr-11902	537	88	could	could	AUX
cblr-11902	537	89	add	add	VERB
cblr-11902	537	90	language	language	NOUN
cblr-11902	537	91	to	to	ADP
cblr-11902	537	92	§	§	PROPN
cblr-11902	537	93	852(b)(6	852(b)(6	NUM
cblr-11902	537	94	)	)	PUNCT
cblr-11902	537	95	that	that	PRON
cblr-11902	537	96	captures	capture	VERB
cblr-11902	537	97	this	this	DET
cblr-11902	537	98	fundamental	fundamental	ADJ
cblr-11902	537	99	difference	difference	NOUN
cblr-11902	537	100	and	and	CCONJ
cblr-11902	537	101	would	would	AUX
cblr-11902	537	102	thus	thus	ADV
cblr-11902	537	103	exclude	exclude	VERB
cblr-11902	537	104	heartbeat	heartbeat	NOUN
cblr-11902	537	105	trades	trade	NOUN
cblr-11902	537	106	and	and	CCONJ
cblr-11902	537	107	make	make	VERB
cblr-11902	537	108	them	they	PRON
cblr-11902	537	109	subject	subject	ADJ
cblr-11902	537	110	to	to	ADP
cblr-11902	537	111	the	the	DET
cblr-11902	537	112	normal	normal	ADJ
cblr-11902	537	113	rule	rule	NOUN
cblr-11902	537	114	of	of	ADP
cblr-11902	537	115	gain	gain	NOUN
cblr-11902	537	116	recognition	recognition	NOUN
cblr-11902	537	117	.	.	PUNCT
cblr-11902	538	1	an	an	DET
cblr-11902	538	2	example	example	NOUN
cblr-11902	538	3	alteration	alteration	NOUN
cblr-11902	538	4	would	would	AUX
cblr-11902	538	5	be	be	AUX
cblr-11902	538	6	to	to	PART
cblr-11902	538	7	add	add	VERB
cblr-11902	538	8	the	the	DET
cblr-11902	538	9	phrase	phrase	NOUN
cblr-11902	538	10	“	"	PUNCT
cblr-11902	538	11	and	and	CCONJ
cblr-11902	538	12	if	if	SCONJ
cblr-11902	538	13	such	such	ADJ
cblr-11902	538	14	demand	demand	NOUN
cblr-11902	538	15	is	be	AUX
cblr-11902	538	16	not	not	PART
cblr-11902	538	17	encouraged	encourage	VERB
cblr-11902	538	18	by	by	ADP
cblr-11902	538	19	the	the	DET
cblr-11902	538	20	investment	investment	NOUN
cblr-11902	538	21	company	company	NOUN
cblr-11902	538	22	itself	itself	PRON
cblr-11902	538	23	”	"	PUNCT
cblr-11902	538	24	as	as	ADP
cblr-11902	538	25	another	another	DET
cblr-11902	538	26	requirement	requirement	NOUN
cblr-11902	538	27	for	for	SCONJ
cblr-11902	538	28	the	the	DET
cblr-11902	538	29	distribution	distribution	NOUN
cblr-11902	538	30	to	to	PART
cblr-11902	538	31	be	be	AUX
cblr-11902	538	32	exempted	exempt	VERB
cblr-11902	538	33	.	.	PUNCT
cblr-11902	539	1	this	this	DET
cblr-11902	539	2	phrasing	phrasing	NOUN
cblr-11902	539	3	would	would	AUX
cblr-11902	539	4	account	account	VERB
cblr-11902	539	5	for	for	ADP
cblr-11902	539	6	the	the	DET
cblr-11902	539	7	fact	fact	NOUN
cblr-11902	539	8	that	that	SCONJ
cblr-11902	539	9	in	in	ADP
cblr-11902	539	10	a	a	DET
cblr-11902	539	11	heartbeat	heartbeat	NOUN
cblr-11902	539	12	trade	trade	NOUN
cblr-11902	539	13	,	,	PUNCT
cblr-11902	539	14	fund	fund	NOUN
cblr-11902	539	15	managers	manager	NOUN
cblr-11902	539	16	solicit	solicit	VERB
cblr-11902	539	17	an	an	DET
cblr-11902	539	18	ap	ap	PROPN
cblr-11902	539	19	,	,	PUNCT
cblr-11902	539	20	rather	rather	ADV
cblr-11902	539	21	than	than	ADP
cblr-11902	539	22	the	the	DET
cblr-11902	539	23	reverse.262	reverse.262	NOUN
cblr-11902	539	24	an	an	DET
cblr-11902	539	25	alternative	alternative	ADJ
cblr-11902	539	26	option	option	NOUN
cblr-11902	539	27	would	would	AUX
cblr-11902	539	28	be	be	AUX
cblr-11902	539	29	to	to	PART
cblr-11902	539	30	instead	instead	ADV
cblr-11902	539	31	add	add	VERB
cblr-11902	539	32	“	"	PUNCT
cblr-11902	539	33	and	and	CCONJ
cblr-11902	539	34	if	if	SCONJ
cblr-11902	539	35	such	such	ADJ
cblr-11902	539	36	demand	demand	NOUN
cblr-11902	539	37	is	be	AUX
cblr-11902	539	38	driven	drive	VERB
cblr-11902	539	39	by	by	ADP
cblr-11902	539	40	the	the	DET
cblr-11902	539	41	shareholder	shareholder	NOUN
cblr-11902	539	42	’s	’s	PART
cblr-11902	539	43	legitimate	legitimate	ADJ
cblr-11902	539	44	market	market	NOUN
cblr-11902	539	45	interests	interest	NOUN
cblr-11902	539	46	”	"	PUNCT
cblr-11902	539	47	as	as	ADP
cblr-11902	539	48	a	a	DET
cblr-11902	539	49	requirement	requirement	NOUN
cblr-11902	539	50	.	.	PUNCT
cblr-11902	540	1	this	this	DET
cblr-11902	540	2	phrasing	phrasing	NOUN
cblr-11902	540	3	would	would	AUX
cblr-11902	540	4	filter	filter	VERB
cblr-11902	540	5	out	out	ADP
cblr-11902	540	6	heartbeat	heartbeat	NOUN
cblr-11902	540	7	trades	trade	NOUN
cblr-11902	540	8	if	if	SCONJ
cblr-11902	540	9	,	,	PUNCT
cblr-11902	540	10	as	as	SCONJ
cblr-11902	540	11	many	many	ADJ
cblr-11902	540	12	industry	industry	NOUN
cblr-11902	540	13	insiders	insider	NOUN
cblr-11902	540	14	say	say	VERB
cblr-11902	540	15	,	,	PUNCT
cblr-11902	540	16	banks	bank	NOUN
cblr-11902	540	17	only	only	ADV
cblr-11902	540	18	pursue	pursue	VERB
cblr-11902	540	19	heartbeat	heartbeat	NOUN
cblr-11902	540	20	trades	trade	NOUN
cblr-11902	540	21	to	to	PART
cblr-11902	540	22	build	build	VERB
cblr-11902	540	23	goodwill	goodwill	NOUN
cblr-11902	540	24	with	with	ADP
cblr-11902	540	25	etf	etf	NOUN
cblr-11902	540	26	clients	client	NOUN
cblr-11902	540	27	and	and	CCONJ
cblr-11902	540	28	not	not	PART
cblr-11902	540	29	because	because	SCONJ
cblr-11902	540	30	they	they	PRON
cblr-11902	540	31	are	be	AUX
cblr-11902	540	32	profitable,263	profitable,263	ADJ
cblr-11902	540	33	as	as	SCONJ
cblr-11902	540	34	this	this	PRON
cblr-11902	540	35	could	could	AUX
cblr-11902	540	36	be	be	AUX
cblr-11902	540	37	considered	consider	VERB
cblr-11902	540	38	an	an	DET
cblr-11902	540	39	illegitimate	illegitimate	ADJ
cblr-11902	540	40	interest	interest	NOUN
cblr-11902	540	41	.	.	PUNCT
cblr-11902	541	1	however	however	ADV
cblr-11902	541	2	,	,	PUNCT
cblr-11902	541	3	looking	look	VERB
cblr-11902	541	4	at	at	ADP
cblr-11902	541	5	the	the	DET
cblr-11902	541	6	shareholder	shareholder	NOUN
cblr-11902	541	7	’s	’s	PART
cblr-11902	541	8	interest	interest	NOUN
cblr-11902	541	9	behind	behind	ADP
cblr-11902	541	10	their	their	PRON
cblr-11902	541	11	demand	demand	NOUN
cblr-11902	541	12	may	may	AUX
cblr-11902	541	13	create	create	VERB
cblr-11902	541	14	openings	opening	NOUN
cblr-11902	541	15	for	for	ADP
cblr-11902	541	16	those	those	PRON
cblr-11902	541	17	involved	involve	VERB
cblr-11902	541	18	in	in	ADP
cblr-11902	541	19	heartbeat	heartbeat	NOUN
cblr-11902	541	20	trades	trade	NOUN
cblr-11902	541	21	to	to	PART
cblr-11902	541	22	argue	argue	VERB
cblr-11902	541	23	their	their	PRON
cblr-11902	541	24	interests	interest	NOUN
cblr-11902	541	25	are	be	AUX
cblr-11902	541	26	in	in	ADP
cblr-11902	541	27	fact	fact	NOUN
cblr-11902	541	28	legitimate	legitimate	ADJ
cblr-11902	541	29	.	.	PUNCT
cblr-11902	542	1	for	for	ADP
cblr-11902	542	2	example	example	NOUN
cblr-11902	542	3	,	,	PUNCT
cblr-11902	542	4	an	an	DET
cblr-11902	542	5	ap	ap	PROPN
cblr-11902	542	6	could	could	AUX
cblr-11902	542	7	argue	argue	VERB
cblr-11902	542	8	they	they	PRON
cblr-11902	542	9	were	be	AUX
cblr-11902	542	10	interested	interested	ADJ
cblr-11902	542	11	in	in	ADP
cblr-11902	542	12	acquiring	acquire	VERB
cblr-11902	542	13	a	a	DET
cblr-11902	542	14	particular	particular	ADJ
cblr-11902	542	15	stock	stock	NOUN
cblr-11902	542	16	that	that	PRON
cblr-11902	542	17	was	be	AUX
cblr-11902	542	18	leaving	leave	VERB
cblr-11902	542	19	an	an	DET
cblr-11902	542	20	index	index	NOUN
cblr-11902	542	21	and	and	CCONJ
cblr-11902	542	22	that	that	PRON
cblr-11902	542	23	is	be	AUX
cblr-11902	542	24	why	why	SCONJ
cblr-11902	542	25	they	they	PRON
cblr-11902	542	26	engaged	engage	VERB
cblr-11902	542	27	in	in	ADP
cblr-11902	542	28	the	the	DET
cblr-11902	542	29	trade	trade	NOUN
cblr-11902	542	30	.	.	PUNCT
cblr-11902	543	1	in	in	ADP
cblr-11902	543	2	such	such	DET
cblr-11902	543	3	a	a	DET
cblr-11902	543	4	case	case	NOUN
cblr-11902	543	5	,	,	PUNCT
cblr-11902	543	6	the	the	DET
cblr-11902	543	7	altered	altered	ADJ
cblr-11902	543	8	test	test	NOUN
cblr-11902	543	9	could	could	AUX
cblr-11902	543	10	be	be	AUX
cblr-11902	543	11	met	meet	VERB
cblr-11902	543	12	,	,	PUNCT
cblr-11902	543	13	even	even	ADV
cblr-11902	543	14	if	if	SCONJ
cblr-11902	543	15	a	a	DET
cblr-11902	543	16	heartbeat	heartbeat	NOUN
cblr-11902	543	17	trade	trade	NOUN
cblr-11902	543	18	occurred	occur	VERB
cblr-11902	543	19	.	.	PUNCT
cblr-11902	544	1	thus	thus	ADV
cblr-11902	544	2	,	,	PUNCT
cblr-11902	544	3	focusing	focus	VERB
cblr-11902	544	4	on	on	ADP
cblr-11902	544	5	fund	fund	NOUN
cblr-11902	544	6	’s	’s	PART
cblr-11902	544	7	involvement	involvement	NOUN
cblr-11902	544	8	in	in	ADP
cblr-11902	544	9	creating	create	VERB
cblr-11902	544	10	the	the	DET
cblr-11902	544	11	demand	demand	NOUN
cblr-11902	544	12	will	will	AUX
cblr-11902	544	13	be	be	AUX
cblr-11902	544	14	a	a	DET
cblr-11902	544	15	more	more	ADV
cblr-11902	544	16	straightforward	straightforward	ADJ
cblr-11902	544	17	solution	solution	NOUN
cblr-11902	544	18	that	that	PRON
cblr-11902	544	19	should	should	AUX
cblr-11902	544	20	capture	capture	VERB
cblr-11902	544	21	more	more	ADJ
cblr-11902	544	22	of	of	ADP
cblr-11902	544	23	the	the	DET
cblr-11902	544	24	intended	intend	VERB
cblr-11902	544	25	trades	trade	NOUN
cblr-11902	544	26	.	.	PUNCT
cblr-11902	545	1	although	although	SCONJ
cblr-11902	545	2	the	the	DET
cblr-11902	545	3	exact	exact	ADJ
cblr-11902	545	4	phrasing	phrasing	NOUN
cblr-11902	545	5	is	be	AUX
cblr-11902	545	6	up	up	ADP
cblr-11902	545	7	to	to	PART
cblr-11902	545	8	260	260	NUM
cblr-11902	545	9	see	see	VERB
cblr-11902	545	10	supra	supra	PROPN
cblr-11902	545	11	part	part	NOUN
cblr-11902	545	12	ii.c	ii.c	VERB
cblr-11902	545	13	.	.	PUNCT
cblr-11902	546	1	261	261	NUM
cblr-11902	546	2	see	see	VERB
cblr-11902	546	3	supra	supra	PROPN
cblr-11902	546	4	note	note	PROPN
cblr-11902	546	5	234	234	NUM
cblr-11902	546	6	-	-	SYM
cblr-11902	546	7	236	236	NUM
cblr-11902	546	8	and	and	CCONJ
cblr-11902	546	9	accompanying	accompany	VERB
cblr-11902	546	10	text	text	NOUN
cblr-11902	546	11	.	.	PUNCT
cblr-11902	547	1	262	262	NUM
cblr-11902	547	2	see	see	VERB
cblr-11902	547	3	supra	supra	PROPN
cblr-11902	547	4	note	note	PROPN
cblr-11902	547	5	236	236	NUM
cblr-11902	547	6	.	.	SYM
cblr-11902	547	7	263	263	NUM
cblr-11902	547	8	see	see	VERB
cblr-11902	547	9	mider	mider	NOUN
cblr-11902	547	10	et	et	PROPN
cblr-11902	547	11	al	al	PROPN
cblr-11902	547	12	.	.	PROPN
cblr-11902	547	13	,	,	PUNCT
cblr-11902	547	14	supra	supra	PROPN
cblr-11902	547	15	note	note	PROPN
cblr-11902	547	16	10	10	NUM
cblr-11902	547	17	(	(	PUNCT
cblr-11902	547	18	reporting	report	VERB
cblr-11902	547	19	insiders	insider	NOUN
cblr-11902	547	20	saying	say	VERB
cblr-11902	547	21	trades	trade	NOUN
cblr-11902	547	22	are	be	AUX
cblr-11902	547	23	done	do	VERB
cblr-11902	547	24	for	for	ADP
cblr-11902	547	25	goodwill	goodwill	NOUN
cblr-11902	547	26	and	and	CCONJ
cblr-11902	547	27	“	"	PUNCT
cblr-11902	547	28	are	be	AUX
cblr-11902	547	29	n’t	not	PART
cblr-11902	547	30	profitable	profitable	ADJ
cblr-11902	547	31	enough	enough	ADV
cblr-11902	547	32	for	for	SCONJ
cblr-11902	547	33	the	the	DET
cblr-11902	547	34	banks	bank	NOUN
cblr-11902	547	35	to	to	PART
cblr-11902	547	36	pursue	pursue	VERB
cblr-11902	547	37	for	for	ADP
cblr-11902	547	38	their	their	PRON
cblr-11902	547	39	own	own	ADJ
cblr-11902	547	40	sake	sake	NOUN
cblr-11902	547	41	”	"	PUNCT
cblr-11902	547	42	)	)	PUNCT
cblr-11902	547	43	.	.	PUNCT
cblr-11902	548	1	582	582	NUM
cblr-11902	548	2	columbia	columbia	PROPN
cblr-11902	548	3	business	business	NOUN
cblr-11902	548	4	law	law	PROPN
cblr-11902	548	5	review	review	NOUN
cblr-11902	548	6	[	[	X
cblr-11902	548	7	vol	vol	NOUN
cblr-11902	548	8	.	.	PUNCT
cblr-11902	548	9	2023	2023	NUM
cblr-11902	548	10	congress	congress	PROPN
cblr-11902	548	11	,	,	PUNCT
cblr-11902	548	12	these	these	DET
cblr-11902	548	13	examples	example	NOUN
cblr-11902	548	14	show	show	VERB
cblr-11902	548	15	that	that	SCONJ
cblr-11902	548	16	there	there	PRON
cblr-11902	548	17	is	be	VERB
cblr-11902	548	18	a	a	DET
cblr-11902	548	19	viable	viable	ADJ
cblr-11902	548	20	way	way	NOUN
cblr-11902	548	21	to	to	PART
cblr-11902	548	22	ensure	ensure	VERB
cblr-11902	548	23	heartbeat	heartbeat	NOUN
cblr-11902	548	24	trades	trade	NOUN
cblr-11902	548	25	do	do	AUX
cblr-11902	548	26	not	not	PART
cblr-11902	548	27	fall	fall	VERB
cblr-11902	548	28	under	under	ADP
cblr-11902	548	29	the	the	DET
cblr-11902	548	30	§	§	PROPN
cblr-11902	548	31	852(b)(6	852(b)(6	NUM
cblr-11902	548	32	)	)	PUNCT
cblr-11902	548	33	exemption	exemption	NOUN
cblr-11902	548	34	.	.	PUNCT
cblr-11902	549	1	whether	whether	SCONJ
cblr-11902	549	2	through	through	ADP
cblr-11902	549	3	action	action	NOUN
cblr-11902	549	4	of	of	ADP
cblr-11902	549	5	the	the	DET
cblr-11902	549	6	irs	irs	PROPN
cblr-11902	549	7	or	or	CCONJ
cblr-11902	549	8	through	through	ADP
cblr-11902	549	9	action	action	NOUN
cblr-11902	549	10	by	by	ADP
cblr-11902	549	11	congress	congress	PROPN
cblr-11902	549	12	,	,	PUNCT
cblr-11902	549	13	heartbeat	heartbeat	NOUN
cblr-11902	549	14	trades	trade	NOUN
cblr-11902	549	15	should	should	AUX
cblr-11902	549	16	be	be	AUX
cblr-11902	549	17	treated	treat	VERB
cblr-11902	549	18	as	as	ADP
cblr-11902	549	19	taxable	taxable	ADJ
cblr-11902	549	20	exchanges	exchange	NOUN
cblr-11902	549	21	.	.	PUNCT
cblr-11902	550	1	while	while	SCONJ
cblr-11902	550	2	either	either	DET
cblr-11902	550	3	solution	solution	NOUN
cblr-11902	550	4	would	would	AUX
cblr-11902	550	5	likely	likely	ADV
cblr-11902	550	6	be	be	AUX
cblr-11902	550	7	met	meet	VERB
cblr-11902	550	8	with	with	ADP
cblr-11902	550	9	some	some	DET
cblr-11902	550	10	resistance	resistance	NOUN
cblr-11902	550	11	from	from	ADP
cblr-11902	550	12	the	the	DET
cblr-11902	550	13	etf	etf	NOUN
cblr-11902	550	14	industry	industry	NOUN
cblr-11902	550	15	,	,	PUNCT
cblr-11902	550	16	this	this	DET
cblr-11902	550	17	reclassification	reclassification	NOUN
cblr-11902	550	18	does	do	AUX
cblr-11902	550	19	not	not	PART
cblr-11902	550	20	raise	raise	VERB
cblr-11902	550	21	the	the	DET
cblr-11902	550	22	same	same	ADJ
cblr-11902	550	23	concerns	concern	NOUN
cblr-11902	550	24	as	as	ADP
cblr-11902	550	25	an	an	DET
cblr-11902	550	26	outright	outright	ADJ
cblr-11902	550	27	repeal	repeal	NOUN
cblr-11902	550	28	of	of	ADP
cblr-11902	550	29	§	§	PROPN
cblr-11902	550	30	852(b)(6	852(b)(6	PROPN
cblr-11902	550	31	)	)	PUNCT
cblr-11902	550	32	.	.	PUNCT
cblr-11902	551	1	the	the	DET
cblr-11902	551	2	treatment	treatment	NOUN
cblr-11902	551	3	of	of	ADP
cblr-11902	551	4	heartbeat	heartbeat	NOUN
cblr-11902	551	5	trades	trade	NOUN
cblr-11902	551	6	as	as	ADP
cblr-11902	551	7	a	a	DET
cblr-11902	551	8	taxable	taxable	ADJ
cblr-11902	551	9	exchange	exchange	NOUN
cblr-11902	551	10	would	would	AUX
cblr-11902	551	11	not	not	PART
cblr-11902	551	12	impact	impact	VERB
cblr-11902	551	13	the	the	DET
cblr-11902	551	14	operation	operation	NOUN
cblr-11902	551	15	of	of	ADP
cblr-11902	551	16	the	the	DET
cblr-11902	551	17	arbitrage	arbitrage	NOUN
cblr-11902	551	18	mechanism	mechanism	NOUN
cblr-11902	551	19	that	that	PRON
cblr-11902	551	20	keeps	keep	VERB
cblr-11902	551	21	etf	etf	NOUN
cblr-11902	551	22	prices	price	NOUN
cblr-11902	551	23	in	in	ADP
cblr-11902	551	24	line	line	NOUN
cblr-11902	551	25	with	with	ADP
cblr-11902	551	26	their	their	PRON
cblr-11902	551	27	navs	navs	NOUN
cblr-11902	551	28	because	because	SCONJ
cblr-11902	551	29	those	those	DET
cblr-11902	551	30	redemptions	redemption	NOUN
cblr-11902	551	31	would	would	AUX
cblr-11902	551	32	remain	remain	VERB
cblr-11902	551	33	untaxed	untaxed	ADJ
cblr-11902	551	34	.	.	PUNCT
cblr-11902	552	1	thus	thus	ADV
cblr-11902	552	2	,	,	PUNCT
cblr-11902	552	3	etfs	etfs	PROPN
cblr-11902	552	4	would	would	AUX
cblr-11902	552	5	not	not	PART
cblr-11902	552	6	be	be	AUX
cblr-11902	552	7	forced	force	VERB
cblr-11902	552	8	to	to	PART
cblr-11902	552	9	recognize	recognize	VERB
cblr-11902	552	10	gain	gain	NOUN
cblr-11902	552	11	each	each	DET
cblr-11902	552	12	time	time	NOUN
cblr-11902	552	13	they	they	PRON
cblr-11902	552	14	engaged	engage	VERB
cblr-11902	552	15	in	in	ADP
cblr-11902	552	16	in	in	ADP
cblr-11902	552	17	-	-	PUNCT
cblr-11902	552	18	kind	kind	NOUN
cblr-11902	552	19	redemptions	redemption	NOUN
cblr-11902	552	20	,	,	PUNCT
cblr-11902	552	21	and	and	CCONJ
cblr-11902	552	22	any	any	DET
cblr-11902	552	23	further	further	ADJ
cblr-11902	552	24	securities	security	NOUN
cblr-11902	552	25	selloffs	selloff	NOUN
cblr-11902	552	26	or	or	CCONJ
cblr-11902	552	27	portfolio	portfolio	NOUN
cblr-11902	552	28	depletion	depletion	NOUN
cblr-11902	552	29	would	would	AUX
cblr-11902	552	30	be	be	AUX
cblr-11902	552	31	avoided.264	avoided.264	VERB
cblr-11902	552	32	by	by	ADP
cblr-11902	552	33	keeping	keep	VERB
cblr-11902	552	34	most	most	ADJ
cblr-11902	552	35	in	in	ADP
cblr-11902	552	36	-	-	PUNCT
cblr-11902	552	37	kind	kind	NOUN
cblr-11902	552	38	redemptions	redemption	NOUN
cblr-11902	552	39	as	as	ADP
cblr-11902	552	40	non	non	ADJ
cblr-11902	552	41	-	-	ADJ
cblr-11902	552	42	recognition	recognition	ADJ
cblr-11902	552	43	events	event	NOUN
cblr-11902	552	44	,	,	PUNCT
cblr-11902	552	45	there	there	PRON
cblr-11902	552	46	is	be	VERB
cblr-11902	552	47	not	not	PART
cblr-11902	552	48	the	the	DET
cblr-11902	552	49	same	same	ADJ
cblr-11902	552	50	risk	risk	NOUN
cblr-11902	552	51	of	of	ADP
cblr-11902	552	52	significantly	significantly	ADV
cblr-11902	552	53	damaging	damaging	ADJ
cblr-11902	552	54	or	or	CCONJ
cblr-11902	552	55	even	even	ADV
cblr-11902	552	56	ending	end	VERB
cblr-11902	552	57	the	the	DET
cblr-11902	552	58	etf	etf	NOUN
cblr-11902	552	59	industry	industry	NOUN
cblr-11902	552	60	.	.	PUNCT
cblr-11902	553	1	thus	thus	ADV
cblr-11902	553	2	,	,	PUNCT
cblr-11902	553	3	the	the	DET
cblr-11902	553	4	concerns	concern	NOUN
cblr-11902	553	5	of	of	ADP
cblr-11902	553	6	those	those	PRON
cblr-11902	553	7	who	who	PRON
cblr-11902	553	8	objected	object	VERB
cblr-11902	553	9	to	to	ADP
cblr-11902	553	10	wyden	wyden	PROPN
cblr-11902	553	11	’s	’s	PART
cblr-11902	553	12	proposal	proposal	NOUN
cblr-11902	553	13	of	of	ADP
cblr-11902	553	14	wholesale	wholesale	ADJ
cblr-11902	553	15	repeal	repeal	NOUN
cblr-11902	553	16	of	of	ADP
cblr-11902	553	17	the	the	DET
cblr-11902	553	18	exemption	exemption	NOUN
cblr-11902	553	19	should	should	AUX
cblr-11902	553	20	be	be	AUX
cblr-11902	553	21	alleviated	alleviate	VERB
cblr-11902	553	22	in	in	ADP
cblr-11902	553	23	the	the	DET
cblr-11902	553	24	context	context	NOUN
cblr-11902	553	25	of	of	ADP
cblr-11902	553	26	treating	treat	VERB
cblr-11902	553	27	heartbeat	heartbeat	NOUN
cblr-11902	553	28	trades	trade	NOUN
cblr-11902	553	29	as	as	ADP
cblr-11902	553	30	taxable	taxable	ADJ
cblr-11902	553	31	transactions	transaction	NOUN
cblr-11902	553	32	.	.	PUNCT
cblr-11902	554	1	despite	despite	SCONJ
cblr-11902	554	2	alleviating	alleviate	VERB
cblr-11902	554	3	the	the	DET
cblr-11902	554	4	main	main	ADJ
cblr-11902	554	5	concerns	concern	NOUN
cblr-11902	554	6	associated	associate	VERB
cblr-11902	554	7	with	with	ADP
cblr-11902	554	8	§	§	PROPN
cblr-11902	554	9	852(b)(6	852(b)(6	PROPN
cblr-11902	554	10	)	)	PUNCT
cblr-11902	554	11	,	,	PUNCT
cblr-11902	554	12	it	it	PRON
cblr-11902	554	13	could	could	AUX
cblr-11902	554	14	still	still	ADV
cblr-11902	554	15	be	be	AUX
cblr-11902	554	16	argued	argue	VERB
cblr-11902	554	17	that	that	SCONJ
cblr-11902	554	18	making	make	VERB
cblr-11902	554	19	heartbeat	heartbeat	NOUN
cblr-11902	554	20	trades	trade	VERB
cblr-11902	554	21	a	a	DET
cblr-11902	554	22	taxable	taxable	ADJ
cblr-11902	554	23	exchange	exchange	NOUN
cblr-11902	554	24	will	will	AUX
cblr-11902	554	25	damage	damage	VERB
cblr-11902	554	26	the	the	DET
cblr-11902	554	27	tax	tax	NOUN
cblr-11902	554	28	-	-	PUNCT
cblr-11902	554	29	efficiency	efficiency	NOUN
cblr-11902	554	30	of	of	ADP
cblr-11902	554	31	etfs	etfs	NOUN
cblr-11902	554	32	,	,	PUNCT
cblr-11902	554	33	which	which	PRON
cblr-11902	554	34	has	have	AUX
cblr-11902	554	35	been	be	AUX
cblr-11902	554	36	a	a	DET
cblr-11902	554	37	key	key	ADJ
cblr-11902	554	38	component	component	NOUN
cblr-11902	554	39	of	of	ADP
cblr-11902	554	40	their	their	PRON
cblr-11902	554	41	growth.265	growth.265	NOUN
cblr-11902	554	42	it	it	PRON
cblr-11902	554	43	is	be	AUX
cblr-11902	554	44	clear	clear	ADJ
cblr-11902	554	45	that	that	SCONJ
cblr-11902	554	46	heartbeat	heartbeat	NOUN
cblr-11902	554	47	trades	trade	NOUN
cblr-11902	554	48	are	be	AUX
cblr-11902	554	49	a	a	DET
cblr-11902	554	50	part	part	NOUN
cblr-11902	554	51	of	of	ADP
cblr-11902	554	52	etfs	etfs	PROPN
cblr-11902	554	53	overall	overall	ADJ
cblr-11902	554	54	tax	tax	NOUN
cblr-11902	554	55	efficiency	efficiency	NOUN
cblr-11902	554	56	and	and	CCONJ
cblr-11902	554	57	have	have	AUX
cblr-11902	554	58	been	be	AUX
cblr-11902	554	59	referred	refer	VERB
cblr-11902	554	60	to	to	ADP
cblr-11902	554	61	as	as	ADP
cblr-11902	554	62	“	"	PUNCT
cblr-11902	554	63	just	just	ADV
cblr-11902	554	64	smart	smart	ADJ
cblr-11902	554	65	tax	tax	NOUN
cblr-11902	554	66	strategy	strategy	NOUN
cblr-11902	554	67	”	"	PUNCT
cblr-11902	554	68	by	by	ADP
cblr-11902	554	69	those	those	PRON
cblr-11902	554	70	who	who	PRON
cblr-11902	554	71	use	use	VERB
cblr-11902	554	72	them.266	them.266	NOUN
cblr-11902	554	73	however	however	ADV
cblr-11902	554	74	,	,	PUNCT
cblr-11902	554	75	it	it	PRON
cblr-11902	554	76	is	be	AUX
cblr-11902	554	77	important	important	ADJ
cblr-11902	554	78	to	to	PART
cblr-11902	554	79	note	note	VERB
cblr-11902	554	80	that	that	SCONJ
cblr-11902	554	81	it	it	PRON
cblr-11902	554	82	is	be	AUX
cblr-11902	554	83	not	not	PART
cblr-11902	554	84	currently	currently	ADV
cblr-11902	554	85	possible	possible	ADJ
cblr-11902	554	86	to	to	PART
cblr-11902	554	87	tell	tell	VERB
cblr-11902	554	88	exactly	exactly	ADV
cblr-11902	554	89	how	how	SCONJ
cblr-11902	554	90	important	important	ADJ
cblr-11902	554	91	these	these	DET
cblr-11902	554	92	trades	trade	NOUN
cblr-11902	554	93	are	be	AUX
cblr-11902	554	94	to	to	ADP
cblr-11902	554	95	the	the	DET
cblr-11902	554	96	overall	overall	ADJ
cblr-11902	554	97	tax	tax	NOUN
cblr-11902	554	98	efficiency	efficiency	NOUN
cblr-11902	554	99	of	of	ADP
cblr-11902	554	100	etfs	etfs	PROPN
cblr-11902	554	101	.	.	PUNCT
cblr-11902	555	1	the	the	DET
cblr-11902	555	2	only	only	ADJ
cblr-11902	555	3	measure	measure	NOUN
cblr-11902	555	4	of	of	ADP
cblr-11902	555	5	the	the	DET
cblr-11902	555	6	value	value	NOUN
cblr-11902	555	7	of	of	ADP
cblr-11902	555	8	the	the	DET
cblr-11902	555	9	in	in	ADP
cblr-11902	555	10	-	-	PUNCT
cblr-11902	555	11	kind	kind	NOUN
cblr-11902	555	12	exception	exception	NOUN
cblr-11902	555	13	overall	overall	ADJ
cblr-11902	555	14	is	be	AUX
cblr-11902	555	15	in	in	ADP
cblr-11902	555	16	the	the	DET
cblr-11902	555	17	disclosure	disclosure	NOUN
cblr-11902	555	18	of	of	ADP
cblr-11902	555	19	net	net	ADJ
cblr-11902	555	20	gains	gain	NOUN
cblr-11902	555	21	from	from	ADP
cblr-11902	555	22	in	in	ADP
cblr-11902	555	23	-	-	PUNCT
cblr-11902	555	24	kind	kind	NOUN
cblr-11902	555	25	redemptions	redemption	NOUN
cblr-11902	555	26	in	in	ADP
cblr-11902	555	27	funds	fund	NOUN
cblr-11902	555	28	’	'	PUNCT
cblr-11902	555	29	annual	annual	ADJ
cblr-11902	555	30	reports	report	NOUN
cblr-11902	555	31	,	,	PUNCT
cblr-11902	555	32	and	and	CCONJ
cblr-11902	555	33	the	the	DET
cblr-11902	555	34	line	line	NOUN
cblr-11902	555	35	item	item	NOUN
cblr-11902	555	36	does	do	AUX
cblr-11902	555	37	not	not	PART
cblr-11902	555	38	show	show	VERB
cblr-11902	555	39	what	what	DET
cblr-11902	555	40	portion	portion	NOUN
cblr-11902	555	41	of	of	ADP
cblr-11902	555	42	that	that	DET
cblr-11902	555	43	amount	amount	NOUN
cblr-11902	555	44	is	be	AUX
cblr-11902	555	45	from	from	ADP
cblr-11902	555	46	routine	routine	ADJ
cblr-11902	555	47	264	264	NUM
cblr-11902	555	48	see	see	NOUN
cblr-11902	555	49	supra	supra	PROPN
cblr-11902	555	50	note	note	PROPN
cblr-11902	555	51	192–195	192–195	NUM
cblr-11902	555	52	and	and	CCONJ
cblr-11902	555	53	accompanying	accompany	VERB
cblr-11902	555	54	text	text	NOUN
cblr-11902	555	55	.	.	PUNCT
cblr-11902	556	1	265	265	NUM
cblr-11902	556	2	see	see	VERB
cblr-11902	556	3	supra	supra	PROPN
cblr-11902	556	4	note	note	PROPN
cblr-11902	556	5	198	198	NUM
cblr-11902	556	6	and	and	CCONJ
cblr-11902	556	7	accompanying	accompany	VERB
cblr-11902	556	8	text	text	NOUN
cblr-11902	556	9	.	.	PUNCT
cblr-11902	557	1	266	266	NUM
cblr-11902	557	2	see	see	VERB
cblr-11902	557	3	mider	mider	NOUN
cblr-11902	557	4	et	et	PROPN
cblr-11902	557	5	al	al	PROPN
cblr-11902	557	6	.	.	PROPN
cblr-11902	557	7	,	,	PUNCT
cblr-11902	557	8	supra	supra	PROPN
cblr-11902	557	9	note	note	NOUN
cblr-11902	557	10	10	10	NUM
cblr-11902	557	11	.	.	PUNCT
cblr-11902	558	1	(	(	PUNCT
cblr-11902	558	2	“	"	PUNCT
cblr-11902	558	3	to	to	ADP
cblr-11902	558	4	people	people	NOUN
cblr-11902	558	5	in	in	ADP
cblr-11902	558	6	the	the	DET
cblr-11902	558	7	industry	industry	NOUN
cblr-11902	558	8	,	,	PUNCT
cblr-11902	558	9	heartbeats	heartbeat	NOUN
cblr-11902	558	10	are	be	AUX
cblr-11902	558	11	just	just	ADV
cblr-11902	558	12	smart	smart	ADJ
cblr-11902	558	13	tax	tax	NOUN
cblr-11902	558	14	strategy	strategy	NOUN
cblr-11902	558	15	”	"	PUNCT
cblr-11902	558	16	)	)	PUNCT
cblr-11902	558	17	.	.	PUNCT
cblr-11902	559	1	no	no	INTJ
cblr-11902	559	2	.	.	NOUN
cblr-11902	560	1	1	1	NUM
cblr-11902	560	2	]	]	PUNCT
cblr-11902	560	3	sec	sec	PROPN
cblr-11902	560	4	rule	rule	NOUN
cblr-11902	560	5	6c-11	6c-11	PROPN
cblr-11902	560	6	’s	’s	PART
cblr-11902	560	7	impact	impact	NOUN
cblr-11902	560	8	on	on	ADP
cblr-11902	560	9	usage	usage	NOUN
cblr-11902	560	10	of	of	ADP
cblr-11902	560	11	heartbeat	heartbeat	NOUN
cblr-11902	560	12	trades	trade	VERB
cblr-11902	560	13	583	583	NUM
cblr-11902	560	14	creation	creation	NOUN
cblr-11902	560	15	and	and	CCONJ
cblr-11902	560	16	redemption	redemption	NOUN
cblr-11902	560	17	process	process	NOUN
cblr-11902	560	18	and	and	CCONJ
cblr-11902	560	19	what	what	PRON
cblr-11902	560	20	is	be	AUX
cblr-11902	560	21	from	from	ADP
cblr-11902	560	22	heartbeat	heartbeat	NOUN
cblr-11902	560	23	trades.267	trades.267	NUM
cblr-11902	560	24	furthermore	furthermore	ADV
cblr-11902	560	25	,	,	PUNCT
cblr-11902	560	26	even	even	ADV
cblr-11902	560	27	if	if	SCONJ
cblr-11902	560	28	heartbeat	heartbeat	NOUN
cblr-11902	560	29	trades	trade	NOUN
cblr-11902	560	30	were	be	AUX
cblr-11902	560	31	a	a	DET
cblr-11902	560	32	crucial	crucial	ADJ
cblr-11902	560	33	element	element	NOUN
cblr-11902	560	34	of	of	ADP
cblr-11902	560	35	etf	etf	NOUN
cblr-11902	560	36	’s	’s	PART
cblr-11902	560	37	tax	tax	NOUN
cblr-11902	560	38	efficiency	efficiency	NOUN
cblr-11902	560	39	,	,	PUNCT
cblr-11902	560	40	the	the	DET
cblr-11902	560	41	tax	tax	NOUN
cblr-11902	560	42	efficiency	efficiency	NOUN
cblr-11902	560	43	of	of	ADP
cblr-11902	560	44	etfs	etfs	PROPN
cblr-11902	560	45	is	be	AUX
cblr-11902	560	46	not	not	PART
cblr-11902	560	47	a	a	DET
cblr-11902	560	48	broader	broad	ADJ
cblr-11902	560	49	goal	goal	NOUN
cblr-11902	560	50	of	of	ADP
cblr-11902	560	51	the	the	DET
cblr-11902	560	52	tax	tax	NOUN
cblr-11902	560	53	code	code	NOUN
cblr-11902	560	54	.	.	PUNCT
cblr-11902	561	1	as	as	SCONJ
cblr-11902	561	2	explained	explain	VERB
cblr-11902	561	3	in	in	ADP
cblr-11902	561	4	part	part	PROPN
cblr-11902	561	5	ii	ii	PROPN
cblr-11902	561	6	,	,	PUNCT
cblr-11902	561	7	etfs	etfs	PROPN
cblr-11902	561	8	did	do	AUX
cblr-11902	561	9	not	not	PART
cblr-11902	561	10	even	even	ADV
cblr-11902	561	11	exist	exist	VERB
cblr-11902	561	12	when	when	SCONJ
cblr-11902	561	13	§	§	PROPN
cblr-11902	561	14	852(b)(6	852(b)(6	NUM
cblr-11902	561	15	)	)	PUNCT
cblr-11902	561	16	was	be	AUX
cblr-11902	561	17	passed	pass	VERB
cblr-11902	561	18	,	,	PUNCT
cblr-11902	561	19	so	so	SCONJ
cblr-11902	561	20	it	it	PRON
cblr-11902	561	21	can	can	AUX
cblr-11902	561	22	not	not	PART
cblr-11902	561	23	be	be	AUX
cblr-11902	561	24	argued	argue	VERB
cblr-11902	561	25	all	all	DET
cblr-11902	561	26	behaviors	behavior	NOUN
cblr-11902	561	27	that	that	PRON
cblr-11902	561	28	make	make	VERB
cblr-11902	561	29	the	the	DET
cblr-11902	561	30	funds	fund	NOUN
cblr-11902	561	31	more	more	ADJ
cblr-11902	561	32	tax	tax	NOUN
cblr-11902	561	33	-	-	PUNCT
cblr-11902	561	34	efficient	efficient	ADJ
cblr-11902	561	35	must	must	AUX
cblr-11902	561	36	remain	remain	AUX
cblr-11902	561	37	protected	protect	VERB
cblr-11902	561	38	under	under	ADP
cblr-11902	561	39	that	that	DET
cblr-11902	561	40	section	section	NOUN
cblr-11902	561	41	.	.	PUNCT
cblr-11902	562	1	additionally	additionally	ADV
cblr-11902	562	2	,	,	PUNCT
cblr-11902	562	3	the	the	DET
cblr-11902	562	4	loss	loss	NOUN
cblr-11902	562	5	of	of	ADP
cblr-11902	562	6	some	some	DET
cblr-11902	562	7	tax	tax	NOUN
cblr-11902	562	8	-	-	PUNCT
cblr-11902	562	9	efficiency	efficiency	NOUN
cblr-11902	562	10	would	would	AUX
cblr-11902	562	11	still	still	ADV
cblr-11902	562	12	be	be	AUX
cblr-11902	562	13	unlikely	unlikely	ADJ
cblr-11902	562	14	to	to	PART
cblr-11902	562	15	threaten	threaten	VERB
cblr-11902	562	16	the	the	DET
cblr-11902	562	17	current	current	ADJ
cblr-11902	562	18	rise	rise	NOUN
cblr-11902	562	19	of	of	ADP
cblr-11902	562	20	etfs	etfs	NOUN
cblr-11902	562	21	because	because	SCONJ
cblr-11902	562	22	such	such	DET
cblr-11902	562	23	a	a	DET
cblr-11902	562	24	giant	giant	ADJ
cblr-11902	562	25	gap	gap	NOUN
cblr-11902	562	26	exists	exist	VERB
cblr-11902	562	27	between	between	ADP
cblr-11902	562	28	the	the	DET
cblr-11902	562	29	taxes	taxis	NOUN
cblr-11902	562	30	incurred	incur	VERB
cblr-11902	562	31	with	with	ADP
cblr-11902	562	32	an	an	DET
cblr-11902	562	33	etf	etf	NOUN
cblr-11902	562	34	and	and	CCONJ
cblr-11902	562	35	a	a	DET
cblr-11902	562	36	mutual	mutual	ADJ
cblr-11902	562	37	fund	fund	NOUN
cblr-11902	562	38	of	of	ADP
cblr-11902	562	39	similar	similar	ADJ
cblr-11902	562	40	size.268	size.268	PROPN
cblr-11902	562	41	with	with	ADP
cblr-11902	562	42	most	most	ADJ
cblr-11902	562	43	funds	fund	NOUN
cblr-11902	562	44	distributing	distribute	VERB
cblr-11902	562	45	no	no	DET
cblr-11902	562	46	capital	capital	NOUN
cblr-11902	562	47	gains	gain	NOUN
cblr-11902	562	48	tax,269	tax,269	SCONJ
cblr-11902	562	49	the	the	DET
cblr-11902	562	50	industry	industry	NOUN
cblr-11902	562	51	would	would	AUX
cblr-11902	562	52	be	be	AUX
cblr-11902	562	53	able	able	ADJ
cblr-11902	562	54	to	to	PART
cblr-11902	562	55	absorb	absorb	VERB
cblr-11902	562	56	some	some	DET
cblr-11902	562	57	increase	increase	NOUN
cblr-11902	562	58	in	in	ADP
cblr-11902	562	59	those	those	DET
cblr-11902	562	60	distributions	distribution	NOUN
cblr-11902	562	61	resulting	result	VERB
cblr-11902	562	62	from	from	ADP
cblr-11902	562	63	making	make	VERB
cblr-11902	562	64	heartbeat	heartbeat	NOUN
cblr-11902	562	65	trades	trade	NOUN
cblr-11902	562	66	a	a	DET
cblr-11902	562	67	taxable	taxable	ADJ
cblr-11902	562	68	event	event	NOUN
cblr-11902	562	69	and	and	CCONJ
cblr-11902	562	70	still	still	ADV
cblr-11902	562	71	maintain	maintain	VERB
cblr-11902	562	72	its	its	PRON
cblr-11902	562	73	edge	edge	NOUN
cblr-11902	562	74	.	.	PUNCT
cblr-11902	563	1	thus	thus	ADV
cblr-11902	563	2	,	,	PUNCT
cblr-11902	563	3	given	give	VERB
cblr-11902	563	4	it	it	PRON
cblr-11902	563	5	does	do	AUX
cblr-11902	563	6	not	not	PART
cblr-11902	563	7	raise	raise	VERB
cblr-11902	563	8	the	the	DET
cblr-11902	563	9	same	same	ADJ
cblr-11902	563	10	concerns	concern	NOUN
cblr-11902	563	11	as	as	ADP
cblr-11902	563	12	the	the	DET
cblr-11902	563	13	total	total	ADJ
cblr-11902	563	14	repeal	repeal	NOUN
cblr-11902	563	15	of	of	ADP
cblr-11902	563	16	§	§	PROPN
cblr-11902	563	17	852(b)(6	852(b)(6	PROPN
cblr-11902	563	18	)	)	PUNCT
cblr-11902	563	19	,	,	PUNCT
cblr-11902	563	20	heartbeat	heartbeat	NOUN
cblr-11902	563	21	trades	trade	NOUN
cblr-11902	563	22	should	should	AUX
cblr-11902	563	23	no	no	ADV
cblr-11902	563	24	longer	long	ADV
cblr-11902	563	25	be	be	AUX
cblr-11902	563	26	ignored	ignore	VERB
cblr-11902	563	27	and	and	CCONJ
cblr-11902	563	28	should	should	AUX
cblr-11902	563	29	instead	instead	ADV
cblr-11902	563	30	be	be	AUX
cblr-11902	563	31	treated	treat	VERB
cblr-11902	563	32	as	as	ADP
cblr-11902	563	33	a	a	DET
cblr-11902	563	34	taxable	taxable	ADJ
cblr-11902	563	35	event	event	NOUN
cblr-11902	563	36	,	,	PUNCT
cblr-11902	563	37	either	either	CCONJ
cblr-11902	563	38	through	through	ADP
cblr-11902	563	39	action	action	NOUN
cblr-11902	563	40	by	by	ADP
cblr-11902	563	41	the	the	DET
cblr-11902	563	42	irs	irs	PROPN
cblr-11902	563	43	or	or	CCONJ
cblr-11902	563	44	by	by	ADP
cblr-11902	563	45	congress	congress	PROPN
cblr-11902	563	46	.	.	PUNCT
cblr-11902	564	1	such	such	DET
cblr-11902	564	2	a	a	DET
cblr-11902	564	3	step	step	NOUN
cblr-11902	564	4	would	would	AUX
cblr-11902	564	5	stop	stop	VERB
cblr-11902	564	6	a	a	DET
cblr-11902	564	7	transaction	transaction	NOUN
cblr-11902	564	8	that	that	PRON
cblr-11902	564	9	has	have	AUX
cblr-11902	564	10	taken	take	VERB
cblr-11902	564	11	the	the	DET
cblr-11902	564	12	in	in	ADP
cblr-11902	564	13	-	-	PUNCT
cblr-11902	564	14	kind	kind	NOUN
cblr-11902	564	15	redemption	redemption	NOUN
cblr-11902	564	16	exemption	exemption	NOUN
cblr-11902	564	17	too	too	ADV
cblr-11902	564	18	far	far	ADV
cblr-11902	564	19	and	and	CCONJ
cblr-11902	564	20	has	have	AUX
cblr-11902	564	21	clearly	clearly	ADV
cblr-11902	564	22	strayed	stray	VERB
cblr-11902	564	23	from	from	ADP
cblr-11902	564	24	the	the	DET
cblr-11902	564	25	spirit	spirit	NOUN
cblr-11902	564	26	of	of	ADP
cblr-11902	564	27	the	the	DET
cblr-11902	564	28	law	law	NOUN
cblr-11902	564	29	.	.	PUNCT
cblr-11902	565	1	v.	v.	ADP
cblr-11902	565	2	conclusion	conclusion	NOUN
cblr-11902	565	3	there	there	PRON
cblr-11902	565	4	has	have	AUX
cblr-11902	565	5	been	be	AUX
cblr-11902	565	6	an	an	DET
cblr-11902	565	7	explosion	explosion	NOUN
cblr-11902	565	8	in	in	ADP
cblr-11902	565	9	growth	growth	NOUN
cblr-11902	565	10	in	in	ADP
cblr-11902	565	11	etfs	etfs	PROPN
cblr-11902	565	12	over	over	ADP
cblr-11902	565	13	the	the	DET
cblr-11902	565	14	last	last	ADJ
cblr-11902	565	15	decade	decade	NOUN
cblr-11902	565	16	.	.	PUNCT
cblr-11902	566	1	a	a	DET
cblr-11902	566	2	reason	reason	NOUN
cblr-11902	566	3	for	for	ADP
cblr-11902	566	4	the	the	DET
cblr-11902	566	5	growth	growth	NOUN
cblr-11902	566	6	has	have	AUX
cblr-11902	566	7	been	be	AUX
cblr-11902	566	8	the	the	DET
cblr-11902	566	9	tax	tax	NOUN
cblr-11902	566	10	efficiency	efficiency	NOUN
cblr-11902	566	11	of	of	ADP
cblr-11902	566	12	etfs	etfs	NOUN
cblr-11902	566	13	compared	compare	VERB
cblr-11902	566	14	to	to	ADP
cblr-11902	566	15	other	other	ADJ
cblr-11902	566	16	investment	investment	NOUN
cblr-11902	566	17	vehicles	vehicle	NOUN
cblr-11902	566	18	.	.	PUNCT
cblr-11902	567	1	this	this	DET
cblr-11902	567	2	tax	tax	NOUN
cblr-11902	567	3	efficiency	efficiency	NOUN
cblr-11902	567	4	has	have	AUX
cblr-11902	567	5	been	be	AUX
cblr-11902	567	6	driven	drive	VERB
cblr-11902	567	7	by	by	ADP
cblr-11902	567	8	§	§	PROPN
cblr-11902	567	9	852(b)(6	852(b)(6	PROPN
cblr-11902	567	10	)	)	PUNCT
cblr-11902	567	11	,	,	PUNCT
cblr-11902	567	12	which	which	PRON
cblr-11902	567	13	allows	allow	VERB
cblr-11902	567	14	etfs	etfs	PROPN
cblr-11902	567	15	to	to	PART
cblr-11902	567	16	not	not	PART
cblr-11902	567	17	recognize	recognize	VERB
cblr-11902	567	18	a	a	DET
cblr-11902	567	19	gain	gain	NOUN
cblr-11902	567	20	on	on	ADP
cblr-11902	567	21	securities	security	NOUN
cblr-11902	567	22	distributed	distribute	VERB
cblr-11902	567	23	in	in	ADP
cblr-11902	567	24	an	an	DET
cblr-11902	567	25	in	in	ADP
cblr-11902	567	26	-	-	PUNCT
cblr-11902	567	27	kind	kind	NOUN
cblr-11902	567	28	redemption	redemption	NOUN
cblr-11902	567	29	.	.	PUNCT
cblr-11902	568	1	some	some	DET
cblr-11902	568	2	funds	fund	NOUN
cblr-11902	568	3	have	have	AUX
cblr-11902	568	4	chosen	choose	VERB
cblr-11902	568	5	to	to	PART
cblr-11902	568	6	maximize	maximize	VERB
cblr-11902	568	7	the	the	DET
cblr-11902	568	8	use	use	NOUN
cblr-11902	568	9	of	of	ADP
cblr-11902	568	10	this	this	DET
cblr-11902	568	11	exemption	exemption	NOUN
cblr-11902	568	12	through	through	ADP
cblr-11902	568	13	heartbeat	heartbeat	NOUN
cblr-11902	568	14	trades	trade	NOUN
cblr-11902	568	15	,	,	PUNCT
cblr-11902	568	16	which	which	PRON
cblr-11902	568	17	allow	allow	VERB
cblr-11902	568	18	them	they	PRON
cblr-11902	568	19	to	to	PART
cblr-11902	568	20	rebalance	rebalance	VERB
cblr-11902	568	21	their	their	PRON
cblr-11902	568	22	portfolios	portfolio	NOUN
cblr-11902	568	23	without	without	ADP
cblr-11902	568	24	having	have	VERB
cblr-11902	568	25	to	to	PART
cblr-11902	568	26	recognize	recognize	VERB
cblr-11902	568	27	gains	gain	NOUN
cblr-11902	568	28	on	on	ADP
cblr-11902	568	29	their	their	PRON
cblr-11902	568	30	appreciated	appreciated	ADJ
cblr-11902	568	31	stocks	stock	NOUN
cblr-11902	568	32	.	.	PUNCT
cblr-11902	569	1	this	this	DET
cblr-11902	569	2	note	note	NOUN
cblr-11902	569	3	makes	make	VERB
cblr-11902	569	4	the	the	DET
cblr-11902	569	5	first	first	ADJ
cblr-11902	569	6	attempt	attempt	NOUN
cblr-11902	569	7	to	to	PART
cblr-11902	569	8	analyze	analyze	VERB
cblr-11902	569	9	the	the	DET
cblr-11902	569	10	267	267	NUM
cblr-11902	569	11	see	see	VERB
cblr-11902	569	12	i	i	PROPN
cblr-11902	569	13	d.	d.	PROPN
cblr-11902	569	14	268	268	NUM
cblr-11902	569	15	see	see	VERB
cblr-11902	569	16	johnson	johnson	PROPN
cblr-11902	569	17	,	,	PUNCT
cblr-11902	569	18	supra	supra	PROPN
cblr-11902	569	19	note	note	PROPN
cblr-11902	569	20	84	84	NUM
cblr-11902	569	21	.	.	PUNCT
cblr-11902	570	1	269	269	NUM
cblr-11902	570	2	see	see	VERB
cblr-11902	570	3	i	i	PROPN
cblr-11902	570	4	d.	d.	PROPN
cblr-11902	570	5	584	584	NUM
cblr-11902	570	6	columbia	columbia	PROPN
cblr-11902	570	7	business	business	PROPN
cblr-11902	570	8	law	law	PROPN
cblr-11902	570	9	review	review	NOUN
cblr-11902	570	10	[	[	X
cblr-11902	570	11	vol	vol	NOUN
cblr-11902	570	12	.	.	PUNCT
cblr-11902	570	13	2023	2023	NUM
cblr-11902	570	14	impact	impact	NOUN
cblr-11902	570	15	of	of	ADP
cblr-11902	570	16	the	the	DET
cblr-11902	570	17	sec	sec	PROPN
cblr-11902	570	18	rule	rule	NOUN
cblr-11902	570	19	6c-11	6c-11	NUM
cblr-11902	570	20	,	,	PUNCT
cblr-11902	570	21	which	which	PRON
cblr-11902	570	22	allows	allow	VERB
cblr-11902	570	23	all	all	DET
cblr-11902	570	24	etfs	etfs	NOUN
cblr-11902	570	25	to	to	PART
cblr-11902	570	26	use	use	VERB
cblr-11902	570	27	custom	custom	NOUN
cblr-11902	570	28	baskets	basket	NOUN
cblr-11902	570	29	,	,	PUNCT
cblr-11902	570	30	on	on	ADP
cblr-11902	570	31	the	the	DET
cblr-11902	570	32	usage	usage	NOUN
cblr-11902	570	33	of	of	ADP
cblr-11902	570	34	heartbeat	heartbeat	NOUN
cblr-11902	570	35	trades	trade	NOUN
cblr-11902	570	36	.	.	PUNCT
cblr-11902	571	1	it	it	PRON
cblr-11902	571	2	finds	find	VERB
cblr-11902	571	3	that	that	SCONJ
cblr-11902	571	4	there	there	PRON
cblr-11902	571	5	has	have	AUX
cblr-11902	571	6	been	be	AUX
cblr-11902	571	7	a	a	DET
cblr-11902	571	8	substantial	substantial	ADJ
cblr-11902	571	9	increase	increase	NOUN
cblr-11902	571	10	in	in	ADP
cblr-11902	571	11	such	such	ADJ
cblr-11902	571	12	trades	trade	NOUN
cblr-11902	571	13	since	since	SCONJ
cblr-11902	571	14	the	the	DET
cblr-11902	571	15	rule	rule	NOUN
cblr-11902	571	16	went	go	VERB
cblr-11902	571	17	into	into	ADP
cblr-11902	571	18	effect	effect	NOUN
cblr-11902	571	19	and	and	CCONJ
cblr-11902	571	20	that	that	SCONJ
cblr-11902	571	21	the	the	DET
cblr-11902	571	22	increase	increase	NOUN
cblr-11902	571	23	was	be	AUX
cblr-11902	571	24	much	much	ADV
cblr-11902	571	25	larger	large	ADJ
cblr-11902	571	26	among	among	ADP
cblr-11902	571	27	funds	fund	NOUN
cblr-11902	571	28	who	who	PRON
cblr-11902	571	29	were	be	AUX
cblr-11902	571	30	only	only	ADV
cblr-11902	571	31	able	able	ADJ
cblr-11902	571	32	to	to	PART
cblr-11902	571	33	use	use	VERB
cblr-11902	571	34	custom	custom	NOUN
cblr-11902	571	35	baskets	basket	NOUN
cblr-11902	571	36	after	after	ADP
cblr-11902	571	37	rule	rule	NOUN
cblr-11902	571	38	6c-11	6c-11	NUM
cblr-11902	571	39	.	.	PUNCT
cblr-11902	572	1	while	while	SCONJ
cblr-11902	572	2	this	this	DET
cblr-11902	572	3	increase	increase	NOUN
cblr-11902	572	4	does	do	AUX
cblr-11902	572	5	not	not	PART
cblr-11902	572	6	justify	justify	VERB
cblr-11902	572	7	the	the	DET
cblr-11902	572	8	total	total	ADJ
cblr-11902	572	9	repeal	repeal	NOUN
cblr-11902	572	10	of	of	ADP
cblr-11902	572	11	§	§	PROPN
cblr-11902	572	12	852(b)(6	852(b)(6	PROPN
cblr-11902	572	13	)	)	PUNCT
cblr-11902	572	14	,	,	PUNCT
cblr-11902	572	15	it	it	PRON
cblr-11902	572	16	does	do	AUX
cblr-11902	572	17	add	add	VERB
cblr-11902	572	18	urgency	urgency	NOUN
cblr-11902	572	19	to	to	ADP
cblr-11902	572	20	the	the	DET
cblr-11902	572	21	need	need	NOUN
cblr-11902	572	22	to	to	PART
cblr-11902	572	23	address	address	VERB
cblr-11902	572	24	heartbeat	heartbeat	NOUN
cblr-11902	572	25	trades	trade	NOUN
cblr-11902	572	26	.	.	PUNCT
cblr-11902	573	1	heartbeat	heartbeat	NOUN
cblr-11902	573	2	trades	trade	NOUN
cblr-11902	573	3	are	be	AUX
cblr-11902	573	4	executed	execute	VERB
cblr-11902	573	5	for	for	ADP
cblr-11902	573	6	the	the	DET
cblr-11902	573	7	main	main	ADJ
cblr-11902	573	8	purpose	purpose	NOUN
cblr-11902	573	9	of	of	ADP
cblr-11902	573	10	tax	tax	NOUN
cblr-11902	573	11	avoidance	avoidance	NOUN
cblr-11902	573	12	and	and	CCONJ
cblr-11902	573	13	should	should	AUX
cblr-11902	573	14	no	no	ADV
cblr-11902	573	15	longer	long	ADV
cblr-11902	573	16	be	be	AUX
cblr-11902	573	17	exempt	exempt	ADJ
cblr-11902	573	18	from	from	ADP
cblr-11902	573	19	gain	gain	NOUN
cblr-11902	573	20	recognition	recognition	NOUN
cblr-11902	573	21	under	under	ADP
cblr-11902	573	22	§	§	PROPN
cblr-11902	573	23	852(b)(6	852(b)(6	NUM
cblr-11902	573	24	)	)	PUNCT
cblr-11902	573	25	and	and	CCONJ
cblr-11902	573	26	should	should	AUX
cblr-11902	573	27	be	be	AUX
cblr-11902	573	28	classified	classify	VERB
cblr-11902	573	29	as	as	ADP
cblr-11902	573	30	a	a	DET
cblr-11902	573	31	taxable	taxable	ADJ
cblr-11902	573	32	event	event	NOUN
cblr-11902	573	33	by	by	ADP
cblr-11902	573	34	the	the	DET
cblr-11902	573	35	irs	irs	PROPN
cblr-11902	573	36	or	or	CCONJ
cblr-11902	573	37	congress	congress	PROPN
cblr-11902	573	38	.	.	PUNCT
cblr-11902	574	1	vi	vi	X
cblr-11902	574	2	.	.	PUNCT
cblr-11902	574	3	appendix	appendix	NOUN
cblr-11902	574	4	figure	figure	VERB
cblr-11902	574	5	a	a	PRON
cblr-11902	574	6	:	:	PUNCT
cblr-11902	574	7	moussawi	moussawi	PROPN
cblr-11902	574	8	et	et	PROPN
cblr-11902	574	9	.	.	PUNCT
cblr-11902	575	1	al	al	PROPN
cblr-11902	575	2	–	–	PUNCT
cblr-11902	575	3	example	example	NOUN
cblr-11902	575	4	of	of	ADP
cblr-11902	575	5	a	a	DET
cblr-11902	575	6	heartbeat	heartbeat	NOUN
cblr-11902	575	7	heartbeat	heartbeat	NOUN
cblr-11902	575	8	conditions	condition	NOUN
cblr-11902	575	9	:	:	PUNCT
cblr-11902	575	10	1	1	X
cblr-11902	575	11	.	.	X
cblr-11902	575	12	inflow	inflow	NOUN
cblr-11902	575	13	on	on	ADP
cblr-11902	575	14	day	day	NOUN
cblr-11902	575	15	0	0	NUM
cblr-11902	575	16	is	be	AUX
cblr-11902	575	17	at	at	ADV
cblr-11902	575	18	least	least	ADJ
cblr-11902	575	19	1	1	NUM
cblr-11902	575	20	%	%	NOUN
cblr-11902	575	21	of	of	ADP
cblr-11902	575	22	aum	aum	PROPN
cblr-11902	575	23	2	2	NUM
cblr-11902	575	24	.	.	PUNCT
cblr-11902	576	1	the	the	DET
cblr-11902	576	2	inflow	inflow	NOUN
cblr-11902	576	3	is	be	AUX
cblr-11902	576	4	not	not	PART
cblr-11902	576	5	exactly	exactly	ADV
cblr-11902	576	6	equal	equal	ADJ
cblr-11902	576	7	to	to	ADP
cblr-11902	576	8	25,000	25,000	NUM
cblr-11902	576	9	or	or	CCONJ
cblr-11902	576	10	50,000	50,000	NUM
cblr-11902	576	11	shares	share	NOUN
cblr-11902	576	12	(	(	PUNCT
cblr-11902	576	13	typical	typical	ADJ
cblr-11902	576	14	size	size	NOUN
cblr-11902	576	15	of	of	ADP
cblr-11902	576	16	one	one	NUM
cblr-11902	576	17	creation	creation	NOUN
cblr-11902	576	18	basket	basket	NOUN
cblr-11902	576	19	)	)	PUNCT
cblr-11902	576	20	.	.	PUNCT
cblr-11902	577	1	3	3	X
cblr-11902	577	2	.	.	X
cblr-11902	577	3	inflow	inflow	NOUN
cblr-11902	577	4	on	on	ADP
cblr-11902	577	5	day	day	NOUN
cblr-11902	577	6	0	0	NUM
cblr-11902	577	7	is	be	AUX
cblr-11902	577	8	at	at	ADP
cblr-11902	577	9	least	least	ADJ
cblr-11902	577	10	3x	3x	NUM
cblr-11902	577	11	as	as	ADV
cblr-11902	577	12	large	large	ADJ
cblr-11902	577	13	as	as	ADP
cblr-11902	577	14	the	the	DET
cblr-11902	577	15	largest	large	ADJ
cblr-11902	577	16	of	of	ADP
cblr-11902	577	17	:	:	PUNCT
cblr-11902	577	18	a.	a.	NOUN
cblr-11902	577	19	the	the	DET
cblr-11902	577	20	maximum	maximum	ADJ
cblr-11902	577	21	absolute	absolute	ADJ
cblr-11902	577	22	percentage	percentage	NOUN
cblr-11902	577	23	flow	flow	NOUN
cblr-11902	577	24	during	during	ADP
cblr-11902	577	25	days	day	NOUN
cblr-11902	577	26	-15	-15	PUNCT
cblr-11902	577	27	to	to	PART
cblr-11902	577	28	-1	-1	VERB
cblr-11902	577	29	(	(	PUNCT
cblr-11902	577	30	window	window	NOUN
cblr-11902	577	31	a	a	PRON
cblr-11902	577	32	)	)	PUNCT
cblr-11902	577	33	b.	b.	NOUN
cblr-11902	578	1	the	the	DET
cblr-11902	578	2	maximum	maximum	ADJ
cblr-11902	578	3	percentage	percentage	NOUN
cblr-11902	578	4	inflow	inflow	NOUN
cblr-11902	578	5	during	during	ADP
cblr-11902	578	6	days	day	NOUN
cblr-11902	578	7	1	1	NUM
cblr-11902	578	8	to	to	PART
cblr-11902	578	9	15	15	NUM
cblr-11902	578	10	(	(	PUNCT
cblr-11902	578	11	window	window	NOUN
cblr-11902	578	12	b	b	NOUN
cblr-11902	578	13	)	)	PUNCT
cblr-11902	578	14	c.	c.	NOUN
cblr-11902	578	15	the	the	DET
cblr-11902	578	16	maximum	maximum	ADJ
cblr-11902	578	17	absolute	absolute	ADJ
cblr-11902	578	18	percentage	percentage	NOUN
cblr-11902	578	19	flow	flow	NOUN
cblr-11902	578	20	during	during	ADP
cblr-11902	578	21	days	day	NOUN
cblr-11902	578	22	8	8	NUM
cblr-11902	578	23	to	to	PART
cblr-11902	578	24	15	15	NUM
cblr-11902	578	25	(	(	PUNCT
cblr-11902	578	26	window	window	NOUN
cblr-11902	578	27	c	c	NOUN
cblr-11902	578	28	)	)	PUNCT
cblr-11902	578	29	4	4	NUM
cblr-11902	578	30	.	.	PUNCT
cblr-11902	579	1	the	the	DET
cblr-11902	579	2	cumulative	cumulative	ADJ
cblr-11902	579	3	flow	flow	NOUN
cblr-11902	579	4	during	during	ADP
cblr-11902	579	5	days	day	NOUN
cblr-11902	579	6	1	1	NUM
cblr-11902	579	7	to	to	PART
cblr-11902	579	8	7	7	NUM
cblr-11902	579	9	(	(	PUNCT
cblr-11902	579	10	window	window	NOUN
cblr-11902	579	11	d	d	PROPN
cblr-11902	579	12	)	)	PUNCT
cblr-11902	579	13	reverses	reverse	VERB
cblr-11902	579	14	at	at	ADV
cblr-11902	579	15	least	least	ADV
cblr-11902	579	16	75	75	NUM
cblr-11902	579	17	%	%	NOUN
cblr-11902	579	18	of	of	ADP
cblr-11902	579	19	the	the	DET
cblr-11902	579	20	magnitude	magnitude	NOUN
cblr-11902	579	21	of	of	ADP
cblr-11902	579	22	the	the	DET
cblr-11902	579	23	inflow	inflow	NOUN
cblr-11902	579	24	.	.	PUNCT
cblr-11902	580	1	rabih	rabih	PROPN
cblr-11902	580	2	moussawi	moussawi	PROPN
cblr-11902	580	3	,	,	PUNCT
cblr-11902	580	4	ke	ke	PROPN
cblr-11902	580	5	shen	shen	PROPN
cblr-11902	580	6	&	&	CCONJ
cblr-11902	580	7	raisa	raisa	PROPN
cblr-11902	580	8	velthuis	velthuis	PROPN
cblr-11902	580	9	,	,	PUNCT
cblr-11902	580	10	etf	etf	NOUN
cblr-11902	580	11	heartbeat	heartbeat	NOUN
cblr-11902	580	12	trades	trade	NOUN
cblr-11902	580	13	,	,	PUNCT
cblr-11902	580	14	tax	tax	NOUN
cblr-11902	580	15	efficiencies	efficiency	NOUN
cblr-11902	580	16	,	,	PUNCT
cblr-11902	580	17	and	and	CCONJ
cblr-11902	580	18	clienteles	clientele	NOUN
cblr-11902	580	19	:	:	PUNCT
cblr-11902	580	20	the	the	DET
cblr-11902	580	21	role	role	NOUN
cblr-11902	580	22	of	of	ADP
cblr-11902	580	23	taxes	taxis	NOUN
cblr-11902	580	24	in	in	ADP
cblr-11902	580	25	the	the	DET
cblr-11902	580	26	flow	flow	NOUN
cblr-11902	580	27	migration	migration	NOUN
cblr-11902	580	28	from	from	ADP
cblr-11902	580	29	active	active	ADJ
cblr-11902	580	30	mutual	mutual	ADJ
cblr-11902	580	31	funds	fund	NOUN
cblr-11902	580	32	to	to	ADP
cblr-11902	580	33	etfs	etfs	PROPN
cblr-11902	580	34	,	,	PUNCT
cblr-11902	580	35	(	(	PUNCT
cblr-11902	580	36	december	december	PROPN
cblr-11902	580	37	8	8	NUM
cblr-11902	580	38	,	,	PUNCT
cblr-11902	580	39	2020	2020	NUM
cblr-11902	580	40	)	)	PUNCT
cblr-11902	580	41	(	(	PUNCT
cblr-11902	580	42	manuscript	manuscript	NOUN
cblr-11902	580	43	at	at	ADP
cblr-11902	580	44	46	46	NUM
cblr-11902	580	45	)	)	PUNCT
cblr-11902	580	46	,	,	PUNCT
cblr-11902	580	47	available	available	ADJ
cblr-11902	580	48	at	at	ADP
cblr-11902	580	49	no	no	NOUN
cblr-11902	580	50	.	.	NOUN
cblr-11902	580	51	1	1	NUM
cblr-11902	580	52	]	]	PUNCT
cblr-11902	580	53	sec	sec	PROPN
cblr-11902	580	54	rule	rule	NOUN
cblr-11902	580	55	6c-11	6c-11	PROPN
cblr-11902	580	56	’s	’s	PART
cblr-11902	580	57	impact	impact	NOUN
cblr-11902	580	58	on	on	ADP
cblr-11902	580	59	usage	usage	NOUN
cblr-11902	580	60	of	of	ADP
cblr-11902	580	61	heartbeat	heartbeat	NOUN
cblr-11902	580	62	trades	trade	NOUN
cblr-11902	580	63	585	585	NUM
cblr-11902	580	64	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3744519	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3744519	NOUN
cblr-11902	580	65	.	.	PUNCT
cblr-11902	581	1	figure	figure	VERB
cblr-11902	581	2	b	b	NOUN
cblr-11902	581	3	:	:	PUNCT
cblr-11902	581	4	total	total	ADJ
cblr-11902	581	5	heartbeat	heartbeat	NOUN
cblr-11902	581	6	trades	trade	NOUN
cblr-11902	581	7	per	per	ADP
cblr-11902	581	8	month	month	NOUN
cblr-11902	581	9	for	for	ADP
cblr-11902	581	10	entire	entire	ADJ
cblr-11902	581	11	sample	sample	NOUN
cblr-11902	581	12	figure	figure	NOUN
cblr-11902	581	13	c	c	NOUN
cblr-11902	581	14	:	:	PUNCT
cblr-11902	581	15	growth	growth	NOUN
cblr-11902	581	16	in	in	ADP
cblr-11902	581	17	etfs	etfs	PROPN
cblr-11902	581	18	,	,	PUNCT
cblr-11902	581	19	2018	2018	NUM
cblr-11902	581	20	-	-	SYM
cblr-11902	581	21	2021	2021	NUM
cblr-11902	581	22	table	table	NOUN
cblr-11902	582	1	a	a	DET
cblr-11902	582	2	:	:	PUNCT
cblr-11902	582	3	yearly	yearly	ADJ
cblr-11902	582	4	percentage	percentage	NOUN
cblr-11902	582	5	of	of	ADP
cblr-11902	582	6	funds	fund	NOUN
cblr-11902	582	7	using	use	VERB
cblr-11902	582	8	heartbeat	heartbeat	NOUN
cblr-11902	582	9	trades	trade	NOUN
cblr-11902	582	10	and	and	CCONJ
cblr-11902	582	11	avg	avg	PROPN
cblr-11902	582	12	.	.	PUNCT
cblr-11902	583	1	heartbeat	heartbeat	NOUN
cblr-11902	583	2	per	per	ADP
cblr-11902	583	3	fund	fund	NOUN
cblr-11902	583	4	0	0	NUM
cblr-11902	583	5	50	50	NUM
cblr-11902	583	6	100	100	NUM
cblr-11902	583	7	150	150	NUM
cblr-11902	583	8	200	200	NUM
cblr-11902	583	9	250	250	NUM
cblr-11902	583	10	300	300	NUM
cblr-11902	583	11	350	350	NUM
cblr-11902	583	12	feb18	feb18	PROPN
cblr-11902	583	13	apr18	apr18	PROPN
cblr-11902	583	14	jun	jun	PROPN
cblr-11902	583	15	-18	-18	PROPN
cblr-11902	584	1	aug	aug	PROPN
cblr-11902	584	2	-18	-18	PROPN
cblr-11902	584	3	oct18	oct18	PROPN
cblr-11902	584	4	dec18	dec18	PROPN
cblr-11902	584	5	feb19	feb19	PROPN
cblr-11902	584	6	apr19	apr19	PROPN
cblr-11902	584	7	jun	jun	PROPN
cblr-11902	584	8	-19	-19	PROPN
cblr-11902	584	9	aug	aug	PROPN
cblr-11902	584	10	-19	-19	PROPN
cblr-11902	584	11	oct19	oct19	NOUN
cblr-11902	584	12	dec19	dec19	NOUN
cblr-11902	584	13	feb20	feb20	NOUN
cblr-11902	584	14	apr20	apr20	NOUN
cblr-11902	584	15	jun	jun	PROPN
cblr-11902	584	16	-20	-20	PUNCT
cblr-11902	584	17	aug	aug	PROPN
cblr-11902	584	18	-20	-20	PUNCT
cblr-11902	584	19	oct20	oct20	NOUN
cblr-11902	584	20	dec20	dec20	NOUN
cblr-11902	584	21	feb21	feb21	PROPN
cblr-11902	584	22	apr21	apr21	PROPN
cblr-11902	584	23	jun	jun	PROPN
cblr-11902	584	24	-21	-21	PROPN
cblr-11902	584	25	aug	aug	PROPN
cblr-11902	584	26	-21	-21	NOUN
cblr-11902	584	27	oct21	oct21	PROPN
cblr-11902	584	28	dec21	dec21	NOUN
cblr-11902	584	29	n	n	CCONJ
cblr-11902	584	30	um	um	INTJ
cblr-11902	584	31	be	be	AUX
cblr-11902	584	32	r	r	NOUN
cblr-11902	584	33	o	o	NOUN
cblr-11902	584	34	f	f	X
cblr-11902	584	35	h	h	NOUN
cblr-11902	584	36	ea	ea	PROPN
cblr-11902	584	37	rtb	rtb	NOUN
cblr-11902	584	38	ea	ea	PROPN
cblr-11902	584	39	t	t	PROPN
cblr-11902	584	40	t	t	PROPN
cblr-11902	584	41	ra	ra	PROPN
cblr-11902	584	42	de	de	PROPN
cblr-11902	584	43	s	s	PART
cblr-11902	584	44	date	date	NOUN
cblr-11902	584	45	total	total	ADJ
cblr-11902	584	46	heartbeat	heartbeat	NOUN
cblr-11902	584	47	trades	trade	NOUN
cblr-11902	584	48	per	per	ADP
cblr-11902	584	49	month	month	NOUN
cblr-11902	584	50	1,000	1,000	NUM
cblr-11902	584	51	1,200	1,200	NUM
cblr-11902	584	52	1,400	1,400	NUM
cblr-11902	584	53	1,600	1,600	NUM
cblr-11902	584	54	1,800	1,800	NUM
cblr-11902	584	55	2,000	2,000	NUM
cblr-11902	584	56	2,200	2,200	NUM
cblr-11902	584	57	2,400	2,400	NUM
cblr-11902	584	58	2,600	2,600	NUM
cblr-11902	584	59	2,800	2,800	NUM
cblr-11902	584	60	3,000	3,000	NUM
cblr-11902	584	61	jan	jan	PROPN
cblr-11902	584	62	uar	uar	PROPN
cblr-11902	584	63	y-1	y-1	PROPN
cblr-11902	584	64	8	8	NUM
cblr-11902	584	65	ma	ma	PROPN
cblr-11902	584	66	rch	rch	PROPN
cblr-11902	584	67	-18	-18	PROPN
cblr-11902	584	68	ma	ma	PROPN
cblr-11902	584	69	y-1	y-1	PROPN
cblr-11902	584	70	8	8	NUM
cblr-11902	584	71	jul	jul	PROPN
cblr-11902	584	72	y-1	y-1	PROPN
cblr-11902	584	73	8	8	NUM
cblr-11902	584	74	se	se	X
cblr-11902	584	75	pte	pte	PROPN
cblr-11902	584	76	mb	mb	ADP
cblr-11902	584	77	er18	er18	PROPN
cblr-11902	584	78	no	no	DET
cblr-11902	584	79	ve	ve	VERB
cblr-11902	584	80	mb	mb	ADP
cblr-11902	584	81	er18	er18	PROPN
cblr-11902	584	82	jan	jan	PROPN
cblr-11902	584	83	uar	uar	PROPN
cblr-11902	584	84	y-1	y-1	PROPN
cblr-11902	584	85	9	9	NUM
cblr-11902	584	86	ma	ma	PROPN
cblr-11902	584	87	rch	rch	PROPN
cblr-11902	584	88	-19	-19	PROPN
cblr-11902	584	89	ma	ma	PROPN
cblr-11902	585	1	y-1	y-1	NOUN
cblr-11902	585	2	9	9	NUM
cblr-11902	585	3	jul	jul	PROPN
cblr-11902	585	4	y-1	y-1	NOUN
cblr-11902	585	5	9	9	NUM
cblr-11902	585	6	se	se	X
cblr-11902	585	7	pte	pte	PROPN
cblr-11902	585	8	mb	mb	ADP
cblr-11902	586	1	er19	er19	PROPN
cblr-11902	586	2	no	no	INTJ
cblr-11902	587	1	ve	ve	VERB
cblr-11902	587	2	mb	mb	ADP
cblr-11902	587	3	er19	er19	PROPN
cblr-11902	587	4	jan	jan	PROPN
cblr-11902	587	5	uar	uar	PROPN
cblr-11902	587	6	y-2	y-2	PROPN
cblr-11902	587	7	0	0	NUM
cblr-11902	588	1	ma	ma	PROPN
cblr-11902	588	2	rch	rch	PROPN
cblr-11902	588	3	-20	-20	PROPN
cblr-11902	588	4	ma	ma	PROPN
cblr-11902	588	5	y-2	y-2	PROPN
cblr-11902	588	6	0	0	NUM
cblr-11902	589	1	jul	jul	PROPN
cblr-11902	589	2	y-2	y-2	PROPN
cblr-11902	589	3	0	0	PUNCT
cblr-11902	589	4	se	se	PROPN
cblr-11902	589	5	pte	pte	PROPN
cblr-11902	589	6	mb	mb	ADP
cblr-11902	589	7	er20	er20	PROPN
cblr-11902	589	8	no	no	DET
cblr-11902	589	9	ve	ve	VERB
cblr-11902	589	10	mb	mb	ADP
cblr-11902	589	11	er20	er20	PROPN
cblr-11902	589	12	jan	jan	PROPN
cblr-11902	589	13	uar	uar	PROPN
cblr-11902	589	14	y-2	y-2	PROPN
cblr-11902	589	15	1	1	NUM
cblr-11902	589	16	ma	ma	PROPN
cblr-11902	589	17	rch	rch	PROPN
cblr-11902	589	18	-21	-21	PROPN
cblr-11902	589	19	ma	ma	PROPN
cblr-11902	589	20	y-2	y-2	PROPN
cblr-11902	589	21	1	1	NUM
cblr-11902	589	22	jul	jul	PROPN
cblr-11902	589	23	y-2	y-2	PROPN
cblr-11902	589	24	1	1	NUM
cblr-11902	589	25	se	se	X
cblr-11902	589	26	pte	pte	VERB
cblr-11902	589	27	mb	mb	ADP
cblr-11902	589	28	er21	er21	PROPN
cblr-11902	589	29	no	no	DET
cblr-11902	589	30	ve	ve	VERB
cblr-11902	589	31	mb	mb	ADP
cblr-11902	589	32	er21	er21	PROPN
cblr-11902	589	33	n	n	AUX
cblr-11902	589	34	um	um	INTJ
cblr-11902	589	35	be	be	AUX
cblr-11902	590	1	r	r	NOUN
cblr-11902	590	2	o	o	NOUN
cblr-11902	590	3	f	f	X
cblr-11902	590	4	e	e	X
cblr-11902	590	5	tf	tf	PROPN
cblr-11902	590	6	s	s	VERB
cblr-11902	590	7	date	date	NOUN
cblr-11902	590	8	monthly	monthly	ADJ
cblr-11902	590	9	etf	etf	NOUN
cblr-11902	590	10	growth	growth	NOUN
cblr-11902	590	11	586	586	NUM
cblr-11902	590	12	columbia	columbia	PROPN
cblr-11902	590	13	business	business	NOUN
cblr-11902	590	14	law	law	NOUN
cblr-11902	590	15	review	review	NOUN
cblr-11902	590	16	[	[	X
cblr-11902	590	17	vol	vol	NOUN
cblr-11902	590	18	.	.	PUNCT
cblr-11902	590	19	2023	2023	NUM
cblr-11902	590	20	year	year	NOUN
cblr-11902	590	21	heartbeat	heartbeat	NOUN
cblr-11902	590	22	funds	fund	NOUN
cblr-11902	590	23	funds	fund	NOUN
cblr-11902	590	24	without	without	ADP
cblr-11902	590	25	heartbeat	heartbeat	NOUN
cblr-11902	590	26	%	%	NOUN
cblr-11902	590	27	of	of	ADP
cblr-11902	590	28	funds	fund	NOUN
cblr-11902	590	29	using	use	VERB
cblr-11902	590	30	avg	avg	PROPN
cblr-11902	590	31	.	.	PUNCT
cblr-11902	591	1	heartbeat	heartbeat	NOUN
cblr-11902	591	2	/	/	SYM
cblr-11902	591	3	fund	fund	PROPN
cblr-11902	591	4	2018	2018	NUM
cblr-11902	591	5	517	517	NUM
cblr-11902	591	6	1,149	1,149	NUM
cblr-11902	591	7	31.03	31.03	NUM
cblr-11902	591	8	%	%	NOUN
cblr-11902	591	9	2.062	2.062	NUM
cblr-11902	591	10	2019	2019	NUM
cblr-11902	591	11	484	484	NUM
cblr-11902	591	12	1,182	1,182	NUM
cblr-11902	591	13	29.05	29.05	NUM
cblr-11902	591	14	%	%	NOUN
cblr-11902	591	15	1.963	1.963	NUM
cblr-11902	591	16	2020	2020	NUM
cblr-11902	591	17	609	609	NUM
cblr-11902	591	18	1,057	1,057	NUM
cblr-11902	591	19	36.55	36.55	NUM
cblr-11902	591	20	%	%	NOUN
cblr-11902	591	21	2.378	2.378	NUM
cblr-11902	591	22	2021	2021	NUM
cblr-11902	591	23	692	692	NUM
cblr-11902	591	24	974	974	NUM
cblr-11902	591	25	41.54	41.54	NUM
cblr-11902	591	26	%	%	NOUN
cblr-11902	591	27	2.228	2.228	NUM
cblr-11902	591	28	table	table	NOUN
cblr-11902	591	29	b	b	NOUN
cblr-11902	591	30	:	:	PUNCT
cblr-11902	591	31	year	year	NOUN
cblr-11902	591	32	over	over	ADP
cblr-11902	591	33	year	year	NOUN
cblr-11902	591	34	growth	growth	NOUN
cblr-11902	591	35	2019:2020	2019:2020	NUM
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cblr-11902	591	39	:	:	PUNCT
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cblr-11902	591	41	over	over	ADP
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cblr-11902	591	44	,	,	PUNCT
cblr-11902	591	45	2019:2020	2019:2020	NUM
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cblr-11902	591	47	:	:	PUNCT
cblr-11902	592	1	year	year	NOUN
cblr-11902	592	2	over	over	ADP
cblr-11902	592	3	year	year	NOUN
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cblr-11902	592	11	%	%	NOUN
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cblr-11902	593	2	%	%	NOUN
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cblr-11902	593	4	%	%	NOUN
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cblr-11902	593	7	%	%	NOUN
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cblr-11902	593	9	%	%	NOUN
cblr-11902	593	10	46.41	46.41	NUM
cblr-11902	593	11	%	%	NOUN
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cblr-11902	593	18	%	%	NOUN
cblr-11902	593	19	may	may	AUX
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cblr-11902	593	21	%	%	NOUN
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cblr-11902	593	25	%	%	NOUN
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cblr-11902	593	30	%	%	NOUN
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cblr-11902	593	37	%	%	NOUN
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cblr-11902	593	39	%	%	NOUN
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cblr-11902	593	42	%	%	NOUN
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cblr-11902	593	44	%	%	NOUN
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cblr-11902	593	46	%	%	NOUN
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cblr-11902	593	49	%	%	NOUN
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cblr-11902	593	53	%	%	NOUN
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cblr-11902	593	56	%	%	NOUN
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cblr-11902	593	60	%	%	NOUN
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cblr-11902	593	63	%	%	NOUN
cblr-11902	593	64	66.67	66.67	NUM
cblr-11902	593	65	%	%	NOUN
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cblr-11902	593	67	%	%	NOUN
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cblr-11902	593	77	:	:	PUNCT
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cblr-11902	593	101	:	:	PUNCT
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cblr-11902	593	107	2018:2019	2018:2019	NUM
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cblr-11902	593	109	:	:	PUNCT
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cblr-11902	593	120	%	%	NOUN
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cblr-11902	593	122	%	%	NOUN
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cblr-11902	593	124	%	%	NOUN
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cblr-11902	593	127	%	%	NOUN
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cblr-11902	593	129	%	%	NOUN
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cblr-11902	593	131	%	%	NOUN
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cblr-11902	593	134	%	%	NOUN
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cblr-11902	594	1	may	may	AUX
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cblr-11902	596	1	%	%	NOUN
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cblr-11902	596	3	%	%	NOUN
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cblr-11902	596	5	%	%	NOUN
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cblr-11902	596	8	%	%	NOUN
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cblr-11902	596	15	%	%	NOUN
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cblr-11902	597	2	%	%	NOUN
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cblr-11902	597	7	%	%	NOUN
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cblr-11902	597	9	%	%	NOUN
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cblr-11902	597	11	%	%	NOUN
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cblr-11902	597	14	%	%	NOUN
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cblr-11902	597	16	%	%	NOUN
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cblr-11902	597	18	%	%	NOUN
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cblr-11902	597	21	%	%	NOUN
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cblr-11902	597	23	%	%	NOUN
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cblr-11902	597	25	%	%	NOUN
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cblr-11902	597	27	-20.69	-20.69	NOUN
cblr-11902	597	28	%	%	NOUN
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cblr-11902	598	2	%	%	NOUN
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cblr-11902	598	7	:	:	PUNCT
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cblr-11902	598	45	:	:	PUNCT
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cblr-11902	598	58	-	-	PUNCT
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cblr-11902	598	65	on	on	ADP
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cblr-11902	598	67	-	-	PUNCT
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cblr-11902	598	83	$	$	SYM
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cblr-11902	598	88	$	$	SYM
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cblr-11902	598	93	$	$	SYM
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cblr-11902	598	108	$	$	SYM
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cblr-11902	598	117	[	[	X
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cblr-11902	599	8	$	$	SYM
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