Comment by bagacrap

I don't know how that's a response to what I wrote. I'm not saying that an ETF is more tax efficient, although it is more tax efficient than a mutual fund. If you are worried about the tax drag of dividends then there are ETFs that seek to track spx, but without receiving dividends, by selling and rebuying around ex div dates. They're not established enough to trust with a lot of money, imo, but maybe it will become more normal one day.