{"id":90844,"date":"2026-11-02T16:45:49","date_gmt":"2026-11-02T15:45:49","guid":{"rendered":"https:\/\/trader-magazine.com\/?p=90844"},"modified":"2026-11-02T16:45:54","modified_gmt":"2026-11-02T15:45:54","slug":"small-cap-value-etf-proc-investovat-do-malych-a-levnych-firem-a-kdy-tato-strategie-selhava","status":"publish","type":"post","link":"https:\/\/trader-magazine.com\/cs\/akciove-trhy\/small-cap-value-etf-proc-investovat-do-malych-a-levnych-firem-a-kdy-tato-strategie-selhava\/","title":{"rendered":"Small cap value ETF: Pro\u010d investovat do mal\u00fdch a levn\u00fdch firem a kdy tato strategie selh\u00e1v\u00e1?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Men\u0161\u00ed spole\u010dnosti obchodovan\u00e9 za n\u00edzk\u00e9 ceny dlouhodob\u011b p\u0159itahuj\u00ed investory, kte\u0159\u00ed hledaj\u00ed p\u0159\u00edle\u017eitosti mimo nejv\u011bt\u0161\u00ed jm\u00e9na na Wall Street. Investi\u010dn\u00ed strategie zn\u00e1m\u00e1 jako small-cap value kombinuje dva d\u016fle\u017eit\u00e9 faktory: velikost spole\u010dnosti a jej\u00ed ocen\u011bn\u00ed. Fond typu small cap value ETF nab\u00edz\u00ed pom\u011brn\u011b jednoduch\u00fd zp\u016fsob, jak na tyto faktory vsadit. Historick\u00e9 zku\u0161enosti ale ukazuj\u00ed i m\u00e9n\u011b p\u0159\u00edjemnou skute\u010dnost. Dokonce i strategie podlo\u017een\u00e9 des\u00edtkami let v\u00fdzkumu mohou dlouhodob\u011b zaost\u00e1vat za trhem. Pro investory je proto z\u00e1sadn\u00ed pochopit, pro\u010d k tomu doch\u00e1z\u00ed a jakou roli hraje ziskovost spole\u010dnost\u00ed, slo\u017een\u00ed portfolia nebo jeho pravideln\u00e9 vyva\u017eov\u00e1n\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Co je small cap value ETF?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Small cap value ETF je burzovn\u011b obchodovan\u00fd fond, kter\u00fd investuje p\u0159edev\u0161\u00edm do men\u0161\u00edch ve\u0159ejn\u011b obchodovan\u00fdch spole\u010dnost\u00ed, jejich\u017e akcie jsou vzhledem k finan\u010dn\u00edm ukazatel\u016fm relativn\u011b levn\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ozna\u010den\u00ed&nbsp;<em>small cap<\/em>&nbsp;se pou\u017e\u00edv\u00e1 pro spole\u010dnosti s ni\u017e\u0161\u00ed tr\u017en\u00ed kapitalizac\u00ed ve srovn\u00e1n\u00ed s velk\u00fdmi korporacemi. P\u0159esn\u00e1 definice se v\u0161ak li\u0161\u00ed podle poskytovatele indexu. Dva fondy ozna\u010den\u00e9 jako small-cap tak mohou investovat do firem s pom\u011brn\u011b odli\u0161nou velikost\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Druh\u00e1 \u010d\u00e1st n\u00e1zvu,&nbsp;<em>value<\/em>, ozna\u010duje hodnotov\u00fd p\u0159\u00edstup k investov\u00e1n\u00ed. Ten se zam\u011b\u0159uje na spole\u010dnosti, jejich\u017e akcie se obchoduj\u00ed za relativn\u011b n\u00edzk\u00e9 ceny vzhledem k jejich finan\u010dn\u00edm fundament\u016fm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">K posouzen\u00ed ocen\u011bn\u00ed se b\u011b\u017en\u011b vyu\u017e\u00edvaj\u00ed ukazatele, jako je pom\u011br ceny akcie k \u00fa\u010detn\u00ed hodnot\u011b (P\/B), pom\u011br ceny k zisku (P\/E) nebo pom\u011br ceny k tr\u017eb\u00e1m (P\/S).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na rozd\u00edl od r\u016fstov\u00fdch strategi\u00ed, kter\u00e9 se zam\u011b\u0159uj\u00ed p\u0159edev\u0161\u00edm na spole\u010dnosti s o\u010dek\u00e1van\u00fdm rychl\u00fdm r\u016fstem zisk\u016f, hled\u00e1 hodnotov\u00e9 investov\u00e1n\u00ed podniky, jejich\u017e aktu\u00e1ln\u00ed tr\u017en\u00ed cena je vzhledem k finan\u010dn\u00edm charakteristik\u00e1m pom\u011brn\u011b n\u00edzk\u00e1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kombinac\u00ed obou p\u0159\u00edstup\u016f vznik\u00e1 portfolio, kter\u00e9 se m\u016f\u017ee v\u00fdrazn\u011b li\u0161it nap\u0159\u00edklad od ETF kop\u00edruj\u00edc\u00edho index S&amp;P 500.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zat\u00edmco nejzn\u00e1m\u011bj\u0161\u00ed americk\u00fd akciov\u00fd index je v\u00fdrazn\u011b ovliv\u0148ov\u00e1n nejv\u011bt\u0161\u00edmi technologick\u00fdmi spole\u010dnostmi, small cap value ETF m\u016f\u017ee m\u00edt vy\u0161\u0161\u00ed zastoupen\u00ed region\u00e1ln\u00edch bank, pr\u016fmyslov\u00fdch podnik\u016f, men\u0161\u00edch v\u00fdrobc\u016f a dal\u0161\u00edch zaveden\u00fdch firem, kter\u00fdm investo\u0159i v\u011bnuj\u00ed m\u00e9n\u011b pozornosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b tento rozd\u00edl je d\u016fle\u017eit\u00fd pro pochopen\u00ed potenci\u00e1ln\u00edch v\u00fdhod i rizik cel\u00e9 strategie.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mohlo by v\u00e1s zaj\u00edmat: <a href=\"https:\/\/trader-magazine.com\/cs\/akademie\/nemovitostni-etf-jak-investovat-do-realit-prostrednictvim-fondu-reit\/\">Nemovitostn\u00ed ETF: Jak investovat do realit prost\u0159ednictv\u00edm fond\u016f REIT<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">Pro\u010d strategie small-cap value v\u016fbec vznikla?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Teoretick\u00e9 z\u00e1klady investov\u00e1n\u00ed do mal\u00fdch a levn\u00fdch spole\u010dnost\u00ed vych\u00e1zej\u00ed mimo jin\u00e9 z akademick\u00e9ho v\u00fdzkumu faktor\u016f, kter\u00e9 pom\u00e1haj\u00ed vysv\u011btlovat rozd\u00edly ve v\u00fdnosech jednotliv\u00fdch akci\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tradi\u010dn\u00ed investi\u010dn\u00ed teorie klade d\u016fraz p\u0159edev\u0161\u00edm na tr\u017en\u00ed riziko. Investo\u0159i o\u010dek\u00e1vaj\u00ed ur\u010ditou kompenzaci za to, \u017ee dr\u017e\u00ed akcie m\u00edsto relativn\u011b bezpe\u010dn\u00fdch aktiv.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ekonomov\u00e9 Eugene Fama a Kenneth French v\u0161ak p\u0159i anal\u00fdze historick\u00fdch akciov\u00fdch v\u00fdnos\u016f identifikovali dal\u0161\u00ed d\u016fle\u017eit\u00e9 charakteristiky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jejich v\u00fdzkum upozornil zejm\u00e9na na dva faktory: velikost a hodnotu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Faktor velikosti (size)<\/strong>&nbsp;popisuje historicky pozorovanou tendenci men\u0161\u00edch spole\u010dnost\u00ed dosahovat v n\u011bkter\u00fdch dlouhodob\u00fdch obdob\u00edch vy\u0161\u0161\u00edch pr\u016fm\u011brn\u00fdch v\u00fdnos\u016f ne\u017e velk\u00e9 firmy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jedn\u00edm z mo\u017en\u00fdch vysv\u011btlen\u00ed je vy\u0161\u0161\u00ed rizikovost men\u0161\u00edch podnik\u016f. Ty mohou m\u00edt m\u00e9n\u011b diverzifikovan\u00e9 p\u0159\u00edjmy, obt\u00ed\u017en\u011bj\u0161\u00ed p\u0159\u00edstup k financov\u00e1n\u00ed nebo ni\u017e\u0161\u00ed likviditu sv\u00fdch akci\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Hodnotov\u00fd faktor (value)<\/strong>&nbsp;zase popisuje historickou tendenci relativn\u011b levn\u00fdch akci\u00ed p\u0159ekon\u00e1vat v ur\u010dit\u00fdch obdob\u00edch akcie s vysok\u00fdm ocen\u011bn\u00edm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hodnotov\u00e9 spole\u010dnosti mohou b\u00fdt investory p\u0159ehl\u00ed\u017een\u00e9, mohou \u010delit slab\u0161\u00edm o\u010dek\u00e1v\u00e1n\u00edm r\u016fstu nebo p\u016fsobit v odv\u011btv\u00edch, kter\u00e1 pr\u00e1v\u011b proch\u00e1zej\u00ed obt\u00ed\u017en\u00fdm obdob\u00edm. N\u011bkter\u00e9 z nich mohou b\u00fdt tak\u00e9 objektivn\u011b rizikov\u011bj\u0161\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investo\u0159i tak mohou po\u017eadovat vy\u0161\u0161\u00ed o\u010dek\u00e1van\u00e9 v\u00fdnosy jako kompenzaci za nejistotu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ve sv\u00e9 v\u00fdznamn\u00e9&nbsp;<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0304405X14002323\">studii z roku 2015 v\u011bnovan\u00e9 p\u011btifaktorov\u00e9mu modelu oce\u0148ov\u00e1n\u00ed aktiv<\/a>&nbsp;Fama a French roz\u0161\u00ed\u0159ili p\u016fvodn\u00ed p\u0159\u00edstup o ziskovost spole\u010dnost\u00ed a jejich investi\u010dn\u00ed aktivitu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jejich z\u00e1v\u011bry ukazuj\u00ed, \u017ee samotn\u00e9 ocen\u011bn\u00ed akcie nevysv\u011btluje v\u0161echno.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mal\u00e1 firma obchodovan\u00e1 za n\u00edzkou cenu m\u016f\u017ee p\u0159edstavovat zaj\u00edmavou investi\u010dn\u00ed p\u0159\u00edle\u017eitost. Stejn\u011b tak ale m\u016f\u017ee b\u00fdt levn\u00e1 proto, \u017ee se jej\u00ed finan\u010dn\u00ed situace zhor\u0161uje.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edev\u0161\u00edm je d\u016fle\u017eit\u00e9 zd\u016fraznit, \u017ee&nbsp;<strong>historicky pozorovan\u00e1 v\u00fdnosov\u00e1 pr\u00e9mie neznamen\u00e1 z\u00e1ruku budouc\u00ed nadv\u00fdkonnosti<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pro\u010d mohou small cap value ETF dlouh\u00e9 roky zaost\u00e1vat za trhem?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Jedn\u00edm z nejv\u011bt\u0161\u00edch omyl\u016f spojen\u00fdch s faktorov\u00fdm investov\u00e1n\u00edm je p\u0159edstava, \u017ee strategie podlo\u017een\u00e1 dlouhodob\u00fdm v\u00fdzkumem mus\u00ed pravideln\u011b p\u0159in\u00e1\u0161et nadpr\u016fm\u011brn\u00e9 v\u00fdnosy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finan\u010dn\u00ed trhy v\u0161ak takto nefunguj\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Small cap value ETF m\u016f\u017ee za \u0161irok\u00fdm akciov\u00fdm indexem zaost\u00e1vat n\u011bkolik let po sob\u011b, p\u0159esto\u017ee teoretick\u00e9 argumenty ve prosp\u011bch strategie z\u016fst\u00e1vaj\u00ed relevantn\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si nap\u0159\u00edklad obdob\u00ed, kdy investo\u0159i v\u00fdrazn\u011b up\u0159ednost\u0148uj\u00ed velk\u00e9 technologick\u00e9 spole\u010dnosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ty p\u0159itahuj\u00ed kapit\u00e1l, jejich ocen\u011bn\u00ed roste a hlavn\u00ed akciov\u00e9 indexy d\u00edky jejich v\u00e1ze dosahuj\u00ed vysok\u00fdch v\u00fdnos\u016f. Men\u0161\u00ed spole\u010dnosti v tradi\u010dn\u00edch odv\u011btv\u00edch naproti tomu z\u016fst\u00e1vaj\u00ed stranou z\u00e1jmu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fond zam\u011b\u0159en\u00fd na mal\u00e9 hodnotov\u00e9 firmy tak m\u016f\u017ee v\u00fdrazn\u011b zaost\u00e1vat, i kdy\u017e \u0159ada jeho spole\u010dnost\u00ed nad\u00e1le vykazuje zisk.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tento rozd\u00edl b\u00fdv\u00e1 obzvl\u00e1\u0161\u0165 nep\u0159\u00edjemn\u00fd ve chv\u00edli, kdy investor porovn\u00e1v\u00e1 sv\u00e9 v\u00fdsledky s dob\u0159e zn\u00e1m\u00fdm indexem S&amp;P 500.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Historick\u00e9 zku\u0161enosti ukazuj\u00ed, \u017ee podobn\u00e1 obdob\u00ed mohou trvat mimo\u0159\u00e1dn\u011b dlouho.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Studie zve\u0159ejn\u011bn\u00e1 v odborn\u00e9m \u010dasopise&nbsp;<em>Financial Analysts Journal<\/em>&nbsp;zjistila, \u017ee tradi\u010dn\u00ed hodnotov\u00fd faktor podle modelu Fama\u2013French, zalo\u017een\u00fd na pom\u011bru \u00fa\u010detn\u00ed a tr\u017en\u00ed hodnoty, zaznamenal mezi rokem 2007 a polovinou roku 2020&nbsp;<strong>kumulativn\u00ed relativn\u00ed propad o 55 procent<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tento \u00fadaj popisuje relativn\u00ed v\u00fdkonnost v\u00fdzkumn\u00e9ho faktoru, nikoli absolutn\u00ed ztr\u00e1tu konkr\u00e9tn\u00edho small cap value ETF.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Auto\u0159i upozornili, \u017ee \u010d\u00e1st dlouhodob\u00e9ho oslaben\u00ed tradi\u010dn\u00ed hodnotov\u00e9 strategie mohla souviset s pou\u017e\u00edvan\u00fdmi oce\u0148ovac\u00edmi ukazateli a rostouc\u00edm v\u00fdznamem nehmotn\u00fdch aktiv.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jejich z\u00e1v\u011bry publikovan\u00e9 prost\u0159ednictv\u00edm&nbsp;<a href=\"https:\/\/rpc.cfainstitute.org\/research\/financial-analysts-journal\/2020\/0015198x-2020-1842704\">CFA Institute<\/a>&nbsp;ukazuj\u00ed, jak v\u00fdrazn\u011b m\u016f\u017ee ur\u010dit\u00fd investi\u010dn\u00ed faktor na dlouhou dobu ztratit p\u0159\u00edze\u0148 trhu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investor tak m\u016f\u017ee dr\u017eet diverzifikovan\u00fd fond zam\u011b\u0159en\u00fd na mal\u00e9 hodnotov\u00e9 spole\u010dnosti cel\u00e9 desetilet\u00ed, a p\u0159esto b\u00fdt zklaman\u00fd p\u0159i porovn\u00e1n\u00ed jeho v\u00fdkonnosti s velk\u00fdmi r\u016fstov\u00fdmi akciemi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">S touto mo\u017enost\u00ed je pot\u0159eba po\u010d\u00edtat je\u0161t\u011b p\u0159ed samotnou investic\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pro\u010d je d\u016fle\u017eit\u00e9 sledovat ziskovost spole\u010dnost\u00ed?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ne v\u0161echny small cap value ETF pou\u017e\u00edvaj\u00ed stejnou investi\u010dn\u00ed metodiku.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">N\u011bkter\u00e9 fondy se zam\u011b\u0159uj\u00ed p\u0159edev\u0161\u00edm na ukazatele ocen\u011bn\u00ed. Jin\u00e9 p\u0159id\u00e1vaj\u00ed dal\u0161\u00ed finan\u010dn\u00ed charakteristiky, kter\u00e9 maj\u00ed pomoci odli\u0161it zdrav\u011bj\u0161\u00ed podniky od spole\u010dnost\u00ed pot\u00fdkaj\u00edc\u00edch se s v\u00e1\u017en\u00fdmi probl\u00e9my.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jedn\u00edm z nejd\u016fle\u017eit\u011bj\u0161\u00edch krit\u00e9ri\u00ed je ziskovost.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Spole\u010dnost obchodovan\u00e1 za n\u00edzkou cenu m\u016f\u017ee b\u00fdt investory pouze do\u010dasn\u011b p\u0159ehl\u00ed\u017een\u00e1. Stejn\u011b tak ale m\u016f\u017ee ztr\u00e1cet pod\u00edl na trhu, hromadit dluhy nebo nedosahovat dostate\u010dn\u00fdch zisk\u016f pro dlouhodob\u00e9 fungov\u00e1n\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V takov\u00e9m p\u0159\u00edpad\u011b se m\u016f\u017ee jednat o takzvanou&nbsp;<em>hodnotovou past<\/em>&nbsp;neboli&nbsp;<em>value trap<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jde o akcii, kter\u00e1 na prvn\u00ed pohled vypad\u00e1 levn\u011b, ale jej\u00ed cena z\u016fst\u00e1v\u00e1 n\u00edzk\u00e1 nebo d\u00e1le kles\u00e1, proto\u017ee se fundament\u00e1ln\u00ed situace podniku nezlep\u0161uje.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b toto riziko se n\u011bkter\u00e9 fondy sna\u017e\u00ed omezovat prost\u0159ednictv\u00edm filtr\u016f ziskovosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Spr\u00e1vci mohou zkoumat provozn\u00ed ziskovost, pom\u011br zisku k \u00fa\u010detn\u00edmu vlastn\u00edmu kapit\u00e1lu, pen\u011b\u017en\u00ed toky nebo dal\u0161\u00ed ukazatele finan\u010dn\u00ed stability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159\u00edkladem je&nbsp;<a href=\"https:\/\/www.avantisinvestors.com\/avantis-investments\/en-us\/avantis-us-small-cap-value-etf\/AVUV\/\">Avantis U.S. Small Cap Value ETF (AVUV)<\/a>, kter\u00fd vyu\u017e\u00edv\u00e1 aktivn\u011b \u0159\u00edzenou strategii zd\u016fraz\u0148uj\u00edc\u00ed relativn\u011b n\u00edzk\u00e9 ocen\u011bn\u00ed a vy\u0161\u0161\u00ed ukazatele ziskovosti spole\u010dnost\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Naproti tomu&nbsp;<a href=\"https:\/\/www.spglobal.com\/spdji\/en\/indices\/equity\/sp-smallcap-600-value\/\">index S&amp;P SmallCap 600 Value<\/a>&nbsp;klasifikuje hodnotov\u00e9 akcie pomoc\u00ed pom\u011br\u016f \u00fa\u010detn\u00ed hodnoty, zisku a tr\u017eeb k cen\u011b akci\u00ed. Jeho mate\u0159sk\u00fd index S&amp;P SmallCap 600 nav\u00edc p\u0159i v\u00fdb\u011bru nov\u00fdch spole\u010dnost\u00ed uplat\u0148uje po\u017eadavky na jejich finan\u010dn\u00ed \u017eivotaschopnost.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tyto metodiky tedy nejsou toto\u017en\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fond, kter\u00fd v\u00edce zd\u016fraz\u0148uje ziskovost, se m\u016f\u017ee vyhnout n\u011bkter\u00fdm finan\u010dn\u011b slab\u00fdm spole\u010dnostem, je\u017e by spl\u0148ovaly krit\u00e9ria strategie zalo\u017een\u00e9 p\u0159edev\u0161\u00edm na n\u00edzk\u00e9m ocen\u011bn\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Takov\u00fd p\u0159\u00edstup m\u00e1 ale tak\u00e9 sv\u00e9 nev\u00fdhody. M\u016f\u017ee nap\u0159\u00edklad vy\u0159adit hluboce podhodnocen\u00e9 spole\u010dnosti, kter\u00fdm se pozd\u011bji poda\u0159\u00ed \u00fasp\u011b\u0161n\u011b zotavit, nebo omezit zastoupen\u00ed n\u011bkter\u00fdch odv\u011btv\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Filtry ziskovosti nav\u00edc nedok\u00e1\u017eou zcela zabr\u00e1nit podnikatelsk\u00fdm ne\u00fasp\u011bch\u016fm ani tr\u017en\u00edm propad\u016fm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Z\u00e1sadn\u00ed ot\u00e1zkou proto nen\u00ed pouze to, zda ETF vlastn\u00ed levn\u00e9 akcie, ale&nbsp;<strong>jak\u00fdm zp\u016fsobem dok\u00e1\u017ee rozli\u0161ovat n\u00edzk\u00e9 ocen\u011bn\u00ed od zhor\u0161uj\u00edc\u00edch se fundament\u016f<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mohlo by v\u00e1s zaj\u00edmat: <a href=\"https:\/\/trader-magazine.com\/cs\/akademie\/rocni-nakladovost-etf-kolik-vas-skutecne-stoji-poplatek-020\/\">Ro\u010dn\u00ed n\u00e1kladovost ETF: Kolik v\u00e1s skute\u010dn\u011b stoj\u00ed poplatek 0,20 %?<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">Jakou roli hraje pravideln\u00e9 vyva\u017eov\u00e1n\u00ed portfolia?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Small cap value ETF nemus\u00ed p\u0159edstavovat nem\u011bnn\u00fd soubor spole\u010dnost\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Charakteristiky jednotliv\u00fdch firem se postupem \u010dasu m\u011bn\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">N\u011bkter\u00e9 podniky vyrostou natolik, \u017ee u\u017e neodpov\u00eddaj\u00ed po\u017eadovan\u00e9 velikostn\u00ed kategorii. Jin\u00fdm v\u00fdrazn\u011b vzroste cena akci\u00ed, tak\u017ee p\u0159estanou spl\u0148ovat hodnotov\u00e1 krit\u00e9ria fondu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Z\u00e1rove\u0148 se mohou objevit nov\u00e9 p\u0159\u00edle\u017eitosti mezi spole\u010dnostmi, jejich\u017e ocen\u011bn\u00ed mezit\u00edm pokleslo.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b proto je d\u016fle\u017eit\u00e9 pravideln\u00e9 vyva\u017eov\u00e1n\u00ed portfolia, ozna\u010dovan\u00e9 jako&nbsp;<em>rebalancov\u00e1n\u00ed<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jde o proces, p\u0159i kter\u00e9m fond upravuje slo\u017een\u00ed a v\u00e1hy jednotliv\u00fdch investic, aby nad\u00e1le odpov\u00eddal zvolen\u00e9 strategii.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si nap\u0159\u00edklad ETF, kter\u00e9 vlastn\u00ed akcie men\u0161\u00ed pr\u016fmyslov\u00e9 spole\u010dnosti d\u00edky jejich relativn\u011b n\u00edzk\u00e9mu ocen\u011bn\u00ed vzhledem k zisk\u016fm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">B\u011bhem n\u011bkolika let cena akci\u00ed v\u00fdrazn\u011b vzroste, zat\u00edmco zisk spole\u010dnosti roste pomaleji.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Akcie se tak z pohledu hodnotov\u00fdch ukazatel\u016f st\u00e1v\u00e1 m\u00e9n\u011b atraktivn\u00ed. Fond m\u016f\u017ee jej\u00ed zastoupen\u00ed sn\u00ed\u017eit nebo ji p\u0159i pravideln\u00e9 revizi z portfolia zcela vy\u0159adit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Uvoln\u011bn\u00e9 prost\u0159edky n\u00e1sledn\u011b investuje do dal\u0161\u00edch spole\u010dnost\u00ed, kter\u00e9 spl\u0148uj\u00ed po\u017eadovan\u00e1 krit\u00e9ria.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tento proces pom\u00e1h\u00e1 zachovat zam\u011b\u0159en\u00ed portfolia na vybran\u00e9 investi\u010dn\u00ed faktory.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rebalancov\u00e1n\u00ed v\u0161ak nen\u00ed bez n\u00e1klad\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ka\u017ed\u00fd obchod m\u016f\u017ee vytv\u00e1\u0159et transak\u010dn\u00ed n\u00e1klady, co\u017e je d\u016fle\u017eit\u00e9 zejm\u00e9na u men\u0161\u00edch spole\u010dnost\u00ed s ni\u017e\u0161\u00ed likviditou akci\u00ed. V\u011bt\u0161\u00ed rozd\u00edl mezi n\u00e1kupn\u00ed a prodejn\u00ed cenou, ozna\u010dovan\u00fd jako spread, m\u016f\u017ee obchodov\u00e1n\u00ed d\u00e1le prodra\u017eovat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159\u00edli\u0161 \u010dast\u00e9 zm\u011bny portfolia proto mohou sni\u017eovat skute\u010dn\u00fd v\u00fdnos investor\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jednotliv\u00e9 fondy tento probl\u00e9m \u0159e\u0161\u00ed rozd\u00edln\u011b. N\u011bkter\u00e9 indexy vyu\u017e\u00edvaj\u00ed pravideln\u00e9 revize a aktualizace slo\u017een\u00ed, zat\u00edmco aktivn\u011b \u0159\u00edzen\u00e9 fondy mohou sv\u00e9 pozice upravovat pr\u016fb\u011b\u017en\u011b a postupn\u011b.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investor by proto nem\u011bl sledovat pouze poplatek za spr\u00e1vu, ale tak\u00e9 obrat portfolia, metodiku indexu a n\u00e1klady na obchodov\u00e1n\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">T\u0159i sc\u00e9n\u00e1\u0159e, kter\u00e9 ukazuj\u00ed v\u00fdhody a slabiny strategie<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Historick\u00fd v\u00fdvoj finan\u010dn\u00edch trh\u016f nab\u00edz\u00ed u\u017eite\u010dn\u00e9 p\u0159\u00edklady, jak se m\u016f\u017ee investov\u00e1n\u00ed do men\u0161\u00edch hodnotov\u00fdch spole\u010dnost\u00ed chovat za r\u016fzn\u00fdch ekonomick\u00fdch podm\u00ednek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">N\u00e1sleduj\u00edc\u00ed sc\u00e9n\u00e1\u0159e nep\u0159edstavuj\u00ed p\u0159edpov\u011b\u010f budouc\u00edch v\u00fdnos\u016f. Slou\u017e\u00ed k vysv\u011btlen\u00ed mo\u017en\u00e9ho chov\u00e1n\u00ed strategie.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Sc\u00e9n\u00e1\u0159 1: Trhu dominuj\u00ed velk\u00e9 technologick\u00e9 spole\u010dnosti<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si n\u011bkolik let, b\u011bhem kter\u00fdch investo\u0159i v\u00fdrazn\u011b up\u0159ednost\u0148uj\u00ed technologick\u00e9 firmy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Velk\u00e9 spole\u010dnosti p\u0159itahuj\u00ed kapit\u00e1l, o\u010dek\u00e1v\u00e1n\u00ed jejich budouc\u00edch zisk\u016f rostou a investo\u0159i jsou ochotni platit st\u00e1le vy\u0161\u0161\u00ed ceny vzhledem k jejich finan\u010dn\u00edm v\u00fdsledk\u016fm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hlavn\u00ed akciov\u00e9 indexy t\u011b\u017e\u00ed z rostouc\u00ed v\u00e1hy \u00fasp\u011b\u0161n\u00fdch technologick\u00fdch firem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Men\u0161\u00ed pr\u016fmyslov\u00e9 a finan\u010dn\u00ed spole\u010dnosti v\u0161ak mohou z\u016fst\u00e1vat stranou z\u00e1jmu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Small cap value ETF by v takov\u00e9m obdob\u00ed mohl v\u00fdrazn\u011b zaost\u00e1vat za \u0161irok\u00fdm trhem, ani\u017e by nutn\u011b zaznamenal velkou absolutn\u00ed ztr\u00e1tu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hlavn\u00edm probl\u00e9mem by byla relativn\u00ed v\u00fdkonnost.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investo\u0159i by mohli za\u010d\u00edt o zvolen\u00e9 strategii pochybovat pr\u00e1v\u011b proto, \u017ee jej\u00ed v\u00fdsledky vypadaj\u00ed ve srovn\u00e1n\u00ed s popul\u00e1rn\u011bj\u0161\u00edmi investicemi slab\u011b.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Sc\u00e9n\u00e1\u0159 2: Recese zas\u00e1hne men\u0161\u00ed podniky<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Nyn\u00ed si p\u0159edstavme hospod\u00e1\u0159sk\u00fd pokles.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Spot\u0159ebitelsk\u00e1 popt\u00e1vka sl\u00e1bne, firemn\u00ed zisky se sni\u017euj\u00ed a banky za\u010d\u00ednaj\u00ed b\u00fdt opatrn\u011bj\u0161\u00ed p\u0159i poskytov\u00e1n\u00ed \u00fav\u011br\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Men\u0161\u00ed spole\u010dnosti se mohou dostat do probl\u00e9m\u016f, proto\u017ee \u010dasto disponuj\u00ed omezen\u011bj\u0161\u00edmi finan\u010dn\u00edmi zdroji a men\u0161\u00ed flexibilitou ne\u017e velk\u00e9 nadn\u00e1rodn\u00ed korporace.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zvl\u00e1\u0161\u0165 zraniteln\u00e9 mohou b\u00fdt podniky s vysok\u00fdm zadlu\u017een\u00edm, zejm\u00e9na pokud n\u00e1klady na financov\u00e1n\u00ed z\u016fst\u00e1vaj\u00ed zv\u00fd\u0161en\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Za t\u011bchto podm\u00ednek m\u016f\u017ee small cap value ETF zaznamenat v\u00fdrazn\u00e9 ztr\u00e1ty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Filtry ziskovosti mohou pomoci omezit zastoupen\u00ed n\u011bkter\u00fdch finan\u010dn\u011b zraniteln\u00fdch spole\u010dnost\u00ed, nedok\u00e1\u017eou v\u0161ak zabr\u00e1nit poklesu cel\u00e9ho tr\u017en\u00edho segmentu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tento sc\u00e9n\u00e1\u0159 ukazuje, pro\u010d m\u016f\u017ee b\u00fdt strategie spojovan\u00e1 s vy\u0161\u0161\u00edmi o\u010dek\u00e1van\u00fdmi dlouhodob\u00fdmi v\u00fdnosy z\u00e1rove\u0148 vystavena zna\u010dn\u00e9mu kr\u00e1tkodob\u00e9mu riziku.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Sc\u00e9n\u00e1\u0159 3: Hospod\u00e1\u0159sk\u00e9 o\u017eiven\u00ed pom\u016f\u017ee \u0161ir\u0161\u00edmu trhu<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Nakonec si p\u0159edstavme ekonomick\u00e9 o\u017eiven\u00ed, p\u0159i kter\u00e9m za\u010dnou zisky r\u016fst ve v\u011bt\u0161\u00edm po\u010dtu odv\u011btv\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pozornost investor\u016f se postupn\u011b p\u0159esouv\u00e1 i mimo nejv\u011bt\u0161\u00ed technologick\u00e9 spole\u010dnosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">D\u0159\u00edve p\u0159ehl\u00ed\u017een\u00e9 podniky vykazuj\u00ed lep\u0161\u00ed hospod\u00e1\u0159sk\u00e9 v\u00fdsledky a jejich relativn\u011b n\u00edzk\u00e9 ocen\u011bn\u00ed za\u010d\u00edn\u00e1 p\u0159itahovat nov\u00fd kapit\u00e1l.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Portfolio mal\u00fdch hodnotov\u00fdch spole\u010dnost\u00ed by v takov\u00e9m prost\u0159ed\u00ed mohlo t\u011b\u017eit jak ze zlep\u0161uj\u00edc\u00edch se zisk\u016f, tak z r\u016fstu oce\u0148ovac\u00edch n\u00e1sobk\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Small cap value ETF by pak mohl p\u0159ekonat \u0161ir\u0161\u00ed akciov\u00fd trh.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Probl\u00e9m spo\u010d\u00edv\u00e1 v tom, \u017ee na\u010dasov\u00e1n\u00ed, intenzitu ani d\u00e9lku podobn\u00fdch zm\u011bn investi\u010dn\u00edch preferenc\u00ed nelze spolehliv\u011b p\u0159edpov\u011bd\u011bt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">O\u017eiven\u00ed m\u016f\u017ee p\u0159ij\u00edt pozd\u011bji, ne\u017e investo\u0159i o\u010dek\u00e1vaj\u00ed. Men\u0161\u00ed podniky nav\u00edc mohou \u010delit struktur\u00e1ln\u00edm probl\u00e9m\u016fm i v dob\u011b, kdy se ekonomika jako celek zotavuje.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">D\u016fle\u017eit\u00e9 proto je, \u017ee&nbsp;<strong>hodnotov\u00e9 investov\u00e1n\u00ed do men\u0161\u00edch firem nestoj\u00ed pouze na n\u00e1kupu levn\u00fdch akci\u00ed, ale tak\u00e9 na tom, jak trh v pr\u016fb\u011bhu \u010dasu p\u0159ehodnocuje jejich rizika a perspektivu<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Podle \u010deho vyb\u00edrat small cap value ETF?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159i v\u00fdb\u011bru small cap value ETF nesta\u010d\u00ed porovnat pouze historick\u00e9 v\u00fdnosy jednotliv\u00fdch fond\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investor by se m\u011bl nejprve sezn\u00e1mit s podkladov\u00fdm indexem nebo investi\u010dn\u00ed metodikou.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dva fondy se stejn\u00fdm ozna\u010den\u00edm se toti\u017e mohou v\u00fdrazn\u011b li\u0161it pr\u016fm\u011brnou velikost\u00ed spole\u010dnost\u00ed, jejich ocen\u011bn\u00edm, ziskovost\u00ed nebo zastoupen\u00edm jednotliv\u00fdch sektor\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dal\u0161\u00edm d\u016fle\u017eit\u00fdm faktorem je koncentrace portfolia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159esto\u017ee ETF zpravidla vlastn\u00ed des\u00edtky \u010di stovky akci\u00ed, m\u016f\u017ee b\u00fdt st\u00e1le v\u00fdrazn\u011b vystaveno ur\u010dit\u00fdm odv\u011btv\u00edm nebo ekonomick\u00fdm rizik\u016fm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nap\u0159\u00edklad fond s vysok\u00fdm zastoupen\u00edm finan\u010dn\u00edho sektoru m\u016f\u017ee na zm\u011bny \u00farokov\u00fdch sazeb reagovat jinak ne\u017e fond zam\u011b\u0159en\u00fd p\u0159edev\u0161\u00edm na pr\u016fmyslov\u00e9 spole\u010dnosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u00fdznamnou roli hraj\u00ed tak\u00e9 n\u00e1klady.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u016fb\u011b\u017en\u00e1 n\u00e1kladovost fondu, b\u011b\u017en\u011b vyjad\u0159ovan\u00e1 ukazatelem TER nebo expense ratio, sni\u017euje v\u00fdnos dostupn\u00fd investorovi. Dal\u0161\u00ed rozd\u00edly mohou vznikat v d\u016fsledku transak\u010dn\u00edch n\u00e1klad\u016f, obchodn\u00edch spread\u016f nebo \u010dast\u00fdch zm\u011bn portfolia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investor by m\u011bl tak\u00e9 zjistit, zda ETF pouze sleduje vybran\u00fd index, nebo vyu\u017e\u00edv\u00e1 aktivn\u011b \u0159\u00edzenou strategii.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nakonec je nutn\u00e9 zv\u00e1\u017eit, jak nov\u00e1 investice zapad\u00e1 do celkov\u00e9ho portfolia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro investora, kter\u00fd ji\u017e vlastn\u00ed \u0161iroce diverzifikovan\u00e9 glob\u00e1ln\u00ed akciov\u00e9 ETF, m\u016f\u017ee fond zam\u011b\u0159en\u00fd na mal\u00e9 hodnotov\u00e9 spole\u010dnosti p\u0159edstavovat dodate\u010dnou expozici v\u016f\u010di men\u0161\u00edm a relativn\u011b levn\u011b ocen\u011bn\u00fdm podnik\u016fm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159id\u00e1n\u00ed dal\u0161\u00edho ETF ale automaticky neznamen\u00e1 lep\u0161\u00ed diverzifikaci. Z\u00e1le\u017e\u00ed na p\u0159ekryvu jednotliv\u00fdch pozic, geografick\u00e9m zam\u011b\u0159en\u00ed a skute\u010dn\u00fdch rizikov\u00fdch faktorech.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investo\u0159i mimo Spojen\u00e9 st\u00e1ty by nav\u00edc m\u011bli zohlednit domicil fondu, jeho dostupnost na m\u00edstn\u00edm trhu, da\u0148ov\u00e9 dopady a m\u011bnov\u00e9 riziko.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro \u010desk\u00e9 investory m\u016f\u017ee b\u00fdt d\u016fle\u017eit\u00e9 zejm\u00e9na ov\u011b\u0159it dostupnost p\u0159\u00edslu\u0161n\u00e9ho ETF v evropsk\u00e9 regulaci, p\u0159\u00edpadn\u011b hledat alternativn\u00ed fondy spl\u0148uj\u00edc\u00ed pravidla UCITS.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Vyplat\u00ed se small cap value ETF dr\u017eet dlouhodob\u011b?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Nejsiln\u011bj\u0161\u00edm argumentem pro investov\u00e1n\u00ed do mal\u00fdch hodnotov\u00fdch spole\u010dnost\u00ed nen\u00ed p\u0159edpoklad, \u017ee p\u0159\u00ed\u0161t\u00ed rok p\u0159ekonaj\u00ed index S&amp;P 500.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Podstatn\u00e9 je, \u017ee velikost spole\u010dnosti, jej\u00ed ocen\u011bn\u00ed a ziskovost historicky pom\u00e1haly vysv\u011btlovat rozd\u00edly v o\u010dek\u00e1van\u00fdch v\u00fdnosech akci\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Small cap value ETF poskytuje investor\u016fm systematick\u00fd zp\u016fsob, jak se na tyto charakteristiky zam\u011b\u0159it, ani\u017e by museli sami vyb\u00edrat jednotliv\u00e9 spole\u010dnosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Strategie v\u0161ak m\u00e1 v\u00fdznamn\u00e1 omezen\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Men\u0161\u00ed podniky mohou b\u00fdt finan\u010dn\u011b zraniteln\u00e9. Levn\u00e9 akcie mohou z\u016fst\u00e1vat levn\u00e9 velmi dlouho. Historick\u00e9 faktorov\u00e9 pr\u00e9mie se nemus\u00ed po \u0159adu let projevit a skute\u010dn\u00e9 v\u00fdnosy mohou nav\u00edc sni\u017eovat n\u00e1klady na realizaci strategie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro investora, kter\u00fd o tomto p\u0159\u00edstupu uva\u017euje, proto m\u016f\u017ee b\u00fdt nejd\u016fle\u017eit\u011bj\u0161\u00ed ot\u00e1zkou, zda dok\u00e1\u017ee ve strategii pokra\u010dovat i b\u011bhem dlouh\u00fdch obdob\u00ed slab\u00e9 relativn\u00ed v\u00fdkonnosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To, co v historick\u00fdch studi\u00edch p\u016fsob\u00ed atraktivn\u011b, m\u016f\u017ee b\u00fdt v praxi psychologicky n\u00e1ro\u010dn\u00e9, zejm\u00e9na pokud jin\u00e9 \u010d\u00e1sti akciov\u00e9ho trhu p\u0159in\u00e1\u0161ej\u00ed v\u00fdrazn\u011b vy\u0161\u0161\u00ed v\u00fdnosy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Small cap value ETF je proto vhodn\u011bj\u0161\u00ed ch\u00e1pat jako c\u00edlen\u00e9 dopln\u011bn\u00ed investi\u010dn\u00edho portfolia ne\u017e jako jednoduchou cestu k nadpr\u016fm\u011brn\u00fdm v\u00fdnos\u016fm.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jeho potenci\u00e1ln\u00ed p\u0159\u00ednosy z\u00e1vis\u00ed na slo\u017een\u00ed fondu, n\u00e1kladech, tr\u017en\u00edm prost\u0159ed\u00ed i schopnosti investora sn\u00e1\u0161et nejistotu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Historick\u00e1 data poskytuj\u00ed d\u016fvody, pro\u010d se touto strategi\u00ed zab\u00fdvat. Nep\u0159edstavuj\u00ed v\u0161ak \u017e\u00e1dn\u00fd p\u0159\u00edslib, \u017ee bude \u00fasp\u011b\u0161n\u00e1 i v budoucnu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Men\u0161\u00ed spole\u010dnosti obchodovan\u00e9 za n\u00edzk\u00e9 ceny dlouhodob\u011b p\u0159itahuj\u00ed investory, kte\u0159\u00ed hledaj\u00ed p\u0159\u00edle\u017eitosti mimo nejv\u011bt\u0161\u00ed jm\u00e9na na Wall Street. Investi\u010dn\u00ed strategie zn\u00e1m\u00e1 jako small-cap value kombinuje dva d\u016fle\u017eit\u00e9 faktory: velikost spole\u010dnosti a jej\u00ed ocen\u011bn\u00ed. Fond typu small cap value ETF nab\u00edz\u00ed pom\u011brn\u011b jednoduch\u00fd zp\u016fsob, jak na tyto faktory vsadit. Historick\u00e9 zku\u0161enosti ale ukazuj\u00ed i m\u00e9n\u011b p\u0159\u00edjemnou [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":90813,"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":[250],"tags":[5568,6170,6605],"class_list":["post-90844","post","type-post","status-publish","format-standard","has-post-thumbnail","category-akciove-trhy","tag-akciove-trhy","tag-etf","tag-small-cap-value-etf"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.4 - aioseo.com -->\n\t<meta name=\"description\" content=\"Co je small cap value ETF a pro\u010d m\u016f\u017ee dlouh\u00e9 roky zaost\u00e1vat za trhem? 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As a key editor for the professional portal Trader-Magazine.com, he focuses on the transformation of the financial industry in the digital era and the growing role of fintech. In his analyses and articles, \\u0160imon focuses on:   Investment Strategies: Helping retail investors navigate complex economic events.   Cryptocurrencies and Web3: Tracking the adoption of digital assets and their integration into traditional portfolios.   Technological Innovation: Analyzing how AI and emerging technologies are reshaping the relationship between people, money, and markets.   Professional Experience and Education \\u0160imon built his professional foundation by studying journalism at Palack\\u00fd University Olomouc (UPOL). Before joining Trader-Magazine.com, he gained valuable experience at the marketing magazine Marketing &amp; Media, where he specialized in social media and influencer marketing\\u2014skills he now applies to analyzing market sentiment and investor behavior. 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