Alpha Architect 最近向 SEC 提出了一些新 ETF 的申请
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.
”
===
简单说，ETF会在持股配息前把持股卖掉，在30~45天内买回来。
(Edit: 被卖掉持股的资金，会被分配给其他没配息的持股，或买大盘。)
对于不喜欢领股息想操作弃息的人
现在有基金经理人直接帮你处理
或许是个有趣的产品
AAUS 管理费预计 0.15%
AAGL 管理费预计 0.25%
不过这些产品才刚送SEC，何时会上市还是未知数。

对于宣称的支付股息前股票买盘提高，支付股息后降低的说法满好奇的；不知道这个差异是多少，能否打平交易成本，以及考量市场还是长期向上，能否高过离开市场30-45天的机会成本了解，感谢

有创意耶

就说美股高股息都比台湾有诚意

酷喔这支，竟然是弃息ETF。如果完全不配息免30%...搞不好可以吸引我们这种跟美国没有税务协定国家的投资人

真有趣XDDDD

不如出个累积型S&P500就好了，这个也不知道会买什么东西。还是美国有法规限制不能出累积型吗？

美国没有禁止出累积型，但要多缴税。https://i.imgur.com/kGiSN2M.png来源是 https://ssrn.com/abstract=3977836

VT dividend yield rate 估 2%, 税就是0.6%, 好像蛮划算的?

大概就会一年给你配个很少的意思意思 其他部位跟累积型近似

跟VWRA比的话内扣相当，就看弃息造成的误差了

弃息但也会买别的，听起来不错 还是要看成交量

感谢分享

这个蛮有趣的欸

我个人觉得IRS不会一直纵容BOXX，但想对付AAUS跟AAGL就比较困难了。

boxx也配息啦 又不是没有配

BOXX才配0.2% 跟年化报酬率5%差那么远

IRS有规定要配多少吗

BOXX资本利得 没扣30%