向證券商IB的客服查詢, 當時只說我的帳戶設置不能交易美股(笑話), 跟對方的指示, 弄完了些設置, 還是不行, 我跟他說, 在交談的過程中己做了好幾筆交易, 相信與我的帳戶無關, 可能與AMJ有關, 請他查明原因再回覆。昨天(8/2)才收到正式的回覆如下:
"由于AMJ这个产品是属于ETN（exchange trade note) . JPM(它的发行公司）表示说ETN会受到871M法则的影响， 所以我们阻止了非美国居民购买这个产品。"
其實上述的回覆不十分正確, 外國人是可以買ETN的, 只是這隻ETN不可以(ETN與ETF沒有太大的分別, 只是在所有權不同,
在清盤時的優先索償次序), 定義原文如下:"The chief difference between an ETF and an ETN is
that the ETF owns the stocks and bonds that make up the portfolio, while
the ETN is merely a note that pays the return on the portfolio"
主要原因出在MLP, 而不是ETN。
翻查資料, 871M是在2015年通過的法案, 2017年1 月1 日閞始實施, 因為稅務的原因, 規定某些投資產品只限於美國的納稅人才可以交易, MLP類的投資產品就是其中之一。
MLP是一種類似REIT的投資產品, 把公司大部份的收益發放給投資者(unit holder)。兩者的分別如下:
REIT發放的收益規定至少90%(有提供稅務優惠給公司),讓投資者有更多的收益, 持有REIT並不是公司的股東, 只是利潤受益者,多用於房地產收租公司或醫院, 例如O, NNN, HCP, HCN等, 也有較特別的監獄REIT, 如CXW, GEO等。
MLP的投資者為公司的實質所有者(但沒有法律責任), 公司的架構只有兩種身份, 一是股東, 透過發行股份, 公眾持有絶大部份股權; 另一種是公司的管理者, 所以此類公司是沒有雇員的。公司收益不扣梲, 希望以高息發放給股東吸引投資者, 管理者也同樣受益, 以激勵其付出更大的努力, 爭取回報。由於投資者收到股息的是稅前的收益, 所以要申報個人所得稅。多用於資源類尤其是能源運輸行業, 如ETE(侵帝的其中一個行政命令是重啟輸油管工程,最近漲得不錯) WPZ, KNOP, NAP(昨天跌了7%很慘, 跌至此位股息回報有15%)等。資源塊版塊在2015年重挫後, 2016年隨著資源價格上升, MLP指數整年有26%的回報。
可能是因為MLP的稅務特性, 相關的ETN只給美國納稅人交易, 這只是個人的猜測, 相信也沒有人可以準確回答我的問題。
翻查資料, 871M是在2015年通過的法案, 2017年1 月1 日閞始實施, 因為稅務的原因, 規定某些投資產品只限於美國的納稅人才可以交易, MLP類的投資產品就是其中之一。
MLP是一種類似REIT的投資產品, 把公司大部份的收益發放給投資者(unit holder)。兩者的分別如下:
REIT發放的收益規定至少90%(有提供稅務優惠給公司),讓投資者有更多的收益, 持有REIT並不是公司的股東, 只是利潤受益者,多用於房地產收租公司或醫院, 例如O, NNN, HCP, HCN等, 也有較特別的監獄REIT, 如CXW, GEO等。
MLP的投資者為公司的實質所有者(但沒有法律責任), 公司的架構只有兩種身份, 一是股東, 透過發行股份, 公眾持有絶大部份股權; 另一種是公司的管理者, 所以此類公司是沒有雇員的。公司收益不扣梲, 希望以高息發放給股東吸引投資者, 管理者也同樣受益, 以激勵其付出更大的努力, 爭取回報。由於投資者收到股息的是稅前的收益, 所以要申報個人所得稅。多用於資源類尤其是能源運輸行業, 如ETE(侵帝的其中一個行政命令是重啟輸油管工程,最近漲得不錯) WPZ, KNOP, NAP(昨天跌了7%很慘, 跌至此位股息回報有15%)等。資源塊版塊在2015年重挫後, 2016年隨著資源價格上升, MLP指數整年有26%的回報。
可能是因為MLP的稅務特性, 相關的ETN只給美國納稅人交易, 這只是個人的猜測, 相信也沒有人可以準確回答我的問題。
//ETN與ETF沒有太大的分別, 只是在所有權不同, 在清盤時的優先索償次序
回覆刪除理解錯誤. ETF 投資者是真正有單位揸手的 (那管它是實物還是合成), 而ETN 則只是某發行人出一張票據, 賭某投資物的升跌 (例如 GLDI 和以下介紹的 LRET). ETN 持有人根本沒有持有過 underlying asset (如例子, be it GLD or VNQ), 只是在「睹白頭片」. 這時我早前對GLDI 的分析:
http://magician__yang.mysinablog.com/index.php?op=ViewArticle&articleId=11312325
//871M是在2015年通過的法案, 2017年1 月1 日閞始實施, 因為稅務的原因, 規定某些投資產品只限於美國的納稅人才可以交易
不合理，871(m)是說 non-us holder 不能再以 derivative payments (ETN 就是善於鑽這些空子) 來逃稅, 所以才有 dividend equivalent 這 concept 的誕生. 換言之,只要non-us holder 肯交足30% withholding tax, 就唔會有問題.
建議可參考 ETRACS Monthly Pay 2xLeveraged MSCI US REIT Index ETN(LRET) 的 propectus:
http://etracs.ubs.com/docs/ussymbol/LRET/pricing-supplement
Although the Securities are subject to the regulations, the IRS recently issued a Notice, which announced that payments made on the Securities will not be subject to withholding under Section 871(m) until January 1, 2020. However, notwithstanding this delayed effective date, it is likely that the Securities will be subject to Section 871(m) starting in 2020, in which case non-U.S. holders will generally be subject to a 30% withholding tax (subject to reduction under an applicable treaty) in respect of distributions on, and proceeds from the sale of, their Securities on or after January 1, 2020 to the extent of any dividends that are paid in respect of the Index components that are indirectly referenced by their Securities. Although it is not entirely clear, it is likely that the tax will only apply to dividends that are paid in respect of the Index components after January 1, 2020 during the non-U.S. holder’s holding period in the Securities (to the extent of the notional amount of the Index that is referenced by the Securities). It is possible, however, that the tax will also apply to dividends that were paid in respect of the Index components before January 1, 2020 during a non-U.S. holder’s holding period in the Securities.
As discussed above, the new regulations apply only to Securities that are issued (or deemed issued) on or after January 1, 2017. However, Securities that are issued (or deemed issued) on or after January 1, 2017 will have the same CUSIP and ISIN number as Securities that were issued before that date, and accordingly all of the Securities will be interchangeable and fungible with each other. As a result, non-U.S. holders of Securities (including holders of Securities that were purchased on or before December 31, 2016) may not be able to establish to their custodians and other withholding agents that their Securities are exempt from the new regulations. Accordingly, if we issue (or are deemed to issue) any Securities on or after January 1, 2017, non-U.S. holders that acquire Securities in the secondary market after such issuance should generally assume that withholding agents will treat them as having acquired Securities that were issued on or after January 1, 2017 and that their Securities will accordingly be subject to withholding starting on January 1, 2020.
謝謝指正, 長知識了
回覆刪除