TVPP TVPA TVPY Cupones Vinculados al PBI

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Phantom
Mensajes: 15128
Registrado: Mié Nov 28, 2007 5:53 pm

Re: TVPP TVPA TVPY Cupones Vinculados al PBI

Mensajepor Phantom » Sab Oct 08, 2011 12:15 pm

Phantom escribió:Y tener un Apalancado mucho tiempo creo que dicen que no conviene no se porque tema de degradación o algo así.....

EPV Prospectus

Important Information About the Fund
ProShares UltraShort MSCI Europe (the “Fund”) seeks investment
results for a single day only, not for longer periods.
A “single day” ismeasured from the time the Fund calculates its net
asset value (“NAV”) to the time of the Fund’s next NAV calculation.
The return of the Fund for periods longer than a single day
will be the result of each day’s returns compounded over the period,
which will very likely differ from twice the inverse (-2x) of the
return of the MSCI Europe Index® (the “Index”) for that period.
Adjuntos
epv_summary_prospectus.pdf
(421.72 KiB) Descargado 9 veces

Phantom
Mensajes: 15128
Registrado: Mié Nov 28, 2007 5:53 pm

Re: TVPP TVPA TVPY Cupones Vinculados al PBI

Mensajepor Phantom » Sab Oct 08, 2011 12:03 pm

Ramiro_Lucas escribió:El año pasado tuve una cartera que me gustó mucho.... ERa un 70% tvpp y un 30% EPV (etf inverso de Europa, apalancado por 3)

http://etf.stock-encyclopedia.com/scrip ... ticker=epv

http://stockcharts.com/h-sc/ui?s=EPV&p= ... 9239833331

Y tener un Apalancado mucho tiempo creo que dicen que no conviene no se porque tema de degradación o algo así.....

Hermes
Mensajes: 3025
Registrado: Vie May 20, 2011 5:46 pm

Re: TVPP TVPA TVPY Cupones Vinculados al PBI

Mensajepor Hermes » Sab Oct 08, 2011 12:01 pm

y finalmente esta perlita...lectura obligatoria para cualquiera que intente meterse en un apalancado


http://www.proshares.com/funds/performa ... nding.html


sin desperdicios, lo garantizo

Hermes
Mensajes: 3025
Registrado: Vie May 20, 2011 5:46 pm

Re: TVPP TVPA TVPY Cupones Vinculados al PBI

Mensajepor Hermes » Sab Oct 08, 2011 11:57 am

1.What type of investor is an appropriate candidate for leveraged and inverse funds?

Leveraged and inverse funds are most appropriate for knowledgeable investors who are familiar with the specialized benefits and risks associated with these types of products, and who have an understanding of investment concepts and practices (Are Leveraged and Inverse Funds Right for You?). Shareholders, or their advisers, should be prepared to monitor their leveraged and inverse fund positions closely, as often as daily, and should use them as part of a diversified portfolio.

2.What are the investment objectives of leveraged and inverse funds?

A leveraged ETF is designed to provide a multiple (e.g., 2x or 3x) of the return of an index or other benchmark, usually for a single day, before fees and expenses. An inverse fund is designed to provide a multiple of the opposite (e.g., -1x, -2x, -3x) of the return of an index or other benchmark, usually for a single day, before fees and expenses.

3.Do leveraged and inverse funds seek to achieve their target returns for more than a day?

Most leveraged and inverse funds seek to achieve their target returns for a single day. Returns over periods beyond a day can be significantly lower or higher than the index return times the fund multiple. Nevertheless, although no one can predict future performance, Joanne Hill, PhD, and George Foster, CFA, conducted an historical study that showed a high likelihood of approximating the daily target over short periods. The shorter the period, and the lower the volatility of the underlying index, the more likely returns were to approximate the daily target. Longer and more volatile periods tended to show a greater deviation from the daily target. Using historical data, a model based on 2x the daily return of the S&P 500 index showed a 90% likelihood of producing a return between 1.75x and 2.25x the index return over any 30-day period over the last 50 years. (Models based on an index with higher volatility would have deviated more.)1

Four factors significantly affect how close daily compounded returns are to longer-term index returns times the fund's multiple: the length of the holding period, index volatility, whether the multiple is positive or inverse, and its leverage level. Longer holding periods, higher index volatility, inverse multiples and greater leverage each can lead to returns further from the multiple times the index return.

4.Why is the performance of these funds over time greater or less than the multiple of index performance?

Many factors can affect the performance of leveraged and inverse funds over time, including compounding, a universal mathematical concept that affects the returns of all investments. It is important for investors to understand how compounding affects the returns of investments under differing market conditions, including upward-trending, downward-trending and volatile markets. It is critically important that leveraged fund investors understand that the effect of compounding on leveraged and inverse funds is magnified, and can cause gains and losses to occur much faster, and to a greater degree, than the returns of unleveraged investments. Longer holding periods, higher index volatility, inverse multiples and greater leverage each affect the impact of compounding on returns.

5.Why do leveraged and inverse funds "reset" their exposure daily?

Resetting exposure in a leveraged or inverse fund is designed to provide constant results to investors for each day the markets are open. If these funds did not reset their exposure each day, the leverage of the funds would vary each trading day. The exposure of the fund to its benchmark, over time, could easily become very small (e.g., less than 1x) or very large (e.g., more than 5x). It is not possible for an open-end fund that does not reset its exposure each day to provide a specified, constant daily leverage level regardless of the time the investment in the fund is held.
6.Does the performance of these funds over time mean you shouldn't hold them for longer than a day?
The investment objective of most leveraged and inverse funds is to seek a multiple of an index return for a single day. Leveraged and inverse funds can also be used for longer periods, but the return of the fund can be significantly different than the index return times the fund multiple (Question 4). Investors seeking returns for periods longer than a day that are closer to the index return times the fund multiple should monitor their investments and rebalance as needed.2 An investor's time horizon may be based on many factors, such as market outlook and risk tolerance. Investors may need to rebalance more frequently in funds with higher index volatility, inverse multiples and greater leverage. A rebalancing strategy will involve transaction costs and can generate tax consequences. Rebalancing does not guarantee specific future results and may result in investment losses.

7.Are there strategies that can increase the chance of achieving returns close to the daily target over time?

Yes. Academic research2 conducted on 2x and -2x multiples supports the idea that a basic rebalancing strategy for leveraged and inverse funds may help an investor to achieve returns close to 2x or -2x the index return over time. This rebalancing strategy uses a calculation to determine the amount to add to or reduce the investment in a leveraged or inverse fund, such that the investment exposure held is in line with the targeted return for the period. Rebalancing can be performed at fixed time periods (e.g., weekly or monthly), or it can be triggered when a specified return threshold is reached. Investors may need to rebalance more frequently in funds with higher index volatility, inverse multiples and greater leverage. A rebalancing strategy will involve transaction costs and can generate tax consequences. Rebalancing does not guarantee specific future results and may result in investment losses.

8.Is seeking to achieve returns close to the daily target over time the only reason to invest in leveraged and inverse funds over longer periods?

Leveraged and inverse funds can be used to implement a variety of short- and longer-term strategies. For instance, an investor may choose to hold a longer-term position in a leveraged or inverse fund based on a view that the index will trend upward or downward in a low-volatility environment. If the investor is correct, this could result in leveraged or inverse fund performance higher than the index return times the fund multiple. However, if incorrect, the fund returns could be lower—perhaps significantly. Leveraged and inverse fund positions should be monitored frequently.

9.What are some common uses for leveraged and inverse funds?

Leveraged and inverse funds are valuable tools that can be used in a variety of ways by knowledgeable investors. Some examples include:

a. Using the magnified exposure of a leveraged fund to seek greater profits (of course, losses are also magnified).
b. Committing less cash to target a specific level of exposure using a leveraged fund.
c. Using an inverse fund to help hedge a portfolio position.
d. Fine-tuning exposure (e.g., using an inverse fund to reduce exposure to a sector without selling holdings).



Read our educational brochure for more information: "Geared Investing: An introduction to leveraged and inverse funds."

alvarez123
Mensajes: 1739
Registrado: Mar Sep 27, 2011 12:52 pm

Re: TVPP TVPA TVPY Cupones Vinculados al PBI

Mensajepor alvarez123 » Sab Oct 08, 2011 11:51 am

puma.ar escribió:Alvarez...sos simpaticón, como el personaje que hacía el Negro Olmedo. El tuyo uno de los nuevos Nicks que se ha ganado aprecio por su cordura al intervenir en el foro. No veo que te lijen mucho...aguante!

Gracias, Puma. Suerte y buenos negocios. Saludos.

puma.ar
Mensajes: 2753
Registrado: Sab Nov 08, 2008 7:56 pm

Re: TVPP TVPA TVPY Cupones Vinculados al PBI

Mensajepor puma.ar » Sab Oct 08, 2011 11:44 am

alvarez123 escribió: Entré hace 15 días. Al foro y a los cupones. Despues de haber perdido en la variable bastante plata. Compré de frente, y no pienso caucionarme simplemente porque no conozco la operatoria. Y prácticamente todo lo que sé (que no es mucho), lo voy aprendiendo en el foro. No oculto nada. Debe ser por eso que me como cada lijada que ni te digo... :115:

Alvarez...sos simpaticón, como el personaje que hacía el Negro Olmedo. El tuyo uno de los nuevos Nicks que se ha ganado aprecio por su cordura al intervenir en el foro. No veo que te lijen mucho...aguante!

Hermes
Mensajes: 3025
Registrado: Vie May 20, 2011 5:46 pm

Re: TVPP TVPA TVPY Cupones Vinculados al PBI

Mensajepor Hermes » Sab Oct 08, 2011 11:42 am

http://www.proshares.com/funds/epv.html


si ,,, parece haber una pequeña discrepancia en el tema

Ramiro_Lucas
Mensajes: 7760
Registrado: Dom Jun 08, 2008 3:20 am

Re: TVPP TVPA TVPY Cupones Vinculados al PBI

Mensajepor Ramiro_Lucas » Sab Oct 08, 2011 11:35 am

Hermes escribió:aja entonces vos ramiro decis de comprar ya EPV? ,,, no lo mire bien pero parece inverso apalancado x 2

Es un 200% el rendimiento del índice de europa, eso es el equivalente a multiplicar por 3. 100% es duplicar, 200% es triplicar.

Hermes
Mensajes: 3025
Registrado: Vie May 20, 2011 5:46 pm

Re: TVPP TVPA TVPY Cupones Vinculados al PBI

Mensajepor Hermes » Sab Oct 08, 2011 11:33 am

aja entonces vos ramiro decis de comprar ya EPV? ,,, no lo mire bien pero parece inverso apalancado x 2

Ramiro_Lucas
Mensajes: 7760
Registrado: Dom Jun 08, 2008 3:20 am

Re: TVPP TVPA TVPY Cupones Vinculados al PBI

Mensajepor Ramiro_Lucas » Sab Oct 08, 2011 11:31 am

Hermes escribió:Ramiro, no dije que yo iba a hacer lo mismo. Pero me gustaria ver tu operatoria con ETFs inversos.

El año pasado tuve una cartera que me gustó mucho.... ERa un 70% tvpp y un 30% EPV (etf inverso de Europa, apalancado por 3)

Gane mucho menos que algunos en 2010 pero igual gane, y dormía tranquilo. Estaba cubierto. Con esa misma cartera en 2011 te estaría yendo muy bien al día de hoy, tendrías más nominales potenciales que el que sólo se quedo con los cupones.

Hermes
Mensajes: 3025
Registrado: Vie May 20, 2011 5:46 pm

Re: TVPP TVPA TVPY Cupones Vinculados al PBI

Mensajepor Hermes » Sab Oct 08, 2011 11:29 am

junta eso con la elevada correlacion que tienen los tres y veras el sentido de mi respuesta a ernie

Danver
Mensajes: 233
Registrado: Dom Feb 28, 2010 11:21 am

Re: TVPP TVPA TVPY Cupones Vinculados al PBI

Mensajepor Danver » Sab Oct 08, 2011 11:27 am

Ernie Els- escribió:Pregunto algo basico ahora que termino la rueda y no molesta tanto.
Cual de los tres indices de soja hay que mirar en los futuros? Soybeans, soybean meal o soybean oil?
O ninguno de esos? :116:

beans es el poroto
meal la harina
y oil el aceite[/quote]

Buen dia. De acuerdo a datos de ALADI del año 2009, esta seria la participacion de los derivados de la soja en las exportaciones argentinas de ese año:
Soybeans 3% ,soybean meal 14,7 % y soybean oil 5,7%

Hermes
Mensajes: 3025
Registrado: Vie May 20, 2011 5:46 pm

Re: TVPP TVPA TVPY Cupones Vinculados al PBI

Mensajepor Hermes » Sab Oct 08, 2011 11:26 am

Ramiro, no dije que yo iba a hacer lo mismo. Pero me gustaria ver tu operatoria con ETFs inversos.

lumar
Mensajes: 5292
Registrado: Jue Abr 28, 2011 6:04 pm

Re: TVPP TVPA TVPY Cupones Vinculados al PBI

Mensajepor lumar » Sab Oct 08, 2011 11:25 am

si ortro, después leyendo vi que la intención era para ver cuál seguir. La correlación suele ser muy alta y por una cuestión práctica el mercado y los productores miran el poroto. Recordemos que acá tienen retenciones diferenciadas

PD: tengo 31


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