投資英股REITs和債券ETF有成本優勢嗎？ - 投資

http://corporate.morningstar.com/US/documents/ResearchPapers/Tracking%20Chinese%20Equity%20ETFs%20May%202014.pdf
縮址:https://goo.gl/hj5YbG

第24頁:
Other indices—typically the Net Total Return indices—assume a withholding tax
is paid on dividends, but in practice in certain jurisdictions, either some
portion of or all of this tax can be reclaimed by the ETF’s manager at its
source jurisdiction, provided that there is a branch office in the country
where the tax is levied. This activity, known as tax optimisation or dividend
tax enhancement, can boost a fund’s return relative to its benchmark, but it
can also increase its tracking error.

Both physical and synthetic replication ETFs can be affected by tax
optimisation. In the case of ETFs employing physical replication, this activity
will be carried out at the fund level, directly impacting fund returns, while
in the case of synthetic ETFs, it will be implemented at the level of the
bank(s) standing behind the swap(s) embedded in the fund, thereby indirectly
impacting fund returns. The bank(s) providing the swap(s) can decide whether or
not to pass on any revenues from dividend tax enhancements within the framework
of the swap agreement between the fund manager and the swap providers.

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So stand by your glasses steady,
Here’s good luck to the man in the sky,
Here’s a toast to the dead already,
Three cheers for the next man to die.

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