[新聞] Tax-Free ETFs Have Delivered Excepti …

看板Fund (基金板)作者amibroker (amibroker)時間16年前 (2009/09/11 21:32)推噓1(1推 0噓 1→)

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1.原文連結： http://seekingalpha.com/article/160930-tax-free-etfs-have-delivered-exceptional-results?source=email 2.內容： Tax-Free ETFs Have Delivered Exceptional Results by: Gary Gordon September 11, 2009 | about: ITM / MLN / MUB / PVI / PZA / SHM / SMB / TFI Analysts have been wrong as often as they’ve been right. And few market-watchers were smart enough to talk about selling as a method for reducing the risk of loss. Yet most did make a “call” early in ‘09 that muni bonds were a steal. In fact, many were yielding more than taxable equivalent bonds, which rarely, if ever, occurs. A quick perusal of 8 of the top national tax-free ETF offerings shows that the tax-free income stream continues to be solid. Equally compelling, the capital appreciation on these muni bond ETFs have been sensational. Tax-Free Income ETFs in 2009 Annual Yield YTD VRDO Tax-Free Weekly (PVI) 2.5% -0.2% SPDR Capital Short Term Muni Bond (SHM) 2.5% 3.0% Market Vectors Short Muni Index (SMB) 3.2% 1.5% S&P National Municipal Bond Fund (MUB) 3.7% 3.9% SPDR Capital Muni Bond (TFI) 4.1% 5.9% Market Vectors Intermediate Muni Bond (ITM) 4.4% 6.7% Market Vectors Long Muni (MLN) 4.8% 16.7% Powershares Insured National Muni (PZA) 5.1% 11.5% Long-term muni debt has been particularly attractive. For instance, Powershares Insured National Muni (PZA) tracks an insured long-term muni index comprised of AAA-rated, insured, tax exempt, long-term debt. Considering the fact that PZA provides a reliable monthly income stream as well as diversification across the country’s highest rated/insured muni debt, a taxable equivalent yield for folks in the 28% bracket of better than 7% is hard to knock. Equally impressive is the fact that this fund was introduced at the start of the bear’s inception in October, 2007. Adjusted for distributions, PZA is up 3% in the same time frame that the S&P 500 is down -34%. Remove the insurance shackles, and loosen up the credit quality by a notch to an AA average, and Market Vectors Long Muni (MLN) has the most impressive capital appreciation gains. The taxable equivalent yield for the the 28% bracket here is a little lower at 6.6%. 3. 心得：這篇文章提供幾個免稅的債券 ETF。美國稅金課很重，這幾個債券 ETF 應該可以給想避稅的投資人好的投資選擇。只是這些標的，國內券商複委託還是會扣除 30% 的稅金，不會退還給各位；若是國外券商的話，應該是每年要主動申請退稅，也是有不方便的地方。 -- ※ 發信站: 批踢踢實業坊(ptt.cc) ◆ From: 61.223.234.34 ※ 編輯: amibroker 來自: 61.223.234.34 (09/11 21:35)