ti ringrazio bridge, in effetti la mia domanda riguardava un etf obbl. europeo governativo nello specifico.
Prendi ad esempio l'etf ishares SEGA: segue decisamente bene l'indice benchmark. Quest'ultimo è il Bloomberg Barclays Euro Treasury Bond Index (ticker LEATTREU) la cui metodologia si rifà al
Bloomberg Fixed Income
Index Methodology. Da qui puoi leggere come sono costruiti gli indici Fixed Income curati da Bloomberg. Tra l'altro si legge:
Bloomberg index eligibility rules consider a bond’s taxability from both an issuer and an investor
perspective.
From an issuer perspective, taxability of coupon/dividend payments is used to
distinguish
between debt and equity and, therefore, whether a security will qualify for Bloomberg fixed
income indices.
Interest payments must be made on a pre-tax basis by the issuer for a security to
be fixed income index eligible. Payments made on an after-tax basis are considered dividends
and the instruments are classified as preferred equity and, therefore, not benchmark index
eligible. [Per questo, tra l'altro, dicevo che le cedole sono diverse dai dividendi nella costruzione degli indici]
[...]
For flagship indices, Bloomberg does not calculate index returns on a net basis, and
published
levels are gross of any applicable taxes (capital gains, withholding, stamp, capital controls, etc.)
to the end investor.
[...]
From an issuer perspective, interest payments must be made on a gross basis for a security to
be fixed income index eligible. Payments made on a net basis are considered dividends and the
instruments are classified as preferred equity and, therefore, not eligible for fixed income
indices.
[...]
Calculation of Index Returns
[...] global investors
are often subject to taxation in multiple jurisdictions depending on the applicable tax laws in
each market and whether the end investor is domestic or foreign. For all indices (including
Municipal Indices),
Bloomberg does not make any tax assumptions or adjustments (withholding
taxes on interest income, capital gains taxes, stamp taxes, etc.) since these are unique to
individual investors based on a variety of factors, including where the investor has local market
operations or reciprocal tax treaties with their home market. Though
flagship index returns are
calculated gross of taxes, Bloomberg has published net-of-tax index returns in bespoke indices
upon client requests.
L'indice benchmark dovrebbe essere pertanto Total return gross.
Per avere una ulteriore conferma UBS che per un suo ETF usa l'indice Bloomberg Euro Treasury 1-10 Bond, indica esplicitamente, sul suo sito, che si tratta di indice Total Return Gross
Tutto questo per dire che IMHO le WHT che si pagano dipendono dal dedalo dei trattati bilaterali (DTT) e delle varie normative, ma sui titoli Fixed-income governativi (almeno dei principali paesi DM) non dovrebbe esserci ritenuta alla fonte (livello 1). Inoltre sugli ETF domiciliati in Irlanda e Lussemburgo non dovrebbero esserci ulteriori trattenute (livello 2).
)
