{"id":7645,"date":"2021-05-07T14:09:43","date_gmt":"2021-05-07T14:09:43","guid":{"rendered":"https:\/\/etfinveste.pt\/?page_id=7645"},"modified":"2021-05-07T16:54:18","modified_gmt":"2021-05-07T16:54:18","slug":"analise29_isfa","status":"publish","type":"page","link":"https:\/\/etfinveste.pt\/analise29_isfa\/","title":{"rendered":"iShares Core FTSE 100 UCITS ETF (Dist) – ISFA"},"content":{"rendered":"\t\t
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iShares Core FTSE 100 UCITS ETF (Dist) - ISFA<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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DESCRI\u00c7\u00c3O<\/span><\/strong><\/h4>

Viajamos para “terras de Sua Majestade” com o ISFA, um ETF lan\u00e7ado pela iShares em 2000, que \u00e9 de momento o 5\u00ba maior ETF em AUM domiciliado na Europa.\u00a0
<\/span>O ISFA segue o \u00edndice FTSE 100,<\/i>\u00a0que inclui as 100 maiores companhias do Reino Unido. Este ETF da iShares conta com a concorr\u00eancia de outros ativos<\/span>\u00a0que seguem o mesmo \u00edndice, mas tem claramente dominado este mercado<\/span>.<\/i>\u00a0Em rivalidade direta, conta com a concorr\u00eancia do ETF da Vanguard, que possui o VUKE, mas este tem duas desvantagens face ao ISFA: possui um TER ligeiramente superior (0,09% vs 0,07%), e revela uma grande diferen\u00e7a em AUM, enquanto o ISFA regista um valor acima dos \u20ac 10 mil milh\u00f5es, o VUKE da Vanguard situa-se nos \u20ac 4 mil milh\u00f5es.<\/span><\/h4>

Outro das vantagens do ISFA \u00e9 estar dispon\u00edvel numa das corretoras online mais usadas na Europa com comiss\u00f5es gr\u00e1tis, isto se os investidores cumprirem um conjunto de regras\u00a0j\u00e1 exemplificadas neste artigo:\u00a0Degiro<\/a>.<\/u>\u00a0
\u00c0 data desta an\u00e1lise, um desses requisitos \u00e9 transacionar na Bolsa de Amsterd\u00e3o, logo possivelmente ser\u00e1 a escolha mais vantajosa para os investidores residentes em Portugal.<\/h4>

De real\u00e7ar<\/span>\u00a0que o<\/span>\u00a0ISFA \u00e9 um ETF com distribui\u00e7\u00e3o de dividendos trimestrais, contudo se preferir um ETF a seguir o \u00edndice FTSE 100<\/i> sem distribui\u00e7\u00e3o de dividendos, poder\u00e1 optar pelo SRXW, tamb\u00e9m da iShares, que est\u00e1 dispon\u00edvel sem comiss\u00f5es na corretora\u00a0XTB<\/u><\/a>\u00a0transacionando na bolsa alem\u00e3 XETRA.<\/h4>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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DIVERSIFICA\u00c7\u00c3O<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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Analisando a diversifica\u00e7\u00e3o do ISFA, observa-se um bom equil\u00edbrio entre setores. A \u00e1rea Financeira tem maior exposi\u00e7\u00e3o, contudo evidencia pouca diferen\u00e7a percentual para os restantes setores, com os bens de consumo discricion\u00e1rios e setor dos Materiais a demonstrarem tamb\u00e9m bastante influ\u00eancia neste grupo.
Avaliando o quadro de empresas \u00e9 demonstrado que cerca de 39% do ISFA \u00e9 representado pelas suas 10 maiores companhias, o que \u00e9 considerado um valor relativamente elevado, limitando a sua diversifica\u00e7\u00e3o. A lista de companhias integra algumas big caps muito conhecidas como a Unilever, AstraZeneca ou BP (British Petroleum). Apesar da maior exposi\u00e7\u00e3o no setor Financeiro, apenas a HSBC \u00e9 inclu\u00edda neste grupo.<\/span><\/h4>

\u00a0<\/p>

Analisando individualmente os resultados em Bolsa deste TOP 10, \u00e9 evidenciado uma grande assimetria entre as performances destas empresas. Companhias como a BP, GlaxoSmithKline ou\u00a0British American Tobacco registam resultados acumulados negativos, no curto e longo prazo, a 1 e a 5 anos, enquanto as empresas Unilever e AstraZeneca, revelam bons resultados acumulados nos \u00faltimos 5 anos, mas grande instabilidade face ao ano passado.\u00a0\u00a0<\/span><\/h4>

As empresas que demonstram melhores resultados em bolsa, no curto e longo prazo, s\u00e3o a Diageo e a empresa de minera\u00e7\u00e3o Rio Tinto.<\/span><\/h4>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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SETOR<\/th>PESO<\/th>\n<\/tr>\n<\/thead>\n
Financeiras<\/td>19.02%<\/td>\n<\/tr>\n
Bens de Consumo essenciais<\/td>17.49%<\/td>\n<\/tr>\n
Ind. de Materiais e Transforma\u00e7\u00e3o<\/td>14.55%<\/td>\n<\/tr>\n
Industriais e servi\u00e7os diversos<\/td>10.21%<\/td>\n<\/tr>\n
Sa\u00fade e Farmac\u00eauticas<\/td>9.67%<\/td>\n<\/tr>\n
Energia<\/td>8.95%<\/td>\n<\/tr>\n
Bens de Consumo n\u00e3o essenciais<\/td>8.44%<\/td>\n<\/tr>\n
Servi\u00e7os de Comunica\u00e7\u00e3o<\/td>4.69%<\/td>\n<\/tr>\n
Servi\u00e7os de utilidade P\u00fablica<\/td>3.14%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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EMPRESA<\/th>PESO<\/th>\n<\/tr>\n<\/thead>\n
UNILEVER PLC<\/td>5.71%<\/td>\n<\/tr>\n
ASTRAZENECA PLC<\/td>5.26%<\/td>\n<\/tr>\n
HSBC HOLDINGS PLC<\/td>4.84%<\/td>\n<\/tr>\n
DIAGEO PLC<\/td>3.91%<\/td>\n<\/tr>\n
RIO TINTO PLC<\/td>3.67%<\/td>\n<\/tr>\n
GLAXOSMITHKLINE PLC<\/td>3.46%<\/td>\n<\/tr>\n
BRITISH AMERICAN TOBACCO PLC<\/td>3.34%<\/td>\n<\/tr>\n
BP PLC<\/td>3.26%<\/td>\n<\/tr>\n
ROYAL DUTCH SHELL PLC<\/td>3.05%<\/td>\n<\/tr>\n
ROYAL DUTCH SHELL PLC CLASS B<\/td>2.63%<\/td>\n<\/tr>\n
PESO EMPRESAS TOP 10\t<\/td>39.13%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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PERFORMANCE<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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Analisando o desempenho gr\u00e1fico do ISFA, destaca-se as acentuadas descidas em 2002<\/u><\/a>, crise de subprime em 2007 e mais recentemente com o inicio da pandemia em 2020. Ainda assim, de real\u00e7ar a boa rea\u00e7\u00e3o ap\u00f3s esses per\u00edodos, principalmente ap\u00f3s outubro de 2020. Neste momento, o NAV do ISFA ainda se encontra em tend\u00eancia de subida, na tentativa de ir ao encontro dos valores pr\u00e9 pandemia, a rondar os \u20ac 8,80.\u00a0\u00a0<\/h4>

\u00a0<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Apesar de alguma instabilidade, os resultados acumulados deste ETF s\u00e3o positivos em todos os per\u00edodos temporais. \u00c9<\/span>\u00a0principalmente no curto prazo que se evidenciam os melhores resultados, o ISFA cresceu mais de 25% no prazo comparativamente ao ano passado. Destaque ainda para o seu YTD positivo de 15,03%, isto numa altura em que o mercado bolsista tem sofrido, em certos setores, uma ligeira desacelera\u00e7\u00e3o.<\/h4>

Contudo, este ETF demonstra bastante volatilidade no longo prazo, verificando os menores resultados acumulados alcan\u00e7ados nos per\u00edodos de 3 e 5 anos, n\u00e3o indo al\u00e9m dos 7%, o que contrasta muito com outros \u00edndices geogr\u00e1ficos j\u00e1 aqui analisados, p.ex. casos do\u00a0 S&P 500, DAX ou Nikkei 225.<\/h4><\/div>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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PERFORMANCE(\u20ac)(at\u00e9 07\/05\/2021)<\/th>ISFA<\/th>\n<\/tr>\n<\/thead>\n
1 M\u00caS<\/td>2.42%<\/td>\n<\/tr>\n
3 MESES<\/td>11.55%<\/td>\n<\/tr>\n
YTD<\/td>15.03%<\/td>\n<\/tr>\n
1 ANO<\/td>25.83%<\/td>\n<\/tr>\n
3 ANOS<\/td>6.87%<\/td>\n<\/tr>\n
5 ANOS<\/td>3.73%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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OUTROS DADOS<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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Como j\u00e1 referido, o ISFA possui distribui\u00e7\u00e3o de dividendos trimestrais e apresenta\u00a0<\/span>um TER bastante apelativo de 0,07%. O portfolio deste ETF \u00e9 tamb\u00e9m reajustado trimestralmente.\u00a0\u00a0
Face \u00e0 concorr\u00eancia, os ETFs da Vanguard, VUKE e da HSBC, H4ZB, apesar de seguirem o mesmo \u00edndice com replica\u00e7\u00e3o completa, possuem menor liquidez e podem ter mais custos comparativamente ao ISFA.<\/h4>

Nos EUA nenhum outro ETF aparenta seguir o \u00edndice FTSE 100<\/i>, talvez o mais similar seja o EWU, <\/i>tamb\u00e9m da iShares, mas que replica o MSCI United Kingdom Index<\/i>\u00a0contendo as 88 maiores empresas desta regi\u00e3o.\u00a0\u00a0<\/h4>

\u00a0<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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C\u00f3digo ISIN\u00a0<\/td>IE0005042456<\/td>\n<\/tr>\n
Ticker<\/td>ISFA<\/td>\n<\/tr>\n
Sociedade gestora<\/td>iShares<\/td>\n<\/tr>\n
Data de lan\u00e7amento<\/td>27\/04\/2000<\/td>\n<\/tr>\n
Moeda<\/td>GBP<\/td>\n<\/tr>\n
Categoria<\/td>A\u00e7\u00f5es<\/td>\n<\/tr>\n
NAV<\/td>\u20ac8.10<\/td>\n<\/tr>\n
AUM<\/td>\u20ac11,11mM<\/td>\n<\/tr>\n
Distribui\u00e7\u00e3o de Dividendos<\/td>Sim - Trimestral<\/td>\n<\/tr>\n
Total Expense Ratio (TER)\u00a0<\/td>0.07%<\/td>\n<\/tr>\n
Beta (5 anos)<\/td>0.96<\/td>\n<\/tr>\n
R\u00e9plica ETF USA<\/td>- - - - - -<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Aprecia\u00e7\u00e3o<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\"\u2705\"\u00a0Elevada liquidez e baixos custos<\/span><\/h4>
– As duas principais raz\u00f5es para o ISFA se destacar face \u00e0 sua concorr\u00eancia, \u00e9 pelo seu enorme valor em AUM, ultrapassando os \u20ac 10 mil milh\u00f5es e o baixo TER de 0,07%. Al\u00e9m disso, ainda \u00e9 poss\u00edvel obter comiss\u00f5es gr\u00e1tis em determinadas corretoras online, o que traz mais vantagens para os investidores;<\/h6>
\u00a0\"\u2705\"\u00a0Performance no curto prazo<\/span><\/h6>
– Apesar dos resultados acumulados no longo prazo serem reduzidos, o ISFA apresenta resultados positivos. De destacar a performance no curto prazo, crescendo mais de 25% comparativamente ao ano passado e o YTD superior a 15%, o que \u00e9 positivo, comparado a outros \u00edndices geogr\u00e1ficos;<\/h6>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\"\ud83d\udfe5\"<\/span> Total exposi\u00e7\u00e3o \u00e0 economia do Reino Unido e risco Brexit<\/span><\/h4>\n
– A total aloca\u00e7\u00e3o \u00e0 economia do Reino Unido, aumenta o n\u00edvel de risco se investir apenas neste ativo. O impacto do Brexit ainda n\u00e3o \u00e9 totalmente vis\u00edvel seja ao n\u00edvel econ\u00f3mico ou pol\u00edtico-social, o que poder\u00e1 trazer consequ\u00eancias seja ao n\u00edvel das mudan\u00e7as no tecido econ\u00f3mico ou mesmo na instabilidade das rela\u00e7\u00f5es diplom\u00e1ticas, dentro do Reino Unido<\/u><\/a> e at\u00e9 com membros  da Uni\u00e3o Europeia<\/a>;<\/u><\/span><\/h6>\n

\"\ud83d\udfe5\" Diversifica\u00e7\u00e3o<\/span><\/span><\/h4>\n
– Apesar do bom equil\u00edbrio entre setores, verifica-se que as 10 empresas com maior peso do ISFA representam mais de 39% da sua totalidade. O desempenho em bolsa destas 10 empresas podem ser determinantes na evolu\u00e7\u00e3o da performance deste ETF. Alguns desempenhos das principais companhias ficam aqu\u00e9m do esperado, exemplo da GlaxoSmithKline e da British American Tobacco;<\/span><\/h6>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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IE0005042456 IUSZ ISF ISFU IUSZ SXRW CSUKX CUKX IE00B53HP851<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

iShares Core FTSE 100 UCITS ETF (Dist) – ISFA DESCRI\u00c7\u00c3O Viajamos para “terras de Sua Majestade” com o ISFA, um ETF lan\u00e7ado pela iShares em 2000, que \u00e9 de momento o 5\u00ba maior ETF em AUM domiciliado na Europa.\u00a0O ISFA segue o \u00edndice FTSE 100,\u00a0que inclui as 100 maiores companhias do Reino Unido. Este ETF …<\/p>\n

iShares Core FTSE 100 UCITS ETF (Dist) – ISFA<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":7654,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-7645","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"\niShares Core FTSE 100 UCITS ETF (Dist) - ISFA - ETFinveste<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/etfinveste.pt\/analise29_isfa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"iShares Core FTSE 100 UCITS ETF (Dist) - ISFA - ETFinveste\" \/>\n<meta property=\"og:description\" content=\"iShares Core FTSE 100 UCITS ETF (Dist) – ISFA DESCRI\u00c7\u00c3O Viajamos para “terras de Sua Majestade” com o ISFA, um ETF lan\u00e7ado pela iShares em 2000, que \u00e9 de momento o 5\u00ba maior ETF em AUM domiciliado na Europa.\u00a0O ISFA segue o \u00edndice FTSE 100,\u00a0que inclui as 100 maiores companhias do Reino Unido. 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