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Think of direct indexing like this: you're borrowing tax relief from your future self.

Sure, you can harvest $50K in losses today, and your tax bill will decrease. But every loss you harvest reduces your cost basis, creating a larger taxable gain down the road. And as with everything else in life, there is no free lunch, and everything has a price.

When the market recovers (and it always does), you're left holding hundreds of positions you can't sell without triggering the taxes you thought you "saved."

The IRS always gets paid. The only question is when.

And by deferring into the future, it often comes at a worse time. Whether that’s during retirement, during a required rebalance, or when you're trying to simplify your holdings.

Remember, if an investment strategy sounds too good to be true, it probably is.