http://corporate.morningstar.com/US/documents/ResearchPapers/Tracking%20Chinese%20Equity%20ETFs%20May%202014.pdf 缩址:https://goo.gl/hj5YbG 第24页: 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. -- 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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