{"id":89805,"date":"2026-09-30T11:03:41","date_gmt":"2026-09-30T09:03:41","guid":{"rendered":"https:\/\/trader-magazine.com\/?p=89805"},"modified":"2026-09-30T11:04:11","modified_gmt":"2026-09-30T09:04:11","slug":"jak-koupit-statni-dluhopisy-primy-nakup-fondy-a-na-co-si-dat-pozor","status":"publish","type":"post","link":"https:\/\/trader-magazine.com\/cs\/ekonomika\/jak-koupit-statni-dluhopisy-primy-nakup-fondy-a-na-co-si-dat-pozor\/","title":{"rendered":"Jak koupit st\u00e1tn\u00ed dluhopisy: P\u0159\u00edm\u00fd n\u00e1kup, fondy a na co si d\u00e1t pozor"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">St\u00e1tn\u00ed dluhopisy b\u00fdvaj\u00ed spojov\u00e1ny p\u0159edev\u0161\u00edm se stabilitou, p\u0159edv\u00eddateln\u00fdmi p\u0159\u00edjmy a relativn\u011b n\u00edzk\u00fdm investi\u010dn\u00edm rizikem. Jejich n\u00e1kup v\u0161ak nemus\u00ed b\u00fdt tak jednoduch\u00fd jako po\u0159\u00edzen\u00ed akci\u00ed. Investo\u0159i se mus\u00ed rozhodnout, zda nakoup\u00ed jednotliv\u00e9 dluhopisy p\u0159\u00edmo, po\u0159\u00edd\u00ed je prost\u0159ednictv\u00edm obchodn\u00edka s cenn\u00fdmi pap\u00edry, nebo vyu\u017eij\u00ed dluhopisov\u00e9 fondy. Ka\u017ed\u00e1 z t\u011bchto mo\u017enost\u00ed p\u0159in\u00e1\u0161\u00ed odli\u0161n\u00e9 n\u00e1klady, rizika i m\u00edru flexibility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u011bd\u011bt,&nbsp;<strong>jak koupit st\u00e1tn\u00ed dluhopisy<\/strong>, p\u0159itom znamen\u00e1 mnohem v\u00edce ne\u017e jen vybrat konkr\u00e9tn\u00ed zemi nebo porovnat nab\u00edzen\u00e9 \u00farokov\u00e9 sazby. Kone\u010dn\u00fd v\u00fdnos m\u016f\u017ee v\u00fdrazn\u011b ovlivnit po\u0159izovac\u00ed cena, datum splatnosti i p\u0159\u00edpadn\u00e9 rozhodnut\u00ed prodat dluhopis p\u0159ed\u010dasn\u011b.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro investory, kte\u0159\u00ed o st\u00e1tn\u00edch dluhopisech uva\u017euj\u00ed jako o sou\u010d\u00e1sti sv\u00e9ho portfolia, proto nen\u00ed nejd\u016fle\u017eit\u011bj\u0161\u00ed ot\u00e1zkou pouze to, kter\u00fd dluhopis nab\u00edz\u00ed nejvy\u0161\u0161\u00ed v\u00fdnos. Podstatn\u00e9 je p\u0159edev\u0161\u00edm to, jak dan\u00e1 investice odpov\u00edd\u00e1 jejich finan\u010dn\u00edm c\u00edl\u016fm a kdy budou pot\u0159ebovat sv\u00e9 pen\u00edze zp\u011bt.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Co jsou st\u00e1tn\u00ed dluhopisy a jak funguj\u00ed?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Kdy\u017e vl\u00e1dy pot\u0159ebuj\u00ed financovat ve\u0159ejn\u00e9 v\u00fddaje nebo refinancovat st\u00e1vaj\u00edc\u00ed dluh, mohou z\u00edsk\u00e1vat prost\u0159edky vyd\u00e1v\u00e1n\u00edm st\u00e1tn\u00edch dluhopis\u016f. Investo\u0159i n\u00e1kupem t\u011bchto cenn\u00fdch pap\u00edr\u016f v podstat\u011b p\u016fj\u010duj\u00ed pen\u00edze st\u00e1tu, kter\u00fd se jim zavazuje poskytovat sjednan\u00e1 finan\u010dn\u00ed pln\u011bn\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u011bt\u0161ina klasick\u00fdch st\u00e1tn\u00edch dluhopis\u016f vypl\u00e1c\u00ed pravideln\u00e9 \u00faroky, ozna\u010dovan\u00e9 jako kup\u00f3ny, a p\u0159i dosa\u017een\u00ed splatnosti vrac\u00ed investor\u016fm jejich jmenovitou hodnotu. Ne v\u0161echny st\u00e1tn\u00ed dluhov\u00e9 cenn\u00e9 pap\u00edry v\u0161ak funguj\u00ed stejn\u011b.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nap\u0159\u00edklad ve Spojen\u00fdch st\u00e1tech maj\u00ed kr\u00e1tkodob\u00e9 st\u00e1tn\u00ed pokladni\u010dn\u00ed pouk\u00e1zky splatnost maxim\u00e1ln\u011b jeden rok a zpravidla se vyd\u00e1vaj\u00ed za cenu ni\u017e\u0161\u00ed, ne\u017e je jejich jmenovit\u00e1 hodnota. Americk\u00e9 st\u00e1tn\u00ed dluhopisy ozna\u010dovan\u00e9 jako Treasury notes maj\u00ed p\u0159i vyd\u00e1n\u00ed splatnost od dvou do deseti let, zat\u00edmco Treasury bonds se vyd\u00e1vaj\u00ed se splatnost\u00ed 20 nebo 30 let. Oba posledn\u011b jmenovan\u00e9 typy vypl\u00e1cej\u00ed \u00faroky ka\u017ed\u00fdch \u0161est m\u011bs\u00edc\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jin\u00e9 st\u00e1ty nab\u00edzej\u00ed dluhov\u00e9 cenn\u00e9 pap\u00edry s odli\u0161nou dobou splatnosti, frekvenc\u00ed \u00farokov\u00fdch plateb i dal\u0161\u00edmi podm\u00ednkami. N\u011bkter\u00e9 zem\u011b nav\u00edc vyd\u00e1vaj\u00ed protiinfla\u010dn\u00ed dluhopisy, jejich\u017e v\u00fdplaty jsou nav\u00e1z\u00e1ny na v\u00fdvoj spot\u0159ebitelsk\u00fdch cen.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159esto\u017ee jsou st\u00e1tn\u00ed dluhopisy obecn\u011b pova\u017eov\u00e1ny za m\u00e9n\u011b rizikov\u00e9 ne\u017e \u0159ada podnikov\u00fdch dluhopis\u016f, jejich bezpe\u010dnost z\u00e1vis\u00ed na konkr\u00e9tn\u00edm emitentovi, m\u011bn\u011b a podm\u00ednk\u00e1ch dan\u00e9ho cenn\u00e9ho pap\u00edru. Investo\u0159i proto mus\u00ed zohlednit \u00fav\u011brov\u00e9 riziko st\u00e1tu, inflaci i p\u0159\u00edpadn\u00e9 m\u011bnov\u00e9 v\u00fdkyvy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">D\u016fle\u017eit\u00e9 je tak\u00e9 pochopit, \u017ee&nbsp;<strong>sjednan\u00e9 podm\u00ednky spl\u00e1cen\u00ed dluhopisu nezaru\u010duj\u00ed jeho tr\u017en\u00ed cenu<\/strong>. Dokonce i st\u00e1tn\u00ed dluhopis vydan\u00fd vysoce d\u016fv\u011bryhodn\u00fdm emitentem m\u016f\u017ee p\u0159i r\u016fstu tr\u017en\u00edch \u00farokov\u00fdch sazeb ztr\u00e1cet hodnotu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b tento rozd\u00edl je p\u0159i rozhodov\u00e1n\u00ed o investici z\u00e1sadn\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mohlo by v\u00e1s zaj\u00edmat: <a href=\"https:\/\/trader-magazine.com\/cs\/trhy\/statni-megaprojekty-kam-proudi-rozpocet-nasa-na-mesicni-zakladnu-za-20-miliard-dolaru-a-jak-na-nem-mohou-investori-vydelat\/\" title=\"St\u00e1tn\u00ed megaprojekty: Kam proud\u00ed rozpo\u010det NASA na m\u011bs\u00ed\u010dn\u00ed z\u00e1kladnu za 20 miliard dolar\u016f a jak na n\u011bm mohou investo\u0159i vyd\u011blat\">St\u00e1tn\u00ed megaprojekty: Kam proud\u00ed rozpo\u010det NASA na m\u011bs\u00ed\u010dn\u00ed z\u00e1kladnu za 20 miliard dolar\u016f a jak na n\u011bm mohou investo\u0159i vyd\u011blat<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">Jak koupit st\u00e1tn\u00ed dluhopisy p\u0159\u00edmo v aukci?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Jednou z mo\u017enost\u00ed, jak investovat do st\u00e1tn\u00edch dluhopis\u016f, je n\u00e1kup na prim\u00e1rn\u00edm trhu. Pr\u00e1v\u011b na n\u011bm vl\u00e1dy vyd\u00e1vaj\u00ed nov\u00e9 cenn\u00e9 pap\u00edry a z\u00edsk\u00e1vaj\u00ed od investor\u016f pot\u0159ebn\u00e9 finan\u010dn\u00ed prost\u0159edky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dluhopisy se obvykle prod\u00e1vaj\u00ed prost\u0159ednictv\u00edm aukc\u00ed. St\u00e1t p\u0159edem ozn\u00e1m\u00ed, kolik pen\u011bz chce z\u00edskat, jakou splatnost budou vyd\u00e1van\u00e9 cenn\u00e9 pap\u00edry m\u00edt a kdy se aukce uskute\u010dn\u00ed. Investo\u0159i n\u00e1sledn\u011b p\u0159edkl\u00e1daj\u00ed sv\u00e9 nab\u00eddky, a to bu\u010f p\u0159\u00edmo, nebo prost\u0159ednictv\u00edm finan\u010dn\u00edch instituc\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Konkr\u00e9tn\u00ed pravidla se v jednotliv\u00fdch zem\u00edch li\u0161\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ve Spojen\u00fdch st\u00e1tech mohou opr\u00e1vn\u011bn\u00ed drobn\u00ed investo\u0159i nakupovat st\u00e1tn\u00ed dluhov\u00e9 cenn\u00e9 pap\u00edry prost\u0159ednictv\u00edm platformy TreasuryDirect. Aukc\u00ed se mohou \u00fa\u010dastnit tak\u00e9 prost\u0159ednictv\u00edm bank a obchodn\u00edk\u016f s cenn\u00fdmi pap\u00edry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Americk\u00e9 ministerstvo financ\u00ed rozli\u0161uje dva druhy nab\u00eddek. V p\u0159\u00edpad\u011b konkuren\u010dn\u00ed nab\u00eddky investor stanov\u00ed po\u017eadovan\u00fd v\u00fdnos nebo \u00farokovou sazbu, kterou je ochoten akceptovat. Podle v\u00fdsledku aukce n\u00e1sledn\u011b m\u016f\u017ee z\u00edskat v\u0161echny po\u017eadovan\u00e9 cenn\u00e9 pap\u00edry, pouze jejich \u010d\u00e1st, nebo v\u016fbec \u017e\u00e1dn\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nekonkuren\u010dn\u00ed nab\u00eddka funguje odli\u0161n\u011b. Investor p\u0159edem souhlas\u00ed s v\u00fdnosem \u010di sazbou, kter\u00e9 ur\u010d\u00ed v\u00fdsledek aukce. Pokud jeho nab\u00eddka spl\u0148uje p\u0159\u00edslu\u0161n\u00e9 podm\u00ednky, z\u00edsk\u00e1 po\u017eadovan\u00fd objem cenn\u00fdch pap\u00edr\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b nekonkuren\u010dn\u00ed aukce tak p\u0159edstavuj\u00ed pom\u011brn\u011b dostupnou mo\u017enost pro individu\u00e1ln\u00ed investory, kte\u0159\u00ed necht\u011bj\u00ed sami stanovovat vlastn\u00ed nab\u00eddkovou strategii.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Americk\u00e9 ministerstvo financ\u00ed umo\u017e\u0148uje n\u00e1kup obchodovateln\u00fdch st\u00e1tn\u00edch dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f ji\u017e od 100 dolar\u016f, p\u0159i\u010dem\u017e dal\u0161\u00ed n\u00e1kupy se uskute\u010d\u0148uj\u00ed v n\u00e1sobc\u00edch t\u00e9to \u010d\u00e1stky. Podrobnosti o fungov\u00e1n\u00ed aukc\u00ed a jednotliv\u00fdch mo\u017enostech n\u00e1kupu vysv\u011btluje&nbsp;<a href=\"https:\/\/www.treasurydirect.gov\/marketable-securities\/buying-a-marketable-security\/\">ofici\u00e1ln\u00ed pr\u016fvodce americk\u00e9ho ministerstva financ\u00ed<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159\u00edm\u00fd n\u00e1kup v\u0161ak nen\u00ed dostupn\u00fd ka\u017ed\u00e9mu. Platforma TreasuryDirect m\u00e1 konkr\u00e9tn\u00ed podm\u00ednky zp\u016fsobilosti, mezi kter\u00e9 pat\u0159\u00ed nap\u0159\u00edklad platn\u00e9 americk\u00e9 \u010d\u00edslo soci\u00e1ln\u00edho zabezpe\u010den\u00ed, adresa ve Spojen\u00fdch st\u00e1tech a odpov\u00eddaj\u00edc\u00ed americk\u00fd bankovn\u00ed \u00fa\u010det.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investo\u0159i z jin\u00fdch zem\u00ed by proto m\u011bli prozkoumat mo\u017enosti, kter\u00e9 nab\u00edz\u00ed jejich dom\u00e1c\u00ed instituce spravuj\u00edc\u00ed st\u00e1tn\u00ed dluh, p\u0159\u00edpadn\u011b m\u00edstn\u00ed banky a obchodn\u00edci s cenn\u00fdmi pap\u00edry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hlavn\u00ed v\u00fdhodou n\u00e1kupu v aukci je mo\u017enost z\u00edskat nov\u011b vydan\u00e9 dluhopisy bez nutnosti hledat vhodn\u00e9 cenn\u00e9 pap\u00edry na sekund\u00e1rn\u00edm trhu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nev\u00fdhodou je naopak z\u00e1vislost na auk\u010dn\u00edm kalend\u00e1\u0159i. Investo\u0159i nav\u00edc nemus\u00ed p\u0159ed ukon\u010den\u00edm aukce zn\u00e1t p\u0159esn\u00fd v\u00fdnos ani kone\u010dnou po\u0159izovac\u00ed cenu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159\u00edm\u00e9 vlastnictv\u00ed m\u016f\u017ee p\u0159in\u00e1\u0161et komplikace tak\u00e9 v p\u0159\u00edpad\u011b p\u0159ed\u010dasn\u00e9ho prodeje. Nap\u0159\u00edklad nov\u011b zakoupen\u00e9 obchodovateln\u00e9 americk\u00e9 st\u00e1tn\u00ed dluhov\u00e9 cenn\u00e9 pap\u00edry veden\u00e9 na platform\u011b TreasuryDirect obecn\u011b podl\u00e9haj\u00ed 45denn\u00ed lh\u016ft\u011b, b\u011bhem kter\u00e9 je nelze p\u0159ev\u00e9st ani prodat. Pro n\u00e1sledn\u00fd prodej je nav\u00edc nutn\u00e9 p\u0159ev\u00e9st je k bance nebo obchodn\u00edkovi s cenn\u00fdmi pap\u00edry.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">N\u00e1kup st\u00e1tn\u00edch dluhopis\u016f prost\u0159ednictv\u00edm brokera<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Investo\u0159i, kte\u0159\u00ed up\u0159ednost\u0148uj\u00ed v\u011bt\u0161\u00ed flexibilitu, mohou st\u00e1tn\u00ed dluhopisy nakupovat prost\u0159ednictv\u00edm obchodn\u00edka s cenn\u00fdmi pap\u00edry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Broke\u0159i mohou nab\u00edzet p\u0159\u00edstup k nov\u011b vyd\u00e1van\u00fdm dluhopis\u016fm i k cenn\u00fdm pap\u00edr\u016fm, kter\u00e9 se ji\u017e obchoduj\u00ed na sekund\u00e1rn\u00edm trhu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sekund\u00e1rn\u00ed trh je d\u016fle\u017eit\u00fd p\u0159edev\u0161\u00edm proto, \u017ee umo\u017e\u0148uje nakupovat st\u00e1tn\u00ed dluhopisy bez \u010dek\u00e1n\u00ed na dal\u0161\u00ed aukci.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investor, kter\u00fd hled\u00e1 dluhopis se splatnost\u00ed p\u0159ibli\u017en\u011b za t\u0159i roky, tak nemus\u00ed nutn\u011b po\u0159izovat nov\u011b vydan\u00fd t\u0159\u00edlet\u00fd cenn\u00fd pap\u00edr. M\u016f\u017ee nap\u0159\u00edklad koupit star\u0161\u00ed st\u00e1tn\u00ed dluhopis, kter\u00e9mu do splatnosti zb\u00fdvaj\u00ed pr\u00e1v\u011b t\u0159i roky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jeho cena v\u0161ak bude z\u00e1viset na aktu\u00e1ln\u00edch tr\u017en\u00edch podm\u00ednk\u00e1ch.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na rozd\u00edl od nov\u011b vyd\u00e1van\u00fdch dluhopis\u016f mohou ji\u017e existuj\u00edc\u00ed cenn\u00e9 pap\u00edry obchodovat za cenu vy\u0161\u0161\u00ed nebo ni\u017e\u0161\u00ed, ne\u017e je jejich jmenovit\u00e1 hodnota. Tr\u017en\u00ed cenu ovliv\u0148uj\u00ed p\u0159edev\u0161\u00edm aktu\u00e1ln\u00ed \u00farokov\u00e9 sazby, zb\u00fdvaj\u00edc\u00ed doba do splatnosti a dal\u0161\u00ed faktory p\u016fsob\u00edc\u00ed na nab\u00eddku a popt\u00e1vku.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pozornost si zaslou\u017e\u00ed tak\u00e9 transak\u010dn\u00ed n\u00e1klady. Podle konkr\u00e9tn\u00edho brokera a trhu se investo\u0159i mohou setkat s provizemi, poplatky nebo rozd\u00edlem mezi n\u00e1kupn\u00ed a prodejn\u00ed cenou.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dal\u0161\u00edm d\u016fle\u017eit\u00fdm pojmem je alikvotn\u00ed \u00farokov\u00fd v\u00fdnos. P\u0159i n\u00e1kupu klasick\u00e9ho dluhopisu mezi dv\u011bma term\u00edny v\u00fdplaty kup\u00f3nu kupuj\u00edc\u00ed zpravidla kompenzuje prod\u00e1vaj\u00edc\u00edmu \u00farok, kter\u00fd se nahromadil od p\u0159edchoz\u00ed v\u00fdplaty. Fungov\u00e1n\u00ed sekund\u00e1rn\u00edho trhu, v\u010detn\u011b oce\u0148ov\u00e1n\u00ed dluhopis\u016f, p\u0159ibli\u017euje&nbsp;<a href=\"https:\/\/www.finra.org\/investors\/investing\/investment-products\/bonds\">investi\u010dn\u00ed pr\u016fvodce dluhopisy od organizace FINRA<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Celkov\u00e1 \u010d\u00e1stka, kterou investor za dluhopis zaplat\u00ed, proto m\u016f\u017ee b\u00fdt vy\u0161\u0161\u00ed ne\u017e samotn\u00e1 zve\u0159ejn\u011bn\u00e1 tr\u017en\u00ed cena.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">D\u016fle\u017eitou sou\u010d\u00e1st\u00ed transakce je rovn\u011b\u017e vypo\u0159\u00e1d\u00e1n\u00ed obchodu. P\u0159i n\u011bm doch\u00e1z\u00ed k p\u0159evodu pen\u011bz a vlastnictv\u00ed cenn\u00fdch pap\u00edr\u016f mezi jednotliv\u00fdmi stranami.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ve Spojen\u00fdch st\u00e1tech se obchody se st\u00e1tn\u00edmi dluhov\u00fdmi cenn\u00fdmi pap\u00edry zpravidla vypo\u0159\u00e1d\u00e1vaj\u00ed n\u00e1sleduj\u00edc\u00ed pracovn\u00ed den po uskute\u010dn\u011bn\u00ed transakce. Tento syst\u00e9m se ozna\u010duje jako T+1. Na jin\u00fdch trz\u00edch se v\u0161ak mohou pravidla li\u0161it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159ed n\u00e1kupem by si proto investo\u0159i m\u011bli v\u017edy ov\u011b\u0159it celkovou \u010d\u00e1stku pot\u0159ebnou k vypo\u0159\u00e1d\u00e1n\u00ed obchodu, nikoliv se spol\u00e9hat pouze na zobrazenou cenu dluhopisu.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mohlo by v\u00e1s zaj\u00edmat: <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\">Dluhopisov\u00e9 fondy a ETF: Alternativa k p\u0159\u00edm\u00e9mu n\u00e1kupu<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Investo\u0159i nemus\u00ed st\u00e1tn\u00ed dluhopisy vlastnit p\u0159\u00edmo, aby mohli t\u011b\u017eit z jejich v\u00fdnos\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Alternativu p\u0159edstavuj\u00ed dluhopisov\u00e9 pod\u00edlov\u00e9 fondy a burzovn\u011b obchodovan\u00e9 fondy neboli ETF. Tyto investi\u010dn\u00ed n\u00e1stroje zpravidla dr\u017e\u00ed cel\u00e9 portfolio st\u00e1tn\u00edch dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f. Investor tak m\u016f\u017ee prost\u0159ednictv\u00edm jedin\u00e9 investice z\u00edskat expozici v\u016f\u010di v\u011bt\u0161\u00edmu po\u010dtu dluhopis\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Klasick\u00e9 pod\u00edlov\u00e9 fondy obvykle zpracov\u00e1vaj\u00ed n\u00e1kupy a odkupy pod\u00edlov\u00fdch list\u016f za vypo\u010dtenou \u010distou hodnotu aktiv. ETF se naproti tomu obchoduj\u00ed na burze v pr\u016fb\u011bhu obchodn\u00edho dne a jejich tr\u017en\u00ed cena se m\u016f\u017ee m\u00edrn\u011b odchylovat od hodnoty podkladov\u00fdch aktiv.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dluhopisov\u00e9 fondy tak mohou b\u00fdt zaj\u00edmav\u00e9 p\u0159edev\u0161\u00edm pro investory, kte\u0159\u00ed cht\u011bj\u00ed diverzifikovan\u00e9 portfolio, ale necht\u011bj\u00ed jednotliv\u00e9 dluhopisy sami vyb\u00edrat a spravovat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mezi p\u0159\u00edm\u00fdm vlastnictv\u00edm dluhopisu a investic\u00ed do b\u011b\u017en\u00e9ho dluhopisov\u00e9ho fondu v\u0161ak existuje jeden z\u00e1sadn\u00ed rozd\u00edl.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Samostatn\u00fd dluhopis m\u00e1 p\u0159edem stanoven\u00e9 datum splatnosti. Pokud emitent dodr\u017e\u00ed sv\u00e9 z\u00e1vazky, investor, kter\u00fd cenn\u00fd pap\u00edr dr\u017e\u00ed a\u017e do splatnosti, obdr\u017e\u00ed sjednanou spl\u00e1tku jistiny.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u011bt\u0161ina klasick\u00fdch dluhopisov\u00fdch fond\u016f naproti tomu \u017e\u00e1dn\u00e9 pevn\u00e9 datum splatnosti nem\u00e1. Jejich spr\u00e1vci pr\u016fb\u011b\u017en\u011b nakupuj\u00ed a prod\u00e1vaj\u00ed dluhopisy podle zvolen\u00e9 investi\u010dn\u00ed strategie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investor proto nem\u016f\u017ee automaticky p\u0159edpokl\u00e1dat, \u017ee mu n\u011bkolikalet\u00e9 dr\u017een\u00ed dluhopisov\u00e9ho fondu zaru\u010d\u00ed n\u00e1vratnost p\u016fvodn\u011b investovan\u00e9 \u010d\u00e1stky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jak upozor\u0148uje&nbsp;<a href=\"https:\/\/www.investor.gov\/introduction-investing\/investing-basics\/glossary\/bond-funds-and-income-funds\">americk\u00e1 Komise pro cenn\u00e9 pap\u00edry (SEC)<\/a>, dluhopisov\u00e9 fondy jsou nad\u00e1le vystaveny \u00farokov\u00e9mu a \u00fav\u011brov\u00e9mu riziku. Dokonce i fondy investuj\u00edc\u00ed v\u00fdhradn\u011b do americk\u00fdch st\u00e1tn\u00edch dluhopis\u016f mohou p\u0159i r\u016fstu \u00farokov\u00fdch sazeb zaznamenat ztr\u00e1ty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dal\u0161\u00edm d\u016fle\u017eit\u00fdm faktorem jsou pr\u016fb\u011b\u017en\u00e9 n\u00e1klady fondu. Poplatky za spr\u00e1vu sni\u017euj\u00ed v\u00fdsledn\u00fd v\u00fdnos investora, p\u0159esto\u017ee je mohou do ur\u010dit\u00e9 m\u00edry vyva\u017eovat v\u00fdhody v podob\u011b pohodl\u00ed a diverzifikace.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159ed investic\u00ed by se proto investo\u0159i m\u011bli sezn\u00e1mit s investi\u010dn\u00ed strategi\u00ed fondu, durac\u00ed jeho portfolia, geografick\u00fdm zam\u011b\u0159en\u00edm, m\u011bnovou expozic\u00ed a pr\u016fb\u011b\u017en\u00fdmi poplatky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zaj\u00edmavou alternativu p\u0159edstavuj\u00ed tak\u00e9 dluhopisov\u00e1 ETF s c\u00edlov\u00fdm datem splatnosti. Tyto fondy jsou konstruov\u00e1ny s ohledem na konkr\u00e9tn\u00ed obdob\u00ed, ve kter\u00e9m maj\u00ed jejich podkladov\u00e9 dluhopisy dos\u00e1hnout splatnosti. Ani v tomto p\u0159\u00edpad\u011b v\u0161ak nen\u00ed v\u00fdsledn\u00e1 hodnota investice zaru\u010dena stejn\u00fdm zp\u016fsobem jako smluvn\u00ed splacen\u00ed jistiny u jednotliv\u00e9ho dluhopisu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Splatnost, kup\u00f3n a v\u00fdnos: Co skute\u010dn\u011b rozhoduje o zhodnocen\u00ed?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159ed n\u00e1kupem st\u00e1tn\u00edch dluhopis\u016f by m\u011bli investo\u0159i rozum\u011bt t\u0159em z\u00e1kladn\u00edm pojm\u016fm, kter\u00e9 b\u00fdvaj\u00ed \u010dasto zam\u011b\u0148ov\u00e1ny. Jde o splatnost, kup\u00f3novou sazbu a v\u00fdnos do splatnosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Splatnost<\/strong>&nbsp;ur\u010duje okam\u017eik, kdy m\u00e1 b\u00fdt investorovi vr\u00e1cena jistina dluhopisu. Cenn\u00fd pap\u00edr se zb\u00fdvaj\u00edc\u00ed splatnost\u00ed p\u011bt let bude zpravidla vystaven zm\u011bn\u00e1m tr\u017en\u00edch \u00farokov\u00fdch sazeb d\u00e9le ne\u017e srovnateln\u00fd dluhopis, kter\u00fd bude splacen za \u0161est m\u011bs\u00edc\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kup\u00f3nov\u00e1 sazba stanovuje smluvn\u011b sjednan\u00e9 \u00farokov\u00e9 platby. Klasick\u00fd st\u00e1tn\u00ed dluhopis se jmenovitou hodnotou 10 000 dolar\u016f a ro\u010dn\u00ed kup\u00f3novou sazbou 4 % nap\u0159\u00edklad vypl\u00e1c\u00ed \u00farok 400 dolar\u016f ro\u010dn\u011b.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To v\u0161ak automaticky neznamen\u00e1, \u017ee investor dos\u00e1hne ro\u010dn\u00edho v\u00fdnosu 4 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rozhoduj\u00edc\u00ed je toti\u017e tak\u00e9 cena, za kterou dluhopis po\u0159\u00eddil.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud investor nakoup\u00ed dluhopis za jeho jmenovitou hodnotu 10 000 dolar\u016f, kup\u00f3nov\u00e1 sazba a v\u00fdnos do splatnosti budou u standardn\u00edho dluhopisu s pevnou \u00farokovou sazbou zpravidla stejn\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si v\u0161ak, \u017ee se stejn\u00fd cenn\u00fd pap\u00edr za\u010dne kv\u016fli r\u016fstu tr\u017en\u00edch \u00farokov\u00fdch sazeb obchodovat za 9 500 dolar\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nov\u00fd investor, kter\u00fd jej za tuto cenu nakoup\u00ed, bude nad\u00e1le dost\u00e1vat p\u016fvodn\u00ed kup\u00f3nov\u00e9 platby. Pokud emitent spln\u00ed sv\u00e9 z\u00e1vazky, p\u0159i splatnosti nav\u00edc obdr\u017e\u00ed celou jmenovitou hodnotu 10 000 dolar\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Krom\u011b kup\u00f3nov\u00fdch p\u0159\u00edjm\u016f tak vyd\u011bl\u00e1 tak\u00e9 na rozd\u00edlu mezi po\u0159izovac\u00ed cenou a \u010d\u00e1stkou vyplacenou p\u0159i splatnosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b tento vztah zohled\u0148uje v\u00fdnos do splatnosti. Jde o anualizovan\u00fd v\u00fdnos vypl\u00fdvaj\u00edc\u00ed z po\u0159izovac\u00ed ceny a v\u0161ech zb\u00fdvaj\u00edc\u00edch smluvn\u00edch plateb. Standardn\u00ed v\u00fdpo\u010det p\u0159edpokl\u00e1d\u00e1, \u017ee ve\u0161ker\u00e9 platby prob\u011bhnou podle pl\u00e1nu. Aby investor dos\u00e1hl vypo\u010dten\u00e9ho slo\u017een\u00e9ho v\u00fdnosu, mus\u00ed nav\u00edc pr\u016fb\u011b\u017en\u00e9 platby reinvestovat za odpov\u00eddaj\u00edc\u00ed \u00farokovou sazbu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Opa\u010dn\u00e1 situace nast\u00e1v\u00e1, pokud investor nakoup\u00ed dluhopis za cenu p\u0159evy\u0161uj\u00edc\u00ed jeho jmenovitou hodnotu. P\u0159esto\u017ee nad\u00e1le inkasuje sjednan\u00e9 kup\u00f3nov\u00e9 platby, \u010d\u00e1st tohoto p\u0159\u00edjmu ve v\u00fdsledku kompenzuje rozd\u00edl mezi vy\u0161\u0161\u00ed n\u00e1kupn\u00ed cenou a ni\u017e\u0161\u00ed \u010d\u00e1stkou vyplacenou p\u0159i splatnosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b proto by investo\u0159i m\u011bli porovn\u00e1vat p\u0159edev\u0161\u00edm v\u00fdnos do splatnosti, nikoliv automaticky vyb\u00edrat dluhopisy s nejvy\u0161\u0161\u00edm kup\u00f3nem.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Dr\u017eet st\u00e1tn\u00ed dluhopis do splatnosti, nebo ho prodat d\u0159\u00edve? Praktick\u00fd p\u0159\u00edklad<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si investora, kter\u00fd nakoup\u00ed hypotetick\u00fd dvoulet\u00fd americk\u00fd st\u00e1tn\u00ed dluhopis se jmenovitou hodnotou 10 000 dolar\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro zjednodu\u0161en\u00ed p\u0159edpokl\u00e1dejme, \u017ee jej po\u0159\u00edd\u00ed za jmenovitou hodnotu, kup\u00f3nov\u00e1 sazba \u010din\u00ed 4 % ro\u010dn\u011b a po\u010d\u00e1te\u010dn\u00ed v\u00fdnos do splatnosti dosahuje rovn\u011b\u017e 4 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vzhledem k tomu, \u017ee americk\u00e9 st\u00e1tn\u00ed dluhopisy vypl\u00e1cej\u00ed \u00faroky pololetn\u011b, investor ka\u017ed\u00fdch \u0161est m\u011bs\u00edc\u016f obdr\u017e\u00ed 200 dolar\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud dluhopis podr\u017e\u00ed a\u017e do splatnosti, z\u00edsk\u00e1 celkem \u010dty\u0159i kup\u00f3nov\u00e9 platby v souhrnn\u00e9 v\u00fd\u0161i 800 dolar\u016f. Na konci druh\u00e9ho roku mu americk\u00e1 vl\u00e1da z\u00e1rove\u0148 splat\u00ed p\u016fvodn\u00ed jistinu 10 000 dolar\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Z po\u010d\u00e1te\u010dn\u00ed investice 10 000 dolar\u016f tak investor obdr\u017e\u00ed celkov\u00e9 pen\u011b\u017en\u00ed platby ve v\u00fd\u0161i 10 800 dolar\u016f. Za dva roky tedy z\u00edsk\u00e1 nomin\u00e1ln\u00ed p\u0159\u00edjem 800 dolar\u016f, a to p\u0159ed zdan\u011bn\u00edm a bez zapo\u010d\u00edt\u00e1n\u00ed p\u0159\u00edpadn\u00fdch v\u00fdnos\u016f z reinvestov\u00e1n\u00ed kup\u00f3n\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nyn\u00ed si p\u0159edstavme, \u017ee se stejn\u00fd investor rozhodne dluhopis prodat ji\u017e po prvn\u00edm roce.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">B\u011bhem tohoto obdob\u00ed vzrostou tr\u017en\u00ed \u00farokov\u00e9 sazby a srovnateln\u00e9 st\u00e1tn\u00ed dluhopisy se zb\u00fdvaj\u00edc\u00ed splatnost\u00ed jeden rok nyn\u00ed nab\u00edzej\u00ed v\u00fdnos 6 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u016fvodn\u00ed dluhopis investora v\u0161ak st\u00e1le vypl\u00e1c\u00ed kup\u00f3n ve v\u00fd\u0161i 4 %. Potenci\u00e1ln\u00ed kupuj\u00edc\u00ed p\u0159itom mohou na trhu z\u00edskat jin\u00e9 dluhopisy s vy\u0161\u0161\u00edm v\u00fdnosem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Aby byl star\u0161\u00ed dluhopis konkurenceschopn\u00fd, mus\u00ed se proto za\u010d\u00edt obchodovat se slevou.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edpokl\u00e1dejme, \u017ee se investor rozhodne prodat bezprost\u0159edn\u011b po obdr\u017een\u00ed druh\u00e9 kup\u00f3nov\u00e9 platby.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Do splatnosti nyn\u00ed zb\u00fdvaj\u00ed dv\u011b platby. Za \u0161est m\u011bs\u00edc\u016f investor obdr\u017e\u00ed kup\u00f3n 200 dolar\u016f a za dal\u0161\u00edch \u0161est m\u011bs\u00edc\u016f posledn\u00ed platbu ve v\u00fd\u0161i 10 200 dolar\u016f, kter\u00e1 zahrnuje kup\u00f3n i splacen\u00ed jistiny.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud tyto budouc\u00ed platby p\u0159epo\u010d\u00edt\u00e1me pomoc\u00ed nov\u00e9ho ro\u010dn\u00edho v\u00fdnosu 6 % s pololetn\u00edm \u00faro\u010den\u00edm, dostaneme p\u0159ibli\u017enou tr\u017en\u00ed hodnotu&nbsp;<strong>9 808,65 dolaru<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investor ji\u017e b\u011bhem prvn\u00edho roku z\u00edskal kup\u00f3nov\u00e9 platby v celkov\u00e9 v\u00fd\u0161i 400 dolar\u016f. P\u0159i prodeji dluhopisu za 9 808,65 dolaru proto jeho celkov\u00e9 pen\u011b\u017en\u00ed p\u0159\u00edjmy dos\u00e1hnou 10 208,65 dolaru.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159esto\u017ee inkasoval \u00faroky, na samotn\u00e9m prodeji dluhopisu realizuje kapit\u00e1lovou ztr\u00e1tu p\u0159ibli\u017en\u011b 191,35 dolaru. Jeho celkov\u00fd zisk za prvn\u00ed rok se tak sn\u00ed\u017e\u00ed na zhruba 208,65 dolaru, co\u017e odpov\u00edd\u00e1 v\u00fdnosu za dobu dr\u017een\u00ed p\u0159ibli\u017en\u011b 2,09 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud by naopak dluhopis podr\u017eel a\u017e do splatnosti a vl\u00e1da splnila sv\u00e9 z\u00e1vazky, nad\u00e1le by z\u00edsk\u00e1val zb\u00fdvaj\u00edc\u00ed kup\u00f3nov\u00e9 platby a p\u0159i splatnosti by obdr\u017eel celou p\u016fvodn\u00ed jistinu 10 000 dolar\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tento p\u0159\u00edklad ukazuje z\u00e1sadn\u00ed rozd\u00edl mezi ob\u011bma strategiemi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dr\u017een\u00ed jednotliv\u00e9ho dluhopisu a\u017e do splatnosti umo\u017e\u0148uje investorovi pl\u00e1novat na z\u00e1klad\u011b p\u0159edem sjednan\u00fdch pen\u011b\u017en\u00edch tok\u016f. P\u0159ed\u010dasn\u00fd prodej jej naopak vystavuje aktu\u00e1ln\u00edm tr\u017en\u00edm cen\u00e1m, kter\u00e9 mohou znamenat kapit\u00e1lov\u00fd zisk i ztr\u00e1tu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To ov\u0161em neznamen\u00e1, \u017ee dr\u017een\u00ed do splatnosti mus\u00ed b\u00fdt za v\u0161ech okolnost\u00ed finan\u010dn\u011b v\u00fdhodn\u011bj\u0161\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159ed\u010dasn\u00fd prodej m\u016f\u017ee nap\u0159\u00edklad investorovi uvolnit kapit\u00e1l pro jin\u00e9 investice, v\u010detn\u011b dluhopis\u016f nab\u00edzej\u00edc\u00edch vy\u0161\u0161\u00ed v\u00fdnos. Spr\u00e1vn\u00e9 rozhodnut\u00ed proto z\u00e1vis\u00ed na jeho individu\u00e1ln\u00ed situaci a dostupn\u00fdch alternativ\u00e1ch.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Uveden\u00fd modelov\u00fd p\u0159\u00edklad nezohled\u0148uje transak\u010dn\u00ed n\u00e1klady ani dan\u011b. Nepracuje ani s alikvotn\u00edm \u00farokov\u00fdm v\u00fdnosem, proto\u017ee k prodeji doch\u00e1z\u00ed bezprost\u0159edn\u011b po v\u00fdplat\u011b kup\u00f3nu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Jak\u00fd zp\u016fsob n\u00e1kupu st\u00e1tn\u00edch dluhopis\u016f zvolit?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Rozhodnut\u00ed mezi p\u0159\u00edm\u00fdm n\u00e1kupem, investov\u00e1n\u00edm na sekund\u00e1rn\u00edm trhu a dluhopisov\u00fdmi fondy z\u00e1vis\u00ed p\u0159edev\u0161\u00edm na tom, jakou roli maj\u00ed st\u00e1tn\u00ed dluhopisy v portfoliu investora plnit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159\u00edm\u00e9 vlastnictv\u00ed m\u016f\u017ee vyhovovat investor\u016fm, kte\u0159\u00ed cht\u011bj\u00ed sladit datum splatnosti s konkr\u00e9tn\u00edmi budouc\u00edmi finan\u010dn\u00edmi z\u00e1vazky. Nap\u0159\u00edklad \u010dlov\u011bk pl\u00e1nuj\u00edc\u00ed za t\u0159i roky v\u011bt\u0161\u00ed n\u00e1kup m\u016f\u017ee preferovat dluhopis, jeho\u017e splatnost nastane kr\u00e1tce p\u0159ed okam\u017eikem, kdy bude pen\u00edze pot\u0159ebovat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">N\u00e1kup prost\u0159ednictv\u00edm brokera zase zp\u0159\u00edstup\u0148uje \u0161ir\u0161\u00ed v\u00fdb\u011br ji\u017e existuj\u00edc\u00edch cenn\u00fdch pap\u00edr\u016f. Investor tak m\u016f\u017ee porovn\u00e1vat r\u016fzn\u00e9 splatnosti a v\u00fdnosy, ani\u017e by musel \u010dekat na dal\u0161\u00ed aukci.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dluhopisov\u00e9 fondy naproti tomu nab\u00edzej\u00ed p\u0159edev\u0161\u00edm pohodl\u00ed a diverzifikaci. Umo\u017e\u0148uj\u00ed pr\u016fb\u011b\u017en\u011b investovat do st\u00e1tn\u00edho dluhu bez nutnosti samostatn\u011b vyb\u00edrat a spravovat jednotliv\u00e9 cenn\u00e9 pap\u00edry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Toto pohodl\u00ed v\u0161ak p\u0159in\u00e1\u0161\u00ed odli\u0161n\u00e1 rizika a n\u00e1klady. Investo\u0159i mus\u00ed zohlednit duraci portfolia, poplatky za spr\u00e1vu i kol\u00eds\u00e1n\u00ed hodnoty sv\u00fdch pod\u00edlov\u00fdch list\u016f nebo akci\u00ed ETF.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dal\u0161\u00edm faktorem je m\u011bnov\u00e9 riziko, zejm\u00e9na p\u0159i n\u00e1kupu zahrani\u010dn\u00edch st\u00e1tn\u00edch dluhopis\u016f. Zahrani\u010dn\u00ed cenn\u00fd pap\u00edr m\u016f\u017ee nab\u00edzet atraktivn\u00ed v\u00fdnos, nep\u0159\u00edzniv\u00fd v\u00fdvoj sm\u011bnn\u00e9ho kurzu v\u0161ak m\u016f\u017ee v\u00fdsledn\u00e9 zhodnocen\u00ed po p\u0159epo\u010dtu do dom\u00e1c\u00ed m\u011bny sn\u00ed\u017eit, nebo dokonce zcela eliminovat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kone\u010dn\u00fd v\u00fdsledek ovliv\u0148uje rovn\u011b\u017e zdan\u011bn\u00ed. \u00darokov\u00e9 p\u0159\u00edjmy ze st\u00e1tn\u00edch dluhopis\u016f a kapit\u00e1lov\u00e9 zisky mohou podl\u00e9hat odli\u0161n\u00fdm da\u0148ov\u00fdm pravidl\u016fm v z\u00e1vislosti na zemi da\u0148ov\u00e9 rezidence investora a st\u00e1tu, kter\u00fd dluhopis vydal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Porozum\u011bt tomu,&nbsp;<strong>jak koupit st\u00e1tn\u00ed dluhopisy<\/strong>, tak ve skute\u010dnosti znamen\u00e1 pochopit p\u0159edev\u0161\u00edm vztah mezi pravideln\u00fdmi p\u0159\u00edjmy, dobou splatnosti, tr\u017en\u00ed cenou a likviditou.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">St\u00e1tn\u00ed dluhopisy mohou sehr\u00e1t u\u017eite\u010dnou roli p\u0159i diverzifikaci portfolia i dlouhodob\u00e9m finan\u010dn\u00edm pl\u00e1nov\u00e1n\u00ed. P\u0159edv\u00eddatelnost jejich smluvn\u00edch plateb v\u0161ak nelze zam\u011b\u0148ovat za z\u00e1ruku, \u017ee je bude mo\u017en\u00e9 kdykoliv prodat bez ztr\u00e1ty.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>St\u00e1tn\u00ed dluhopisy b\u00fdvaj\u00ed spojov\u00e1ny p\u0159edev\u0161\u00edm se stabilitou, p\u0159edv\u00eddateln\u00fdmi p\u0159\u00edjmy a relativn\u011b n\u00edzk\u00fdm investi\u010dn\u00edm rizikem. Jejich n\u00e1kup v\u0161ak nemus\u00ed b\u00fdt tak jednoduch\u00fd jako po\u0159\u00edzen\u00ed akci\u00ed. Investo\u0159i se mus\u00ed rozhodnout, zda nakoup\u00ed jednotliv\u00e9 dluhopisy p\u0159\u00edmo, po\u0159\u00edd\u00ed je prost\u0159ednictv\u00edm obchodn\u00edka s cenn\u00fdmi pap\u00edry, nebo vyu\u017eij\u00ed dluhopisov\u00e9 fondy. Ka\u017ed\u00e1 z t\u011bchto mo\u017enost\u00ed p\u0159in\u00e1\u0161\u00ed odli\u0161n\u00e9 n\u00e1klady, rizika i m\u00edru flexibility. [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":89785,"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":[244],"tags":[5320,4940,6375],"class_list":["post-89805","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ekonomika","tag-dluhopisy","tag-ekonomika","tag-jak-koupit-statni-dluhopisy"],"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 koupit st\u00e1tn\u00ed dluhopisy a na co si d\u00e1t pozor? Porovnejte p\u0159\u00edm\u00fd n\u00e1kup, brokery a fondy. 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