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你看到了两者的表面第一层，年费的difference只是芝麻， tax drag才是大西瓜
关于tax drag的理论可以看这篇文章，简单地说 任何在superfunds里预设选项里的投资(比如hotplus的aus index, international index)，即使你没有换funds，也没有换投资选项，superfund都要交cgt，因为这些选项是 该fund的所有用户一起投资的，不停的有人加入，有人离开
而投资etf是个体，只要你没有卖掉，没有换super公司，这些unrealised cgt 就不需要交，而在60岁的时候从accumulation转成pension stage，这些unrealised cgt就会一笔勾销
https://passiveinvestingaustrali ... -with-pooled-funds/
我把我发在英文讨论群组的reply发在这里，是以hotplus australian indexed(0.02%年费） 对比 betashare的A200(0.04%年费）
你节省了0.02%的年费，却遭受了0.203%的tax drag损失
就不翻译成中文了，你看看我说的对不对
It’s great that Hostplus has reduced its management fee, but even if they eliminated it entirely, it still wouldn’t offset the tax drag from unrealised capital gains—nowhere near.
Based on my estimates, platforms like Hostplus Choice Plus or AustralianSuper Member Direct are much better options
if you're aiming to maximise your long term return.
Here's a breakdown using HOTPLUS Australian indexed option as an example:
Hotplus Australian Indexed Option
(3-year annualised returns to 31 May 2025)
Accumulation Phase (15% tax on earnings, 10–15% CGT depends on short term/long term CG):
Total Return: 9.68% p.a.
Net Dividend: 4.063% (assuming 4.78% gross yield less 15% tax)
Implied Capital Gain: 5.617%
Pension Phase (0% tax):
Total Return: 10.60% p.a.
Dividend: 4.78% (fully tax-free)
Implied Capital Gain: 5.82%
Tax Drag on Capital Gains:
5.82% (pension) − 5.617% (accumulation) = 0.203% p.a.
This 0.203% represents the annual CGT drag within the accumulation phase. While it may seem small, it's persistent and compounds over time. And remember, this is just for domestic equities—tax drag on international indexed options is likely higher due to their lower dividends and heavier reliance on capital growth.
If instead you invest in A200 or VAS via Hostplus Choice Plus or AustralianSuper Member Direct and hold them until your balance transitions into the pension phase (up to the current $2 million cap), the unrealised CGT tax drag (e.g., 0.203%) is effectively eliminated.
Caveat:
You’ll lose flexibility. ETFs bought through Choice Plus or Member Direct cannot be transferred between super funds off-market currently , you're locked in until retirement.
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【班长的甜品驿站】炎炎夏日，送上冰镇可口的甜橙果冻~~ (2008-8-27) 炊事班长 
楼主:dootbear
发表于 2025-7-25 08:51
发表于 2025-7-25 12:51
我确实没有考虑Tax Drag的问题。看了两遍，Tax Drag理论的逻辑没有问题，晚上或者明天我再看一遍
