Segunda-feira, Fevereiro 12, 2007

Nova frente para investidores

Informação nova no mercado. Desde a última sexta-feira a BOVESPA está com um novo produto no mercado - o POP (Proteção do Investimento com Participação. O POP nada mais é do que um produto que possibilita que os investidores operem com margem de risco reduzida. Evidentemente que existe um preço a pagar por isto, pois o POP, negociado na BOVESPA, proporciona uma proteção contra eventuais perdas (desvalorização) do investimento em ações em troca de uma participação nos potenciais ganhos desse investimento. A proteção vem da combinação da aplicação em ações, com aplicação em seus derivativos. O POP funciona como o mercado de opções. Antes que alguém diga que mudei minha opinião sobre aplicação em opções, informo que não mudei. Ainda não estudei o POP a fundo para emitir uma posição.
O que posso informar é que a composição do POP é feita da seguinte forma: uma determinada ação (1) no mercado a vista e suas correspondentes opções de compra (2) e de venda (3) no mercado de opções. Tudo isso combinado (1+2+3) em quantidades e proporções adequadas para facilitar a vida do investidor, que não precisa ser um especialista para construir sua estratégia de proteção do investimento com participação.
Como funciona? O investidor define o nível de proteção desejado ao escolher em que série de POP vai investir. Se a ação cair, ele recebe o valor do capital protegido, cobrindo assim o risco correspondente à desvalorização. Em contrapartida, se a ação subir, o aplicador abre mão de uma parte do lucro obtido com a valorização do papel.
A BOVESPA informa como funciona o POP, numericamente falando: supondo que a ação X esteja cotada a R$ 50,00 e que exista na BOVESPA um POP dessa ação com capital protegido de R$ 45,00; percentual de participação do comprador de 80%; e prazo de seis meses. Suponha, também, que você comprou 100 unidades desse POP por R$ 49,00 a unidade. Logo, você investiu R$ 4.900,00. Nesse caso, você comprou 100 ações X; comprou 100 opções de venda da ação X e vendeu 20 opções de compra da ação X, sendo que as opções p
ossuem um preço de exercício de R$ 45,00.
Imagine agora duas hipóteses no vencimento deste POP, seis meses depois: a ação X está cotada a R$ 30,00. Isto é, ela não apresentou a valorização que se esperava inicialmente (o “novo negócio” não deu certo). Nesse caso, você ganhará o valor do seu capital protegido, ou seja, R$ 4.500,00 (45,00 x 100); ou a ação X está cotada a R$ 70,00. Isto é, ela apresentou valorização (o “novo negócio” foi um sucesso). Nesse caso, além do seu capital protegido, você ganhará 80% dos retornos excedentes, ou seja, você ganhará R$ 6.500,00, resultantes de {100 x [45,00 + 0,8 x (70,00 - 45,00)]}.
O POP apresenta algumas vantagens, tais como
proteção, liquidez, diversificação de investimentos, acessibilidade, negociação na BOVESPA
O investidor pode aplicar no POP através de sua Corretora de valores.
Caso você queira fazer uma simulação de uma operação de aplicação em POP, a BOVESPA oferece um simulador no endereço abaixo.



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