They are taargeting the anti dividend etfs as well.
I thought it was part of that article as well.
It should be this article without paywall: https://www.bloomberg.com/news/articles/2026-07-21/treasury-flags-concern-over-potentially-abusive-tax-strategies
The two officials also discussed ETFs that trade in and out of other ETFs in order to avoid dividend distributions, as well as box-spread ETFs.
The largest of the latter is the $13 billion Alpha Architect 1-3 Month Box ETF, which uses option trades to generate returns similar to Treasury bills that are taxed as capital gains on the ETF, rather than interest income.
I know 351 conversions are not directly relevant for us (only potentially the etfs that get created from them).