28.03.2025 Notice of Consolidation

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Oktay Kavrak

Date

Ottenere trazione con investimenti orientati

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Gli ETP short e con leva (S&L) sono diventati sempre più popolari dal loro arrivo sul mercato, circa 15 anni fa. Con un AUM inferiore a 100 milioni di dollari nel 2005, rappresentano, alla fine del 2019, circa 80 miliardi di dollari in asset gestiti. Discusso in un precedente articolo (qui) , è abbastanza evidente il motivo per cui hanno ottenuto l’approvazione degli investitori in tutto il mondo.

Un vantaggio chiave degli ETP S&L è la loro varietà. Esistono ETP che offrono esposizione a valute, materie prime, debito e strategie alternative. Tuttavia l’equity rimane il gioiello della corona, poiché circa l’85% degli investimenti è diretto verso indici azionari e benchmarks1. Gli investitori più esperti, pertanto, sono stati in grado di utilizzare queste strategie tattiche per integrare il loro tradizionale “buy and hold”.

La struttura degli ETP a leva

Una caratteristica che ha scoraggiato l’utilizzo degli ETP a leva, fino ad ora, è stata la loro forma di replica. Fino a poco tempo fa le società che offrivano questi prodotti (compresi gli ETF a leva) sono state in grado di ottenere la leva necessaria tramite la replica sintetica. Ciò significa che l’ETP non è supportato dall’attività sottostante, bensì da un contratto swap total return o future sottoscritto con una controparte. A volte solo il 10% del capitale viene effettivamente investito nelle azioni sottostanti. Sebbene supportato da garanzie reali, questo tipo di replica espone ancora l’investitore ETP a rischi aggiuntivi, in quanto esposti al rischio di mercato e di controparte.

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

Meglio il fisico!

Una caratteristica distintiva degli ETP di Leverage Shares è che tutti i prodotti sono garantiti dall’acquisto dei titoli. Un investimento di 100 $ in uno dei nostri ETP permette all’investitore un’esposizione del valore di 200 $ al sottostante (commissioni escluse), poiché Leverage Shares investe tutti i proventi nei titoli azionari in oggetto.
    1.     Allocazione iniziale

Se l’ETP 2x ha 100 $ in attività nette, è necessario mantenere un’esposizione netta di 200 $.

    2.     Quando l’azione sottostante cresce del 5%

Quando l’indice aumenta del 5% durante una giornata, l’ETP aumenta del doppio (10%) e l’esposizione totale all’ETP sale a 210 $.

    3.     Modifica dell’esposizione dell’ ETP

Poiché l’esposizione deve essere due volte quella degli asset dell’ETP (110 x 2 = 220), all’inizio di ogni giornata di negoziazione è necessario acquistare altri 10 $ di titoli sottostanti per mantenere l’esposizione pari a 2x.

Nello scenario opposto, in cui il valore dell’ETP scende a 90 $ per una flessione del 5% del titolo sottostante (una riduzione di 10 $ del valore ETP), l’esposizione scenderebbe a 190 $ durante la giornata. Pertanto, per mantenere la leva 2, l’esposizione totale all’ETP dovrebbe essere ridotta di 10 $ ($ 90 x 2 = $ 180).

Da dove viene, quindi, il capitale aggiuntivo per la leva necessaria? Quando viene emesso un ETP, l’intero ammontare più un prestito con margine corrispondente, fornito da Interactive Brokers, viene investito nel titolo sottostante (come Amazon e Netflix). Inoltre, anche i proventi aggiuntivi (come i dividendi ricevuti dai titoli sottostanti) vengono investiti per acquistare ulteriori azioni. In questo modo gli ETP 2x sono sempre garantiti completamente.

FONTE: 1. Wisdomtree, “SHORT & LEVERAGED ETPs Global Flows”, Dicembre 2019.

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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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.

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