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:

Parameters: All parameters 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). Parameters may also be supplied by position, in the order shown above.
 * L1TW: Level 1 tax withholding percentage.
 * L2TW: Level 2 tax withholding percentage.
 * Yield: Annual percentage yield of the fund.
 * TER: The fund's percentage TER.