§®§Ö§Ø§Õ§å§ß§Ñ§â§à§Õ§ß§í§Û §ã§à§ð§Ù §Ñ§Ó§ä§à§Þ§à§Ò§Ú§Ý§î§ß§à§Ô§à §ä§â§Ñ§ß§ã§á§à§â§ä§Ñ (IRU) §á§â§à§Õ§à§Ý§Ø§Ñ§Ö§ä §à§ã§å§ë§Ö§ã§ä§Ó§Ý§ñ§ä§î §ã§Ó§à§ð §æ§å§ß§Ü§è§Ú§ð §à§æ§Ú§è§Ú§Ñ§Ý§î§ß§à §á§â§Ú§Ù§ß§Ñ§ß§ß§à§Ô§à §á§â§Ö§Õ§ã§ä§Ñ§Ó§Ú§ä§Ö§Ý§ñ §â§Ñ§Ò§à§ä§à§Õ§Ñ§ä§Ö§Ý§Ö§Û §Ó §ã§Ö§Ü§ä§à§â§Ö §Ñ§Ó§ä§à§Þ§à§Ò§Ú§Ý§î§ß§à§Ô§à §ä§â§Ñ§ß§ã§á§à§â§ä§Ñ §ß§Ñ §å§â§à§Ó§ß§Ö §¦§Ó§â§à§á§Ö§Û§ã§Ü§à§Ô§à §³§à§ð§Ù§Ñ. §³§Ö§Ô§à§Õ§ß§ñ ÃÛÌÒ´«Ã½§á§â§Ú§ß§ñ§Ý §Ó §ï§ä§à§Û §â§à§Ý§Ú §á§â§Ö§Õ§ã§Ö§Õ§Ñ§ä§Ö§Ý§î§ã§ä§Ó§à §Ó §¬§à§Þ§Ú§ä§Ö§ä§Ö §°§³§¥ §á§à §Ñ§Ó§ä§à§Þ§à§Ò§Ú§Ý§î§ß§à§Þ§å §ä§â§Ñ§ß§ã§á§à§â§ä§å §Ó §¦§³, §ß§Ñ§Ù§ß§Ñ§é§Ú§Ó §Ö§Ô§à §á§â§Ö§Õ§ã§Ö§Õ§Ñ§ä§Ö§Ý§Ö§Þ §Ô-§Ø§å §¶§Ý§à§â§Ñ§ß§ã §¢§Ö§â§ä§Ö§Ý§à (Florence Berthelot), §Ô§Ý§Ñ§Ó§å §Õ§Ö§Ý§Ö§Ô§Ñ§è§Ú§Ú §æ§â§Ñ§ß§è§å§Ù§ã§Ü§à§Û §¯§Ñ§è§Ú§à§ß§Ñ§Ý§î§ß§à§Û §æ§Ö§Õ§Ö§â§Ñ§è§Ú§Ú §Ñ§Ó§ä§à§Þ§à§Ò§Ú§Ý§î§ß§à§Ô§à §ä§â§Ñ§ß§ã§á§à§â§ä§Ñ (FNTR).
?§³§à§è§Ú§Ñ§Ý§î§ß§à§Ö §á§Ñ§â§ä§ß§Ö§â§ã§ä§Ó§à §Þ§Ö§Ø§Õ§å ETF [§¦§Ó§â§à§á§Ö§Û§ã§Ü§à§Û §æ§Ö§Õ§Ö§â§Ñ§è§Ú§Ö§Û §â§Ñ§Ò§à§ä§ß§Ú§Ü§à§Ó §ä§â§Ñ§ß§ã§á§à§â§ä§Ñ] §Ú IRU, §á§à§à§é§Ö§â§Ö§Õ§ß§à §á§â§Ö§Õ§ã§Ö§Õ§Ñ§ä§Ö§Ý§î§ã§ä§Ó§å§ð§ë§Ú§Þ§Ú §Ó §¬§à§Þ§Ú§ä§Ö§ä§Ö §°§³§¥, §Ü§â§Ñ§Û§ß§Ö §Ó§Ñ§Ø§ß§à §Õ§Ý§ñ §å§Ý§å§é§ê§Ö§ß§Ú§ñ §Ò§Ñ§Ù§à§Ó§í§ç §ã§à§è§Ú§Ñ§Ý§î§ß§í§ç §Ú §à§á§Ö§â§Ñ§è§Ú§à§ß§ß§í§ç §å§ã§Ý§à§Ó§Ú§Û §Õ§Ý§ñ §Ó§à§Õ§Ú§ä§Ö§Ý§Ö§Û §Ú §Ü§à§Þ§á§Ñ§ß§Ú§Û §Ó §¦§³. §®§í §à§é§Ö§ß§î §â§Ñ§Õ§í, §é§ä§à §¬§à§Þ§Ú§ä§Ö§ä §°§³§¥ §Ó§à§Ù§Ô§Ý§Ñ§Ó§Ú§ä §¶§Ý§à§â§Ñ§ß§ã §¢§Ö§â§ä§Ö§Ý§à, §à§Ò§Ý§Ñ§Õ§Ñ§ð§ë§Ñ§ñ §å§ã§á§Ö§ê§ß§í§Þ §à§á§í§ä§à§Þ §ã§à§ä§â§å§Õ§ß§Ú§é§Ö§ã§ä§Ó§Ñ §ã §á§â§à§æ§ã§à§ð§Ù§Ñ§Þ§Ú §Ó§à §¶§â§Ñ§ß§è§Ú§Ú?, ¡ª §Ù§Ñ§ñ§Ó§Ú§Ý §Ô§Ý§Ñ§Ó§Ñ §Õ§Ö§Ý§Ö§Ô§Ñ§è§Ú§Ú ÃÛÌÒ´«Ã½§Ó §¦§³ §®§Ñ§ä§ä§Ú§Ñ§ã §®§Ö§Õ§Ô§Ö (Matthias Maedge).
§±§à§ã§Ü§à§Ý§î§Ü§å §Ó §¦§Ó§â§à§á§Ö 20% §á§à§Ù§Ú§è§Ú§Û §Ó§à§Õ§Ú§ä§Ö§Ý§Ö§Û, §â§Ñ§Ò§à§ä§Ñ§ð§ë§Ú§ç §ß§Ñ §Ü§à§Þ§Þ§Ö§â§é§Ö§ã§Ü§Ú§ç §á§Ö§â§Ö§Ó§à§Ù§Ü§Ñ§ç, §à§ã§ä§Ñ§Ö§ä§ã§ñ §ß§Ö§Ù§Ñ§á§à§Ý§ß§Ö§ß§ß§à§Û, §Ñ §Ø§Ö§ß§ë§Ú§ß §Ó §é§Ú§ã§Ý§Ö §Ó§à§Õ§Ú§ä§Ö§Ý§Ö§Û §Ý§Ú§ê§î 2%, §ß§Ö§ç§Ó§Ñ§ä§Ü§Ñ §Ó§à§Õ§Ú§ä§Ö§Ý§Ö§Û ¡ª §à§Õ§ß§Ñ §Ú§Ù §Ü§Ý§ð§é§Ö§Ó§í§ç §á§â§à§Ò§Ý§Ö§Þ §Õ§Ý§ñ §ß§Ñ§ê§Ö§Û §à§ä§â§Ñ§ã§Ý§Ú. §£ §ã§Ó§ñ§Ù§Ú §ã §ï§ä§Ú§Þ ÃÛÌÒ´«Ã½§ß§Ñ§á§à§Þ§Ú§ß§Ñ§Ö§ä §à §ß§Ö§à§Ò§ç§à§Õ§Ú§Þ§à§ã§ä§Ú §á§â§Ú§ß§ñ§ä§Ú§ñ §Þ§Ö§â §ß§Ñ §Ö§Ó§â§à§á§Ö§Û§ã§Ü§à§Þ §å§â§à§Ó§ß§Ö §Õ§Ý§ñ §á§â§Ú§Ó§Ý§Ö§é§Ö§ß§Ú§ñ §ß§à§Ó§í§ç §Ü§Ñ§Õ§â§à§Ó §Ú §á§à§à§ë§â§Ö§ß§Ú§ñ §â§Ñ§Ó§ß§í§ç §å§ã§Ý§à§Ó§Ú§Û §á§â§Ú §ß§Ñ§Û§Þ§Ö §ß§Ñ §â§Ñ§Ò§à§ä§å §Ü§à§Þ§á§Ñ§ß§Ú§ñ§Þ§Ú §à§ä§â§Ñ§ã§Ý§Ú. §¥§â§å§Ô§Ú§Ö §à§Ò§Ý§Ñ§ã§ä§Ú §ã§à§ä§â§å§Õ§ß§Ú§é§Ö§ã§ä§Ó§Ñ §Ó§Ü§Ý§ð§é§Ñ§ð§ä §Ó §ã§Ö§Ò§ñ:
- §Ü§à§ß§ä§â§à§Ý§î §ß§Ñ§Õ §ã§à§Ò§Ý§ð§Õ§Ö§ß§Ú§Ö§Þ §ã§à§è§Ú§Ñ§Ý§î§ß§í§ç §à§Ò§ñ§Ù§Ñ§ä§Ö§Ý§î§ã§ä§Ó;
- §à§Ò§Ö§ã§á§Ö§é§Ö§ß§Ú§Ö §ß§Ñ§Õ§Ý§Ö§Ø§Ñ§ë§Ú§ç §å§ã§Ý§à§Ó§Ú§Û §ä§â§å§Õ§Ñ;
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- §à§Ò§Ý§Ö§Ô§é§Ö§ß§Ú§Ö §Õ§à§ã§ä§å§á§Ñ §Ü §á§â§à§æ§Ö§ã§ã§Ú§Ú §Ó§à§Õ§Ú§ä§Ö§Ý§ñ.
?§¥§Ú§Ñ§Ý§à§Ô §Ó §ã§à§è§Ú§Ñ§Ý§î§ß§à§Û §ã§æ§Ö§â§Ö ¡ª §à§Õ§ß§Ñ §Ú§Ù §à§ã§ß§à§Ó§ß§í§ç §è§Ö§ß§ß§à§ã§ä§Ö§Û §¦§Ó§â§à§á§Ö§Û§ã§Ü§à§Ô§à §³§à§ð§Ù§Ñ §Ü§Ñ§Ü §Ú§ß§ã§ä§Ú§ä§å§ä§Ñ. §¥§Ý§ñ §Þ§Ö§ß§ñ §Ò§à§Ý§î§ê§Ñ§ñ §é§Ö§ã§ä§î §Ò§í§ä§î §Ú§Ù§Ò§â§Ñ§ß§ß§à§Û §á§â§Ö§Õ§ã§Ö§Õ§Ñ§ä§Ö§Ý§Ö§Þ §¬§à§Þ§Ú§ä§Ö§ä§Ñ §à§ä§â§Ñ§ã§Ý§Ö§Ó§à§Ô§à §ã§à§è§Ú§Ñ§Ý§î§ß§à§Ô§à §Õ§Ú§Ñ§Ý§à§Ô§Ñ §á§à §Ñ§Ó§ä§à§Þ§à§Ò§Ú§Ý§î§ß§à§Þ§å §ä§â§Ñ§ß§ã§á§à§â§ä§å, ¡ª §á§à§Õ§é§Ö§â§Ü§ß§å§Ý§Ñ §Ô-§Ø§Ñ §¢§Ö§â§ä§Ö§Ý§à. ¡ª §£ §ä§à §Ó§â§Ö§Þ§ñ, §Ü§à§Ô§Õ§Ñ §á§â§Ö§à§Õ§à§Ý§Ö§ß§Ú§Ö §ä§â§å§Õ§ß§à§ã§ä§Ö§Û, §ã §Ü§à§ä§à§â§í§Þ§Ú §Þ§í §ã§ä§Ñ§Ý§Ü§Ú§Ó§Ñ§Ö§Þ§ã§ñ, §ñ§Ó§Ý§ñ§Ö§ä§ã§ñ §Ø§Ú§Ù§ß§Ö§ß§ß§à §Ó§Ñ§Ø§ß§í§Þ §Õ§Ý§ñ §Ü§à§Þ§á§Ñ§ß§Ú§Û §Ú §â§Ñ§Ò§à§ä§ß§Ú§Ü§à§Ó §ã§Ö§Ü§ä§à§â§Ñ, §Þ§í §Õ§à§Ý§Ø§ß§í §à§ã§ä§Ñ§Ó§Ñ§ä§î§ã§ñ §Ö§Õ§Ú§ß§í§Þ §Ú§ã§ä§à§é§ß§Ú§Ü§à§Þ §á§â§Ö§Õ§Ý§à§Ø§Ö§ß§Ú§Û §Õ§Ý§ñ §â§Ö§Ô§å§Ý§Ú§â§å§ð§ë§Ú§ç §à§â§Ô§Ñ§ß§à§Ó §Ó §¦§Ó§â§à§á§Ö?, ¡ª §Õ§à§Ò§Ñ§Ó§Ú§Ý§Ñ §à§ß§Ñ.