{"id":4448,"date":"2022-12-06T15:22:30","date_gmt":"2022-12-06T14:22:30","guid":{"rendered":"https:\/\/www.forexsrovnavac.cz\/mag\/?p=4448"},"modified":"2023-07-22T14:04:26","modified_gmt":"2023-07-22T12:04:26","slug":"investicni-certifikaty-vyhody-a-rizika-investicnich-certifikatu","status":"publish","type":"post","link":"https:\/\/www.forexsrovnavac.cz\/mag\/investicni-certifikaty-vyhody-a-rizika-investicnich-certifikatu\/","title":{"rendered":"Investi\u010dn\u00ed certifik\u00e1ty: V\u00fdhody a rizika Investi\u010dn\u00edch Certifik\u00e1t\u016f"},"content":{"rendered":"

\"\"<\/a>Investi\u010dn\u00ed certifik\u00e1t (IC)<\/strong> p\u0159edstavuje finan\u010dn\u00ed n\u00e1stroj spojuj\u00edc\u00ed v sob\u011b charakteristiky hned n\u011bkolika instrument\u016f kapit\u00e1lov\u00fdch trh\u016f. Jde v podstat\u011b o deriv\u00e1t nav\u00e1zan\u00fd na r\u016fzn\u00e1 podkladov\u00e1 aktiva s v\u00fdnosem kop\u00edruj\u00edc\u00edm v ur\u010dit\u00e9 vazb\u011b jejich v\u00fdnos a bez n\u00e1roku pr\u00e1v s nimi souvisej\u00edc\u00edch. B\u011bhem sv\u00e9 historie se vyvinuly z po\u010d\u00e1te\u010dn\u00edch jednoduch\u00fdch certifik\u00e1t\u016f (akciov\u00e9, indexov\u00e9) a\u017e po dnes v\u00edce sofistikovan\u011bj\u0161\u00ed (bonus, twin win) s c\u00edlem poskytnout investorovi v\u00fdnos jako odm\u011bnu za p\u016fj\u010den\u00e9 pen\u00edze.<\/p>\n

Dnes se investi\u010dn\u00ed certifik\u00e1ty st\u00e1vaj\u00ed obl\u00edben\u00fdm n\u00e1strojem investor\u016f na vysp\u011bl\u00fdch trz\u00edch a d\u00edky sv\u00e9 pestrosti od konzervativn\u00edch a\u017e po riziko miluj\u00edc\u00edch. Investi\u010dn\u00ed certifik\u00e1t se stal n\u00e1strojem pro nejmen\u0161\u00ed retailov\u00e9 investory a\u017e po velk\u00e9 instituce nebo r\u016fzn\u00e9 fondy.<\/p>\n

Obchodov\u00e1n\u00ed s certifik\u00e1ty na burz\u00e1ch pln\u011b „rozkvetlo“ v posledn\u00edch letech kdy\u017e se v\u00edce za\u010dalo s nimi obchodovat a v sou\u010dasnosti se na okoln\u00edch trz\u00edch obchoduj\u00ed tis\u00edce certifik\u00e1tu od des\u00edtek emitent\u016f.<\/p>\n

Investi\u010dn\u00ed certifik\u00e1ty jsou jednou z podskupin modern\u00edch strukturovan\u00fdch produkt\u016f.<\/strong> Investi\u010dn\u00ed certifik\u00e1ty lze charakterizovat jako cenn\u00e9 pap\u00edry, dlu\u017en\u00ed \u00fapisy, obchoduj\u00edc\u00ed se burzovn\u011b i mimoburzovn\u011b, jejich\u017e cena se odv\u00edj\u00ed od podkladov\u00e9ho aktiva.<\/p>\n

Podkladov\u00fdm aktivem jsou nej\u010dast\u011bji akcie, av\u0161ak mohou to b\u00fdt t\u00e9\u017e indexy, m\u011bny, komodity apod<\/strong>. V p\u0159\u00edpad\u011b investi\u010dn\u00edch certifik\u00e1t\u016f, jejich\u017e podkladov\u00fdm aktivem je akcie, v\u0161ak majiteli tohoto certifik\u00e1tu nevznikaj\u00ed \u017e\u00e1dn\u00e1 akcion\u00e1\u0159sk\u00e1 pr\u00e1va. Dal\u0161\u00ed charakteristikou odli\u0161uj\u00edc\u00ed investi\u010dn\u00ed certifik\u00e1t od standardn\u00edch akci\u00ed je nezohledn\u011bn\u00ed rizika emitenta v cen\u011b certifik\u00e1tu. K pohyb\u016fm cen certifik\u00e1t\u016f tak\u00e9 nedoch\u00e1z\u00ed na z\u00e1klad\u011b vyrovn\u00e1v\u00e1n\u00ed nab\u00eddky a popt\u00e1vky, n\u00fdbr\u017e aktu\u00e1ln\u00ed cena certifik\u00e1tu reflektuje pohyb podkladov\u00e9ho aktiva.<\/p>\n

Emise Investi\u010dn\u00edho certifik\u00e1tu<\/h2>\n

Motivac\u00ed emitenta, kter\u00fd se rozhodne vydat investi\u010dn\u00ed certifik\u00e1t, je snaha z\u00edskat pen\u011b\u017en\u00ed zdroje pro sv\u00e9 podnikatelsk\u00e9 aktivity. Emise certifik\u00e1tu m\u016f\u017ee b\u00fdt dobrou volbou<\/strong>, nebo\u0165 se jedn\u00e1 o ciz\u00ed kapit\u00e1l, kter\u00fd je v porovn\u00e1n\u00ed s jin\u00fdmi zp\u016fsoby z\u00edsk\u00e1v\u00e1n\u00ed kapit\u00e1lu levn\u011bj\u0161\u00ed. Nav\u00edc nab\u00eddka investi\u010dn\u00edch certifik\u00e1t\u016f p\u0159in\u00e1\u0161\u00ed dodate\u010dn\u00e9 v\u00fdnosy v podob\u011b poplatk\u016f a rozd\u00edlu mezi n\u00e1kupn\u00ed a prodejn\u00ed cenou. Z pohledu investora se jedn\u00e1 o zaj\u00edmav\u00fd segment finan\u010dn\u00edho trhu, nebo\u0165 mu zprost\u0159edkuje p\u0159\u00edstup k titul\u016fm, kter\u00e9 jsou v prim\u00e1rn\u00edch emis\u00edch cenov\u011b nedostupn\u00e9. D\u00edky certifik\u00e1t\u016fm m\u016f\u017ee investor uplatnit svou preferovanou strategii, a\u0165 spekuluje na r\u016fst \u010di pokles, p\u0159\u00edpadn\u011b chce pouze ochr\u00e1nit sv\u016fj kapit\u00e1l p\u0159ed inflac\u00ed.<\/p>\n

A\u010dkoli riziko emitenta nen\u00ed zohledn\u011bno v cen\u011b certifik\u00e1tu, v\u011bt\u0161inou se jedn\u00e1 o d\u016fv\u011bryhodn\u00e9 banky, a tak se investor nemus\u00ed ob\u00e1vat o sv\u00e9 investovan\u00e9 pen\u00edze. Prvn\u00edm certifik\u00e1tem byl indexov\u00fd certifik\u00e1t emitovan\u00fdch n\u011bmeckou bankou Dresdner bank v roce 1989. Od t\u00e9 doby zaznamenal segment investi\u010dn\u00edch certifik\u00e1t\u016f prudk\u00fd n\u00e1r\u016fst, zejm\u00e9na co se t\u00fd\u010de rozmanitosti certifik\u00e1t\u016f. Nejv\u011bt\u0161\u00edm trhem s certifik\u00e1ty je bezesporu N\u011bmecko.<\/p>\n

S velk\u00fdm odstupem pot\u00e9 n\u00e1sleduj\u00ed \u0160v\u00fdcarsko, It\u00e1lie \u010di Hong Kong. V \u010cesk\u00e9 republice lze obchodovat s certifik\u00e1ty na pra\u017esk\u00e9 burze, p\u0159\u00edpadn\u011b je mo\u017enost vyu\u017e\u00edt zprost\u0159edkov\u00e1n\u00ed makl\u00e9\u0159sk\u00fdmi spole\u010dnostmi.<\/p>\n

V\u00fdhody Investi\u010dn\u00edch Certifik\u00e1t\u016f (IC)<\/h3>\n

Jednoduchost<\/strong>\u00a0– n\u00e1kupem se m\u016f\u017ee investor pod\u00edlet na v\u00fdnosech i slo\u017eit\u00fdch podkladov\u00fdch aktiv (nap\u0159. index akci\u00ed, komoditn\u00edch futures, )
\nTransparentnost\u00a0<\/strong>– aktu\u00e1ln\u00ed informace o dan\u00e9m certifik\u00e1t\u016f se investor dozv\u00ed prost\u0159ednictv\u00edm informa\u010dn\u00edho syst\u00e9mu burzy nebo emitenta
\nLikvidita\u00a0<\/strong>– certifik\u00e1ty jsou obchodov\u00e1ny na burze, kter\u00e1 prost\u0159ednictv\u00edm pravidel stanovuje povinnost udr\u017eovat popt\u00e1vku a nab\u00eddku a tud\u00ed\u017e m\u016f\u017ee investor kdykoliv uplatnit pokyn
\nUniverz\u00e1lnost\u00a0<\/strong>– prost\u0159ednictv\u00edm certifik\u00e1t\u016f m\u016f\u017ee investor spekulovat prakticky na v\u0161ech kapit\u00e1lov\u00fdch trz\u00edch a za jak\u00fdkoliv tr\u017en\u00ed situace (jak na rostouc\u00edm tak na klesaj\u00edc\u00edm nebo stagnuj\u00edc\u00edm trhu)
\nN\u00e1klady\u00a0<\/strong>– d\u00edky sv\u00e9 struktu\u0159e a konkurenci jsou certifik\u00e1ty levn\u011bj\u0161\u00ed ne\u017e fondy nebo jednotliv\u00e9 investov\u00e1n\u00ed do ko\u0161e podkladov\u00fdch aktiv
\nR\u016fznorodost\u00a0<\/strong>– v sou\u010dasnosti existuje nespo\u010detn\u011b mnoho certifik\u00e1t\u016f li\u0161\u00edc\u00edch se vlastnostmi, p\u0159i\u010dem\u017e v\u011bt\u0161ina emitent\u016f jsou schopn\u00ed \u0161\u00edt produkty na m\u00edru<\/p>\n

Rizika Investi\u010dn\u00edch Certifik\u00e1t\u016f (IC)<\/h3>\n

Tr\u017en\u00ed riziko\u00a0<\/strong>– p\u0159edstavuje riziko vypl\u00fdvaj\u00edc\u00ed p\u0159edev\u0161\u00edm ze zm\u011bn v cen\u00e1ch podkladov\u00fdch aktiv
\nM\u011bnov\u00e9 riziko<\/strong>\u00a0– pokud je certifik\u00e1t vyd\u00e1n v zahrani\u010dn\u00ed m\u011bn\u011b, nese investor riziko nep\u0159\u00edzniv\u00e9ho v\u00fdvoje kurzu v\u016f\u010di m\u011bn\u011b dom\u00e1c\u00ed. Jedno ze z\u00e1kladn\u00edch d\u011blen\u00ed IC je na nep\u00e1kov\u00e9 (basket, indexov\u00e9, outperfomance, bonus, akciov\u00e9, diskontn\u00ed, garantovan\u00e9, express) a p\u00e1kov\u00e9 (knock-out \/turbo\/, warranty). Jednotliv\u00e9 typy se m\u016f\u017eou d\u00e1le d\u011blit podle r\u016fznych parametr\u016f. V\u00edce u jednotliv\u00fdch typ\u016f IC.<\/p>\n

Druhy investi\u010dn\u00edch certifik\u00e1t\u016f<\/h2>\n

R\u016fzn\u00e9 investi\u010dn\u00ed certifik\u00e1ty se daj\u00ed podle podobnosti vlastnost\u00ed za\u0159adit do n\u00e1sleduj\u00edc\u00edch skupin:<\/strong><\/p>\n

    \n
  • Bonusov\u00e9<\/li>\n
  • Diskontn\u00ed<\/li>\n
  • Garantovan\u00e9<\/li>\n
  • Indexov\u00e9<\/li>\n
  • Knock-out (turbo)<\/li>\n<\/ul>\n

    R\u016fzn\u00e9 typy IC nab\u00edzej\u00ed investor\u016fm r\u016fzn\u00e9 v\u00fdnosy a r\u016fznou m\u00edru rizika.<\/p>\n

    INDEXOV\u00c9 CERTIFIK\u00c1TY<\/h3>\n

    Podkladov\u00fdm aktivem je zde index \u2013 nej\u010dast\u011bji EURO STOXX 50, DAX, NASDAQ, S&P 500, NIKKEI apod. Indexov\u00e9 certifik\u00e1ty se n\u011bkdy ozna\u010duj\u00ed jako tracker certifik\u00e1ty. Nejd\u016fle\u017eit\u011bj\u0161\u00ed charakteristikou tohoto typu je tzv. pom\u011br odb\u011bru.<\/p>\n

    Pokud je pom\u011br odb\u011bru nap\u0159. 1:100 a index m\u00e1 hodnotu 3 000 bod\u016f, investor za certifik\u00e1t zaplat\u00ed pouze 30 EUR. Plat\u00ed, \u017ee vzroste-li index o hodnotu x %, hodnota certifik\u00e1tu vzroste t\u00e9\u017e o x %. Tot\u00e9\u017e plat\u00ed p\u0159i poklesu indexu. Indexov\u00e9 certifik\u00e1ty se hod\u00ed sp\u00ed\u0161e pro konzervativn\u011bj\u0161\u00ed investory (nesna\u017e\u00ed se porazit benchmark) s dlouhodob\u00fdm investi\u010dn\u00edm horizontem.<\/p>\n

    BASKET CERTIFIK\u00c1TY<\/h3>\n

    Na rozd\u00edl od indexov\u00fdch certifik\u00e1t\u016f se n\u00e1kupem basket certifik\u00e1t\u016f sna\u017e\u00ed investor p\u0159ekonat benchmark. I zde je symetrick\u00fd v\u00fdplatn\u00ed profil (viz p\u0159edchoz\u00ed graf), av\u0161ak podkladov\u00fdm aktivem ji\u0163 nen\u00ed index, n\u00fdbr\u017e ko\u0161 akci\u00ed, kter\u00e9 jsou vybr\u00e1ny a zastoupeny v pom\u011bru ur\u010den\u00e9m emitentem certifik\u00e1tu.<\/p>\n

    Tematick\u00e9 certifik\u00e1ty<\/h3>\n

    Investor m\u016f\u017ee dle sv\u00e9ho z\u00e1jmu investovat do certifik\u00e1t\u016f, jejich\u017e podkladov\u00fdm aktivem jsou akcie r\u016fzn\u00fdch obor\u016f (technologie, potravin\u00e1\u0159stv\u00ed aj.), akcie kop\u00edruj\u00edc\u00ed ekonomick\u00fd cyklus (automobilov\u00fd pr\u016fmysl) \u010di komodity (drah\u00e9 kovy).<\/p>\n

    b) Strategick\u00e9 certifik\u00e1ty
    \nStrategick\u00e9 certifik\u00e1ty jsou koncipov\u00e1ny tak, aby investor mohl uplatnit j\u00edm<\/p>\n

    Preferovanou strategii:<\/strong><\/p>\n

      \n
    • Value strategy:<\/strong> v\u00fdb\u011br podhodnocen\u00fdch titul\u016f<\/li>\n
    • Growth strategy:<\/strong> tituly s r\u016fstov\u00fdm potencion\u00e1lem<\/li>\n
    • Style Switching Strategy:<\/strong> v\u00fdb\u011br na z\u00e1klad\u011b ukazatele PEG (pom\u011br ceny a zisku je vyd\u011blen hodnotou dlouhodob\u011b progn\u00f3zovan\u00e9ho konstantn\u00edho r\u016fstu zisk\u016f). \u010c\u00edm ni\u0163\u0161\u00ed je tento ukazatel, t\u00edm l\u00e9pe.<\/li>\n
    • Momentum strategy:<\/strong> pravideln\u00fd n\u00e1kup titul\u016f, kter\u00e9 v posledn\u00edm p\u016fl roce vyk\u00e1zaly vysok\u00fd r\u016fst, dodate\u010dn\u00e9 krit\u00e9rium<\/li>\n
    • Timing strategy:<\/strong> v\u00fdb\u011br titul\u016f na z\u00e1klad\u011b technick\u00e9 anal\u00fdzy<\/li>\n<\/ul>\n

      SPRINT CERTIFIK\u00c1TY<\/h3>\n

      Dal\u0161\u00ed skupinu certifik\u00e1t\u016f bez garance investovan\u00e9ho kapit\u00e1lu tvo\u0159\u00ed sprint certifik\u00e1ty (double chance certifik\u00e1ty, kickstart certifik\u00e1ty). Na rozd\u00edl od p\u0159edchoz\u00edch certifik\u00e1t\u016f m\u00e1 sprint certifik\u00e1t omezen mo\u017en\u00fd v\u00fdnos. Parametr cap ud\u00e1v\u00e1 hodnotu podkladov\u00e9ho aktiva, p\u0159i kter\u00e9 produkt vykazuje nejvy\u0161\u0161\u00ed mo\u017en\u00fd v\u00fdnos. Toto omezen\u00ed je v\u0161ak kompenzov\u00e1no dvojn\u00e1sobnou participac\u00ed na zhodnocen\u00ed podkladov\u00e9ho aktiva, a to v p\u0159edem dan\u00e9m rozp\u011bt\u00ed, kter\u00e9 je omezeno pr\u00e1v\u011b parametrem cap.<\/p>\n

      V p\u0159\u00edpad\u011b, \u017ee hodnota podkladov\u00e9ho aktiva poklesne, investor op\u011bt participuje na podkladov\u00e9m aktivu 1:1. T\u011bchto vlastnost\u00ed je dosa\u017eeno kombinac\u00ed koupen\u00e9 kupn\u00ed opce, jej\u00ed\u017e op\u010dn\u00ed pr\u00e9mie je financov\u00e1na prodejem dvou kupn\u00edch opc\u00ed, p\u0159i\u010dem\u017e plat\u00ed, \u017ee realiza\u010dn\u00ed cena prodan\u00e9 opce je vy\u0161\u0161\u00ed ne\u017e realiza\u010dn\u00ed cena koupen\u00e9 opce.<\/p>\n

      OUTPERFORMANCE CERTIFIK\u00c1TY<\/h3>\n

      Posledn\u00ed velkou skupinou certifik\u00e1t\u016f bez garance vlo\u017een\u00e9ho kapit\u00e1lu p\u0159edstavuj\u00ed outperformance certifik\u00e1ty. Investor participuje na zhodnocen\u00ed podkladov\u00e9ho aktiva p\u0159edem zn\u00e1mou m\u00edrou participace. Naopak p\u0159i poklesu podkladov\u00e9ho aktiva dos\u00e1hne investor stejn\u00e9ho v\u00fdsledku jako p\u0159i p\u0159\u00edm\u00e9 investici do podkladov\u00e9ho aktiva.<\/p>\n

      T\u011bchto vlastnost\u00ed je dosa\u017eeno n\u00e1kupem podkladov\u00e9ho aktiva (p\u0159\u00edpadn\u011b n\u00e1kupem kupn\u00ed opce s nulovou realiza\u010dn\u00ed cenou) a koup\u00ed kupn\u00ed opce s realiza\u010dn\u00ed cenou ur\u010duj\u00edc\u00ed bod, od kter\u00e9ho investor nadproporcion\u00e1ln\u011b participuje na r\u016fstu hodnoty podkladov\u00e9ho aktiva. T\u00edm b\u00fdv\u00e1 zpravidla titul s vysok\u00fdm dividendov\u00fdm v\u00fdnosem, kter\u00fd financuje n\u00e1kup kupn\u00ed opce. \u00a0Akcie p\u0159i emisi stoj\u00ed 50, m\u00edra participace 140 %, pom\u011br odb\u011bru 1:1<\/p>\n","protected":false},"excerpt":{"rendered":"

      Investi\u010dn\u00ed certifik\u00e1t (IC) p\u0159edstavuje finan\u010dn\u00ed n\u00e1stroj spojuj\u00edc\u00ed v sob\u011b charakteristiky hned n\u011bkolika instrument\u016f kapit\u00e1lov\u00fdch trh\u016f. Jde v podstat\u011b o deriv\u00e1t nav\u00e1zan\u00fd na r\u016fzn\u00e1 podkladov\u00e1 aktiva s v\u00fdnosem kop\u00edruj\u00edc\u00edm v ur\u010dit\u00e9 vazb\u011b jejich v\u00fdnos a bez n\u00e1roku pr\u00e1v s nimi souvisej\u00edc\u00edch. B\u011bhem sv\u00e9 historie se vyvinuly z po\u010d\u00e1te\u010dn\u00edch jednoduch\u00fdch certifik\u00e1t\u016f (akciov\u00e9, indexov\u00e9) a\u017e po dnes v\u00edce […]<\/p>\n","protected":false},"author":1,"featured_media":4452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_titles_title":"","_seopress_titles_desc":"Jak\u00e9 m\u00e1me Investi\u010dn\u00ed certifik\u00e1ty? Jak\u00e9 jsou jejich V\u00fdhody a naopak rizika. Indexov\u00e9 a Investi\u010dn\u00ed certifik\u00e1ty.","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[194],"tags":[],"class_list":["post-4448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-akcie"],"modified_by":"Krpensk\u00fd Martin","_links":{"self":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts\/4448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/comments?post=4448"}],"version-history":[{"count":0,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts\/4448\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/media\/4452"}],"wp:attachment":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/media?parent=4448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/categories?post=4448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/tags?post=4448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}