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Oktay Kavrak

Date

Evaluación de la liquidez de los ETPs

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No es ningún secreto que la popularidad de los ETPs (productos negociados en bolsa) continúa aumentando, ya que los ETP/ETF AUM alcanzaron en el 2019 un nuevo máximo global de 6 trillones de dólares. La combinación entre mayor transparencia, bajos costes y alta liquidez los ha convertido en alternativa preferida de las mutualidades tradicionales.

Aunque estos productos ya son más conocidos, todavía existen conceptos erróneos en general, especialmente cuando se trata de la liquidez.

Los pasos para comprobar los datos de la liquidez son relativamente fáciles. Hay que verificar el precio de la venta, el precio de la compra y el volumen de la negociación. Cuanto menor es la diferencia compra/venta y mayor el volumen, el producto es más líquido. Fácil, ¿no? Sí y no. En el caso de valores estándar, lo arriba expuesto es verdad. Sin embargo, si se trata de productos negociados en bolsa (que incluyen los ETFs), el indicador tiene aspecto adicional. Antes de explorar en profundidad la liquidez de los ETPs, vamos a revisar algunos términos básicos, propios de estos productos.

  • Participante Autorizado (PA)
    normalmente una gran entidad financiera como por ejemplo un banco de inversiones que interactúa directamente con el emisor del ETP.
  • Creador de mercado (CM)
    institución financiera que tiene contrato con la bolsa para proporcionar constantemente, durante todo el día, precios vendedor/comprador. En muchos casos el PA también es CM.

A diferencia de los fondos de inversión típicos y los fondos de capital fijo, los ETPs poseen un mecanismo de reembolso que les ayuda a mantener el precio de mercado de acuerdo con su VAN (valor del activo neto). Al igual que las existencias normales, ya que el precio de los ETPs oscila a lo largo del horario bursátil, el PA tiene la posibilidad de intervenir hacia uno de los siguientes puntos:

  • a. Si el precio del mercado>VAN, el PA tiene la opción de comprar valores de la existencia y al mismo tiempo cambiarlos por valores de un ETP, que después pueden ser vendidos a los inversores.
  • b. En caso contrario, cuando VAN>el precio del mercado, el PA puede comprar valores de ETP y cambiarlos por valores de una existencia que después vendería en el mercado y obtendría beneficio sin arriesgarse.

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

Este mecanismo de arbitraje está disponible solamente para Participantes Autorizados que negocian directamente con el emisor de ETP en el mercado primario. Ya que los inversores minoristas tienen acceso solo al mercado secundario, ellos tienen la posibilidad de comprar y vender valores de ETP en un mercado de valores regulado (como por ejemplo London Stock Exchange o Euronext Amsterdam) por medio de bróker, así como harían con cualquier otra existencia. Los ETPs son de renta variable, lo que significa que si es necesario, se pueden crear/redimir participaciones nuevas, la liquidez depende más de las acciones subyacentes. Por ejemplo, si algún inversor quiere comprar nuevos valores de ETP en la bolsa, PA efectuaría una transacción con el emisor de ETP para crear participaciones nuevas, si es necesario.
Resumen
El volumen bajo de los valores reales de ETP no muestra falta de liquidez y el inversor obtendría mejores resultados comprobando el volumen diario promedio de los valores que constituyen el ETP. Como la mayoría de los activos subyacentes rastreados por los ETPs son altamente líquidos, pueden atraer miles de millones sin tener influencia negativa sobre la liquidez de los activos principales. Esto es esencialmente el caso incluso si el ETP forma una parte relativamente pequeña del volumen de activos administrados.

Your capital is at risk if you invest. You could lose all your investment. Please see the full risk warning here.

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An investment in the promoted ETPs may only be made based on the ETPs´ legal documentation and will be subject to terms and conditions contained therein.

The information provided on this site is not directed to any United States person or any person in the United States, any state thereof, or any of its territories or possessions. The ETPs shown on this website are not available for sale in the U.S. or to a U.S. person.

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Please confirm the Terms and Conditions by clicking on “I agree”.

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This website is accessible to retail investors in the UK for informational purposes only. Leverage Shares does not directly distribute to retail investors. Retail clients should not rely on any of the information provided and should seek assistance from an IFA for all investment guidance and advice.

Information contained in this website is intended only to provide general and preliminary information and does not constitute any legal or investment advice, an offer to sell or solicitation to buy any security, including shares of any Exchange Traded Products (“ETPs”).

An investment in the promoted ETPs may only be made based on the ETPs´ legal documentation and will be subject to terms and conditions contained therein.

The information provided on this site is not directed to any United States person or any person in the United States, any state thereof, or any of its territories or possessions. The ETPs shown on this website are not available for sale in the U.S. or to a U.S. person.

I acknowledge having my legal residence in the selected location.

Please confirm the Terms and Conditions by clicking on “I agree”.

This website is for informational purposes only.

Information contained in this website is intended only to provide general and preliminary information to FCA regulated firms such as Independent Financial Advisors (IFAs) and Wealth Managers. This information does not constitute an offer to sell or solicitation to buy any security, including shares of any Exchange Traded Products (“ETPs”).

An investment in the promoted ETPs may only be made based on the ETPs´ legal documentation and will be subject to terms and conditions contained therein.

The information provided on this site is not directed to any United States person or any person in the United States, any state thereof, or any of its territories or possessions. The ETPs shown on this website are not available for sale in the U.S. or to a U.S. person.

I acknowledge having my legal residence in the selected location.

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The content on this website is for informational purposes only and is educational in nature.

The material contained on this website is not intended as a recommendation to buy, sell or hold any security or to adopt any investment strategy.

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