Brent Sullivan, editor at Tax Alpha Insider, joins Scarlet Fu and Eric Balchunas on "Bloomberg ETF IQ." A 351 sees an investor turn a portfolio of assets into an ETF, typically so they can rebalance winning holdings without paying an immediate tax bill. Technically it's a deferral, since tax will still be owed when any shares in the ETF are eventually sold. But it keeps more money invested for longer, and investors can pursue several strategies that reduce or even eliminate what is owed.