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APERIO DIRECT INDEXING

Aperio Direct Indexing

For 20+ years, we have been a leader in the direct indexing space, specializing in personalized, tax-managed equity separately managed accounts (SMAs).
Are you a Financial Advisor? Contact an SMA specialist Are you a Financial Advisor? Contact an SMA specialist

The case for tax-managed equity SMAs

Direct indexing is a form of index investing that allows investors the opportunity to directly own individual securities. Direct indexing strategies generally seek to track, with some variation, the returns of a benchmark index.

Unlike ETFs or mutual funds, owning individual securities gives investors the ability to have more flexibility, creating opportunities for tax loss harvesting1 and personalization.

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Customization capabilities

Directly owning the individual securities allows investors more room for personalization around their values, investment goals, or different exposures.
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Tax efficiency

Instead of focusing on taxes when it’s too late, tax management is often implemented throughout the lifecycle of the portfolio.
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Room for flexibility

Whether you’re in a concentrated position, looking at charitable gifting, or need other options, direct indexing allows an investor the flexibility to do so.

Enhance the power of loss harvesting with our long/short strategy

Aperio continues to innovate with new applications for personalized SMAs. Aperio’s Long/Short SMA strategy can be thought of as an extension to a traditional long-only portfolio. By combining long and short positions, the strategy aims to enhance the use cases of long-only tax-managed SMAs by providing additional loss-harvesting opportunities in both up and down markets. Some of the most popular applications are:

> To learn more, listen to our latest podcast on Aperio Long/Short Strategy

See “Important notes” for risks associated with short selling and trading on margin. Trading on margin and engaging in short sales in your advisory account may result in additional costs, including margin interest, stock borrow fees, and other regulatory or service charges that can significantly increase your overall expenses.

Combining long/short with dynamic factors

BlackRock’s Long/Short Tax-Managed Dynamic Factor Strategy (TDYF) combines factor insights and Aperio’s long/short expertise to deliver both investment and tax alpha.
Learn more Learn more
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The Aperio difference

Active tax management

We utilize tax-loss harvesting in an effort to increase tax alpha, or after-tax returns.

Thoughtful personalization

Our team of values-aligned strategists work with financial advisors to help align their clients’ investment goals with their personal values.

Access to our strategists

Our tax economists and values-aligned strategists act as an extension of your team providing a wealth of knowledge, guiding your clients along their investing journey.
25
+ Years of industry experience
$128
Billion in AUM
29,300
Accounts managed
$4.3
Average account size (million)

*Numbers as of June 30, 2025. Source Aperio.

Aperio strategies

Long/Short Active Tax Factor Tilts VAI
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US Large Cap Fact Sheet
US Large & Mid Cap Fact Sheet
Total US Market Fact Sheet
Foreign Developed ex Canada Fact Sheet
Developed World Fact Sheet
Global Fact Sheet
Core Annual Composite GIPS Composite Report
Core Annual Composite (WRAP) GIPS Composite Report

*Strategy offerings are subject to change

High Dividend Yield Fact Sheet
High Dividend Yield – Global Fact Sheet
Domestic Low-Beta Quality Fact Sheet
Domestic Quality Light Fact Sheet
Foreign Developed ex Canada Quality Light Fact Sheet
Value-Tilted Global Fact Sheet
Factor Tilt Annual composite GIPS Composite Report
Factor Tilt Annual composite (WRAP) GIPS Composite Report

*Strategy offerings are subject to change

US Large Cap Aperio SRI Fact Sheet
Total US Market Aperio SRI Fact Sheet
Foreign Developed ex Canada Aperio SRI Fact Sheet
Global Aperio SRI Fact Sheet
SRI Annual Composite GIPS Composite Report
SRI Annual Composite (WRAP) GIPS Composite Report

*Strategy offerings are subject to change

Developed World 140-40 Quality Value Fact Sheet
US Large Cap 140-40 Quality Value Strategy Fact Sheet

*Strategy offerings are subject to change and restrictions.

Tools designed to personalize how you see fit

Our customization menu showcases the different benchmarks, tax management options, tilts, and many other ways our team gets the most out of each portfolio.
Customization at the core Customization at the core
Using our comprehensive Values-Alignment Menu, our team provides a wealth of solutions and options to cater to each investor’s personal values.
Personalize to your values Personalize to your values

Optimize portfolios for your clients’ after-tax returns

Advisors often overlook how taxes can impact returns more than fees. Our Tax Evaluator tool helps track capital gains across 7K+ funds and identifies tax-loss harvesting opportunities in portfolios to help your clients keep more of what they earn.
Access Tax Evaluator Access Tax Evaluator
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