{"id":650,"date":"2019-04-25T12:17:27","date_gmt":"2019-04-25T10:17:27","guid":{"rendered":"https:\/\/www.investguru.cz\/cs\/?p=650"},"modified":"2019-04-25T12:40:02","modified_gmt":"2019-04-25T10:40:02","slug":"rozdil-mezi-podilovymi-fondy-etf","status":"publish","type":"post","link":"https:\/\/www.investguru.cz\/cs\/rozdil-mezi-podilovymi-fondy-etf\/","title":{"rendered":"D\u016fle\u017eit\u00fd rozd\u00edl mezi pod\u00edlov\u00fdmi fondy a ETF"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/qQQf1Pzf-_s?rel=0&amp;showinfo=0&amp;autoplay=1&amp;modestbranding=1\" width=\"720\" height=\"405\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" allow=\"autoplay\"><\/iframe><\/p>\n<h2>P\u0159epis videa<\/h2>\n<p>Dnes bych cht\u011bl hovo\u0159it o jednom d\u016fle\u017eit\u00e9m rozd\u00edlu mezi pod\u00edlov\u00fdmi fondy a ETF.<\/p>\n<p>V\u011bt\u0161ina pod\u00edlov\u00fdch fond\u016f je spravov\u00e1na aktivn\u011b.<\/p>\n<p>To znamen\u00e1, \u017ee je tam n\u011bjak\u00fd mana\u017eer, kter\u00fd se sna\u017e\u00ed do toho portfolia vybrat podhodnocen\u00e9 akcie nebo dluhopisy a vyd\u011blat v\u00edce ne\u017e n\u011bjak\u00fd stanoven\u00fd index.<\/p>\n<p>Naopak v\u011bt\u0161ina ETF pasivn\u011b n\u011bjak\u00fd index sleduje. D\u00edky tomu je \u0159ada ETF levn\u011bj\u0161\u00ed ne\u017e aktivn\u011b \u0159\u00edzen\u00e9<br \/>\npod\u00edlov\u00e9 fondy.<\/p>\n<p>Ale tohle nemus\u00ed platit v\u017edycky.<\/p>\n<p>M\u016f\u017eou b\u00fdt pasivn\u011b \u0159\u00edzen\u00e9 fondy. Nebo naopak ETF, kter\u00e1 maj\u00ed n\u011bjakou aktivitu &#8211; jsou aktivn\u011b \u0159\u00edzen\u00e1.<\/p>\n<p>Proto j\u00e1 chci te\u010f hovo\u0159it o tom, jak jsou vlastn\u011b pod\u00edlov\u00e9 fondy a ETF vytvo\u0159en\u00e1.<\/p>\n<p>\u010c\u00edm je to d\u016fle\u017eit\u00e9 a jak\u00fd to m\u016f\u017ee m\u00edt vliv na v\u00fdkonnost.<\/p>\n<p>Kdy\u017e chcete zainvestovat do <strong>otev\u0159en\u00e9ho pod\u00edlov\u00e9ho fondu<\/strong>, po\u0161lete pen\u00edze spr\u00e1vci a p\u0159ijdou mana\u017eerovi do portfolia a on za n\u011b nakupuje n\u011bjak\u00e9 akcie.<\/p>\n<p>Co to v d\u016fsledku znamen\u00e1?<\/p>\n<p>Znamen\u00e1 to, \u017ee ka\u017ed\u00fd takov\u00fd akciov\u00fd fond je ve sv\u00e9 podstat\u011b sm\u00ed\u0161en\u00fd fond. Proto\u017ee <strong>m\u00e1 n\u011bjak\u00fd bal\u00edk akci\u00ed a pak m\u00e1 n\u011bjak\u00fd pod\u00edl hotovosti<\/strong>.<\/p>\n<p>A ta hotovost je tam tvo\u0159en\u00e1 t\u00edm, \u017ee n\u011bjak\u00e9 pen\u00edze p\u0159itekly. A nebo tak\u00e9 proto, kdyby pod\u00edln\u00edci cht\u011bli vyb\u00edrat,\u00a0aby jim fond mohl\u00a0pen\u00edze poslat.<\/p>\n<p>N\u011bkdy jsme se setkali s t\u00edm, \u017ee bylo t\u0159eba 90 % akci\u00ed a zbytek v hotovosti.<\/p>\n<h2>Paradox v rozhodov\u00e1n\u00ed mana\u017eer\u016f<\/h2>\n<p>Tohle za\u010dne b\u00fdt hodn\u011b d\u016fle\u017eit\u00e9 ve chv\u00edli, kdy na trhu se d\u011bj\u00ed n\u011bjak\u00e9 velk\u00e9 pohyby. A investo\u0159i t\u0159eba hodn\u011b ut\u00edkaj\u00ed.<\/p>\n<p>Jako se to stalo v roce 2015 nebo v roce 2016,\u00a0kdy investo\u0159i hodn\u011b vyb\u00edrali pen\u00edze z akci\u00ed a ty akcie padaly.<\/p>\n<p>Mana\u017ee\u0159i by r\u00e1di nakupovali, proto\u017ee akcie byly levn\u011bj\u0161\u00ed,\u00a0byla to investi\u010dn\u00ed p\u0159\u00edle\u017eitost,\u00a0ale nemohli, proto\u017ee museli pos\u00edlat pen\u00edze klient\u016fm, kte\u0159\u00ed ut\u00edkali.<\/p>\n<p>Museli naopak prod\u00e1vat. P\u0159esn\u011b to, co \u017e\u00e1dn\u00fd mana\u017eer d\u011blat nechce. Prod\u00e1vat, kdy\u017e trh pad\u00e1.<\/p>\n<p>A nebo naopak, kdy\u017e trh roste a na trhu jsou investo\u0159i sp\u00ed\u0161e chamtiv\u00ed, cht\u011bj\u00ed nakupovat, pos\u00edlaj\u00ed pen\u00edze, tak ten mana\u017eer by zase nerad nakupoval, proto\u017ee se mu ty akcie zdaj\u00ed drah\u00e9.<\/p>\n<p>Nem\u00e1 co nakoupit, ale mus\u00ed, proto\u017ee p\u0159ich\u00e1zej\u00ed pen\u00edze. Tak\u017ee bu\u010f bude m\u00edt hodn\u011b v hotovosti a nebo ty pen\u00edze zainvestuje v \u010dase, kter\u00fd nemus\u00ed b\u00fdt \u00fapln\u011b vhodn\u00fd.<\/p>\n<p>A v posledn\u00edch letech se ukazuje, \u017ee pohyby na trhu, jak bylo to pr\u00e1v\u011b vid\u011bt v roce 2015 a 2016, mohou m\u00edt docela\u00a0negativn\u00ed vliv na v\u00fdkonnost a st\u011b\u017euj\u00ed pr\u00e1ci tomu mana\u017eerovi.<\/p>\n<p>A \u0159ada t\u011bch fond\u016f d\u00edky tomu zaost\u00e1vala za t\u011bmi indexy.<\/p>\n<h2>U ETF to funguje jinak<\/h2>\n<p>U ETF emitent vytvo\u0159\u00ed tzv. creation units &#8211; bal\u00edk ETF &#8211; d\u00e1 je na trh a investo\u0159i, kdy\u017e cht\u011bj\u00ed nakoupit, tak je nakupuj\u00ed na sekund\u00e1rn\u00edm trhu.<\/p>\n<p>To znamen\u00e1, \u017ee nakupujete to bu\u010f od toho emitenta nebo od n\u011bjak\u00e9 protistrany, kter\u00e1 zrovna chce prod\u00e1vat.<\/p>\n<p>Kdy\u017e doch\u00e1z\u00ed k velk\u00e9mu p\u0159\u00edlivu,\u00a0emitent vytv\u00e1\u0159\u00ed nov\u00e9 creation units, p\u0159id\u00e1v\u00e1 je.<\/p>\n<p>A kdy\u017e naopak pen\u00edze odt\u00e9kaj\u00ed, tak ty creation units stahuje z trhu a rozpou\u0161t\u00ed je. Ale d\u011bje se to mimo ty va\u0161e pen\u00edze. To znamen\u00e1, ty p\u0159\u00edtoky a odtoky ostatn\u00edch klient\u016f neovliv\u0148uj\u00ed va\u0161i v\u00fdnosnost.<\/p>\n<p><strong>To je velik\u00e1 v\u00fdhoda ETF.<\/strong><\/p>\n<p>Na druhou stranu tento zp\u016fsob m\u00e1 tak\u00e9 sv\u00e9 nev\u00fdhody.<\/p>\n<p>M\u016f\u017ee se st\u00e1t, \u017ee kdy\u017e na trhu bude n\u011bjak\u00e1 krize a vyschne likvidita, tak se v\u00fdrazn\u011b rozt\u00e1hnou rozd\u00edly mezi n\u00e1kupn\u00ed a prodejn\u00ed cenou.<\/p>\n<p>\u0158\u00edk\u00e1 se tomu spread.<\/p>\n<p>V p\u0159\u00edpad\u011b n\u011bjak\u00fdch mal\u00fdch ETF nebo n\u011bjak\u00fd nelikvidn\u00edho trhu, t\u0159eba na n\u011bjak\u00fd sektoru, nap\u0159. biotechnologie, nebo indick\u00e9 akcie, tak se v\u00e1m m\u016f\u017ee st\u00e1t, \u017ee v n\u011bjak\u00fd moment budete m\u00edt probl\u00e9m to ETF prodat za n\u011bjakou rozumnou cenu nebo ho za rozumnou cenu koupit.<\/p>\n<p>U velk\u00fdch ETF, americk\u00fd trh, evropsk\u00fd trh, by se to tolik d\u00edt nem\u011blo, proto\u017ee ta likvidita tam bude pravd\u011bpodobn\u011b velk\u00e1.<\/p>\n<p>Ale samoz\u0159ejm\u011b m\u016f\u017ee nastat n\u011bjak\u00e1 brut\u00e1ln\u00ed krize na trhu, ty spready se m\u016f\u017eou nat\u00e1hnout a m\u016f\u017ee se st\u00e1t, \u017ee prost\u011b v n\u011bkolika dnech\u00a0bude nev\u00fdhodn\u00e9 ETF nakupovat nebo prod\u00e1vat.<\/p>\n<p>V\u00fdhoda je, \u017ee vy to m\u016f\u017eete p\u0159e\u010dkat tohle obdob\u00ed. Nemus\u00edte prod\u00e1vat, kdy\u017e je zrovna tahle nevhodn\u00e1 situace. Dlouhodob\u011b to va\u0161i v\u00fdkonnost neovlivn\u00ed.<\/p>\n<p>Prost\u011b, m\u016f\u017ee se v\u00e1m n\u011bkdy st\u00e1t, a hlavn\u011b kdy\u017e budete m\u00edt n\u011bjak\u00e9 exotick\u00e9 ETF, \u017ee ho neprod\u00e1te za tu cenu, kterou byste si p\u0159edstavovali. Bude tam t\u0159eba n\u011bkolik procent spread, kter\u00fd je jakoby poplatek\u00a0a vy d\u00edky tomu ten obchod neud\u011bl\u00e1te. Ale nem\u00e1 to dlouhodob\u011b negativn\u00ed vliv\u00a0na tu investici.<\/p>\n<h2>Co z toho pro n\u00e1s vypl\u00fdv\u00e1?<\/h2>\n<p>My jsme hlavn\u011b po t\u011bch letech 2015 a 2016 pomalu za\u010dali akciov\u00e9, aktivn\u011b \u0159\u00edzen\u00e9 fondy stahovat z portfoli\u00ed na\u0161ich klient\u016f. P\u0159estali jsme je doporu\u010dovat pr\u00e1v\u011b kv\u016fli tomuhle efektu. <\/p>\n<p>Naopak vyu\u017e\u00edv\u00e1me ETF. I proto, \u017ee se n\u00e1m l\u00edb\u00ed ta pasivn\u00ed spr\u00e1va, kter\u00e1 je levn\u011bj\u0161\u00ed, kter\u00e1 je \u010dast\u011bj\u0161\u00ed u ETF.<\/p>\n<p>Ale jedn\u00edm z d\u016fvod\u016f, je i toto. Nen\u00ed tam ten negativn\u00ed vliv toho p\u0159\u00edtoku a odtoku.<\/p>\n<p>Nekupujeme ale \u017e\u00e1dn\u00e1 exotick\u00e1 ETF, tak\u017ee ty spready, ty rozd\u00edly mezi n\u00e1kupn\u00ed a prodejn\u00ed cenou jsou tam v\u017edycky \u00fapln\u011b minim\u00e1ln\u00ed.<\/p>\n<p>A i kdyby do\u0161la n\u011bjak\u00e1 krize, tak na tom likvidn\u00edm trhu nebudou tak velk\u00e9.<\/p>\n<p>D\u011bkuji v\u00e1m za pozornost, a\u0165 se da\u0159\u00ed.<\/p>\n<h3>M\u00e1te ve sv\u00e9 portfoliu sp\u00ed\u0161e ETF nebo pod\u00edlov\u00e9 fondy?<\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Kdy\u017e porovn\u00e1v\u00e1te pod\u00edlov\u00e9 fondy a ETF, tak je t\u0159eba myslet na jeden velmi d\u016fle\u017eit\u00fd rozd\u00edl, kter\u00fd m\u016f\u017ee ovlivnit v\u00fdkonnost va\u0161\u00ed investice.<\/p>\n","protected":false},"author":5,"featured_media":653,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[4],"tags":[20,21],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - 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