{"id":89561,"date":"2026-09-23T11:12:59","date_gmt":"2026-09-23T09:12:59","guid":{"rendered":"https:\/\/trader-magazine.com\/?p=89561"},"modified":"2026-09-23T11:13:03","modified_gmt":"2026-09-23T09:13:03","slug":"obchodovani-s-etf-co-se-deje-mezi-nakupem-a-prodejem","status":"publish","type":"post","link":"https:\/\/trader-magazine.com\/cs\/akademie\/obchodovani-s-etf-co-se-deje-mezi-nakupem-a-prodejem\/","title":{"rendered":"Obchodov\u00e1n\u00ed s ETF: Co se d\u011bje mezi n\u00e1kupem a prodejem"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">N\u00e1kup ETF m\u016f\u017ee p\u016fsobit t\u00e9m\u011b\u0159 bez n\u00e1mahy. Investor zad\u00e1 ticker, zvol\u00ed po\u010det kus\u016f a klikne na tla\u010d\u00edtko. O n\u011bkolik sekund pozd\u011bji se pozice objev\u00ed v portfoliu. Prodej funguje velmi podobn\u011b.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Za t\u00edmto jednoduch\u00fdm rozhran\u00edm se ale skr\u00fdv\u00e1 trh, na kter\u00e9m se ceny neust\u00e1le m\u011bn\u00ed, kupuj\u00edc\u00ed a prod\u00e1vaj\u00edc\u00ed soupe\u0159\u00ed o proveden\u00ed pokynu a zd\u00e1nliv\u011b mal\u00e9 detaily mohou ovlivnit kone\u010dn\u00fd v\u00fdnos.&nbsp;<strong>Obchodov\u00e1n\u00ed s ETF<\/strong>&nbsp;proto nen\u00ed jen o v\u00fdb\u011bru spr\u00e1vn\u00e9ho fondu. Investor by m\u011bl rozum\u011bt tak\u00e9 tomu, co se d\u011bje mezi okam\u017eikem zad\u00e1n\u00ed pokynu a jeho skute\u010dn\u00fdm proveden\u00edm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u00fdslednou cenu mohou ovlivnit obchodn\u00ed hodiny, bid-ask spread, likvidita, pr\u00e9mie \u010di diskont v\u016f\u010di \u010dist\u00e9 hodnot\u011b aktiv i samotn\u00fd typ zadan\u00e9ho pokynu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Jak se obchodov\u00e1n\u00ed s ETF li\u0161\u00ed od n\u00e1kupu pod\u00edlov\u00e9ho fondu<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Burzovn\u011b obchodovan\u00e9 fondy kombinuj\u00ed vlastnosti investi\u010dn\u00edch fond\u016f a ve\u0159ejn\u011b obchodovan\u00fdch cenn\u00fdch pap\u00edr\u016f. Stejn\u011b jako tradi\u010dn\u00ed fondy mohou ETF dr\u017eet portfolio akci\u00ed, dluhopis\u016f, komodit nebo jin\u00fdch aktiv. Na rozd\u00edl od klasick\u00fdch pod\u00edlov\u00fdch fond\u016f se v\u0161ak jejich pod\u00edly obchoduj\u00ed na burze v pr\u016fb\u011bhu cel\u00e9ho obchodn\u00edho dne.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To znamen\u00e1, \u017ee se cena ETF m\u016f\u017ee m\u011bnit ka\u017edou sekundu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">U tradi\u010dn\u00edch pod\u00edlov\u00fdch fond\u016f investor obvykle nakupuje nebo prod\u00e1v\u00e1 za \u010distou hodnotu aktiv, tedy NAV, vypo\u010d\u00edtanou po skon\u010den\u00ed obchodn\u00edho dne. U ETF naopak kupuj\u00edc\u00ed a prod\u00e1vaj\u00edc\u00ed obchoduj\u00ed na sekund\u00e1rn\u00edm trhu za ceny, kter\u00e9 ur\u010duje nab\u00eddka a popt\u00e1vka. Jak vysv\u011btluje americk\u00e1 Komise pro cenn\u00e9 pap\u00edry a burzy ve sv\u00e9m&nbsp;<a href=\"https:\/\/www.investor.gov\/introduction-investing\/general-resources\/news-alerts\/alerts-bulletins\/investor-bulletins-24?utm_source=chatgpt.com\">pr\u016fvodci ETF na Investor.gov<\/a>, ETF se mohou obchodovat za cenu vy\u0161\u0161\u00ed nebo ni\u017e\u0161\u00ed, ne\u017e je jejich \u010dist\u00e1 hodnota aktiv, a investor z\u00e1rove\u0148 nese n\u00e1klady spojen\u00e9 nap\u0159\u00edklad s bid-ask spreadem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro investora to p\u0159in\u00e1\u0161\u00ed v\u011bt\u0161\u00ed flexibilitu, ale z\u00e1rove\u0148 i dal\u0161\u00ed obchodn\u00ed n\u00e1klady a mechanismy, kter\u00e9 nejsou na prvn\u00ed pohled vid\u011bt pouze z ro\u010dn\u00edho poplatku fondu.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u010ct\u011bte tak\u00e9: <a href=\"https:\/\/trader-magazine.com\/cs\/akademie\/co-je-etf-jak-burzovne-obchodovane-fondy-skutecne-funguji\/\" title=\"Co je ETF? Jak burzovn\u011b obchodovan\u00e9 fondy skute\u010dn\u011b funguj\u00ed\">Co je ETF? Jak burzovn\u011b obchodovan\u00e9 fondy skute\u010dn\u011b funguj\u00ed<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">Kdy je mo\u017en\u00e9 ETF obchodovat<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">U ETF obchodovan\u00fdch v USA prob\u00edh\u00e1 standardn\u00ed obchodov\u00e1n\u00ed b\u011bhem b\u011b\u017en\u00e9 burzovn\u00ed seance. Na burz\u00e1ch NYSE a NYSE Arca prob\u00edh\u00e1 hlavn\u00ed obchodn\u00ed f\u00e1ze od&nbsp;<strong>9:30 do 16:00 v\u00fdchodoamerick\u00e9ho \u010dasu<\/strong>, jak uv\u00e1d\u011bj\u00ed ofici\u00e1ln\u00ed&nbsp;<a href=\"https:\/\/www.nyse.com\/trade\/trading-information?utm_source=chatgpt.com\">obchodn\u00ed hodiny NYSE<\/a>. NYSE Arca, kter\u00e1 je v\u00fdznamn\u00fdm m\u00edstem pro obchodov\u00e1n\u00ed ETF, nav\u00edc provozuje i rann\u00ed a ve\u010dern\u00ed obchodn\u00ed seance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0158ada broker\u016f proto umo\u017e\u0148uje obchodov\u00e1n\u00ed tak\u00e9 p\u0159ed otev\u0159en\u00edm hlavn\u00ed seance a po jej\u00edm skon\u010den\u00ed. Likvidita ale b\u00fdv\u00e1 mimo standardn\u00ed obchodn\u00ed hodiny v\u00fdrazn\u011b ni\u017e\u0161\u00ed. Ni\u017e\u0161\u00ed aktivita m\u016f\u017ee v\u00e9st k \u0161ir\u0161\u00edm bid-ask spread\u016fm a v\u011bt\u0161\u00edm rozd\u00edl\u016fm mezi zobrazovanou cenou a skute\u010dnou cenou, za kterou je pokyn proveden.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na\u010dasov\u00e1n\u00ed m\u016f\u017ee hr\u00e1t roli i b\u011bhem b\u011b\u017en\u00e9 obchodn\u00ed doby.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prvn\u00ed minuty po otev\u0159en\u00ed trhu b\u00fdvaj\u00ed n\u011bkdy volatiln\u011bj\u0161\u00ed, proto\u017ee investo\u0159i reaguj\u00ed na no\u010dn\u00ed zpr\u00e1vy a n\u011bkter\u00e1 aktiva dr\u017een\u00e1 v ETF je\u0161t\u011b nemus\u00ed m\u00edt stabiln\u00ed tr\u017en\u00ed cenu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Podobn\u011b se m\u016f\u017ee volatilita zv\u00fd\u0161it i kr\u00e1tce p\u0159ed uzav\u0159en\u00edm trhu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro dlouhodob\u00e9ho investora proto m\u016f\u017ee m\u00edt smysl po\u010dkat n\u011bkolik minut po otev\u0159en\u00ed trhu, zvl\u00e1\u0161\u0165 pokud obchoduje m\u00e9n\u011b likvidn\u00ed ETF.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bid-ask spread: prvn\u00ed skryt\u00fd n\u00e1klad p\u0159i obchodov\u00e1n\u00ed s ETF<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Cena ETF se obvykle zobrazuje alespo\u0148 prost\u0159ednictv\u00edm dvou d\u016fle\u017eit\u00fdch \u00fadaj\u016f:&nbsp;<strong>bid<\/strong>&nbsp;a&nbsp;<strong>ask<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bid p\u0159edstavuje nejvy\u0161\u0161\u00ed cenu, kterou je kupuj\u00edc\u00ed aktu\u00e1ln\u011b ochoten zaplatit. Ask je naopak nejni\u017e\u0161\u00ed cena, za kterou je prod\u00e1vaj\u00edc\u00ed ochoten ETF prodat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si ETF s n\u00e1sleduj\u00edc\u00ed kotac\u00ed:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Bid: 99,96 USD<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ask: 100,04 USD<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rozd\u00edl mezi t\u011bmito dv\u011bma cenami \u010din\u00ed osm cent\u016f. Tento rozd\u00edl se naz\u00fdv\u00e1 bid-ask spread.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investor, kter\u00fd chce ETF okam\u017eit\u011b koupit, bude obvykle nakupovat pobl\u00ed\u017e ask ceny. Investor, kter\u00fd chce okam\u017eit\u011b prodat, naopak zpravidla obdr\u017e\u00ed cenu pobl\u00ed\u017e bidu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Spread tedy funguje jako nep\u0159\u00edm\u00fd transak\u010dn\u00ed n\u00e1klad.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SEC tento rozd\u00edl popisuje jako potenci\u00e1ln\u00ed \u201eskryt\u00fd n\u00e1klad\u201c pro investory do ETF, proto\u017ee m\u016f\u017ee sni\u017eovat v\u00fdnos i v p\u0159\u00edpad\u011b, \u017ee broker ne\u00fa\u010dtuje \u017e\u00e1dn\u00fd explicitn\u00ed poplatek za obchod. V\u00edce k tomu uv\u00e1d\u00ed&nbsp;<a href=\"https:\/\/www.investor.gov\/introduction-investing\/general-resources\/news-alerts\/alerts-bulletins\/investor-bulletins-24?utm_source=chatgpt.com\">Investor.gov<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">U vysoce likvidn\u00edch ETF sleduj\u00edc\u00edch hlavn\u00ed indexy mohou b\u00fdt spready velmi \u00fazk\u00e9. U m\u00e9n\u011b obchodovan\u00fdch fond\u016f, ETF zam\u011b\u0159en\u00fdch na m\u00e9n\u011b likvidn\u00ed aktiva nebo specializovan\u00fdch tematick\u00fdch produkt\u016f mohou b\u00fdt naopak v\u00fdrazn\u011b \u0161ir\u0161\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Proto by investor p\u0159i porovn\u00e1v\u00e1n\u00ed ETF nem\u011bl sledovat pouze mana\u017eersk\u00e9 poplatky. Fond s o n\u011bco ni\u017e\u0161\u00edm ro\u010dn\u00edm poplatkem nemus\u00ed b\u00fdt automaticky levn\u011bj\u0161\u00ed na obchodov\u00e1n\u00ed, pokud m\u00e1 v\u00fdrazn\u011b \u0161ir\u0161\u00ed spread.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Likvidita ETF je slo\u017eit\u011bj\u0161\u00ed ne\u017e samotn\u00fd objem obchod\u016f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Jedn\u00edm z \u010dast\u00fdch omyl\u016f p\u0159i&nbsp;<strong>obchodov\u00e1n\u00ed s ETF<\/strong>&nbsp;je p\u0159edstava, \u017ee fond s n\u00edzk\u00fdm denn\u00edm objemem obchod\u016f mus\u00ed b\u00fdt automaticky nelikvidn\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Objem obchod\u016f je samoz\u0159ejm\u011b d\u016fle\u017eit\u00fd, ETF v\u0161ak maj\u00ed i dal\u0161\u00ed zdroj likvidity: samotn\u00e1 aktiva uvnit\u0159 fondu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pod\u00edly ETF mohou vznikat nebo b\u00fdt odkupov\u00e1ny prost\u0159ednictv\u00edm velk\u00fdch institucion\u00e1ln\u00edch subjekt\u016f zn\u00e1m\u00fdch jako autorizovan\u00ed \u00fa\u010dastn\u00edci. Pokud v\u00fdrazn\u011b vzroste popt\u00e1vka po ETF, tyto instituce mohou sestavit ko\u0161 podkladov\u00fdch cenn\u00fdch pap\u00edr\u016f a vym\u011bnit ho za nov\u011b vytvo\u0159en\u00e9 pod\u00edly ETF.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Stejn\u00fd proces m\u016f\u017ee fungovat i opa\u010dn\u011b.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mechanismus tvorby a odkupu pod\u00edl\u016f pom\u00e1h\u00e1 udr\u017eovat tr\u017en\u00ed cenu ETF relativn\u011b bl\u00edzko hodnot\u011b jeho podkladov\u00e9ho portfolia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ETF, kter\u00e9 dr\u017e\u00ed vysoce likvidn\u00ed akcie velk\u00fdch spole\u010dnost\u00ed, proto m\u016f\u017ee b\u00fdt efektivn\u011b obchodovateln\u00e9 i v p\u0159\u00edpad\u011b, \u017ee samo nepat\u0159\u00ed mezi nejaktivn\u011bji obchodovan\u00e9 fondy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Naopak ETF zam\u011b\u0159en\u00e9 na dluhopisy rozv\u00edjej\u00edc\u00edch se trh\u016f, akcie mal\u00fdch firem nebo jin\u00e1 m\u00e9n\u011b likvidn\u00ed aktiva m\u016f\u017ee m\u00edt vy\u0161\u0161\u00ed obchodn\u00ed n\u00e1klady, proto\u017ee samotn\u00e9 podkladov\u00e9 portfolio je obt\u00ed\u017en\u011bj\u0161\u00ed ocenit a zobchodovat.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pro\u010d se m\u016f\u017ee ETF obchodovat nad nebo pod NAV<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u010cist\u00e1 hodnota aktiv, tedy NAV, p\u0159edstavuje hodnotu cenn\u00fdch pap\u00edr\u016f a dal\u0161\u00edch aktiv dr\u017een\u00fdch v ETF po ode\u010dten\u00ed z\u00e1vazk\u016f a vyd\u011blenou po\u010dtem pod\u00edl\u016f v ob\u011bhu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tr\u017en\u00ed cenu ETF ale v pr\u016fb\u011bhu dne ur\u010duj\u00ed investo\u0159i.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ob\u011b hodnoty proto nemus\u00ed b\u00fdt v\u017edy toto\u017en\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud se ETF obchoduje nad NAV, jde o&nbsp;<strong>pr\u00e9mii<\/strong>. Pokud je tr\u017en\u00ed cena ni\u017e\u0161\u00ed ne\u017e NAV, ETF se obchoduje s&nbsp;<strong>diskontem<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si, \u017ee odhadovan\u00e1 hodnota podkladov\u00fdch aktiv ETF je 100 dolar\u016f na pod\u00edl, ale investo\u0159i jsou aktu\u00e1ln\u011b ochotni platit 100,20 dolaru. ETF se tak obchoduje s p\u0159ibli\u017en\u011b 0,2% pr\u00e9mi\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Za b\u011b\u017en\u00fdch okolnost\u00ed pom\u00e1h\u00e1 arbitr\u00e1\u017e ze strany profesion\u00e1ln\u00edch tv\u016frc\u016f trhu a autorizovan\u00fdch \u00fa\u010dastn\u00edk\u016f v\u00fdrazn\u011bj\u0161\u00ed rozd\u00edly mezi tr\u017en\u00ed cenou a hodnotou podkladov\u00fdch aktiv zmen\u0161ovat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u011bt\u0161\u00ed pr\u00e9mie nebo diskonty se ale mohou objevit v obdob\u00ed zv\u00fd\u0161en\u00e9ho nap\u011bt\u00ed na trz\u00edch nebo v p\u0159\u00edpad\u011b, \u017ee se podkladov\u00e1 aktiva obt\u00ed\u017en\u011b oce\u0148uj\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159\u00edkladem mohou b\u00fdt tak\u00e9 mezin\u00e1rodn\u00ed ETF. ETF obchodovan\u00e9 v USA m\u016f\u017ee z\u016fstat otev\u0159en\u00e9 i v dob\u011b, kdy jsou n\u011bkter\u00e9 zahrani\u010dn\u00ed burzy, na kter\u00fdch se obchoduj\u00ed jeho podkladov\u00e1 aktiva, ji\u017e zav\u0159en\u00e9. Cena ETF pak zohled\u0148uje o\u010dek\u00e1v\u00e1n\u00ed investor\u016f ohledn\u011b toho, za kolik se tato aktiva mohou obchodovat po op\u011btovn\u00e9m otev\u0159en\u00ed lok\u00e1ln\u00edch trh\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rozd\u00edl mezi tr\u017en\u00ed cenou ETF a naposledy vypo\u010dten\u00fdm NAV proto nemus\u00ed automaticky znamenat, \u017ee je s fondem n\u011bco v nepo\u0159\u00e1dku.<\/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\">Market order versus limit order<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Typ pokynu m\u016f\u017ee m\u00edt v\u00fdrazn\u00fd vliv na v\u00fdslednou cenu obchodu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Market order<\/strong>, tedy tr\u017en\u00ed pokyn, d\u00e1v\u00e1 brokerovi instrukci koupit nebo prodat ETF za nejlep\u0161\u00ed aktu\u00e1ln\u011b dostupnou cenu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u00fdhodou je rychlost a vysok\u00e1 pravd\u011bpodobnost proveden\u00ed. Nev\u00fdhodou je skute\u010dnost, \u017ee investor nem\u00e1 kontrolu nad kone\u010dnou cenou.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud se trh rychle pohybuje nebo m\u00e1 ETF \u0161irok\u00fd spread, m\u016f\u017ee se v\u00fdsledn\u00e1 cena li\u0161it od kotace, kterou investor vid\u011bl p\u0159i zad\u00e1v\u00e1n\u00ed obchodu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Limit order<\/strong>, tedy limitn\u00ed pokyn, naopak stanovuje maxim\u00e1ln\u00ed cenu, kterou je investor ochoten zaplatit p\u0159i n\u00e1kupu, nebo minim\u00e1ln\u00ed cenu, kterou je ochoten p\u0159ijmout p\u0159i prodeji.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Aktualizovan\u00fd&nbsp;<a href=\"https:\/\/www.investor.gov\/introduction-investing\/general-resources\/news-alerts\/alerts-bulletins\/investor-bulletins-14?utm_source=chatgpt.com\">pr\u016fvodce typy pokyn\u016f na Investor.gov<\/a>&nbsp;vysv\u011btluje, \u017ee market order zpravidla up\u0159ednost\u0148uje proveden\u00ed obchodu, ale nezaru\u010duje konkr\u00e9tn\u00ed cenu. Limit order naopak d\u00e1v\u00e1 investorovi v\u011bt\u0161\u00ed kontrolu nad cenou, ale nezaru\u010duje, \u017ee k obchodu skute\u010dn\u011b dojde.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si ETF s bidem 49,95 dolaru a askem 50,05 dolaru. Investor m\u016f\u017ee zadat n\u00e1kupn\u00ed limitn\u00ed pokyn na 50,00 dolaru.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokyn bude proveden pouze za cenu 50,00 dolaru nebo ni\u017e\u0161\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nev\u00fdhodou je, \u017ee obchod nemus\u00ed b\u00fdt proveden v\u016fbec, pokud prod\u00e1vaj\u00edc\u00ed nebudou ochotni tuto cenu p\u0159ijmout.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Limitn\u00ed pokyny tak mohou nab\u00eddnout v\u011bt\u0161\u00ed kontrolu nad cenou, zejm\u00e9na p\u0159i obchodov\u00e1n\u00ed m\u00e9n\u011b likvidn\u00edch ETF nebo v obdob\u00ed zv\u00fd\u0161en\u00e9 volatility.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Re\u00e1ln\u00fd p\u0159\u00edklad obchodu s ETF: od kotace a\u017e po proveden\u00ed<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si investora, kter\u00fd chce do ETF investovat p\u0159ibli\u017en\u011b 10 000 dolar\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Aktu\u00e1ln\u00ed kotace ukazuje:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Bid: 49,92 USD<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ask: 50,08 USD<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Odhadovan\u00e1 hodnota podkladov\u00fdch aktiv ETF je p\u0159ibli\u017en\u011b 50,00 dolaru na pod\u00edl.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na prvn\u00ed pohled by se mohlo zd\u00e1t, \u017ee n\u00e1kup 200 pod\u00edl\u016f bude st\u00e1t p\u0159esn\u011b 10 000 dolar\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Skute\u010dnost ale m\u016f\u017ee vypadat jinak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud investor zad\u00e1 tr\u017en\u00ed pokyn na 200 pod\u00edl\u016f, m\u016f\u017ee b\u00fdt na cen\u011b 50,08 dolaru k dispozici pouze 100 kus\u016f. Dal\u0161\u00edch 100 kus\u016f m\u016f\u017ee b\u00fdt k dispozici a\u017e za 50,10 dolaru.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Obchod by se tedy mohl prov\u00e9st takto:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">100 pod\u00edl\u016f \u00d7 50,08 USD = 5 008 USD<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">100 pod\u00edl\u016f \u00d7 50,10 USD = 5 010 USD<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Celkov\u00e1 investice =&nbsp;<strong>10 018 USD<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u016fm\u011brn\u00e1 realiza\u010dn\u00ed cena \u010din\u00ed 50,09 dolaru na pod\u00edl.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ve srovn\u00e1n\u00ed s odhadovanou hodnotou podkladov\u00fdch aktiv ve v\u00fd\u0161i 50 dolar\u016f investor ve skute\u010dnosti zaplatil o dev\u011bt cent\u016f v\u00edce za ka\u017ed\u00fd pod\u00edl, tedy celkem o 18 dolar\u016f v\u00edce.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tento rozd\u00edl se neobjevil jako brokersk\u00fd poplatek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vznikl kombinac\u00ed bid-ask spreadu, dostupn\u00e9 likvidity a cen, za kter\u00e9 byli prod\u00e1vaj\u00edc\u00ed v danou chv\u00edli ochotni obchod uskute\u010dnit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si nyn\u00ed, \u017ee si investor obchod okam\u017eit\u011b rozmysl\u00ed a v\u0161ech 200 pod\u00edl\u016f prod\u00e1, zat\u00edmco bid z\u016fstane na 49,92 dolaru.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prodej by p\u0159inesl p\u0159ibli\u017en\u011b:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">200 \u00d7 49,92 USD =&nbsp;<strong>9 984 USD<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bez zapo\u010dten\u00ed brokersk\u00fdch poplatk\u016f by investor ztratil p\u0159ibli\u017en\u011b 34 dolar\u016f jen t\u00edm, \u017ee ETF koupil a okam\u017eit\u011b prodal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Podkladov\u00e9 portfolio p\u0159itom nemuselo v\u016fbec klesnout.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b to je p\u0159\u00edklad skryt\u00e9ho t\u0159en\u00ed, se kter\u00fdm se investor m\u016f\u017ee p\u0159i&nbsp;<strong>obchodov\u00e1n\u00ed s ETF<\/strong>&nbsp;setkat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro dlouhodob\u00e9ho investora, kter\u00fd dr\u017e\u00ed ETF mnoho let, m\u016f\u017ee m\u00edt mal\u00fd jednor\u00e1zov\u00fd spread jen minim\u00e1ln\u00ed dopad. Pro aktivn\u00edho obchodn\u00edka, kter\u00fd do pozic \u010dasto vstupuje a vystupuje, se ale tyto n\u00e1klady mohou postupn\u011b s\u010d\u00edtat.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Slippage: kdy\u017e se realiza\u010dn\u00ed cena zm\u011bn\u00ed<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Dal\u0161\u00edm d\u016fle\u017eit\u00fdm pojmem je&nbsp;<strong>slippage<\/strong>, tedy cenov\u00fd skluz.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Slippage nast\u00e1v\u00e1 v okam\u017eiku, kdy je obchod proveden za jinou cenu, ne\u017e investor o\u010dek\u00e1val.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si, \u017ee se ETF nab\u00edz\u00ed za 100 dolar\u016f ve chv\u00edli, kdy investor zad\u00e1v\u00e1 tr\u017en\u00ed pokyn. Ne\u017e se objedn\u00e1vka dostane na burzu, nov\u00e9 obchody posunou nejni\u017e\u0161\u00ed dostupnou prodejn\u00ed cenu na 100,15 dolaru.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investor tak m\u016f\u017ee zaplatit v\u00edce, ne\u017e p\u016fvodn\u011b o\u010dek\u00e1val.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To je jeden z d\u016fvod\u016f, pro\u010d posledn\u00ed obchodovanou cenu zobrazenou v brokersk\u00e9 aplikaci nelze pova\u017eovat za garantovanou realiza\u010dn\u00ed cenu. Investor.gov upozor\u0148uje, \u017ee tr\u017en\u00ed pokyny mohou b\u00fdt provedeny za cenu odli\u0161nou od posledn\u00ed zobrazen\u00e9 kotace a v\u011bt\u0161\u00ed objedn\u00e1vky mohou b\u00fdt dokonce vypo\u0159\u00e1d\u00e1ny za n\u011bkolik r\u016fzn\u00fdch cen podle dostupn\u00e9 likvidity. Podrobn\u011bji to vysv\u011btluje&nbsp;<a href=\"https:\/\/www.investor.gov\/introduction-investing\/general-resources\/news-alerts\/alerts-bulletins\/investor-bulletins-14?utm_source=chatgpt.com\">Investor.gov<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Slippage je d\u016fle\u017eit\u00fd p\u0159edev\u0161\u00edm b\u011bhem volatiln\u00edho trhu, u v\u011bt\u0161\u00edch pokyn\u016f nebo u ETF se \u0161ir\u0161\u00edmi spready.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Limitn\u00ed pokyny mohou riziko nep\u0159\u00edzniv\u00e9ho proveden\u00ed zm\u00edrnit, z\u00e1rove\u0148 ale vytv\u00e1\u0159ej\u00ed mo\u017enost, \u017ee obchod nebude proveden v\u016fbec.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Velk\u00e9 pokyny se mohou prov\u00e9st za n\u011bkolik r\u016fzn\u00fdch cen<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Pro b\u011b\u017en\u00e9ho retailov\u00e9ho investora, kter\u00fd kupuje vysoce likvidn\u00ed ETF za n\u011bkolik stovek nebo n\u011bkolik tis\u00edc dolar\u016f, obvykle nen\u00ed hloubka trhu z\u00e1sadn\u00edm probl\u00e9mem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">U v\u011bt\u0161\u00edch obchod\u016f ale situace vypad\u00e1 jinak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ETF m\u016f\u017ee nap\u0159\u00edklad ukazovat ask cenu 25 dolar\u016f, ale za tuto cenu m\u016f\u017ee b\u00fdt k dispozici pouze 500 pod\u00edl\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud investor zad\u00e1 tr\u017en\u00ed pokyn na 10 000 pod\u00edl\u016f, m\u016f\u017ee nejprve nakoupit t\u011bchto 500 kus\u016f a n\u00e1sledn\u011b pokra\u010dovat v n\u00e1kupu od dal\u0161\u00edch prod\u00e1vaj\u00edc\u00edch za postupn\u011b vy\u0161\u0161\u00ed ceny.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u016fm\u011brn\u00e1 v\u00fdsledn\u00e1 cena tak m\u016f\u017ee b\u00fdt v\u00fdrazn\u011b vy\u0161\u0161\u00ed ne\u017e p\u016fvodn\u00ed kotace.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Profesion\u00e1ln\u00ed obchodn\u00edci proto \u010dasto sleduj\u00ed hloubku objedn\u00e1vkov\u00e9 knihy a vyu\u017e\u00edvaj\u00ed limitn\u00ed pokyny nebo rozd\u011bluj\u00ed v\u011bt\u0161\u00ed transakce do men\u0161\u00edch \u010d\u00e1st\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Nejlikvidn\u011bj\u0161\u00ed ETF nemus\u00ed b\u00fdt automaticky nejlevn\u011bj\u0161\u00ed<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Investo\u0159i p\u0159i v\u00fdb\u011bru ETF \u010dasto porovn\u00e1vaj\u00ed hlavn\u011b n\u00e1kladovost fondu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ETF s ro\u010dn\u00edm poplatkem 0,05 % vypad\u00e1 levn\u011bji ne\u017e fond s n\u00e1kladovost\u00ed 0,10 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Skute\u010dn\u00e9 n\u00e1klady investice ale z\u00e1vis\u00ed tak\u00e9 na podm\u00ednk\u00e1ch obchodov\u00e1n\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investor se m\u016f\u017ee setkat nap\u0159\u00edklad s mana\u017eersk\u00fdmi poplatky, bid-ask spreadem, brokerskou proviz\u00ed, n\u00e1klady na m\u011bnovou konverzi u zahrani\u010dn\u00edch ETF, dan\u011bmi nebo rozd\u00edlem mezi tr\u017en\u00ed cenou ETF a hodnotou jeho podkladov\u00fdch aktiv.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro dlouhodob\u00e9ho investora m\u016f\u017ee b\u00fdt ro\u010dn\u00ed n\u00e1kladovost st\u00e1le jedn\u00edm z nejd\u016fle\u017eit\u011bj\u0161\u00edch ukazatel\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro investora, kter\u00fd ETF aktivn\u011b obchoduje, ale mohou b\u00fdt stejn\u011b d\u016fle\u017eit\u00e9 i spready a kvalita proveden\u00ed pokyn\u016f.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Co zkontrolovat p\u0159ed zad\u00e1n\u00edm obchodu s ETF<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159ed n\u00e1kupem nebo prodejem ETF m\u016f\u017ee b\u00fdt u\u017eite\u010dn\u00e9 sledovat nejen samotn\u00fd fond, ale tak\u00e9 podm\u00ednky na trhu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bid a ask ukazuj\u00ed, jak velk\u00e9 okam\u017eit\u00e9 obchodn\u00ed n\u00e1klady investor podstupuje. \u0160\u00ed\u0159ka spreadu m\u016f\u017ee z\u00e1rove\u0148 napov\u011bd\u011bt, jak efektivn\u011b se ETF pr\u00e1v\u011b obchoduje.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investor m\u016f\u017ee tak\u00e9 porovnat tr\u017en\u00ed cenu ETF s odhadovanou hodnotou jeho podkladov\u00e9ho portfolia, pokud je tento \u00fadaj dostupn\u00fd.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">D\u016fle\u017eit\u00e1 je tak\u00e9 likvidita samotn\u00fdch aktiv dr\u017een\u00fdch v ETF, p\u0159edev\u0161\u00edm u dluhopisov\u00fdch fond\u016f, ETF rozv\u00edjej\u00edc\u00edch se trh\u016f a \u00fazce zam\u011b\u0159en\u00fdch produkt\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nakonec hraje roli i volba mezi market orderem a limit orderem, tedy mezi rychlost\u00ed proveden\u00ed a v\u011bt\u0161\u00ed kontrolou nad cenou.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tyto faktory jsou obvykle m\u00e9n\u011b d\u016fle\u017eit\u00e9 ne\u017e dlouhodob\u00e1 v\u00fdkonnost investice, spr\u00e1vn\u00e1 alokace aktiv nebo \u0159\u00edzen\u00ed rizika. P\u0159esto ale ovliv\u0148uj\u00ed konkr\u00e9tn\u00ed cenu, za kterou investor do pozice vstupuje a za kterou ji pozd\u011bji opou\u0161t\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Obchodov\u00e1n\u00ed s ETF je na obrazovce jednoduch\u00e9, pod povrchem ale slo\u017eit\u00e9<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Modern\u00ed brokersk\u00e9 platformy v\u00fdrazn\u011b zjednodu\u0161ily&nbsp;<strong>obchodov\u00e1n\u00ed s ETF<\/strong>. Transakci, kv\u016fli kter\u00e9 bylo d\u0159\u00edve nutn\u00e9 telefonovat brokerovi, lze dnes prov\u00e9st b\u011bhem n\u011bkolika sekund z mobiln\u00edho telefonu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jednoduch\u00e9 u\u017eivatelsk\u00e9 rozhran\u00ed ale skr\u00fdv\u00e1 pom\u011brn\u011b slo\u017eitou strukturu trhu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mezi stisknut\u00edm tla\u010d\u00edtka \u201ekoupit\u201c a n\u00e1sledn\u00fdm \u201eprodat\u201c investor vstupuje do prost\u0159ed\u00ed bid a ask cen, market maker\u016f, autorizovan\u00fdch \u00fa\u010dastn\u00edk\u016f, podkladov\u00fdch aktiv i dal\u0161\u00edch kupuj\u00edc\u00edch a prod\u00e1vaj\u00edc\u00edch.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u011bt\u0161ina tohoto syst\u00e9mu pracuje ti\u0161e na pozad\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jeho pochopen\u00ed je ale d\u016fle\u017eit\u00e9 p\u0159edev\u0161\u00edm v dob\u011b zv\u00fd\u0161en\u00e9 volatility, \u0161ir\u0161\u00edch spread\u016f nebo p\u0159i investov\u00e1n\u00ed do m\u00e9n\u011b likvidn\u00edch ETF.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rozd\u00edl mezi dob\u0159e a \u0161patn\u011b proveden\u00fdm obchodem s ETF nemus\u00ed b\u00fdt u jedn\u00e9 transakce nijak dramatick\u00fd. N\u011bkdy jde jen o n\u011bkolik cent\u016f na pod\u00edl.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I t\u011bchto n\u011bkolik cent\u016f ale p\u0159ipom\u00edn\u00e1 d\u016fle\u017eitou skute\u010dnost: v\u00fdnos investice nen\u00ed ovlivn\u011bn pouze t\u00edm, co investor koup\u00ed, ale tak\u00e9 cenou, za kterou na trh vstoup\u00ed a za kterou z n\u011bj nakonec vystoup\u00ed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>N\u00e1kup ETF m\u016f\u017ee p\u016fsobit t\u00e9m\u011b\u0159 bez n\u00e1mahy. Investor zad\u00e1 ticker, zvol\u00ed po\u010det kus\u016f a klikne na tla\u010d\u00edtko. O n\u011bkolik sekund pozd\u011bji se pozice objev\u00ed v portfoliu. Prodej funguje velmi podobn\u011b. Za t\u00edmto jednoduch\u00fdm rozhran\u00edm se ale skr\u00fdv\u00e1 trh, na kter\u00e9m se ceny neust\u00e1le m\u011bn\u00ed, kupuj\u00edc\u00ed a prod\u00e1vaj\u00edc\u00ed soupe\u0159\u00ed o proveden\u00ed pokynu a zd\u00e1nliv\u011b mal\u00e9 detaily [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":89535,"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":[5593,5715,6320],"class_list":["post-89561","post","type-post","status-publish","format-standard","has-post-thumbnail","category-akademie","tag-akadamie","tag-akcie","tag-obchodovani-s-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=\"Jak funguje obchodov\u00e1n\u00ed s ETF? 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