Ressourcen

Wie man mit ETFs handelt und in sie investiert

Bei der Ausführung eines ETF-Handelsgeschäfts sind viele Entscheidungen zu treffen, um eine optimale Ausführung zu gewährleisten. In diesem Abschnitt finden Sie Informationen darüber, wie Sie mit ETFs handeln, die beste Ausführungsstrategie wählen und die verschiedenen Ebenen der Liquidität von ETFs verstehen.

Entscheidungsbaum für die Ausführung

Bei der Ausführung eines ETF-Handelsgeschäfts sind viele Entscheidungen zu treffen, um eine optimale Ausführung zu gewährleisten. Im Folgenden finden Sie eine Zusammenfassung der Ausführungsstrategien.

Kauf und Verkauf eines ETF: Die beste Ausführung erzielen

Ausführungsstrategie	Beschreibung	Hohe Dringlichkeit	Sensitivität auf Markteinflüsse	Zeitrisiko	Anonymität
Risikohandel	Der Kunde erhält den gezahlten Preis für den gesamten Handel in einem Stück und der Liquiditätsanbieter übernimmt das Risiko, die daraus resultierende Position zu verwalten. Liquiditätsanbieter können als Wettbewerbsfaktor für das Handelsgeschäft eingesetzt werden, sodass eine klare Messgröße für die beste Ausführung ermittelt werden kann. Der Kunde nutzt im Allgemeinen den angebotenen NBBO als Benchmark	✔
NIW-Handel	Handel, der durch den Kauf oder Verkauf des zugrunde liegenden Wertpapierselektion und die anschließende Erstellung/Einlösung von ETF-Anteilen ausgeführt wird. Der Kunde erhält typischerweise einen Preis, der Ausführungen für den zugrunde liegenden Wertpapierkorb zuzüglich oder abzüglich Erstellungs-/Rückkaufskosten widerspiegelt. Kunden nutzen im Allgemeinen den Nettoinventarwert (NIW) am Tagesende als Benchmarks.		✔	✔
Arbeitsauftrag	Elektronische Auftragsarten mit automatisierten, vorprogrammierten Handelsinstruktionen. Aufträge können basierend auf Volumen, Zeit oder anderen Kennwerten relativ zu den Ausführungs-Benchmarks gemessen werden . Kann sowohl auf den Handel im Sekundärmarkt als auch auf den Handel mit den selektierten Titeln Anwendung finden.		✔	✔	✔

Liquidität

Für eine Vielzahl von Anlegern, die sich für dieses Instrument interessieren, ist die Liquidität eines der wichtigsten Kriterien bei ETFs. Zur Messung der Liquidität eines ETF gehört mehr als die Prüfung des durchschnittlichen täglichen Handelsvolumens (Average Daily Trading volume, ADV) und des Bid/Ask-Spread auf dem Sekundärmarkt. Wenn man nur diese „On-Screen-Liquidität“ betrachtet, entgehen einem einige der wichtigsten Vorteile der ETF-Struktur, wie z. B. die Möglichkeit, Anteile zu erstellen und zurückzunehmen, indem man die Primärmarktliquidität der Wertpapiere innerhalb des ETFs nutzt. Wir haben einen Leitfaden zu den verschiedenen Ebenen der ETF-Liquidität erstellt und zeigen, wie man sowohl die On-Screen- als auch die Primärmarktliquidität bewerten kann.

Lesen Sie unser Handbuch zur Liquidität

Handelskalender

Tagesaktuelle Details dazu, welche Fonds auf dem Primärmarkt gehandelt werden können. Schließt Feiertage, Annahmeschlusszeiten für Handelsgeschäfte und Abwicklungszeiten ein. (XLS)

Kalender herunterladen 2024

Brauchen Sie Hilfe bei einem Handelsgeschäft? Nutzen Sie unsere Kapitalmarktexpertise

Das engagierte ETF Kapitalmarktteam von State Street Global Advisors unterstützt institutionelle Investoren, die mit zugelassenen Marktteilnehmern, Market Makern und anderen Liquiditätsanbietern in Verbindung treten möchten. Das Team kann bei der Vorhandelsanalyse helfen, findet von Liquiditätsnischen und sorgt für die engsten verfügbaren Spreads.

Vorhandelsanalyse anfordern*

Fußnoten

Disclaimer

Marketing Communication. General Access.

For professional investor use only.

Important Information

State Street Global Advisors Worldwide Entities

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

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For Investors in Austria: The offering of SPDR ETFs by the Company has been notified to the Financial Markets Authority (FMA) in accordance with section 139 of the Austrian Investment Funds Act. Prospective investors may obtain the current sales Prospectus, the articles of incorporation, the KID as well as the latest annual and semi-annual report free of charge from State Street Global Advisors Europe Limited, Branch in Germany, Brienner Strasse 59, D-80333 Munich. T: +49 (0)89-55878-400.F: +49 (0)89-55878-440.

For Investors in Finland: The offering of funds by the Companies has been notified to the Financial Supervision Authority in accordance with Section 127 of the Act on Common Funds (29.1.1999/48) and by virtue of confirmation from the Financial Supervision Authority the Companies may publicly distribute their Shares in Finland. Certain information and documents that the Companies must publish in Ireland pursuant to applicable Irish law are translated into Finnish and are available for Finnish investors by contacting State Street Custodial Services (Ireland) Limited, 78 Sir John Rogerson’s Quay, Dublin 2, Ireland.

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For Investors in Germany: The offering of SPDR ETFs by the Companies has been notified to the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in accordance with section 312 of the German Investment Act. Prospective investors may obtain the current sales Prospectuses, the articles of incorporation, the KIDs as well as the latest annual and semi-annual report free of charge from State Street Global Advisors Europe Limited, Branch in Germany, Brienner Strasse 59, D-80333 Munich. Telephone: +49 (0)89-55878-400. Facsimile: +49 (0)89-55878-440.

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For Investors in UK: The Company has been registered for distribution in the UK pursuant to the UK’s temporary permissions regime under regulation 62 of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019. The Company is directed at 'professional clients' in the UK (within the meaning of the rules of the Financial Services and Markets Act 2000) who are deemed both knowledgeable and experienced in matters relating to investments. The products and services to which this communication relates are only available to such persons and persons of any other description should not rely on this communication. Many of the protections provided by the UK regulatory system do not apply to the operation of the Company, and compensation will not be available under the UK Financial Services Compensation Scheme.

6209439.1.1.EMEA.INST
Exp. Date: 31/01/2025