Template:TWR/doc

This template calculates the Tax Withholding Ratio (TWR) for an ETF when held by a US nonresident alien. The definition of TWR is:

TWR = (Yield × L1TW) + ((Yield × (1 - L1TW) - TER) × L2TW)

Where:
 * L1TW: Percentage of tax withholding by a security's home country on dividends distributed by that security to the fund (Level 1).
 * L2TW: Percentage of tax withholding by the country where the fund is domiciled on the dividends distributed to the investor by the fund (Level 2).
 * Yield: Annual yield of the fund.
 * TER: The fund's Total Expense Ratio.

Usage
Invoke with:

All arguments are optional, given as percentages, and default to 0% if not supplied. Yield and TER will generally always be supplied and non-zero. L1TW and L2TW depend on ETF domicile and ETF holdings, and one or other might be zero (omitted):
 * L1TW: (Optional, default 0%) Level 1 tax withholding percentage.
 * L2TW: (Optional, default 0%) Level 2 tax withholding percentage.
 * Yield: (Optional, default 0%) Annual percentage yield of the fund.
 * TER: (Optional, default 0%) The fund's percentage TER.

Examples

 * ETF with 3.9% Level 1 tax, 30% Level 2 tax, 2% yield and 0.08% TER:
 * Results in: ""


 * ETF with no Level 1 tax, 30% Level 2 tax, 2% yield and 0.03% TER:
 * Results in: ""


 * ETF with 15% Level 1 tax, no Level 2 tax, 2% yield and 0.07% TER:
 * Results in: ""