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Non è un segreto che gli ETP stiano continuando la loro predominante crescita in termini di popolarità, con l’AUM (Asset Under Management) globale di ETP / ETF che ha raggiunto un nuovo massimo di 6 trilioni di dollari nel 2019. La combinazione di maggiore trasparenza, minori costi e maggiore liquidità, li ha resi l’alternativa preferita ai fondi comuni di investimento tradizionali. Nonostante questi prodotti siano sempre più conosciuti, permangono ancora alcune convinzioni errate, soprattutto per quanto riguarda il tema della liquidità.
Quando la maggior parte degli investitori controlla i dati sulla liquidità, compie dei passaggi relativamente semplici. Controlla il prezzo bid/ask ed il volume scambiato. Minore è lo spread e maggiore è il volume, più liquido è il prodotto. Semplice vero? Sì e no. Nel caso di un normale titolo azionario, quanto detto prima è vero. Tuttavia, quando gli stessi indicatori si riferiscono agli Exchange Traded Product (che includono gli ETF), ci sono ulteriori considerazioni da fare.
Prima di approfondire la complessità della liquidità degli ETP, richiamiamo alcuni termini chiave distintivi di questi prodotti.
• Authorized participant (AP) (Partecipante Autorizzato) – Generalmente un importante istituto
finanziario, come una banca di investimento che interagisce direttamente con l’emittente di ETP.
• Market maker (MM) – Un istituto finanziario che ha in contratto con la Borsa di riferimento, per
fornire spreads bid/ask costantemente durante l’intera giornata. Molto spesso l’AP è anche il MM.
A differenza dei tradizionali fondi comuni di investimento e dei fondi chiusi, gli ETP hanno un meccanismo di rimborso implicito, che aiuta a mantenere il prezzo di mercato in linea con il suo NAV. Come per le normali azioni, quando il prezzo ETP oscilla durante il giorno di negoziazione, l’AP può intervenire ed effettuare una delle seguenti operazioni:a. Se il prezzo di mercato > NAV, l’AP può acquistare le azioni sottostanti e scambiarle
contemporaneamente con azioni ETP, che possono quindi essere vendute agli investitori.
b. Nello scenario opposto, in cui il NAV > prezzo di mercato, l’AP può acquistare titoli ETP e
scambiarli con i titoli sottostanti, che poi venderà sul mercato per realizzare un profitto privo di rischio.
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
I ridotti volumi di un titolo ETP non indica una mancanza di liquidità; un investitore avrebbe un’informazione corretta controllando il volume medio giornaliero delle azioni che costituiscono l’ETP. Poiché la maggior parte delle attività sottostanti tracciate dagli ETP sono altamente liquide, si possono movimentare decine di milioni senza avere un impatto negativo sulla liquidità delle attività sottostanti. Questo è essenzialmente il caso anche di un ETP che ha una quantità relativamente piccola di risorse gestite.
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