We're building

A Black-owned financial institution that preserves Black wealth.

NBA players already have enough investable capital to build an asset manager of their own. We're building it.

How it starts

Use the portfolio you already own to seed the fund. Own the institution behind it.

Eligible investors can contribute appreciated public equities without selling them first. Those portfolios can seed a low-cost U.S. equity ETF at meaningful scale, while the asset manager behind it is built to be owned by players themselves.

1

Move the assets you already own.

Contribute eligible appreciated public equities to the ETF through a qualifying Section 351 exchange instead of selling them first.

2

Get the core portfolio you actually want.

Receive shares in a low-cost, diversified U.S. equity ETF built for long-term wealth preservation and broad market-like exposure.

3

Build the institution.

The founding portfolios are intended to launch a multi-billion-dollar first fund inside an asset manager owned by players.

Founding portfolios seed the fund. Players own the manager.

Change your portfolio without getting a tax bill.

Our first product is a U.S. equity ETF for investors who already own appreciated public securities and want to move toward diversified, market-like exposure without selling those assets first.

In a qualifying Section 351 transaction, capital gain generally is not recognized at contribution. The existing tax basis carries forward, so the tax is deferred rather than eliminated.
Illustrative portfolio $10M portfolio
$6M unrealized gains
30% illustrative tax rate
Sell first
$8.2M
starts the new portfolio after an illustrative $1.8M tax payment.
Qualifying 351 transition
$10.0M
stays invested at the transition. The original tax basis carries forward.
Where this fits

Some of your money should be boring.

Venture capital, private equity, and real estate can be fun and exciting. The core of your wealth does not need to be exciting. Its job is to reliably compound and avoid tax drag.

How high net worth investors construct their portfolios

57% public equities
Public equities 57%
Private & alternative assets 31%
Bonds & cash 12%
Long Angle 2026 High Net Worth Asset Allocation Report. Investable portfolio excludes home equity. Based on 233 respondents with average net worth of $17M and median net worth above $10M.
The biggest sleeve

The boring part is the largest part.

Wealthy investors can own private companies, real estate, venture funds, and other alternatives without asking those assets to do the job of the core. Public equities remain the largest share of the investable portfolio in this 2026 high net worth survey.

91% of respondents held passive, low-fee index funds. Low-cost public market exposure is best practice at this wealth tier.
Black Wealth Project is built for that core: liquid, diversified, low-cost, tax-aware, and low touch.
Low cost by design
0.25% target expense ratio

Keep more of the core working for you.

At a 0.25% target expense ratio, $1 million invested costs $2,500 per year.

The goal is simple: keep the core low-cost while building the Black-owned institution behind the fund.

0.25% is the current target expense ratio. Final fund fees and expenses will be set in the completed fund documents.
Portfolio calculator

See what it costs to change your portfolio.

Selling can create a tax bill before the new portfolio earns a dollar. Start with that cost. Then, if you want, compare the long-term return you expect from what you own today.

%
Market-like portfolio reference 10.0% annually Rounded historical S&P 500 total return since 1957, including dividends. Historical reference only, not a forecast.
years
% / yr
Think about the next decade, not last year. Enter 10% if you want to assume no performance advantage from switching.
Estimated tax if you sell today
$1.80M
Sell + switch: capital that starts working $8.20M
Illustrative after-tax value at the end
Sell first, pay tax, then invest $17.35M
Illustrative value of deferring the tax you otherwise pay upfront +$2.01M
Compare against staying in the current portfolio
Keep the current portfolio $16.31M
Illustrative difference versus staying put +$3.04M
Simplified mathematical illustration, not a forecast. The 10% market-like return is a historical reference. The optional current-portfolio return is a user-entered scenario assumption. Ending values assume an illustrative liquidation at the entered tax rate and exclude fund fees, distributions, trading effects, changes in tax law, and other real-world factors.
What can go in?

Start with the public-equity portfolio you already own.

Section 351 is not a way to drop one giant winner into a diversified fund. The contributed portfolio needs to meet real eligibility and diversification requirements before the transaction.

Commonly eligible in 351 ETF conversions
Stocks, ETFs, and ADRs.
Commonly not accepted
Mutual funds, cryptocurrency, options, private investments, restricted stock, and closed-end funds.

The portfolio has to already be diversified.

≤25% in any one issuer
≤50% combined in five or fewer issuers
Exact contribution eligibility depends on the final fund structure, holdings, tax lots, and legal/tax review. The categories above reflect common 351 ETF conversion practice, including Cambria's published conversion process.
How the conversion works

Start with your portfolio. We'll figure out what can move.

Send the holdings and tax lots. The first step is identifying which positions can qualify, how much of the portfolio can be contributed, and what should stay behind. You do not need to work through the Section 351 rules yourself.

01

Review

We review the portfolio and tax lots to see which positions are candidates for the conversion.

02

Confirm

Tax and fund professionals confirm diversification, control, and other transaction requirements.

03

Document

The required investor, custodian, and transaction paperwork is completed.

04

Transfer

Eligible securities move into the ETF as part of the coordinated launch transaction.

05

Receive ETF shares

You receive ETF shares of corresponding value, with the existing basis and holding period carried forward in a qualifying exchange.

Wealth preservation

Taxes are a cost. Sophisticated portfolios manage them like one.

The goal is not to avoid taxes forever. It is to avoid creating a large taxable event just to improve the portfolio when the law provides a legitimate way to defer recognition.

Keeping deferred tax capital invested means more capital can remain compounding until the tax is ultimately due.

That is basic wealth preservation.

The alternatives

Three ways to change a taxable stock portfolio.

The right tool depends on the portfolio. A 351 ETF is strongest when the portfolio is already diversified and the goal is a liquid, market-like public-equity core.

Option 1

Sell and reinvest

Tax at transition Gain is generally recognized now.
Portfolio constraint None. You can sell what you own.
Best when The tax cost is small or flexibility matters more.
Option 2

Exchange fund

Tax at transition Can defer gain if requirements are met.
Portfolio constraint Can be useful for concentrated single-stock positions.
Structure Typically a private partnership with a long holding period.
Cambria's published Section 351 FAQ describes exchange funds as typically having higher fees and a seven-year lockup, while describing its 351 ETF conversion as lower-cost and without a lockup. Actual terms vary by product and provider.
For advisors, agents, and representatives

Common questions.

Does Section 351 eliminate capital-gains tax?

No. In a qualifying transaction, gain generally is not recognized when the securities are contributed. The existing basis and holding period carry into the ETF shares. The gain is deferred, not erased.

Why not just keep the existing portfolio?

That may be perfectly rational if the investor still wants the portfolio. The transition is most relevant when the investor wants a different long-term public-equity allocation but the embedded gains make selling costly.

Can a concentrated single-stock position qualify?

Usually not by itself. The contribution needs to satisfy the applicable diversification rules. A 351 ETF conversion should not be confused with an exchange fund designed specifically around concentrated-stock diversification.

What happens to the investor's cost basis?

In a qualifying transaction, the basis and holding period of the contributed assets generally carry forward to the ETF shares received. The investor has changed the investment vehicle without receiving a fresh tax basis.

What is the ETF trying to outperform?

Nothing. The concept is deliberately not an alpha product. The intended destination is diversified U.S. equity exposure designed to behave broadly like the S&P 500 over time.

What about the investor's existing advisor or custodian?

Final workflow will depend on the launch structure, custody arrangements, and participating firms. The objective is to make the conversion compatible with the player's broader advisory relationships rather than require a wholesale replacement of them.

Who is this designed for?

The first product is being designed for investors with meaningful taxable public-equity portfolios who want a simpler, diversified long-term core and whose portfolios can satisfy the requirements of a qualifying Section 351 contribution.

Players already have the capital. The next step is owning the institution. Black Wealth Project
Founding conversations

Players, advisors, and representatives can reach us directly.

Current and former players, their advisors and representatives, and direct introductions.

Start a conversation