Tra il silenzio di Banche, SGR (Societa’ Gestione Resparmio, e’ la forma giuridica che viene assunta da una societa’ che gestisce fondi comuni) e professionisti del risparmio,
sta crescendo anche in Italia il ricorso a questo poco noto ma eccellente e mai abbastanza lodato strumento per la gestione del risparmio.
Cos’e’ un ETF.
Un ETF Exchange Traded Fund non e’ altro che un fondo comune di investimento che ha due caratteristiche particolari.
1) il gestore del fondo non pretende di avere capacita’/liberta’ nella gestione dei fondi, ma promette al risparmiatore di investire in titoli che replichino il piu’ fedelmente possibile il rendimento di un dato indice (benchmark) di riferimento. Si dice passiva questa maniera di investire.
2) Le quote del fondo sono quotate sul mercato e sono quindi comprabili e vendibili quotidianamente pagando le normali commissioni di negoziazione. Eliminando cosi’ i costi di ingresso e uscita tipici di un fondo.
Perche’ nascono gli ETF.
Secondo la moderna teoria della finanza il mercato e’ efficiente, cio’ significa che nel prezzare i titoli considera gia’ tutte le informazioni disponibili. E’ quindi impossibile per un gestore individuare titoli sopra o sottovalutati e battere il benchmark.
Passando dalla teoria alla pratica riscontriamo che effettivamente la media dei gestori non riesce a battere il benchmark. Al di fuori della media pero’alcuni riescono a essere consistentemente migliori e ovviamente altri sono consistentemente peggiori.
Quindi un risparmiatore che investe in un fondo oltre ad affrontare il rischio intrinseco alla tipologia di titoli in cui viene investito il fondo (asset class in inglese) incorre in un “rischio gestore”.
A causa delle scarse informazioni disponibili per il risparmatore medio e’ praticamente impossibile prevedere se il suo fondo fara’ meglio o peggio del benchmark. E’ cioe’ impossibile affrontare in maniera adeguata il “rischio gestore”.
Questa e’ la ragione di fondo per cui nascono gli ETF, come fondi che eliminano il “rischio gestore”.
Si elimina cioe’ il rischio che il gestore faccia scelte sbagliate.
Rinunciando contestualmente alla possibilita’ che il gestore faccia delle scelte giuste.
Questo ha un ulteriormente positivo effetto collaterale di non poca importanza: le commissioni di gestione di un ETF sono bassissime (nell’ordine del mezzo punto percentuale all’anno), questi fondi sono infatti gestiti secondo modelli matematici da strutture snelle e poco costose. Le commissioni di performance poi sono addirittura inesistenti visto che la gestione passiva sa di non essere in alcuna maniera responsabile del risultato finale.
Come utilizzare gli ETF per costruire un portafoglio.
Per prima cosa bisogna scegliere quali sono le asset class e i temi di investimento a cui si vuole avere esposizione. Questa operazione va svolta esattamente come se stessimo usando prodotti tradizionali.
Poi bisogna selezionare quali sono gli ETF che replicano i temi prescelti e comprarli.
Questa seconda parte dell’operazione che sarebbe molto semplice e’ pero’ resa piu’ complessa da un elevato livello di ostruzionismo che ci si trova ad affrontare nel parlare di ETF con una banca o SGR che ovviamente e’ interessata a vendere i prodotti tradizionali con un maggior margine di profitto. Sta al risparmiatore farsi valere e ottenere le informazioni desiderate.
Il risparmiatore che sia riuscito a costruire un portafoglio equilibrato in questa maniera potra’ dormire sonni tranquilli sapendo che non solo la sua gestione passiva avra’ delle performance molto simili alla media delle gestioni attive, ma che soprattutto stara’ risparmiando molte ma molte commissioni.
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