  In a weakly collisional, low-electron-beta plasma, large-scale Alfv\'en
turbulence transforms into inertial kinetic-Alfv\'en turbulence at scales
smaller than the ion microscale (gyroscale or inertial scale). We propose that
at such kinetic scales, the nonlinear dynamics tend to organize turbulent
eddies into thin current sheets, consistent with the existence of two conserved
integrals of the ideal equations, energy and helicity. The formation of
strongly anisotropic structures is arrested by the tearing instability that
sets a critical aspect ratio of the eddies at each scale $a$ in the plane
perpendicular to the guide field. This aspect ratio is defined by the balance
of the eddy turnover rate and the tearing rate, and varies from $(d_e/a)^{1/2}$
to $d_e/a$ depending on the assumed profile of the current sheets. The energy
spectrum of the resulting turbulence varies from $k^{-8/3}$ to $k^{-3}$, and
the corresponding spectral anisotropy with respect to the strong background
magnetic field from $k_z\lesssim k_\perp^{2/3}$ to $k_z\lesssim k_\perp$.
