作者
標題 [情報] Alpha Architect Anti-Dividend ETFs
時間 Sat Aug 17 08:58:40 2024
標題 [情報] Alpha Architect Anti-Dividend ETFs
時間 Sat Aug 17 08:58:40 2024
Alpha Architect 最近向 SEC 提出了一些新 ETF 的申請
其中包括了
Alpha Architect US Anti-Dividend [AAUS]
Alpha Architect Intl. Anti-Dividend [AAGL]
Prospectus: https://tinyurl.com/4466e5dn
===
For AAUS:
「
The Fund will seek to achieve broad diversification to U.S. equity markets
while avoiding dividend payments from its portfolio holdings. The Fund seeks
to take advantage of proprietary research that suggests that stocks scheduled
to pay a dividend should be avoided just prior to the dividend distribution
and for at least 30 days after the dividend distribution. The proprietary
research further indicates that the demand for dividend-paying stocks prior
to the dividend distribution is too high (thus driving stock prices above a
company’s fundamentals) and the demand for dividend paying stocks after
distribution is too low (thus driving stock prices below a company’s
fundamentals).
」
「
The Sub-Adviser will generally monitor the Fund’s portfolio holdings at
least weekly and will look to replace stocks expected to pay a dividend in
the immediate future. When such replacement trades occur, the additional
capital will be reallocated across the Fund’s remaining holdings that are
not expected to pay a dividend in the near future. The Sub-Adviser may also
replace the portfolio holding with an investment in targeted or broad market
ETFs, or through investments in options that provide exposure to the broad
U.S. market. In addition, the Sub-Adviser will look to buy back the sold
security approximately 30 to 45 days after the dividend distribution.
Investors seeking income should not invest in this Fund. This process seeks
to outperform the broad U.S. market, while having a secondary effect of
potentially reducing year-end distributions.
」
===
簡單說，ETF會在持股配息前把持股賣掉，在30~45天內買回來。
(Edit: 被賣掉持股的資金，會被分配給其他沒配息的持股，或買大盤。)
對於不喜歡領股息想操作棄息的人
現在有基金經理人直接幫你處理
或許是個有趣的產品
AAUS 管理費預計 0.15%
AAGL 管理費預計 0.25%
不過這些產品才剛送SEC，何時會上市還是未知數。
--
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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※ 發信站: 批踢踢實業坊(ptt.cc), 來自: 114.39.42.116 (臺灣)
※ 作者: daze 2024-08-17 08:58:40
※ 文章代碼(AID): #1cl_NFpg (Foreign_Inv)
※ 文章網址: https://www.ptt.cc/bbs/Foreign_Inv/M.1723856335.A.CEA.html
※ 編輯: daze (114.39.42.116 臺灣), 08/17/2024 09:19:29
這支產品會把配息前賣掉持股的資金
分配給其他最近沒有配息的持股，或買大盤
並沒有離開市場30-45天的問題
※ 編輯: daze (114.39.42.116 臺灣), 08/17/2024 09:39:17
![[圖]]()
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推 : 對於宣稱的支付股息前股票買盤提高，支付股息後降低的說法滿好奇的；不知道這個差異是多少，能否打平交易成本，以及考量市場還是長期向上，能否高過離開市場30-45天的機會成本1F 08/17 09:23
我如果真的買這支，著眼點大概是在稅務優勢這支產品會把配息前賣掉持股的資金
分配給其他最近沒有配息的持股，或買大盤
並沒有離開市場30-45天的問題
※ 編輯: daze (114.39.42.116 臺灣), 08/17/2024 09:39:17
推 : 了解，感謝5F 08/17 09:43
推 : 有創意耶6F 08/17 09:44
推 : 就說美股高股息都比台灣有誠意7F 08/17 10:50
推 : 酷喔這支，竟然是棄息ETF。如果完全不配息免30%...搞不好可以吸引我們這種跟美國沒有稅務協定國家的投資人8F 08/17 11:00
推 : 真有趣XDDDD10F 08/17 14:59
推 : 不如出個累積型S&P500就好了，這個也不知道會買什麼東西。還是美國有法規限制不能出累積型嗎？11F 08/17 16:35
→ : 美國沒有禁止出累積型，但要多繳稅。
https://i.imgur.com/kGiSN2M.png
來源是 https://ssrn.com/abstract=397783613F 08/17 16:46
https://i.imgur.com/kGiSN2M.png
來源是 https://ssrn.com/abstract=397783613F 08/17 16:46
![[圖]](https://i.imgur.com/kGiSN2Mh.png)
ETFs Use Section 852(b)(6) for Tax Avoidance, Not Just Tax Deferral: So Why Is This Loophole Still Open? by Steven Z. Hodaszy :: SSRN Exchange traded funds (ETFs) exploit section 852(b)(6) of the Internal Revenue Code to avoid taxation of their realized investment gains at either the ...
推 : VT dividend yield rate 估 2%, 稅就是0.6%, 好像蠻划算的?16F 08/17 18:39
→ : 大概就會一年給你配個很少的意思意思 其他部位跟累積型近似17F 08/17 19:33
推 : 跟VWRA比的話內扣相當，就看棄息造成的誤差了18F 08/17 20:16
推 : 棄息但也會買別的，聽起來不錯 還是要看成交量19F 08/17 20:22
推 : 感謝分享20F 08/17 21:44
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