{"id":89509,"date":"2026-09-22T10:57:37","date_gmt":"2026-09-22T08:57:37","guid":{"rendered":"https:\/\/trader-magazine.com\/?p=89509"},"modified":"2026-09-22T10:57:46","modified_gmt":"2026-09-22T08:57:46","slug":"co-je-etf-jak-burzovne-obchodovane-fondy-skutecne-funguji","status":"publish","type":"post","link":"https:\/\/trader-magazine.com\/cs\/akademie\/co-je-etf-jak-burzovne-obchodovane-fondy-skutecne-funguji\/","title":{"rendered":"Co je ETF? Jak burzovn\u011b obchodovan\u00e9 fondy skute\u010dn\u011b funguj\u00ed"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Co je ETF?<\/strong>&nbsp;Zjednodu\u0161en\u011b \u0159e\u010deno jde o burzovn\u011b obchodovan\u00fd fond, jeho\u017e pod\u00edly lze nakupovat a prod\u00e1vat na burze podobn\u011b jako b\u011b\u017en\u00e9 akcie firem. Za touto jednoduchou definic\u00ed se ale skr\u00fdv\u00e1 pom\u011brn\u011b komplexn\u00ed struktura, do kter\u00e9 vstupuje samotn\u00fd fond, jeho podkladov\u00e1 aktiva, tv\u016frci trhu, autorizovan\u00ed \u00fa\u010dastn\u00edci a tak\u00e9 mechanismus, jeho\u017e c\u00edlem je udr\u017eovat tr\u017en\u00ed cenu ETF bl\u00edzko hodnot\u011b aktiv, kter\u00e1 fond skute\u010dn\u011b dr\u017e\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pochopit, jak jednotliv\u00e9 \u010d\u00e1sti do sebe zapadaj\u00ed, je d\u016fle\u017eit\u00e9 hlavn\u011b proto, \u017ee ETF nen\u00ed jen \u201eko\u0161 akci\u00ed\u201c, kter\u00fd investor vid\u00ed ve sv\u00e9 brokersk\u00e9 aplikaci. Kdy\u017e investor ETF koup\u00ed, z\u00edsk\u00e1v\u00e1 pod\u00edl ve fondu samotn\u00e9m. Fond n\u00e1sledn\u011b vlastn\u00ed podkladov\u00e1 aktiva, mezi kter\u00e1 mohou podle jeho strategie pat\u0159it akcie, dluhopisy, komodity nebo jin\u00e9 finan\u010dn\u00ed n\u00e1stroje. Americk\u00e1&nbsp;<a href=\"https:\/\/www.investor.gov\/introduction-investing\/investing-basics\/glossary\/exchange-traded-fund-etf\">Komise pro cenn\u00e9 pap\u00edry a burzy<\/a>&nbsp;popisuje ETF jako kolektivn\u00ed investi\u010dn\u00ed n\u00e1stroje, jejich\u017e pod\u00edly se obchoduj\u00ed na burz\u00e1ch.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nap\u0159\u00edklad ETF sleduj\u00edc\u00ed index S&amp;P 500 m\u016f\u017ee vlastnit akcie stovek velk\u00fdch americk\u00fdch spole\u010dnost\u00ed v pom\u011brech, kter\u00e9 maj\u00ed co nejl\u00e9pe odpov\u00eddat slo\u017een\u00ed indexu. Investor, kter\u00fd takov\u00e9 ETF koup\u00ed, z\u00edsk\u00e1v\u00e1 ekonomickou expozici v\u016f\u010di t\u011bmto firm\u00e1m, ale nevlastn\u00ed p\u0159\u00edmo mal\u00e9 pod\u00edly v ka\u017ed\u00e9 z nich. Z pr\u00e1vn\u00edho hlediska vlastn\u00ed pod\u00edly v ETF, zat\u00edmco samotn\u00fd fond dr\u017e\u00ed cenn\u00e9 pap\u00edry ve sv\u00e9m portfoliu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Jak ETF z\u00edsk\u00e1v\u00e1 svou hodnotu<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Jedn\u00edm z nejd\u016fle\u017eit\u011bj\u0161\u00edch pojm\u016f p\u0159i pochopen\u00ed fungov\u00e1n\u00ed ETF je \u010dist\u00e1 hodnota aktiv, tedy NAV neboli Net Asset Value. Ta p\u0159edstavuje celkovou hodnotu aktiv fondu po ode\u010dten\u00ed jeho z\u00e1vazk\u016f, vyd\u011blenou po\u010dtem vydan\u00fdch pod\u00edl\u016f ETF.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud fond vlastn\u00ed aktiva v hodnot\u011b 1,001 miliardy dolar\u016f, m\u00e1 z\u00e1vazky ve v\u00fd\u0161i 1 milionu dolar\u016f a v ob\u011bhu je 10 milion\u016f pod\u00edl\u016f ETF, p\u0159ipad\u00e1 na jeden pod\u00edl NAV ve v\u00fd\u0161i 100 dolar\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To ale neznamen\u00e1, \u017ee se ETF bude na burze v\u017edy obchodovat p\u0159esn\u011b za 100 dolar\u016f. Na rozd\u00edl od tradi\u010dn\u00edho pod\u00edlov\u00e9ho fondu, kde investo\u0159i obvykle nakupuj\u00ed a prod\u00e1vaj\u00ed za vypo\u010dtenou hodnotu NAV, se pod\u00edly ETF obchoduj\u00ed pr\u016fb\u011b\u017en\u011b b\u011bhem obchodn\u00edho dne. Jejich cenu proto ur\u010duje nab\u00eddka a popt\u00e1vka.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ETF s NAV 100 dolar\u016f se nap\u0159\u00edklad m\u016f\u017ee obchodovat za 100,10 dolaru, pokud je o n\u011bj mezi investory v\u00fdrazn\u00fd z\u00e1jem. V takov\u00e9m p\u0159\u00edpad\u011b se obchoduje s pr\u00e9mi\u00ed v\u016f\u010di NAV. Pokud naopak jeho tr\u017en\u00ed cena klesne na 99,90 dolaru, zat\u00edmco hodnota portfolia z\u016fst\u00e1v\u00e1 na 100 dolarech na pod\u00edl, obchoduje se se slevou v\u016f\u010di NAV.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">U velk\u00fdch a likvidn\u00edch ETF b\u00fdvaj\u00ed tyto rozd\u00edly zpravidla mal\u00e9. Samotn\u00e1 struktura ETF je toti\u017e navr\u017eena tak, aby pom\u00e1hala zabr\u00e1nit tomu, \u017ee se tr\u017en\u00ed cena p\u0159\u00edli\u0161 vzd\u00e1l\u00ed od hodnoty podkladov\u00e9ho portfolia.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u010ct\u011bte tak\u00e9: <a href=\"https:\/\/trader-magazine.com\/cs\/akciove-trhy\/co-je-to-etf-jednoduche-vysvetleni-investice-ktera-zmenila-svet-burzy\/\" title=\"Co je to ETF? Jednoduch\u00e9 vysv\u011btlen\u00ed investice, kter\u00e1 zm\u011bnila sv\u011bt burzy\">Co je to ETF? Jednoduch\u00e9 vysv\u011btlen\u00ed investice, kter\u00e1 zm\u011bnila sv\u011bt burzy<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">Jak mechanismus tvorby a odkupu dr\u017e\u00ed cenu ETF pobl\u00ed\u017e NAV<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">B\u011b\u017en\u00ed investo\u0159i ETF zpravidla nakupuj\u00ed a prod\u00e1vaj\u00ed na burze a s poskytovatelem fondu p\u0159\u00edmo nep\u0159ich\u00e1zej\u00ed do kontaktu. V pozad\u00ed t\u011bchto ka\u017edodenn\u00edch obchod\u016f ale funguj\u00ed velk\u00e9 finan\u010dn\u00ed instituce ozna\u010dovan\u00e9 jako autorizovan\u00ed \u00fa\u010dastn\u00edci.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ti mohou ve velk\u00fdch bloc\u00edch vytv\u00e1\u0159et nov\u00e9 pod\u00edly ETF nebo naopak st\u00e1vaj\u00edc\u00ed pod\u00edly odkupovat. Pr\u00e1v\u011b tento proces propojuje cenu ETF na burze s hodnotou aktiv, kter\u00e1 fond vlastn\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si nap\u0159\u00edklad ETF sleduj\u00edc\u00ed akciov\u00fd index, jeho\u017e tr\u017en\u00ed cena vzroste na 101 dolar\u016f, p\u0159esto\u017ee hodnota podkladov\u00e9ho portfolia odpov\u00edd\u00e1 pouze 100 dolar\u016fm na jeden pod\u00edl. Autorizovan\u00fd \u00fa\u010dastn\u00edk m\u016f\u017ee nakoupit pot\u0159ebn\u00e9 podkladov\u00e9 cenn\u00e9 pap\u00edry p\u0159ibli\u017en\u011b za 100 dolar\u016f, dodat je spr\u00e1vci fondu a z\u00edskat za n\u011b nov\u011b vytvo\u0159en\u00e9 pod\u00edly ETF.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ty pak m\u016f\u017ee prodat na trhu p\u0159ibli\u017en\u011b za 101 dolar\u016f. Nab\u00eddka pod\u00edl\u016f ETF se zv\u00fd\u0161\u00ed a vznik\u00e1 tlak na to, aby se jejich cena op\u011bt p\u0159ibl\u00ed\u017eila hodnot\u011b NAV.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Opa\u010dn\u00fd proces m\u016f\u017ee prob\u011bhnout v situaci, kdy se ETF obchoduje pod hodnotou podkladov\u00fdch aktiv. Pokud m\u00e1 fond NAV 100 dolar\u016f a jeho pod\u00edly se obchoduj\u00ed za 99 dolar\u016f, autorizovan\u00fd \u00fa\u010dastn\u00edk m\u016f\u017ee nakoupit ETF na trhu, vr\u00e1tit pod\u00edly fondu a na opl\u00e1tku z\u00edskat podkladov\u00e1 aktiva v hodnot\u011b p\u0159ibli\u017en\u011b 100 dolar\u016f. Po\u010det pod\u00edl\u016f ETF v ob\u011bhu t\u00edm klesne a cena se m\u016f\u017ee op\u011bt p\u0159ibl\u00ed\u017eit hodnot\u011b portfolia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tento mechanismus, ozna\u010dovan\u00fd jako creation and redemption, tedy tvorba a odkup pod\u00edl\u016f, pat\u0159\u00ed mezi z\u00e1kladn\u00ed prvky fungov\u00e1n\u00ed ETF.&nbsp;<a href=\"https:\/\/www.ici.org\/faqs\/faqs_etfs\">Investment Company Institute<\/a>&nbsp;vysv\u011btluje, \u017ee autorizovan\u00ed \u00fa\u010dastn\u00edci sm\u011b\u0148uj\u00ed s fondem velk\u00e9 bloky pod\u00edl\u016f zpravidla za bal\u00edky cenn\u00fdch pap\u00edr\u016f, hotovost nebo kombinaci oboj\u00edho.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ani tento syst\u00e9m ale nen\u00ed dokonal\u00fd. V obdob\u00edch v\u00fdrazn\u00e9 volatility, p\u0159i n\u00edzk\u00e9 likvidit\u011b podkladov\u00fdch aktiv nebo ve chv\u00edli, kdy jsou trhy, na nich\u017e se tato aktiva obchoduj\u00ed, zav\u0159en\u00e9, mohou b\u00fdt rozd\u00edly mezi tr\u017en\u00ed cenou a NAV v\u011bt\u0161\u00ed. Za b\u011b\u017en\u00fdch podm\u00ednek v\u0161ak mechanismus pom\u00e1h\u00e1 dr\u017eet ob\u011b hodnoty relativn\u011b bl\u00edzko sebe.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pro\u010d cena, kterou investor zaplat\u00ed, nemus\u00ed odpov\u00eddat NAV<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Dal\u0161\u00edm n\u00e1kladem, se kter\u00fdm se investor u ETF setk\u00e1v\u00e1, je bid-ask spread.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ka\u017ed\u00fd cenn\u00fd pap\u00edr obchodovan\u00fd na burze m\u00e1 zpravidla dv\u011b ceny. Bid p\u0159edstavuje nejvy\u0161\u0161\u00ed cenu, kterou jsou kupuj\u00edc\u00ed aktu\u00e1ln\u011b ochotni zaplatit, zat\u00edmco ask je nejni\u017e\u0161\u00ed cena, za kterou jsou prod\u00e1vaj\u00edc\u00ed ochotni cenn\u00fd pap\u00edr prodat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si ETF, kter\u00e9 se kotuje s bidem 99,98 dolaru a askem 100,02 dolaru. Investor, kter\u00fd ho chce koupit, zpravidla zaplat\u00ed kolem 100,02 dolaru. Pokud by jej cht\u011bl okam\u017eit\u011b prodat, mohl by z\u00edskat p\u0159ibli\u017en\u011b 99,98 dolaru.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rozd\u00edl \u010dty\u0159 cent\u016f p\u0159edstavuje pr\u00e1v\u011b bid-ask spread.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">M\u016f\u017ee se zd\u00e1t zanedbateln\u00fd, zvl\u00e1\u0161\u0165 u velk\u00e9ho a velmi likvidn\u00edho ETF, ale jde o skute\u010dn\u00fd obchodn\u00ed n\u00e1klad. Na rozd\u00edl od ro\u010dn\u00edho poplatku fondu se na v\u00fdpisu obvykle neobjev\u00ed jako samostatn\u00e1 polo\u017eka. Je p\u0159\u00edmo zabudovan\u00fd do ceny, za kterou investor obchod uskute\u010dn\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u00fd\u0161e spreadu se m\u016f\u017ee mezi jednotliv\u00fdmi fondy v\u00fdrazn\u011b li\u0161it. Velk\u00e1 ETF investuj\u00edc\u00ed do velmi likvidn\u00edch akci\u00ed m\u00edvaj\u00ed spread velmi \u00fazk\u00fd. Naopak specializovan\u011bj\u0161\u00ed fondy zam\u011b\u0159en\u00e9 nap\u0159\u00edklad na men\u0161\u00ed firmy, rozv\u00edjej\u00edc\u00ed se trhy nebo m\u00e9n\u011b likvidn\u00ed dluhopisy mohou m\u00edt spread \u0161ir\u0161\u00ed, proto\u017ee tv\u016frci trhu podstupuj\u00ed v\u011bt\u0161\u00ed riziko a vy\u0161\u0161\u00ed n\u00e1klady p\u0159i obchodov\u00e1n\u00ed s podkladov\u00fdmi aktivy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u00fdznamnou roli hraj\u00ed tak\u00e9 aktu\u00e1ln\u00ed podm\u00ednky na trhu. I b\u011b\u017en\u011b likvidn\u00ed ETF mohou v obdob\u00ed zv\u00fd\u0161en\u00e9 volatility zaznamenat v\u00fdrazn\u011bj\u0161\u00ed roz\u0161\u00ed\u0159en\u00ed spreadu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Co skute\u010dn\u011b znamen\u00e1 expense ratio u ETF<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Investor by m\u011bl sledovat tak\u00e9 takzvan\u00fd expense ratio neboli pom\u011br ro\u010dn\u00edch n\u00e1klad\u016f fondu k hodnot\u011b jeho aktiv.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ETF s n\u00e1kladovost\u00ed 0,20 % stoj\u00ed investora p\u0159i investici 10 000 dolar\u016f p\u0159ibli\u017en\u011b 20 dolar\u016f ro\u010dn\u011b, pokud hodnota investice z\u016fstane zhruba na stejn\u00e9 \u00farovni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investor ale od poskytovatele fondu nedostane fakturu na 20 dolar\u016f. N\u00e1klady jsou pr\u016fb\u011b\u017en\u011b ode\u010d\u00edt\u00e1ny z aktiv fondu, a postupn\u011b se tak prom\u00edtaj\u00ed do NAV a kone\u010dn\u00e9ho v\u00fdnosu investora.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b proto ETF sleduj\u00edc\u00ed ur\u010dit\u00fd index obvykle nedos\u00e1hne zcela stejn\u00e9ho v\u00fdsledku jako samotn\u00fd index.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u010ct\u011bte tak\u00e9: <a href=\"https:\/\/trader-magazine.com\/cs\/news\/sporici-dluhopisy-jako-nejlepsi-investice-zajisteni-pres-dluhopisy-dava-smysl-hlavne-konzervativnim-investorum\/\" title=\"Spo\u0159ic\u00ed dluhopisy jako nejlep\u0161\u00ed investice? Zaji\u0161t\u011bn\u00ed p\u0159es dluhopisy d\u00e1v\u00e1 smysl hlavn\u011b konzervativn\u00edm investor\u016fm\">Spo\u0159ic\u00ed dluhopisy jako nejlep\u0161\u00ed investice? Zaji\u0161t\u011bn\u00ed p\u0159es dluhopisy d\u00e1v\u00e1 smysl hlavn\u011b konzervativn\u00edm investor\u016fm<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">Pro\u010d ETF nikdy nekop\u00edruje index \u00fapln\u011b p\u0159esn\u011b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Index je v z\u00e1sad\u011b matematick\u00fd benchmark. ETF je naopak re\u00e1ln\u00e9 investi\u010dn\u00ed portfolio, kter\u00e9 mus\u00ed skute\u010dn\u00e9 cenn\u00e9 pap\u00edry nakupovat, prod\u00e1vat a dr\u017eet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">N\u011bkter\u00e1 ETF vyu\u017e\u00edvaj\u00ed takzvanou plnou replikaci, kdy se sna\u017e\u00ed vlastnit v\u0161echny cenn\u00e9 pap\u00edry obsa\u017een\u00e9 v indexu p\u0159ibli\u017en\u011b ve stejn\u00fdch vah\u00e1ch. Jin\u00e1 pou\u017e\u00edvaj\u00ed sampling, tedy v\u00fdb\u011brovou replikaci, p\u0159i kter\u00e9 dr\u017e\u00ed jen \u010d\u00e1st indexu, ale sna\u017e\u00ed se jeho v\u00fdvoj co nejv\u011brn\u011bji napodobit. Podle typu fondu mohou b\u00fdt vyu\u017e\u00edv\u00e1ny tak\u00e9 deriv\u00e1ty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V praxi existuje n\u011bkolik d\u016fvod\u016f, pro\u010d se v\u00fdnos ETF m\u016f\u017ee od benchmarku li\u0161it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fond m\u00e1 sv\u00e9 provozn\u00ed n\u00e1klady. P\u0159i zm\u011bn\u00e1ch slo\u017een\u00ed indexu m\u016f\u017ee platit transak\u010dn\u00ed poplatky. Do\u010dasn\u011b m\u016f\u017ee dr\u017eet hotovost z dividend nebo p\u0159\u00edlivu nov\u00e9ho kapit\u00e1lu. Na v\u00fdnos mohou m\u00edt vliv tak\u00e9 dan\u011b nebo odli\u0161n\u00e9 \u010dasy ocen\u011bn\u00ed jednotliv\u00fdch aktiv.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">S t\u00edm souvisej\u00ed dva pojmy, kter\u00e9 b\u00fdvaj\u00ed \u010dasto zam\u011b\u0148ov\u00e1ny: tracking difference a tracking error.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tracking difference popisuje rozd\u00edl mezi v\u00fdnosem ETF a v\u00fdnosem sledovan\u00e9ho indexu za ur\u010dit\u00e9 obdob\u00ed. Pokud index vzroste o 10 % a ETF pouze o 9,8 %, \u010din\u00ed tracking difference 0,2 procentn\u00edho bodu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tracking error naopak sleduje, jak stabiln\u011b ETF sv\u016fj benchmark v \u010dase kop\u00edruje. Fond m\u016f\u017ee ka\u017ed\u00fd rok zaost\u00e1vat za indexem o malou a p\u0159edv\u00eddatelnou \u010d\u00e1stku nap\u0159\u00edklad kv\u016fli poplatk\u016fm a p\u0159itom m\u00edt n\u00edzk\u00fd tracking error. Jin\u00e9 ETF m\u016f\u017ee n\u011bkdy index p\u0159ekonat a jindy za n\u00edm v\u00fdrazn\u011b zaostat, co\u017e vede k vy\u0161\u0161\u00edmu tracking error, i kdy\u017e jeho dlouhodob\u00fd pr\u016fm\u011brn\u00fd rozd\u00edl m\u016f\u017ee b\u00fdt podobn\u00fd.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jak upozor\u0148uje&nbsp;<a href=\"https:\/\/corporate.vanguard.com\/content\/dam\/corp\/articles\/pdf\/understanding_the_total_cost_of_etf_ownership.pdf\">Vanguard<\/a>, investor by proto nem\u011bl sledovat jen samotn\u00fd expense ratio, ale tak\u00e9 obchodn\u00ed n\u00e1klady a to, jak efektivn\u011b ETF sv\u016fj benchmark skute\u010dn\u011b kop\u00edruje.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159i porovn\u00e1v\u00e1n\u00ed dvou fond\u016f sleduj\u00edc\u00edch stejn\u00fd index tak m\u016f\u017ee b\u00fdt tento \u00fadaj mnohem u\u017eite\u010dn\u011bj\u0161\u00ed ne\u017e prost\u00e9 srovn\u00e1n\u00ed, kter\u00fd fond uv\u00e1d\u00ed nejni\u017e\u0161\u00ed ro\u010dn\u00ed poplatek.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Co se stane, kdy\u017e do ETF investujete 10 000 dolar\u016f?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Praktick\u00fd p\u0159\u00edklad m\u016f\u017ee cel\u00fd mechanismus v\u00fdrazn\u011b zp\u0159ehlednit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si ETF s NAV p\u0159esn\u011b 100 dolar\u016f na pod\u00edl. Na trhu se aktu\u00e1ln\u011b obchoduje s bidem 99,98 dolaru a askem 100,02 dolaru. Ro\u010dn\u00ed expense ratio fondu \u010din\u00ed 0,20 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investor se rozhodne vlo\u017eit do ETF 10 000 dolar\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud broker umo\u017e\u0148uje n\u00e1kup zlomkov\u00fdch pod\u00edl\u016f, investor p\u0159i cen\u011b 100,02 dolaru z\u00edsk\u00e1 p\u0159ibli\u017en\u011b 99,98 pod\u00edlu ETF.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b tyto pod\u00edly se mu objev\u00ed na brokersk\u00e9m \u00fa\u010dtu. Investor nez\u00edsk\u00e1 stovky samostatn\u00fdch pozic ve v\u0161ech spole\u010dnostech, kter\u00e9 fond dr\u017e\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159i NAV 100 dolar\u016f p\u0159edstavuje 99,98 pod\u00edlu p\u0159ibli\u017en\u011b 9 998 dolar\u016f \u010dist\u00e9 hodnoty podkladov\u00fdch aktiv. Mal\u00fd rozd\u00edl oproti p\u016fvodn\u00ed investici 10 000 dolar\u016f je zp\u016fsoben t\u00edm, \u017ee investor nakoupil m\u00edrn\u011b nad NAV kv\u016fli spreadu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edpokl\u00e1dejme, \u017ee ETF sleduje index obsahuj\u00edc\u00ed 500 spole\u010dnost\u00ed a jedna z nich tvo\u0159\u00ed 7 % portfolia. Investor by tak prost\u0159ednictv\u00edm ETF m\u011bl ekonomickou expozici v\u016f\u010di t\u00e9to spole\u010dnosti p\u0159ibli\u017en\u011b ve v\u00fd\u0161i 700 dolar\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Neznamen\u00e1 to ale, \u017ee p\u0159\u00edmo vlastn\u00ed akcie dan\u00e9 firmy za 700 dolar\u016f. Akcie vlastn\u00ed fond. Investor vlastn\u00ed pod\u00edl ve fondu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nyn\u00ed si p\u0159edstavme, \u017ee podkladov\u00fd index b\u011bhem n\u00e1sleduj\u00edc\u00edho roku vzroste o 8 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud by neexistovaly \u017e\u00e1dn\u00e9 n\u00e1klady ani odchylky ve sledov\u00e1n\u00ed indexu, zv\u00fd\u0161ila by se hodnota podkladov\u00e9 expozice z 9 998 dolar\u016f p\u0159ibli\u017en\u011b na 10 798 dolar\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ve skute\u010dnosti ale ETF \u00fa\u010dtuje ro\u010dn\u00ed n\u00e1kladovost 0,20 %. U investice kolem 10 000 dolar\u016f to odpov\u00edd\u00e1 zhruba 20 dolar\u016fm za rok, p\u0159i\u010dem\u017e tento n\u00e1klad se prom\u00edt\u00e1 do v\u00fdkonnosti fondu a investor jej neplat\u00ed samostatn\u011b.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edpokl\u00e1dejme nav\u00edc, \u017ee ETF kv\u016fli transak\u010dn\u00edm n\u00e1klad\u016fm, dr\u017eb\u011b hotovosti a dal\u0161\u00edm vliv\u016fm zaostane za indexem o dal\u0161\u00edch 0,05 procentn\u00edho bodu. M\u00edsto pln\u00fdch 8 % tak investor z\u00edsk\u00e1 p\u0159ibli\u017en\u011b 7,75 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hodnota investice by pak \u010dinila p\u0159ibli\u017en\u011b 10 773 dolar\u016f p\u0159ed zdan\u011bn\u00edm a p\u0159ed p\u0159\u00edpadn\u00fdmi n\u00e1klady spojen\u00fdmi s n\u00e1sledn\u00fdm prodejem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tento p\u0159\u00edklad ukazuje, kde se jednotliv\u00e9 n\u00e1klady ETF ve skute\u010dnosti objevuj\u00ed. N\u011bkter\u00e9 jsou viditeln\u00e9 v podob\u011b expense ratio, jin\u00e9 jsou zabudovan\u00e9 v obchodn\u00ed cen\u011b nebo se projev\u00ed v podob\u011b m\u00edrn\u011b hor\u0161\u00ed v\u00fdkonnosti oproti sledovan\u00e9mu indexu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Broker nav\u00edc m\u016f\u017ee \u00fa\u010dtovat obchodn\u00ed poplatky, n\u00e1klady za sm\u011bnu m\u011bn nebo jin\u00e9 poplatky. Da\u0148ov\u00e9 zach\u00e1zen\u00ed pak z\u00e1vis\u00ed na da\u0148ov\u00e9 rezidenci investora, struktu\u0159e fondu a jeho domicilu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">ETF a index nejsou tot\u00e9\u017e<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Je proto d\u016fle\u017eit\u00e9 rozli\u0161ovat mezi samotn\u00fdm indexem a ETF, kter\u00e9 se jej sna\u017e\u00ed sledovat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Index je benchmark, kter\u00fd podle ur\u010dit\u00e9 metodiky ukazuje v\u00fdvoj vybran\u00e9 skupiny cenn\u00fdch pap\u00edr\u016f. ETF je skute\u010dn\u00fd investi\u010dn\u00ed produkt, jeho\u017e c\u00edlem je tento v\u00fdvoj co nejl\u00e9pe napodobit v re\u00e1ln\u00e9m sv\u011bt\u011b.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rozd\u00edl je d\u016fle\u017eit\u00fd zejm\u00e9na p\u0159i porovn\u00e1v\u00e1n\u00ed podobn\u00fdch ETF.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dva fondy mohou sledovat stejn\u00fd index, ale dosahovat m\u00edrn\u011b odli\u0161n\u00fdch v\u00fdsledk\u016f kv\u016fli rozd\u00edln\u00fdm poplatk\u016fm, zp\u016fsobu replikace, da\u0148ov\u00e9mu zach\u00e1zen\u00ed, transak\u010dn\u00edm n\u00e1klad\u016fm nebo politice p\u016fj\u010dov\u00e1n\u00ed cenn\u00fdch pap\u00edr\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Li\u0161it se m\u016f\u017ee tak\u00e9 likvidita. Velk\u00fd fond s miliardami dolar\u016f ve spr\u00e1v\u011b m\u016f\u017ee b\u00fdt obchodov\u00e1n v\u00fdrazn\u011b efektivn\u011bji ne\u017e mal\u00e9 ETF sleduj\u00edc\u00ed toto\u017en\u00fd index.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u00fdznam m\u016f\u017ee m\u00edt rovn\u011b\u017e domicil fondu, zejm\u00e9na pro mezin\u00e1rodn\u00ed investory, proto\u017ee zdan\u011bn\u00ed dividend nebo kapit\u00e1lov\u00fdch v\u00fdnos\u016f se mezi jednotliv\u00fdmi jurisdikcemi m\u016f\u017ee li\u0161it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Co je ETF a pro\u010d je d\u016fle\u017eit\u00e9 rozum\u011bt jeho struktu\u0159e<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ot\u00e1zka&nbsp;<strong>co je ETF<\/strong>&nbsp;m\u00e1 tedy p\u0159esn\u011bj\u0161\u00ed odpov\u011b\u010f ne\u017e jen tvrzen\u00ed, \u017ee jde o ko\u0161 investic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ETF je fond, jeho\u017e pod\u00edly se obchoduj\u00ed na burze. Investor vlastn\u00ed pod\u00edly ve fondu, zat\u00edmco samotn\u00fd fond vlastn\u00ed podkladov\u00e1 aktiva. \u010cist\u00e1 hodnota aktiv p\u0159edstavuje hodnotu t\u011bchto investic, zat\u00edmco tr\u017en\u00ed cena ETF se b\u011bhem obchodn\u00edho dne m\u011bn\u00ed podle nab\u00eddky a popt\u00e1vky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Autorizovan\u00ed \u00fa\u010dastn\u00edci a mechanismus tvorby a odkupu pod\u00edl\u016f pom\u00e1haj\u00ed ob\u011b hodnoty propojit a za b\u011b\u017en\u00fdch tr\u017en\u00edch podm\u00ednek br\u00e1n\u00ed tomu, aby se od sebe v\u00fdrazn\u011b vzd\u00e1lily.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro investora nav\u00edc nejsou jedin\u00fdm n\u00e1kladem ETF poplatky uv\u00e1d\u011bn\u00e9 v expense ratio. V\u00fdsledn\u00fd v\u00fdnos mohou ovlivnit tak\u00e9 bid-ask spread, odchylka od indexu, poplatky brokera, m\u011bnov\u00e1 konverze nebo dan\u011b.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pochopen\u00ed t\u011bchto mechanism\u016f ned\u011bl\u00e1 z ETF slo\u017eit\u011bj\u0161\u00ed investi\u010dn\u00ed produkt. Naopak pom\u00e1h\u00e1 p\u0159esn\u011bji pochopit, co investor ve skute\u010dnosti kupuje ve chv\u00edli, kdy zad\u00e1 pokyn k n\u00e1kupu ETF \u2014 a pro\u010d se jeho v\u00fdsledn\u00fd v\u00fdnos m\u016f\u017ee m\u00edrn\u011b li\u0161it od v\u00fdnosu indexu, kter\u00fd fond sleduje.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Co je ETF?&nbsp;Zjednodu\u0161en\u011b \u0159e\u010deno jde o burzovn\u011b obchodovan\u00fd fond, jeho\u017e pod\u00edly lze nakupovat a prod\u00e1vat na burze podobn\u011b jako b\u011b\u017en\u00e9 akcie firem. Za touto jednoduchou definic\u00ed se ale skr\u00fdv\u00e1 pom\u011brn\u011b komplexn\u00ed struktura, do kter\u00e9 vstupuje samotn\u00fd fond, jeho podkladov\u00e1 aktiva, tv\u016frci trhu, autorizovan\u00ed \u00fa\u010dastn\u00edci a tak\u00e9 mechanismus, jeho\u017e c\u00edlem je udr\u017eovat tr\u017en\u00ed cenu ETF bl\u00edzko [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":89488,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"yasr_overall_rating":0,"yasr_post_is_review":"","yasr_auto_insert_disabled":"","yasr_review_type":"","footnotes":""},"categories":[4952],"tags":[5593,5715,6312,6170],"class_list":["post-89509","post","type-post","status-publish","format-standard","has-post-thumbnail","category-akademie","tag-akadamie","tag-akcie","tag-co-je-etf","tag-etf"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.0.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Co je ETF a jak funguje? 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