{"id":6742,"date":"2023-10-28T10:14:40","date_gmt":"2023-10-28T08:14:40","guid":{"rendered":"https:\/\/dobretrejdy.com\/?p=6742"},"modified":"2024-08-18T16:59:07","modified_gmt":"2024-08-18T14:59:07","slug":"dluhopisy-xiii","status":"publish","type":"post","link":"https:\/\/dobretrejdy.com\/?p=6742","title":{"rendered":"Dluhopisy \u2013 XIII."},"content":{"rendered":"

\u00a0\u00a0 Poznat a pochopit dluhopisov\u00fd trh, porozum\u011bt z\u00e1kladn\u00edm princip\u016fm spojen\u00fdch s nakl\u00e1d\u00e1n\u00ed s dluhopisy a zjednodu\u0161en\u00fd vhled do mo\u017enost\u00ed, jak je u sv\u00e9ho brokera nakoupit a co to m\u016f\u017ee pro m\u011b znamenat, bylo p\u0159edm\u011btem p\u0159edchoz\u00edch \u010dl\u00e1nk\u016f. Nabyt\u00e9 poznatky pak mohu aplikovat na zapojen\u00ed dluhopis\u016f do sv\u00e9ho obchodov\u00e1n\u00ed a nemus\u00ed to b\u00fdt nakonec spojeno s fyzick\u00fdm nakupov\u00e1n\u00edm t\u011bchto dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f, mohu vyu\u017e\u00edt investi\u010dn\u00ed n\u00e1stroje, kter\u00e9 jsou z t\u011bchto dluhopis\u016f odvozeny nebo kter\u00e9 tyto cenn\u00e9 pap\u00edry replikuj\u00ed. Dne\u0161n\u00ed \u010dl\u00e1nek tak bude o burzovn\u011b obchodovan\u00fdch fondech<\/strong>, jejich\u017e existence je zalo\u017eena na dluhopisov\u00fdch indexech, kter\u00e9 tyto dluhopisov\u00e9 fondy n\u00e1sleduj\u00ed a tuto replikaci pak mohu vyu\u017e\u00edt pro sv\u00e9 obchody. Znamen\u00e1 to tedy, \u017ee existuj\u00ed investi\u010dn\u00ed p\u0159\u00edle\u017eitosti spojen\u00e9 s dluhopisov\u00fdmi trhy bez toho, ani\u017e bych se musel n\u011bjak\u00fdch konkr\u00e9tn\u00edch dluhopis\u016f v\u016fbec dotknout a mohu tak doposud nabyt\u00e9 poznatky o vlastnostech dluhopis\u016f vyu\u017e\u00edt ve sv\u016fj prosp\u011bch. N\u00e1sleduj\u00edc\u00ed \u0159\u00e1dky tak budou konkr\u00e9tn\u011b o dluhopisov\u00fdch ETF (Exchange-Trading-Funds)<\/strong>, tedy burzovn\u011b obchodovan\u00fdch dluhopisov\u00fdch fondech, kter\u00e9 si m\u016f\u017ee b\u011b\u017en\u00fd investor po\u0159\u00eddit na sv\u016fj obchodn\u00ed \u00fa\u010det.<\/span><\/p>\n

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Pro\u010d dluhopisov\u00fd ETF?<\/strong><\/span><\/h1>\n
\n

\u00a0 \u00a0T\u00e9ma dluhopisov\u00fdch ETF mohu za\u010d\u00edt jednoduch\u00fdm konstatov\u00e1n\u00edm, \u017ee t\u011bchto dluhopisov\u00fdch ETF jsou opravdu \u201ehromady\u201c, na n\u00e1sleduj\u00edc\u00ed \u0159\u00e1dc\u00edch se proto zam\u011b\u0159\u00edm pouze na z\u00e1kladn\u00ed z nich. Popisovan\u00e9 vlastnosti je pak mo\u017en\u00e9 aplikovat na vlastn\u00ed vyhled\u00e1v\u00e1n\u00ed a anal\u00fdzu dal\u0161\u00edch obdobn\u00fdch dluhopisov\u00fdch fond\u016f, nab\u00eddka je opravdu \u0161irok\u00e1 a je opravdu z \u010deho vyb\u00edrat, vyhled\u00e1va\u010de a voln\u011b dostupn\u00e9 ETF screenery poskytuj\u00ed zna\u010dn\u00e9 mo\u017enosti, jak vybrat a investovat do nejr\u016fzn\u011bji zam\u011b\u0159en\u00fdch dluhopisov\u00fdch ETF.<\/span><\/p>\n

\u00a0\u00a0 Investice do dluhopis\u016f do m\u00e9ho portfolia tak m\u016f\u017ee sest\u00e1vat z n\u00e1kupu jednotliv\u00e9ho dluhopisu, kter\u00fd jsem si n\u011bjak\u00fdm zp\u016fsobem vybral nebo mohu sv\u016fj obchodn\u00ed z\u00e1m\u011br pojmout \u201ev\u00edce diverzifikovan\u011bji\u201c a nakoupit na dluhopisov\u00fdch trz\u00edch nejr\u016fzn\u011bj\u0161\u00ed typy dluhopis\u016f podle toho, jak\u00e9 o\u010dek\u00e1v\u00e1n\u00ed mi tato diverzifikace p\u0159inese. Z\u00e1kladn\u00ed obchodn\u00ed dilema investice do dluhopis\u016f, tedy kolik, jak a jak\u00fdm zp\u016fsobem, pak v souvislosti s existenc\u00ed dluhopisov\u00fdch ETF m\u016f\u017ee p\u0159in\u00e9st velmi efektivn\u00ed \u0159e\u0161en\u00ed, dluhopisov\u00e1 ETF toti\u017e nab\u00edzej\u00ed zejm\u00e9na velmi zna\u010dnou diverzifikaci<\/strong> nap\u0159\u00ed\u010d vybran\u00fdmi dluhopisov\u00fdmi trhy nebo jeho segmenty, kter\u00e9 bych ve sv\u00e9m portfoliu pravd\u011bpodobn\u011b velmi obt\u00ed\u017en\u011b simuloval. Mohu tak nahradit p\u0159\u00edm\u00fd n\u00e1kup dluhopisu prost\u0159ednictv\u00edm sv\u00e9ho brokera investic\u00ed do vybran\u00e9ho dluhopisov\u00e9ho fondu a ze v\u0161ech fond\u016f, kter\u00e9 nab\u00edzej\u00ed tyto p\u0159\u00edle\u017eitosti jsem rozhodnut vybrat si pouze burzovn\u011b obchodovan\u00fd fond<\/strong> (ETF)<\/strong>. Pro\u010d pr\u00e1v\u011b takov\u00fd fond? Pokud v\u00edm, jak chci dluhopisovou investici strukturovat, mohu si z nab\u00edzen\u00fdch ETF opravdu velmi dob\u0159e vybrat a nav\u00edc tento typ investice po\u0159\u00edd\u00edm v ka\u017ed\u00e9 kvalitn\u011bj\u0161\u00ed obchodn\u00ed platform\u011b bez v\u00fdrazn\u011bj\u0161\u00ed n\u00e1mahy. Nemus\u00edm se tak objedn\u00e1vat ke sch\u016fzce s investi\u010dn\u00edm zprost\u0159edkovatelem nebo nav\u0161t\u00edvit pobo\u010dku m\u00e9 banky a pak s bankovn\u00edm poradcem hloubat nad kvalitami a v\u00fdb\u011brem jejich dluhopisov\u00e9ho fondu, v\u0161echno si mohu za\u0159\u00eddit s\u00e1m. Vz\u00edt v\u011bci do sv\u00fdch rukou je obvykle skv\u011bl\u00e9, mus\u00edm si v\u0161ak p\u0159i v\u00fdb\u011bru vhodn\u00e9ho dluhopisov\u00e9ho ETF b\u00fdt v\u011bdom ur\u010dit\u00fdch z\u00e1sad, jak takovou investici vyhodnotit. Proto\u017ee je praktick\u00fd p\u0159\u00edklad v\u017edy lep\u0161\u00ed ne\u017e plan\u00e9 teoretizov\u00e1n\u00ed, budu se nyn\u00ed sna\u017eit modelov\u011b uspokojit mou investi\u010dn\u00ed touhu po expozici \u010d\u00e1sti m\u00e9ho portfolia do americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f<\/strong> se splatnost\u00ed del\u0161\u00ed ne\u017e dvacet let<\/strong>. Jak mohu k takov\u00e9 investici p\u0159istoupit a jak posoudit jej\u00ed vlastnosti? Z mnoha pohled\u016f, m\u011b ale bude p\u0159edev\u0161\u00edm zaj\u00edmat, nakolik bude po\u0159\u00edzen\u00ed n\u00e1kladn\u00e9 (TER), jak\u00e9 bude obn\u00e1\u0161et kreditn\u00ed riziko emitenta (AUM), jak bude investice likvidn\u00ed, jak je nakl\u00e1d\u00e1no s cash flow fondu, co mi \u0159\u00edk\u00e1 durace a v jak\u00e9 m\u011bn\u011b do n\u00ed mohu vstoupit.<\/span><\/p>\n

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TER (Total Expense Ratio)<\/span><\/strong><\/h2>\n

\u00a0\u00a0 Zad\u00e1n\u00ed m\u00e9ho po\u017eadavku do n\u011bkter\u00e9ho z\u00a0voln\u011b dostupn\u00fdch ETF screener\u016f, nap\u0159\u00edklad zde<\/a><\/strong><\/span>, by mohlo m\u00edt tento v\u00fdstup:<\/span><\/p>\n

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\u00a0\u00a0 Volbou Bond (1)<\/span><\/strong>, Treasuries (2)<\/span><\/strong> a Long-Term (3)<\/span><\/strong> obdr\u017e\u00edm v\u00fdsledek s tickerem TLT (4)<\/span><\/strong>, tedy v\u00fdb\u011br ETF fondu s n\u00e1zvem iShares 20+ Year Treasury Bond ETF<\/strong>. Prokliknut\u00edm ze str\u00e1nky screeneru na domovskou str\u00e1nku tohoto ETF<\/a><\/strong><\/span> mohu nyn\u00ed vyhodnotit, jak n\u00e1kladn\u00e1 bude tato investice. Pod pojmem n\u00e1klad t\u00e9to investice je m\u00edn\u011bn poplatek, kter\u00fd si \u00fa\u010dtuje investi\u010dn\u00ed spole\u010dnost zaji\u0161\u0165uj\u00edc\u00ed chod fondu a kter\u00fd je vyj\u00e1d\u0159en v procentu z vlo\u017een\u00fdch prost\u0159edk\u016f ke spr\u00e1v\u011b (n\u011bkdy ozna\u010dovan\u00fd jako „poplatek za spr\u00e1vu“, „spr\u00e1vcovsk\u00fd poplatek“ nebo „management fee“). Z prezentace na domovsk\u00e9 str\u00e1nce tohoto fondu mohu vy\u010d\u00edst n\u00e1sleduj\u00edc\u00ed:<\/span><\/p>\n

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\u00a0\u00a0\u00a0 Total Expense Ratio<\/strong> je 0.15%<\/strong>, co\u017e je velmi dobr\u00e1 zpr\u00e1va. Investi\u010dn\u00ed spole\u010dnost inkasuje ka\u017ed\u00fd rok toto velmi drobn\u00e9 procento ze spravovan\u00fdch prost\u0159edk\u016f na pokryt\u00ed n\u00e1klad\u016f vy\u017eaduj\u00edc\u00ed provoz fondu a svou odm\u011bnu za \u00fasil\u00ed, \u017ee tuto \u010dinnost vykon\u00e1v\u00e1. Z obr\u00e1zku je nav\u00edc tak\u00e9 patrn\u00e9, \u017ee tato \u010d\u00e1stka n\u00e1klad\u016f je platn\u00e1 a vypl\u00fdv\u00e1 z aktu\u00e1ln\u011b platn\u00e9ho prospektu fondu a nezvy\u0161uje se o dal\u0161\u00ed p\u0159\u00edpadn\u00e9 n\u00e1klady. Nechci zde prov\u00e1d\u011bt n\u011bjak\u00e9 detailn\u011bj\u0161\u00ed srovn\u00e1v\u00e1n\u00ed s n\u00e1klady jin\u00fdch investi\u010dn\u00edch fond\u016f, se kter\u00fdmi se \u010dten\u00e1\u0159 mohl setkat nap\u0159\u00edklad v na\u0161em regionu, ale ruku na srdce, pokud nebyla \u010d\u00e1stka poplatku vy\u0161\u0161\u00ed ne\u017e 1%, tak jste m\u011bli mo\u017enost narazit na mimo\u0159\u00e1dn\u011b levn\u00fd fond. Na obr\u00e1zku n\u00ed\u017ee je nap\u0159\u00edklad poplatkov\u00e1 struktura jednoho z tuzemsk\u00fdch investi\u010dn\u00edch dluhopisov\u00fdch fond\u016f:<\/span><\/p>\n

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\u00a0\u00a0 Porovn\u00e1n\u00ed spr\u00e1vcovsk\u00e9ho poplatku a v\u00fdkonnosti fondu od jeho zalo\u017een\u00ed pak m\u016f\u017ee demonstrovat, jak podstatnou roli tento poplatek hraje pro investora, kter\u00fd se rozhodne investovat pr\u00e1v\u011b do dluhopis\u016f formou vlo\u017een\u00ed prost\u0159edk\u016f do takto specializovan\u00e9ho fondu. Dlu\u017eno ale podotknout, \u017ee minulost nebyla k v\u00fdkonnosti t\u011bchto dluhopisov\u00fdch fond\u016f p\u0159\u00edzniv\u011b naklon\u011bna, v\u00fdnosy t\u011bchto cenn\u00fdch pap\u00edr\u016f byly miziv\u00e9, tak\u017ee p\u0159in\u00e9st investor\u016fm nadstandardn\u00ed v\u00fdnosy p\u0159i spr\u00e1v\u011b dluhopisov\u00fdch portfoli\u00ed bylo t\u00e9m\u011b\u0159 nemo\u017en\u00e9. Porovn\u00e1n\u00ed hodnoty TER je tak jednou ze z\u00e1kladn\u00edch v\u011bc\u00ed, kter\u00e1 by m\u011bla rozhodnout, jestli jsem provedl dobr\u00fd v\u00fdb\u011br nejen dluhopisov\u00e9ho ETF. Mus\u00edm pak po\u010d\u00edtat, \u017ee o tuto \u010d\u00e1stku poplatku v ka\u017ed\u00e9m p\u0159\u00edpad\u011b p\u0159ijdu (nebo jeho pom\u011brnou \u010d\u00e1st, pokud nedr\u017e\u00edm investici cel\u00fd rok), m\u011bl bych se tedy sna\u017eit tuto \u010d\u00e1stku n\u00e1klad\u016f nep\u0159ehl\u00e9dnout a zan\u00e9st ji do sv\u00e9 anal\u00fdzy zkouman\u00fdch ETF.<\/span><\/p>\n

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AUM (Assets Under Management)<\/strong><\/span><\/h2>\n

\u00a0\u00a0 V p\u0159\u00edpad\u011b investice do dluhopisov\u00e9ho ETF kupuji akcie tohoto fondu a o\u010dek\u00e1v\u00e1m jejich zhodnocen\u00ed v souvislost\u00ed se zm\u011bnou hodnoty aktiv, kter\u00e9 tento fond spravuje. Bylo by tedy nemil\u00e9, kdyby tento fond, pota\u017emo spr\u00e1vcovsk\u00e1 spole\u010dnost, zkrachovala. V\u00fdb\u011br dluhopisov\u00e9ho ETF podle kvality investi\u010dn\u00ed spole\u010dnosti je tak dost kl\u00ed\u010dov\u00fd parametr. Investi\u010dn\u00ed gigant BlackRock<\/strong>, kter\u00fd spravuje fondy pod zna\u010dkou iShares by m\u011bl b\u00fdt z\u00e1rukou stability a solidnosti a odrazem t\u011bchto kvalit by pak m\u011bla b\u00fdt d\u016fv\u011bra investor\u016f, kte\u0159\u00ed nev\u00e1haj\u00ed zakoupit akcie jim spravovan\u00fdch fond\u016f. BlackRock je nejv\u011bt\u0161\u00ed sv\u011btov\u00fd spr\u00e1vce aktiv, to by mohlo b\u00fdt nyn\u00ed pro m\u00e9 rozhodnut\u00ed zna\u010dn\u011b uspokojuj\u00edc\u00ed zji\u0161t\u011bn\u00ed. Mohu pak na str\u00e1nce tohoto fondu cht\u00edt zjistit, jak\u00fd je objem aktiv, kter\u00e9 tento fond ke spr\u00e1v\u011b p\u0159ijal, \u00fadaj je na obr\u00e1zku n\u00ed\u017ee. \u00a0\u00a0<\/span><\/p>\n

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\u00a0\u00a0 Objem spravovan\u00fdch prost\u0159edk\u016f ve v\u00fd\u0161i 37,5 miliardy dolar\u016f<\/strong> je opravdu \u00factyhodn\u00e9 \u010d\u00edslo. Pokud bych cht\u011bl toto \u010d\u00edslo zasadit do n\u011bjak\u00e9 souvislosti, mohl bych nap\u0159\u00edklad srovnat tento objem spravovan\u00e9ho majetku s ostatn\u00edmi obdobn\u00fdmi dluhopisov\u00fdmi ETF ze screeneru:<\/span><\/p>\n

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\u00a0\u00a0\u00a0 P\u0159esto\u017ee screener nab\u00edz\u00ed hodnotu AUM s m\u00edrn\u011b odli\u0161nou sumou (cena akcie se samoz\u0159ejm\u011b v \u010dase pohybuje), je jasn\u00e9, \u017ee tento burzovn\u011b obchodovan\u00fd fond dlouhodob\u00fdch americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f je z tohoto pohledu opravdu jedni\u010dka. \u201eDost velk\u00fd na to, aby zkrachoval\u201c (Too Big To Fail) by pak mohlo b\u00fdt z\u00e1kladn\u00edm vyhodnocen\u00edm spojen\u00fdm s vypozorovanou hodnotou spravovan\u00e9ho majetku a spole\u010dn\u011b s vysokou kvalitou subjektu investi\u010dn\u00ed spole\u010dnosti (BlackRock) mohu ocenit nalezen\u00e9 ETF jako zna\u010dn\u011b bezpe\u010dnou investici s pohledu jej\u00ed samotn\u00e9 existence a um\u00edst\u011bn\u00ed.<\/span><\/p>\n

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Likvidita<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Investovat do n\u00e1kupu akci\u00ed dluhopisov\u00e9ho ETF by m\u011blo b\u00fdt doprov\u00e1zeno zji\u0161t\u011bn\u00edm, jestli se mi takov\u00fd vstup poda\u0159\u00ed za p\u0159ijatelnou cenu a tak\u00e9 analyzov\u00e1n\u00edm, jestli je na trhu tohoto dluhopisov\u00e9ho ETF dostate\u010dn\u00e1 likvidita na to, abych mohl z investice rychle, levn\u011b a kdykoliv vystoupit. Pohledem na sumarizaci kl\u00ed\u010dov\u00fdch vlastnost\u00ed dluhopisov\u00e9ho ETF s tickerem TLT pak nab\u00edz\u00ed \u00fadaje, kter\u00e9 mohou o t\u00e9to likvidit\u011b hodn\u011b napov\u011bd\u011bt:<\/span><\/p>\n

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\u00a0\u00a0 Z obr\u00e1zku mohu vy\u010d\u00edst, \u017ee ETF \u201evypustilo na trh\u201c (Shares Outstanding) t\u00e9m\u011b\u0159 p\u016flmiliardy akci\u00ed, p\u0159esn\u011bji 454,700.000 kus\u016f (1)<\/span><\/strong>. Ke dni, kdy p\u00ed\u0161u tento \u010dl\u00e1nek, mohu vypozorovat, \u017ee denn\u00ed Volume<\/strong> dne p\u0159edch\u00e1zej\u00edc\u00edho dni po\u0159\u00edzen\u00ed obr\u00e1zku zm\u011bnilo majitele v\u00edce ne\u017e sedmdes\u00e1t milion\u016f akci\u00ed, op\u011bt p\u0159esn\u011bji 70,890.435 kus\u016f (2)<\/span><\/strong>. Mohu tak konstatovat, \u017ee denn\u00ed objem zobchodovan\u00fdch akci\u00ed p\u0159edstavuje 15% celkov\u00e9ho objemu<\/strong> vydan\u00fdch akci\u00ed, co\u017e je \u00factyhodn\u00fd pom\u011br a toto pozorov\u00e1n\u00ed pak m\u016f\u017eu vyhodnotit jako skute\u010dnost, \u017ee pokud se rozhodnu do pozice na tomto ETF vstoupit, poda\u0159\u00ed se mi to velmi jednodu\u0161e a rychle za p\u0159ijateln\u00e9ho Ask\/Bid a sou\u010dasn\u011b si tak\u00e9 mohu b\u00fdt jist\u00fd, \u017ee pokud se rozhodnu investici ukon\u010dit prodejem t\u011bchto akci\u00ed, toto prob\u011bhne hladce a bez probl\u00e9m\u016f. Likvidita je zaru\u010dena.<\/span><\/p>\n

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Akumulace nebo Distribuce<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Pokud se rozhodnu nenakupovat p\u0159\u00edmo dluhopisy, ale volit investici do dluhopisov\u00e9ho ETF, mus\u00edm vyhodnotit, jak\u00fdm zp\u016fsobem bude nalo\u017eeno s\u00a0kup\u00f3ny<\/strong>, kter\u00e9 dluhopisy nesou. Je jasn\u00e9, \u017ee v\u00a0p\u0159\u00edpad\u011b, \u017ee jsem rozhodnut pro p\u0159\u00edm\u00e9 dr\u017een\u00ed dluhopis\u016f s\u00a0kup\u00f3nem, bude na m\u00e9m rozhodnut\u00ed, jak po jeho inkasu s\u00a0takovou p\u0159\u00edjmovou polo\u017ekou nalo\u017e\u00edm, mohu ji reinvestovat nebo ji jednodu\u0161e utratit nebo z\u00a0oboj\u00edho tro\u0161ku, ka\u017edop\u00e1dn\u011b jsou tyto kup\u00f3ny pouk\u00e1z\u00e1ny na m\u016fj tradingov\u00fd \u00fa\u010det a mohu se rozhodnout, jak s\u00a0nimi nalo\u017eit. V\u00a0p\u0159\u00edpad\u011b dluhopisov\u00e9ho ETF, kter\u00e9 kop\u00edruje n\u011bjak\u00fd investi\u010dn\u00ed z\u00e1m\u011br (pop\u00ed\u0161u pozd\u011bji), si tento fond<\/strong> za spravovan\u00e9 pen\u00edze po\u0159\u00edd\u00ed<\/strong> dluhopisov\u00e9 portfolio, kter\u00e9 obsahuje v drtiv\u00e9 v\u011bt\u0161in\u011b jednotliv\u00fdch polo\u017eek dluhopisy nesouc\u00ed kup\u00f3n<\/strong>. Tyto kup\u00f3ny pak p\u0159i jejich splatnosti obdr\u017e\u00ed tento dluhopisov\u00fd ETF na sv\u016fj \u00fa\u010det a podle sv\u00e9ho uv\u00e1\u017een\u00ed vt\u011blen\u00e9m do jeho prospektu tyto benefity pou\u017eije dvoj\u00edm zp\u016fsobem. V p\u0159\u00edpad\u011b, \u017ee deklaruje, \u017ee bude tyto kup\u00f3ny akumulovat a s\u00e1m reinvestovat<\/strong> vlastn\u00edmi silami jm\u00e9nem fondu, bude se jednat o Akumula\u010dn\u00ed typ dluhopisov\u00e9ho ETF<\/strong>. V p\u0159\u00edpad\u011b, \u017ee se rozhodne tyto p\u0159ijat\u00e9 kup\u00f3ny rozd\u011blit mezi dr\u017eitele akci\u00ed<\/strong> \u2013 investory fondu \u2013 potom toto prov\u00e1d\u00ed pomoc\u00ed stanoven\u00e9 nebo vypo\u010d\u00edt\u00e1van\u00e9 Dividendy, pomoc\u00ed kter\u00e9 distribuuje tyto prost\u0159edky mezi sv\u00e9 akcion\u00e1\u0159e, v takov\u00e9m p\u0159\u00edpad\u011b se jedn\u00e1 o Distribu\u010dn\u00ed typ dluhopisov\u00e9ho ETF<\/strong>. Mnou zkouman\u00fd dluhopisov\u00fd\u00a0 ETF s tickerem TLT m\u00e1 tyto parametry nakl\u00e1d\u00e1n\u00ed z cash flow vlastn\u011bn\u00fdch dluhopis\u016f:<\/span><\/p>\n

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\u00a0 \u00a0TLT<\/strong> je dluhopisov\u00fdm ETF, kter\u00fd prov\u00e1d\u00ed distribuci p\u0159ijat\u00fdch kup\u00f3n\u016f<\/strong> mezi akcion\u00e1\u0159e fondu, a to v m\u011bs\u00ed\u010dn\u00edch intervalech<\/strong>. Z analytick\u00e9 platformy thinkorswim pak mohu vid\u011bt konkr\u00e9tn\u00ed parametry posledn\u00edho rozd\u011blen\u00ed t\u00e9to \u010d\u00e1stky mezi dr\u017eitele akci\u00ed takto:<\/span><\/p>\n

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\u00a0\u00a0 Posledn\u00ed Ex-Dividend Day<\/strong> v dob\u011b, kdy p\u00ed\u0161u tento \u010dl\u00e1nek p\u0159ipadl na 2.10.2023<\/strong> a z bli\u017e\u0161\u00ed specifikace v \u010derven\u00e9m r\u00e1me\u010dku m\u016f\u017eu vypozorovat, \u017ee se jedn\u00e1 o Dividendu vypl\u00e1cenou opravdu s m\u011bs\u00ed\u010dn\u00ed frekvenc\u00ed<\/strong> a jej\u00ed posledn\u00ed v\u00fd\u0161e \u010dinila 0.28 USD\/akcii<\/strong>. Mohu tak vypo\u010d\u00edtat, \u017ee p\u0159i cen\u011b akcie z\u00a0obr\u00e1zku ve v\u00fd\u0161i 84.32 USD p\u0159edstavuje dividendov\u00fd v\u00fdnos ((0.28*12)\/84.32) hodnotu 3.98% p.a.<\/strong> (p\u0159ed zdan\u011bn\u00edm). V p\u0159\u00edpad\u011b volby dr\u017een\u00ed investice do TLT tak mohu po\u010d\u00edtat s m\u011bs\u00ed\u010dn\u00edm cash flow v podob\u011b takto stanoven\u00e9 Dividendy, tedy takto vytvo\u0159en\u00e1 investice mi m\u016f\u017ee simulovat kup\u00f3nov\u00fd v\u00fdnos, kter\u00fd bych \u010derpal p\u0159i volb\u011b p\u0159\u00edm\u00e9 investice do dluhopisu s kup\u00f3nem.<\/span><\/p>\n

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Durace<\/strong><\/span><\/h2>\n

\u00a0\u00a0 Od investice do dluhopisov\u00e9ho ETF bych m\u011bl o\u010dek\u00e1vat stejn\u00e9 efekty, jako od investice do dluhopisu. Mohu tak spekulovat na r\u016fst\/pokles ceny akcie nakoupen\u00e9ho dluhopisov\u00e9ho fondu (stejn\u011b jako u dluhopisu) nebo na p\u0159\u00edjem z kup\u00f3nov\u00fdch v\u00fdplat nebo oboj\u00ed. P\u0159\u00edjem kup\u00f3nov\u00fdch v\u00fdplat<\/strong> bude pro mou investici do dluhopisov\u00e9ho ETF za\u0159izovat p\u0159ij\u00edman\u00e1 Dividenda<\/strong> v p\u0159\u00edpad\u011b volby Distribu\u010dn\u00edho typu dluhopisov\u00e9ho ETF. Efekt pohybu ceny dluhopisu<\/strong> by pak m\u011bl b\u00fdt generov\u00e1n dv\u011bma z\u00e1kladn\u00edmi zp\u016fsoby, ve sv\u011btle v\u00fd\u0161e uveden\u00fdch \u0159\u00e1dk\u016f by r\u016fst ceny akcie dluhopisov\u00e9ho mohla za\u0159\u00eddit volba Akumula\u010dn\u00edho typu dluhopisov\u00e9ho ETF<\/strong>, kdy p\u0159ij\u00edman\u00e9 kup\u00f3ny z\u016fstanou v dispozici tohoto fondu, kter\u00fd je reinvestuje a p\u0159irozen\u011b tak zvy\u0161uje hodnotu aktiv fondu nebo se bude cena akcie fondu pohybovat d\u00edky jeho celkov\u00e9 duraci<\/strong>. V minul\u00e9m \u010dl\u00e1nku<\/a><\/strong><\/span> jsem probl\u00e9mu \u201edurace\u201c v\u011bnoval zna\u010dn\u00fd prostor, proto jen velmi zjednodu\u0161en\u011b p\u0159ipomenu, \u017ee durace vyjad\u0159uje m\u00edru citlivosti dluhopisu na zm\u011bnu \u00farokov\u00fdch sazeb na dluhopisov\u00fdch trz\u00edch a tato durace je vy\u0161\u0161\u00ed u dluhopis\u016f s del\u0161\u00ed splatnost\u00ed ne\u017e u dluhopis\u016f s krat\u0161\u00ed dobou do splatnosti. Po\u0159\u00edzen\u00ed akci\u00ed dluhopisov\u00e9ho ETF by m\u011blo b\u00fdt v\u017edy doprov\u00e1zeno zji\u0161t\u011bn\u00edm, jak\u00e1 je durace dluhopisov\u00e9ho portfolia, kter\u00e9 dluhopisov\u00fd fond n\u00e1sleduje. V p\u0159\u00edpad\u011b ETF dluhopisov\u00e9ho portfolia s tickerem TLT, kter\u00e9 je zam\u011b\u0159eno na americk\u00e9 vl\u00e1dn\u00ed dluhopisy se splatnost\u00ed 20+ let, bude p\u0159edpokl\u00e1dan\u00e1 durace vysok\u00e1 a jej\u00ed hodnotu mohu vypozorovat na domovsk\u00e9 str\u00e1nce fondu takto:<\/span><\/p>\n

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\u00a0\u00a0 Z\u00a0obr\u00e1zku mohu vy\u010d\u00edst, \u017ee hodnota \u201eEffective Duration\u201c<\/strong> je 16.18 rok\u016f (1)<\/span><\/strong>. Mohu tak p\u0159edpokl\u00e1dat, \u017ee toto je pr\u016fm\u011brn\u00e1 doba do splatnosti v\u0161ech dluhopis\u016f v portfoliu dr\u017een\u00e9m fondem. S odkazem na minul\u00fd \u010dl\u00e1nek<\/a><\/strong><\/span> tak mohu vypozorovat, \u017ee je tato pr\u016fm\u011brn\u00e1 doba do splatnosti ni\u017e\u0161\u00ed, ne\u017e je doba do splatnosti dluhopis\u016f v\u00a0portfoliu, kter\u00e9 je deklarov\u00e1no jako 20+ let, nyn\u00ed ji\u017e v\u00edm, \u017ee je to zp\u016fsobeno budouc\u00edmi cash flow, kter\u00e9 vypl\u00fdvaj\u00ed z\u00a0budouc\u00edch kup\u00f3n\u016f dr\u017een\u00fdch dluhopis\u016f. Pokud budu m\u00edt k\u00a0dispozici aktu\u00e1ln\u00ed v\u00fdnos do splatnosti (YTM) cel\u00e9ho dluhopisov\u00e9ho portfolia, budu moci zjistit jeho citlivost na zm\u011bnu \u00farokov\u00fdch sazeb. T\u00e9to hodnot\u011b by m\u011bla odpov\u00eddat hodnota 5.14%<\/strong> ozna\u010den\u00e1 v\u00a0obr\u00e1zku jako Average Yield To Maturity (2)<\/span><\/strong>, kde v popisku je uvedeno, \u017ee se jedn\u00e1 o v\u00e1\u017een\u00fd pr\u016fm\u011br v\u0161ech YTM jednotliv\u00fdch dluhopis\u016f v portfoliu. Mohu tak nyn\u00ed stanovit hodnotu durace vyd\u011blen\u00edm pr\u016fm\u011brn\u00e9 doby do splatnosti fondov\u00e9ho portfolia hodnotou v\u00fdnosu do splatnosti portfolia (stejn\u011b jako u v\u00fdpo\u010dtu durace u individu\u00e1ln\u00edho dluhopisu v minul\u00e9m \u010dl\u00e1nku), abych zjistil (16.18\/1.0514), \u017ee durace<\/strong> dluhopisov\u00e9ho portfolia je na hodnot\u011b 15.39 %<\/strong>. Neznamen\u00e1 to nic jin\u00e9ho ne\u017e skute\u010dnost, \u017ee pokud dojde k pohybu \u00farokov\u00fdch sazeb o +\/-1%<\/strong>, zm\u011bn\u00ed se cena portfolia o +\/-15.39%<\/strong>. Na obr\u00e1zku n\u00ed\u017ee je zobrazen dvoulet\u00fd cenov\u00fd graf akcie TLT:<\/span><\/p>\n

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\u00a0\u00a0 Cena akcie tohoto dluhopisov\u00e9ho fondu se nach\u00e1z\u00ed na sv\u00fdch minimech a vysv\u011btlen\u00ed tohoto poklesu je logick\u00e9, zapoj\u00edm-li do sv\u00fdch \u00favah pr\u00e1v\u011b v\u00fdznam durace. Pokud jsem zjistil, \u017ee dlouhodob\u00e9 dluhopisy s\u00a0vysokou durac\u00ed maj\u00ed vysokou citlivost na cenu dluhopisu, potom se pohyb na \u00farokov\u00fdch sazb\u00e1ch, jejich\u017e v\u00fdvoj byl v\u00a0posledn\u00edm obdob\u00ed v\u00edce ne\u017e dynamick\u00fd, mus\u00ed v\u00fdrazn\u011b projevit na cen\u011b dlouhodob\u00fdch dluhopis\u016f dr\u017een\u00fdch pr\u00e1v\u011b takto strukturovan\u00fdm fondem. N\u00e1rust v\u00fdnos\u016f t\u011bchto dlouhodob\u00fdch dluhopis\u016f spolehliv\u011b sraz\u00ed jejich cenu a t\u00edm dojde k\u00a0poklesu hodnoty aktiv cel\u00e9ho fondu, co\u017e se samoz\u0159ejm\u011b odraz\u00ed v\u00a0poklesu ceny akcie fondu. Na obr\u00e1zku n\u00ed\u017ee je p\u011btilet\u00fd cenov\u00fd pr\u016fb\u011bh<\/strong> akcie dluhopisov\u00e9ho ETF s\u00a0tickerem TLT<\/strong> v\u00a0porovn\u00e1n\u00ed s\u00a0v\u00fdvojem v\u00fdnosu 20-ti let\u00fdch dluhopis\u016f<\/strong>:<\/span><\/p>\n

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\u00a0\u00a0 Mysl\u00edm, \u017ee obr\u00e1zek nepot\u0159ebuje v\u00fdrazn\u00fd koment\u00e1\u0159. R\u016fst v\u00fdnos\u016f na dvacetilet\u00fdch dluhopisech vykresluje dokonale inverzn\u00ed tvar ke k\u0159ivce ceny akcie TLT. P\u0159esto\u017ee se tedy p\u0159i dr\u017een\u00ed akci\u00ed tohoto fondu mohu spol\u00e9hat na pravidelnou dividendu vypl\u00fdvaj\u00edc\u00ed z distribuce kup\u00f3n\u016f z dluhopis\u016f, kter\u00e9 fond m\u00e1 ve sv\u00e9m portfoliu, d\u00edky vysok\u00e9 duraci mus\u00edm o\u010dek\u00e1vat, \u017ee p\u0159i r\u016fstu \u00farokov\u00fdch sazeb a v\u00fdnos\u016f na takto strukturovan\u00e9m dluhopisov\u00e9m portfoliu budu p\u0159ihl\u00ed\u017eet pokles\u016fm jeho ceny. Je ale tak\u00e9 z\u0159ejm\u00e9, co bude impulzem k obratu takto nep\u0159\u00edzniv\u00e9ho cenov\u00e9ho trendu na akcii TLT \u2013 pokles v\u00fdnos\u016f na t\u011bchto dlouhodob\u00fdch dluhopisech, a pokud bude pokles v\u00fdnos\u016f stejn\u011b dynamick\u00fd, jako byl jeho r\u016fst, m\u016f\u017ee b\u00fdt d\u00edky duraci cenov\u00fd pohyb na akcii TLT dost v\u00fdrazn\u00fd. \u00a0<\/span><\/p>\n

\u00a0\u00a0 Z\u016fstanu-li pouze u zkoum\u00e1n\u00ed dluhopisov\u00fdch ETF z d\u00edlny iShares, mohu na obr\u00e1zku n\u00ed\u017ee pozorovat hodnotu pr\u016fm\u011brn\u00e9 doby do splatnosti portfolia u fond\u016f, kter\u00e9 sleduj\u00ed americk\u00e9 vl\u00e1dn\u00ed dluhopisy s jinou dobou do splatnosti ne\u017e dluhopisov\u00fd fond s tickerem TLT.<\/span><\/p>\n

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\u00a0\u00a0 Pokud m\u00e1 TLT<\/strong> dluhopisov\u00fd ETF s dluhopisy se splatnost\u00ed 20+ let<\/strong> pr\u016fm\u011brnou dobu do splatnosti 16.18 let (1)<\/span><\/strong>, bude to definovat jeho zna\u010dn\u011b vysokou citlivost na zm\u011bnu v\u00fdnos\u016f t\u011bchto dluhopis\u016f. Dluhopisov\u00fd ETF s tickerem IEF<\/strong>, kter\u00fd nab\u00edz\u00ed fondovou expozici do americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f se splatnost\u00ed mezi 7 \u2013 10 lety<\/strong> m\u00e1 pak pr\u016fm\u011brnou dobu do splatnosti dluhopisov\u00e9ho portfolia ve v\u00fd\u0161i 7.33 let (2)<\/span><\/strong> a dluhopisov\u00fd ETF s ozna\u010den\u00edm SHY<\/strong>, kter\u00fd je zam\u011b\u0159en na dr\u017een\u00ed americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f se splatnost\u00ed 1 \u2013 3 let<\/strong>, pak disponuje dluhopisov\u00fdm portfoliem s pr\u016fm\u011brnou dobou do splatnosti ve v\u00fd\u0161i 1.81 let (3)<\/span><\/strong>. Je asi na prvn\u00ed pohled patrn\u00e9, kter\u00fd s dluhopisov\u00fdch fond\u016f nachyst\u00e1 investorovi do akci\u00ed fondu v\u00edce hork\u00fdch chvilek p\u0159i dynamick\u00fdch zm\u011bn\u00e1ch dluhopisov\u00fdch v\u00fdnos\u016f. \u00a0\u00a0\u00a0<\/span><\/p>\n

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\u00a0M\u011bna ETF<\/strong><\/span><\/h2>\n

\u00a0 \u00a0M\u011bnov\u00e9 riziko spojen\u00e9 s po\u0159\u00edzen\u00edm dluhopisov\u00e9ho ETF vypl\u00fdv\u00e1 z m\u011bny<\/strong>, ve kter\u00e9 jsou akcie dluhopisov\u00e9ho fondu denominov\u00e1ny<\/strong> s p\u0159ihl\u00e9dnut\u00edm na m\u011bnu m\u00e9ho obchodn\u00edho \u00fa\u010dtu. Pokud obchoduji v \u010desk\u00fdch korun\u00e1ch, bude pro m\u011b n\u00e1kup dluhopisov\u00e9ho ETF v americk\u00fdch dolarech nebo eurech spojen s rizikem zm\u011bny kurzu t\u011bchto m\u011bn k na\u0161\u00ed n\u00e1rodn\u00ed m\u011bn\u011b. V obecn\u00e9m pohledu je investice do dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f v\u017edy ch\u00e1p\u00e1na jako konzervativn\u011bj\u0161\u00ed investice nesouc\u00ed ni\u017e\u0161\u00ed, ale stabiln\u00ed v\u00fdnos, proto by m\u011blo m\u00edt \u0159e\u0161en\u00ed m\u011bnov\u00e9ho rizika v\u00fdrazn\u011bj\u0161\u00ed v\u00e1hu, nicm\u00e9n\u011b problematika m\u011bnov\u00e9ho zaji\u0161t\u011bn\u00ed je nyn\u00ed mimo r\u00e1mec tohoto \u010dl\u00e1nku. \u00a0\u00a0\u00a0<\/span><\/p>\n

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Typy dluhopisov\u00fdch ETF<\/strong><\/span><\/h1>\n
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\u00a0\u00a0\u00a0 Na dluhopisov\u00e9m ETF s ozna\u010den\u00edm TLT jsem uk\u00e1zal, jak mohu zjistit kl\u00ed\u010dov\u00e9 \u00fadaje o fondu, na jak\u00e9 parametry je dobr\u00e9 se zam\u011b\u0159it a jak je interpretovat. Nyn\u00ed bych cht\u011bl ve zkratce popsat n\u011bkolik kategori\u00ed t\u011bchto dluhopisov\u00fdch fond\u016f a velmi jednodu\u0161e uk\u00e1zat, jak jsou jejich portfolia zam\u011b\u0159ena. Dluhopisov\u00fdch ETF fond\u016f je opravdu velmi mnoho a je z \u010deho vyb\u00edrat, z\u00e1le\u017e\u00ed pouze na preferenc\u00edch, se kterou chci takovou investici prov\u00e9st. Nebudu zde slo\u017eit\u011b a \u0161iroce popisovat kvanta fond\u016f, kter\u00e9 jsou na trz\u00edch k dispozici, voln\u011b \u0161\u00ed\u0159en\u00e9 screenery nab\u00eddnou ka\u017ed\u00e9mu z\u00e1jemci pravd\u011bpodobn\u011b to, co si p\u0159edstavuje. V obecn\u00e9m popisu v textu v\u00fd\u0161e jsem cht\u011bl upozornit na n\u011bkter\u00e9 z\u00e1sadn\u00ed vlastnosti, kter\u00e9 stoj\u00ed u takov\u00e9 investice za prozkoum\u00e1n\u00ed, proto nech\u00e1m v popisech druh\u016f fond\u016f na ka\u017ed\u00e9m, a\u0165 popust\u00ed uzdu sv\u00e9 investi\u010dn\u00ed fantazii a vybere si to, co mu bude nejl\u00e9pe sed\u011bt. Upozorn\u00edm tak pouze na z\u00e1kladn\u00ed typy dluhopisov\u00fdch ETF, tato \u010d\u00e1st tak bude v\u00edcem\u00e9n\u011b encyklopedick\u00e1 a bude se jednat pouze o ETF obchodovateln\u00e9 u m\u00e9ho brokera Interactive Brokers :c). \u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0 Glob\u00e1ln\u00ed Dluhopisov\u00e9 fondy<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Investice do cenn\u00e9ho pap\u00edru s pevn\u00fdm v\u00fdnosem m\u011b m\u016f\u017ee p\u0159iv\u00e9st k rozhodov\u00e1n\u00ed, zda to bude n\u00e1kup jednotliv\u00e9ho dluhopisu emitovan\u00e9ho americkou vl\u00e1dou, vl\u00e1dou n\u011bkter\u00e9 z evropsk\u00fdch zem\u00ed nebo v\u016fbec jak\u00e9koliv vl\u00e1dy, kter\u00e1 m\u011b napadne nebo m\u011b bude v\u00edce zaj\u00edmat investov\u00e1n\u00ed do podnikov\u00fdch dluhopis\u016f, kde mohu op\u011bt sv\u00e9 rozhodovac\u00ed mo\u017enosti rozprost\u0159\u00edt na jak\u00fdkoliv konkr\u00e9tn\u00ed podnik vybran\u00e9ho pr\u016fmyslov\u00e9ho segmentu, oblasti trhu nebo regionu. Stejn\u00e1 rozhodnut\u00ed pak mohu prov\u00e1d\u011bt p\u0159i po\u0159izov\u00e1n\u00ed municip\u00e1ln\u00edch dluhopis\u016f konkr\u00e9tn\u00edch subjekt\u016f \u010di zam\u011b\u0159it svou pozornost na dluhopisy spojen\u00e9 nap\u0159\u00edklad s hypote\u010dn\u00edmi \u00fav\u011bry. Existence dluhopisov\u00fdch ETF fond\u016f mi d\u00e1v\u00e1 p\u0159\u00edle\u017eitost vyu\u017e\u00edt m\u016fj z\u00e1jem o konkr\u00e9tn\u00ed typ dluhopisu spole\u010dn\u011b s ur\u010ditou d\u00e1vkou diverzifikace, kterou bych pravd\u011bpodobn\u011b jako individu\u00e1ln\u00ed investor t\u011b\u017eko um\u011bl za\u0159\u00eddit, extr\u00e9mn\u00edm p\u0159\u00edpadem t\u00e9to diverzifikace pak mohou b\u00fdt glob\u00e1ln\u00ed dluhopisov\u00e9 fondy. K pochopen\u00ed, jak mohu u konkr\u00e9tn\u00edho dluhopisov\u00e9ho fondu nahl\u00e9dnout na jeho parametry a syst\u00e9m, jak funguje a je sestaveno jeho portfolio, je zapot\u0159eb\u00ed m\u00edt pov\u011bdom\u00ed o existenci dluhopisov\u00e9ho indexu, kter\u00fd se fond sna\u017e\u00ed replikovat. P\u0159ed seznamem p\u0159\u00edklad\u016f jednotliv\u00fdch dluhopisov\u00fdch ETF tak v\u011bnuji existenci dluhopisov\u00fdch index\u016f p\u00e1r \u0159\u00e1dk\u016f.\u00a0 \u00a0 \u00a0<\/span><\/p>\n

Role benchmarkov\u00e9ho indexu<\/span><\/strong><\/h2>\n

\u00a0\u00a0 Z\u00e1kladn\u00ed politikou dluhopisov\u00e9ho ETF je co net\u011bsn\u011bj\u0161\u00ed napodobov\u00e1n\u00ed vybran\u00e9ho a ur\u010den\u00e9ho dluhopisov\u00e9ho indexu. Pokud by m\u00e9 rozhodnut\u00ed padlo na investov\u00e1n\u00ed do vl\u00e1dn\u00edch dluhopis\u016f neamerick\u00fdch st\u00e1t\u016f, kde budu cht\u00edt m\u00edt obdobnou jistotu velmi bezpe\u010dn\u00e9 investice, jako u investice do americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f, mohu se rozhodnout nap\u0159\u00edklad pro glob\u00e1ln\u00ed dluhopisov\u00e9 ETF iShares International Treasury Bond ETF (IGOV<\/a><\/span>)<\/strong>. Pohledem na jeho z\u00e1kladn\u00ed parametry mohu vypozorovat, \u017ee tento dluhopisov\u00fd fond neamerick\u00fdch vl\u00e1dn\u00edch dluhopis\u016f zem\u00ed z rozvinut\u00fdmi ekonomikami se sna\u017e\u00ed simulovat n\u00ed\u017ee uveden\u00fd bechmarkov\u00fd index:<\/span><\/p>\n

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\u00a0\u00a0 N\u00e1sledov\u00e1n\u00ed indexu s n\u00e1zvem FTSE World Goverment Bond Index \u2013 Developed Market Capped (USD)<\/strong> znamen\u00e1, \u017ee pro zji\u0161t\u011bn\u00ed, jak\u00e9 dluhopisy budou pat\u0159it do portfolia fondu ur\u010duj\u00ed parametry tohoto indexu. Tv\u016frci tohoto indexu ur\u010dili jeho zam\u011b\u0159en\u00ed a konkr\u00e9tn\u00ed sou\u010d\u00e1sti, je pak na portfolio mana\u017eerech dluhopisov\u00e9ho ETF, aby tuto konkr\u00e9tn\u00ed konstrukci n\u00e1sledovali – tedy pravideln\u011b rebalancovali jednotliv\u00e9 slo\u017eky portfolia podle autor\u016f indexu. Parametry tohoto indexu lze st\u00e1hnout ze str\u00e1nek lond\u00fdnsk\u00e9 burzy, v tomto dokumentu<\/a><\/strong><\/span> pak mohu vypozorovat jeho z\u00e1kladn\u00ed slo\u017een\u00ed. Geografick\u00e9 rozlo\u017een\u00ed<\/strong> je mo\u017en\u00e9 vypozorovat na obr\u00e1zku n\u00ed\u017ee:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Rozlo\u017een\u00ed sledovan\u00fdch aktiv indexu podle rating\u016f<\/strong> je pak na obr\u00e1zku n\u00ed\u017ee:<\/span><\/p>\n

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\u00a0\u00a0 Faktick\u00e9 rozlo\u017een\u00ed<\/strong> indexu k\u00a030.9.2023 je pak mo\u017en\u00e9 odez\u00edrat z\u00a0obr\u00e1zku n\u00ed\u017ee:<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Z\u00a0v\u00fd\u0161e uveden\u00fdch obr\u00e1zk\u016f pak vypl\u00fdv\u00e1, \u017ee index p\u0159edstavuje zna\u010dn\u011b diverzifikovan\u00e9 portfolio<\/strong> vl\u00e1dn\u00edch dluhopis\u016f s dal\u0161\u00edmi parametry, kter\u00e9 lze nastudovat pr\u00e1v\u011b z t\u011bchto Factsheet\u016f, kter\u00e9 jsou na FTSE m\u011bs\u00ed\u010dn\u011b aktualizov\u00e1ny. Proto\u017ee se tento dluhopisov\u00fdch ETF sna\u017e\u00ed co nejv\u00edce napodobovat vybran\u00fd benchmarkov\u00fd index (FTSE World Goverment Bond Index \u2013 Developed Market Capped (USD), mohu pak na domovsk\u00e9 str\u00e1nce dluhopisov\u00e9ho ETF porovnat jeho vlastn\u00ed Factsheet<\/a><\/strong><\/span> ke stejn\u00e9mu datu (30.9.2023) a vyhodnotit tak parametry tohoto napodobov\u00e1n\u00ed, kter\u00e9 v kone\u010dn\u00e9m d\u016fsledku odr\u00e1\u017eej\u00ed vlastn\u00ed v\u00fdkonnost tohoto fondu, v p\u0159enesen\u00e9m smyslu tak\u00e9 v\u00fdkonnost p\u0159\u00edpadn\u011b po\u0159\u00edzen\u00e9 akcie fondu. Z aktu\u00e1ln\u00edho dokumentu pak mohu vybrat obr\u00e1zek jeho hypotetick\u00e9 v\u00fdkonnosti:<\/span><\/p>\n

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\u00a0\u00a0 P\u0159esto\u017ee je z grafu patrn\u00e9, \u017ee benchmarku se vede nepatrn\u011b l\u00e9pe, co\u017e dokumentuje tabulka pod t\u00edmto grafem, je napodobov\u00e1n\u00ed sledovan\u00e9ho indexu t\u00e9m\u011b\u0159 dokonal\u00e9. Mohu pak v tomto dokumentu tak\u00e9 vypozorovat aktu\u00e1ln\u00ed z\u00e1kladn\u00ed charakteristiky dluhopisov\u00e9ho ETF a rozlo\u017een\u00ed aktiv:<\/span><\/p>\n

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\u00a0\u00a0Z\u00a0dokumentu lze zejm\u00e9na vy\u010d\u00edst, \u017ee TER<\/strong>, tedy ro\u010dn\u00ed poplatky<\/strong> spojen\u00e9 se spr\u00e1vou fondu \u010din\u00ed 0.35%<\/strong> a spravovan\u00e9 portfolio<\/strong> m\u00e1 hodnotu v\u00edce ne\u017e jednu miliardu dolar\u016f<\/strong>. Rozlo\u017een\u00ed portfolia a dal\u0161\u00ed podrobnosti lze pak v dokumentu nal\u00e9zt tak, jak je zobrazeno na dal\u0161\u00edm obr\u00e1zku:<\/span><\/p>\n

\"\" \u00a0 \u00a0<\/span><\/p>\n

\u00a0\u00a0Pokud bych cht\u011bl m\u00edt zcela konkr\u00e9tn\u00ed obr\u00e1zek o jednotliv\u00fdch polo\u017ek\u00e1ch portfolia fondu, mohu toto portfolio ve form\u00e1tu excel st\u00e1hnout z domovsk\u00e9 str\u00e1nky fondu:\u00a0\u00a0<\/span><\/p>\n

\"\"<\/p>\n

\u00a0\u00a0 Na z\u00e1lo\u017ece \u201eHoldings<\/em>\u201c sta\u017een\u00e9ho excelu je pak mo\u017en\u00e9 prohl\u00ed\u017eet jednotliv\u00e9 dluhopisov\u00e9 emise a dal\u0161\u00ed aktiva fondu (hodnoty dr\u017een\u00e9 hotovosti a deriv\u00e1t\u016f).<\/span><\/p>\n

\u00a0\u00a0 N\u00e1v\u0161t\u011bvou webov\u00e9 str\u00e1nky indexu, kter\u00fd se sna\u017e\u00ed dluhopisov\u00fd fond n\u00e1sledovat nebo sta\u017een\u00ed zjednodu\u0161en\u00e9ho prospektu fondu z\u00a0jeho domovsk\u00e9 str\u00e1nky m\u016f\u017ee nab\u00edzet souhrnn\u00e9 informace o struktu\u0159e fondu, jeho portfoliu a jeho z\u00e1kladn\u00edch parametrech, kter\u00e9 mi mohou d\u00e1le pomoci p\u0159i rozhodovac\u00edch procesech p\u0159i p\u0159\u00edpadn\u00e9 alokaci m\u00e9 investice do tohoto investi\u010dn\u00edho instrumentu. V\u00a0dan\u00e9m konkr\u00e9tn\u00edm p\u0159\u00edpad\u011b by se pak jednalo o investici do vl\u00e1dn\u00edch dluhopis\u016f neamerick\u00fdch st\u00e1t\u016f s\u00a0vysp\u011bl\u00fdmi ekonomikami.<\/span><\/p>\n

Glob\u00e1ln\u00ed korpor\u00e1tn\u00ed dluhopisov\u00e9 ETF<\/span><\/strong><\/h1>\n

\u00a0\u00a0 Pokud chci obohatit sv\u00e9 investi\u010dn\u00ed portfolio o glob\u00e1ln\u00ed korpor\u00e1tn\u00ed dluhopisy<\/strong>, mohu pak vyb\u00edrat nap\u0159\u00edklad z t\u011bchto n\u00ed\u017ee uveden\u00fdch titul\u016f, kter\u00e9 p\u0159edstavuj\u00ed investice do dluhopis\u016f s ratingem BBB- (S&P Global) nebo Baa3 (Moody\u2018s) a vy\u0161\u0161\u00edm, pro zkoum\u00e1n\u00ed parametr\u016f jednotliv\u00fdch dluhopisov\u00fdch ETF pak plat\u00ed v obecn\u00e9m pohledu v\u0161e, co bylo uvedeno v\u00fd\u0161e. Zkoum\u00e1n\u00edm mo\u017enost\u00ed za pou\u017eit\u00ed nejr\u016fzn\u011bj\u0161\u00edch vyhled\u00e1vac\u00edch n\u00e1stroj\u016f pak mohu vyhledat n\u011bkter\u00e9 n\u00e1sleduj\u00edc\u00ed dluhopisov\u00e9 ETF, jejich\u017e portfolia obsahuj\u00ed Investment Grade<\/strong> korpor\u00e1tn\u00ed dluhopisy:<\/span><\/p>\n

\u00a0\u00a0 VCIT<\/a><\/strong><\/span> \u2013 Vanguard Intermediate-Term Corporate Bond ETF \u2013 dluhopisov\u00fd fond zam\u011b\u0159uj\u00edc\u00ed se na sv\u011btov\u00e9 korpor\u00e1tn\u00ed st\u0159edn\u011bdob\u00e9 dluhopisy s investi\u010dn\u00edm stupn\u011bm Investment Grade<\/span><\/p>\n

\u00a0\u00a0 IGIB<\/a><\/strong><\/span> – iShares 5-10 Year Investment Grade Corporate Bond ETF – dluhopisov\u00fd fond zam\u011b\u0159uj\u00edc\u00ed se na sv\u011btov\u00e9 korpor\u00e1tn\u00ed dluhopisy se splatnost\u00ed od 5 let do 10 let a s investi\u010dn\u00edm stupn\u011bm Investment Grade<\/span><\/p>\n

\u00a0\u00a0 VCSH<\/a><\/strong><\/span> \u2013 Vanguard Short-Term Corporate Bond ETF \u2013 dluhopisov\u00fd fond zam\u011b\u0159uj\u00edc\u00ed na se sv\u011btov\u00e9 korpor\u00e1tn\u00ed kr\u00e1tkodob\u00e9 dluhopisy s investi\u010dn\u00edm stupn\u011bm Investment Grade<\/span><\/p>\n

\u00a0\u00a0 IGSB<\/a><\/strong><\/span> – iShares 1-5 Year Investment Grade Corporate Bond ETF – dluhopisov\u00fd fond zam\u011b\u0159uj\u00edc\u00ed se na sv\u011btov\u00e9 korpor\u00e1tn\u00ed dluhopisy se splatnost\u00ed maxim\u00e1ln\u011b 5 let a s investi\u010dn\u00edm stupn\u011bm Investment Grade<\/span><\/p>\n

\u00a0\u00a0 Stejn\u011b tak mohu v tomto glob\u00e1ln\u00edm m\u011b\u0159\u00edtku uva\u017eovat o dluhopisov\u00fdch ETF fondech, kter\u00e9 nab\u00edzej\u00ed k investici portfolia sestaven\u00e1 s rizikov\u011bj\u0161\u00edch dluhopis\u016f, kter\u00e9 nenesou investi\u010dn\u00ed stupe\u0148 Investment Grade, ale jsou ozna\u010dov\u00e1ny za High Yield <\/strong>korpor\u00e1tn\u00ed dluhopisy, z t\u011bchto ETF dluhopisov\u00fdch fond\u016f mohu vybrat nap\u0159\u00edklad:<\/span><\/p>\n

\u00a0\u00a0 HYG<\/a><\/strong><\/span> – iShares iBoxx High Yield Corportate Bond ETF\u00a0– dluhopisov\u00fd fond zam\u011b\u0159uj\u00edc\u00ed se na sv\u011btov\u00e9 High Yield dluhopisy<\/span><\/p>\n

\u00a0\u00a0 JNK<\/a><\/strong><\/span> \u2013 SPDR Bloomberg High Yield Bond ETF – dluhopisov\u00fd fond zam\u011b\u0159uj\u00edc\u00ed se na sv\u011btov\u00e9 High Yield dluhopisy<\/span><\/p>\n

Region\u00e1ln\u00ed dluhopisov\u00e9 korpor\u00e1tn\u00ed ETF<\/strong><\/span><\/h1>\n

\u00a0 \u00a0Nemus\u00edm b\u00fdt nakonec ani „glob\u00e1ln\u011b rozkro\u010den“ a mohu z korpor\u00e1tn\u00edch ETF dluhopisov\u00fdch fond\u016f vyb\u00edrat ty z nich, kter\u00e9 n\u00e1sleduj\u00ed dluhopisov\u00e9 indexy zam\u011b\u0159en\u00e9 na dluhopisov\u00e1 portfolia podle region\u016f:<\/span><\/p>\n

\u00a0 CBON<\/a><\/strong><\/span>\u00a0– VanEck China Bond ETF – dluhopisov\u00fd fond zam\u011b\u0159uj\u00edc\u00ed se na \u010d\u00ednsk\u00e9 korpor\u00e1tn\u00ed dluhopisy, kter\u00fd kop\u00edruje ChinaBond China High Quality Bond Index<\/span><\/p>\n

\u00a0 IEAC<\/a><\/strong><\/span> – iShares Core EUR Corporate Bond UCITS ETF – dluhopisov\u00fd fond zam\u011b\u0159uj\u00edc\u00ed se na evropsk\u00e9 korpor\u00e1tn\u00ed dluhopisy s investi\u010dn\u00edm stupn\u011bm Investment Grade, denominovan\u00fd v EUR<\/span><\/p>\n

\u00a0 XCB<\/a><\/strong><\/span> – iShares Core EUR Canadian Corporate Bond ETF – dluhopisov\u00fd fond zam\u011b\u0159uj\u00edc\u00ed se na kanadsk\u00e9 korpor\u00e1tn\u00ed dluhopisy, kter\u00fd kop\u00edruje FTSE Canada All Corporate Bond Index<\/span><\/p>\n

…atd:c)<\/span><\/p>\n

Dluhopisov\u00e9 ETF – US-Treasuries<\/strong><\/span><\/h1>\n

\u00a0 \u00a0Prov\u00e9st diverzifikovanou investici do americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f<\/strong> mohu d\u00edky dluhopisov\u00fdm ETF samoz\u0159ejm\u011b tak\u00e9, mohu pak vyb\u00edrat mezi t\u011bmito nejv\u00fdznamn\u011bj\u0161\u00ed dluhopisov\u00fdmi fondy nap\u0159\u00edklad takto:<\/span><\/p>\n

\u00a0\u00a0 GOVT<\/a><\/strong><\/span> – iShares US Treasury Bond ETF \u2013 \u0161irok\u00fd dluhopisov\u00fd fond zam\u011b\u0159uj\u00edc\u00ed americk\u00e9 vl\u00e1dn\u00ed dluhopisy se splatnost\u00ed 0 \u2013 30 let<\/span><\/p>\n

\u00a0\u00a0 SHY<\/a><\/strong><\/span> \u2013 iShares 1-3 Year Treasury Bond ETF \u2013 dluhopisov\u00fd fond zam\u011b\u0159uj\u00edc\u00ed americk\u00e9 vl\u00e1dn\u00ed dluhopisy se splatnost\u00ed od 1 rok\u016f do 3 let<\/span><\/p>\n

\u00a0\u00a0 IEI<\/a><\/strong><\/span> – iShares 3-7 Year Treasury Bond ETF \u2013 dluhopisov\u00fd fond zam\u011b\u0159uj\u00edc\u00ed americk\u00e9 vl\u00e1dn\u00ed dluhopisy se splatnost\u00ed od 3 rok\u016f do 7 let<\/span><\/p>\n

\u00a0\u00a0 IEF<\/a><\/strong><\/span> \u2013 iShares 7-10 Year Treasury Bond ETF \u2013 dluhopisov\u00fd fond zam\u011b\u0159uj\u00edc\u00ed americk\u00e9 vl\u00e1dn\u00ed dluhopisy se splatnost\u00ed od 7 rok\u016f do 10 let<\/span><\/p>\n

\u00a0\u00a0 TLT<\/a><\/strong><\/span> \u2013 iShares 20+ Year Treasury Bond ETF \u2013 dluhopisov\u00fd fond zam\u011b\u0159uj\u00edc\u00ed americk\u00e9 vl\u00e1dn\u00ed dluhopisy se splatnost\u00ed dvacet a v\u00edce let<\/span><\/p>\n

\u00a0\u00a0 ZROZ<\/a><\/strong><\/span> \u2013 PIMCO 25+ Year Zero Coupon US Treasury Index ETF – dluhopisov\u00fd fond zam\u011b\u0159uj\u00edc\u00ed se na bezkup\u00f3nov\u00e9 americk\u00e9 vl\u00e1dn\u00ed dluhopisy se splatnost\u00ed dvacet p\u011bt a v\u00edce let<\/span><\/p>\n

\u00a0\u00a0 Z velmi zjednodu\u0161en\u00e9ho p\u0159ehledu v\u00fd\u0161e je pak patrn\u00e9, \u017ee je mo\u017en\u00e9 vybrat pro investici do americk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f portfolio s dobou do splatnosti, kter\u00e1 pokr\u00fdv\u00e1 v\u0161echny splatnosti, kter\u00e9 jsou americk\u00fdm ministerstvem financ\u00ed emitov\u00e1ny, a to jsem pou\u017eil pouze fondy investi\u010dn\u00ed spole\u010dnosti BlackRock.\u00a0 Existuj\u00ed samoz\u0159ejm\u011b dluhopisov\u00e9 ETF fondy, kter\u00e9 maj\u00ed detailn\u011bji nebo \u00fa\u017eeji stanoven\u00fd v\u00fdb\u011br dluhopisov\u00e9ho portfolia podle doby do splatnosti nebo nab\u00edzej\u00ed jin\u00fd mix splatnost\u00ed, toto v\u00fd\u0161e uveden\u00e9 je jen velice zjednodu\u0161en\u00fd pohled na pravd\u011bpodobn\u011b nejv\u011bt\u0161\u00ed hr\u00e1\u010de v dan\u00e9 oblasti.<\/span><\/p>\n

Municip\u00e1ln\u00ed dluhopisov\u00e9 ETF<\/strong><\/span><\/h1>\n

\u00a0 \u00a0 Investice do municip\u00e1ln\u00edch dluhopis\u016f<\/strong> m\u016f\u017ee b\u00fdt diverzifikov\u00e1na tak\u00e9 za pou\u017eit\u00ed takto specializovan\u00fdch dluhopisov\u00fdch ETF. \u00a0Pro p\u0159\u00edklad nejv\u011bt\u0161\u00ed z nich:<\/span><\/p>\n

\u00a0 \u00a0VTEB<\/a><\/strong><\/span> \u2013 Vanguard Tax-Exempt Bond ETF – dluhopisov\u00fd fond zam\u011b\u0159uj\u00edc\u00ed se na municip\u00e1ln\u00ed dluhopisy s ratingem Investment Grade<\/span><\/p>\n

\u00a0 \u00a0MUB<\/a><\/strong><\/span> \u2013 iShares National Muni Bond ETF – dluhopisov\u00fd fond zam\u011b\u0159uj\u00edc\u00ed se na municip\u00e1ln\u00ed dluhopisy s ratingem Investment Grade<\/span><\/p>\n

P\u00e1kov\u00e9 dluhopisov\u00e9 ETF<\/strong><\/span><\/h1>\n

\u00a0\u00a0 Nedo\u010dkav\u00ed investo\u0159i nebo investo\u0159i, kte\u0159\u00ed maj\u00ed r\u00e1di riziko, mohu sahat po investic\u00edch do dluhopisov\u00fdch ETF fond\u016f, kter\u00e9 nab\u00edzej\u00ed p\u00e1kov\u00fd efekt. N\u00ed\u017ee ETF dluhopisov\u00e9 fondy s\u00a0dvojn\u00e1sobnou p\u00e1kou<\/strong> v\u016f\u010di podkladov\u00e9mu indexu:<\/span><\/p>\n

\u00a0\u00a0 UBT<\/a><\/strong><\/span> –\u00a0 ProShares Ultra 20+ Year Treasury \u2013 dluhopisov\u00fd fond, kter\u00fd nab\u00edz\u00ed 2x Long expozici v\u016f\u010di indexu kop\u00edruj\u00edc\u00edm americk\u00e9 vl\u00e1dn\u00ed dluhopisy se splatnost\u00ed 20+ let<\/span><\/p>\n

\u00a0\u00a0 UST<\/a><\/strong><\/span> – ProShares Ultra 7-10 Year Treasury – dluhopisov\u00fd fond, kter\u00fd nab\u00edz\u00ed 2x Long expozici v\u016f\u010di indexu kop\u00edruj\u00edc\u00edm americk\u00e9 vl\u00e1dn\u00ed dluhopisy se splatnost\u00ed 7-10 let<\/span><\/p>\n

\u00a0\u00a0 Mohu tak\u00e9 vyb\u00edrat ETF dluhopisov\u00e9 fondy s\u00a0trojn\u00e1sobnou p\u00e1kou<\/strong> v\u016f\u010di podkladov\u00e9mu indexu:<\/span><\/p>\n

\u00a0 \u00a0TMF<\/a><\/strong><\/span> – Direxion Daily 20+ Year Treasury Bull 3X Shares – dluhopisov\u00fd fond, kter\u00fd nab\u00edz\u00ed 3x Long expozici v\u016f\u010di indexu kop\u00edruj\u00edc\u00edm americk\u00e9 vl\u00e1dn\u00ed dluhopisy se splatnost\u00ed 20+ let<\/span><\/p>\n

\u00a0 \u00a0TYD<\/a><\/strong><\/span> – Direxion Daily 7-10 Year Treasury Bull 3X Shares – dluhopisov\u00fd fond, kter\u00fd nab\u00edz\u00ed 3x Long expozici v\u016f\u010di indexu kop\u00edruj\u00edc\u00edm americk\u00e9 vl\u00e1dn\u00ed dluhopisy se splatnost\u00ed 7-10 let<\/span><\/p>\n

\n

\u00a0\u00a0 Sv\u011bt dluhopisov\u00fdch ETF je obrovsk\u00fd a je skv\u011bl\u00e9, \u017ee tady je. Nemus\u00edm tak svou investici sm\u011b\u0159ovat pouze do vybran\u00fdch jednotliv\u00fdch dluhopis\u016f, ale mohu sv\u00e9 riziko diverzifikovat investic\u00ed do dluhopisov\u00e9ho fondu obchodovan\u00e9ho na burze a dos\u00e1hnou odpov\u00eddaj\u00edc\u00edho v\u00fdsledku. Krom\u011b efektu diverzifikace pak patrn\u011b celou investici po\u0159\u00edd\u00edm v\u00fdrazn\u011b levn\u011bji, ne\u017e n\u00e1kupem jednotliv\u00fdch dluhopis\u016f a mohu tak\u00e9 o\u010dek\u00e1vat zna\u010dn\u011b vy\u0161\u0161\u00ed likviditu m\u00e9 investice. Ur\u010dit\u011b nen\u00ed na \u0161kodu, pokud zam\u00fd\u0161len\u00e9 investici do dluhopisov\u00e9ho ETF fondu p\u0159edch\u00e1zelo sezn\u00e1men\u00ed se s\u00a0podstatou investice do dluhopis\u016f, tomuto \u00fa\u010delu nakonec slou\u017e\u00ed tento dluhopisov\u00fd miniseri\u00e1l :c)<\/span><\/p>\n

\u00a0Koment\u00e1\u0159e a p\u0159\u00edsp\u011bvky k tomuto \u010dl\u00e1nku pros\u00edm sm\u011brujte do Diskuzn\u00edho f\u00f3ra do tohoto vl\u00e1kna<\/a><\/strong><\/span> :c)\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0\u00a0 Poznat a pochopit dluhopisov\u00fd trh, porozum\u011bt z\u00e1kladn\u00edm princip\u016fm spojen\u00fdch s nakl\u00e1d\u00e1n\u00ed s dluhopisy a zjednodu\u0161en\u00fd vhled do mo\u017enost\u00ed, jak je u sv\u00e9ho brokera nakoupit a co to m\u016f\u017ee pro m\u011b znamenat, bylo p\u0159edm\u011btem p\u0159edchoz\u00edch \u010dl\u00e1nk\u016f. Nabyt\u00e9 poznatky pak mohu aplikovat na zapojen\u00ed dluhopis\u016f do sv\u00e9ho obchodov\u00e1n\u00ed a nemus\u00ed to Continue Reading<\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":6771,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[60],"tags":[61],"class_list":["post-6742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dluhopisy","tag-dluhopisy"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/dobretrejdy.com\/wp-content\/uploads\/2023\/10\/main-1.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8zd8A-1KK","jetpack-related-posts":[{"id":6561,"url":"https:\/\/dobretrejdy.com\/?p=6561","url_meta":{"origin":6742,"position":0},"title":"Dluhopisy \u2013 XI.","author":"dobretrejdy :c)","date":"26.8.2023","format":false,"excerpt":"\u00a0\u00a0Dluhopisov\u00fd seri\u00e1l pokra\u010duje, p\u00ed\u0161e se jeho dal\u0161\u00ed d\u00edl. Pokud se zd\u00e1, \u017ee se podrobn\u011b a mo\u017en\u00e1 zbyte\u010dn\u011b v\u011bnuji americk\u00fdm vl\u00e1dn\u00edm dluhopis\u016fm, tak tento \u010dl\u00e1nek op\u011bt nebude o ni\u010dem jin\u00e9m, n\u011b\u017e pr\u00e1v\u011b o t\u00e9to kategorii dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f. Pro\u010d tomu tak je vypl\u00fdv\u00e1 z m\u00e9ho praktick\u00e9ho pohledu na v\u011bc. Krom\u011b toho,\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/08\/Aukce1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/08\/Aukce1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/08\/Aukce1.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/08\/Aukce1.jpg?resize=700%2C400 2x"},"classes":[]},{"id":6340,"url":"https:\/\/dobretrejdy.com\/?p=6340","url_meta":{"origin":6742,"position":1},"title":"Dluhopisy – IX.","author":"dobretrejdy :c)","date":"26.4.2023","format":false,"excerpt":"\u00a0 \u00a0Obchody s dluhopisy maj\u00ed sv\u016fj smysl a nen\u00ed od v\u011bci porozum\u011bt jejich fungov\u00e1n\u00ed. Pozn\u00e1n\u00ed teorie je skv\u011bl\u00e1 v\u011bc, nicm\u00e9n\u011b nesm\u00edm zapomenout v p\u0159em\u00ed\u0159e teoretizov\u00e1n\u00ed tak\u00e9 na praktickou str\u00e1nku tohoto typu obchodov\u00e1n\u00ed, tedy jak skute\u010dn\u011b dluhopis po\u0159\u00eddit. Dne\u0161n\u00ed \u010dl\u00e1nek pak bude o dluhopisech v prost\u0159ed\u00ed m\u00e9ho brokera Interactive Brokers, kde\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/04\/SC1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/04\/SC1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/04\/SC1.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":6010,"url":"https:\/\/dobretrejdy.com\/?p=6010","url_meta":{"origin":6742,"position":2},"title":"Dluhopisy \u2013 III.","author":"dobretrejdy :c)","date":"14.12.2022","format":false,"excerpt":"\u00a0\u00a0N\u00e1kupem dluhopisu p\u016fj\u010duji pen\u00edze. Nejjednodu\u0161\u0161\u00ed definice, kterou by si mohla zaslou\u017eit odpov\u011b\u010f na ot\u00e1zku, co to vlastn\u011b dluhopis je. Emitent dluhopisu \u2013 dlu\u017en\u00edk - vstupuje do pr\u00e1vn\u00edho svazku s v\u011b\u0159itelem (t\u0159eba se mnou), kter\u00fd je zalo\u017een na z\u00e1vazku dlu\u017en\u00edka platit v\u011b\u0159iteli periodick\u00fd \u00farok ve form\u011b kup\u00f3nu a splatit celou p\u016fvodn\u011b\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/12\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/12\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2022\/12\/main.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6439,"url":"https:\/\/dobretrejdy.com\/?p=6439","url_meta":{"origin":6742,"position":3},"title":"Dluhopisy – X. \u00a0","author":"dobretrejdy :c)","date":"24.6.2023","format":false,"excerpt":"\u00a0 \u00a0Z\u00edskat z\u00e1kladn\u00ed p\u0159ehled o dluhopisov\u00fdch trz\u00edch, pochopit a popsat z\u00e1kladn\u00ed pojmy spojen\u00e9 s\u00a0dluhov\u00fdmi cenn\u00fdmi pap\u00edry, zamyslet se nad v\u00fdpo\u010dtem v\u00fdnosu dluhopisu nebo prozkoumat mo\u017enost obchodovat tyto cenn\u00e9 pap\u00edry u brokera Interactive Brokers bylo, mimo dal\u0161\u00ed drobnosti, p\u0159edm\u011btem p\u0159edch\u00e1zej\u00edc\u00edch text\u016f dluhopisov\u00e9ho seri\u00e1lu. Co se aktu\u00e1ln\u011b na dluhopisov\u00fdch trz\u00edch d\u011bje a\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/06\/main.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/06\/main.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/06\/main.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6234,"url":"https:\/\/dobretrejdy.com\/?p=6234","url_meta":{"origin":6742,"position":4},"title":"Dluhopisy \u2013 VII.","author":"dobretrejdy :c)","date":"22.3.2023","format":false,"excerpt":"\u00a0 Vypad\u00e1 to doposud, jakoby obchodov\u00e1n\u00ed s\u00a0dluhopisy bylo bezpe\u010dnou proch\u00e1zkou les\u00edkem, sta\u010d\u00ed m\u00edt pouze p\u0159im\u011b\u0159en\u00e9 oble\u010den\u00ed, hezk\u00e9 po\u010das\u00ed a dobrou n\u00e1ladu a pocit celkov\u00e9ho \u0161t\u011bst\u00ed m\u011b pot\u00e9 nem\u016f\u017ee minout. Stejn\u011b jako u jin\u00fdch obchodovan\u00fdch t\u0159\u00edd aktiv plat\u00ed, \u017ee v\u00fd\u0161e podstupovan\u00e9ho rizika je odm\u011b\u0148ov\u00e1na adekv\u00e1tn\u00ed porc\u00ed mo\u017en\u00e9ho profitu, je takto formulovan\u00e1\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/03\/F2.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/03\/F2.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2023\/03\/F2.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":7650,"url":"https:\/\/dobretrejdy.com\/?p=7650","url_meta":{"origin":6742,"position":5},"title":"Dluhopisy \u2013 XXIV.","author":"dobretrejdy :c)","date":"27.11.2025","format":false,"excerpt":"\u00a0 \u00a0Neuv\u011b\u0159iteln\u00fdch osm m\u011bs\u00edc\u016f od naps\u00e1n\u00ed posledn\u00edho \u010dl\u00e1nku nic neubralo na v\u00fdznamu zji\u0161t\u011bn\u00ed, \u017ee \u201edluhopisov\u00e9 opce\u201c opravdu nejsou \u201eopce na dluhopisy\u201c, tedy jejich podkladov\u00fdm aktivem nen\u00ed jak\u00e1koliv konkr\u00e9tn\u00ed emise dluhopis\u016f, ale tyto dluhopisov\u00e9 opce jsou nav\u00e1z\u00e1ny na futures kontrakty, kter\u00e9 ale ji\u017e souvisej\u00ed s konkr\u00e9tn\u00edmi dluhopisov\u00fdmi emisemi nebo \u00farokov\u00fdmi sazbami.\u2026","rel":"","context":"V \u201eDluhopisy\u201c","block_context":{"text":"Dluhopisy","link":"https:\/\/dobretrejdy.com\/?cat=60"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/11\/ZB1.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/11\/ZB1.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/11\/ZB1.jpg?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/dobretrejdy.com\/wp-content\/uploads\/2025\/11\/ZB1.jpg?resize=700%2C400 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/6742","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6742"}],"version-history":[{"count":24,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/6742\/revisions"}],"predecessor-version":[{"id":7322,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/posts\/6742\/revisions\/7322"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=\/wp\/v2\/media\/6771"}],"wp:attachment":[{"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dobretrejdy.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}