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Oktay Kavrak

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Las inversiones dirigidas adquieren popularidad

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Los ETPs apalancados a corto plazo (A&C) aparecieron en el mercado hace 15 años y desde entonces su popularidad sique creciendo. Los AUM (Activos Bajo Gestión) por debajo de 100 millones en el 2005, representan aproximadamente 80 mil millones de dólares estadounidenses a finales del 2019. Según lo mencionado en el artículo previo, es obvio por qué se han ganado la aprobación de los inversores en todo el mundo.

La principal ventaja de los ETPs A&C es su variedad. Existen ETPs que apuntan divisas, mercancías, deudas y alternativas.
No obstante, el capital sigue siendo “la joya de la corona” ya que aproximadamente un 85 % de las inversiones están orientadas a índices de acciones y a valores de referencia de fondos propios1.

Por lo tanto los inversores más experimentados supieron usar estos métodos de negociación táctica para complementar sus estrategias tradicionales de “comprar y mantener”.

Estructura de ETPs apalancados
Hasta ahora un atributo desalentador de los ETPs apalancados, era la forma de su replicación. Hasta hace poco las compañías que ofrecían estos productos (incluso ETFs apalancados) conseguían el nivel de apalancamiento necesario a través de replicación sintética. Esto significa que el ETP no está respaldado por el activo subyacente y en vez de eso la compañía celebra el acuerdo de rendimiento total o de futuros con contraparte. A veces sólo un 10 % de los fondos se invierten en valores que se rastrean. Aunque es respaldado por garantías, este tipo de replicación todavía expone al inversor de ETP a riesgos adicionales porque en este caso él está expuesto tanto al riesgo del mercado, como al riesgo de la contrapartida.

Websim is the retail division of Intermonte, the primary intermediary of the Italian stock exchange for institutional investors. Leverage Shares often features in its speculative analysis based on macros/fundamentals. However, the information is published in Italian. To provide better information for our non-Italian investors, we bring to you a quick translation of the analysis they present to Italian retail investors. To ensure rapid delivery, text in the charts will not be translated. The views expressed here are of Websim. Leverage Shares in no way endorses these views. If you are unsure about the suitability of an investment, please seek financial advice. View the original at

¡A adquirir activos físicos!
Una característica distintiva de Leveraged Shares ETPs es que todos los productos son respaldados por activos físicos. Una inversión de 100 dólares estadounidenses da al inversor exposición con un coste de 200 dólares estadounidenses al valor subyacente (tasas excluidas), ya que Leverage Shares invierte todos los ingresos en efectivo en valores que se rastrean.
  1. Distribución inicial
    Si el 2x ETP tiene $100 en valores netos, hay que mantener una exposición neta de $200 a los activos de ETP.
  2. Incremento del precio de los valores subyacentes con un 5%.
    Cuando el índice incrementa con un 5% a lo largo del día de negociación, el ETP aumenta 2x esta suma (un 10%) y la exposición total al ETP alcanza 210 dólares estadounidenses
  3. ETP de exposición modificada
    Como la exposición debe ser dos veces mayor que la de los activos de ETP ($110 x 2 = $220), a principios de cada día de negociación una cantidad adicional de valores subyacentes de $10 debe ser comprada para mantener la exposición necesaria de 2x.

En caso contrario, si el coste de ETP cae a $90 debido a la caída con un 5% de los valores subyacentes (lo que significa disminución por $10 del valor de ETP), la exposición se va a reducir a $190 a lo largo del día. Entonces, para mantener la forma múltiple 2x, la exposición total a ETP debe ser reducida por $10 ($90 x 2 = $180).

En este caso, ¿de dónde viene el capital adicional para el apalancamiento necesario? Cuando se emite un ETP, los ingresos completos más el préstamo del margen correspondiente, prestado por Interactive Brókers se invierten en valores subyacentes (acciones como las de Amazon o Netflix). Además los ingresos adicionales en efectivo (como dividendos recibidos de los valores subyacentes) también se invierten en la compra de valores adicionales. De este modo, los 2x ETP siempre estarán completamente respaldados.


FUENTE: 1. Wisdomtree, “SHORT & LEVERAGED ETPs Global Flows”, Diciembre del 2019.

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