{"id":90860,"date":"2026-11-02T16:56:08","date_gmt":"2026-11-02T15:56:08","guid":{"rendered":"https:\/\/trader-magazine.com\/?p=90860"},"modified":"2026-11-02T17:03:20","modified_gmt":"2026-11-02T16:03:20","slug":"momentum-etf-ek-hogyan-valasztja-ki-a-strategia-a-nyerteseket-es-hogyan-kezeli-a-portfolio-forgasat","status":"publish","type":"post","link":"https:\/\/trader-magazine.com\/hu\/tozsde\/momentum-etf-ek-hogyan-valasztja-ki-a-strategia-a-nyerteseket-es-hogyan-kezeli-a-portfolio-forgasat\/","title":{"rendered":"Momentum ETF-ek: hogyan v\u00e1lasztja ki a strat\u00e9gia a nyerteseket, \u00e9s hogyan kezeli a portf\u00f3li\u00f3 forg\u00e1s\u00e1t"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">A momentum ETF-ek egy egyszer\u0171 befektet\u00e9si elven alapulnak: azok a r\u00e9szv\u00e9nyek, amelyek a k\u00f6zelm\u00faltban fel\u00fclteljes\u00edtett\u00e9k versenyt\u00e1rsaikat, v\u00e1rhat\u00f3an tov\u00e1bbra is ezt tehetik. Ezek az alapok nem els\u0151sorban az \u00e9rt\u00e9kelts\u00e9g vagy a eredm\u00e9nyel\u0151rejelz\u00e9sek alapj\u00e1n v\u00e1lasztanak ki v\u00e1llalatokat, hanem szisztematikus szab\u00e1lyok seg\u00edts\u00e9g\u00e9vel azonos\u00edtj\u00e1k az er\u0151s \u00e1rfolyamtrendeket. A momentum kihaszn\u00e1l\u00e1sa azonban rendszeres portf\u00f3li\u00f3-\u00e1tcsoportos\u00edt\u00e1st ig\u00e9nyel, \u00e9s ezek a \u00fcgyletek k\u00f6lts\u00e9geket, koncentr\u00e1ci\u00f3s kock\u00e1zatokat \u00e9s lehets\u00e9ges ad\u00f3k\u00f6vetkezm\u00e9nyeket vonhatnak maguk ut\u00e1n. Miel\u0151tt valaki befektet, elengedhetetlen meg\u00e9rtenie, hogyan m\u00e9ri a teljes\u00edtm\u00e9nyt egy momentum ETF, hogyan rangsorolja a r\u00e9szv\u00e9nyeket, \u00e9s hogyan szab\u00e1lyozza a portf\u00f3li\u00f3forg\u00e1st.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mi az a momentum ETF?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A momentum ETF olyan t\u0151zsd\u00e9n kereskedett alap, amely viszonylag er\u0151s k\u00f6zelm\u00faltbeli teljes\u00edtm\u00e9nyt mutat\u00f3 \u00e9rt\u00e9kpap\u00edrokba fektet. Strat\u00e9gi\u00e1ja a momentumfaktoron alapul, amely a p\u00e9nz\u00fcgyi kutat\u00e1sokban dokument\u00e1lt jelens\u00e9g: azok a r\u00e9szv\u00e9nyek, amelyek k\u00f6zepes id\u0151t\u00e1von fel\u00fclteljes\u00edtett\u00e9k versenyt\u00e1rsaikat, a t\u00f6rt\u00e9nelmi tapasztalatok szerint id\u0151nk\u00e9nt a k\u00f6vetkez\u0151 h\u00f3napokban is tov\u00e1bb teljes\u00edtettek a piacn\u00e1l jobban.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A hagyom\u00e1nyos, piaci kapitaliz\u00e1ci\u00f3val s\u00falyozott ETF-ekkel ellent\u00e9tben, amelyek t\u00f6bb p\u00e9nzt allok\u00e1lnak a magasabb piaci \u00e9rt\u00e9k\u0171 v\u00e1llalatokba, a momentum ETF-ek szisztematikusan az er\u0151sebb \u00e1rfolyamtrenddel rendelkez\u0151 r\u00e9szv\u00e9nyeket r\u00e9szes\u00edtik el\u0151nyben.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A c\u00e9l nem felt\u00e9tlen\u00fcl az, hogy alapvet\u0151en alul\u00e9rt\u00e9kelt v\u00e1llalatokat tal\u00e1ljanak. A strat\u00e9gia ehelyett a tart\u00f3s piaci vezet\u0151 szerep kihaszn\u00e1l\u00e1s\u00e1ra t\u00f6rekszik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ha p\u00e9ld\u00e1ul a f\u00e9lvezet\u0151-gy\u00e1rt\u00f3 v\u00e1llalatok \u00e1rfolyama tart\u00f3san emelkedik, a momentum ETF n\u00f6velheti az ilyen c\u00e9gekben fenn\u00e1ll\u00f3 kitetts\u00e9g\u00e9t. Ha ezek relat\u00edv teljes\u00edtm\u00e9nye k\u00e9s\u0151bb gyeng\u00fcl, az alap a k\u00f6vetkez\u0151 \u00e1ts\u00falyoz\u00e1skor cs\u00f6kkentheti vagy teljesen megsz\u00fcntetheti ezeket a poz\u00edci\u00f3kat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ez alapvet\u0151en megk\u00fcl\u00f6nb\u00f6zteti a momentum-befektet\u00e9st a hagyom\u00e1nyos v\u00e1s\u00e1rolj \u00e9s tartsd strat\u00e9gi\u00e1t\u00f3l. A portf\u00f3li\u00f3 \u00f6sszet\u00e9tele a piaci vezet\u0151 szerepek v\u00e1ltoz\u00e1s\u00e1val egy\u00fctt alakul.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ugyanakkor nem minden momentum ETF k\u00f6vet azonos szab\u00e1lyokat. Teljes\u00edtm\u00e9ny\u00fck jelent\u0151sen elt\u00e9rhet att\u00f3l f\u00fcgg\u0151en, hogyan m\u00e9rik a momentumot, milyen gyakran vizsg\u00e1lj\u00e1k fel\u00fcl a portf\u00f3li\u00f3 elemeit, \u00e9s mennyi keresked\u00e9st tesz lehet\u0151v\u00e9 a m\u00f3dszertan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Hogyan m\u00e9rik a momentum ETF-ek a r\u00e9szv\u00e9nyek teljes\u00edtm\u00e9ny\u00e9t?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A momentum ETF alapja egy rangsorol\u00e1si rendszer, amely a r\u00e9szv\u00e9nyek k\u00f6zelm\u00faltbeli teljes\u00edtm\u00e9ny\u00e9t hasonl\u00edtja \u00f6ssze a befektethet\u0151 univerzumon bel\u00fcl.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A legt\u00f6bb bevett momentum-m\u00f3dszertan a r\u00f6vid t\u00e1v\u00fa ingadoz\u00e1sok helyett a k\u00f6z\u00e9pt\u00e1v\u00fa \u00e1rfolyammozg\u00e1sokat vizsg\u00e1lja.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">K\u00e9t sz\u00e9les k\u00f6rben haszn\u00e1lt m\u00e9r\u00e9si id\u0151szak a hat h\u00f3nap \u00e9s a tizenk\u00e9t h\u00f3nap.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A hathavi hozam a k\u00f6zelm\u00faltbeli piaci trendeket ragadja meg jobban, m\u00edg a tizenk\u00e9t h\u00f3napos hozam sz\u00e9lesebb perspekt\u00edv\u00e1t ny\u00fajt a tart\u00f3s teljes\u00edtm\u00e9nyr\u0151l.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egyes m\u00f3dszertanok a sz\u00e1m\u00edt\u00e1sokb\u00f3l kihagyj\u00e1k a legut\u00f3bbi h\u00f3napot. Ez a megk\u00f6zel\u00edt\u00e9s azokra a kutat\u00e1sokra \u00e9p\u00fcl, amelyek szerint a nagyon friss \u00e1rfolyammozg\u00e1sok \u00e1tmenetileg megfordulhatnak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u00e9ld\u00e1ul az&nbsp;<a href=\"https:\/\/www.spglobal.com\/spdji\/en\/education\/article\/momentum-a-practitioners-guide\/\">S&amp;P Dow Jones Indices<\/a>&nbsp;tizenk\u00e9t h\u00f3napos kock\u00e1zattal korrig\u00e1lt momentumot haszn\u00e1l, a m\u00e9r\u00e9si id\u0151szakb\u00f3l pedig kihagyja a legut\u00f3bbi h\u00f3napot.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">M\u00e1s m\u00f3dszertanok t\u00f6bb id\u0151horizontot kombin\u00e1lnak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az MSCI momentum-keretrendszere a hat- \u00e9s a tizenk\u00e9t h\u00f3napos kock\u00e1zattal korrig\u00e1lt teljes\u00edtm\u00e9nyt egyar\u00e1nt figyelembe veszi, \u00edgy a r\u00f6videbb \u00e9s a hosszabb trendeket egy\u00fctt k\u00e9pes \u00e9rt\u00e9kelni.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Olvassa el ezt is: <a href=\"https:\/\/trader-magazine.com\/hu\/academy\/mi-az-az-etf-hogyan-mukodnek-valojaban-a-tozsden-kereskedett-alapok\/\">Mi az az ETF? Hogyan m\u0171k\u00f6dnek val\u00f3j\u00e1ban a t\u0151zsd\u00e9n kereskedett alapok<\/a><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">Mi\u00e9rt fontos a kock\u00e1zattal korrig\u00e1lt momentum?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Az \u00e1rfolyamemelked\u00e9s \u00f6nmag\u00e1ban nem felt\u00e9tlen\u00fcl jelent er\u0151s befektet\u00e9si momentumot.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vegy\u00fcnk k\u00e9t hipotetikus r\u00e9szv\u00e9nyt. Az els\u0151 tizenk\u00e9t h\u00f3nap alatt 30%-ot emelkedik, viszonylag stabil \u00e1rfolyammozg\u00e1ssal. A m\u00e1sodik 40%-ot nyer, de sokkal nagyobb ingadoz\u00e1sokat \u00e9s t\u00f6bb \u00e9les es\u00e9st \u00e9l \u00e1t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A kiz\u00e1r\u00f3lag a hozamokra \u00e9p\u00fcl\u0151 m\u00f3dszertan a m\u00e1sodik r\u00e9szv\u00e9nyt r\u00e9szes\u00edten\u00e9 el\u0151nyben. A kock\u00e1zattal korrig\u00e1lt megk\u00f6zel\u00edt\u00e9s az els\u0151t prefer\u00e1lhatja.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy leegyszer\u0171s\u00edtett megfogalmaz\u00e1s:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Kock\u00e1zattal korrig\u00e1lt momentum = Historikus hozam \u00f7 \u00c9ves\u00edtett volatilit\u00e1s<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A volatilit\u00e1s azt m\u00e9ri, mennyire sz\u00e9les s\u00e1vban ingadozik egy r\u00e9szv\u00e9ny hozama az id\u0151 sor\u00e1n.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A magasabb kock\u00e1zattal korrig\u00e1lt pontsz\u00e1m \u00e1ltal\u00e1ban arra utal, hogy az er\u0151sebb hozamot az \u00e1rfolyam-ingadoz\u00e1s m\u00e9rt\u00e9k\u00e9hez k\u00e9pest \u00e9rte el a r\u00e9szv\u00e9ny.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A t\u00e9nyleges momentumindexek gyakran tov\u00e1bbi matematikai korrekci\u00f3kat alkalmaznak, p\u00e9ld\u00e1ul standardiz\u00e1lj\u00e1k a pontsz\u00e1mokat a teljes befektet\u00e9si univerzumon bel\u00fcl, \u00e9s korl\u00e1tokat szabnak az egyes poz\u00edci\u00f3kra.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Leegyszer\u0171s\u00edtett momentum-rangsorol\u00e1si modell \u00f6t r\u00e9szv\u00e9nnyel<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Hogy meg\u00e9rts\u00fck, hogyan v\u00e1lasztja ki befektet\u00e9seit egy momentum ETF, vegy\u00fcnk \u00f6t fikt\u00edv, k\u00fcl\u00f6nb\u00f6z\u0151 szektorokban m\u0171k\u00f6d\u0151 v\u00e1llalatot.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tegy\u00fck fel, hogy az alap a hat- \u00e9s a tizenk\u00e9t h\u00f3napos hozamot \u00e9rt\u00e9keli, \u00e9s mindk\u00e9t m\u00e9r\u00e9si id\u0151szak a rangsorol\u00e1s id\u0151pontja el\u0151tt egy h\u00f3nappal \u00e9r v\u00e9get.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A modell h\u00e1rom l\u00e9p\u00e9sben dolgozik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">El\u0151sz\u00f6r kisz\u00e1m\u00edtja a historikus hozamot mindk\u00e9t id\u0151szakra. M\u00e1sodszor \u00e1tlagolja a k\u00e9t hozamot, mindegyiket 50%-os s\u00fallyal. V\u00e9g\u00fcl ezt az \u00e1tlagot elosztja a r\u00e9szv\u00e9ny \u00e9ves\u00edtett volatilit\u00e1s\u00e1val.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az \u00edgy kapott k\u00e9plet:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Momentumpontsz\u00e1m =&nbsp;[(6 havi hozam \u00d7 0,5) + (12 havi hozam \u00d7 0,5)]&nbsp;\u00f7 \u00c9ves\u00edtett volatilit\u00e1s<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Minden bemen\u0151 adatot k\u00f6vetkezetesen kell megadni, a kapott pontsz\u00e1m pedig viszonylagos rangsorol\u00e1si m\u00e9r\u0151sz\u00e1m, nem pedig hozamel\u0151rejelz\u00e9s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az al\u00e1bbi adatok teljes eg\u00e9sz\u00e9ben hipotetikusak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. hely: Beacon Healthcare<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A Beacon Healthcare hathavi hozama 21%, tizenk\u00e9t h\u00f3napos hozama 30% volt, \u00e9ves\u00edtett volatilit\u00e1sa pedig 18%. \u00c1tlagos hozama 25,5%, ami&nbsp;<strong>1,42<\/strong>-es momentumpontsz\u00e1mot eredm\u00e9nyez.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">B\u00e1r a Beacon nem \u00e9rte el a legmagasabb abszol\u00fat hozamot, viszonylag alacsony volatilit\u00e1sa miatt \u00f6v\u00e9 a leger\u0151sebb kock\u00e1zattal korrig\u00e1lt rangsorol\u00e1s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. hely: Aster Technology<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az Aster Technology hat h\u00f3nap alatt 28%-ot, tizenk\u00e9t h\u00f3nap alatt 45%-ot hozott, volatilit\u00e1sa 30%. \u00c1tlagos hozama 36,5%, ami&nbsp;<strong>1,22<\/strong>-es momentumpontsz\u00e1mot eredm\u00e9nyez.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A v\u00e1llalat jelent\u0151s \u00e1rfolyam-momentumot mutat, \u00e1m nagyobb volatilit\u00e1sa cs\u00f6kkenti a kock\u00e1zattal korrig\u00e1lt pontsz\u00e1m\u00e1t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. hely: Cedar Industrials<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A Cedar Industrials hathavi \u00e9s tizenk\u00e9t h\u00f3napos hozama rendre 16%, illetve 25% volt. 20%-os volatilit\u00e1s mellett 20,5%-os \u00e1tlagos hozama&nbsp;<strong>1,03<\/strong>-as momentumpontsz\u00e1mot eredm\u00e9nyez.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A Cedar a harmadik helyen \u00e1ll annak ellen\u00e9re, hogy abszol\u00fat nyeres\u00e9ge szer\u00e9nyebb t\u00f6bb versenyt\u00e1rs\u00e1\u00e9n\u00e1l.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>4. hely: Delta Energy<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A Delta Energy a k\u00e9t m\u00e9r\u00e9si id\u0151szakban rendre 32%-os \u00e9s 39%-os hozamot \u00e9rt el. \u00c9ves\u00edtett volatilit\u00e1sa azonban el\u00e9rte a 45%-ot.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">35,5%-os \u00e1tlagos hozama \u00edgy&nbsp;<strong>0,79<\/strong>-es momentumpontsz\u00e1mot eredm\u00e9nyez.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">B\u00e1r abszol\u00fat \u00e9rtelemben az egyik leger\u0151sebb teljes\u00edtm\u00e9nyt ny\u00fajtotta, a Delta l\u00e9nyegesen magasabb volatilit\u00e1sa miatt a Cedar m\u00f6g\u00f6tt v\u00e9gzett.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>5. hely: Elm Utilities<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az Elm Utilities hat h\u00f3nap alatt 6%-ot, tizenk\u00e9t h\u00f3nap alatt 9%-ot emelkedett, volatilit\u00e1sa 12%. \u00c1tlagos hozama 7,5%, ami&nbsp;<strong>0,63<\/strong>-as momentumpontsz\u00e1mot eredm\u00e9nyez.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">B\u00e1r az Elm \u00e1rfolyama viszonylag stabil, gyeng\u00e9bb historikus teljes\u00edtm\u00e9nye miatt az utols\u00f3 helyre ker\u00fcl.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mely r\u00e9szv\u00e9nyeket v\u00e1lasztan\u00e1 ki az ETF?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Tegy\u00fck fel, hogy az ETF szab\u00e1lyai szerint csak a h\u00e1rom legjobban rangsorolt v\u00e1llalatot kell tartania.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A portf\u00f3li\u00f3ba a Beacon Healthcare, az Aster Technology \u00e9s a Cedar Industrials ker\u00fclne.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A Delta Energy \u00e9s az Elm Utilities kimaradna.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ez a momentum-befektet\u00e9s egy fontos jellemz\u0151j\u00e9t szeml\u00e9lteti:&nbsp;<strong>a volatilit\u00e1s figyelembev\u00e9tel\u00e9vel a leger\u0151sebb abszol\u00fat teljes\u00edtm\u00e9nyt ny\u00fajt\u00f3 r\u00e9szv\u00e9ny nem felt\u00e9tlen\u00fcl a legjobban rangsorolt befektet\u00e9s.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy val\u00f3di momentum ETF jellemz\u0151en t\u00f6bb sz\u00e1z vagy ezer sz\u00f3ba j\u00f6het\u0151 r\u00e9szv\u00e9nyt \u00e9rt\u00e9kel, \u00e9s figyelembe vehet piaci kapitaliz\u00e1ci\u00f3t, likvidit\u00e1si k\u00f6vetelm\u00e9nyeket, szektor\u00e1lis korl\u00e1toz\u00e1sokat \u00e9s diverzifik\u00e1ci\u00f3s limiteket is.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A leegyszer\u0171s\u00edtett modell a kiv\u00e1laszt\u00e1si elvet szeml\u00e9lteti; nem az MSCI, az S&amp;P vagy b\u00e1rmely konkr\u00e9t ETF pontos m\u00f3dszertana.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mi\u00e9rt elengedhetetlen az \u00e1ts\u00falyoz\u00e1s a momentum-befektet\u00e9sben?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A momentum id\u0151vel v\u00e1ltozik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az a r\u00e9szv\u00e9ny, amely ma a leger\u0151sebbek k\u00f6z\u00f6tt szerepel, n\u00e9h\u00e1ny h\u00f3nap m\u00falva elvesz\u00edtheti vezet\u0151 poz\u00edci\u00f3j\u00e1t. Ek\u00f6zben kor\u00e1bban figyelmen k\u00edv\u00fcl hagyott v\u00e1llalatok er\u0151sebb \u00e1rfolyamtrendet alak\u00edthatnak ki.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rendszeres \u00e1ts\u00falyoz\u00e1s n\u00e9lk\u00fcl a momentum ETF fokozatosan a kor\u00e1bbi nyertesek portf\u00f3li\u00f3j\u00e1v\u00e1 v\u00e1lna a jelenlegi momentumvezet\u0151k helyett.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az \u00e1ts\u00falyoz\u00e1s sor\u00e1n \u00fajrasz\u00e1m\u00edtj\u00e1k a momentumpontsz\u00e1mokat, fel\u00fclvizsg\u00e1lj\u00e1k a megl\u00e9v\u0151 poz\u00edci\u00f3kat, \u00e9s az alap m\u00f3dszertana szerint m\u00f3dos\u00edtj\u00e1k a portf\u00f3li\u00f3 s\u00falyait.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A gyakoris\u00e1g indexenk\u00e9nt elt\u00e9r\u0151.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az S&amp;P 500 Momentum Index p\u00e9ld\u00e1ul f\u00e9l\u00e9ves \u00e1ts\u00falyoz\u00e1si \u00fctemez\u00e9st k\u00f6vet, a korrekci\u00f3kat m\u00e1rciusban \u00e9s szeptemberben hajtj\u00e1k v\u00e9gre.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az MSCI a Momentum indexei eset\u00e9ben a 2025. augusztusi indexfel\u00fclvizsg\u00e1latt\u00f3l kezd\u0151d\u0151en negyed\u00e9ves \u00e1ts\u00falyoz\u00e1st vezetett be.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az&nbsp;<a href=\"https:\/\/app2.msci.com\/webapp\/index_ann\/DocGet?format=html&amp;lang=en&amp;pub_key=vXBeNkI7Sxg%3D\">MSCI m\u00f3dszertani k\u00f6zlem\u00e9nye<\/a> szerint a v\u00e1ltoztat\u00e1sok c\u00e9lja az volt, hogy a portf\u00f3li\u00f3k jobban reag\u00e1ljanak a v\u00e1ltoz\u00f3 piaci k\u00f6r\u00fclm\u00e9nyekre, mik\u00f6zben a forg\u00e1si sebess\u00e9g kord\u00e1ban tart\u00e1s\u00e1t szolg\u00e1l\u00f3 int\u00e9zked\u00e9seket is bevezettek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A gyakoribb \u00e1ts\u00falyoz\u00e1s seg\u00edthet abban, hogy a strat\u00e9gia gyorsabban reag\u00e1ljon, amikor megv\u00e1ltozik a piaci vezet\u0151 szerepet bet\u00f6lt\u0151 szerepl\u0151k k\u00f6re.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ugyanakkor van egy fontos kompromisszum.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Minden portf\u00f3li\u00f3-m\u00f3dos\u00edt\u00e1s tov\u00e1bbi keresked\u00e9st tehet sz\u00fcks\u00e9gess\u00e9, ami n\u00f6veli a megval\u00f3s\u00edt\u00e1s k\u00f6lts\u00e9geit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Olvassa el ezt is: <a href=\"https:\/\/trader-magazine.com\/tag\/what-is-an-etf\/\">Mi az az ETF?<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">Mi a portf\u00f3li\u00f3 forg\u00e1si sebess\u00e9ge egy momentum ETF-ben?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A portf\u00f3li\u00f3 forg\u00e1si sebess\u00e9ge azt m\u00e9ri, hogy egy alap egy adott id\u0151szak, jellemz\u0151en egy \u00e9v alatt milyen m\u00e9rt\u00e9kben cser\u00e9li le az \u00e1llom\u00e1ny\u00e1t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az amerikai alapok k\u00f6r\u00e9ben elterjedt besz\u00e1mol\u00e1si gyakorlat szerint a forg\u00e1si sebess\u00e9get \u00fagy sz\u00e1m\u00edtj\u00e1k ki, hogy az id\u0151szak alatt v\u00e1s\u00e1rolt vagy eladott \u00e9rt\u00e9kpap\u00edrok \u00e9rt\u00e9ke k\u00f6z\u00fcl a kisebbiket elosztj\u00e1k a portf\u00f3li\u00f3 \u00e1tlagos \u00e9rt\u00e9k\u00e9vel, az alkalmazand\u00f3 kiz\u00e1r\u00e1sokat figyelembe v\u00e9ve.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az az alap, amely 60%-os \u00e9ves forg\u00e1si sebess\u00e9gr\u0151l sz\u00e1mol be, az \u00e1tlagos portf\u00f3li\u00f3mTeret\u00e9hez k\u00e9pest jelent\u0151s keresked\u00e9si tev\u00e9kenys\u00e9get folytatott. Ez nem felt\u00e9tlen\u00fcl jelenti azt, hogy az eredeti \u00e1llom\u00e1ny pontosan 60%-\u00e1t cser\u00e9lte le.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A momentum strat\u00e9gi\u00e1k forg\u00e1si sebess\u00e9ge viszonylag magas lehet, mert az \u00e9rt\u00e9kpap\u00edrok \u00fajra \u00e9s \u00fajra bel\u00e9pnek a krit\u00e9riumoknak megfelel\u0151 csoportba, majd kil\u00e9pnek onnan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vegy\u00fcnk egy 100 milli\u00f3 doll\u00e1rt kezel\u0151 alapot.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy \u00e1ts\u00falyoz\u00e1s sor\u00e1n 15 milli\u00f3 doll\u00e1rnyi megl\u00e9v\u0151 poz\u00edci\u00f3t ad el, \u00e9s 15 milli\u00f3 doll\u00e1r\u00e9rt \u00faj r\u00e9szv\u00e9nyeket v\u00e1s\u00e1rol.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ez \u00f6sszesen 30 milli\u00f3 doll\u00e1rnyi keresked\u00e9si tev\u00e9kenys\u00e9get jelent, az \u00e1ts\u00falyoz\u00e1sra vonatkoz\u00f3 egyir\u00e1ny\u00fa forg\u00e1si sebess\u00e9g azonban 15%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ha a felt\u00e9telezett \u00e1tlagos teljes v\u00e9grehajt\u00e1si k\u00f6lts\u00e9g a forgalom \u00e9rt\u00e9k\u00e9nek 0,20%-\u00e1t teszi ki, a tranzakci\u00f3s k\u00f6lts\u00e9gek 60 000 doll\u00e1rt tesznek ki.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ez az eredeti portf\u00f3li\u00f3\u00e9rt\u00e9k nagyj\u00e1b\u00f3l 0,06%-\u00e1t, azaz hat b\u00e1zispontot jelent puszt\u00e1n ebb\u0151l az egy \u00e1ts\u00falyoz\u00e1sb\u00f3l.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ezek a sz\u00e1mok szeml\u00e9ltet\u0151 jelleg\u0171ek, de megmutatj\u00e1k, mi\u00e9rt sz\u00e1m\u00edt a forg\u00e1si sebess\u00e9g m\u00e9g akkor is, ha egy ETF viszonylag alacsony kezel\u00e9si d\u00edjat hirdet.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Hogyan kezelik a momentum ETF-ek a forg\u00e1si sebess\u00e9get?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Az indexszolg\u00e1ltat\u00f3k tiszt\u00e1ban vannak vele, hogy a t\u00falzott keresked\u00e9s al\u00e1\u00e1shatja a momentum-kitetts\u00e9g el\u0151nyeit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A probl\u00e9ma kezel\u00e9s\u00e9re t\u00f6bb technik\u00e1t is gyakran alkalmaznak.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Pufferszab\u00e1lyok<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A puffer megakad\u00e1lyozza, hogy a megl\u00e9v\u0151 poz\u00edci\u00f3k automatikusan kiker\u00fcljenek puszt\u00e1n az\u00e9rt, mert momentum-rangsorban elfoglalt hely\u00fck kiss\u00e9 az eredeti kiv\u00e1laszt\u00e1si k\u00fcsz\u00f6b al\u00e1 cs\u00f6kkent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u00e9ld\u00e1ul egy olyan strat\u00e9gia, amely a 100 legjobb r\u00e9szv\u00e9nyt c\u00e9lozza, engedheti, hogy egy megl\u00e9v\u0151, a 105. helyen \u00e1ll\u00f3 poz\u00edci\u00f3 \u00e1tmenetileg megmaradjon, felt\u00e9ve, hogy megfelel az index megtart\u00e1si krit\u00e9riumainak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ez cs\u00f6kkenti a felesleges keresked\u00e9st, amikor a rangsorok a hat\u00e1rvonal k\u00f6r\u00fcl ingadoznak.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">R\u00e9szleges \u00e1ts\u00falyoz\u00e1s<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ahelyett, hogy minden poz\u00edci\u00f3t azonnal az \u00faj c\u00e9ls\u00falyra \u00e1ll\u00edtan\u00e1nak, egyes m\u00f3dszertanok fokozatosan hajtj\u00e1k v\u00e9gre a v\u00e1ltoztat\u00e1sokat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az MSCI 2025-\u00f6s momentum-m\u00f3dszertani fejleszt\u00e9sei r\u00e9szleges kiigaz\u00edt\u00e1si mechanizmust vezettek be, amelynek \u00e9rtelm\u00e9ben a relev\u00e1ns s\u00falyv\u00e1ltoz\u00e1sok \u00e1ltal\u00e1ban felfel\u00e9 az \u00fajonnan kisz\u00e1m\u00edtott s\u00falyok fel\u00e9 f\u00e9l\u00faton mozdulnak el minden fel\u00fclvizsg\u00e1latkor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ez seg\u00edt egyens\u00falyt teremteni a reag\u00e1l\u00f3k\u00e9pess\u00e9g \u00e9s a keresked\u00e9si hat\u00e9konys\u00e1g k\u00f6z\u00f6tt.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Likvidit\u00e1si \u00e9s poz\u00edci\u00f3hat\u00e1rok<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A momentum indexek korl\u00e1tozhatj\u00e1k a kev\u00e9sb\u00e9 likvid \u00e9rt\u00e9kpap\u00edrokkal szembeni kitetts\u00e9get, \u00e9s az egyes v\u00e1llalatok maxim\u00e1lis s\u00faly\u00e1t is.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ezek a szab\u00e1lyok cs\u00f6kkenthetik a piaci hat\u00e1st, \u00e9s elker\u00fclhet\u0151v\u00e9 tehetik, hogy a portf\u00f3li\u00f3 t\u00falzottan kev\u00e9s r\u00e9szv\u00e9nyt\u0151l f\u00fcggj\u00f6n.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ugyanakkor kompromisszummal is j\u00e1rnak: a keresked\u00e9s vagy a koncentr\u00e1ci\u00f3 korl\u00e1toz\u00e1sa megakad\u00e1lyozhatja, hogy a portf\u00f3li\u00f3 a lehet\u0151 leger\u0151sebb kitetts\u00e9get \u00e9rje el a momentum-jelz\u00e9s\u00e9hez.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Honnan erednek a keresked\u00e9si k\u00f6lts\u00e9gek \u00e9s az ad\u00f3teher?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A teljes k\u00f6lts\u00e9gr\u00e1ta csup\u00e1n egy \u00f6sszetev\u0151je a momentum ETF birtokl\u00e1sa teljes k\u00f6lts\u00e9g\u00e9nek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az alacsony \u00e9ves kezel\u00e9si d\u00edj\u00fa alapn\u00e1l is jelent\u0151s keresked\u00e9si k\u00f6lts\u00e9gek mer\u00fclhetnek fel.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c9rt\u00e9kpap\u00edrok v\u00e1s\u00e1rl\u00e1sakor vagy elad\u00e1sakor az alapn\u00e1l br\u00f3kerjutal\u00e9kok, v\u00e9teli \u00e9s elad\u00e1si \u00e1rfolyam k\u00f6z\u00f6tti k\u00fcl\u00f6nb\u00f6zet (spread), valamint piaci hat\u00e1sk\u00f6lts\u00e9gek mer\u00fclhetnek fel.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A piaci hat\u00e1s k\u00fcl\u00f6n\u00f6sen akkor v\u00e1lik jelent\u0151ss\u00e9, amikor egy nagy alap korl\u00e1tozott likvidit\u00e1s\u00fa r\u00e9szv\u00e9nyb\u0151l pr\u00f3b\u00e1l jelent\u0151s mennyis\u00e9get forgalmazni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ezek a megval\u00f3s\u00edt\u00e1si k\u00f6lts\u00e9gek akkor is befoly\u00e1solj\u00e1k a teljes\u00edtm\u00e9nyt, ha nem szerepelnek a k\u00f6zz\u00e9tett k\u00f6lts\u00e9gr\u00e1t\u00e1ban.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Az \u00e1ts\u00falyoz\u00e1s ad\u00f3k\u00f6vetkezm\u00e9nyei<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Az ad\u00f3teher egy m\u00e1sik lehets\u00e9ges szempont, k\u00fcl\u00f6n\u00f6sen az ad\u00f3k\u00f6teles sz\u00e1ml\u00e1t haszn\u00e1l\u00f3 befektet\u0151knek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Amikor egy alap fel\u00e9rt\u00e9kel\u0151d\u00f6tt \u00e9rt\u00e9kpap\u00edrokat ad el, t\u0151kenyeres\u00e9get realiz\u00e1lhat. Az alap jogi szerkezet\u00e9t\u0151l, az \u00e9rintett \u00fcgyletekt\u0151l \u00e9s az alkalmazand\u00f3 ad\u00f3szab\u00e1lyokt\u00f3l f\u00fcgg\u0151en ezek a nyeres\u00e9gek ad\u00f3k\u00f6teles kifizet\u00e9seket eredm\u00e9nyezhetnek a befektet\u0151k sz\u00e1m\u00e1ra.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az Egyes\u00fclt \u00c1llamokban sok ETF fontos szerkezeti el\u0151nyt \u00e9lvez: az enged\u00e9lyezett r\u00e9sztvev\u0151k (authorized participants) term\u00e9szetbeni \u00fcgyletekkel, \u00e9rt\u00e9kpap\u00edr-kosarak \u00e1tad\u00e1s\u00e1val hozhatnak l\u00e9tre vagy v\u00e1lthatnak vissza ETF-jegyeket.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ez a mechanizmus seg\u00edthet az alapoknak az \u00e1llom\u00e1ny kezel\u00e9s\u00e9ben an\u00e9lk\u00fcl, hogy az \u00e9rt\u00e9kpap\u00edrokat k\u00e9szp\u00e9nz\u00e9rt kellene eladniuk, \u00e9s \u00edgy ad\u00f3k\u00f6teles nyeres\u00e9get realiz\u00e1ln\u00e1nak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ahogy az&nbsp;<a href=\"https:\/\/www.investor.gov\/introduction-investing\/general-resources\/news-alerts\/alerts-bulletins\/investor-bulletins-24\">amerikai \u00c9rt\u00e9kpap\u00edr-fel\u00fcgyeleti Bizotts\u00e1g (SEC) ismerteti<\/a>, az ETF-ek ez\u00e9rt ad\u00f3hat\u00e9konyabbak lehetnek a hasonl\u00f3 hagyom\u00e1nyos befektet\u00e9si alapokn\u00e1l.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ez az el\u0151ny azonban nem sz\u00fcnteti meg az \u00f6sszes ad\u00f3t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az ETF tov\u00e1bbra is fizethet ad\u00f3k\u00f6teles j\u00f6vedelmet vagy t\u0151kenyeres\u00e9get, a befektet\u0151k pedig t\u0151kenyeres\u00e9gad\u00f3t fizethetnek, ha nyeres\u00e9ggel \u00e9rt\u00e9kes\u00edtik saj\u00e1t ETF-jegyeiket.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az ad\u00f3z\u00e1s az egyes joghat\u00f3s\u00e1gok \u00e9s alapszerkezetek k\u00f6z\u00f6tt is jelent\u0151sen elt\u00e9r. Az eur\u00f3pai UCITS ETF-ekr\u0151l p\u00e9ld\u00e1ul nem szabad automatikusan felt\u00e9telezni, hogy ugyanazokra a hozamfizet\u00e9si \u00e9s ad\u00f3z\u00e1si szab\u00e1lyokra vonatkoznak, mint az Egyes\u00fclt \u00c1llamokban bejegyzett alapok.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A befektet\u0151k sz\u00e1m\u00e1ra v\u00e9gs\u0151 soron a <strong>ad\u00f3z\u00e1s \u00e9s k\u00f6lts\u00e9gek ut\u00e1ni teljes\u00edtm\u00e9ny<\/strong> a m\u00e9rvad\u00f3, nem puszt\u00e1n a m\u00f6g\u00f6ttes momentum index hozama.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Melyek a momentum ETF-ek f\u0151 kock\u00e1zatai?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A momentum befektet\u00e9snek dokument\u00e1lt t\u00f6rt\u00e9nelmi alapja van, a strat\u00e9gia azonban nem m\u0171k\u00f6dik k\u00f6vetkezetesen minden piaci k\u00f6rnyezetben.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egyik legjelent\u0151sebb gyeng\u00e9je a trendek hirtelen megfordul\u00e1s\u00e1nak lehet\u0151s\u00e9ge.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">K\u00e9pzelj\u00fcnk el egy hosszabb id\u0151szakot, amelyben a technol\u00f3giai v\u00e1llalatok fel\u00fclteljes\u00edtik a defenz\u00edv szektorokat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy momentum ETF fokozatosan jelent\u0151s technol\u00f3giai kitetts\u00e9get halmozhat fel. Ha a piaci hangulat hirtelen megv\u00e1ltozik, \u00e9s a kor\u00e1bban alulteljes\u00edt\u0151 szektorok megugranak, az ETF jelent\u0151s relat\u00edv vesztes\u00e9geket szenvedhet el.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ezt a jelens\u00e9get gyakran momentum-\u00f6sszeoml\u00e1snak nevezik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A <a href=\"https:\/\/www.aqr.com\/insights\/research\/journal-article\/momentum-crashes\">momentum-\u00f6sszeoml\u00e1sokr\u00f3l<\/a>&nbsp;sz\u00f3l\u00f3 kutat\u00e1sok r\u00e1vil\u00e1g\u00edtanak arra, hogy a gyors piaci fordulatok hogyan hathatnak h\u00e1tr\u00e1nyosan a k\u00f6zelm\u00falt nyerteseire \u00e9p\u00fcl\u0151 strat\u00e9gi\u00e1kra.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy m\u00e1sik kock\u00e1zat a koncentr\u00e1ci\u00f3.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">M\u00e9g ha egy ETF t\u00f6bb tucat vagy t\u00f6bb sz\u00e1z \u00e9rt\u00e9kpap\u00edrt is tart, ezek a v\u00e1llalatok hasonl\u00f3 szektorkitetts\u00e9ggel, gazdas\u00e1gi \u00e9rz\u00e9kenys\u00e9ggel vagy \u00e9rt\u00e9kelts\u00e9gi jellemz\u0151kkel rendelkezhetnek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A momentum strat\u00e9gi\u00e1k neh\u00e9zs\u00e9gekkel szembes\u00fclhetnek a volatilis, ir\u00e1ny n\u00e9lk\u00fcli piacokon is, ahol a r\u00e9szv\u00e9nyek \u00fajra \u00e9s \u00fajra v\u00e1ltanak a nyertes \u00e9s vesztes poz\u00edci\u00f3 k\u00f6z\u00f6tt, an\u00e9lk\u00fcl hogy tart\u00f3s trendeket tartan\u00e1nak fenn.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A gyakori fordulatok tov\u00e1bbi forg\u00e1st gener\u00e1lhatnak \u00e9ppen akkor, amikor a strat\u00e9gia nehezen termel pozit\u00edv hozamot.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u00e9g\u00fcl a momentum befektet\u00e9s visszatekint\u0151 jelleg\u0171. Egy er\u0151s m\u00faltbeli rangsorol\u00e1s nem bizony\u00edtja, hogy egy v\u00e1llalat vonz\u00f3an \u00e9rt\u00e9kelt, vagy hogy j\u00f6v\u0151beli nyeres\u00e9ge indokolni fogja a r\u00e9szv\u00e9ny\u00e1rfolyam\u00e1t.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Hogyan \u00e9rt\u00e9kelj\u00fcnk egy momentum ETF-et befektet\u00e9s el\u0151tt?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">K\u00e9t momentum ETF-k\u00e9nt forgalmazott alap is nagyon elt\u00e9r\u0151 portf\u00f3li\u00f3t tarthat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A befektet\u0151knek a m\u00f6g\u00f6ttes index m\u00f3dszertan\u00e1nak vizsg\u00e1lat\u00e1val kell kezdeni\u00fck, nem pedig kiz\u00e1r\u00f3lag a m\u00faltbeli teljes\u00edtm\u00e9nyre hagyatkozniuk.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A m\u00e9r\u00e9si id\u0151szak k\u00fcl\u00f6n\u00f6sen fontos. A r\u00f6videbb t\u00e1v\u00fa teljes\u00edtm\u00e9nyt hangs\u00falyoz\u00f3 alap gyorsabban reag\u00e1lhat a v\u00e1ltoz\u00f3 piaci k\u00f6r\u00fclm\u00e9nyekre, mint az, amely hosszabb t\u00e1v\u00fa trendekre \u00e9p\u00edt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A kock\u00e1zattal val\u00f3 korrig\u00e1l\u00e1s is sz\u00e1m\u00edt. A nyers hozamra \u00e9p\u00fcl\u0151 strat\u00e9gi\u00e1k jelent\u0151sen elt\u00e9rhetnek azokt\u00f3l a m\u00f3dszertanokt\u00f3l, amelyek b\u00fcntetik az ingadoz\u00f3 \u00e1rfolyammozg\u00e1sokat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az \u00e1ts\u00falyoz\u00e1s gyakoris\u00e1ga, a forg\u00e1si sebess\u00e9get korl\u00e1toz\u00f3 szab\u00e1lyok \u00e9s a poz\u00edci\u00f3hat\u00e1rok ugyanilyen figyelmet \u00e9rdemelnek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A befektet\u0151knek \u00e9rdemes megvizsg\u00e1lniuk az ETF k\u00f6zz\u00e9tett portf\u00f3li\u00f3-forg\u00e1si sebess\u00e9g\u00e9t, \u00e9ves k\u00f6lts\u00e9gh\u00e1nyad\u00e1t (TER), t\u00f6rt\u00e9neti k\u00f6vet\u00e9si k\u00fcl\u00f6nb\u00f6zet\u00e9t, valamint a t\u0151kenyeres\u00e9g-kifizet\u00e9sekr\u0151l vagy az egy\u00e9b relev\u00e1ns ad\u00f3z\u00e1si k\u00f6vetkezm\u00e9nyekr\u0151l el\u00e9rhet\u0151 inform\u00e1ci\u00f3kat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A k\u00f6vet\u00e9si k\u00fcl\u00f6nb\u00f6zet (tracking difference) az\u00e9rt k\u00fcl\u00f6n\u00f6sen hasznos, mert megmutatja, mekkora a k\u00fcl\u00f6nbs\u00e9g az alap realiz\u00e1lt teljes\u00edtm\u00e9nye \u00e9s a referenciaindex hozama k\u00f6z\u00f6tt egy adott id\u0151szakban. Ez a k\u00fcl\u00f6nbs\u00e9g t\u00fckr\u00f6zheti a kezel\u00e9si d\u00edjakat, a keresked\u00e9si k\u00f6lts\u00e9geket, a forr\u00e1sad\u00f3kat, az \u00e9rt\u00e9kpap\u00edr-k\u00f6lcs\u00f6nz\u00e9sb\u0151l sz\u00e1rmaz\u00f3 bev\u00e9telt \u00e9s m\u00e1s megval\u00f3s\u00edt\u00e1si hat\u00e1sokat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c9rdemes megvizsg\u00e1lni az ETF legnagyobb poz\u00edci\u00f3it \u00e9s szektorallok\u00e1ci\u00f3j\u00e1t is.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az egyetlen ipar\u00e1gban er\u0151sen kitett momentum ETF kevesebb diverzifik\u00e1ci\u00f3t ny\u00fajthat, mint amennyit a benne l\u00e9v\u0151 \u00e9rt\u00e9kpap\u00edrok sz\u00e1ma els\u0151 pillant\u00e1sra sugall.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u00e9g\u00fcl a befektet\u0151knek azt is m\u00e9rlegelni\u00fck kell, hogy az alap kieg\u00e9sz\u00edti-e megl\u00e9v\u0151 portf\u00f3li\u00f3jukat. A momentum-kitetts\u00e9g jelent\u0151sen \u00e1tfedhet a n\u00f6veked\u00e9sorient\u00e1lt befektet\u00e9sekkel olyan id\u0151szakokban, amikor a dr\u00e1ga, gyorsan fel\u00e9rt\u00e9kel\u0151d\u0151 v\u00e1llalatok vezetik a piacot.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Megfelel\u0151ek-e a momentum ETF-ek hossz\u00fa t\u00e1v\u00fa befektet\u0151k sz\u00e1m\u00e1ra?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A momentum ETF-ek szisztematikus m\u00f3dot k\u00edn\u00e1lnak arra, hogy r\u00e9szt vegy\u00fcnk a kialakult piaci trendekben an\u00e9lk\u00fcl, hogy a befektet\u0151knek maguknak kellene egyedi r\u00e9szv\u00e9nyeket kiv\u00e1lasztaniuk \u00e9s kereskedni\u00fck.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vonzerej\u00fck a fegyelmezett r\u00e9szv\u00e9nyv\u00e1logat\u00e1sban \u00e9s abban rejlik, hogy k\u00e9pesek alkalmazkodni a piaci vezet\u0151 szerepet bet\u00f6lt\u0151 szerepl\u0151k v\u00e1ltoz\u00e1saihoz.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A momentum azonban nem olyan strat\u00e9gia, amely tart\u00f3s fel\u00fclteljes\u00edt\u00e9st garant\u00e1lna.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hosszabb ideig alulteljes\u00edthet, hirtelen trendfordul\u00f3kat szenvedhet el, \u00e9s a portf\u00f3li\u00f3 \u00e1talak\u00edt\u00e1sai tov\u00e1bbi keresked\u00e9si k\u00f6lts\u00e9geket gener\u00e1lnak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A hossz\u00fa t\u00e1v\u00fa befektet\u0151k sz\u00e1m\u00e1ra a momentum ETF kieg\u00e9sz\u00edt\u0151 allok\u00e1ci\u00f3k\u00e9nt szolg\u00e1lhat a sz\u00e9lesebb r\u00e9szv\u00e9nypiaci kitetts\u00e9g mellett, nem pedig automatikusan a diverzifik\u00e1lt alapportf\u00f3li\u00f3 helyettes\u00edt\u0151jek\u00e9nt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A d\u00f6nt\u0151 k\u00e9rd\u00e9s az, hogy az alap k\u00e9pes-e a momentumfaktorban rejl\u0151 potenci\u00e1lis el\u0151nyb\u0151l annyit megragadni, amennyi kompenz\u00e1lja a d\u00edjakat, a keresked\u00e9si k\u00f6lts\u00e9geket, a kock\u00e1zatokat \u00e9s az alkalmazand\u00f3 ad\u00f3kat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>V\u00e9gs\u0151 soron a momentum ETF hat\u00e9konys\u00e1ga nemcsak azon m\u00falik, hogy mennyire pontosan azonos\u00edtja a nyerteseket, hanem azon is, hogy mennyire hat\u00e9konyan kezeli az \u00e1tmenetet a tegnap nyerteseit\u0151l a holnap portf\u00f3li\u00f3j\u00e1ig.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A momentum ETF-ek egy egyszer\u0171 befektet\u00e9si elven alapulnak: azok a r\u00e9szv\u00e9nyek, amelyek a k\u00f6zelm\u00faltban fel\u00fclteljes\u00edtett\u00e9k versenyt\u00e1rsaikat, v\u00e1rhat\u00f3an tov\u00e1bbra is ezt tehetik. Ezek az alapok nem els\u0151sorban az \u00e9rt\u00e9kelts\u00e9g vagy a eredm\u00e9nyel\u0151rejelz\u00e9sek alapj\u00e1n v\u00e1lasztanak ki v\u00e1llalatokat, hanem szisztematikus szab\u00e1lyok seg\u00edts\u00e9g\u00e9vel azonos\u00edtj\u00e1k az er\u0151s \u00e1rfolyamtrendeket. A momentum kihaszn\u00e1l\u00e1sa azonban rendszeres portf\u00f3li\u00f3-\u00e1tcsoportos\u00edt\u00e1st ig\u00e9nyel, \u00e9s ezek a \u00fcgyletek k\u00f6lts\u00e9geket, [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":90848,"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":[4888],"tags":[6578,6606,4907],"class_list":["post-90860","post","type-post","status-publish","format-standard","has-post-thumbnail","category-tozsde","tag-ingatlan-etf-ek-hu","tag-momentum-etf","tag-tozsde"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.4 - aioseo.com -->\n\t<meta name=\"description\" content=\"Mi az a momentum ETF? 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