The Court of Justice of the European Union (CJEU) issued a judgment on 17 September 2026 concerning whether a restriction on the free movement of capital arising from differing tax treatment of an investment fund may be neutralized by an applicable tax treaty. The case involved Ishares Europe ETF, a United States-based collective investment undertaking that received dividends from shares it held in Spanish companies between the tax years 2007 and 2010. While Spanish domestic investment funds…