=
=
=
=
=
=
NN
=
=
elro=jbqbo=
qÜÉ=ã~ÅÜáåÉ=áë=ÉèìáééÉÇ=ïáíÜ=~å=Üçìê=ãÉíÉê=äçÅ~íÉÇ=
çå= íÜÉ= ë~ãÉ= Çáëéä~ó= ENF= çÑ= íÜÉ= Ä~ííÉêó= ÅÜ~êÖÉ= äÉîÉä=
áåÇáÅ~íçêK= hÉÉéáåÖ= íÜÉ= Äìííçå= ENPF= éêÉëëÉÇI= íÜÉ= Ñáêëí=
Ç~í~= áåÇáÅ~íÉë= íÜÉ= ïçêâáåÖ= Üçìêë= ~åÇ= ~ÑíÉê= ~= ÑÉï=
ëÉÅçåÇë=íÜÉ=ïçêâáåÖ=ãáåìíÉë=~êÉ=ëÜçïåK=
=
=
=
pnrbbdbb=^ppbj_iv=
NK= j~áåí~áå= íÜÉ=ëèìÉÉÖÉÉ= ëìééçêí= ENF= ëäáÖÜíäó= äáÑíÉÇ=
Ñêçã=íÜÉ=ÑäççêK=
OK= fåëÉêí= íÜÉ= íÜêÉ~ÇÉÇ= é~êíë= çÑ= íÜÉ= íïç= âåçÄë= EQF==
ã~âáåÖ= íÜÉã= ëäáÇÉ= áåëáÇÉ= íÜÉ= íïç= ëäçíë= çå= íÜÉ= ëìéJ
éçêí=éä~ÅÉÇ=çå=íÜÉ=ìééÉê=é~êí=çÑ=íÜÉ=ëèìÉÉÖÉÉ=EOFK==
PK= mä~ÅÉ=íÜÉ=ï~ëÜÉêë=EPFI=íÜÉó=~êÉ=íïç=Ñçê=É~ÅÜ=âåçÄI=
ëç=íÜ~í=íÜÉó=~êÉ=~ëëÉãÄäÉÇ=çåÉ=ìåÇÉê=~åÇ=íÜÉ=çíÜÉê=
çå=É~ÅÜ=çÑ=íÜÉ=íïç=ëäçíë=éêÉëÉåí=çå=íÜÉ=ëìééçêíK=
QK= _äçÅâ=íÜÉ=ëèìÉÉÖÉÉ=Äó=êçí~íáåÖ=íÜÉ=íïç=âåçÄë=EQF=
ÅäçÅâïáëÉK=
RK= fåëÉêí= íÜÉ= ëèìÉÉÖÉÉ= ÜçëÉ= ERF= áåíç= áíë= ÅçìéäáåÖI=
êÉëéÉÅíáåÖ=áíë=éçëáíáçå=~ë=áåÇáÅ~íÉÇ=áå=íÜÉ=ÑáÖìêÉK=
=
=
=
^agrpqjbkq=lc=qeb=pnrbbdbb=
få=çêÇÉê=íç=Ü~îÉ=~=éÉêÑÉÅí=ÇêóáåÖ=êÉëìäí=íÜêçìÖÜ=íÜÉ=
ëèìÉÉÖÉÉI=íÜÉ=êÉ~ê=êìÄÄÉê=ãìëí=Ü~îÉ=íÜÉ=äçïÉê=ÄÉåÇJ
áåÖ= ìåáÑçêãäó= ~ÇàìëíÉÇ= áå= ~ää= áíë= äÉåÖíÜK= cçê= íÜÉ= ~ÇJ
àìëíãÉåíI= áí= áë= åÉÅÉëë~êó= íç= éìí= çåÉëÉäÑ= áå= ïçêâáåÖ=
ÅçåÇáíáçå=~åÇ=íÜÉêÉÑçêÉ=íÜÉ=ëìÅíáçå=ãçíçê=Ü~ë=íç=ÄÉ=
ëïáíÅÜÉÇ= çå= ~åÇ= íÜÉ= ÄêìëÜÉë= Ü~îÉ= íç= ÑìåÅíáçå= íçJ
ÖÉíÜÉê=ïáíÜ=íÜÉ=ÇÉíÉêÖÉåí=ëçäìíáçåK=
=
=
qÜÉ=äçïÉê=é~êí=çÑ=íÜÉ=êìÄÄÉê=áë=íçç=ãìÅÜ=ÄÉåí=
q~âÉ=çÑÑ=íÜÉ=éêÉëëìêÉ=êçí~íáåÖ=íÜÉ=ïáåÖ=åìí=ESF=ÅçìåJ
íÉêÅäçÅâïáëÉK=
qÜÉ=äçïÉê=é~êí=çÑ=íÜÉ=êìÄÄÉê=áë=åçí=ãìÅÜ=ÄÉåí=
fåÅêÉ~ëÉ= íÜÉ= éêÉëëìêÉ= êçí~íáåÖ= íÜÉ= ïáåÖ= åìí= ESF=
ÅäçÅâïáëÉK= `ÜÉÅâ= íÜ~í= íÜÉ= ïÜÉÉäë= ïÜáÅÜ= ~Çàìëí= íÜÉ=
ÜÉáÖÜí= Çç= åçí= êÉëí= çå= íÜÉ= ÑäççêI= áå= íÜáë= Å~ëÉ= ~Çàìëí=
íÜÉã=~ë=áåÇáÅ~íÉÇ=áå=é~ê~Öê~éÜ=?eÉáÖÜí=~ÇàìëíãÉåí?K=
qÜÉ=ÄÉåÇáåÖ=áë=åçí=ìåáÑçêã=
^Çàìëí= íÜÉ= ëèìÉÉÖÉÉ= áåÅäáå~íáçå= êçí~íáåÖ= ÅçìåíÉêJ
ÅäçÅâïáëÉ=íÜÉ=ïáåÖ=åìí=ETF=íç=áåÅêÉ~ëÉ=íÜÉ=ÄÉåÇáåÖ=áå=
íÜÉ=ÅÉåíê~ä=é~êíI=çê=ÅäçÅâïáëÉ=íç=áåÅêÉ~ëÉ=íÜÉ=ÄÉåÇáåÖ=
çå=íÜÉ=ÉñíêÉãáíáÉëK=
eÉáÖÜí=~ÇàìëíãÉåí=
låÅÉ=íÜ~í=íÜÉ=éêÉëëìêÉ=~åÇ=áåÅäáå~íáçå=çÑ=íÜÉ=ëèìÉÉJ
ÖÉÉ=Ü~îÉ=ÄÉÉå=~ÇàìëíÉÇI=áí=áë=åÉÅÉëë~êó=íç=Ñáñ=íÜáë=çéJ
íáãìã= ÅçåÇáíáçå= ã~âáåÖ= íçìÅÜ= ëäáÖÜíäó= íÜÉ= ïÜÉÉäë=
çåíç= íÜÉ= ÑäççêK= oçí~íÉ= ÅäçÅâïáëÉ= íÜÉ= êÉÖáëíÉêë= EUF= íç=
äçïÉê=íÜÉ=ïÜÉÉäë=çê=ÅçìåíÉêÅäçÅâïáëÉ=íç=ê~áëÉ=íÜÉãK=
_çíÜ=ïÜÉÉäë=ãìëí=ÄÉ=~ÇàìëíÉÇ=áå=íÜÉ=ë~ãÉ=ãÉ~ëìêÉK=
=
=
= ^qqbkqflkW=
bîÉêó= íóéÉ= çÑ= Ñäççê= êÉèìáêÉë= ~= ëéÉÅáÑáÅ= ~ÇàìëíãÉåíK=
cçê= Éñ~ãéäÉI= ÅçåÅêÉíÉ= Ñäççêë= EïÜÉêÉ= íÜÉ= ÑêáÅíáçå= êÉJ
ëìäíë= íç= ÄÉ= ÜáÖÜF= åÉÉÇ= äáííäÉ= éêÉëëìêÉI= ïÜáäÉ= ëãççíÜ=
Ñäççêë=EÅÉê~ãáÅëF=åÉÉÇ=ÜáÖÜÉê=éêÉëëìêÉK=
fÑ= íÜÉ= ÅäÉ~åáåÖ= çéÉê~íáçåë= ~êÉ= ã~ÇÉ= ~äï~óë= çå= íÜÉ=
ë~ãÉ=íóéÉ=çÑ=ÑäççêI=íÜÉ=~ÇàìëíãÉåí=Å~å=ÅÜ~åÖÉ=çåäó=
áå=ÑìåÅíáçå=çÑ=íÜÉ=êìÄÄÉê=ïÉ~êK=
=
pmi^pe=dr^oa=^ppbj_iv=
qÜÉ=íïç=ëéä~ëÜ=Öì~êÇë=Ü~îÉ=íç=ÄÉ=~ëëÉãÄäÉÇ=çåíç=íÜÉ=
ÄêìëÜÉë=Ä~ëÉ=ÖêçìéK=fåëÉêí=íÜÉ=ãÉí~ä=ëíêáéë=áåëáÇÉ=íÜÉ=
ëìáí~ÄäÉ=ëäçíë=éêÉëÉåí=çå=íÜÉ=êìÄÄÉêK=mä~ÅÉ=íÜÉ=êçìåÇ=
ÜçäÉ=~í=íÜÉ=Ñä~í=ÉñíêÉãáíó=çÑ=íÜÉ=ëíêáé=çåíç=íÜÉ=éáåë=
éä~ÅÉÇ= áå= íÜÉ= êÉ~ê= é~êí= çÑ= íÜÉ= ÄêìëÜÉë= Ä~ëÉ= ÖêçìéK=
pÉÅìêÉ=íÜÉ=ëíêáéë=íÜêçìÖÜ=íÜÉ=åìíë=ENF=ÄäçÅâáåÖ=íÜÉãK=
_äçÅâ=íÜÉ=ÅçìéäáåÖ=äÉîÉê=EOF=áå=íÜÉ=Ñêçåí=é~êí=çÑ=íÜÉ=
ÄêìëÜÉë=Ä~ëÉ=Öêçìé=íç=íÜÉ=êáåÖ=éä~ÅÉÇ=~í=íÜÉ=ÉñíêÉãJ
áíó= çÑ= íÜÉ= ãÉí~ä= ëíêáéë= ëíáää= ÑêÉÉK=mäÉ~ëÉ= ~Åí= ~ë= ~ÄçîÉ=
Ñçê=ÄçíÜ=ëéä~ëÜ=Öì~êÇ=êìÄÄÉêëK=
táíÜ= íÜÉ= ÄêìëÜÉë= ~ëëÉãÄäÉÇI= íÜÉ= ëéä~ëÜ= Öì~êÇ= ãìëí=
ëäáÖÜíäó=íçìÅÜ=íÜÉ=ÑäççêK=
cçê= íÜÉ= Çáë~ëëÉãÄäó= áí= áë= åÉÅÉëë~êó= íç= éêçÅÉÉÇ= áåJ
îÉêëÉäó=ïáíÜ=~ÄçîÉJãÉåíáçåÉÇ=çéÉê~íáçåëK=
=
=
=
_orpebp=^ppbj_iv=
qç= ~ëëÉãÄäÉ= íÜÉ= ÄêìëÜÉë= áí= áë= åÉÅÉëë~êó= íÜ~í= íÜÉ=
ÄêìëÜÉë=Ä~ëÉ=áë=áå=íÜÉ=äáÑíÉÇ=éçëáíáçåK=fÑ=áí=áë=åçí=äáÑíÉÇI=
éêçÅÉÉÇ=~ë=ÑçääçïëW=
táíÜçìí=íÜÉ=çéÉê~íçê=ëÉ~íÉÇI=íìêåáåÖ=íÜÉ=âÉó=ëïáíÅÜ=
ÅäçÅâïáëÉI=íÜÉ=Çáëéä~ó=ÅçãÉë=çå=~åÇ=~ÑíÉê=P=ëÉÅçåÇë=
~ää= ïçêâáåÖ= Öêçìéë= ÅçãÉ= çÑÑ= ~ìíçã~íáÅ~ääó= ~åÇ= ~êÉ=
äáÑíÉÇ=Ñêçã=íÜÉ=ÑäççêK=
pïáíÅÜ= çÑÑ= íÜÉ= ã~ÅÜáåÉ= íìêåáåÖ= íÜÉ= âÉó= ÅçìåíÉêJ
ÅäçÅâïáëÉK==
= ^qqbkqflkW=
qç= Å~êêó= çìí= ÄêìëÜÉë= ~ëëÉãÄäó= çéÉê~íáçåë= ïáíÜ= íÜÉ=
ÉäÉÅíêáÅ=ëìééäó=çåI=ã~ó=Å~ìëÉ=Ç~ã~ÖÉë=íç=Ü~åÇëK=
=
táíÜ=íÜÉ=ÄêìëÜÉë=Ä~ëÉ=Öêçìé=áå=äáÑíÉÇ=éçëáíáçåI=áåëÉêí=
íÜÉ= ÄêìëÜÉë= áåíç= íÜÉáê= éä~íÉ= ëÉ~í= ìåÇÉêåÉ~íÜ= íÜÉ=
ÄêìëÜÉë=Ä~ëÉ=íìêåáåÖ=íÜÉã=ìåíáä=íÜÉ=íÜêÉÉ=ãÉí~ä=ÄìíJ
íçåë=~êÉ=éêçéÉêäó=ëÉ~íÉÇ=áå=íÜÉáê=ëäçíëX=êçí~íÉ=ÉåÉêÖáJ
Å~ääó= íÜÉ= ÄêìëÜÉë= íç= éìëÜ= íÜÉ= Äìííçå= íçï~êÇë= íÜÉ=
ÅçìéäáåÖ=ëéêáåÖ=ìåíáä=íÜÉó=ÖÉí=ÄäçÅâÉÇK=
qÜÉ= ÑáÖìêÉ= ëÜçïë= íÜÉ= êçí~íáåÖ= ëÉåëÉ= Ñçê= ÄêìëÜÉë=
ÅçìéäáåÖK=
=
=
=
cçê=~=äçåÖÉê=äáÑÉ=çÑ=íÜÉ=ÄêìëÜÉë=ïÉ=ëìÖÖÉëí=íç=áåîÉêí=
Ç~áäó= íÜÉáê= éçëáíáçåK= tÜÉåÉîÉê= ÄêìëÜÉë= êÉëìäí= íç= ÄÉ=
ÇÉÑçêãÉÇ= ïÉ= ëìÖÖÉëí= íç= êÉ~ëëÉãÄäÉ= íÜÉã= áå= íÜÉ=
ë~ãÉ= éçëáíáçåI= áå= çêÇÉê= íç= = ~îçáÇ= íÜ~í= íÜÉ= ÇáÑÑÉêÉåí=
áåÅäáå~íáçå= çÑ= íÜÉ= ÄêáëíäÉë= Å~ìëÉë= ÉñÅÉëëáîÉ= ãçíçê=
çîÉêäç~Ç=çê=íêçìÄäÉëçãÉ=îáÄê~íáçåëK=
=
=
= ^qqbkqflkW=
rëÉ= çåäó= ÄêìëÜÉë= ëìééäáÉÇ= ïáíÜ= íÜÉ= ã~ÅÜáåÉ= çê= íÜÉ=
çåÉë= áåÇáÅ~íÉÇ= áå= íÜÉ= é~ê~Öê~éÜ= =ob`ljjbkaba=
_orpebpÒK=qÜÉ=ìëÉ=çÑ=çíÜÉê=ÄêìëÜÉë=Å~å=ÅçãéêçãáëÉ=
íÜÉ=ÖççÇ=ï~ëÜáåÖ=êÉëìäíK
=
=
=
KNVÒ=
