【語重心長】投資新手或者唔想再做傻散嘅入一入嚟（3）

NTSX都係加隻ex US UCITS etf (xtracker好似有隻）
RSSB又有美股股息稅 同埋唔知佢d equity future買賣有冇稅
Managed future 好想深入研究下
好複雜

KMLM同stock真係diversify左好多
就咁試50/50 KMLMX/SPY同各自100%差好遠

我諗future fund年尾 distribute個下收税？如果嗰年有賺。但我都唔知係喺個fund層面收税定個人税，同埋收唔收股息税，Google到嘅都係美國佬計法

有個自封財自專家教人買卡塔爾債券

碌落去有講KMLM exactly點 work

https://engage.kraneshares.com/s/77b9d7d7?ks_product=kmlm&page=9

冇理解錯嘅managed futures 就係follow time series momentum, momentum factor喺股票都係well proven, 不過managed futures 包埋其他asset, 同埋futures 做 short冇borrow cost所以更易做trend following

https://www.aqr.com/-/media/AQR/Documents/Insights/Alternative-Thinking/Understanding-Managed-Futures-82422.pdf
可以睇呢篇exhibit 7

https://www.aqr.com/-/media/AQR/Documents/Insights/Journal-Article/Demystifying-Managed-Futures.pdf
呢篇technical 啲

不過Aqr自己都有managed futures fund, 所以佢地show啲數據一定好靚仔，參考下就好了。我自己當managed futures 就係咩asset都有嘅momentum fund

仲有KMLM隻野22年派成1x%稅係咩事
30%稅咪死得

睇完一大論，個 fund SAI p.82話ordinary income要交30%，capital gain dividend 唔使，佢22年嗰次根據個Semi annual report （p.26）就大約三份二都係ordinary income, 所以22年嗰次即係交~10%*30%*2/3 = 2%，都幾撚甘下

但就算我加多足足3% expense ratio落去KMLM落個backtest都仲係完勝我而家個portfolio ，仲未計佢唔會每年都交咁多税，個diversification 效果真係不容忽視

https://testfol.io/?d=eJy1kFFLwzAQgP9KuVerdOs2pCCi24qiRVmlTGWUs027uDSZaeymo%2F%2FdbHXSDumT5iEk%2BS53990GUiZekN2jxCwHZwO5QqnCGBUBB8AEwuParaIFMnA6ll4mYPwaUp4wVFRwcJR8JyZEmM8TJlY%2FUfuHMJHkTafyBFdz9qEzSsEY5Wm4ojzefrAHpQlLIVUiGBW6pecNcMy29e8kTSlHZuhvlBckVyNa0Fh3mO8LS6JlkEfEreo8EpS7MopGCyKrdNVZ00DlNNNwSWREuAJnYJdmjY%2BSvFjXud1t8CcpPhu8X85MiCWm4FjbyO%2FGTy3DVyJaGEeG5%2BptPAr%2BTaFntSsc8JuMZevz8Zldj%2BlY7Zqa%2F%2Bo58f1LrecPg53pnzrqHq2TfovJ9dh9mLRNwvWDadskvFtvejiJbjNmeOFfNXIc9xqjmJVfr7QUvQ%3D%3D

懷疑我呢度喺成個連登唯一有講 managed futures嘅post

佢d dividend咁樣派法 搞到我好難入手

我overestimate 完啲税效果都仲係好過我而家，決定轉會40 RSSB + 40 SCV + 20 KMLM 了

btw, 雖然futures做short冇borrow cost，做long唔洗用cash，但係有高水/低水、有contango/backwardation

RSSB, KMLM都係主動型ETF?

KMLM我google search到係跟moving average嚟決定long/short
RSSB係根據咩準則嚟manage?

應該 backtest historical data嗰陣已經包埋呢啲？

兩個都被動，KMLM跟200 days moving average, 完全rule-based

RSSB單純hold 50 VTI + 40 VXUS + 10 SPY futures + 100 國債futures (有唔同maturities)

想問下如果我想買treasury futures
佢所要求嘅7% maintenance margin係咪一定要以cash形式存在係個account到
定係我其他stocks 嘅market value都可以當係

因為如果要硬擺cash落去
咪變相蝕左息？

有冇考慮自己roll ITT futures
抵好多
見booglehead modified HFEA好多人都咁用

唔鍾意佢個方法唔夠透明，同埋唔夠KMLM diverse

我想債券同股票係按比例咁多，所以唔用RSBT, 然後RSST得美股

每年平到幾多percent expense ratio？巧怕煩

粗估 0.36% (RSSB) - 0.17% (IMID) =0.19%
Dividend tax (RSSB) 0.56%*30%= 0.168%
Bond future 初步估計risk free
總計省 0.358% per annum

你點揾到RSSB嘅 dividend tax的，我以為會同VT差唔多，然後乘返（30%-15%)，因為IMID都收15%税，最後加埋 expense ratio差別，總共係~0.45% per annum

但我得40% RSSB, 為咗0.18%搞呢啲好似少煩，未roll過futures

係wor tax果到計錯左
應該compare 埋IMID嘅dividend tax

有歐版就好了