Il Falso Mito dell'Interesse Composto negli ETF Obbligazionari

This video offers a mathematical and quantitative analysis of the controversial comparison between investing in an accumulating bond ETF and creating a bond ladder with single maturities. Through a numerical simulation based on a long-term time horizon, the real impact of the ETF's tax efficiency compared to the relative weight of the TER on the expected returns of government bonds is examined. The analysis deconstructs false myths related to the loss of compound interest in direct management by integrating concrete real-world variables such as transaction costs, liquidity spreads, and the current interest rate curve into the model. The critical capital threshold below which the collective instrument remains the most efficient choice is also identified, offering an objective and rational guide for optimizing the architecture of the government component in the portfolio. __________________________________________________________________ Source:    • Cambiare ETF: Effetti Fiscali sul Rendimen...      • Perché creo BOND LADDER con DURATION 3 ANN...   Excel file: https://drive.google.com/file/d/1FnU7... __________________________________________________________________ Reference playlist:    • Mercato Obbligazionario   __________________________________________________________________ TIMESTAMP 0:00 - Bond Market Management 1:12 - Comment Analysis 2:19 - Expected Returns and Market Efficiency Tax Suspension 3:08 - Bond Ladder Configuration and Rollover Assumptions 7:12 - Initial Simulation Results: Theoretical Scenario (4% Yield and TER 0.1%) 8:22 - The Relative Impact of the TER on the Expected Return of the Bond Asset Class 9:09 - Cost Analysis (KIID) of Short and Medium Term ETFs 11:42 - Model Calibration on the ECB Real Yield Curve (2.827% Yield) 13:35 - Correlation Between Tax Rates, Nominal Yields, and Economic Convenience 15:03 - Implicit Cost Analysis: The Bid-Ask Spread (Market Liquidity vs. ETF Turnover) 17:09 - Impact of Trading Commissions and Transaction Cost Simulation 19:41 - Definition of Critical Capital Thresholds: Break-Even Between Bond Ladder and ETFs 22:32 - Technical Deep Dive 26:30 - Conclusions __________________________________________________________________ 📩 Contact me by email to discuss independent financial advice and see how I can help you: [email protected]