{"id":1828,"date":"2011-06-11T13:14:31","date_gmt":"2011-06-11T10:14:31","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=1828"},"modified":"2011-06-21T13:14:55","modified_gmt":"2011-06-21T10:14:55","slug":"yapilandirilmis-finansal-urunler-%e2%80%93-ii-structured-financial-products-ii","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/yapilandirilmis-finansal-urunler-%e2%80%93-ii-structured-financial-products-ii\/","title":{"rendered":"YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER \u2013 II *  (STRUCTURED FINANCIAL PRODUCTS &#8211; II)"},"content":{"rendered":"<p style=\"text-align: center;\"><strong>YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER \u2013 II *<\/strong><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1677171953\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"9580705384\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p style=\"text-align: center;\"><strong> (STRUCTURED FINANCIAL PRODUCTS &#8211; II) <\/strong><\/p>\n<p style=\"text-align: center;\"><strong>Prof. Dr. Nurg\u00fcl Chambers **<\/strong><\/p>\n<p style=\"text-align: center;\"><strong>Eren Ko\u00e7yi\u011fit ***<\/strong><\/p>\n<p><strong> 3.3. Risk D\u00fczeyine G\u00f6re Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnler<\/strong><\/p>\n<p>Yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnler, \u0130svi\u00e7re Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcnler Birli\u011fi (SSPA, Swiss Structured Products Association), taraf\u0131ndan\u00a0 risk d\u00fczeylerine g\u00f6re d\u00f6rt gruba ayr\u0131lm\u0131\u015ft\u0131r .<\/p>\n<p>&#8211; Anapara korumal\u0131 \u00fcr\u00fcnler (Capital protected products),<\/p>\n<p>&#8211; Getiri art\u0131r\u0131c\u0131 \u00fcr\u00fcnler (Yield enhancement products),<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2865826754\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"3167340272\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>&#8211; Kat\u0131l\u0131m sa\u011flayan \u00fcr\u00fcnler (Participation products),<\/p>\n<p>&#8211; Kald\u0131ra\u00e7 sa\u011flayan \u00fcr\u00fcnler (Leverage products),<\/p>\n<p>Risk d\u00fczeylerine g\u00f6re yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnler a\u015fa\u011f\u0131da \u015fekil \u00fczerinde g\u00f6sterilmi\u015ftir.<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/06\/yapur-2-a.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1829\" title=\"yapur-2-a\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/06\/yapur-2-a.jpg\" alt=\"\" width=\"444\" height=\"436\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><em>\u015eekil 2: Risk D\u00fczeyine G\u00f6re Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcnler <\/em><\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1920363341\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"1818807385\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p><strong><em>Kaynak : http:\/\/www.juliusbaer.com<\/em><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong>3.3.1. Anapara Korumal\u0131 Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnler <\/strong><\/p>\n<p><strong> (Capital Protected Products) <\/strong><\/p>\n<p>Anapara korumal\u0131 yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler genel anlam\u0131yla, vade sonunda ba\u015flang\u0131\u00e7 yat\u0131r\u0131m\u0131n\u0131 koruyan \u00fcr\u00fcnler olarak tan\u0131mlanabilir. Bu \u00fcr\u00fcnler ba\u015flang\u0131\u00e7 yat\u0131r\u0131m\u0131n\u0131n tamam\u0131n\u0131 korudu\u011fu gibi bir k\u0131sm\u0131n\u0131 da koruyabilir. S\u00f6zkonusu\u00a0 \u00fcr\u00fcnler \u00a0sabit getirili bir finansal varl\u0131k ile bir t\u00fcrev \u00fcr\u00fcn\u00fcn bile\u015fiminden olu\u015fur. Toplam tutar\u0131n bir k\u0131sm\u0131 sabit getirili finansal varl\u0131\u011fa, kalan k\u0131sm\u0131 da t\u00fcrev \u00fcr\u00fcne yat\u0131r\u0131l\u0131r.<strong> <\/strong>Sabit getirili finansal varl\u0131k\u00a0 b\u00f6l\u00fcm\u00fc anaparay\u0131 koruyan b\u00f6l\u00fcm olup, \u00e7o\u011funlukla bono veya tahvil gibi sabit nakit ak\u0131\u015f\u0131 sa\u011flayan finansal ara\u00e7lardan olu\u015fur. T\u00fcrev \u00fcr\u00fcn b\u00f6l\u00fcm\u00fc ise ek getiri sa\u011flayabilen b\u00f6l\u00fcm olup, \u00e7o\u011funlukla opsiyonlardan\u00a0 olu\u015fur. <em> <\/em><\/p>\n<p>Anapara korumal\u0131 yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerde, vade sonunda korunan ba\u015flang\u0131\u00e7 yat\u0131r\u0131m\u0131n\u0131n d\u0131\u015f\u0131nda kalan ve ek getiri olarak adland\u0131r\u0131lan k\u0131s\u0131m a\u015fa\u011f\u0131daki gibi hesaplan\u0131r.<\/p>\n<p>Ek getiri\u00a0\u00a0 =\u00a0\u00a0\u00a0 Ba\u015flang\u0131\u00e7taki\u00a0\u00a0\u00a0 x\u00a0\u00a0 Vade sonunda\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0 Kat\u0131l\u0131m oran\u0131<\/p>\n<p>yat\u0131r\u0131m tutar\u0131\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 opsiyonun performans\u0131<\/p>\n<p>Denklemde yer alan kat\u0131l\u0131m oran\u0131 \u00a0a\u015fa\u011f\u0131daki gibi hesaplan\u0131r.<\/p>\n<p>Sabit getirili finansal varl\u0131\u011fa yap\u0131lan<\/p>\n<p>yat\u0131r\u0131m sonunda elde kalan tutar<\/p>\n<p>Kat\u0131l\u0131m oran\u0131 =\u00a0 &#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;-<\/p>\n<p>\u00dcr\u00fcnde kullan\u0131lacak opsiyon fiyat\u0131<\/p>\n<p>Kat\u0131l\u0131m oran\u0131n\u0131n hesaplanmas\u0131na ili\u015fkin basit bir \u00f6rnek a\u015fa\u011f\u0131da yer almaktad\u0131r.<\/p>\n<p>100 TL\u2019lik bir yat\u0131r\u0131m\u0131n \u00a090 TL s\u0131 ile devlet tahviline, 10 TL\u2019s\u0131 ile opsiyona yat\u0131r\u0131m yap\u0131l\u0131r (vade sonunda 100 TL olup anaparay\u0131 koruyacak \u015fekilde). Opsiyonun fiyat\u0131 20 TL ise kat\u0131l\u0131m oran\u0131 a\u015fa\u011f\u0131daki gibi hesaplan\u0131r :<\/p>\n<p>( 100 \u2013 90 ) \/ 20 = 0,50 = %50<\/p>\n<p>Anapara korumal\u0131 \u00fcr\u00fcnlerin \u00e7o\u011funda anapara korumas\u0131 %100 olabildi\u011fi gibi \u00f6zelikle Avrupa ve Amerika gibi risksiz faiz oran\u0131n\u0131n d\u00fc\u015f\u00fck oldu\u011fu \u00fclkelerde koruma y\u00fczdesi \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0%80 &#8211; %90 seviyelerine inebilmektedir.<\/p>\n<p>A\u015fa\u011f\u0131daki \u015fekil anapara korumal\u0131 bir \u00fcr\u00fcn\u00fcn olu\u015fumu ve i\u015fleyi\u015fini g\u00f6stermektedir.<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/06\/yapur-2-b.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1830\" title=\"yapur-2-b\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/06\/yapur-2-b.jpg\" alt=\"\" width=\"629\" height=\"495\" \/><\/a><\/p>\n<p><em>\u015eekil 3: Bir Anapara Korumal\u0131 \u00dcr\u00fcn\u00fcn \u0130\u015fleyi\u015fi.<\/em><\/p>\n<p><strong><em>Kaynak: <\/em><\/strong><a href=\"http:\/\/www.investopedia.com\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\"><strong><em>http:\/\/www.investopedia.com<\/em><\/strong><\/a><strong><em> <\/em><\/strong><\/p>\n<p>\u015eekilden g\u00f6r\u00fclece\u011fi \u00fczere, Y opsiyon cinsinden bir t\u00fcrev \u00fcr\u00fcne yap\u0131lan yat\u0131r\u0131m tutar\u0131n\u0131, \u00a0X ise bono gibi bir sabit getirili finansal varl\u0131\u011fa yap\u0131lan yat\u0131r\u0131m tutar\u0131n\u0131 g\u00f6stermektedir. Vade \u00a0sonunda bono k\u0131sm\u0131 ba\u015flang\u0131\u00e7 yat\u0131r\u0131m\u0131 olan X+Y seviyesine gelerek anaparay\u0131 korur. Bonodan elde edilen sabit getiri ile ba\u015flang\u0131\u00e7ta yat\u0131r\u0131lan anapara tutar\u0131na ula\u015f\u0131lm\u0131\u015f olur. Ba\u015fka bir deyi\u015fle, vade sonunda bonodan elde edilen getirinin katk\u0131s\u0131yla, opsiyona yat\u0131r\u0131lan b\u00f6l\u00fcm\u00fc\u00a0 de i\u00e7erecek kadar anapara tutar\u0131na ula\u015f\u0131r. \u015eekilde g\u00f6r\u00fclen\u00a0 Z \u00a0b\u00f6l\u00fcm\u00fc opsiyondan elde edilen ek getiriyi ifade eder. Anapara korumal\u0131 \u00fcr\u00fcnlerde\u00a0\u00a0 X+Y olan ba\u015flang\u0131\u00e7 yat\u0131r\u0131m\u0131 vade sonunda opsiyonun performans\u0131ndan ba\u011f\u0131ms\u0131z olarak elde edilirken, Z ile g\u00f6sterilen ek getiri do\u011frudan \u00a0opsiyonun performans\u0131 ve kat\u0131l\u0131m oran\u0131 ile ili\u015fkilidir.<\/p>\n<p>Anapara korumal\u0131 yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin i\u015fleyi\u015fini g\u00f6steren bir \u00f6rne\u011fe a\u015fa\u011f\u0131da \u015fekil \u00fczerinde yer verilmi\u015ftir <sup>1<\/sup>. \u00d6rnekteki anapara korumal\u0131 \u00fcr\u00fcn\u00fcn dayanak varl\u0131\u011f\u0131 S&amp;P 500 \u00a0endeksine dayal\u0131 bir opsiyon ve bir tahvildir. Anapara koruma seviyesi %100 ve kat\u0131l\u0131m oran\u0131 %90\u2019d\u0131r. Toplam yat\u0131r\u0131lan tutar 1.000 $\u2019d\u0131r.<\/p>\n<p>\u00d6rnekteki \u00fcr\u00fcn yap\u0131land\u0131r\u0131l\u0131rken, 1.000 $\u2019\u0131n bir k\u0131sm\u0131 ile tahvil bir k\u0131sm\u0131 ile de dayanak varl\u0131\u011f\u0131 S&amp;P endeksi olan bir opsiyona yat\u0131r\u0131m yap\u0131lm\u0131\u015ft\u0131r. Tahvil ile anapara korunmu\u015f, ek getiri ise S&amp;P endeksine dayal\u0131 opsiyon ile sa\u011flanm\u0131\u015ft\u0131r.<\/p>\n<p>A\u015fa\u011f\u0131daki \u015fekil, vade sonunda opsiyondan sa\u011flanan ek getirinin iki farkl\u0131 senaryoya g\u00f6re nas\u0131l olu\u015ftu\u011funu g\u00f6stermektedir.<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/06\/yapur-2-c.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1831\" title=\"yapur-2-c\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/06\/yapur-2-c.jpg\" alt=\"\" width=\"493\" height=\"400\" \/><\/a><\/p>\n<p><em>\u015eekil 4: Anapara Korumal\u0131 \u00dcr\u00fcn <\/em><\/p>\n<p><strong><em>Kaynak: JP Morgan Structured Investments Solution Series Volume 1<\/em><\/strong><\/p>\n<p>\u0130lk senaryoda, S&amp;P 500 endeksi %20 y\u00fckselirse yat\u0131r\u0131mc\u0131 vade sonunda a\u015fa\u011f\u0131daki yat\u0131r\u0131m\u0131 elde eder.<\/p>\n<p>Ek getiri\u00a0\u00a0 =\u00a0\u00a0\u00a0 Ba\u015flang\u0131\u00e7taki\u00a0\u00a0 x\u00a0\u00a0\u00a0\u00a0\u00a0 Vade sonunda\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 x\u00a0\u00a0 Kat\u0131l\u0131m oran\u0131<\/p>\n<p>yat\u0131r\u0131m tutar\u0131\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 S&amp;P 500 performans\u0131<\/p>\n<p>Ek getiri\u00a0\u00a0 =\u00a0\u00a0\u00a0 1.000 $\u00a0 x\u00a0 %20 x\u00a0\u00a0 %90 = 180 $<\/p>\n<p>\u0130kinci senaryoda,\u00a0 S&amp;P 500 endeksi %20 d\u00fc\u015ferse yat\u0131r\u0131mc\u0131 vade sonunda ba\u015flang\u0131\u00e7 yat\u0131r\u0131m\u0131 olan 1000 $\u2019\u0131 geri al\u0131r. Bu senaryoda endeks %20 d\u00fc\u015fm\u00fc\u015f olmas\u0131na ra\u011fmen 200 $\u2019l\u0131k ger\u00e7ek bir kay\u0131p s\u00f6zkonusu olmamakta ve anapara korunmu\u015f olmaktad\u0131r.<\/p>\n<p>Anapara korumal\u0131 \u00fcr\u00fcnler, yat\u0131r\u0131mc\u0131lar\u0131n ba\u015flang\u0131\u00e7 yat\u0131r\u0131m\u0131n\u0131 korumalar\u0131ndan dolay\u0131 geleneksel \u00fcr\u00fcnlerden yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlere ge\u00e7i\u015f a\u015famas\u0131nda yat\u0131r\u0131mc\u0131lar taraf\u0131ndan denenen ilk \u00fcr\u00fcnlerin ba\u015f\u0131nda gelmektedir. Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler aras\u0131nda en makul risk seviyesine sahip olan bu \u00fcr\u00fcnler, finansal kurumlar taraf\u0131ndan yat\u0131r\u0131mc\u0131lar\u0131n riske duyarl\u0131 oldu\u011fu varsay\u0131larak piyasaya s\u00fcr\u00fclmektedir <sup>2<\/sup>.<\/p>\n<p><strong>3.3.2. Getiri Art\u0131ran Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnler\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(Yield Enhancement Products )<\/strong><\/p>\n<p>Getiri art\u0131ran \u00fcr\u00fcnler olarak tan\u0131mlanan bu \u00fcr\u00fcnler piyasada yer alan geleneksel sabit getirili finansal ara\u00e7lara g\u00f6re daha y\u00fcksek getiri olana\u011f\u0131 sa\u011flayabilmektedir.<strong> <\/strong>Bu \u00fcr\u00fcnlere yat\u0131r\u0131m yapan yat\u0131r\u0131mc\u0131lar\u0131n, ba\u015flang\u0131\u00e7 yat\u0131r\u0131mlar\u0131 korunmaz ve \u00e7o\u011funlukla elde edilecek maksimum getiri \u2018cap\u2019 denilen bir seviyede sabitlenir.\u00a0 Ba\u015flang\u0131\u00e7 yat\u0131r\u0131m\u0131 korunmad\u0131\u011f\u0131 i\u00e7in anapara korumal\u0131 \u00fcr\u00fcnlere g\u00f6re daha risklidir.<\/p>\n<p>Getiri art\u0131ran yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlere \u00f6rnek verilebilecek en yayg\u0131n iki \u00fcr\u00fcn, Discount Certificate (DC) ve Reverse Convertible (RC) \u00fcr\u00fcnleridir.<\/p>\n<p><strong> 3.3.2.1. Discount Certificate <\/strong><\/p>\n<p><strong> <\/strong>Discount Certificate (DC) \u00fcr\u00fcnler yat\u0131r\u0131mc\u0131lar\u0131n belirli bir dayanak varl\u0131\u011fa, varl\u0131\u011f\u0131n piyasa fiyat\u0131n\u0131n alt\u0131ndaki\u00a0 fiyatdan yat\u0131r\u0131m yapma olana\u011f\u0131 sa\u011flayan \u00fcr\u00fcnlerdir. Bu nedenle iskonto anlam\u0131na gelen \u2018discount\u2019 ibaresini ta\u015f\u0131rlar. Yat\u0131r\u0131mc\u0131lara bu iskonto, \u00fcr\u00fcn\u00fcn toplam getirisinde \u00f6nceden belirlenen maksimum bir getiri d\u00fczeyine raz\u0131 olmalar\u0131 sonucunda verilir. Maksimum\u00a0 getiri d\u00fczeyine \u201ccap\u201d denir. Dayanak varl\u0131k endeks, hisse senedi veya hisse senedi portf\u00f6y\u00fc olabilir.<\/p>\n<p>Her \u00a0DC \u00fcr\u00fcn\u00fc bir dayanak varl\u0131k ve maksimum bir getiri d\u00fczeyine sahiptir. \u00a0\u00dcr\u00fcn\u00fcn \u00a0vadesi sonunda, e\u011fer dayanak varl\u0131k fiyat\u0131 maksimum getiri d\u00fczeyinden d\u00fc\u015f\u00fck olursa, yat\u0131r\u0131mc\u0131 dayanak varl\u0131\u011f\u0131 fiziksel teslimat yolu ile elde eder. Dayanak varl\u0131k bir endeks ise nakdi uzla\u015fma s\u00f6z konusu olur. Di\u011fer taraftan, e\u011fer \u00fcr\u00fcn\u00fcn vadesi sonunda dayanak varl\u0131k fiyat\u0131 maksimum getiri d\u00fczeyinde veya bu d\u00fczeyden y\u00fcksek olursa yat\u0131r\u0131mc\u0131 maksimum getiri seviyesinde bir getiri elde eder.\u00a0 Daha fazlas\u0131n\u0131 elde edemez. Bu a\u00e7\u0131klamalar a\u015fa\u011f\u0131daki gibi g\u00f6sterilebilir.<\/p>\n<p>Dayanak varl\u0131k fiyat\u0131\u00a0 &lt; \u00a0Maksimum getiri d\u00fczeyi\u00a0 &#8212;&#8212;&#8212;&#8212;&#8212;&#8211;\u00a0 Fiziksel teslimat<\/p>\n<p>Dayanak varl\u0131k fiyat\u0131\u00a0\u00a0 = , &gt; Maksimum getiri d\u00fczeyi &#8212;&#8212;&#8212;&#8212;&#8211; \u00a0Maksimum getiri<\/p>\n<p>d\u00fczeyinde bir getiri<\/p>\n<p>\u00dcr\u00fcn\u00fcn i\u015fleyi\u015fini a\u00e7\u0131klayabilmek amac\u0131yla a\u015fa\u011f\u0131da say\u0131sal bir \u00f6rnek verilmi\u015ftir <sup>3<\/sup>.<\/p>\n<p>A\u015fa\u011f\u0131daki grafikte :<\/p>\n<p>x ekseni\u00a0 = \u00a0DC \u00fcr\u00fcn\u00fcn\u00fcn dayanak varl\u0131\u011f\u0131 olan ABC hisse senedinin fiyat de\u011fi\u015fimlerini,<\/p>\n<p>y ekseni\u00a0 = \u00a0bu fiyat de\u011fi\u015fimlerine ba\u011fl\u0131 olarak DC \u00fcr\u00fcn\u00fcn getirisini<\/p>\n<p>g\u00f6stermektedir.<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/06\/yapur-2-d.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1832\" title=\"yapur-2-d\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/06\/yapur-2-d.jpg\" alt=\"\" width=\"562\" height=\"334\" \/><\/a><\/p>\n<p><em>Grafik 1: Discount Certificate <\/em><\/p>\n<p><em>Kaynak: Deutsche Bank AG Discount Certificates Product Brochure<\/em><\/p>\n<p>Bu \u00f6rnekte,\u00a0 ABC hisse senedi $5 fiyat seviyesinde i\u015flem g\u00f6r\u00fcrken, ABC hisse senedine dayal\u0131 1 ay vadeli DC\u2019nin sat\u0131\u015f fiyat\u0131 $4.76\u2019d\u0131r. Bu durumda iskonto oran\u0131\u00a0 %4.8\u2019dir\u00a0 ($5 &#8211; $4.76 = 0.24\/$5 = %4.8). \u00a0Maksimum getiri d\u00fczeyi ise $4.86 olarak belirlenmi\u015ftir. Buna ba\u011fl\u0131 olarak maksimum getiri oran\u0131 %2.1\u2019dir ($4.76 \u2013 $4.86 = 0.10\/4.76 = %2.1) . Di\u011fer bir deyi\u015fle, bu \u00fcr\u00fcn\u00fc alan yat\u0131r\u0131mc\u0131 maksimum \u00a0%2.1 getiriye raz\u0131 olarak, \u00fcr\u00fcn\u00fc\u00a0 %4.8 iskonto ile al\u0131r. Banka a\u00e7\u0131s\u0131ndan d\u00fc\u015f\u00fcn\u00fcld\u00fc\u011f\u00fcnde, banka\u00a0 %2.1 maksimum getiriyi %4.8 iskonto ile satmaktad\u0131r.<\/p>\n<p>Bankalar \u00fcr\u00fcn\u00fcn sat\u0131\u015f fiyat\u0131, maksimum getiri d\u00fczeyi\u00a0 ile iskonto oran\u0131n\u0131 kendi yapt\u0131klar\u0131 hesaplamalara g\u00f6re belirlemektedir. Bu nedenle s\u00f6zkonusu oranlar bankalar aras\u0131nda farkl\u0131l\u0131k\u00a0 g\u00f6sterir.\u00a0 Akademik ortamda, \u00fcr\u00fcnlerin fiyatlanmas\u0131nda ve ilgili oranlar\u0131n belirlenmesinde bankalar\u0131n kendi lehlerine dayanan hesaplamalar\u00a0 yap\u0131p yapmad\u0131klar\u0131 tart\u0131\u015fma konusudur.<\/p>\n<p>1 ayl\u0131k vade sonunda a\u015fa\u011f\u0131daki 3 senaryo s\u00f6z konusu olabilir.<\/p>\n<p><strong>Senaryo 1 :<\/strong> Dayanak varl\u0131k olan ABC hisse senedi cap seviyesi olan 4.86 $ d\u00fczeyinde veya bu d\u00fczeyin \u00fczerinde i\u015flem g\u00f6r\u00fcrse, DC yat\u0131r\u0131mc\u0131ya cap seviyesi olan 4.86 $\u2019\u0131 \u00f6der.<\/p>\n<p>Dayanak varl\u0131k fiyat\u0131\u00a0\u00a0 =, &gt; Maksimum getiri d\u00fczeyi\u00a0 &#8212;&#8212;&#8212;- \u00a0Maksimum getiri<\/p>\n<p>d\u00fczeyinde bir getiri<\/p>\n<p><strong>Senaryo 2 :<\/strong> Dayanak varl\u0131k olan ABC hisse senedi\u00a0 cap\u00a0 d\u00fczeyi olan 4.86 $\u2019\u0131n alt\u0131nda ancak \u00a0ba\u015flang\u0131\u00e7 yat\u0131r\u0131m\u0131 olan 4,76$\u2019\u0131n \u00fczerinde i\u015flem g\u00f6r\u00fcrse (4,76$ &#8211; 4,86$ aras\u0131), DC \u00fcr\u00fcn\u00fc yat\u0131r\u0131mc\u0131s\u0131 1 adet ABC hisse senedine sahip olur. ABC hisse senedinin piyasa fiyat\u0131, yat\u0131r\u0131mc\u0131n\u0131n ba\u015flang\u0131\u00e7ta \u00f6dedi\u011fi tutar olan 4,76$\u2019dan\u00a0 daha y\u00fcksek oldu\u011fundan yat\u0131r\u0131mc\u0131 aradaki fark kadar getiri sa\u011flar.<\/p>\n<p>Dayanak varl\u0131k fiyat\u0131\u00a0 &lt; Maksimum getiri\u00a0 d\u00fczeyi &#8212;&#8212;&#8212;-\u00a0\u00a0 Fiziksel teslimat<\/p>\n<p><strong>Senaryo 3 :<\/strong> Dayanak varl\u0131k olan ABC hisse senedi, ba\u015flang\u0131\u00e7 yat\u0131r\u0131m\u0131 olan \u00a04.76$\u2019\u0131n alt\u0131nda i\u015flem g\u00f6r\u00fcrse, (dolay\u0131s\u0131yla cap\u00a0 d\u00fczeyi olan 4.86 $\u2019\u0131n da alt\u0131nda i\u015flem g\u00f6r\u00fcyor), DC \u00fcr\u00fcn\u00fc yat\u0131r\u0131mc\u0131s\u0131 1 adet ABC hisse senedine sahip olur. Ancak ABC hisse senedinin piyasa fiyat\u0131 yat\u0131r\u0131mc\u0131n\u0131n ba\u015flang\u0131\u00e7ta \u00f6dedi\u011fi tutardan\u00a0 4.76 $\u2019dan \u00a0daha d\u00fc\u015f\u00fck\u00a0 oldu\u011fu i\u00e7in yat\u0131r\u0131mc\u0131 toplamda zarar eder. Ancak \u00a0bu zarar yat\u0131r\u0131mc\u0131n\u0131n do\u011frudan ABC hisse senedine yat\u0131r\u0131m yapm\u0131\u015f olmas\u0131 durumunda kar\u015f\u0131la\u015faca\u011f\u0131 zarardan daha d\u00fc\u015f\u00fck olur.<\/p>\n<p>Dayanak varl\u0131k fiyat\u0131\u00a0 &lt; \u00a0Maksimum getiri\u00a0 d\u00fczeyi\u00a0 &#8212;&#8212;&#8212;-\u00a0\u00a0 Fiziksel teslimat<\/p>\n<p>Bu durumu a\u00e7\u0131klamak gerekirse, yat\u0131r\u0131mc\u0131 vade ba\u015f\u0131nda ABC hisse senedine dayal\u0131 DC \u00fcr\u00fcn\u00fc almak yerine do\u011frudan ABC hisse senedine yat\u0131r\u0131m yapsayd\u0131 5$ \u00f6deyecekti. Buna kar\u015f\u0131l\u0131k DC \u00fcr\u00fcn\u00fcne yat\u0131r\u0131m yapmakla 4.76$ \u00f6dedi. Vade sonunda ABC hisse senedi fiyat\u0131 4,76$\u2019dan\u00a0 d\u00fc\u015f\u00fck \u00f6rne\u011fin 3$ olursa, yat\u0131r\u0131mc\u0131 do\u011frudan ABC hisse senedine yat\u0131r\u0131m yapma se\u00e7ene\u011finde 5$ &#8211; 3$= 2$ zarar edecekti. Ancak DC \u00fcr\u00fcn\u00fcne yat\u0131r\u0131m yaparak 4,76$ &#8211; 3$=1,76$ kadar zarara u\u011frad\u0131. Bu zarar da do\u011frudan ABC hisse senedine yat\u0131r\u0131m yapsayd\u0131 u\u011frayaca\u011f\u0131 zarardan daha d\u00fc\u015f\u00fckt\u00fcr.<\/p>\n<p><strong> 3.3.2.2. Reverse Convertible \u00a0Certificate<\/strong><\/p>\n<p>Reverse Convertible (RC) \u00fcr\u00fcnler anapara korumas\u0131 bulunmayan ve yat\u0131r\u0131mc\u0131lara piyasada bulunan sabit getirili bonolar\u0131n kupon \u00f6demeleri \u00fczerinde kupon \u00f6demesi f\u0131rsat\u0131 sunan \u00fcr\u00fcnler olarak tan\u0131mlanabilir <sup>4<\/sup>.<\/p>\n<p>\u00dcr\u00fcn\u00fcn i\u015fleyi\u015finde, \u00fcr\u00fcn\u00fcn dayanak varl\u0131\u011f\u0131n\u0131n vade sonundaki fiyat\u0131 vade ba\u015f\u0131ndaki fiyat\u0131 ile kar\u015f\u0131la\u015ft\u0131r\u0131l\u0131r. E\u011fer vade sonundaki dayanak varl\u0131k fiyat\u0131, vade ba\u015f\u0131ndaki fiyata e\u015fit veya ondan b\u00fcy\u00fckse, \u00fcr\u00fcn vade sonunda yat\u0131r\u0131mc\u0131s\u0131na hem ba\u015flang\u0131\u00e7 yat\u0131r\u0131m\u0131 hem de kupon \u00f6demesinden olu\u015fan bir \u00f6deme yapar. E\u011fer vade sonundaki dayanak varl\u0131k fiyat\u0131, vade ba\u015f\u0131ndaki fiyattan daha d\u00fc\u015f\u00fckse, \u00fcr\u00fcn yat\u0131r\u0131mc\u0131s\u0131na yine kupon \u00f6demesi yapar. Ancak yat\u0131r\u0131mc\u0131 ba\u015flang\u0131\u00e7 yat\u0131r\u0131m\u0131na kar\u015f\u0131l\u0131k gelecek kadar vade ba\u015f\u0131ndaki fiyattan hisse senedine sahip olur.<\/p>\n<p>Vade sonundaki dayanak varl\u0131k fiyat\u0131 = , &gt; \u00a0Vade ba\u015f\u0131ndaki fiyat&#8212;&#8212; ba\u015flang\u0131\u00e7 yat\u0131r\u0131m\u0131\u00a0 +<\/p>\n<p>kupon\u00a0 \u00f6demesi<\/p>\n<p>Vade sonundaki dayanak varl\u0131k fiyat\u0131 \u00a0&lt; \u00a0Vade ba\u015f\u0131ndaki fiyat&#8212;&#8212; kupon\u00a0 \u00f6demesi\u00a0 +<\/p>\n<p>vade ba\u015f\u0131ndaki fiyattan \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0hisse senedi<\/p>\n<p>\u00dcr\u00fcn\u00fcn i\u015fleyi\u015fini g\u00f6steren bir \u00f6rne\u011fe a\u015fa\u011f\u0131da yer verilmi\u015ftir <sup>5<\/sup>.<\/p>\n<p>Bir yat\u0131r\u0131mc\u0131 XYZ hisse senedine dayal\u0131 1 y\u0131l vadeli bir RC \u00fcr\u00fcn\u00fcne 1000$ yat\u0131r\u0131m yapm\u0131\u015ft\u0131r. Yat\u0131r\u0131m esnas\u0131nda XYZ hisse senedinin piyasa fiyat\u0131 10$ ve RC \u00fcr\u00fcn\u00fcn\u00fcn kupon oran\u0131 %10\u2019dur.<\/p>\n<p>Vade sonunda XYZ hisse senedinin piyasa fiyat\u0131 10$ ve \u00fczerinde olursa, yat\u0131r\u0131mc\u0131 1000$\u2019l\u0131k ba\u015flang\u0131\u00e7 yat\u0131r\u0131m\u0131na ek olarak, %10 kupon oran\u0131na tekab\u00fcl eden 100$\u2019l\u0131k getiriye sahip olur.<\/p>\n<p>Vade sonundaki dayanak varl\u0131k fiyat\u0131 =, &gt; \u00a0Vade ba\u015f\u0131ndaki fiyat&#8212;&#8212; ba\u015flang\u0131\u00e7 yat\u0131r\u0131m\u0131\u00a0 +<\/p>\n<p>kupon\u00a0 \u00f6demesi<\/p>\n<p>&nbsp;<\/p>\n<p>E\u011fer vade sonunda XYZ hisse senedinin piyasa fiyat\u0131 10$\u2019dan d\u00fc\u015f\u00fck olursa, diyelim ki 5$ olursa, \u00fcr\u00fcn yat\u0131r\u0131mc\u0131ya yine $100\u2019l\u0131k kupon \u00f6demesi yapar. Buna ek olarak \u00a0yat\u0131r\u0131mc\u0131 \u00a01000$\/10 $=100 adet XYZ hisse senedine sahip olur. Ba\u015fka bir deyi\u015fle, yat\u0131r\u0131mc\u0131 ba\u015flang\u0131\u00e7 yat\u0131r\u0131m\u0131na kar\u015f\u0131l\u0131k gelecek kadar vade ba\u015f\u0131ndaki fiyattan hisse senedine sahip olur. Ancak piyasada s\u00f6zkonusu hisse senedi 5$ iken 10$ dan hisse al\u0131m\u0131 yapt\u0131\u011f\u0131 i\u00e7in hisse ba\u015f\u0131na 5$ zarar eder.<\/p>\n<p>Vade sonundaki dayanak varl\u0131k fiyat\u0131 \u00a0&lt; \u00a0Vade ba\u015f\u0131ndaki fiyat&#8212;&#8212; kupon\u00a0 \u00f6demesi\u00a0 +<\/p>\n<p>vade ba\u015f\u0131ndaki<\/p>\n<p>fiyattan hisse senedi<\/p>\n<p>XYZ hisse senedine do\u011frudan \u00a0yat\u0131r\u0131m yapmak ile XYZ hisse senedine dayal\u0131 bir RC \u00fcr\u00fcn\u00fcne yat\u0131r\u0131m yapman\u0131n kar\u015f\u0131la\u015ft\u0131r\u0131lmas\u0131 a\u015fa\u011f\u0131daki tabloda yap\u0131lm\u0131\u015ft\u0131r. Bu tabloda farkl\u0131 vade sonu senaryolar\u0131na g\u00f6re, ba\u015flang\u0131\u00e7 fiyat\u0131 10$ olan XYZ hisse senedine do\u011frudan yat\u0131r\u0131m yap\u0131lmas\u0131 ile kupon \u00f6demesi %10 olan ve XYZ hisse senedine dayal\u0131 bir RC \u00fcr\u00fcn\u00fcne yat\u0131r\u0131m yap\u0131lmas\u0131 se\u00e7enekleri \u00a0kar\u015f\u0131la\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p>Tablo 1: XYZ Hisse senedine do\u011frudan yat\u0131r\u0131m ve XYZ hisse senedine dayal\u0131<\/p>\n<p>RC \u00fcr\u00fcn\u00fcne yat\u0131r\u0131m\u0131n performans kar\u015f\u0131la\u015ft\u0131r\u0131lmas\u0131<\/p>\n<p>&nbsp;<\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"101%\">\n<tbody>\n<tr>\n<td width=\"14%\" valign=\"top\"><strong> <\/strong><\/td>\n<td width=\"15%\" valign=\"top\"><strong>Vade Sonu XYZ Fiyat\u0131<\/strong><\/td>\n<td width=\"24%\" valign=\"top\"><strong>XYZ Hisse senedine<\/strong><strong>Do\u011frudan Yat\u0131r\u0131m   Performans\u0131<\/strong><\/td>\n<td width=\"45%\" valign=\"top\"><strong>XYZ Hisse senedine dayal\u0131 RC   Performans\u0131<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"14%\" valign=\"top\"><strong>Senaryo 1 <\/strong><\/td>\n<td width=\"15%\" valign=\"top\">12$<\/td>\n<td width=\"24%\" valign=\"top\">20% Kar<\/td>\n<td width=\"45%\" valign=\"top\">10% (kupon) Kar<\/td>\n<\/tr>\n<tr>\n<td width=\"14%\" valign=\"top\"><strong>Senaryo 2 <\/strong><\/td>\n<td width=\"15%\" valign=\"top\">10.8$<\/td>\n<td width=\"24%\" valign=\"top\">8%   Kar<\/td>\n<td width=\"45%\" valign=\"top\">10%   (kupon) Kar<\/td>\n<\/tr>\n<tr>\n<td width=\"14%\" valign=\"top\"><strong>Senaryo 3 <\/strong><\/td>\n<td width=\"15%\" valign=\"top\">9$<\/td>\n<td width=\"24%\" valign=\"top\">10% Zarar<\/td>\n<td width=\"45%\" valign=\"top\">Kar-Zarar Yok (hisseden kaynakl\u0131 10%   zarar, kupon \u00f6demesinden kaynakl\u0131 10% kar)<\/td>\n<\/tr>\n<tr>\n<td width=\"14%\" valign=\"top\"><strong>Senaryo 4 <\/strong><\/td>\n<td width=\"15%\" valign=\"top\">7$<\/td>\n<td width=\"24%\" valign=\"top\">30%   Zarar<\/td>\n<td width=\"45%\" valign=\"top\">20%\u00a0   Zarar (hisseden kaynakl\u0131 30% zarar, kupon \u00f6demesinden kaynakl\u0131 10%   kar)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em> <\/em><\/p>\n<p><strong><em>Kaynak: <\/em><\/strong><a href=\"http:\/\/markets.rbs.com\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\"><strong><em>http:\/\/markets.rbs.com<\/em><\/strong><\/a><strong><em> <\/em><\/strong><\/p>\n<p>Tablo 1\u2019den de g\u00f6r\u00fclebilece\u011fi \u00fczere :<\/p>\n<p>Senaryo 1\u2019de; vade sonu XYZ hisse senedi fiyat\u0131 12 $ oldu\u011fu i\u00e7in, XYZ \u00fcr\u00fcn\u00fcne do\u011frudan \u00a0yat\u0131r\u0131m %20\u2019lik bir kar ile sonu\u00e7lan\u0131rken; XYZ hisse senedine dayal\u0131 bir RC \u00fcr\u00fcn\u00fcne olan yat\u0131r\u0131m %10 kupon \u00f6demesi kar\u0131 ile sonu\u00e7lan\u0131r.<\/p>\n<p>Senaryo 2\u2019de; vade sonu XYZ hisse senedi fiyat\u0131 10.8 $ oldu\u011fu i\u00e7in, XYZ \u00fcr\u00fcn\u00fcne do\u011frudan yat\u0131r\u0131m %8\u2019lik bir kar ile sonu\u00e7lan\u0131rken, \u00a0XYZ hisse senedine dayal\u0131 bir RC \u00fcr\u00fcn\u00fcne olan yat\u0131r\u0131m %10 kupon \u00f6demesi kar\u0131 ile sonu\u00e7lan\u0131r.<\/p>\n<p>Senaryo 3\u2019de; vade sonu XYZ hisse senedi fiyat\u0131 9 $ oldu\u011fu i\u00e7in, XYZ \u00fcr\u00fcn\u00fcne do\u011frudan yat\u0131r\u0131m %10\u2019luk bir zarar ile sonu\u00e7lan\u0131rken, \u00a0XYZ hisse senedine dayal\u0131 bir RC \u00fcr\u00fcn\u00fcne olan yat\u0131r\u0131m ne kar ne de zarar ile sonu\u00e7lan\u0131r.<\/p>\n<p>Senaryo 4\u2019de; vade sonu XYZ hisse senedi fiyat\u0131 7 $ oldu\u011fu i\u00e7in, XYZ \u00fcr\u00fcn\u00fcne do\u011frudan yat\u0131r\u0131m %30\u2019luk bir zarar ile sonu\u00e7lan\u0131rken, \u00a0XYZ hisse senedine dayal\u0131 bir RC \u00fcr\u00fcn\u00fcne olan yat\u0131r\u0131m %20\u2019lik bir zarar ile sonu\u00e7lan\u0131r.<\/p>\n<p><strong>NOT : <\/strong><\/p>\n<p><strong>Sonraki yaz\u0131da \u201cKat\u0131l\u0131m Sa\u011flayan Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnler\u201d incelenecektir. <\/strong><\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<p>*\u00a0 <strong>Bu yaz\u0131<\/strong> <strong>YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER \u2013 I\u00a0 yaz\u0131s\u0131n\u0131n devam\u0131d\u0131r.<\/strong><strong> <\/strong><\/p>\n<p>**\u00a0\u00a0 Marmara \u00dcniversitesi \u0130ktisadi ve \u0130dari Bilimler Fak\u00fcltesi \u0130\u015fletme B\u00f6l\u00fcm\u00fc<\/p>\n<p>\u00d6\u011fretim \u00dcyesi<\/p>\n<p>***\u00a0 Bah\u00e7e\u015fehir \u00dcniversitesi \u0130\u015fletme B\u00f6l\u00fcm\u00fc Doktora \u00d6\u011frencisi &#8211; Eren.Kocyigit@isbank.com.tr<\/p>\n<p>[1] <em>Structured Investments Solution Series Volume I: Principal Protected Investments Product Brochure, <\/em>2007, \u00a0JP Morgan, USA.<\/p>\n<p>[2] Roger, P. 2008, \u2018Capital protected notes for loss averse investors: a counterintuitive result\u2019 <em>Working Paper,<\/em> Strasbourg University, France.<\/p>\n<p>[3] <em>Discount Certificates<\/em> <em>Product Brochure<\/em>, 2006, Deutsche Bank AG, Frankfurt, Germany.<\/p>\n<p>[4] Benet, B.A., Giannetti, A. &amp; Pissaris, S. 2006. \u2018Gains from structured product markets: the case of reverse-exchangeable securities (RES)\u2019 <em>Journal of Banking and<\/em> <em>Finance 30<\/em>, s. 111-132.<\/p>\n<p>[5] RBS, Reverse Exchangeables, &lt;http:\/\/markets.rbs.com&gt;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER \u2013 II * (STRUCTURED FINANCIAL PRODUCTS &#8211; II) Prof. Dr. Nurg\u00fcl Chambers ** Eren Ko\u00e7yi\u011fit *** 3.3. Risk D\u00fczeyine G\u00f6re Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tumyazilar"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/1828","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=1828"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/1828\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/1016"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=1828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=1828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=1828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}