I've been reading a bunch of posts here and in r/Bogleheads on equal weight ETFs. One thing constantly mentioned is that they are less tax efficient due to the extra need for rebalancing vs a weighted ETF.
I think I'm missing something because my lizard brain tells me that there should inherently be less rebalancing that needs to be done with equal weight since a holding only needs to adjusted if it is removed from the underlying index (in this case S&P 100).
Whereas a weighted ETF would also need to remove this same holding entirely if it's removed from the index, plus it also needs to adjust weights periodically to match market caps even when a holding isn't removed from the underlying index.
What am I missing?