{"id":1835,"date":"2011-06-18T13:45:39","date_gmt":"2011-06-18T10:45:39","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=1835"},"modified":"2011-06-21T13:46:03","modified_gmt":"2011-06-21T10:46:03","slug":"yapilandirilmis-finansal-urunler-%e2%80%93-iii-structured-financial-products-iii","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/yapilandirilmis-finansal-urunler-%e2%80%93-iii-structured-financial-products-iii\/","title":{"rendered":"YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER \u2013 III *  (STRUCTURED FINANCIAL PRODUCTS &#8211; III)"},"content":{"rendered":"<p style=\"text-align: center;\"><strong>YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER \u2013 III *<\/strong><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2757951947\"><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; III) <\/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>3.3.3. Kat\u0131l\u0131m Sa\u011flayan Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnler \u00a0 (Participation Products) <\/strong><\/p>\n<p>Bu t\u00fcr yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnleri \u00a0getiri art\u0131r\u0131c\u0131 \u00fcr\u00fcnlerden ay\u0131ran temel \u00f6zellik, bu \u00fcr\u00fcnlerde \u00f6nceden belirlenmi\u015f bir maksimum getiri seviyesinin (cap) olmay\u0131\u015f\u0131d\u0131r <sup>1<\/sup>. Kat\u0131l\u0131m sa\u011flayan \u00fcr\u00fcnler dayand\u0131klar\u0131 varl\u0131klar\u0131n fiyat de\u011fi\u015fimlerini birebir yans\u0131tabildikleri gibi, de\u011fi\u015fik oranlarda da yans\u0131tabilirler.<\/p>\n<p>Bu \u00fcr\u00fcnlerin en yayg\u0131n\u00a0 olanlar\u0131, Open End Certificate, Outperformance Certificate, Bonus Certificate ve Outperformance Bonus Certificate \u00fcr\u00fcnleridir.<\/p>\n<p><strong>3.3.3.1. Open End Certificate <\/strong><\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3878997198\"><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>Open End Certificate (OEC) \u00fcr\u00fcnler bir endeksin, sekt\u00f6r\u00fcn, emtian\u0131n veya faiz oran\u0131n\u0131n performans\u0131ndan yararlanmak isteyen yat\u0131r\u0131mc\u0131lar i\u00e7in uygun olup, \u00a0\u00e7o\u011funlukla belirli bir vadeleri olmadan piyasaya s\u00fcr\u00fcl\u00fcrler. Vadeleri olmad\u0131\u011f\u0131nda yat\u0131r\u0131mc\u0131lar taraf\u0131ndan her zaman\u00a0 al\u0131n\u0131p sat\u0131labilirler. Dayanak varl\u0131klar\u0131na g\u00f6re endekse dayal\u0131, emtiaya dayal\u0131, faiz oran\u0131na dayal\u0131 OEC gibi \u00e7e\u015fitleri bulunur.<\/p>\n<p>OEC \u00fcr\u00fcn\u00fcn\u00fcn \u00a0getirisi dayanak varl\u0131\u011f\u0131n getirisini herhangi bir oran olmaks\u0131z\u0131n bire bir yans\u0131t\u0131r ve dayanak varl\u0131\u011f\u0131n performans\u0131na %100 ve sonsuz kat\u0131l\u0131m sa\u011flar. DC\u2019lerdeki (Discount Certificate) gibi iskontolu i\u015flem g\u00f6rmezler.<\/p>\n<p>\u00dcr\u00fcn\u00fcn i\u015fleyi\u015fini g\u00f6steren bir \u00f6rne\u011fe a\u015fa\u011f\u0131da yer verilmi\u015ftir <sup>2<\/sup>.<\/p>\n<table border=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td>Vade   :<\/td>\n<td>4   y\u0131l<\/td>\n<\/tr>\n<tr>\n<td>Dayanak   Varl\u0131k :<\/td>\n<td>S&amp;P 500<\/td>\n<\/tr>\n<tr>\n<td>Endeksin   ba\u015flang\u0131\u00e7 de\u011feri :<\/td>\n<td>1.200<\/td>\n<\/tr>\n<tr>\n<td>De\u011fi\u015fim Oran\u0131 :\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 %1<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00c7o\u011fu OEC \u00fcr\u00fcn, endeks seviyesini \u00a0OEC fiyat\u0131na \u00e7eviren bir de\u011fi\u015fim oran\u0131na sahiptir. \u00d6rnekte bu oran %1\u2019dir. B\u00f6ylece OEC\u2019nin ba\u015flag\u0131\u00e7 piyasa fiyat\u0131 1200 x 0,01=12 $ olarak belirlenmi\u015ftir.\u00a0 Ayr\u0131ca bir\u00e7ok OEC \u00fcr\u00fcnde vade bulunmamakla birlikte \u00f6rnekteki \u00fcr\u00fcn\u00fcn vadesi vard\u0131r.<\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-4148352859\"><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>De\u011fi\u015fim oran\u0131, y\u00fcksek bir de\u011fer olan endeks de\u011ferini yat\u0131r\u0131m yap\u0131labilecek d\u00fczeye indirmek i\u00e7in kullan\u0131l\u0131r. Di\u011fer bir ifadeyle, de\u011fi\u015fim oran\u0131 uygulanmazsa bu \u00fcr\u00fcne yat\u0131r\u0131m yapmak i\u00e7in 1.200 $ gerekecekti. Ancak de\u011fi\u015fim oran\u0131 (%1) ile yat\u0131r\u0131mc\u0131ya yaln\u0131zca 12 $ ile yat\u0131r\u0131m yapma olana\u011f\u0131 tan\u0131n\u0131r ve yat\u0131r\u0131mc\u0131 12$ yat\u0131rarak OEC \u00fcr\u00fcn\u00fcn\u00fc al\u0131r.<strong> <\/strong><\/p>\n<p>Burada OEC \u00fcr\u00fcn\u00fcn\u00fcn vade sonundaki y\u00fczdesel bazda performans\u0131n\u0131 etkileyen fakt\u00f6r, dayanak varl\u0131k fiyat\u0131ndaki y\u00fczdesel de\u011fi\u015fimdir. Bu performans fakt\u00f6r\u00fc de\u011fi\u015fim oran\u0131ndan ba\u011f\u0131ms\u0131zd\u0131r. Ba\u015fka bir deyi\u015fle, dayanak varl\u0131k fiyat\u0131na ba\u011fl\u0131 olarak de\u011fi\u015fen % baz\u0131ndaki toplam getiri, de\u011fi\u015fim oran\u0131 ne olursa olsun de\u011fi\u015fmez.<strong> <\/strong>\u00d6rne\u011fin, de\u011fi\u015fim oran\u0131 %1 olan bir \u00fcr\u00fcnde dayanak \u00a0varl\u0131k \u00a0%10 prim yaparsa yat\u0131r\u0131mc\u0131 vade sonunda %10 kazan\u0131r. De\u011fi\u015fim oran\u0131 %2 olan bir di\u011fer \u00fcr\u00fcnde\u00a0 dayanak varl\u0131k\u00a0 %10 prim yaparsa \u00a0yat\u0131r\u0131mc\u0131 yine %10 kazan\u0131r. Buradaki farkl\u0131 nokta, de\u011fi\u015fim oran\u0131 %1 olan \u00fcr\u00fcne yat\u0131r\u0131mc\u0131 12$ ile yat\u0131r\u0131m yaparken %2 olan \u00fcr\u00fcne 24$ ile yat\u0131r\u0131m yapar.<\/p>\n<p>OEC \u00fcr\u00fcn\u00fc, dayanak varl\u0131\u011f\u0131n fiyat de\u011fi\u015fimlerini aynen yans\u0131tt\u0131\u011f\u0131 i\u00e7in;<\/p>\n<p>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Vade sonunda OEC fiyat\u0131 \u015fu \u015fekilde belirlenir :<\/p>\n<p>(Vade sonundaki endeks seviyesi) x (De\u011fi\u015fim oran\u0131)<\/p>\n<p>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 OEC yat\u0131r\u0131mc\u0131s\u0131n\u0131n kazan\u00e7 veya kayb\u0131 ise \u015fu \u015fekilde belirlenir :<\/p>\n<p>(Vade sonundaki endeks seviyesi \u2013 Vade ba\u015f\u0131 endeks seviyesi) x (De\u011fi\u015fim oran\u0131)<\/p>\n<p>E\u011fer vade sonunda S&amp;P 500 endeksi %10 artarak 1.320 seviyesinde olursa, OEC yat\u0131r\u0131mc\u0131s\u0131 ;<\/p>\n<p>(1.320 \u2013 1.200) x (0,01) = 1,2 $<\/p>\n<p>kazan\u0131r ve vade sonunda 13,2$ (12 $ + 1,2 $) elde eder. Ba\u015fka bir deyi\u015fle, %10 kazan\u00e7 sa\u011flar. \u00a0Sahip oldu\u011fu 12$\u2019l\u0131k OEC \u00fcr\u00fcn\u00fcn fiyat\u0131 13,2$\u2019a \u00e7\u0131km\u0131\u015ft\u0131r.<\/p>\n<p>E\u011fer vade sonunda S&amp;P 500 endeksi 1.080 seviyesinde olursa, %10 oran\u0131nda bir d\u00fc\u015f\u00fc\u015f sergilerse, OEC yat\u0131r\u0131mc\u0131s\u0131 ;<\/p>\n<p>(1.200 \u2013 1.080) x (0,01) = 1,2 $<\/p>\n<p>kaybeder ve vade sonunda 10,8 $ (12 $ &#8211; 1,2 $) elde eder. B\u00f6ylece yat\u0131r\u0131mc\u0131\u00a0 %10 oran\u0131nda bir kay\u0131pla kar\u015f\u0131la\u015f\u0131r.<\/p>\n<p>OEC \u00fcr\u00fcnleri, endeks gibi birebir al\u0131n\u0131p sat\u0131lamayan varl\u0131klar\u0131n performans\u0131ndan yat\u0131r\u0131mc\u0131lar\u0131 yararland\u0131rma f\u0131rsat\u0131 sunar. Bu t\u00fcr \u00fcr\u00fcnlere yat\u0131r\u0131m yapman\u0131n riski ile \u00fcr\u00fcn\u00fcn dayanak varl\u0131\u011f\u0131na yat\u0131r\u0131m yapman\u0131n riski ayn\u0131d\u0131r.<strong> <\/strong><\/p>\n<p><strong> 3.3.3.2. Outperformance Certificate<\/strong><\/p>\n<p>Outperformance Certificate (OC) \u00fcr\u00fcnler dayanak varl\u0131\u011f\u0131n fiyat de\u011fi\u015fimlerini belirli bir d\u00fczeye kadar, strike d\u00fczeyine kadar bire bir yans\u0131t\u0131r. Strike d\u00fczeyinden sonra dayanak varl\u0131\u011f\u0131n getirisini \u00fcr\u00fcn\u00fcn getirisine \u00f6nceden belirlenen bir performans oran\u0131 kadar yans\u0131t\u0131r. Bu performans oran\u0131 daima\u00a0 %100\u2019\u00fcn \u00fczerindedir <sup>3<\/sup>. Performans oran\u0131, \u00fcr\u00fcn\u00fc \u00e7\u0131karan finansal kurum taraf\u0131ndan \u00e7e\u015fitli fakt\u00f6rler dikkate al\u0131narak belirlenir ve oran kurumlar aras\u0131nda de\u011fi\u015fkenlik g\u00f6sterir.<\/p>\n<p>Strike d\u00fczeyi, opsiyon kontratlardaki kullan\u0131m fiyat\u0131 gibi d\u00fc\u015f\u00fcn\u00fclebilir. Vade doldu\u011funda bu d\u00fczeyin a\u015f\u0131l\u0131p a\u015f\u0131lmad\u0131\u011f\u0131na bak\u0131lacak ve ona g\u00f6re i\u015flem yap\u0131lacak fiyat d\u00fczeyidir.<\/p>\n<p>\u00dcr\u00fcn\u00fcn i\u015fleyi\u015fi a\u015fa\u011f\u0131da bir \u00f6rnekle a\u00e7\u0131klanmaya \u00e7al\u0131\u015f\u0131lm\u0131\u015ft\u0131r <sup>4<\/sup>.<\/p>\n<table border=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td>Vade:<\/td>\n<td>1   y\u0131l<\/td>\n<\/tr>\n<tr>\n<td>Dayanak varl\u0131k:<\/td>\n<td>Syngenta Hisse Senedi<\/td>\n<\/tr>\n<tr>\n<td>OC   ba\u015flang\u0131\u00e7 fiyat\u0131:<\/td>\n<td>300   $<\/td>\n<\/tr>\n<tr>\n<td>Hisse senedinin ba\u015flang\u0131\u00e7 fiyat\u0131:<\/td>\n<td>300   $<\/td>\n<\/tr>\n<tr>\n<td>Strike   d\u00fczeyi:<\/td>\n<td>300   $<\/td>\n<\/tr>\n<tr>\n<td>Performans   fakt\u00f6r\u00fc:<\/td>\n<td>%150<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>Strike d\u00fczeyi olan 300 $\u2019\u0131n \u00fczerindeki fiyatlarda, OC \u00fcr\u00fcn\u00fc yat\u0131r\u0131mc\u0131s\u0131na a\u015fa\u011f\u0131da belirtildi\u011fi gibi bir nakit ak\u0131\u015f\u0131 sa\u011flar.<\/p>\n<p>Yat\u0131r\u0131mc\u0131n\u0131n\u00a0 =\u00a0 Dayanak varl\u0131\u011f\u0131n\u00a0 \u2013 \u00a0Dayanak varl\u0131\u011f\u0131n\u00a0\u00a0 x\u00a0 Performans oran\u0131<\/p>\n<p>Getirisi\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 vade sonu de\u011feri \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0ba\u015flang\u0131\u00e7 de\u011feri<\/p>\n<p>\u00d6rne\u011fin; vade sonunda Syngenta hisse senedi fiyat\u0131 %10 oran\u0131nda artarak 330 $ olursa OC \u00a0yat\u0131r\u0131mc\u0131s\u0131 ;<\/p>\n<p>(330-300) x (%150) = 45 $<\/p>\n<p>kazan\u0131r \u00a0ve vade sonunda 345 $ (300 $ +45 $) elde eder. Ba\u015fka bir deyi\u015fle %15 d\u00fczeyinde bir kazan\u00e7 sa\u011flar.<\/p>\n<p>Strike seviyesi olan 300 $ alt\u0131nda ger\u00e7ekle\u015fen fiyatlarda, OC \u00fcr\u00fcn\u00fc dayanak varl\u0131\u011f\u0131n fiyat de\u011fi\u015fimlerini aynen yans\u0131t\u0131r. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Daha \u00f6nce de belirtildi\u011fi \u00fczere, dayanak varl\u0131\u011f\u0131n \u00a0fiyat de\u011fi\u015fimleri strike d\u00fczeyine kadar aynen dikkate al\u0131n\u0131r. Dayanak varl\u0131\u011f\u0131n fiyat\u0131 strike d\u00fczeyinin alt\u0131nda kal\u0131rsa, herhangi bir performans s\u00f6z konusu olmad\u0131\u011f\u0131ndan performans oran\u0131 dikkate al\u0131nmaz. Strike d\u00fczeyinden sonra performans oran\u0131 esas al\u0131narak hesaplama yap\u0131l\u0131r.<\/p>\n<p>\u00d6rne\u011fin vade sonunda Syngenta hisse senedi fiyat\u0131 270 $ seviyesinde olursa, %10\u2019luk bir d\u00fc\u015f\u00fc\u015f sergilerse, OC yat\u0131r\u0131mc\u0131s\u0131 da %10 d\u00fczeyinde bir kayba u\u011frar ve vade sonunda 270 $ (300$ &#8211; 30$) elde eder.<\/p>\n<p>\u00d6rnekle ilgili a\u015fa\u011f\u0131da yer alan grafikte, dayanak varl\u0131\u011f\u0131n farkl\u0131 seviyelerindeki fiyatlar\u0131na g\u00f6re \u00fcr\u00fcn\u00fcn sa\u011flad\u0131\u011f\u0131 farkl\u0131 nakit ak\u0131\u015flar\u0131 g\u00f6r\u00fclmektedir.<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/06\/yapur-3-a.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1836\" title=\"yapur-3-a\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/06\/yapur-3-a.jpg\" alt=\"\" width=\"411\" height=\"472\" \/><\/a><\/p>\n<p><em>Grafik 2: Outperformance Certificate <\/em><\/p>\n<p><strong><em>Kaynak: <\/em><\/strong><strong><em>Scoach.com<\/em><\/strong><em> <\/em><\/p>\n<p>Grafikten g\u00f6r\u00fcld\u00fc\u011f\u00fc \u00fczere, strike seviyesi olan 300$ ve \u00fczerindeki fiyatlarda dayanak varl\u0131k fiyat\u0131ndaki de\u011fi\u015fim, OC fiyat\u0131ndaki de\u011fi\u015fimi %100 \u00fczerindeki bir performans oran\u0131 kadar etkilemi\u015ftir.\u00a0 Bu nedenle, 300$ \u00fczerindeki fiyat d\u00fczeylerinde hisse senedi piyasa fiyat\u0131ndaki de\u011fi\u015fim gere\u011fince, getiri do\u011frusunun gri renkte devam etmesi gerekirken, ye\u015fil renkte g\u00f6r\u00fcld\u00fc\u011f\u00fc \u00fczere performans oran\u0131nca belirlenen bir a\u00e7\u0131 oran\u0131nca devam etmi\u015ftir. \u00c7\u00fcnk\u00fc hisse senedi piyasa fiyat\u0131ndaki de\u011fi\u015fim OC fiyat\u0131na %100\u2019\u00fcn \u00fczerinde yans\u0131m\u0131\u015ft\u0131r.\u00a0\u00a0 Hisse senedi piyasa fiyat\u0131 strike seviyesi olan 300$ alt\u0131nda ise hisse senedi piyasa fiyat\u0131ndaki de\u011fi\u015fimler bu \u00fcr\u00fcne dayanan OC fiyat\u0131ndaki de\u011fi\u015fimleri bire bir etkiler. Bu y\u00fczden 300$\u2019\u0131n alt\u0131ndaki getiri do\u011frusu ye\u015fil olarak g\u00f6sterilen grafikte hisse senedi fiyat\u0131 ile ayn\u0131 \u015fekilde<strong> <\/strong>de\u011fi\u015fmektedir.<\/p>\n<p>&nbsp;<\/p>\n<p><strong> 3.3.3.3. Bonus Certificates<\/strong><\/p>\n<p>Bonus Certificate (BC) \u00fcr\u00fcn\u00fc OEC \u00fcr\u00fcn\u00fcn anapara koruma \u00f6zelli\u011finin eklenmi\u015f hali olarak tan\u0131mlanabilir. Bu anapara koruma \u00f6zelli\u011fi belirli bir ko\u015fula ba\u011flanm\u0131\u015f olup, anapara korumas\u0131 ancak dayanak varl\u0131k fiyat\u0131 \u00f6nceden belirlenmi\u015f bir bariyer seviyesini a\u015fmad\u0131k\u00e7a ger\u00e7ekle\u015fir. Ba\u015fka bir deyi\u015fle bariyer d\u00fczeyine kadar ana para korunur. Bu d\u00fczeyi ge\u00e7tikten sonra anapara korunmaz.<\/p>\n<p><strong> <\/strong>BC \u00fcr\u00fcnlerde a\u015fa\u011f\u0131daki \u00f6zellikler s\u00f6zkonusudur.<\/p>\n<p><strong>Bariyer d\u00fczeyi :<\/strong> \u00dcr\u00fcn\u00fcn dayand\u0131\u011f\u0131 varl\u0131\u011f\u0131n piyasa fiyat\u0131 vade i\u00e7inde bariyer d\u00fczeyini a\u015fa\u011f\u0131 y\u00f6nl\u00fc bir kez k\u0131rsa bile \u00fcr\u00fcn\u00fcn bonus \u00f6demesini engelleyen d\u00fczeydir.\u00a0 Vade \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0sonunda varl\u0131k fiyat\u0131 ne olursa BC \u00fcr\u00fcn\u00fc fiyat\u0131 da o olur. Bariyer d\u00fczeyi k\u0131r\u0131lma noktas\u0131d\u0131r.<\/p>\n<p><strong>Strike d\u00fczeyi :<\/strong> \u00dcr\u00fcn\u00fcn dayand\u0131\u011f\u0131 varl\u0131\u011f\u0131n piyasa fiyat\u0131 vade sonunda strike d\u00fczeyini a\u015ft\u0131\u011f\u0131nda, dayanak varl\u0131k fiyat\u0131n\u0131n BC \u00fcr\u00fcn\u00fcn fiyat\u0131n\u0131 birebir etkiledi\u011fi d\u00fczeydir.<\/p>\n<p><strong>Bonus\u00a0 d\u00fczeyi :<\/strong> Vade boyunca \u00fcr\u00fcn\u00fcn dayand\u0131\u011f\u0131 varl\u0131\u011f\u0131n fiyat\u0131 bariyer d\u00fczeyinin alt\u0131na inmedi\u011fi ve vade sonunda strike d\u00fczeyi ile bariyer d\u00fczeyi aras\u0131nda kald\u0131\u011f\u0131 s\u00fcrece, \u00f6nceden belirlenen tutarda \u00f6denecek bonusu g\u00f6sterir. Anla\u015f\u0131ld\u0131\u011f\u0131 \u00fczere bonusun \u00f6denebilmesi i\u00e7in a\u015fa\u011f\u0131daki iki ko\u015ful \u00a0gerekli :<\/p>\n<p>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00dcr\u00fcn\u00fcn dayand\u0131\u011f\u0131 varl\u0131\u011f\u0131n fiyat\u0131 vade s\u00fcresince bir g\u00fcn bile bariyer d\u00fczeyinin alt\u0131na inmemeli,<strong> <\/strong><\/p>\n<p>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00dcr\u00fcn\u00fcn dayand\u0131\u011f\u0131 varl\u0131\u011f\u0131n fiyat\u0131 vade sonunda strike d\u00fczeyi ve bariyer d\u00fczeyi aras\u0131nda kalmal\u0131<\/p>\n<p>Bu a\u00e7\u0131klamalar a\u015fa\u011f\u0131daki gibi de g\u00f6sterilebilir.<\/p>\n<p>Vade i\u00e7erisinde dayanak varl\u0131\u011f\u0131n fiyat\u0131<\/p>\n<p>bariyer d\u00fczeyinin alt\u0131na d\u00fc\u015ferse &#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;\u00a0 BC \u00fcr\u00fcn\u00fcn bonus \u00f6demez ve vade<\/p>\n<p>sonunda varl\u0131k fiyat\u0131 ne olursa<\/p>\n<p>BC \u00fcr\u00fcn\u00fc fiyat\u0131 da o olur.<\/p>\n<p>Vade sonunda varl\u0131k fiyat\u0131,<\/p>\n<p>strike d\u00fczeyinin \u00fczerinde kal\u0131rsa\u00a0 &#8212;&#8212;&#8212;&#8212;&#8212;&#8211;\u00a0 BC \u00fcr\u00fcn\u00fc varl\u0131\u011f\u0131n fiyat\u0131n\u0131 aynen<\/p>\n<p>yans\u0131t\u0131r.<\/p>\n<p>Vade i\u00e7inde dayanak varl\u0131\u011f\u0131n fiyat\u0131<\/p>\n<p>bariyer d\u00fczeyinin alt\u0131na inmedi\u011fi s\u00fcrece,<\/p>\n<p>vade sonunda da varl\u0131\u011f\u0131n piyasa fiyat\u0131<\/p>\n<p>strike d\u00fczeyi ile bariyer d\u00fczeyi aras\u0131nda kald\u0131\u011f\u0131nda \u00a0&#8212;&#8212;&#8212;&#8212;&#8212; BC \u00fcr\u00fcn\u00fc \u00a0bonus \u00f6der.<\/p>\n<p>\u00dcr\u00fcn\u00fcn i\u015fleyi\u015fini a\u00e7\u0131klayabilmek amac\u0131yla a\u015fa\u011f\u0131da bir \u00f6rnek verilmi\u015ftir<sup>5<\/sup>.<\/p>\n<table border=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td>Vade:<\/td>\n<td>2   y\u0131l<\/td>\n<\/tr>\n<tr>\n<td>Dayanak Varl\u0131k:<\/td>\n<td>Credit Suisse Hisse Senedi<\/td>\n<\/tr>\n<tr>\n<td>BC   ba\u015flang\u0131\u00e7 fiyat\u0131:<\/td>\n<td>30   $<\/td>\n<\/tr>\n<tr>\n<td>Hisse senedinin ba\u015flang\u0131\u00e7 fiyat\u0131:<\/td>\n<td>30   $<\/td>\n<\/tr>\n<tr>\n<td>Strike   d\u00fczeyi:<\/td>\n<td>33   $<\/td>\n<\/tr>\n<tr>\n<td>Bariyer   d\u00fczeyi :<\/td>\n<td>24   $<\/td>\n<\/tr>\n<tr>\n<td>Bonus   d\u00fczeyi :<\/td>\n<td>33   $<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>\u00d6rnekle ilgili a\u015fa\u011f\u0131daki senaryolar ele al\u0131nm\u0131\u015ft\u0131r. Bu senaryolara g\u00f6re \u00f6nemli olan, BC \u00fcr\u00fcn\u00fcn\u00fcn dayand\u0131\u011f\u0131 hisse senedinin piyasa fiyat\u0131n\u0131n 24$ olan bariyer d\u00fczeyini a\u015fa\u011f\u0131 y\u00f6nl\u00fc k\u0131r\u0131p k\u0131rmad\u0131\u011f\u0131d\u0131r.<\/p>\n<p>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Vade boyunca bir g\u00fcn bile hisse senedi piyasa fiyat\u0131 24 $ olan bariyer seviyesinin alt\u0131nda i\u015flem <strong>g\u00f6rmezse<\/strong>, ba\u015fka bir deyi\u015fle bariyer d\u00fczeyini a\u015fa\u011f\u0131 y\u00f6nl\u00fc k\u0131rmazsa, \u00fcr\u00fcn bonus \u00f6deme opsiyonunu korur.<\/p>\n<p>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Vade boyunca bir g\u00fcn dahi hisse senedi piyasa fiyat\u0131 24 $ olan bariyer d\u00fczeyinin alt\u0131nda i\u015flem <strong>g\u00f6r\u00fcrse<\/strong> \u00fcr\u00fcn\u00fcn \u00f6deyece\u011fi bonus opsiyonu ortadan kalkar. \u00dcr\u00fcn\u00fcn dayand\u0131\u011f\u0131 hisse senedi fiyat\u0131 ne olursa \u00fcr\u00fcn\u00fcn kendi fiyat\u0131 da o olur.<\/p>\n<p>Konu ile ilgili\u00a0 a\u015fa\u011f\u0131daki senaryolar ele al\u0131nm\u0131\u015ft\u0131r.<\/p>\n<p><strong><em>a) <\/em><\/strong><strong><em>Vade boyunca herhangi bir g\u00fcn hisse senedi, bariyer d\u00fczeyi olan 24 $ ve alt\u0131nda <\/em><\/strong><\/p>\n<p><strong><em>i\u015flem<\/em><\/strong><strong> <em>g\u00f6rmezse<\/em> : <\/strong><\/p>\n<p><strong><em> <\/em><\/strong>Vade boyunca hisse senedi bariyer d\u00fczeyi olan 24 $ ve alt\u0131nda i\u015flem g\u00f6rmezse \u00fczerinde i\u015flem g\u00f6rm\u00fc\u015f demektir.\u00a0 Burada iki durum s\u00f6zkonusu olabilir. Vade sonunda hisse senedi piyasa fiyat\u0131n\u0131n bariyer d\u00fczeyi olan 24 $ ile strike d\u00fczeyi olan 33 $ aras\u0131nda olmas\u0131 ve stike d\u00fczeyi olan 33 $\u2019\u0131 a\u015fmas\u0131d\u0131r. <strong> <\/strong><\/p>\n<p><strong><em>Vade sonunda<\/em><\/strong><strong> hisse senedi bariyer d\u00fczeyi olan 24 $ ve strike d\u00fczeyi olan 33 $ aras\u0131nda i\u015flem g\u00f6r\u00fcrse : <\/strong><\/p>\n<p><strong><em> <\/em><\/strong><\/p>\n<p><strong><em> <\/em><\/strong>Hisse senedi piyasa fiyat\u0131 bariyer d\u00fczeyi olan 24 $ ile strike d\u00fczeyi olan 33 $ aras\u0131nda ise BC \u00fcr\u00fcn\u00fc bonus d\u00fczeyi kadar \u00f6deme yapar. Bonus tutar\u0131 bu \u00f6rnekte 33 $ oldu\u011fundan, BC yat\u0131r\u0131mc\u0131s\u0131 vade sonunda 33 $ elde eder. \u00d6rne\u011fin, vade sonunda Credit Suisse hisse senedi 30$\u2019dan 31,5 $\u2019a y\u00fckselerek %5\u2019lik bir art\u0131\u015f sergilerse, BC \u00fcr\u00fcn\u00fc yat\u0131r\u0131mc\u0131s\u0131\u00a0 % 10 kazan\u0131r ve 33 $ elde eder. Bu durumda BC \u00fcr\u00fcn\u00fc yat\u0131r\u0131m\u0131 do\u011frudan hisse senedi yat\u0131r\u0131m\u0131na g\u00f6re daha fazla getiri sa\u011flar. Vade sonunda Credit Suisse hisse senedi 30$\u2019dan 27 $\u2019a\u00a0 d\u00fc\u015ferek\u00a0 %10\u2019luk bir d\u00fc\u015f\u00fc\u015f sergilese bile BC \u00fcr\u00fcn\u00fc yat\u0131r\u0131mc\u0131s\u0131 yine % 10 kazan\u0131r ve 33 $ elde eder.<\/p>\n<p><strong><em> Vade sonunda<\/em><\/strong><strong> hisse senedi strike <\/strong><strong>d\u00fczeyi<\/strong><strong> olan 33 $\u2018\u0131n \u00fczerinde i\u015flem g\u00f6r\u00fcrse :<\/strong><\/p>\n<p><strong><em> <\/em><\/strong>B\u00f6yle bir durumda BC \u00fcr\u00fcn\u00fc dayanak varl\u0131\u011f\u0131n fiyat de\u011fi\u015fimlerini yat\u0131r\u0131mc\u0131ya aynen yans\u0131t\u0131r. \u00d6rne\u011fin, Credit Suisse Hisse Senedinin fiyat\u0131 30 $\u2019dan 36 $\u2019a \u00e7\u0131karak %20 oran\u0131nda bir art\u0131\u015f sergilemi\u015fse, BC \u00fcr\u00fcn\u00fc yat\u0131r\u0131mc\u0131s\u0131 da % 20 kazan\u0131r ve 36 $ elde eder. Ba\u015fka bir deyi\u015fle, \u00fcr\u00fcn\u00fcn dayand\u0131\u011f\u0131 varl\u0131\u011f\u0131n piyasa fiyat\u0131 olan 36 $, strike d\u00fczeyi olan 33$\u2019\u0131 a\u015ft\u0131\u011f\u0131ndan, dayanak varl\u0131\u011f\u0131n fiyat\u0131 BC \u00fcr\u00fcn\u00fcn fiyat\u0131n\u0131 birebir yans\u0131tm\u0131\u015ft\u0131r.\u00a0 Bu \u00f6rnekte vade sonunda 36 $ olan hisse senedinin piyasa fiyat\u0131, 24 $ olan bariyer d\u00fczeyi ile 33$ olan strike d\u00fczeyi aras\u0131nda kalmad\u0131\u011f\u0131 i\u00e7in bonus \u00f6demesi s\u00f6z konusu de\u011fildir.<\/p>\n<p><strong> <\/strong><\/p>\n<p><strong><em> b) Vade boyunca herhangi<\/em><\/strong><strong> bir g\u00fcn hisse senedi, bariyer d\u00fczeyi olan 24 $ ve alt\u0131nda i\u015flem <em>g\u00f6r\u00fcrse<\/em> :<\/strong><\/p>\n<p>Bu senaryoya g\u00f6re \u00fcr\u00fcn vade i\u00e7inde bir g\u00fcn bile olsa 24$ olmu\u015f veya bunun\u00a0 alt\u0131nda i\u015flem g\u00f6rm\u00fc\u015ft\u00fcr. Ba\u015fka bir deyi\u015fle k\u0131r\u0131lma noktas\u0131 olan bariyer d\u00fczeyi a\u015fa\u011f\u0131 y\u00f6nl\u00fc k\u0131r\u0131lm\u0131\u015ft\u0131r. Bu nedenle bonus opsiyonu iptal olur ve \u00fcr\u00fcn bonus \u00f6demez. Vade sonunda BC \u00fcr\u00fcn\u00fc, dayand\u0131\u011f\u0131 hisse senedi fiyat\u0131 ne ise o tutarda \u00f6deme yapar. \u00a0\u00a0 \u00d6rne\u011fe g\u00f6re, yat\u0131r\u0131mc\u0131 Credit Suisse hisse senedinin cari piyasa de\u011ferinde bir nakit ak\u0131\u015f\u0131 elde eder.<\/p>\n<p>Vade i\u00e7inde bir g\u00fcn Credit Suisse hisse senedinin bariyer d\u00fczeyi olan 24$\u2019\u0131n\u00a0 alt\u0131nda i\u015flem g\u00f6rd\u00fc\u011f\u00fcn\u00fc ve vade sonunda fiyat\u0131n\u00a0 %5 artarak 30$\u2019dan 31,5 $\u2019a \u00e7\u0131kt\u0131\u011f\u0131n\u0131 kabul edelim. Bu durumda BC \u00fcr\u00fcn\u00fc yat\u0131r\u0131mc\u0131s\u0131 \u00a0da % 5 kazan\u0131r ve 31,5 $ elde eder. Halbuki bir \u00f6nceki senaryoda hisse senedinin fiyat\u0131 %5 artt\u0131\u011f\u0131nda,\u00a0 yat\u0131r\u0131mc\u0131 % 10 kazan\u0131p 33 $ bonus elde etmi\u015fti. Vade sonunda hisse senedi\u00a0 %10\u2019luk bir d\u00fc\u015f\u00fc\u015fle 27 $ olursa, BC \u00fcr\u00fcn\u00fc yat\u0131r\u0131mc\u0131s\u0131 da % 10 kaybeder ve 27 $ elde eder. Halbuki bir \u00f6nceki senoryada hisse senedinin fiyat\u0131 %10 oran\u0131nda d\u00fc\u015ft\u00fc\u011f\u00fcnde yat\u0131r\u0131mc\u0131 yine % 10 kazan\u0131p 33 $ bonus elde etmi\u015fti.<\/p>\n<p>\u00d6rnekle ilgili a\u015fa\u011f\u0131da yer alan grafikte, dayanak varl\u0131\u011f\u0131n farkl\u0131 seviyelerdeki fiyatlar\u0131na g\u00f6re \u00fcr\u00fcn\u00fcn sa\u011flad\u0131\u011f\u0131 farkl\u0131 nakit ak\u0131\u015flar\u0131 g\u00f6r\u00fclmektedir.<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/06\/yapur-3-b.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1837\" title=\"yapur-3-b\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/06\/yapur-3-b.jpg\" alt=\"\" width=\"450\" height=\"489\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><em>Grafik 3: Bonus Certificate <\/em><\/p>\n<p><strong><em>Kaynak: <\/em><\/strong><strong><em>Scoach.com<\/em><\/strong><em> <\/em><\/p>\n<p>Yukar\u0131daki \u00f6rnekte de a\u00e7\u0131kland\u0131\u011f\u0131 \u00fczere, \u00fcr\u00fcn\u00fcn vade sonunda \u00f6deyece\u011fi tutar \u00f6ncelikle 2 senaryoya ba\u011flanm\u0131\u015ft\u0131r. \u0130lk senaryoda, vade <em>i\u00e7inde<\/em> dayanak hisse senedi fiyat\u0131 bariyer seviyesi olan 24$ alt\u0131na inmedi\u011fi \u00a0ve ayr\u0131ca vade <em>sonunda<\/em> hisse senedi piyasa fiyat\u0131 bariyer seviyesi olan 24$ \u00a0ile strike seviyesi olan 33$ ve aras\u0131ndaki fiyatlarda oldu\u011funda s\u00fcrece, grafikte g\u00f6r\u00fcld\u00fc\u011f\u00fc \u00fczere BC \u00fcr\u00fcn\u00fc 33$ olan bonus \u00f6demesini yapar. \u00a0Vade sonunda hisse senedi fiyat\u0131, strike seviyesi olan 33$\u2019\u0131n \u00fczerinde seyretti\u011fi durumlarda, BC \u00fcr\u00fcn\u00fcn\u00fcn fiyat\u0131 hisse senedinin fiyat\u0131n\u0131 birebir yans\u0131t\u0131r. \u0130kinci senaryoda ise vade i\u00e7erisinde dayanak hisse senedi fiyat\u0131 bariyer seviyesi olan 24$ alt\u0131na inerse, BC \u00fcr\u00fcn\u00fcn bonus \u00f6deme \u00f6zelli\u011fi sona erer ve vade sonunda hisse senedi fiyat\u0131 ne olursa BC \u00fcr\u00fcn\u00fc fiyat\u0131 da o olur.<\/p>\n<p><strong> 3.3.3.4. Outperformance Bonus Certificate<\/strong><\/p>\n<p>Outperformance Bonus Certificate (OBC) \u00fcr\u00fcn\u00fc, Outperformance Certificate ve Bonus Certificate \u00fcr\u00fcnlerinin bile\u015fimi olarak d\u00fc\u015f\u00fcn\u00fclebilir. Bonus Certificate gibi belirli bir ko\u015fula ba\u011flanm\u0131\u015f bir anapara korumas\u0131 \u00f6zelli\u011fi olup, anapara korumas\u0131 ancak dayanak varl\u0131k fiyat\u0131 \u00f6nceden belirlenmi\u015f bir bariyer seviyesini a\u015fmad\u0131k\u00e7a ger\u00e7ekle\u015fir. Ayr\u0131ca, Outperformance Certificate gibi \u00f6nceden belirlenen bir strike d\u00fczeyi a\u015f\u0131l\u0131nca, \u00a0dayanak varl\u0131k kendi performans\u0131n\u0131 \u00fcr\u00fcn\u00fcn performans\u0131na \u00f6nceden belirlenen performans oran\u0131na g\u00f6re yans\u0131t\u0131r.<\/p>\n<p>\u00dcr\u00fcn\u00fcn i\u015fleyi\u015fini g\u00f6steren bir \u00f6rne\u011fe a\u015fa\u011f\u0131da yer verilmi\u015ftir<sup>6<\/sup>.<\/p>\n<table border=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td>Vade:<\/td>\n<td>2   y\u0131l<\/td>\n<\/tr>\n<tr>\n<td>Dayanak Varl\u0131k:<\/td>\n<td>Baloise Hisse Senedi<\/td>\n<\/tr>\n<tr>\n<td>OBC   ba\u015flang\u0131\u00e7 fiyat\u0131:<\/td>\n<td>80   $<\/td>\n<\/tr>\n<tr>\n<td>Hisse senedinin ba\u015flang\u0131\u00e7 fiyat\u0131:<\/td>\n<td>80   $<\/td>\n<\/tr>\n<tr>\n<td>Strike d\u00fczeyi:<\/td>\n<td>80   $<\/td>\n<\/tr>\n<tr>\n<td>Bariyer d\u00fczeyi:<\/td>\n<td>68   $<\/td>\n<\/tr>\n<tr>\n<td>Bonus   d\u00fczeyi:<\/td>\n<td>80   $<\/td>\n<\/tr>\n<tr>\n<td>Performans   fakt\u00f6r\u00fc:<\/td>\n<td>%150<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><strong><em> a) Vade s\u00fcresince<\/em><\/strong><strong> herhangi bir g\u00fcn hisse senedi bariyer d\u00fczeyi olan 68 $ ve alt\u0131nda i\u015flem \u00a0<em>g\u00f6rmezse<\/em> : <\/strong><\/p>\n<p>Hisse senedi <em>vade boyunca<\/em> bariyer d\u00fczeyi olan 68 $ ve alt\u0131nda i\u015flem g\u00f6rmezse <em>vade sonunda<\/em> iki durum s\u00f6zkonusu olabilir. Bunlardan biri hisse senedinin bariyer d\u00fczeyi olan 68 $ ve strike d\u00fczeyi olan 80 $ aras\u0131nda i\u015flem g\u00f6rmesi, di\u011feri de hisse senedinin strike d\u00fczeyi olan 80 $\u2019\u0131n \u00fczerinde i\u015flem g\u00f6rmesidir.<\/p>\n<p><strong><em> Vade sonunda<\/em><\/strong><strong> hisse senedi\u00a0 bariyer d\u00fczeyi olan 68 $ ve strike d\u00fczeyi olan 80 $ aras\u0131nda i\u015flem <em>g\u00f6r\u00fcrse<\/em> : <\/strong><\/p>\n<p>Hisse senedi strike d\u00fczeyi olan 80 $ ve bariyer d\u00fczeyi olan 68 $ aras\u0131nda i\u015flem g\u00f6r\u00fcrse,<\/p>\n<p>OBC \u00fcr\u00fcn\u00fc bonus seviyesinde \u00f6deme yapar. Bonus seviyesi bu \u00f6rnekte 80 $ oldu\u011fundan, OBC yat\u0131r\u0131mc\u0131s\u0131 vade sonunda 80 $ tutar\u0131nda bir nakit ak\u0131\u015f\u0131 elde eder.<\/p>\n<p>\u00d6rne\u011fin, vade sonunda Baloise hisse senedi\u00a0 %5\u2019lik bir d\u00fc\u015f\u00fc\u015fle 76 $ veya %10 d\u00fc\u015f\u00fc\u015fle 72 $ olsa da OBC \u00fcr\u00fcn\u00fc yat\u0131r\u0131mc\u0131s\u0131 yine 80 $ elde eder.<\/p>\n<p><strong><em> Vade sonunda<\/em><\/strong><strong> hisse senedi, strike d\u00fczeyi olan 80 $\u2019\u0131n \u00fczerinde i\u015flem g\u00f6r\u00fcrse : <\/strong><\/p>\n<p>Strike d\u00fczeyi olan 80 $\u2019\u0131n \u00fczerinde<span style=\"text-decoration: underline;\">,<\/span> OBC \u00fcr\u00fcn\u00fc dayanak varl\u0131\u011f\u0131n fiyat de\u011fi\u015fimlerini yat\u0131r\u0131mc\u0131s\u0131na 1\u2019e 1,5 olarak yans\u0131t\u0131r. \u00c7\u00fcnk\u00fc performans fakt\u00f6r\u00fc %150\u2019dir. Vade sonunda yat\u0131r\u0131mc\u0131n\u0131n getirisi a\u015fa\u011f\u0131daki gibi hesaplan\u0131r.<\/p>\n<p>Yat\u0131r\u0131mc\u0131n\u0131n\u00a0 =\u00a0 Dayanak varl\u0131\u011f\u0131n\u00a0 \u2013 \u00a0Dayanak varl\u0131\u011f\u0131n\u00a0 x\u00a0 Performans oran\u0131<\/p>\n<p>Getirisi\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 vade sonu\u00a0 de\u011feri \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0ba\u015flang\u0131\u00e7 de\u011feri<\/p>\n<p>&nbsp;<\/p>\n<p>\u00d6rne\u011fin, vade sonunda Baloise hisse senedi \u00a0%10 oran\u0131nda art\u0131\u015f g\u00f6stererek 80$\u2019dan<\/p>\n<p>88 $\u2019a \u00e7\u0131karsa OBC \u00fcr\u00fcn\u00fc yat\u0131r\u0131mc\u0131s\u0131na ;<\/p>\n<p>(88-80) x (%150) = 12 $<\/p>\n<p>getiri sa\u011flar.<\/p>\n<p>Baloise hisse senedinin vade ba\u015f\u0131ndaki de\u011feri 80 $\u2019d\u0131. Vade sonunda 12 $\u00a0 daha kazanarak toplam de\u011feri 92 $ olmu\u015f ve yat\u0131r\u0131mc\u0131 toplamda %15 oran\u0131nda getiri sa\u011flam\u0131\u015ft\u0131r.<\/p>\n<p><strong><em> b) Vade s\u00fcresince herhangi bir g\u00fcn hisse senedi bariyer seviyesi olan 68 $ ve alt\u0131nda\u00a0 i\u015flem g\u00f6r\u00fcrse\u00a0 : <\/em><\/strong><\/p>\n<p><strong> <\/strong>Vade boyunca herhangi bir g\u00fcn hisse senedi fiyat\u0131 bariyer d\u00fczeyi olan 68$ ve alt\u0131nda i\u015flem g\u00f6r\u00fcrse ba\u015fka bir deyi\u015fle bariyer d\u00fczeyini a\u015fa\u011f\u0131 y\u00f6nl\u00fc k\u0131rarsa, <em>vade sonunda<\/em> iki durum dikkate al\u0131n\u0131r. Bunlardan biri hisse senedi fiyat\u0131n\u0131n strike d\u00fczeyi olan 80 $\u2019\u0131n alt\u0131nda i\u015flem g\u00f6rmesi, di\u011feri de hisse senedinin strike d\u00fczeyi olan 80 $\u2019\u0131n \u00fczerinde i\u015flem g\u00f6rmesidir. Burada hisse senedinin bariyer d\u00fczeyi olan 68 $ ve strike d\u00fczeyi olan 80 $ aras\u0131nda i\u015flem g\u00f6rmesi se\u00e7ene\u011fi s\u00f6zkonusu olmamaktad\u0131r. \u00a0\u00c7\u00fcnk\u00fc fiyatlar bir kez 68 $\u2019\u0131 a\u015fa\u011f\u0131 y\u00f6nl\u00fc k\u0131rd\u0131\u011f\u0131ndan 68 $ art\u0131k s\u0131n\u0131r olarak kabul edilemez.<\/p>\n<p><strong> <\/strong><em>Vade i\u00e7inde<\/em> dayanak hisse senedi fiyat\u0131 bariyer seviyesi olan 68$\u2019\u0131n alt\u0131na inerse, OBC \u00fcr\u00fcn\u00fcn bonus \u00f6deme \u00f6zelli\u011fi sona erer ve <em>vade sonunda<\/em> hisse senedi fiyat\u0131ndaki de\u011fi\u015fim strike seviyesi olan 80$ seviyesine kadar OBC \u00fcr\u00fcn fiyat\u0131n\u0131 aynen etkiler. 80$ seviyesinin \u00fczerinde ise OBC \u00fcr\u00fcn\u00fcn\u00fcn fiyat\u0131 hisse senedinin fiyat de\u011fi\u015fiminden %100\u2019den fazla olacak \u015fekilde bir performans oran\u0131nca etkilenir.<strong><\/strong><\/p>\n<p><strong><em> Vade sonunda<\/em><\/strong><strong> hisse senedi, strike d\u00fczeyi olan 80 $\u2019\u0131n alt\u0131nda i\u015flem g\u00f6r\u00fcrse :<\/strong><\/p>\n<p>Hisse senedi, strike d\u00fczeyi olan 80 $\u2019\u0131n alt\u0131nda i\u015flem g\u00f6r\u00fcrse yat\u0131r\u0131mc\u0131 Baloise hisse senedinin cari piyasa de\u011ferinde bir getiri sa\u011flar.<\/p>\n<p>\u00d6rne\u011fin, vade sonunda Baloise hisse senedi 80 $\u2019l\u0131k de\u011ferinin %20\u2019sini kaybederek 64 $ olursa, OBC \u00fcr\u00fcn\u00fc yat\u0131r\u0131mc\u0131s\u0131 da %20 oran\u0131nda kayba u\u011frayarak 64 $\u2019l\u0131k bir nakit ak\u0131\u015f\u0131 elde eder.<\/p>\n<p><strong><em> Vade sonunda<\/em><\/strong><strong> hisse senedi, strike d\u00fczeyi olan 80 $\u2019\u0131n \u00fczerinde i\u015flem g\u00f6r\u00fcrse :<\/strong><\/p>\n<p>Hisse senedi strike d\u00fczeyi olan 80 $\u2019\u0131n \u00fczerinde i\u015flem g\u00f6r\u00fcrse OBC yat\u0131r\u0131mc\u0131s\u0131n\u0131n getirisi a\u015fa\u011f\u0131daki gibi hesaplan\u0131r.<\/p>\n<p>Yat\u0131r\u0131mc\u0131n\u0131n\u00a0 =\u00a0\u00a0 Dayanak varl\u0131\u011f\u0131n \u2013 Dayanak varl\u0131\u011f\u0131n\u00a0 x\u00a0 Performans oran\u0131<\/p>\n<p>Getirisi \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0vade sonu de\u011feri \u00a0\u00a0\u00a0\u00a0\u00a0ba\u015flang\u0131\u00e7 de\u011feri<\/p>\n<p>&nbsp;<\/p>\n<p>\u00d6rne\u011fin, vade sonunda Baloise hisse senedi %10\u2019luk bir art\u0131\u015fla 88 $ seviyesinde olursa, OBC \u00fcr\u00fcn\u00fc yat\u0131r\u0131mc\u0131s\u0131na ;<\/p>\n<p>(88 &#8211; 80) x (%150) = 12 $<\/p>\n<p>getiri sa\u011flar. Hisse senedinin ba\u015flang\u0131\u00e7 de\u011feri olan 80 $ dikkate al\u0131nd\u0131\u011f\u0131nda, yat\u0131r\u0131mc\u0131 %15 de\u011fer art\u0131\u015f\u0131yla birlikte 92 $ tutar\u0131nda nakit ak\u0131\u015f\u0131 elde eder.<\/p>\n<p>Bilindi\u011fi \u00fczere buradaki \u00a0senaryo \u00a0\u201cvade s\u00fcresince herhangi bir g\u00fcn hisse senedinin bariyer seviyesi olan 68 $ ve alt\u0131nda i\u015flem <em>g\u00f6rmesi\u201d <\/em>dir. Bu durumda iken \u201cvade sonunda hisse senedi, strike d\u00fczeyi olan 80 $\u2019\u0131n \u00fczerinde i\u015flem g\u00f6r\u00fcrse\u201d, dayanak varl\u0131k kendi performans\u0131n\u0131 \u00fcr\u00fcn\u00fcn performans\u0131na \u00f6nceden belirlenen performans oran\u0131na g\u00f6re yans\u0131t\u0131r. Hat\u0131rlanaca\u011f\u0131 \u00fczere ayn\u0131 durum \u00f6nceki senaryo olan \u201cvade s\u00fcresince herhangi bir g\u00fcn hisse senedinin \u00a0bariyer d\u00fczeyi olan 68 $ ve alt\u0131nda i\u015flem <em>g\u00f6rmezse<\/em>\u201d \u00a0durumunda da s\u00f6z konusu olmu\u015ftu. Bu senaryo kapsam\u0131nda da \u201cvade sonunda hisse senedi, strike d\u00fczeyi olan 80 $\u2019\u0131n \u00fczerinde i\u015flem g\u00f6r\u00fcrse\u201d se\u00e7ene\u011finde performans oran\u0131 devreye girmi\u015fti. Her iki durumda da performans oran\u0131n\u0131n katk\u0131s\u0131yla 92 $ nakit giri\u015fi\u00a0 sa\u011flanm\u0131\u015ft\u0131r.<\/p>\n<p>Ba\u015fka bir deyi\u015fle, vade s\u00fcresince herhangi bir g\u00fcn hisse senedi bariyer seviyesi olan 68 $ ve alt\u0131nda i\u015flem g\u00f6rse de g\u00f6rmese de vade sonunda hisse senedi, <em>strike d\u00fczeyinin<\/em> <em>\u00fczerinde <\/em>i\u015flem g\u00f6r\u00fcrse performans oran\u0131 devreye girer. Bu oran kadar dayanak varl\u0131\u011f\u0131n performans\u0131 \u00fcr\u00fcn\u00fcn performans\u0131na yans\u0131t\u0131l\u0131r.<\/p>\n<p>\u00d6rnekle ilgili a\u015fa\u011f\u0131da yer alan grafikte, dayanak varl\u0131\u011f\u0131n farkl\u0131 seviyelerindeki fiyatlar\u0131na g\u00f6re \u00fcr\u00fcn\u00fcn sa\u011flad\u0131\u011f\u0131 farkl\u0131 nakit ak\u0131\u015flar\u0131 g\u00f6r\u00fclmektedir.<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/06\/yapur-3-c.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1838\" title=\"yapur-3-c\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/06\/yapur-3-c.jpg\" alt=\"\" width=\"470\" height=\"519\" \/><\/a><\/p>\n<p><em>Grafik 4: Outperformance Bonus Certificate <\/em><\/p>\n<p><strong><em>Kaynak: <\/em><\/strong><strong><em>Scoach.com<\/em><\/strong><em><\/em><\/p>\n<p><strong> <\/strong><\/p>\n<p><strong> <\/strong>Yukar\u0131daki \u00f6rnekte de a\u00e7\u0131kland\u0131\u011f\u0131 \u00fczere, \u00fcr\u00fcn\u00fcn vade sonunda \u00f6deyece\u011fi tutar \u00f6ncelikle 2 senaryoya ba\u011flanm\u0131\u015ft\u0131r. \u00d6ncelikli senaryoda e\u011fer vade i\u00e7erisinde dayanak hisse senedi fiyat\u0131 bariyer seviyesi olan 68$ alt\u0131na inmedi\u011fi s\u00fcrece grafikte g\u00f6r\u00fcld\u00fc\u011f\u00fc \u00fczere vade sonunda hisse senedi piyasa fiyat\u0131, strike seviyesi olan 80$ ve bariyer seviyesi olan 68$ aras\u0131ndaki fiyatlarda oldu\u011funda, OBC \u00fcr\u00fcn\u00fc 80$ olan bonus \u00f6demesini yapar. Vade sonunda hisse senedi fiyat\u0131, strike seviyesi olan 80$\u2019\u0131n \u00fczerinde seyretti\u011fi durumlarda, OBC \u00fcr\u00fcn\u00fcn\u00fcn fiyat\u0131 hisse senedinin fiyat de\u011fi\u015fiminden %100\u2019den fazla olacak \u015fekilde bir performans oran\u0131nca etkilenir. \u0130kinci senaryoda ise vade i\u00e7erisinde dayanak hisse senedi fiyat\u0131 bariyer seviyesi olan 68$ alt\u0131na inerse,\u00a0 OBC \u00fcr\u00fcn\u00fcn bonus \u00f6deme \u00f6zelli\u011fi sona erer ve vade sonunda hisse senedi fiyat\u0131ndaki de\u011fi\u015fim strike seviyesi olan 80$ seviyesine kadar OBC \u00fcr\u00fcn fiyat\u0131n\u0131 birebir etkiler. 80$ seviyesinin \u00fczerinde ise OBC \u00fcr\u00fcn\u00fcn\u00fcn fiyat\u0131 hisse senedinin fiyat de\u011fi\u015fiminden %100\u2019den fazla olacak \u015fekilde bir performans oran\u0131nca etkilenir.<\/p>\n<p><strong> NOT : <\/strong><\/p>\n<p><strong>Sonraki yaz\u0131da \u201cKald\u0131ra\u00e7 Sa\u011flayan Finansal \u00dcr\u00fcnler\u201d incelenecek ve \u201cYap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnlerin Avantajlar\u0131 ve Dezavantajlar\u0131\u201d \u00fczerinde durulacakt\u0131r. <\/strong><\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;<\/p>\n<p>*\u00a0 <strong>Bu yaz\u0131<\/strong> <strong>YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER \u2013 II\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] Barlocher, J. 2009, \u2018<a href=\"http:\/\/www.bis.org\/ifc\/publ\/ifcb31l.pdf\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">Experience with the collection and publication of data on structured products in Switzerland<\/a>\u2019, <em>IFC Bulletin No 31, <\/em>s. 141-150.<\/p>\n<p>[2] Scoach, Open End Certificate, &lt; http:\/\/www.scoach.ch&gt;<\/p>\n<p>[3] Hernandez, R., Lee, W. &amp; Liu, P. 2007, \u2018The market and the pricing of outperformance certificates.\u2019<em>,<\/em> <em>16th \u00a0\u00a0\u00a0Annual Meeting of the European Financial Management Association<\/em>, Vienna, Austria.<\/p>\n<p>[4] Scoach, Outperformance Certificate, &lt; <a href=\"http:\/\/www.scoach.ch\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">http:\/\/www.scoach.ch<\/a>&gt;<\/p>\n<p>[5] Scoach, Bonus Certificate, &lt; <a href=\"http:\/\/www.scoach.ch\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">http:\/\/www.scoach.ch<\/a>&gt;<\/p>\n<p>[6] Scoach, Outperformance Bonus Certificate, &lt;http:\/\/www.scoach.ch&gt;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER \u2013 III * (STRUCTURED FINANCIAL PRODUCTS &#8211; III) Prof. Dr. Nurg\u00fcl Chambers ** Eren Ko\u00e7yi\u011fit *** 3.3.3. Kat\u0131l\u0131m Sa\u011flayan Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnler&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-1835","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\/1835","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=1835"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/1835\/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=1835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=1835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=1835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}