在读vanguard的公开说明书读到这一段
Plain Talk About Turnover Rate
Before investing in a mutual fund, you should review its turnover rate. This
gives an indication of how transaction costs, which are not included in the
fund's expense ratio, could affect the fund’s future returns. In general, the
greater the volume of buying and selling by the fund, the greater the impact
that dealer markups and other transaction costs will have on its return. Also,
funds with high turnover rates may be more likely to generate capital gains,
including short-term capital gains, that must be distributed to shareholders
and will be taxable to shareholders investing through a taxable account.
1.交易费用不包含在内扣里
2.看不是很懂，大概是说，该基金周转率高的话，它在进行交易时价格会被哄抬
(这句丢到google翻译会得到一句很通顺但意思似乎不对的翻译XD)
3.会被迫实现资本利得，对国外投资人似乎没差？不晓得会怎么影响美国纳税人
※ 引述《letitgo02 (我看见的世界)》之铭言：
: 最近有考虑买小型股的etf
: 但有人说高周转率
: 这是会产生多余的费用吗?
: 因为etf 本身的 fee 是固定的
: 也不是很多，目前看到约0.1%
: 所以周转率的费用是在fee里面吗
: 谢谢
:

应该交易成本列入持股平均成本中，也就是Capital gain本身已经减除费用支出与税负

所以周转率是内扣之外的隐藏成本囉。以naro大的说法，etc买卖股票时，资本利得扣除交易成本后以净损益入帐，所以周转率愈高，资本利得就会愈少，进而使etf净值降低----又学到一课了

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