{"id":1214,"date":"2025-06-16T21:00:37","date_gmt":"2025-06-16T21:00:37","guid":{"rendered":"https:\/\/toposuranos.com\/InvestorInsight\/?p=1214"},"modified":"2025-06-16T21:00:37","modified_gmt":"2025-06-16T21:00:37","slug":"%d9%85%d9%86-%d8%a7%d9%84%d8%a3%d8%b3%d9%84%d8%ad%d8%a9-%d9%88%d8%a7%d9%84%d8%ae%d9%88%d8%a7%d8%b1%d8%b2%d9%85%d9%8a%d8%a7%d8%aa-%d8%a7%d9%84%d8%aa%d8%a3%d8%ab%d9%8a%d8%b1-%d8%a7%d9%84%d8%ac%d9%8a","status":"publish","type":"post","link":"https:\/\/toposuranos.com\/InvestorInsight\/ar\/2025\/06\/16\/%d9%85%d9%86-%d8%a7%d9%84%d8%a3%d8%b3%d9%84%d8%ad%d8%a9-%d9%88%d8%a7%d9%84%d8%ae%d9%88%d8%a7%d8%b1%d8%b2%d9%85%d9%8a%d8%a7%d8%aa-%d8%a7%d9%84%d8%aa%d8%a3%d8%ab%d9%8a%d8%b1-%d8%a7%d9%84%d8%ac%d9%8a\/","title":{"rendered":"\u0645\u0646 \u0627\u0644\u0623\u0633\u0644\u062d\u0629 \u0648\u0627\u0644\u062e\u0648\u0627\u0631\u0632\u0645\u064a\u0627\u062a: \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u062c\u064a\u0648\u0633\u064a\u0627\u0633\u064a \u0648\u0627\u0644\u062a\u0642\u0646\u064a"},"content":{"rendered":"<p><!DOCTYPE html><html lang=\"ar\"><head><meta charset=\"UTF-8\"><title>\u0639\u0646 \u0627\u0644\u0623\u0633\u0644\u062d\u0629 \u0648\u0627\u0644\u062e\u0648\u0627\u0631\u0632\u0645\u064a\u0627\u062a: \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u062c\u064a\u0648\u0633\u064a\u0627\u0633\u064a \u0648\u0627\u0644\u062a\u0642\u0646\u064a<\/title><\/head><body><!-- Portada --><\/p>\n<h1>\u0639\u0646 \u0627\u0644\u0623\u0633\u0644\u062d\u0629 \u0648\u0627\u0644\u062e\u0648\u0627\u0631\u0632\u0645\u064a\u0627\u062a: \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u062c\u064a\u0648\u0633\u064a\u0627\u0633\u064a \u0648\u0627\u0644\u062a\u0642\u0646\u064a<\/h1>\n<p><!-- Resumen ejecutivo --><\/p>\n<h2>\u0627\u0644\u0645\u0644\u062e\u0635 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u064a<\/h2>\n<p>\u062e\u0644\u0627\u0644 \u0627\u0644\u0623\u0633\u0628\u0648\u0639 <strong>9 \u2013 14 \u064a\u0648\u0646\u064a\u0648 2025<\/strong> \u062a\u0632\u0627\u0645\u0646\u062a \u062b\u0644\u0627\u062b \u0628\u0624\u0631 \u062e\u0637\u0648\u0631\u0629 \u0623\u062b\u0631\u062a \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0630\u0627\u062a\u0647 \u0639\u0644\u0649 \u0623\u0635\u0648\u0644 \u0627\u0644\u0646\u0645\u0648 \u0636\u0645\u0646 \u0645\u062d\u0641\u0638\u062a\u064a \u0641\u064a eToro:<\/p>\n<ul>\n<li><strong>\u0628\u064a\u0626\u0629 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0643\u0644\u064a\u0629 \u0645\u062a\u0634\u062f\u062f\u0629:<\/strong> \u0623\u0628\u0642\u0649 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0639\u0644\u0649 \u0645\u0639\u062f\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0641\u064a \u0646\u0637\u0627\u0642 <em>4.25 \u2013 4.50%<\/em> \u0648\u0623\u0643\u062f \u0645\u0646 \u062c\u062f\u064a\u062f \u0639\u0644\u0649 \u062a\u0648\u062c\u0647 \u00bb <em>\u0645\u0631\u062a\u0641\u0639 \u0644\u0641\u062a\u0631\u0629 \u0623\u0637\u0648\u0644<\/em>\u00ab\u060c \u0645\u0645\u0627 \u0632\u0627\u062f \u0645\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0641\u0631\u0635\u0629 \u0627\u0644\u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u062a\u0642\u064a\u064a\u0645\u0627\u062a <em>\u0627\u0644\u0646\u0645\u0648<\/em> (\u0645\u062c\u0644\u0633 \u0645\u062d\u0627\u0641\u0638\u064a \u0646\u0638\u0627\u0645 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u060c 2025). \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0630\u0627\u062a\u0647\u060c \u0623\u062f\u062a \u0647\u062c\u0645\u0627\u062a \u0625\u0633\u0631\u0627\u0626\u064a\u0644 \u0639\u0644\u0649 \u0625\u064a\u0631\u0627\u0646 \u0625\u0644\u0649 \u0627\u0631\u062a\u0641\u0627\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0646\u0641\u0637 \u0627\u0644\u062e\u0627\u0645 (+7%) \u0648\u062a\u062f\u0641\u0651\u0642 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0625\u0644\u0649 \u0627\u0644\u0630\u0647\u0628 \u0643\u0645\u0644\u0627\u0630 \u0622\u0645\u0646\u060c \u062d\u064a\u062b \u0644\u0627\u0645\u0633 \u0645\u0633\u062a\u0648\u064a\u0627\u062a \u062a\u0627\u0631\u064a\u062e\u064a\u0629\u060c \u0628\u064a\u0646\u0645\u0627 \u0627\u0646\u062e\u0641\u0636 \u0627\u0644\u0628\u064a\u062a\u0643\u0648\u064a\u0646 \u0644\u0641\u062a\u0631\u0629 \u0648\u062c\u064a\u0632\u0629 \u0625\u0644\u0649 \u0645\u0627 \u062f\u0648\u0646 104,000 \u062f\u0648\u0644\u0627\u0631 \u0623\u0645\u0631\u064a\u0643\u064a (\u0630\u0627 \u063a\u0627\u0631\u062f\u064a\u0627\u0646\u060c 13 \u064a\u0648\u0646\u064a\u0648 2025).<\/li>\n<li><strong>\u0645\u062e\u0627\u0637\u0631 \u062a\u0646\u0638\u064a\u0645\u064a\u0629 \u0639\u0644\u0649 \u0639\u0645\u0627\u0644\u0642\u0629 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627:<\/strong> \u0641\u0631\u0636\u062a \u0627\u0644\u0645\u0641\u0648\u0636\u064a\u0629 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629 \u0623\u0648\u0644\u0649 \u0627\u0644\u0639\u0642\u0648\u0628\u0627\u062a \u0628\u0645\u0648\u062c\u0628 <em>\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0631\u0642\u0645\u064a\u0629<\/em>: <em>\u0622\u0628\u0644 (\u20ac500 \u0645\u0644\u064a\u0648\u0646)<\/em> \u0648<em>\u0645\u064a\u062a\u0627 (\u20ac200 \u0645\u0644\u064a\u0648\u0646)<\/em> \u0644\u062f\u064a\u0647\u0645\u0627 60 \u064a\u0648\u0645\u0627\u064b \u0644\u062a\u0639\u062f\u064a\u0644 \u0646\u0645\u0627\u0630\u062c \u0623\u0639\u0645\u0627\u0644\u0647\u0645\u0627 (\u0627\u0644\u0645\u0641\u0648\u0636\u064a\u0629 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629\u060c 2025).<\/li>\n<li><strong>\u0636\u063a\u0648\u0637 \u0639\u0644\u0649 \u0623\u0634\u0628\u0627\u0647 \u0627\u0644\u0645\u0648\u0635\u0644\u0627\u062a \u0648\u0627\u0644\u062a\u062c\u0627\u0631\u0629:<\/strong> \u0648\u0633\u0651\u0639\u062a \u0648\u0627\u0634\u0646\u0637\u0646 \u0636\u0648\u0627\u0628\u0637 \u0627\u0644\u062a\u0635\u062f\u064a\u0631\u061b \u0627\u0633\u062a\u0628\u0639\u062f\u062a <em>Nvidia<\/em> \u0627\u0644\u0635\u064a\u0646 \u0645\u0646 \u062a\u0648\u0642\u0639\u0627\u062a\u0647\u0627 \u0648\u062a\u062d\u0645\u0651\u0644\u062a \u062e\u0633\u0627\u0631\u0629 \u062a\u0635\u0644 \u0625\u0644\u0649 5.5 \u0645\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0623\u0645\u0631\u064a\u0643\u064a\u060c \u0628\u064a\u0646\u0645\u0627 \u062a\u0631\u0627\u062c\u0639\u062a <em>TSMC<\/em> \u0648<em>ASML<\/em> \u0628\u0633\u0628\u0628 \u0645\u062e\u0627\u0648\u0641 \u0645\u0646 \u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0627\u0644\u0631\u0633\u0648\u0645 \u0627\u0644\u062c\u0645\u0631\u0643\u064a\u0629 \u0628\u0646\u0633\u0628\u0629 55% \u0627\u0644\u062a\u064a \u062a\u0641\u0631\u0636\u0647\u0627 \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0639\u0644\u0649 \u0627\u0644\u0648\u0627\u0631\u062f\u0627\u062a \u0627\u0644\u0635\u064a\u0646\u064a\u0629. \u0627\u0644\u0627\u062a\u0641\u0627\u0642 \u00ab\u0627\u0644\u0623\u0648\u0644\u064a\u00bb \u0627\u0644\u0630\u064a \u0623\u0639\u0644\u0646\u0647 \u062a\u0631\u0627\u0645\u0628 \u064a\u0641\u062a\u0642\u0631 \u0644\u0644\u062a\u0641\u0627\u0635\u064a\u0644 \u0648\u064a\u064f\u0628\u0642\u064a \u0639\u0644\u0649 \u062d\u0627\u0644\u0629 \u0639\u062f\u0645 \u0627\u0644\u064a\u0642\u064a\u0646 \u0628\u0634\u0623\u0646 \u0633\u0644\u0633\u0644\u0629 \u0627\u0644\u0625\u0645\u062f\u0627\u062f \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629 (\u0630\u0627 \u063a\u0627\u0631\u062f\u064a\u0627\u0646\u060c 11 \u064a\u0648\u0646\u064a\u0648 2025).<\/li>\n<\/ul>\n<p>\u0628\u0634\u0643\u0644 \u0639\u0627\u0645\u060c \u062a\u0631\u0627\u062c\u0639\u062a <strong>\u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0629 \u0627\u0644\u0643\u0628\u0631\u0649<\/strong> \u0628\u0646\u0633\u0628\u0629 1.5 \u2013 3%\u060c \u0648\u0627\u0646\u062e\u0641\u0636\u062a <strong>\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 \u0644\u0644\u0646\u0645\u0648<\/strong> (SCHG\u060c SPYG\u060c ACWI) \u0628\u0646\u0633\u0628\u0629 \u062a\u0641\u0648\u0642 1% \u0623\u0633\u0628\u0648\u0639\u064a\u0627\u064b\u060c \u0628\u064a\u0646\u0645\u0627 \u0639\u0627\u0646\u0649 \u0642\u0637\u0627\u0639 <strong>\u0623\u0634\u0628\u0627\u0647 \u0627\u0644\u0645\u0648\u0635\u0644\u0627\u062a<\/strong> \u0645\u0646 \u062a\u0635\u062d\u064a\u062d \u0625\u0636\u0627\u0641\u064a \u0628\u064a\u0646 4 \u2013 6%. \u0641\u064a \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u060c \u0627\u0631\u062a\u0641\u0639\u062a \u0627\u0644\u062a\u062d\u0648\u0637\u0627\u062a \u0627\u0644\u062f\u0641\u0627\u0639\u064a\u0629 (\u0627\u0644\u0630\u0647\u0628 \u0639\u0628\u0631 IAU) \u0628\u0646\u0633\u0628\u0629 ~1.3% (\u064a\u0627\u0647\u0648 \u0641\u0627\u064a\u0646\u0627\u0646\u0633\u060c 2025)\u060c \u0648\u0644\u0643\u0646 \u062a\u0642\u0644\u0628\u0627\u062a <strong>\u0627\u0644\u0628\u064a\u062a\u0643\u0648\u064a\u0646<\/strong> \u0648\u0627\u0631\u062a\u0641\u0627\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0646\u0641\u0637 \u0623\u0636\u0627\u0641\u062a \u0636\u062c\u064a\u062c\u0627\u064b \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u0649 \u0627\u0644\u0642\u0635\u064a\u0631. \u0641\u064a \u0627\u0644\u0623\u0633\u0627\u0628\u064a\u0639 \u0627\u0644\u0642\u0627\u062f\u0645\u0629\u060c \u0633\u062a\u0643\u0648\u0646 \u0627\u0644\u0645\u0641\u0627\u062a\u064a\u062d: <em>\u0627\u062c\u062a\u0645\u0627\u0639 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a 17-18 \u064a\u0648\u0646\u064a\u0648\u060c \u0645\u0647\u0644\u0629 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 23 \u064a\u0648\u0646\u064a\u0648\u060c \u0642\u0645\u0629 \u0645\u062c\u0645\u0648\u0639\u0629 \u0627\u0644\u0633\u0628\u0639 25-27 \u064a\u0648\u0646\u064a\u0648\u060c \u0648\u062a\u0637\u0648\u0631\u0627\u062a \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0646\u0641\u0637 \u0627\u0644\u062e\u0627\u0645 \u0641\u064a \u0627\u0644\u0634\u0631\u0642 \u0627\u0644\u0623\u0648\u0633\u0637<\/em>.<\/p>\n<p><!-- 1. Contexto macroecon\u00f3mico --><\/p>\n<h2>1. \u0627\u0644\u0633\u064a\u0627\u0642 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0627\u0644\u0643\u0644\u064a<\/h2>\n<p><!-- 1.1 Pol\u00edtica monetaria de la Reserva Federal --><\/p>\n<h3>1.1 \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0644\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a<\/h3>\n<p>\u0641\u064a \u0627\u062c\u062a\u0645\u0627\u0639\u0647 \u0644\u0634\u0647\u0631\u064a \u0645\u0627\u064a\u0648 \u0648\u064a\u0648\u0646\u064a\u0648\u060c \u0623\u0628\u0642\u062a <em>\u0627\u0644\u0644\u062c\u0646\u0629 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u0629 \u0644\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0641\u062a\u0648\u062d\u0629<\/em> \u0639\u0644\u0649 \u0627\u0644\u0646\u0637\u0627\u0642 \u0627\u0644\u0645\u0633\u062a\u0647\u062f\u0641 \u0644\u0640 <strong>\u0645\u0639\u062f\u0644 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u0629 \u0628\u064a\u0646 4.25 \u2013 4.50%<\/strong>\u060c \u0645\u0634\u062f\u062f\u0629 \u0639\u0644\u0649 \u0623\u0646 \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0633\u062a\u0628\u0642\u0649 \u00ab\u0645\u062a\u0634\u062f\u062f\u0629 \u0644\u0641\u062a\u0631\u0629 \u0623\u0637\u0648\u0644\u00bb \u0637\u0627\u0644\u0645\u0627 \u0627\u0633\u062a\u0645\u0631\u062a \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0636\u062e\u0645 \u0648\u0639\u062f\u0645 \u0627\u0644\u064a\u0642\u064a\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0639\u0646 \u0627\u0644\u0631\u0633\u0648\u0645 \u0627\u0644\u062c\u0645\u0631\u0643\u064a\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0627\u0644\u062c\u062f\u064a\u062f\u0629 (\u0645\u062c\u0644\u0633 \u0645\u062d\u0627\u0641\u0638\u064a \u0646\u0638\u0627\u0645 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a 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\u0648\u0633\u0639\u0631 \u0627\u0644\u0646\u0641\u0637<\/h3>\n<p>\u0641\u064a \u0641\u062c\u0631 \u064a\u0648\u0645 13 \u064a\u0648\u0646\u064a\u0648\u060c \u0646\u0641\u0630\u062a \u0625\u0633\u0631\u0627\u0626\u064a\u0644 \u0636\u0631\u0628\u0627\u062a \u062c\u0648\u064a\u0629 \u0627\u0646\u062a\u0642\u0627\u0626\u064a\u0629 \u0639\u0644\u0649 \u0645\u0646\u0634\u0622\u062a \u0625\u064a\u0631\u0627\u0646\u064a\u0629\u060c \u0645\u0645\u0627 \u062f\u0641\u0639 \u0633\u0639\u0631 <strong>\u062e\u0627\u0645 \u0628\u0631\u0646\u062a<\/strong> \u0625\u0644\u0649 \u0623\u0639\u0644\u0649 \u0645\u0633\u062a\u0648\u0649 \u064a\u0648\u0645\u064a \u0628\u0644\u063a 78.50 \u062f\u0648\u0644\u0627\u0631\/\u0644\u0644\u0628\u0631\u0645\u064a\u0644 (+13%)\u060c \u0645\u0639 \u0625\u063a\u0644\u0627\u0642 \u0639\u0644\u0649 \u0627\u0631\u062a\u0641\u0627\u0639 \u064a\u0642\u0627\u0631\u0628 7% (\u0630\u0627 \u063a\u0627\u0631\u062f\u064a\u0627\u0646\u060c 13 \u064a\u0648\u0646\u064a\u0648 2025). \u062d\u0630\u0631 \u0645\u062d\u0644\u0644\u0648 ING \u0648Goldman Sachs \u0645\u0646 \u0623\u0646 \u062e\u0637\u0631 \u062a\u0639\u0637\u064a\u0644 \u0627\u0644\u0645\u0644\u0627\u062d\u0629 \u0641\u064a \u0645\u0636\u064a\u0642 \u0647\u0631\u0645\u0632 \u0642\u062f \u064a\u062f\u0641\u0639 \u0628\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0646\u0641\u0637 \u0644\u062a\u062a\u062c\u0627\u0648\u0632 120 \u062f\u0648\u0644\u0627\u0631\u0627\u064b \u0641\u064a \u062d\u0627\u0644 \u0637\u0627\u0644 \u0623\u0645\u062f \u0627\u0644\u0646\u0632\u0627\u0639 (\u0630\u0627 \u063a\u0627\u0631\u062f\u064a\u0627\u0646\u060c 13 \u064a\u0648\u0646\u064a\u0648 2025).<\/p>\n<p>\u0623\u062f\u0649 \u0627\u0631\u062a\u0641\u0627\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0646\u0641\u0637 \u0625\u0644\u0649 \u0639\u0645\u0644\u064a\u0627\u062a \u0628\u064a\u0639 \u0648\u0627\u0633\u0639\u0629 \u0641\u064a \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0623\u0633\u0647\u0645 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\u0627\u0644\u0630\u0647\u0628 (\u0630\u0627 \u063a\u0627\u0631\u062f\u064a\u0627\u0646\u060c 13 \u064a\u0648\u0646\u064a\u0648 2025). \u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u064a\u062d\u0630\u0631 \u0639\u062f\u062f \u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u064a\u0646 \u0645\u0646 \u0627\u062d\u062a\u0645\u0627\u0644\u064a\u0629 \u062d\u062f\u0648\u062b \u062a\u0635\u062d\u064a\u062d\u0627\u062a \u0641\u0646\u064a\u0629 \u062a\u062a\u0631\u0627\u0648\u062d \u0628\u064a\u0646 10 \u2013 15% \u0625\u0630\u0627 \u0647\u062f\u0623\u062a \u0627\u0644\u0623\u0632\u0645\u0629 \u0641\u064a \u0627\u0644\u0634\u0631\u0642 \u0627\u0644\u0623\u0648\u0633\u0637 \u0623\u0648 \u0627\u0631\u062a\u0641\u0639 \u0627\u0644\u062f\u0648\u0644\u0627\u0631 \u0628\u0642\u0648\u0629.<\/p>\n<p><!-- 2.1 \u0639\u0642\u0648\u0628\u0627\u062a \u0627\u0644\u0627\u062a\u062d\u0627\u062f \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a \u0639\u0644\u0649 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\u0627\u0644\u0635\u064a\u0646 \u0628\u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0645\u0639\u0627\u062f\u0646 \u0627\u0644\u0623\u0631\u0636\u064a\u0629 \u0627\u0644\u0646\u0627\u062f\u0631\u0629 \u0648\u0641\u062a\u062d \u062d\u0635\u0635 \u0627\u0644\u062a\u0633\u062c\u064a\u0644 \u0627\u0644\u062c\u0627\u0645\u0639\u064a\u060c \u0625\u0644\u0627 \u0623\u0646\u0647 \u064a\u0641\u062a\u0642\u0631 \u0625\u0644\u0649 \u062a\u0641\u0627\u0635\u064a\u0644 \u062d\u0648\u0644 \u062c\u062f\u0648\u0644 \u0632\u0645\u0646\u064a \u0644\u062a\u0642\u0644\u064a\u0635 \u0627\u0644\u0631\u0633\u0648\u0645 \u0627\u0644\u062c\u0645\u0631\u0643\u064a\u0629\u060c \u0645\u0645\u0627 \u064a\u064f\u0628\u0642\u064a \u0639\u0644\u0649 <q>\u0639\u062f\u0645 \u0627\u0644\u064a\u0642\u064a\u0646 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a \u0628\u0627\u0639\u062a\u0628\u0627\u0631\u0647 \u0627\u0644\u062e\u0637\u0631 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0639\u0644\u0649 \u0633\u0644\u0627\u0633\u0644 \u0627\u0644\u062a\u0648\u0631\u064a\u062f \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629<\/q> (\u0630\u0627 \u063a\u0627\u0631\u062f\u064a\u0627\u0646\u060c 11 \u064a\u0648\u0646\u064a\u0648 2025).<\/p>\n<p><!-- 3.2 \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0639\u0644\u0649 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0646\u0627\u0634\u0626\u0629 --><\/p>\n<h3>3.2 \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0639\u0644\u0649 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0646\u0627\u0634\u0626\u0629<\/h3>\n<p>\u0643\u0627\u0646\u062a \u0627\u0644\u0647\u0646\u062f \u0627\u0644\u0645\u062b\u0627\u0644 \u0627\u0644\u0623\u0648\u0636\u062d: \u062d\u064a\u062b \u062a\u0631\u0627\u062c\u0639 \u0645\u0624\u0634\u0631 <em>BSE Sensex<\/em> \u0628\u0623\u0643\u062b\u0631 \u0645\u0646 <strong>800 \u0646\u0642\u0637\u0629<\/strong> \u0641\u064a 12 \u064a\u0648\u0646\u064a\u0648 \u2014\u0648\u0647\u064a \u0623\u0633\u0648\u0623 \u062c\u0644\u0633\u0629 \u0644\u0647 \u062e\u0644\u0627\u0644 \u062e\u0645\u0633 \u0623\u0633\u0627\u0628\u064a\u0639\u2014 \u0628\u0633\u0628\u0628 \u0627\u0631\u062a\u0641\u0627\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0646\u0641\u0637 \u0648\u0639\u062f\u0645 \u0648\u0636\u0648\u062d \u0627\u0644\u0627\u062a\u0641\u0627\u0642 \u0628\u064a\u0646 \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0648\u0627\u0644\u0635\u064a\u0646 (\u0625\u064a\u0643\u0648\u0646\u0648\u0645\u064a\u0643 \u062a\u0627\u064a\u0645\u0632\u060c 12 \u064a\u0648\u0646\u064a\u0648 2025).<\/p>\n<p>\u0641\u064a \u0627\u0644\u064a\u0648\u0645 \u0627\u0644\u062a\u0627\u0644\u064a\u060c \u0627\u0633\u062a\u0645\u0631 \u0627\u0644\u062a\u0635\u062d\u064a\u062d \u0648\u0623\u063a\u0644\u0642 \u0645\u0624\u0634\u0631 <em>Nifty 50<\/em> \u062f\u0648\u0646 24,750 \u0646\u0642\u0637\u0629\u060c \u0645\u062a\u0623\u062b\u0631\u0627\u064b \u0628\u0645\u0648\u062c\u0629 \u0628\u064a\u0639 \u0641\u064a \u0627\u0644\u0628\u0646\u0648\u0643 \u0648\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 \u0627\u0644\u0645\u0639\u062a\u0645\u062f\u0629 \u0639\u0644\u0649 \u0627\u0644\u0645\u0648\u0627\u062f \u0627\u0644\u062e\u0627\u0645 \u0627\u0644\u0645\u0633\u062a\u0648\u0631\u062f\u0629 (\u0625\u064a\u0643\u0648\u0646\u0648\u0645\u064a\u0643 \u062a\u0627\u064a\u0645\u0632\u060c 2025).<\/p>\n<p><!-- 4. \u062a\u062d\u0631\u0643\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0647\u0645\u0629 --><\/p>\n<h2>4. \u062a\u062d\u0631\u0643\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0647\u0645\u0629<\/h2>\n<p><!-- 4.1 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629 --><\/p>\n<h3>4.1 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629<\/h3>\n<p>\u0623\u063a\u0644\u0642\u062a \u0648\u0648\u0644 \u0633\u062a\u0631\u064a\u062a \u0639\u0644\u0649 \u062e\u0633\u0627\u0626\u0631 \u0643\u0628\u064a\u0631\u0629 \u0641\u064a <strong>13 \u064a\u0648\u0646\u064a\u0648<\/strong>: \u0627\u0646\u062e\u0641\u0636 \u0645\u0624\u0634\u0631 S&amp;P 500 \u0628\u0646\u0633\u0628\u0629 1.13%\u060c \u0648\u0646\u0627\u0633\u062f\u0627\u0643 \u0628\u0646\u0633\u0628\u0629 1.30%\u060c \u0648\u062f\u0627\u0648 \u062c\u0648\u0646\u0632 \u0628\u0646\u0633\u0628\u0629 1.79%. \u0641\u064a \u0623\u0648\u0631\u0648\u0628\u0627\u060c \u062e\u0633\u0631 \u0645\u0624\u0634\u0631 <em>STOXX 600<\/em> \u0646\u0633\u0628\u0629 0.9%\u060c \u0648\u0633\u062c\u0651\u0644 \u062e\u0627\u0645\u0633 \u062c\u0644\u0633\u0629 \u0647\u0628\u0648\u0637 \u0645\u062a\u062a\u0627\u0644\u064a\u0629. \u062a\u062f\u0647\u0648\u0631 \u0645\u0632\u0627\u062c \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0623\u064a\u0636\u0627\u064b \u0641\u064a \u0622\u0633\u064a\u0627\u060c \u062d\u064a\u062b \u062a\u0631\u0627\u062c\u0639\u062a \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0628\u064a\u0646 1% \u06481.5%\u060c \u0628\u064a\u0646\u0645\u0627 \u0627\u0631\u062a\u0641\u0639\u062a \u0627\u0644\u062a\u0642\u0644\u0628\u0627\u062a \u0641\u064a \u0646\u0647\u0627\u064a\u0629 \u0627\u0644\u0623\u0633\u0628\u0648\u0639 (\u0630\u0627 \u063a\u0627\u0631\u062f\u064a\u0627\u0646\u060c 13 \u064a\u0648\u0646\u064a\u0648 2025).<\/p>\n<p><!-- 4.2 \u0627\u0644\u0645\u0639\u0627\u062f\u0646 \u0627\u0644\u062b\u0645\u064a\u0646\u0629 --><\/p>\n<h3>4.2 \u0627\u0644\u0645\u0639\u0627\u062f\u0646 \u0627\u0644\u062b\u0645\u064a\u0646\u0629<\/h3>\n<p>\u0639\u0632\u0632 \u0627\u0644\u0630\u0647\u0628 \u062f\u0648\u0631\u0647 \u0643\u062f\u0631\u0639 \u0648\u0642\u0627\u0626\u064a: \u0623\u063a\u0644\u0642 \u064a\u0648\u0645 \u0627\u0644\u062c\u0645\u0639\u0629 \u0639\u0646\u062f <strong>3,430 \u062f\u0648\u0644\u0627\u0631\/\u0623\u0648\u0646\u0635\u0629<\/strong>\u060c \u0645\u0633\u062c\u0644\u0627\u064b \u0627\u0631\u062a\u0641\u0627\u0639\u0627\u064b \u064a\u0648\u0645\u064a\u0627\u064b \u0628\u0646\u0633\u0628\u0629 1.37% \u0648\u0623\u0642\u0644 \u0628\u0646\u0633\u0628\u0629 2% \u0641\u0642\u0637 \u0645\u0646 \u0627\u0644\u0631\u0642\u0645 \u0627\u0644\u0642\u064a\u0627\u0633\u064a \u0627\u0644\u0645\u0633\u062c\u0644 \u0641\u064a \u0623\u0628\u0631\u064a\u0644\u061b \u0641\u064a \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u060c \u0623\u0646\u0647\u062a \u0627\u0644\u0641\u0636\u0629 \u0627\u0644\u062c\u0644\u0633\u0629 \u0645\u0633\u062a\u0642\u0631\u0629 \u062a\u0642\u0631\u064a\u0628\u0627\u064b \u0639\u0646\u062f 36.23 \u062f\u0648\u0644\u0627\u0631\/\u0623\u0648\u0646\u0635\u0629\u060c \u0628\u064a\u0646\u0645\u0627 \u062a\u0631\u0627\u062c\u0639 \u0627\u0644\u0628\u0644\u0627\u062a\u064a\u0646 \u0628\u0646\u0633\u0628\u0629 5.17%.<\/p>\n<p><!-- 4.3 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 --><\/p>\n<h3>4.3 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629<\/h3>\n<p>\u0627\u0646\u0647\u0627\u0631 \u0633\u0639\u0631 \u0627\u0644\u0628\u064a\u062a\u0643\u0648\u064a\u0646 \u0625\u0644\u0649 <strong>103,900 \u062f\u0648\u0644\u0627\u0631<\/strong> \u0628\u0639\u062f \u0627\u0644\u063a\u0627\u0631\u0627\u062a \u0627\u0644\u0625\u0633\u0631\u0627\u0626\u064a\u0644\u064a\u0629\u060c \u0648\u0647\u0648 \u0623\u062f\u0646\u0649 \u0645\u0633\u062a\u0648\u0649 \u0644\u0647 \u062e\u0644\u0627\u0644 \u062b\u0644\u0627\u062b\u0629 \u0623\u0633\u0627\u0628\u064a\u0639 (\u0631\u064a\u0646\u0648\u0644\u062f\u0632\u060c 2025). \u062b\u0645 \u0627\u0631\u062a\u062f \u0625\u0644\u0649 \u062d\u0648\u0627\u0644\u064a 106,000 \u062f\u0648\u0644\u0627\u0631\u060c \u0644\u0643\u0646\u0647 \u0623\u063a\u0644\u0642 \u0628\u0627\u0646\u062e\u0641\u0627\u0636 \u064a\u0642\u0627\u0631\u0628 2% (\u0633\u0627\u0646\u062f\u0648\u0631 \u0648\u0643\u0627\u0631\u064a\u064a\u0631\u0627\u0633\u060c 2025)\u061b \u0648\u062a\u0634\u064a\u0631 \u062a\u062d\u0644\u064a\u0644\u0627\u062a <em>skews<\/em> \u0644\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0625\u0644\u0649 \u062a\u0632\u0627\u064a\u062f \u0627\u0644\u0637\u0644\u0628 \u0639\u0644\u0649 \u0623\u062f\u0648\u0627\u062a \u0627\u0644\u062a\u062d\u0648\u0637 \u0645\u0646 \u0646\u0648\u0639 put (\u063a\u0648\u062f\u0628\u0648\u0644\u060c 2025).<\/p>\n<p><!-- 5. \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0639\u0644\u0649 \u0645\u0643\u0648\u0646\u0627\u062a \u0627\u0644\u0645\u062d\u0641\u0638\u0629 --><\/p>\n<h2>5. \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0639\u0644\u0649 \u0645\u0643\u0648\u0646\u0627\u062a \u0627\u0644\u0645\u062d\u0641\u0638\u0629<\/h2>\n<p><!-- 5.1 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0629 \u0627\u0644\u0643\u0628\u0631\u0649 --><\/p>\n<h3>5.1 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0629 \u0627\u0644\u0643\u0628\u0631\u0649<\/h3>\n<p><strong>\u0622\u0628\u0644<\/strong> \u062a\u0631\u0627\u062c\u0639\u062a \u0628\u0646\u0633\u0628\u0629 1.9% \u0628\u0639\u062f \u0627\u0644\u063a\u0631\u0627\u0645\u0629 \u0627\u0644\u0628\u0627\u0644\u063a\u0629 \u20ac500 \u0645\u0644\u064a\u0648\u0646 \u0648\u0627\u0644\u062a\u0647\u062f\u064a\u062f \u0628\u0639\u0642\u0648\u0628\u0627\u062a \u064a\u0648\u0645\u064a\u0629\u061b <strong>\u0645\u064a\u062a\u0627<\/strong> \u062e\u0633\u0631\u062a 2.4%\u061b <strong>\u0623\u0644\u0641\u0627\u0628\u062a<\/strong> \u062a\u0648\u0627\u062c\u0647 \u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0633\u062a\u062d\u0648\u0627\u0630\u0647\u0627 \u0639\u0644\u0649 \u0634\u0631\u0643\u0629 Wiz\u061b <strong>\u0645\u0627\u064a\u0643\u0631\u0648\u0633\u0648\u0641\u062a<\/strong> \u0623\u0634\u0627\u0631\u062a \u0625\u0644\u0649 \u0623\u0646 \u0625\u0646\u0641\u0627\u0642\u0647\u0627 \u0627\u0644\u0631\u0623\u0633\u0645\u0627\u0644\u064a <em>capex<\/em> \u0633\u064a\u0646\u0645\u0648 \u00ab\u0628\u0648\u062a\u064a\u0631\u0629 \u0623\u0628\u0637\u0623\u00bb (\u0647\u0648\u062f\u060c 2025)\u061b <strong>\u0623\u0645\u0627\u0632\u0648\u0646<\/strong> \u0646\u0641\u062a \u062a\u0642\u0644\u064a\u0635 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a\u0647\u0627\u060c \u0644\u0643\u0646 \u0645\u062d\u0644\u0644\u064a\u0646 \u062d\u0630\u0631\u0648\u0627 \u0645\u0646 \u0628\u0637\u0621 <em>timing<\/em> \u0627\u0641\u062a\u062a\u0627\u062d \u0645\u0631\u0627\u0643\u0632 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u062c\u062f\u064a\u062f\u0629 (\u0628\u0627\u064a\u0645\u0646\u062a\u0633\u060c 2025). \u0648\u0623\u062e\u064a\u0631\u0627\u064b\u060c <strong>\u0646\u0641\u064a\u062f\u064a\u0627<\/strong> \u0647\u0628\u0637\u062a \u0628\u0646\u0633\u0628\u0629 6% \u0628\u0639\u062f \u0627\u0633\u062a\u0628\u0639\u0627\u062f \u0627\u0644\u0635\u064a\u0646 \u0645\u0646 \u062a\u0648\u0642\u0639\u0627\u062a\u0647\u0627.<\/p>\n<p><!-- 5.2 \u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 (SCHG, SPYG, ACWI) --><\/p>\n<h3>5.2 \u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 (SCHG\u060c SPYG\u060c ACWI)<\/h3>\n<p>\u062a\u0623\u062b\u0631 \u0623\u062f\u0627\u0621 \u0635\u0646\u0627\u062f\u064a\u0642 <em>growth ETFs<\/em> \u0628\u062a\u0648\u062c\u0647 \u00ab\u0645\u0631\u062a\u0641\u0639 \u0644\u0641\u062a\u0631\u0629 \u0623\u0637\u0648\u0644\u00bb \u0648\u0627\u0644\u062a\u0648\u062a\u0631\u0627\u062a \u0627\u0644\u062c\u064a\u0648\u0633\u064a\u0627\u0633\u064a\u0629: \u0623\u063a\u0644\u0642 <strong>SCHG<\/strong> \u0639\u0646\u062f 28.27 \u062f\u0648\u0644\u0627\u0631 (\u0641\u0627\u064a\u0646\u0627\u0646\u0633 \u062a\u0634\u0627\u0631\u062a\u0633\u060c 2025)\u061b \u0627\u0646\u062e\u0641\u0636 <strong>SPYG<\/strong> \u0625\u0644\u0649 91.01 \u062f\u0648\u0644\u0627\u0631\u061b \u0648\u062e\u0633\u0631 <strong>ACWI<\/strong> \u0646\u0633\u0628\u0629 1.5% \u0623\u0633\u0628\u0648\u0639\u064a\u0627\u064b.<\/p>\n<p><!-- 5.3 \u0623\u0634\u0628\u0627\u0647 \u0627\u0644\u0645\u0648\u0635\u0644\u0627\u062a (NVDA, TSMC, ASML) --><\/p>\n<h3>5.3 \u0623\u0634\u0628\u0627\u0647 \u0627\u0644\u0645\u0648\u0635\u0644\u0627\u062a (NVDA\u060c TSMC\u060c ASML)<\/h3>\n<p><strong>TSMC<\/strong> \u062a\u0633\u062c\u0644 \u0627\u0646\u062e\u0641\u0627\u0636\u0627\u064b \u064a\u062a\u062c\u0627\u0648\u0632 20% \u0645\u0646\u0630 \u0628\u062f\u0627\u064a\u0629 \u0627\u0644\u0639\u0627\u0645 \u0628\u0633\u0628\u0628 \u062a\u0647\u062f\u064a\u062f \u0627\u0644\u0631\u0633\u0648\u0645 \u0627\u0644\u062c\u0645\u0631\u0643\u064a\u0629 \u0628\u0646\u0633\u0628\u0629 55%\u061b <strong>ASML<\/strong> \u062a\u0631\u0627\u062c\u0639\u062a \u0628\u0646\u0633\u0628\u0629 \u20134% \u0623\u0633\u0628\u0648\u0639\u064a\u0627\u064b \u0639\u0644\u0649 \u062e\u0644\u0641\u064a\u0629 \u0634\u0627\u0626\u0639\u0627\u062a \u062d\u0648\u0644 \u062a\u0648\u0633\u064a\u0639 \u0627\u0644\u0642\u064a\u0648\u062f \u0639\u0644\u0649 \u062a\u0642\u0646\u064a\u0627\u062a \u0627\u0644\u0644\u064a\u062b\u0648\u063a\u0631\u0627\u0641\u064a\u0627.<\/p>\n<p><!-- 5.4 \u0627\u0644\u0645\u0639\u0627\u062f\u0646 \u0648\u0627\u0644\u062a\u062d\u0648\u0637 (IAU) --><\/p>\n<h3>5.4 \u0627\u0644\u0645\u0639\u0627\u062f\u0646 \u0648\u0627\u0644\u062a\u062d\u0648\u0637 (IAU)<\/h3>\n<p>\u0627\u0631\u062a\u0641\u0639 <em>\u0635\u0646\u062f\u0648\u0642 iShares \u0644\u0644\u0630\u0647\u0628<\/em> (<strong>IAU<\/strong>) \u0628\u0646\u0633\u0628\u0629 1.33% \u0641\u064a 13 \u064a\u0648\u0646\u064a\u0648 \u0628\u0627\u0644\u062a\u0648\u0627\u0632\u064a \u0645\u0639 \u0635\u0639\u0648\u062f \u0627\u0644\u0630\u0647\u0628 (\u064a\u0627\u0647\u0648 \u0641\u0627\u064a\u0646\u0627\u0646\u0633\u060c 2025).<\/p>\n<p><!-- 5.5 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 (BTC) --><\/p>\n<h3>5.5 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 (BTC)<\/h3>\n<p>\u0627\u0646\u062e\u0641\u0636 <strong>\u0627\u0644\u0628\u064a\u062a\u0643\u0648\u064a\u0646<\/strong> \u0625\u0644\u0649 103,900 \u062f\u0648\u0644\u0627\u0631 \u0642\u0628\u0644 \u0623\u0646 \u064a\u0639\u0627\u0648\u062f \u0627\u0644\u0627\u0631\u062a\u062f\u0627\u062f\u061b \u062a\u0639\u0645\u0642\u062a \u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0627\u0644\u0639\u0643\u0633\u064a\u0629 \u0645\u0639 \u0633\u0639\u0631 \u062e\u0627\u0645 \u0628\u0631\u0646\u062a\u060c \u0648\u0643\u0634\u0641\u062a \u0628\u064a\u0627\u0646\u0627\u062a <em>skews<\/em> \u0639\u0646 \u0637\u0644\u0628 \u0623\u0643\u0628\u0631 \u0639\u0644\u0649 \u062e\u064a\u0627\u0631\u0627\u062a <em>put<\/em> \u0627\u0644\u062a\u062d\u0648\u0637\u064a\u0629.<\/p>\n<p><!-- 6. \u0627\u0644\u0646\u0638\u0631\u0629 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 \u0648\u0627\u0644\u0625\u062c\u0631\u0627\u0621\u0627\u062a \u0627\u0644\u0645\u0648\u0635\u0649 \u0628\u0647\u0627 --><\/p>\n<h2>6. \u0627\u0644\u0646\u0638\u0631\u0629 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 \u0648\u0627\u0644\u0625\u062c\u0631\u0627\u0621\u0627\u062a \u0627\u0644\u0645\u0648\u0635\u0649 \u0628\u0647\u0627<\/h2>\n<ul>\n<li><strong>\u0625\u0639\u0627\u062f\u0629 \u0645\u0648\u0627\u0632\u0646\u0629 \u062a\u0643\u062a\u064a\u0643\u064a\u0629 \u0648\u062a\u062d\u0648\u0637 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a<\/strong>. \u064a\u0634\u064a\u0631 \u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u0645\u062a\u0632\u0627\u0645\u0646 \u0641\u064a \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0643\u0628\u0631\u0649 \u0648\u0623\u0634\u0628\u0627\u0647 \u0627\u0644\u0645\u0648\u0635\u0644\u0627\u062a \u0625\u0644\u0649 \u0636\u0631\u0648\u0631\u0629 \u062a\u0642\u0644\u064a\u0635 \u0627\u0644\u062a\u0639\u0631\u0636 \u0644\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u062d\u0633\u0627\u0633\u0629 \u0644\u0644\u0631\u0633\u0648\u0645 \u0627\u0644\u062c\u0645\u0631\u0643\u064a\u0629 \u0648\u0627\u0644\u0642\u064a\u0648\u062f \u0639\u0644\u0649 \u0627\u0644\u062a\u0635\u062f\u064a\u0631 (\u0645\u062b\u0644 NVDA \u0648TSMC) \u0648\u062a\u062d\u0648\u064a\u0644 \u062c\u0632\u0621 \u0645\u0646 \u0627\u0644\u0648\u0632\u0646 \u0646\u062d\u0648 \u0627\u0644\u0642\u0637\u0627\u0639\u0627\u062a \u0627\u0644\u062f\u0641\u0627\u0639\u064a\u0629 \u0643\u0627\u0644\u0635\u062d\u0629 \/ \u0627\u0644\u0633\u0644\u0639 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0623\u0648 \u0625\u0644\u0649 <em>buffer ETFs<\/em> \u0627\u0644\u062a\u064a \u062a\u062d\u062f \u0645\u0646 \u0627\u0644\u062e\u0633\u0627\u0626\u0631\u060c \u0648\u0647\u064a \u0645\u0646\u062a\u062c\u0627\u062a \u062c\u0630\u0628\u062a \u0631\u0642\u0645\u0627\u064b \u0642\u064a\u0627\u0633\u064a\u0627\u064b \u0642\u062f\u0631\u0647 5.6 \u0645\u0644\u064a\u0627\u0631\u0627\u062a \u062f\u0648\u0644\u0627\u0631 \u062e\u0644\u0627\u0644 \u0627\u0644\u0631\u0628\u0639 \u0627\u0644\u0623\u062e\u064a\u0631. \u0627\u0646\u062e\u0641\u0636\u062a \u0623\u0642\u0633\u0627\u0637 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a ~16% \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0628\u062f\u0627\u064a\u0629 \u0627\u0644\u0639\u0627\u0645\u060c \u0645\u0645\u0627 \u064a\u0648\u0641\u0631 \u0641\u0631\u0635\u0629 \u0644\u0634\u0631\u0627\u0621 <em>puts<\/em> \u0639\u0644\u0649 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a (S&#038;P 500\u060c Nasdaq-100) \u0623\u0648 <em>calls<\/em> \u0639\u0644\u0649 \u0627\u0644\u0630\u0647\u0628 \u0643\u062a\u062d\u0648\u0637 \u0643\u0644\u064a. \u0628\u0639\u0636 \u0627\u0644\u0645\u062f\u064a\u0631\u064a\u0646\u060c \u0628\u0639\u062f \u0635\u062f\u0645\u0629 \u0625\u0633\u0631\u0627\u0626\u064a\u0644\u2013\u0625\u064a\u0631\u0627\u0646\u060c \u064a\u0648\u0635\u0648\u0646 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 <em>calendar spreads<\/em> \u0644\u062b\u0644\u0627\u062b\u0629 \u0625\u0644\u0649 \u0633\u062a\u0629 \u0623\u0634\u0647\u0631 \u0644\u0645\u0648\u0627\u062c\u0647\u0629 \u062d\u0627\u0644\u0629 \u0639\u062f\u0645 \u0627\u0644\u064a\u0642\u064a\u0646 \u0627\u0644\u062c\u0645\u0631\u0643\u064a \u0648\u0627\u0644\u062c\u064a\u0648\u0633\u064a\u0627\u0633\u064a.<\/li>\n<li><strong>\u0632\u064a\u0627\u062f\u0629 \u062a\u0643\u062a\u064a\u0643\u064a\u0629 \u0644\u0644\u0633\u064a\u0648\u0644\u0629<\/strong>. \u0627\u062e\u062a\u064f\u062a\u0645 \u0627\u0644\u0623\u0633\u0628\u0648\u0639 \u0628\u062a\u062f\u0641\u0642\u0627\u062a \u062e\u0627\u0631\u062c\u0629 \u0645\u0646 \u0627\u0644\u0623\u0633\u0647\u0645 \u0639\u0627\u0644\u0645\u064a\u0627\u064b \u0648\u0632\u064a\u0627\u062f\u0629 \u0641\u064a \u0645\u0631\u0627\u0643\u0632 <em>money-market funds<\/em>\u061b \u0642\u062f\u0651\u0631\u062a \u0628\u0646\u0643 \u0623\u0648\u0641 \u0623\u0645\u0631\u064a\u0643\u0627 \u0623\u0646 \u0646\u0633\u0628\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0641\u064a \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0645\u062e\u062a\u0644\u0637\u0629 \u0627\u0631\u062a\u0641\u0639\u062a \u0625\u0644\u0649 5.8%\u060c \u0648\u0647\u0648 \u0623\u0639\u0644\u0649 \u0645\u0633\u062a\u0648\u0649 \u0645\u0646\u0630 \u0639\u0627\u0645 2023. \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 5\u201310% \u0641\u064a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 (\u0623\u0648 \u0641\u064a \u0635\u0646\u0627\u062f\u064a\u0642 ETF \u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644 \u062c\u062f\u0627\u064b) \u064a\u062a\u064a\u062d \u0627\u063a\u062a\u0646\u0627\u0645 \u0641\u0631\u0635 \u0627\u0644\u062a\u0635\u062d\u064a\u062d \u0648\u064a\u0642\u0644\u0644 \u0645\u0646 \u062a\u0642\u0644\u0628\u0627\u062a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0646\u0641\u0637 \u0648\u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0645\u0631\u062a\u0641\u0639\u0629.<\/li>\n<li><strong>\u0645\u0631\u0627\u0642\u0628\u0629 \u0627\u0644\u0627\u0633\u062a\u062d\u0642\u0627\u0642\u0627\u062a \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0629 \u0648\u0627\u0644\u0645\u0646\u062a\u062f\u064a\u0627\u062a \u0631\u0641\u064a\u0639\u0629 \u0627\u0644\u0645\u0633\u062a\u0648\u0649<\/strong>. \u0623) \u0627\u062c\u062a\u0645\u0627\u0639\u0627\u062a \u0644\u062c\u0646\u0629 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0641\u062a\u0648\u062d\u0629 17\u201318 \u064a\u0648\u0646\u064a\u0648 (\u062a\u0648\u0642\u0639\u0627\u062a \u0648\u062e\u0637\u0627\u0628 \u0628\u0627\u0648\u0644) \u0633\u062a\u062d\u062f\u062f \u0646\u0628\u0631\u0629 \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u062a\u0642\u064a\u064a\u062f\u064a\u0629. \u0628) \u064a\u062a\u0639\u064a\u0646 \u0639\u0644\u0649 Apple \u0648Meta \u062a\u0642\u062f\u064a\u0645 \u062e\u0637\u0637 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644 \u0644\u0642\u0627\u0646\u0648\u0646 DMA \u0642\u0628\u0644 23 \u064a\u0648\u0646\u064a\u0648 \u0644\u062a\u062c\u0646\u0628 \u0627\u0644\u063a\u0631\u0627\u0645\u0627\u062a \u0627\u0644\u064a\u0648\u0645\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0635\u0644 \u0625\u0644\u0649 5% \u0645\u0646 \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629. \u062c) \u064a\u062c\u062a\u0645\u0639 \u0642\u0627\u062f\u0629 \u0645\u062c\u0645\u0648\u0639\u0629 \u0627\u0644\u0633\u0628\u0639 \u0641\u064a \u0623\u0628\u0648\u0644\u064a\u0627 (\u0625\u064a\u0637\u0627\u0644\u064a\u0627) \u0628\u064a\u0646 25\u201327 \u064a\u0648\u0646\u064a\u0648\u061b \u062a\u0634\u0645\u0644 \u0627\u0644\u0623\u062c\u0646\u062f\u0629 \u0633\u0644\u0627\u0633\u0644 \u0627\u0644\u062a\u0648\u0631\u064a\u062f \u0627\u0644\u062d\u0631\u062c\u0629 \u0648\u062a\u0646\u0638\u064a\u0645 \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a\u060c \u0648\u0647\u0645\u0627 \u0646\u0642\u0637\u062a\u0627\u0646 \u0623\u0633\u0627\u0633\u064a\u062a\u0627\u0646 \u0644\u0639\u0645\u0627\u0644\u0642\u0629 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0648\u0623\u0634\u0628\u0627\u0647 \u0627\u0644\u0645\u0648\u0635\u0644\u0627\u062a. \u062f) \u064a\u0646\u0627\u0642\u0634 \u0627\u0644\u0643\u0648\u0646\u063a\u0631\u0633 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a \u062a\u0648\u0633\u064a\u0639 \u0627\u0644\u0642\u064a\u0648\u062f \u0639\u0644\u0649 \u0627\u0644\u0631\u0642\u0627\u0626\u0642 \u0648\u0641\u0631\u0636 \u0639\u0642\u0648\u0628\u0627\u062a \u0625\u0636\u0627\u0641\u064a\u0629 \u0641\u064a \u062c\u0644\u0633\u0627\u062a \u0627\u0633\u062a\u0645\u0627\u0639 \u0645\u0642\u0631\u0631\u0629 \u0644\u0644\u0623\u0633\u0628\u0648\u0639 \u0627\u0644\u0623\u0648\u0644 \u0645\u0646 \u064a\u0648\u0644\u064a\u0648.<\/li>\n<\/ul>\n<p><!-- 7. \u0642\u0627\u0626\u0645\u0629 \u0627\u0644\u0645\u0631\u0627\u0642\u0628\u0629 (\u0627\u0644\u0623\u0633\u0627\u0628\u064a\u0639 \u0627\u0644\u0623\u0631\u0628\u0639 \u0627\u0644\u0642\u0627\u062f\u0645\u0629) --><\/p>\n<h2>7. \u0642\u0627\u0626\u0645\u0629 \u0627\u0644\u0645\u0631\u0627\u0642\u0628\u0629<\/h2>\n<ol>\n<li><strong>17\u201318 \u064a\u0648\u0646\u064a\u0648<\/strong> \u2014 \u0642\u0631\u0627\u0631 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a + \u00ab\u062e\u0631\u064a\u0637\u0629 \u0627\u0644\u0646\u0642\u0627\u0637\u00bb. \u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a \u0644\u062b\u0644\u0627\u062b\u0629 \u062a\u062e\u0641\u064a\u0636\u0627\u062a \u0644\u0627 \u062a\u0632\u0627\u0644 \u0642\u0627\u0626\u0645\u0629 \u0623\u0648 \u062a\u0645 \u062a\u0623\u062c\u064a\u0644\u0647\u0627\u061b \u062a\u0623\u062b\u064a\u0631 \u0645\u0628\u0627\u0634\u0631 \u0639\u0644\u0649 \u062a\u0642\u064a\u064a\u0645\u0627\u062a \u0627\u0644\u0646\u0645\u0648.<\/li>\n<li><strong>23 \u064a\u0648\u0646\u064a\u0648<\/strong> \u2014 \u0627\u0644\u0645\u0648\u0639\u062f \u0627\u0644\u0646\u0647\u0627\u0626\u064a \u0644\u0644\u0645\u0641\u0648\u0636\u064a\u0629 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629 \u0644\u062a\u0642\u062f\u064a\u0645 Apple \u0648Meta \u062a\u0639\u062f\u064a\u0644\u0627\u062a \u0639\u0644\u0649 \u0645\u062a\u062c\u0631 \u0627\u0644\u062a\u0637\u0628\u064a\u0642\u0627\u062a \u0648\u0646\u0645\u0648\u0630\u062c \u00ab\u0627\u062f\u0641\u0639 \u0623\u0648 \u0648\u0627\u0641\u0642\u00bb \u0628\u0645\u0627 \u064a\u062a\u0645\u0627\u0634\u0649 \u0645\u0639 DMA\u061b \u062e\u0637\u0631 \u0627\u0644\u063a\u0631\u0627\u0645\u0627\u062a \u0627\u0644\u064a\u0648\u0645\u064a\u0629.<\/li>\n<li><strong>25\u201327 \u064a\u0648\u0646\u064a\u0648<\/strong> \u2014 \u0642\u0645\u0629 \u0645\u062c\u0645\u0648\u0639\u0629 \u0627\u0644\u0633\u0628\u0639 \u0641\u064a \u0623\u0628\u0648\u0644\u064a\u0627 (\u0625\u064a\u0637\u0627\u0644\u064a\u0627). \u0645\u062a\u0627\u0628\u0639\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u062a\u0639\u0644\u0642\u0629 \u0628\u0640: \u0623) \u0627\u0644\u0631\u0633\u0648\u0645 \u0627\u0644\u062c\u0645\u0631\u0643\u064a\u0629 \u0628\u064a\u0646 \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0648\u0627\u0644\u0635\u064a\u0646\u060c \u0628) \u0627\u0644\u062a\u0646\u0633\u064a\u0642 \u0641\u064a \u0642\u064a\u0648\u062f \u0623\u0634\u0628\u0627\u0647 \u0627\u0644\u0645\u0648\u0635\u0644\u0627\u062a\u060c \u062c) \u0627\u062d\u062a\u0645\u0627\u0644 \u0627\u0644\u0625\u0641\u0631\u0627\u062c \u0639\u0646 \u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0645\u0646 \u0627\u0644\u0646\u0641\u0637.<\/li>\n<li><strong>30 \u064a\u0648\u0646\u064a\u0648<\/strong> \u2014 \u0627\u0644\u062a\u062d\u062f\u064a\u062b \u0627\u0644\u0623\u0648\u0644\u064a \u0645\u0646 \u0648\u0632\u0627\u0631\u0629 \u0627\u0644\u062a\u062c\u0627\u0631\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u062d\u0648\u0644 \u0641\u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u0642\u064a\u0648\u062f \u0639\u0644\u0649 \u062a\u0635\u062f\u064a\u0631 \u062a\u0642\u0646\u064a\u0627\u062a \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a\u061b \u0646\u0641\u064a\u062f\u064a\u0627 \u0648ASML \u062a\u062d\u062a \u0627\u0644\u0645\u062c\u0647\u0631.<\/li>\n<li><strong>\u0642\u064a\u062f \u0627\u0644\u0645\u062a\u0627\u0628\u0639\u0629<\/strong> \u2014 \u062a\u0637\u0648\u0631\u0627\u062a \u062e\u0627\u0645 \u0628\u0631\u0646\u062a \u0628\u0639\u062f \u0647\u062c\u0648\u0645 \u0625\u0633\u0631\u0627\u0626\u064a\u0644\u2013\u0625\u064a\u0631\u0627\u0646 \u0648\u0627\u0644\u0627\u062d\u062a\u0645\u0627\u0644\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629\u061b \u0625\u063a\u0644\u0627\u0642 \u0645\u0636\u064a\u0642 \u0647\u0631\u0645\u0632 \u0642\u062f \u064a\u0631\u0641\u0639 \u0627\u0644\u0633\u0639\u0631 \u0625\u0644\u0649 \u2265100 \u062f\u0648\u0644\u0627\u0631\/\u0644\u0644\u0628\u0631\u0645\u064a\u0644.<\/li>\n<\/ol>\n<p><!-- 8. \u0627\u0644\u0645\u0631\u0627\u062c\u0639 --><\/p>\n<h2>\u0627\u0644\u0645\u0631\u0627\u062c\u0639<\/h2>\n<p><!-- 8. Referencias consolidadas (con enlaces activos en nueva pesta\u00f1a) --><\/p>\n<ul>\n<li>Board of Governors of the Federal Reserve System. (2025, 7 mayo). <em>Federal Reserve issues FOMC statement<\/em>. <a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20250507a.htm\" target=\"_blank\">https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20250507a.htm<\/a><\/li>\n<li>The Guardian. (2025, 11 junio). <em>Trump says China will face 55 % tariffs in new trade deal<\/em>. <a href=\"https:\/\/www.theguardian.com\/business\/2025\/jun\/11\/trump-says-china-will-face-55-percent-tariffs-us-trade-deal-rare-earth-minerals\" target=\"_blank\">https:\/\/www.theguardian.com\/business\/2025\/jun\/11\/trump-says-china-will-face-55-percent-tariffs-us-trade-deal-rare-earth-minerals<\/a><\/li>\n<li>The Guardian. (2025, 13 junio). <em>Oil and gold prices soar and stock markets fall after Israel&#8217;s attacks on Iran<\/em>. <a href=\"https:\/\/www.theguardian.com\/business\/2025\/jun\/13\/oil-and-gold-prices-soar-after-israel-attacks-on-iran\" target=\"_blank\">https:\/\/www.theguardian.com\/business\/2025\/jun\/13\/oil-and-gold-prices-soar-after-israel-attacks-on-iran<\/a><\/li>\n<li>Trading Economics. (2025, 14 junio). <em>Gold price<\/em>. <a href=\"https:\/\/tradingeconomics.com\/commodity\/gold\" target=\"_blank\">https:\/\/tradingeconomics.com\/commodity\/gold<\/a><\/li>\n<li>European Commission. (2025, 23 abril). <em>Commission finds Apple and Meta in breach of the Digital Markets Act<\/em>. <a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_25_1085\" target=\"_blank\">https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_25_1085<\/a><\/li>\n<li>Tech Policy Press. (2025, 23 abril). <em>Understanding the Apple and Meta non-compliance decisions under the DMA<\/em>. <a href=\"https:\/\/techpolicy.press\/understanding-the-apple-and-meta-noncompliance-decisions-under-the-digital-markets-act\" target=\"_blank\">https:\/\/techpolicy.press\/understanding-the-apple-and-meta-noncompliance-decisions-under-the-digital-markets-act<\/a><\/li>\n<li>Kluwer Competition Law Blog. (2025, 28 abril). <em>The DMA\u2019s teeth: Meta and Apple fined by the European Commission<\/em>. <a href=\"https:\/\/competitionlawblog.kluwercompetitionlaw.com\/2025\/04\/28\/the-dmas-teeth-meta-and-apple-fined-by-the-european-commission\/\" target=\"_blank\">https:\/\/competitionlawblog.kluwercompetitionlaw.com\/2025\/04\/28\/the-dmas-teeth-meta-and-apple-fined-by-the-european-commission\/<\/a><\/li>\n<li>Economic Times. (2025, 12 junio). <em>Stock-market highlights: Sensex settles 823 pts lower, Nifty below 24 900<\/em>. <a href=\"https:\/\/economictimes.indiatimes.com\/markets\/stocks\/live-blog\/bse-sensex-today-live-nifty-stock-market-updates-12-june-2025\/liveblog\/121790483.cms\" target=\"_blank\">https:\/\/economictimes.indiatimes.com\/markets\/stocks\/live-blog\/bse-sensex-today-live-nifty-stock-market-updates-12-june-2025\/liveblog\/121790483.cms<\/a><\/li>\n<li>Hood, A. (2025, mayo). <em>Microsoft capex to grow at slower rate, CFO says<\/em>. CFO Dive. <a href=\"https:\/\/www.cfodive.com\/news\/microsoft-capex-grow-slower-rate-cfo-ai\/746947\/\" target=\"_blank\">https:\/\/www.cfodive.com\/news\/microsoft-capex-grow-slower-rate-cfo-ai\/746947\/<\/a><\/li>\n<li>Pymnts. (2025, mayo). <em>Amazon CEO Andy Jassy says tariffs have not affected sales<\/em>. <a href=\"https:\/\/www.pymnts.com\/amazon\/2025\/amazon-ceo-andy-jassy-says-tariffs-have-not-affected-sales\/\" target=\"_blank\">https:\/\/www.pymnts.com\/amazon\/2025\/amazon-ceo-andy-jassy-says-tariffs-have-not-affected-sales\/<\/a><\/li>\n<li>Yahoo Finance. (2025). <em>iShares Gold Trust (IAU) \u2013 historical data<\/em>. <a href=\"https:\/\/finance.yahoo.com\/quote\/IAU\/history\/\" target=\"_blank\">https:\/\/finance.yahoo.com\/quote\/IAU\/history\/<\/a><\/li>\n<li>FinanceCharts. (2025). <em>SCHG performance history &amp; total returns<\/em>. <a href=\"https:\/\/www.financecharts.com\/etfs\/SCHG\/performance\" target=\"_blank\">https:\/\/www.financecharts.com\/etfs\/SCHG\/performance<\/a><\/li>\n<li>Reynolds, S. (2025, 12 junio). <em>Bitcoin tumbles below 104 000 $ as Israel strikes Iran<\/em>. CoinDesk. <a href=\"https:\/\/www.coindesk.com\/markets\/2025\/06\/12\/btc-trading-under-104k-as-israel-appears-to-strike-iran\" target=\"_blank\">https:\/\/www.coindesk.com\/markets\/2025\/06\/12\/btc-trading-under-104k-as-israel-appears-to-strike-iran<\/a><\/li>\n<li>Sandor, K., &amp; Carreras, T. (2025, 13 junio). <em>Bitcoin bounces to 106 000 $ after Iran-Israel jitters<\/em>. CoinDesk. <a href=\"https:\/\/www.coindesk.com\/markets\/2025\/06\/13\/bitcoin-bounces-to-106k-after-iran-israel-jitters-but-analysts-warn-of-deeper-pullback\" target=\"_blank\">https:\/\/www.coindesk.com\/markets\/2025\/06\/13\/bitcoin-bounces-to-106k-after-iran-israel-jitters-but-analysts-warn-of-deeper-pullback<\/a><\/li>\n<li>Godbole, O. (2025, 13 junio). <em>Bitcoin \u2018skew\u2019 slides as oil prices surge 6 %<\/em>. CoinDesk. <a href=\"https:\/\/www.coindesk.com\/markets\/2025\/06\/13\/bitcoin-skew-slides-as-oil-prices-surges-6-on-israel-iran-tensions\" target=\"_blank\">https:\/\/www.coindesk.com\/markets\/2025\/06\/13\/bitcoin-skew-slides-as-oil-prices-surges-6-on-israel-iran-tensions<\/a><\/li>\n<\/ul>\n<p><\/body><br \/>\n<\/html><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u0639\u0646 \u0627\u0644\u0623\u0633\u0644\u062d\u0629 \u0648\u0627\u0644\u062e\u0648\u0627\u0631\u0632\u0645\u064a\u0627\u062a: \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u062c\u064a\u0648\u0633\u064a\u0627\u0633\u064a \u0648\u0627\u0644\u062a\u0642\u0646\u064a \u0639\u0646 \u0627\u0644\u0623\u0633\u0644\u062d\u0629 \u0648\u0627\u0644\u062e\u0648\u0627\u0631\u0632\u0645\u064a\u0627\u062a: \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u062c\u064a\u0648\u0633\u064a\u0627\u0633\u064a \u0648\u0627\u0644\u062a\u0642\u0646\u064a \u0627\u0644\u0645\u0644\u062e\u0635 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u064a \u062e\u0644\u0627\u0644 \u0627\u0644\u0623\u0633\u0628\u0648\u0639 9 \u2013 14 \u064a\u0648\u0646\u064a\u0648 2025 \u062a\u0632\u0627\u0645\u0646\u062a \u062b\u0644\u0627\u062b \u0628\u0624\u0631 \u062e\u0637\u0648\u0631\u0629 \u0623\u062b\u0631\u062a \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0630\u0627\u062a\u0647 \u0639\u0644\u0649 \u0623\u0635\u0648\u0644 \u0627\u0644\u0646\u0645\u0648 \u0636\u0645\u0646 \u0645\u062d\u0641\u0638\u062a\u064a \u0641\u064a eToro: \u0628\u064a\u0626\u0629 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0643\u0644\u064a\u0629 \u0645\u062a\u0634\u062f\u062f\u0629: \u0623\u0628\u0642\u0649 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0639\u0644\u0649 \u0645\u0639\u062f\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0641\u064a \u0646\u0637\u0627\u0642 4.25 \u2013 4.50% \u0648\u0623\u0643\u062f \u0645\u0646 \u062c\u062f\u064a\u062f [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-container-style":"default","site-container-layout":"default","site-sidebar-layout":"default","disable-article-header":"default","disable-site-header":"default","disable-site-footer":"default","disable-content-area-spacing":"default","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[65],"tags":[],"class_list":["post-1214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized-ar"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u0645\u0646 \u0627\u0644\u0623\u0633\u0644\u062d\u0629 \u0648\u0627\u0644\u062e\u0648\u0627\u0631\u0632\u0645\u064a\u0627\u062a: 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