> I can't really think of a way in which it's not functionally a DRIP

Hello Jim,

I already explained to you that several countries apply tax to Accumulating ETFs very differently to what they'd apply to an individual doing DRIP reinvestment with a Distributing ETF.

In some cases, amount of tax, in some cases, deferment of tax to a time of the investors choosing.

I am explaining it again. It just works this way. It's just a fact of the world.

Some countries have a tax code that treats DRIP/Distributing vs Accum ETFs very very differently.

Example country that I mentioned before is Belgium. Look it up; the tax is 0% on Accum ETFs 'divis' and 30% on Dist ETFs. Slovenia, too, I mentioned as well.

Germany too, not certain, but I think they get favourable treatment there too.

You don't need to take my word on this (twice), you can look it up yourself.

Reinvested dividends *within an accumulating ETF that never leave the ETF accounts* are not subject to dividend tax in the way DRIP investment from a Distributing ETF would be.

Manual DRIP vs Accum ETF are legally, factually, different things with different economic outcomes over the long term.

They should not be considered together as 'basically the same thing' because they are absolutely not the same thing.

TRS