[情報] Alpha Architect Anti-Dividend ETFs

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 scheduledto 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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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