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The withholding tax for the 55% of US stocks is paid by the fund (L1TW), then you pay the the withholding tax for dividend from entire fund (L2TW). However, in case of Switzerland-based investors that use for example IB (broker classified as “qualified intermediary” which also help you with W8BEN form), you pay only 15% of withholding tax, and that you can later reimburse from Swiss tax authorities with DA-1 form (in other words, use as a tax credit for the Swiss tax).

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