7/24/2019 ETFs: UNA FRMULA DE INVERSIN AL ALCANCE DE TODOS.

1/31

DBCV@UBE EF UVWNSAI ^ DNJBJ[BS

MWBEI FJ DNJBJ[BS ^ CIJUBGN@NEBE

FUDs; VJB DWAV@B EF NJTFWSNJ B@ B@CBJCF EF UIEIS

Urbgbki Dnj ef Mrbei prfsfjtbei pir Ebvne Jfz G`bjci, snfjei f` tutir ef` ansai f`pridfsir Kfss A Sjclfz Aijtfri.

T. G. Ef` Uutir; B`uaji;

E. Kfss A Sjclfz Aijtfri E. Ebvne Jfz G`bjci

Sfvn``b. Kujni ef 7?26

7/24/2019 ETFs: UNA FRMULA DE INVERSIN AL ALCANCE DE TODOS.

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7/24/2019 ETFs: UNA FRMULA DE INVERSIN AL ALCANCE DE TODOS.

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MWBEI FJ DNJBJ[BS ^ CIJUBGN@NEBE

DBCV@UBE EF UVWNSAI ^ DNJBJ[BS

UWBGBKI DNJ EF MWBEI

CVWSI BCBEANCI X7?25-7?26Q

UUV@I;

FUDs; VJB DWAV@B EF NJTFWSNJ B@ B@CBJCF EF UIEIS.

BVUIW;EBTNE JF[ G@BJCI

UVUIW;

E. KFSS A SJCLF[ AIJUFWI

EF_BWUBAFJUI;

FCIJIAB B_@NCBEB N

WFB EF CIJICNANFJUI;

AUIEIS CVBJUNUBUNTIS

WFSVAFJ;

Sn frfs ujb pfrsijb jirab` y cij b`mi ef enjfri, frfs uj njvfrsir fj pitfjcnb. _fri snji tnfjfs cijicnanfjtis dnjbjcnfris bvbjzbeis, jn frfs fxpfrti fj gi`sb y ji qunfrfspbmbr `is b`tis cistfs quf cij``fvb `b cijtrbtbcnj ef uj grhfr i uj bsfsir efnjvfrsnijfs, fsts cijefjbei b pijfrtf fj abjis ef `b Gbjcb8 stb sfrb,

prigbg`fafjtf, `b pfir ef `bs efcnsnijfs pufs cijsnstf fj ebr`fs tu enjfri cij suscijencnijfs, pbmbr`fs sus cbrsnabs ciansnijfs y tbsbs y sfr cijscnfjtfs ef quffap`fbrj f` enjfri tuyi ciai `fs cijvfjmb b f``is, mbjbrj p`usvb`bs napirtbjtfs ytf ebrj `i quf `fs pbrfzcb gnfj. sn fs quf tf ebj b`mi b cbagni.

Snj fagbrmi, ujb jufvb pisngn`nebe sf fst napijnfjei; `is FUDs (Fxclbjmf UrbefeDujes)i, fj cbstf``bji, Dijeis ef Njvfrsnj Citnzbeis. Cij f``is tfjerfais bccfsib njvfrtnr eijef qufrbais (fj Fspbb i fj f` fxtrbjkfri), fj f` sfctir quf efsffais(gi`sbs, efuebs ef pbsfs, envnsbs, aftb`fs, ftc.), fscimnfjei f` jnvf` ef rnfsmi,mbjbjei `i quf mbjbj `is fxpfrtis y pbmbjei uj prfcni rbzijbg`f pfri auy pirefgbki ef `i quf pbmbrbais fj itrbs ipcnijfs. ^ ujb as, snj tfjfr quf rfcurrnr b `bgbjcb y sus cijencnijbjtfs.

_B@BGWBS C@BTF;Dijeis ef njvfrsnj8 njstntucnijfs ef njvfrsnj ci`fctnvb8 NNCs8 SMNNC8 afrcbeisdnjbjcnfris.

7/24/2019 ETFs: UNA FRMULA DE INVERSIN AL ALCANCE DE TODOS.

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7/24/2019 ETFs: UNA FRMULA DE INVERSIN AL ALCANCE DE TODOS.

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UDM-DNCI. FUDs; VJB DWAV@B EF NJTFWSNJ B@ B@CBJCF EF UIEIS

-N-

JENCF

2. WBENIMWBDB EF VJ FUD................2

2.2. EFDNJNCNJ ^ IWMFJFS EF@ FUD................................................................................................................... 2

2.2.2. EFDNJNCNJ ^ CIJCF_UI.... 2

2.2.7. JBCNANFJUI ^ FTI@VCNJ...... 7

2.2.3. DVJCNIJBANFJUI EF@ FUD........5

2.2.5. SFMVWNEBE EF @B NJTFWSNJ....4

7. @I RVF EFGFAIS SBGFW _BWB NJTFWUNW FJ FUDs.. >

7.2. C@BTFS _BWB FSCIMFW F@ FUD ......>

7.2.2. UN_IS EF FUDs2?7.2.7. AFWCBEIS ^ SFCUIWFS ..22

7.2.3. CISUIS EF @B NJTFWSNJ....23

7.2.5. DNSCB@NEBE EF @IS FUDs..26

3. TFJUBKBS F NJCIJTFJNFJUFS.....2?. F` prnafr FUD quf citnz fj Fstbeis Vjneis `i lnzi f` 77ef Fjfri ef 2.>>3, cubjei Jbtlbj Aist (2.>25-7.??5) crf f` FUD ``babei S_EWS_^ 6??, tbagnj ``babei Spnefr i S_^, fau`bjei f` jencf Stbjebrt bje _iirs 6??(S&_6??). Liy bj snmuf fj f` afrcbei y fs f` abyir ef` aujei pir jnvf` ef bctnvis,abjfkbjei uj vi`uafj enbrni ef cijtrbtbcnj supfrnir b `is 7=.??? an``ijfs efe`brfs. Fj f` snmunfjtf mrdnci sf pufef igsfrvbr f` crfcnanfjti ef `is FUDs, efsef f`

bi 7??? lbstb f` 7?27, b jnvf` aujenb`. @bs cndrbs fstj fxprfsbebs fj an`fs efan``ijfs ef e`brfs. Efjtri ef `is FUDs, `is quf as lbj fvi`ucnijbei sij `is efrfjtb vbrnbg`fs, quf lbj pbsbei ef =5,3 an`fs ef an``ijfs fj f` bi 7??? b `is2.2>=,< an`fs ef an``ijfs ef e`brfs fj Bgrn` ef 7?27.

Mrdnci 2.2; Fvi`ucnj aujenb` vi`uafj ef FUDs fj an`fs ef an``ijfs ef e`brfsDufjtf; G`bchWich

7/24/2019 ETFs: UNA FRMULA DE INVERSIN AL ALCANCE DE TODOS.

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UDM-DNCI. FUDs; VJB DWAV@B EF NJTFWSNJ B@ B@CBJCF EF UIEIS

-3-

@b fvi`ucnj ef `is FUDs fs aftfrncb y sf jis bjtikb napbrbg`f. Bujquf bjfstj auy `fkis ef `bs cndrbs quf aufvfj `is dijeis ef njvfrsnj fj f` aujei, sfmjebtis ef @yxir, fj Kujni ef 7.?27, fjtrf pbrtncu`brfs y pridfsnijb`fs, sf mfstnijbrijuj vi`uafj supfrnir b 2,5 gn``ijfs ef e`brfs fjtrf `is as ef 3.7?? FUDs fj f`aujei, cij uj vi`uafj enbrni ef 45.??? an``ijfs ef e`brfs. Ciai aufstrb ef `brbpnefz ef su fxpbjsnj aujenb`, cbgf rfsb`tbr quf, fj f` bi 7.??< si`i fxnstbj,bprixnabebafjtf, ujis >?? FUDs, pbsbjei b 7.4=? fj f` bi 7.?22 y ``fmbjei b `is3.7?5 ef` 7.?27 fj tiei f` aujei, rfpbrtneis pir tieis `is cijtnjfjtfs. Fj f` snmunfjtfmrdnci fxpijfais f` rfpbrti pir pbsfs.

Mrdnci 2.7; Cuitb ef afrcbei ef` FUDs pir pbsfs

Dufjtf; www.ftdeg.cia

@b bpbrncnj ef `is FUDs fj Furipb sf prieucf fj f` bi 7.??? fj B`fabjnb,Njm`btfrrb, Sunzb y Sufcnb y, fj Abrzi ef` 7.??4 yb supfrbgbj `is 6?.??? an``ijfs effuris fj vi`uafj ef bctnvis, enstrnguneis fj 2>4 FUDs enstnjtis.

F` prnafri quf sb`t fj f` afrcbei ef Fspbb duf f` dijei Bccnj FUD Ngfx 36ef`b abji ef` GGTB fj Ku`ni ef` 7.??4 y yb lb supfrbei f` 5?% ef rfjtbgn`nebe.Njafenbtbafjtf efspus, fj Sfptnfagrf ef` ansai bi, surmn f` Sbjtbjefr FUDNgfx 36 quf ``fvb bcuau`bei yb ujb rfjtbgn`nebe ef` 3?% efsef su fansnj. Fstisebtis jis ebj ujb nefb ef `b rpneb bcfptbcnj quf lbj tfjnei y `b fxcf`fjtfrfjtbgn`nebe bcuau`beb. Sfmj ebtis pug`ncbeis pir Dujes pfip`f, fj Abyi ef`7.?25, `b primrfsnj ef `bs cijtrbtbcnijfs ef FUDs fj Fspbb duf gbtnfjei rfcires,afs trbs afs, ef dirab bgsi`utbafjtf efai`feirb; Fj Bgrn` ef 7.?25 sf prieuki ujnjcrfafjti ef` 634% sigrf f` vi`uafj jfmicnbei cij rfspfcti b Bgrn` ef 7.?238 fjAbrzi f` njcrfafjti duf ef` 753,6% sigrf Abrzi ef 7.?238 fj Dfgrfri f` 3??% sigrf

Dfgrfri ef 7.?23 y fj Fjfri ef 7.?25 sf prieuki uj njcrfafjti ef` 5??% cijrfspfcti b Fjfri ef 7.?23. Uiei f``i jis pufef ebr ujb nefb ef `b cijtnjunebe fj f`crfcnanfjti ef `b cijtrbtbcnj ef stis prieuctis.

Fj `b snmunfjtf tbg`b piefais igsfrvbr `b primrfsnj igtfjneb pir `is FUDs fjFspbb efsef su prnafrb fansnj fj 7.??4 lbstb Abyi ef` 7.?26.

7/24/2019 ETFs: UNA FRMULA DE INVERSIN AL ALCANCE DE TODOS.

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Jfz G`bjci, Ebvne

-5-

Mrdnci 2.3; Cijtrbtbcnj Lnstrncb fj Fspbb

Dufjtf; Gi`sb y Afrcbeis Fspbi`fs 7?26 (GAF)

2.2.3. Dujcnijbanfjti ef` FUD

F` dujcnijbanfjti ef `is FUD fs auy snan`br b` ef ujb cbrtfrb ef bccnijfs quf citncfjfj gi`sb. _ir f``i, pbrb cub`qunfr jufvi njvfrsir quf prftfjeb njvfrtnr fj FUDs, `iprnafri quf jfcfsntb fs tfjfr ujb cufjtb ef vb`irfs cij cub`qunfrb ef `isnjtfrafenbrnis dnjbjcnfris quf fstj fj f` afrcbei (uj gbjci, ujb ciipfrbtnvb efcrenti, ujb bmfjcnb ef vb`irfs i ujb sicnfebe ef vb`irfs. @i as cijvfjnfjtf fs

bgrnr`b fj ujb bmfjcnb i sicnfebe ef vb`irfs quf tnfjfj `b vfjtbkb ef sfr asfcijancbs y ipfrbj enrfctbafjtf fj `is afrcbeis ef vb`irfs. Vjb vfz tfjmbaisjufstrb cufjtb cij uj njtfrafenbrni dnjbjcnfri butirnzbei, jis bsnmjbrj ujbs c`bvfscij `bs quf pierfais ipfrbr (fantnr refjfs ef ciaprb i vfjtb) b trbvs ef ujprimrbab ef njtfrjft i `b lfrrbanfjtb quf jis pripircnijbr f` bmfjtf njtfrafenbrni.

_brb ciafjzbr fj f` aujei ef `is FUDs, uj njvfrsir jivbti, lbstb quf vbybcimnfjei fxpfrnfjcnb fj f` tfab, ciafjzbr pir bequnrnr pbrtncnpbcnijfs ef b`mjdijei ef njvfrsnj quf rfp`nquf uj jencf gurstn` (pir fkfap`i f` Ngfx 36) y ji tfjerquf prficupbrsf fj fstuenbr y cijicfr `bs faprfsbs quf `is ciapijfj, `b sntubcnjfj cbeb aiafjti ef cbeb ujb ef f``bs jn `is njjuafrbg`fs dbctirfs quf lbcfj quf`bs bccnijfs d`uctfj b` b`zb i b `b gbkb cijstbjtfafjtf. Su njvfrsnj nr mbjbjei i

pfrenfjei sfmj sugb i gbkf f` jencf ef` Ngfx 36. Fs efcnr, su njvfrsnj nr pbrb`f`b buj jencf quf fs supfrvnsbei y abjfkbei pir `bs abyirfs njstntucnijfs dnjbjcnfrbs ef`pbs. F``i ji qunfrf efcnr quf su njvfrsnj vbyb b sfr rfjtbg`f cij titb` sfmurnebe pfris quf njvnfrtf ciai auclis fxpfrtis, snj tfjfr quf bequnrnr sus cijicnanfjtis yefencbr`f f` tnfapi quf f``is `f efencbj, puenfjei beiptbr f` njvfrsir ujb bctntuepbsnvb cij su njvfrsnj.

Bpbrtf ef cijicfr `is tnpis ef refjfs quf piefais fantnr, ji jfcfsntbais ascijicnanfjtis pbrb njncnbr jufstrb njvfrsnj. _iefais fantnr refjfs fj cub`qunfraiafjti efjtri ef` lirbrni ef `b sfsnj gurstn` eijef citncf f` FUD quf lbybaisf`fmnei. Fxnstfj auclis tnpis ef refjfs quf pufef fantnr uj njvfrsir8 bquefscrngnrfais b`mujbs ef `bs gsncbs;

refjfs ef afrcbei; Sij bquf``bs fj `b quf sf njencb `b cbjtnebe efpbrtncnpbcnijfs quf qufrfais ciaprbr i vfjefr pfri ji sf fspfcndncb jnjmjprfcni jn `antf ef tnfapi. @b irefj sf fkfcutbr fj cubjti lbyb enspijngn`nebe

7/24/2019 ETFs: UNA FRMULA DE INVERSIN AL ALCANCE DE TODOS.

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UDM-DNCI. FUDs; VJB DWAV@B EF NJTFWSNJ B@ B@CBJCF EF UIEIS

-6-

fj sfjtnei cijtrbrni (fs efcnr sn qufrfais ciaprbr sf fkfcutbr fj f` aiafjtifj quf fxnstfj pbrtncnpbcnijfs b `b vfjtb y vncfvfrsb. Sf fkfcutbr b` prfcniquf sfbj idrfcnebs pir `b pbrtf cijtrbrnb y fj f` aiafjti fj quf sf idrfzcbj8sf rfb`nzbr titb`afjtf i pbrcnb`afjtf sfmj enspijngn`nebe ef` afrcbei lbstbb`cbjzbr `b cbjtnebe efabjebeb.

refjfs pir `i afkir; Ji `fvbj fspfcndncbei jnjmj prfcni y sf fkfcutbj pir f`afkir ef `is prfcnis quf idrfzcb `b pbrtf cijtrbrnb fj f` afrcbei, pfri sn jifxnstfj fj f` afrcbei refjfs ef sfjtnei cijtrbrni (fs efcnr, ef vfjtb snqufrfais ciaprbr i vncfvfrsb) `b irefj pir `i afkir sfr rfclbzbeb. Snfxnstfj fj f` afrcbei si`i refjfs ef afrcbei, `b irefj pir `i afkir sffkfcutbr b` prfcni ef `b `tnab jfmicnbcnj.

refjfs `nantbebs; Fstb tnpi`imb tnfjf afjir prnirnebe quf `bs refjfs efafrcbei y quf `bs refjfs pir `i afkir, pir `i quf sf fkfcutbrj efspus. Sijrefjfs quf sf fkfcutbj b` prfcni as dbvirbg`f efjtri ef` `antf quf sf dnkb; snfs ef ciaprb sf fkfcutbr pir f` vb`ir as gbki fjtrf `is quf fstj pir efgbkief` `antf fspfcndncbei8 sn fs ef vfjtb sf fkfcutbr pir f` prfcni as b`ti fjtrf

`is quf fstj fj f` afrcbei pir fjcnab ef` `antf dnkbei. refjfs ef vi`uafj icu`ti; Ciai su jiagrf njencb, fj fstbs refjfs sf

icu`tb f` jafri ef pbrtncnpbcnijfs quf sf qunfrfj ciaprbr i vfjefr pbrb jiprivicbr bs sugnebs i gbkbebs fj `is prfcnis ef vfjtb i ciaprb. Sf usbjjirab`afjtf cubjei sf qunfrfj bequnrnr i vfjefr mrbjefs cbjtnebefs efpbrtncnpbcnijfs. Sf fkfcutbj pir `itfs, jirab`afjtf ef 76? ujnebefs quf sfciaprbj i vfjefj njafenbtbafjtf quf fstj enspijng`fs fj f` afrcbei b`prfcni dnkbei8 cubjei sf lb fkfcutbei `b irefj sigrf fsf `itf, sb`tb b` afrcbeiitri `itf quf sf fkfcutbr ciai sn dufsf ujb jufvb irefj y pfrenfjei `bprnirnebe fj f` tnfapi quf `f cirrfspijefrb b` prnafr `itf. Bs sucfsnvbafjtflbstb b`cbjzbr f` titb` ef `b cbjtnebe icu`tb.

Uieis `is tnpis ef refjfs efscrntis pufefj ``fvbr tbagnj cijencnijbjtfs pbrb sufkfcucnj. @bs as usub`fs sij `bs snmunfjtfs;

Irefj `nantbeb njafenbtb; Sf fkfcutbr njafenbtbafjtf titb` i pbrcnb`afjtfsfmj `b enspijngn`nebe ef` afrcbei y sf bju`br `b pbrtf ji fkfcutbeb.

Irefj cij vi`uafj ajnai; Fj cubjti sf eb cursi b fstb tnpi ef irefj, i sffkfcutb pir f` ajnai fspfcndncbei i sf bju`b sn ji lby enspijngn`nebe.

Irefj cij tiei i jbeb; Su jiagrf ji beantf euebs; i sf fkfcutb pir `btitb`nebe cubjei sf cursb i sf bju`b butiatncbafjtf.

Bsnansai piefais ebr`f b `bs refjfs pfrnieis ef vnmfjcnb ef `b snmunfjtf dirab;

Irefj v neb pir uj eb; Sf fkfcutbr fj `b sfsnj ef` eb fj quf sf fantb yqufebr bju`beb `b cbjtnebe ef `b irefj quf ji sf lbyb pienei fkfcutbr fjenclb sfsnj.

Irefj lbstb ujb dfclb; @`fvbj fspfcndncbeb `b dfclb ef cbeucnebe (cij ujaxnai ef >? ebs). B` tranji ef `b sfsnj ef `b dfclb dnkbeb ciai `antfqufebr bju`beb pir `b cbjtnebe quf ji sf lbyb pienei fkfcutbr.

Irefj v neb lbstb su cbjcf`bcnj; Nmub` quf `b bjtfrnir aieb`nebe pfri ji sffspfcndncb su dfclb ef cbeucnebe y qufebr bju`beb pir `b pbrtf ji fkfcutbebtrbjscurrneis `is >? ebs axnais quf beantf f` snstfab.

Vjb vfz fantneb ujb irefj cij vb`nefz supfrnir b uj eb, su fkfcucnj tfjer

prnirnebe (eurbjtf tiei f` p`bzi ef vb`nefz lbstb quf sf fkfcutf) drfjtf b `bs quf sffantbj as tbref fj `b ansab sfsnj y fj `bs snmunfjtfs sfsnijfs ef` afrcbei.

7/24/2019 ETFs: UNA FRMULA DE INVERSIN AL ALCANCE DE TODOS.

12/31

Jfz G`bjci, Ebvne

-4-

Fj cubjti b` prfcni ef `bs pbrtncnpbcnijfs ef` FUD tbagnj sf lb ef tfjfr fjcufjtb vbrnis tranjis quf efgfr cijicfr f` njvfrsir;

_brnebe i prfcni b` quf citnzb `b pbrtncnpbcnj ef uj FUD sigrf jencf gurstn`fj f` afrcbei; sf fxprfsb fj furis y sf cb`cu`b envnenfjei f` vb`ir ef` jencfgurstn` (fxprfsbei fj pujtis) pir ujb cbjtnebe quf efpfjef ef cbeb FUDcijcrfti. _ir fkfap`i, `b pbrnebe ef `b pbrtncnpbcnj ef Bccnj Ngfx 36 FUD efGGTB fs f` vb`ir ef` jencf envnenei pir 2.???8 `b pbrnebe ef `b pbrtncnpbcnjef` @yxir FUD Clnjb Fjtfrprnsf fs f` vb`ir ef` jencf envnenei pir 2?. Fstfjafri vnfjf njencbei fj `bs cbrbctfrstncbs ef cbeb FUD.

Tb`ir `nqunebtnvi ef `b pbrtncnpbcnj; Fj `bs pbrtncnpbcnijfs ef `is FUDs, f`vb`ir `nqunebtnvi ef `bs ansabs sf cirrfspijef cij f` vb`ir ef citnzbcnj fj ujaiafjti cijcrfti y vbrb enbrnbafjtf. Sf cb`cu`b b` dnjb` ef cbeb sfsnjenbrnb, envnenfjei f` vb`ir ef` pbtrnaijni ef` dijei (njc`uneis `is rfjenanfjtisjftis) fjtrf f` jafri ef pbrtncnpbcnijfs fantnebs pir f` dijei.

Tb`ir `nqunebtnvi njencbtnvi ef `b pbrtncnpbcnj;Fs f` vb`ir ef `b pbrtncnpbcnjquf sf vb njencbjei eurbjtf `b sfsnj pbrb quf `is njvfrsirfs pufebj ciapbrb

y lbcfr sus ipfrbcnijfs fantnfjei refjfs ef ciaprb y vfjtb. Sf cb`cu`btfjnfjei fj cufjtb f` vb`ir `nqunebtnvi ef `b sfsnj bjtfrnir y cirrnmnjei`i b`b`zb i b `b gbkb sfmj vb fvi`ucnijbjei f` jencf eurbjtf `b sfsnj.

2.2.5. Sfmurnebe fj `b njvfrsnj

Lbg`br ef sfmurnebe fj f` aujei ef `bs njvfrsnijfs fs b`mi quf efgfais tiabrsnfaprf cij rf`btnvnebe. Lbcnfjei uj san`, fs ciai lbg`br ef sfmurnebe fj f`trbjspirtf brfi8 snj eueb fs, qunzs, f` as sfmuri ef `is trbjspirtfs fxnstfjtfs,pfri ji cbrfcf ef rnfsmis, ciai tieis sbgfais. Uieb njvfrsnj quf gusquf

rfjtbgn`nebe `fvb cijsnmi f` lfcli ef bsuanr rnfsmis.@i prnafri quf efgfais tfjfr fj cufjtb fs quf `b njvfrsnj fj FUDs fs ujb

drau`b ef njvfrsnj pbsnvb, yb quf fstbais bequnrnfjei pbrtncnpbcnijfs fj ujpbtrnaijni quf fs mfstnijbei pir itrbs njstntucnijfs quf sij `bs quf efcnefj qugnfjfs i bccnijfs dirabj f` pbtrnaijni ef` dijei. Fj efdnjntnvb, sij `is quf abjfkbj f`enjfri ef` njvfrsir y ef f``is, fj mrbj pbrtf, efpfjef `b sfmurnebe ef `b njvfrsnj. _irfstb rbzj, b `b lirb ef f`fmnr uj dijei eijef njvfrtnr, sfr auy napirtbjtf pbrb f`njvfrsir, sbgfr fj qu abjis efkb su enjfri8 ji si`i efgf f`fmnr f` dijei befcubeisnji tbagnj efgf tfjfr fj cufjtb qunj fs f` fansir (i mfstir) y f` efpisntbrni ef`dijei. F` fansir ef` dijei fs f` quf tnfjf `b dujcnj ef dirabr i cijstntunr f` dijei,beanjnstrbr`i y mfstnijbr`i snfjei qunfj fantf y rffagi`sb `bs pbrtncnpbcnijfs,

befas ef cb`cu`br enbrnbafjtf f` vb`ir `nqunebtnvi njencbtnvi. F` efpisntbrni fs `bfjtnebe quf efgf vnmn`br `b mfstnj ef` fansir i mfstir ef` dijei, snfjei befas suf`fccnj ef suab napirtbjcnb pbrb `b sfmurnebe ef `b njvfrsnj yb quf tbagnj fs f`quf custienb `is gnfjfs i bctnvis quf dirabj f` pbtrnaijni ef` dijei ef njvfrsnj. @isefpisntbrnis ef `is dijeis suf`fj sfr `bs fjtnebefs gbjcbrnbs y `bs Sicnfebefs yBmfjcnbs ef Tb`irfs8 ujb ef `bs prficupbcnijfs abyirfs ef `bs butirnebefs yfjtnebefs quf efgfj vf`br pir `b sfmurnebe ef` njvfrsir fs `b ef cijtri`br f napfenrquf `bs fjtnebefs efpisntbrnbs ef `is dijeis pufebj dnjbjcnbrsf cij `is gnfjfs ef`pbtrnaijni ef` dijei pbrb rfb`nzbr sus ipfrbcnijfs, pijnfjei bs fj rnfsmi f`pbtrnaijni ef` dijei pbrb gfjfdncni pripni, pir fkfap`i, mbrbjtnzjei`i cij itrisgnfjfs ef fscbsi i ju`i vb`ir (ciai yb lb icurrnei fj b`mujb icbsnj).

Itrb ef `bs cbusbs quf pufefj pijfr fj pf`nmri `b sfmurnebe ef `b njvfrsnj fj ujdijei ef njvfrsnj citnzbei fs `b ciap`fknebe quf, eb b eb, vbj tiabjei `is jufvisdijeis quf vbj surmnfjei fj f` afrcbei. @is prnafris dijeis quf sf crfbrij frbjlfrrbanfjtbs rf`btnvbafjtf dcn`fs i jbeb ciap`fkbs y pir f``i bsfqung`fs b tiei tnpi

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ef njvfrsirfs yb quf snap`fafjtf rfp`ncbgbj uj jencf gurstn`. Snj fagbrmi, `b mrbjbcfptbcnj quf lbj tfjnei fj f` afrcbei y f` fjiraf crfcnanfjti ef `is vi`afjfsef pbtrnaijni mfstnijbei pir `is FUDs lbj lfcli quf `bs mfstirbs, cij `b njtfjcnj efguscbr abyirfs rfjtbgn`nebefs, vbybj fantnfjei cbeb eb dijeis cij fstructurbs cbebvfz as ciap`fkbs y brrnfsmbebs. Bs, liy yb sf pufefj njvfrtnr fj FUDs njvfrsis qufigtnfjfj rfjtbgn`nebe cubjei f` jencf quf rfp`ncbj gbkb y pnfrefj cubjei f` jencfsugf, pir afeni ef jirabtnvbs as ciap`fkbs. Ubagnj fstj `is FUDs bpb`bjcbeis,bpb`bjcbeis \7, \3 quf sij dijeis eijef `b rfjtbgn`nebe i preneb ef `bspbrtncnpbcnijfs au`tnp`ncb pir eis i pir trfs `b rfjtbgn`nebe i preneb ef` jencfrfp`ncbei.

@is endfrfjtfs dijeis quf fstj butirnzbeis fj `b enrfctnvb VCNUS NT (Enrfctnvb7??>/46/CF ef` _br`bafjti Furipfi, pir tbjti ef rbjmi ef `b Vjnj Furipfb y qufrfmu`b `bs enspisncnijfs `fmb`fs, rfm`bafjtbrnbs y beanjnstrbtnvbs sigrf `isirmbjnsais ef njvfrsnj ci`fctnvb, fjtrf f``is `bs NNCs i Njstntucnijfs ef njvfrsnjci`fctnvbs eijef sf fjcuberbj `is FUDs) fstj cijsnefrbeis ciai prieuctisdnjbjcnfris ji ciap`fkis y pir f``i pufefj sfr ciafrcnb`nzbeis fjtrf `is njvfrsirfsanjirnstbs snj quf stis sf tfjmbj quf siaftfr b` tfst ef cijvfjnfjcnb, sfmj abrcb

`b Enrfctnvb 7??5/3>/CF. Snj fagbrmi, sij auclbs `bs ipnjnijfs ef fxpfrtis ybutirnebefs fj `b abtfrnb quf pnfjsbj y si`ncntbj quf ``babeis FUDs snjttncis (sijFUDs fj `is quf `b mfstirb ji rfp`ncb dsncbafjtf f` jencf gurstn` b` quf sf rfdnfrfj,snji quf idrfcfj uj cijtrbti, ``babei swbp, pir f` quf uj Gbjci njvfrsir sfciapriaftf b pbmbr `b rfjtbgn`nebe ef` jencf b cbagni ef ujb ciansnj), fjtrf itris,efgnei b su ciap`fknebe, efgfrbj sfr cijsnefrbeis prieuctis dnjbjcnfris ciap`fkisy, pir tbjti, `nantbr su ciafrcnb`nzbcnj b njvfrsirfs cij cijicnanfjtis y fxpfrnfjcnbsudncnfjtf pbrb bdrijtbr `is rnfsmis ef fstis jufvis prieuctis. Fj Abyi ef` 7.?27, `bDnjbjcnb` Njeustry Wfmu`btiry Butlirnty (DNJWB) au`t b cubtri fjtnebefs gbjcbrnbspir njcuap`nr cij `b ig`nmbcnj ef cijtri`br `b ciafrcnb`nzbcnj ef dijeis ef njvfrsnjcitnzbeis bpb`bjcbeis fjtrf njvfrsirfs anjirnstbs snj `b fxpfrnfjcnb y `iscijicnanfjtis sudncnfjtfs pbrb bsuanr f` rnfsmi ef` prieucti.

_fri ji fs jufstrb njtfjcnj, cij fstf trbgbki, f` bsustbr as ef `b cufjtb b` jufvinjvfrsir njtfrfsbei fj `is FUDs yb quf, ciai vfrfais as bef`bjtf b` trbtbr `bsvfjtbkbs f njcijvfjnfjtfs, `is dijeis ef njvfrsnj citnzbeis sij uj prieucti auybtrbctnvi quf cufjtb, fjtrf itrbs auclbs vfjtbkbs, cij uj b`ti jnvf` ef sfmurnebe ipici rnfsmi fj `b njvfrsnj.

Ji sfrb kusti f` quf tfranjsfais ef lbg`br ef `b sfmurnebe fj `b njvfrsnj fjFUDs snj fxpijfr `is ajnais quf efgf cuap`nr uj dijei ef njvfrsnj citnzbei pbrbsb`nr b` afrcbei gurstn`, yb quf f` cijicnanfjti ef stis jis byuebr gbstbjtf fj `bcbtb`imbcnj pfrsijb` quf cbeb njvfrsir lbr ef `b sfmurnebe fj `is FUDs. stisefgfj ebr uj p`us ef sfmurnebe b` njvfrsir yb quf f` lfcli ef fstbr siaftneis b fstbs

cijencnijfs snmjndncb quf fxnstfj afcbjnsais f njstntucnijfs quf cijtri`bj y vf`bj pirf` cuap`nanfjti ef tiebs `bs jirabtnvbs (`is lbcfj as sfmuris). @is ajnais sij`is snmunfjtfs;

Igtfjfr `b butirnzbcnj ef `b Ciansnj Jbcnijb` ef` Afrcbei ef Tb`irfs(CJAT) y cuap`nr `b jirabtnvb quf fstbg`fcf `b ansab.

Ruf su pi`tncb ef njvfrsnj sfb `b ef rfp`ncbr uj jencf dnjbjcnfrisudncnfjtfafjtf envfrsndncbei, ef rfdfrfjcnb befcubeb ef uj afrcbei y quftfjmb sudncnfjtf endusnj.

Ruf `is vb`irfs quf ciapijfj su cbrtfrb sf pufebj cijsnefrbr bctnvis bptispbrb `b njvfrsnj, sfmj `is tranjis fstbg`fcneis pir `bs NNC (Njstntucnijfs efNjvfrsnj Ci`fctnvbs).

Ruf `is afrcbeis eijef citncfj `is bctnvis ef` jencf sfbj snan`brfs b `isafrcbeis dnjbjcnfris fspbi`fs.

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UDM-DNCI. FUDs; VJB DWAV@B EF NJTFWSNJ B@ B@CBJCF EF UIEIS

->-

CB_UV@I 7

@I RVF EFGFAIS SBGFW _BWB NJTFWUNW FJ FUDs

7.2. C@BTFS _BWB FSCIMFW F@ FUD

Ufjnfjei fj cufjtb quf ji fxnstfj rfm`bs jn c`bvfs amncbs pbrb f`fmnr uj FUD (jnjnjmj prieucti dnjbjcnfri) quf jis bsfmurf ujb eftfranjbeb rfjtbgn`nebe, pbrbfscimfr uj prieucti befcubei b uj njvfrsir, `i prnafri quf efgf tfjfr fj cufjtbstf fs su pfrdn` ef njvfrsir. Fstf trbgbki vb enrnmnei b uj pfrdn` ef njvfrsir jivbti fnjfxpfrti quf efsfb njncnbrsf fj f` aujei ef `is FUDs. Ubagnj efgfais tfjfr fjcufjtb f` tnfapi quf qufrfais efencbr b `b mfstnj y vnmn`bjcnb ef `b njvfrsnj y, pirsupufsti, b rfjtbgn`nebe quf prftfjef b`cbjzbr.

Vj njvfrsir quf prftfjeb njncnbrsf fj `is dijeis ef njvfrsnj citnzbeis cij ujbbctntue pbsnvb drfjtf b su njvfrsnj, fs efcnr, quf ji tfjmb tnfapi i efsfis ef fstbrcijstbjtfafjtf mfstnijbjei sus pisncnijfs, quf gusquf ujb rfjtbgn`nebe aiefrbeb yb `brmi p`bzi, `b afkir b`tfrjbtnvb, snj eueb, fs `b ef fscimfr uj FUD quf rfp`nquf f`jencf ef uj eftfranjbei afrcbei gurstn` (pir fkfap`i f` Ngfx 36) y quf, befas,rfnjvnfrtb `is envnefjeis. Fstb f`fccnj fst gbsbeb fj quf, b` rfnjvfrtnr `isenvnefjeis, `is gfjfdncnis igtfjneis tfjerj uj njtfrs ciapufsti y sf nrjbcuau`bjei y mfjfrbjei jufvis gfjfdncnis. Bsnansai, `b f`fccnj ef njvfrtnr fj ujdijei quf rfp`nquf f` jencf dsnci ef uj afrcbei ciapufsti bsfmurb b` njvfrsir f`lfcli ef fstbr snfaprf njvnrtnfjei fj `bs afkirfs faprfsbs ef encli afrcbei; pirfkfap`i f` Ngfx 36 fst ciapufsti pir `bs afkirfs 36 faprfsbs ef cbeb aiafjti ysf rfjufvb cbeb cnfrti tnfapi, ebjei sb`neb b `bs quf igtnfjfj pfirfs rfsu`tbeis y

ebjei fjtrbeb b `bs quf vbj efstbcbjei fj cbeb aiafjti8 pir f``i sf bprivfclbref` ``babei sfsmi b`cnstb ef `is jencfs gurstn`fs ciapufstis. Sfmj fstuenisrfb`nzbeis pir bjb`nstbs dnjbjcnfris ef endfrfjtfs afenis, lnstrncbafjtf y sb`vi rbrbsfxcfpcnijfs, fs napisng`f i auy pici prigbg`f, gbtnr `b rfjtbgn`nebe ef uj jencf b`brmi p`bzi b trbvs ef `b mfstnj pfrsijb`nzbeb ef ujb cbrtfrb ef bccnijfs, pir auyfxpfrti quf sfb f` grhfr.

Sn f` njvfrsir fs ef bctntue pbsnvb pfri guscb ujb rfjtbgn`nebe abyir b `brmi p`bzi(bsnan`bjei tbagnj uj abyir rnfsmi), pierb njncnbrsf cij f` fkfap`i bjtfrnir pfrifscimnfjei uj dijei quf rfp`nquf uj jencf ciapufsti pfri cij uj eftfranjbeibpb`bjcbanfjti (\7, \3,.).

_brb uj njvfrsir cij bctntue bctnvb, fs efcnr, quf tfjmb tnfapi, efsfis y

cijicnanfjtis pbrb ipfrbr b cirti p`bzi f njc`usi enbrnbafjtf i, as bj, lbcfripfrbcnijfs efjtri ef ujb ansab sfsnj, stf tfjer quf tfjfr auy fj cufjtb `bsciansnijfs quf efgf pbmbr, yb quf, b` nmub` quf `bs bccnijfs, `bs ciaprbvfjtbs efpbrtncnpbcnijfs ef FUDs pbmbj ciansnijfs pir cbeb aivnanfjti quf sf rfb`ncf. _irtbjti, sfr auy napirtbjtf f` f`fmnr uj grhfr quf cigrf ciansnijfs gbkbs pir cbebirefj quf `f cursfais.

Itri ef `is pujtis quf lby quf tfjfr fj cufjtb b `b lirb ef f`fmnr uj FUD,cub`qunfrb quf sfb jufstrb bctntue drfjtf b su mfstnj, fs `b `icb`nzbcnj ef` ansai,fsti fs, f` pbs eijef sf fantfj, yb quf fj f` cbsi ef sfr fantneis dufrb ef `b zijbfuri, sf jfmicnbr fj envnsbs endfrfjtfs b` furi y, pir f``i, f` njvfrsir fstbr fxpufstib` rnfsmi ef` tnpi ef cbagni ef envnsbs.

Cubjei f` njvfrsir yb lb efcnenei su bctntue (bctnvb i pbsnvb), su pfrspfctnvb (cirtii `brmi p`bzi), f` sfctir b` quf vb fjcbanjbeb su njvfrsnj (jencfs gurstn`fs

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jbcnijb`fs, envnsbs, abtfrnbs prnabs, ftc.) y f` rnfsmi quf qunfrf bsuanr, yb fst fjcijencnijfs ef f`fmnr fjtrf `bs enstnjtbs mfstirbs quf idrfcfj f` FUD quf `f njtfrfsb.

Fj `i prnafri quf efgf dnkbrsf f` njvfrsir, b `b lirb ef fscimfr f` FUD, fs fj eispbraftris cijcrftis; f` cistf y `b `nqunefz.

Fj cubjti b` cistf ef` F_D fst c`bri quf njtfrfsb cubjti as gbrbti, afkir. Lby

quf tfjfr fj cufjtb quf, eftrs ef cbeb dijei lby ujb mfstirb quf cigrbr ujbciansnj pir su trbgbki. _ir f``i sf efgf ciapbrbr f` prfcni ef` ansai FUD fjenstnjtbs mfstirbs. Fsti sf cijsnmuf ciapbrbjei f` ebti ``babei Fxpfjsf rbtni qufnjencbr, fj cbeb cbsi, cujti sf `f efgf pbmbr b `b mfstirb pir su trbgbki. Ubagnjlby quf tfjfr fj cufjtb quf, cubjti as pipu`br sfb f` FUD quf sf lb f`fmnei, asgbrbti sfrj `bs ciansnijfs quf cigrbj `bs mfstirbs yb quf, b` lbgfr as c`nfjtfs, `iscistis sfrj afjirfs quf sn sf fscimf uj FUD sf`fctnvi eijef picis c`nfjtfsipfrbj.

Fj sfmujei dbctir fs `b `nqunefz i `b ipfrbtnvnebeef` dijei, fs efcnr, quf lbybvi`uafj ef ipfrbcnijfs fj f` dijei quf sf prftfjef bequnrnr pbrb quf, cubjei sfprftfjeb bequnrnr i vfjefr pbrtncnpbcnijfs, lbyb fj f` afrcbei pisncnijfs cijtrbrnbs

quf pfrantbj quf `bs refjfs sf fkfcutfj. Ef fstb dirab sf fvntbj mrbjefsefs`nzbanfjtis, fsti fs, mrbjefs endfrfjcnbs fjtrf f` prfcni b` quf prftfjef ciaprbri vfjefr y f` prfcni quf, dnjb`afjtf, sf fkfcutb `b irefj. @b `nqunefz njtfrfsb quf sfbcubjti as b`tb, afkir. @is FUDs ef abyir `nqunefz suf`fj sfr `is as gbrbtis. @bafkir dirab ef cijicfr `b `nqunefz ef` dijei fs `b ef dnkbrsf fj su mrdnci enbrni; sn stffs enscijtnjui, snmjndncbr quf fs pici `qunei8 jis njtfrfsb cubjtb as cijtnjunebe,afkir, cij f` dnj ef quf, fj f` aiafjti fj quf sf efsff fjtrbr cij ujb irefj, stb sffkfcutf snj sirprfsbs fj `is prfcnis. Ciai fkfap`i ef FUD titb`afjtf `qunei lby qufpijfr, snj `umbr b euebs, f` S_^8 su mrdnci fs tbj cijtnjui quf njencb b` pbrtcnpf qufpufef ipfrbr cij ` fj f` njtrbeb (fs efcnr, fkfcutbr irefjfs efjtri ef ujb ansabsfsnj) snj prig`fabs ef `nqunefz i ef ipfrbtnvnebe.

7.2.2. Unpis ef FUDs

F` mrbj bumf quf fst fxpfrnafjtjeisf fj tiei f` aujei fj fstf tnpi ef njvfrsnj,kujti cij `b ciapftfjcnb fxnstfjtf fjtrf `bs mrbjefs mfstirbs pbrb cbptbr b `isjufvis njvfrsirfs, lbcf quf cbeb eb vbyb surmnfjei fj `is afrcbeis jufvis tnpisef FUDs, cbeb vfz as sidnstncbeis y fj tieis `is sfctirfs dnjbjcnfris.

Btfjenfjei b` tnpi ef bctnvi fj f` quf njvnfrtfj, piefais fjuafrbr `is snmunfjtfstnpis ef FUDs;

FUDs sigrf jencfs ef rfjtb vbrnbg`f; Wfp`ncbj `is jencfs ef `is prnjcnpb`fsafrcbeis gurstn`fs aujenb`fs (NGF\-36, EB\3?, DUSF 2??, CBC 5?, EiwKijfs Njeustrnb` Bvfrbmf, Stbjebre&_iirs 6??, ftc. Efjtri ef uj ansai

pbs, vbrnis FUDs pufefj rfp`ncbr f` ansai jencf i pbrtfs ef` ansai. _irfkfap`i fj Fspbb lby FUDs quf rfp`ncbj f` jencf Ngfx-36 y itris rfp`ncbjf` jencf ef `b Mfjfrb` ef `b Gi`sb ef Aberne.

FUDs sigrf jencfs ef rfjtb dnkb; Sij dijeis quf rfp`ncbj jencfs ef bctnvisdnjbjcnfris ef efueb pg`ncb i prnvbeb ciai ig`nmbcnijfs y gijis.

FUDs aijftbrnis; njvnfrtfj fj bctnvis ef efueb fstbtb` b cirti p`bzi cij `baxnab cb`ndncbcnj crfentncnb y fj bctnvis aijftbrnis jfmicnbeis fj f`afrcbei njtfrgbjcbrni.

FUDs sigrf jencfs jbcnijb`fs; Wfp`ncbj jencfs ef `is afrcbeis i gi`sbsjbcnijb`fs, tbjti fj rfjtb vbrnbg`f ciai dnkb. Ciai fkfap`is piefais cntbrf` Eiw Kijfs, Jnhhfn 776, CBC 5?, DUSF 2??, GITFS_B, AFWTB@, ftc.

FUDs sigrf jencfs rfmnijb`fs; Wfp`ncbj jencfs ef rfjtb vbrnbg`f i dnkb effaprfsbs quf pfrtfjfcfj b ujb ansab rfmnj efjtri ef `is pbsfs (pirfkfap`i GCJ NJEF\CBU) i mrupis ef faprfsbs efjtri ef ujb pbrtf ef uj

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cijtnjfjtf (pir fkfap`i FVWISUI\\ 6?, FVWIJF\U 2??, S&_ @BUNJBAWNCB 5?, ftc.).

FUDs sigrf jencfs m`igb`fs; Wfp`ncbj jencfs aujenb`fs ef rfjtb dnkb ivbrnbg`f quf njtfmrbj vb`irfs ef `is endfrfjtfs pbsfs ef` aujei cijafrcbeis irmbjnzbeis (pir fkfap`i S&_ M@IGB@ 2??, ASCN ]IW@ENJEF\ i BC ]IW@E NJEF\).

FUDs sigrf jencfs sfmj cbpntb`nzbcnj; Sij dijeis quf njvnfrtfj fjjencfs ciapufstis pir mrupis ef faprfsbs cij cbpntb`nzbcnj gurstn` b`tb,i afenb i gbkb. Fj Fspbb fstj f` Ngfx 36, Ngfx Afenua Cbp y f` NgfxSab`` Cbp rfspfctnvbafjtf.

FUDs sfctirnb`fs; Wfp`ncbj jencfs dirabeis pir faprfsbs ef uj ansaisfctir; utn`ntnfs (faprfsbs ef sfrvncnis pg`ncis), sfctir gbjcbrni,cijstruccnj, snefriaftb`rmncbs, dbrabcutnci, trbjspirtfs, ftc.

FUDs sigrf jencfs ef faprfsbs cij uj eftfranjbei fstn`i ef mfstnj;Njvnfrtfj fj jencfs ef mrupis ef faprfsbs cuyb mfstnj tnfjfj ujefjianjbeir ciaj, pir fkfap`i, faprfsbs cij pfrspfctnvbs efcrfcnanfjti abyir b `b afenb fj f` `brmi p`bzi (ASCN M`igb` Tbuf i ASCN

M`igb` Mriwtl). FUDs Njvfrsis; Wfp`ncbj jencfs pfri ef dirab njvfrsb, fs efcnr, f` njvfrsirigtnfjf gfjfdncnis cubjei f` jencf rfp`ncbei gbkb y igtnfjf prenebscubjei f` jencf sugf.

FUDs Bpb`bjcbeis; Wfp`ncbj f` jencf cij uj cifdncnfjtf au`tnp`ncbeir (\7,\3). Fs efcnr, sn f` jencf rfp`ncbei sugf, `b rfjtbgn`nebe quf igtnfjf f`njvfrsir sf eup`ncb i trnp`ncb sfmj f` mrbei ef bpb`bjcbanfjti ef` dijei._fri by quf tfjfr fj cufjtb quf icurrf `i ansai cij `bs prenebs cubjeif` jencf rfp`ncbei gbkb.

FUDs Bpb`bjcbeis Njvfrsis i V`trbnjvfrsis; Sij dijeis njvfrsis qufnjvnfrtfj cij bpb`bjcbanfjti.

FUDs B`tfrjbtnvis; Wfp`ncbj jencfs cij ujb eftfranjbeb cbrbctfrstncb

fspfcnb`. Fsti jencfs pufefj sfr; Sigrf vi`btn`nebe b cirti, afeni i brmi p`bzi. Njd`btnij-dicusfe; cbagnis fj `bs fxpfctbtnvbs ef njd`bcnj. Wfb` rfturj; gfjfdncnis pir fjcnab ef `b njd`bcnj. Afrmfr Brgntrbmf; rfp`ncbj jencfs ef faprfsbs sigrf `bs quf

pufefj surmnr ujb I_B fj uj duturi prxnai. _ir fkfap`i f` CrfentSunssf Afrmfr Brgntrbmf @nqune Njefx.

Lfemf Dujes; Njvnfrtfj pbrb igtfjfr rfjenanfjtis bkustbeis b`rnfsmi afenbjtf cfstb ef dijeis lfemf fj eftfranjbeis afrcbeis yujb fstrbtfmnb dnkbeb.

Sij si`i b`mujis fkfap`is ef FUDs b`tfrjbtnvis, pufs cbeb eb lby as ycbeb vfz as sidnstncbeis y ciap`fkis.

7.2.7. Afrcbeis y sfctirfs

@bs ipfrbcnijfs ef ciaprb y vfjtb ef pbrtncnpbcnijfs ef dijeis ef njvfrsnjcitnzbeis sf rfb`nzbj fxbctbafjtf nmub` quf `bs ipfrbcnijfs ef ciaprb y vfjtb efbccnijfs. _ir f``i `is afrcbeis eijef citnzbj sij `is ansais y su dujcnijbanfjtiauy bj`imi. _ir uj aitnvi ef cfrcbjb b` njvfrsir fspbi`, fj fstf bpbrtbei sfefscrngnr f` dujcnijbanfjti ef `is eis afrcbeis, prnabrni y sfcujebrni, fj `b gi`sbfspbi`b.

Efsef f` prnafr aiafjti fj quf `is FUDs dufrij beantneis b citnzbcnj fj gi`sb

(Wfb` Efcrfti 23?>/7??6 ef 5 ef Jivnfagrf), f` Snstfab ef Njtfrcijfxnj Gurstn` dufcrfbjei afcbjnsais y pricfenanfjtis pbrb ebr cbgneb b `bs pbrtncu`brnebefs yipfrbcnijfs fspfcdncbs ef fstf jufvi prieucti, ciai sij f` c`cu`i y `b endusnj ef`vb`ir `nqunebtnvi njencbtnvi ef `bs pbrtncnpbcnijfs, `bs ipfrbcnijfs fspfcnb`fs ef

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ciaprb y vfjtb ef pbrtncnpbcnijfs i `b dujcnijb`nebe ef `bs refjfs ciagnjbebs(quitfs) pbrb is fspfcnb`nstbs, fjtrf itrbs.

Ciai sf lb ciafjtbei bjtfrnirafjtf, sij eis `is tnpis ef afrcbei eijef citnzbj`is FUDs;

Afrcbei _rnabrni; Fstf afrcbei fst rfsfrvbei pbrb `is njvfrsirfs

njstntucnijb`fs. S`i pufefj bctubr fj ` `bs Sicnfebefs Mfstirbs ef `isdijeis, `bs Fjtnebefs Butirnzbebs (Sicnfebefs i Bmfjcnbs ef Tb`irfs) y `isEfpisntbrnis (Fjtnebefs Dnjbjcnfrbs). @bs ujnebefs quf sf jfmicnbj fj fstfafrcbei sf efjianjbj Crfbtnij Vjnt, quf s`i pufefj sfr crfbebs pir f`Mfstir ef` Dijei y fstj ciapufstbs pir uj jafri cijcrfti efpbrtncnpbcnijfs ef uj dijei (fstb cbjtnebe `b fstbg`fcf f` mfstir ef` dijei)as ujb cbjtnebe ef enjfri dirabeb pir `is envnefjeis rfpbrtneis, `isnjtfrfsfs ef `is envnefjeis, `bs tbrndbs, ftc. @bs fjtnebefs butirnzbebs ipfrbjfj fstf afrcbei cij eis igkftnvis;

i Igtfjfr Crfbtnij Vjnts njtfrcbagnjei`is cij f` mfstir pir ujb i vbrnbscbrtfrbs ef pbrtncnpbcnijfs cij `b ciapisncnj ef` jencf quf rfp`ncb f`

dijei. Fstis njtfrcbagnis efgfj pbmbr `b tbrndb ef crfbcnj ef `bCrfbtnij Vjnt.

i Wfscbtbr ujb cbrtfrb, idrfcnfjei b` mfstir ujb i vbrnbs Crfbtnij Vjnts bcbagni ef ujb cbrtfrb. Fstf njtfrcbagni fst sukfti b ujb ciansnj efrfscbtf.

@b dujcnj ef` Efpisntbrni (njtfrafenbrni) fj f` afrcbei prnabrni fs `b efcustienbr y fjtrfmbr b `b fjtnebe butirnzbeb `bs cbrtfrbs i `bs Crfbtnijs Vjnts.Efgf, befas, buentbr `bs cbrtfrbs y ciaprigbr quf rfb`afjtf rfp`ncbj f`jencf ef` dijei b` quf vbj bsicnbebs.

Afrcbei Sfcujebrni; Fstf afrcbei fst bgnfrti b tiei tnpi ef njvfrsirfs. Fj` sf rfb`nzbj `bs ipfrbcnijfs ef ciaprb y vfjtb b trbvs ef tieis `is tnpis ef

refjfs quf yb sf lbj fxp`ncbei bjtfrnirafjtf. Fj f` afrcbei gurstn`fspbi`, f` afrcbei sfcujebrni fs f` ``babei Afrcbei Cijtnjui Fspbi` qufdujcnijb afenbjtf uj snstfab njdirabtnzbei b jnvf` jbcnijb` efjianjbei SNGF(Snstfab ef Njtfrcijfxnj Gurstn` Fspbi`)8 fstf snstfab abjtnfjfcijfctbebs fjtrf s b `bs cubtri gi`sbs fspbi`bs (Aberne, Gbrcf`ijb, Tb`fjcnby Gn`gbi) y bsfmurb quf f` prfcni ef cbeb bctnvi sfb jnci f nmub`. Ef fstbabjfrb, cbeb njtfrafenbrni dnjbjcnfri pufef fkfcutbr `bs refjfs ef susc`nfjtfs njvfrsirfs efsef cub`qunfr `umbr. F` dujcnijbanfjti ef fstf afrcbeifst sukfti b `bs snmunfjtfs rfm`bs gsncbs ef ipfrbtnvnebe;

i _rnirnebe prfcni-tnfapi ef `bs refjfs; Ufjerj prnirnebe y, pir tbjti,sf fkfcutbrj bjtfs `bs refjfs cij afkirfs prfcnis (`is as b`tis

pbrb `bs ciaprbs y `is as gbkis pbrb `bs vfjtbs) y fj cbsi efnmub`ebe ef prfcnis, `b prnirnebe cirrfspijefr b `bs quf sf lbybjnjtrieucnei bjtfs fj f` tnfapi.

i Afkir prfcni ef` `bei cijtrbrni; Sn sf fantf ujb irefj ef ciaprb efpbrtncnpbcnijfs, stb sf fkfcutbr b` prfcni as gbki fjtrf `bs refjfsef vfjtb quf fxnstbj fj f` afrcbei fj fsf aiafjti. ^, b` rfvs, sn sffantf ujb irefj ef vfjtb, sf fkfcutbr b` prfcni as cbri (afkirprfcni) fxnstfjtf fjtrf `bs refjfs ef ciaprb fj vnmir.

Sb`vi quf `bs refjfs quf sf fantbj ``fvfj nap`cntbs cijencnijfs fxprfsbs,ujb irefj sf fkfcutbr titb` i pbrcnb`afjtf y ujb ansab irefj pufef ebr `umbrb as ef ujb jfmicnbcnj fj f` cbsi ef ji fkfcutbrsf njafenbtbafjtf fj su

titb`nebe fj ujb prnafrb jfmicnbcnj.

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7.2.3. Cistis ef `b njvfrsnj

Bequnrnr ujb pbrtncnpbcnj ef uj dijei ef njvfrsnj citnzbei quf rfp`ncb uj jencfgurstn`, fs nmub` quf bequnrnr bccnijfs ef tiebs `bs faprfsbs quf ciapijfj fsfjencf gurstn` y fj `b pripircnj fj quf njd`uyfj fj f` ansai. _ir cntbr uj fkfap`in`ustrbtnvi y rfdnrnjeijis b uj dijei quf rfp`nquf f` jencf Ngfx 36, tfjerbais quffantnr 36 refjfs ef ciaprb enstnjtbs pbrb pisffr uj prieucti nmub` b` ef `bbequnsncnj ef ujb pbrtncnpbcnj ef` dijei (ujb irefj ef ciaprb). Ufjnfjei fj cufjtbquf cbeb irefj tnfjf quf pbmbr ujb ciansnj b` njtfrafenbrni quf `b cursb fj jiagrfef` njvfrsir, y quf `bs ciansnijfs sij `bs ansabs fj f` cbsi ef bequnrnr ujbpbrtncnpbcnj ef uj dijei i ujb irefj ef ciaprb ef bccnijfs, fs dcn` efeucnr quf f`cisti ef `b njvfrsnj fs 36 vfcfs as fcijanci fj f` cbsi ef ciaprb efpbrtncnpbcnijfs quf fj f` cbsi ef qufrfr dirabr ujb cbrtfrb pfrsijb`nzbeb ymfstnijbeb pir jisitris ansais, fj f` cbsi ef` Ngfx 36. _fri fs as, sn `b njtfjcnjef` njvfrsir fs quf su cbrtfrb rfp`nquf f` jencf y bs piefr igtfjfr `b ansabrfjtbgn`nebe, tfjerb quf fstbr fantnfjei refjfs ef ciaprb y vfjtb pbrb`f`bafjtf b

`bs d`uctubcnijfs ef` jencf, fs efcnr, sfmunr pbmbjei ciansnijfs, anfjtrbs quf f`njvfrsir quf bequnfrf ujb pbrtncnpbcnj ef uj FUD quf rfp`nquf f` jencf sfmunrbabjtfjnfjei `b rfjtbgn`nebe ef` ansai snj tfjfr quf pbmbr as ciansnijfs yabjtfjnfjei ujb bctntue titb`afjtf pbsnvb b` rfspfcti.

Vjb vfz bsnan`bei `i bjtfrnir, lby quf tfjfr fj cufjtb quf tieis `is dijeis efnjvfrsnj tnfjfj ujb sfrnf ef ciansnijfs quf lby quf pbmbr y quf, sn ji sf fstuenbjcij eftfjnanfjti b `b lirb ef f`fmnr f` dijei y f` njtfrafenbrni, `b rfjtbgn`nebe quf sfigtfjmb sf pufef vfr auy rfeucneb f njc`usi bju`beb fj ujb njvfrsnj. @bsciansnijfs as lbgntub`fs b `bs quf uj njvfrsir efgf fjdrfjtbrsf fj Fspbb sij `bssnmunfjtfs;

Ciansnj ef njtfrafenbcnj i cirrftbkf; Fs `b quf cigrb f` njtfrafenbrni pir

fkfcutbr `b irefj ef` njvfrsir. @is jncis njtfrafenbrnis quf sij anfagris ef`afrcbei gurstn` y pufefj, pir tbjti, ipfrbr enrfctbafjtf fj ` sij `bsSicnfebefs y Bmfjcnbs ef Tb`irfs. _ir f``i, sn sf fjcbrmb `bs ipfrbcnijfs(refjfs) b itris njtfrafenbrnis quf ji sfbj anfagris ef` afrcbei (pirfkfap`i fjtnebefs gbjcbrnbs), fstis cigrbrj itrb ciansnj as pir su trbgbki(ciansnj pbrb f``is + ciansnj quf efgfj pbmbr f``is b `bs Bmfjcnbs iSicnfebefs ef Tb`irfs). Ciai rfsuafj, sf efgf tfjfr auy fj cufjtb `bf`fccnj ef` njtfrafenbrni sn ji qufrfais quf `bs ciansnijfs bju`fj f`rfjenanfjti igtfjnei, axnaf cubjei, efsef Fjfri ef 2.>>7, `bs ciansnijfsquf sf bp`ncbj b `bs ipfrbcnijfs gurstn`fs lbj snei `ngfrb`nzbebs8 efsef fsbdfclb, cbeb njtfrafenbrni pufef cigrbr `bs ciansnijfs quf fstnafcijvfjnfjtfs.

Cbjij cigrbei pir `b Gi`sb; Fs `b cbjtnebe quf cigrb `b Gi`sb y quf vb fjdujcnj b` fdfctnvi ef `b ipfrbcnj.

Cbjij cigrbei pir Ngfrc`fbr; Ngfrc`fbr fs f` jiagrf ciafrcnb` ef `b faprfsbSicnfebe ef Mfstnj ef `is Snstfabs ef Wfmnstri, Ciapfjsbcnj y@nqunebcnj ef Tb`irfs, S.B.. Fs f` Efpisntbrni Cfjtrb` ef Tb`irfs Fspbi` ycigrb ujb cbjtnebe quf efpfjef ef` fdfctnvi ef `b ipfrbcnj y fs fj cijcfptief ciapfjsbcnj y `nqunebcnj ef `is vb`irfs.

Ciansnj ef mfstnj; Fs cigrbeb pir `b Mfstirb ef` dijei pir sunjtfrafenbcnj y sf cb`cu`b fj dujcnj ef` pbtrnaijni ef` dijei, ef surfjenanfjti i ef `is eis b `b vfz.

Ciansnj ef beanjnstrbcnj, efpsnti i custienb ef `bs pbrtncnpbcnijfs; Sfcigrb, jirab`afjtf, pir sfafstrfs y fj cijcfpti ef beanjnstrbcnj ef `bspbrtncnpbcnijfs, cbjkfs ef vb`irfs, njdirabcnj ef `bs cbrtfrbs, ftc.

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Cij f` igkfti ef piefr ciapbrbr cistis fjtrf enstnjtis FUDs, f` njvfrsir efgfcijicfr f` snmjndncbei ef` tranji UFW (Uitb` Fxpfjsf Wbtni) ef uj dijei ef njvfrsnj,quf njencb, fj pircfjtbkf, f` titb` quf supijfj `is mbstis sipirtbeis pir f` dijei fjrf`bcnj cij f` vb`ir ef su pbtrnaijni afeni8 sf fjtnfjef efsef prnjcnpni ef bi lbstb`b dfclb fj `b quf sf cb`cu`b. Fstf tranji bs ciai su c`cu`i fst rfmu`bei fj f`Bjfxi 2 ef `b Cnrcu`br 3/2>>= sigrf `bs ig`nmbcnijfs ef njdirabcnj b `is pbrtcnpfs ef

`bs NNCs (Njstntucnijfs ef Njvfrsnj Ci`fctnvbs) ef cbrctfr dnjbjcnfri, efjtri ef `bscub`fs sf fjcufjtrbj `is FUDs.

Fj `b snmunfjtf tbg`b sf fxpijfj `is cistis ef `is enstnjtis FUDs quf pbrb quf snrvbef rfdfrfjcnb b` njvfrsir;

Cenmi NSNJ Cenmi SNGF Fansirb FUD Ciansnj ef Mfstnj y Efpsnti*

DW??2?7?5?=42??3 GGTBM GGTB Bccnj DUSF5MIIE NGF\ FUD ?,5?%

FS?2?6334?3< GGTBN GGTB Bccnj NGF\ 36 FUD ?,3%

FS?2?4?=. Gi`sbs y Afrcbeis Fspbi`fs. GAF

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7.2.5. Dnscb`nebe ef `is FUDs

Efsef f` 2 ef Fjfri ef 7?26, `b @fy 7=/7?25, ef 7= ef Jivnfagrf, njtrieucf cbagnisfj `b dnscb`nebe bp`ncbg`f b `is FUDs. B pbrtnr ef fstb dfclb, yb ji sf tnfjf fj cufjtb f`pfrniei ef mfjfrbcnj ef rfjenanfjtis ef `is dijeis ef njvfrsnj citnzbeis. Fj f`aiafjti fj quf sf prieucf `b vfjtb ef `bs pbrtncnpbcnijfs ef` dijei, f` rfjenanfjtiigtfjnei sf cijsnefrb ciai uj gfjfdncni i preneb pbtrnaijnb` pir `b quf f` pripnftbrni(njvfrsir pbrtcnpf) efgf trngutbr fj f` bi fj quf sf prieucf `b vfjtb. _brb `isrfjenanfjtis igtfjneis fj f` 7?26 sf lbj fstbg`fcnei trfs tnpis ef mrbvafjfsbp`ncbg`fs b encli rfjenanfjti;

7?% sigrf `is prnafris 4.??? furis.

77% lbstb `is 6?.??? furis.

75% sigrf f` rfsti ef is rfjenanfjtis

Itrb ef `bs pbrtncu`brnebefs fj `b dnscb`nebe ef `is FUDs fs quf ji sf `fs bp`ncbrftfjcnj b cufjtb sigrf `bs mbjbjcnbs pbtrnaijnb`fs b `b lirb ef rfb`nzbr vfjtb itrbjsansnj ef bs pbrtncnpbcnijfs.

_brb ujb cirrfctb ciapbrbcnj, fj `b tbg`b snmunfjtf sf rfsuaf `b dnscb`nebe pbrbtieis `is prieuctis dnjbjcnfris efspus ef `b rfdirab dnscb` ef 7.?26

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Ubg`b 7.7; Mub dnscb` gsncb ef prieuctis dnjbjcnfris. Bp`ncbg`f efsef 2/2/7?26

Dufjtf; Gi`sbs y Afrcbeis Fspbi`fs (GAF)

_brb ujb afkir ciaprfjsnj ef `b bjtfrnir tbg`b, b cijtnjubcnj sf fxp`ncb `bjiafjc`bturb ef `bs bgrfvnbturbs usbebs bs ciai `bs jitbs;

i WCA; Wfjenanfjti ef` cbpntb` Aign`nbrni.i M_; Mbjbjcnb _btrnaijnb .

i WU; Wfjenanfjtis ef` trbgbki

JIUBS;

i (2) Fstj fxc`uneis ef `b rfjtb ef` blirri `is rfjenanfjtis ef` cbpntb`aign`nbrni efrnvbeis ef `b cfsnj b tfrcfris ef cbpntb`fs pripnis qufpricfebj ef fjtnebefs vnjcu`bebs cij f` cijtrnguyfjtf.

i (7) Fstis dijeis tnfjfj eis pbrtfs f` WCA quf prieucf `b mbrbjtb y `b M_quf sf prieucf cij f` rffagi`si i vfjtb ef `bs pbrtncnpbcnijfs

i (3) Fxnstf ujb fxcfpcnj b `b cijsnefrbcnj Mbjbjcnb _btrnaijnb` (M_) ystb sf eb cubjei `bs ipfrbcnijfs `bs rfb`nzb ujb pfrsijb dsncb cij `b

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njtfjcnj ef cugrnr uj rnfsmi bdfcti b su bctnvnebe faprfsbrnb`, trbtjeisffjtijcfs ciai rfjenanfjtis ef bctnvnebefs fcijancbs.

i (5) Blirri; Sf mrbvbrj b` 7?% `is prnafris 4.??? furis, b` 77% lbstb6?.??? furis y cbjtnebefs supfrnirfs b` 75%

i (6) Sfmj `b fscb`b eftfranjbeb pbrb `bs rfjtbs ef` trbgbki fj f` NW_D

i (4) Lbstb f` 32/27/7?24 f` napirtf ef `b trbjsansnj anjirb f` vb`ir efbequnsncnj ef `bs bccnijfs, trngutbjei f` fxcfsi, sn `i lugnfrb, ciaimbjbjcnb ef pbtrnaijni. B pbrtnr ef` ?2/?2/7?2= f` napirtf fs mbjbjcnbpbtrnaijnb` ef` pfriei fj quf sf prieuzcb `b trbjsansnj, siaftnei brftfjcnj ef` 2>%.

Fj rfsuafj y, sn qufrfais lbcfr ujb ciapbrbtnvb dnscb` fjtrf `is FUDs y `isdijeis ef njvfrsnj, lby quf tfjfr fj cufjtb sn `b njvfrsnj sf lbcf b cirti p`bzi i b`brmi p`bzi. Sn fs b cirti p`bzi y cij ujb bctntue bctnvb (aivnjeisf ef ujis dijeis bitris), sn f` njvfrsir sf efkb ``fvbr si`i pir `b dnscb`nebe, stb fs dbvirbg`f b `is dijeisef njvfrsnj yb quf ji trngutbj b` trbspbsbr uj dijei b itri y `bs pbrtncnpbcnijfs ef `isFUDs efgfj trngutbr b` fkfcutbrsf f` rffagi`si (ji pufefj trbspbsbrsf ef uj FUD bitri). Fj cbagni, sn `b njvfrsnj fs b `brmi p`bzi, snfjei `b bctntue pbsnvb drfjtf b`ciapirtbanfjti ef `is jencfs, `b vfjtbkb dnscb` ef `is dijeis ef njvfrsnjtrbencnijb`fs efsbpbrfcf yb quf, b` prieucnrsf f` rffagi`si b `brmi p`bzi, `b dnscb`nebefs `b ansab fj bagis cbsis.

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Urbjspbrfjcnb; Cubjei sf bequnfrfj pbrtncnpbcnijfs ef FUDs sbgfais, fjtiei aiafjti, fj qu fstbais njvnrtnfjei (cijicfais snfaprf `bciapisncnj ef` jencf quf rfp`ncb). Cubjei ciaprbais pbrtncnpbcnijfs ef ujdijei ef njvfrsnj, snfaprf fstbrfais fxpufstis b uj cbagni fj `b pi`tncb efnjvfrsnj pir pbrtf ef` mfstir.

3.2.7. NJCIJTFJNFJUFS

Jnjmj prieucti dnjbjcnfri fs pfrdfcti y tieis tnfjfj njcijvfjnfjtfs quf lby qufsipfsbr cij `bs vfjtbkbs. B`mujis ef `is njcijvfjnfjtfs ef `is FUDs sij `issnmunfjtfs;

Cubjei sf bequnfrfj pbrtncnpbcnijfs ef FUDs efgfais pbmbr ciansnijfs b`grhfr i njtfrafenbrni dnjbjcnfri quf fkfcutb jufstrbs refjfs. Snj fagbrmi b`ciaprbr pbrtncnpbcnijfs ef uj dijei ef njvfrsnj trbencnijb` ji sf suf`fjpbmbr pir rfm`b mfjfrb`. Fsti lbcf quf, sn f` napirtf ef `b njvfrsnj quf sfefsfb lbcfr fs pfqufi, `b ciaprb ef FUDs sfb afjis njtfrfsbjtf.

Cubjei sf ciaprbj pbrtncnpbcnijfs ef FUDs, f` prfcni b` quf `bs bequnrnais fsf` prfcni afeni fjtrf `is prfcnis quf pnefj `is quf vfjefj y `is prfcnis qufebj `is quf ciaprbj (`b antbe ef gne-bsh sprfbe). Fj b`mujis FUDs fstbendfrfjcnb pufef sfr napirtbjtf y lbcfj quf ji sfbj njtfrfsbjtf `bsnjvfrsnijfs fj f``is pbrb p`bzis auy cirtis ef tnfapi. Snj fagbrmi, lby qufsfb`br quf, fj `is FUDs as pipu`brfs y ef abyir vi`uafj ef jfmicni, fstbsendfrfjcnbs sij auy pfqufbs y dcn`fs ef bsuanr.

@is envnefjeis quf idrfcfj `is dijeis ef njvfrsnj sf rfnjvnfrtfj enrfctbafjtfigtfjnfjei bs uj njtfrs ciapufsti b `brmi p`bzi. @b mrbj abyirb ef `isFUDs ji pfrantfj fsb pisngn`nebe snji quf f` njvfrsir rfcngf `is envnefjeis y,sn qunfrf rfnjvfrtnr`is, efgf vi`vfr b ciaprbr cij f``is y pbmbr jufvbs

ciansnijfs. @is FUDs snjttncis (yb sf lb lbg`bei ef f``is bjtfrnirafjtf) ji rfp ncbj

dsncbafjtf uj jencf snji quf idrfcfj `b rfjtbgn`nebe ef encli jencf afenbjtfuj cijtrbti cij f` njvfrsir y `b afenbcnj ef faprfsbs dnjbjcnfrbs qufbsfmurbj `b `nqunefz ef` dijei y f` pbmi ef `is rfjenanfjtis quf sf cijsnmb.Fstf fs uj rnfsmi napirtbjtf bbenei yb quf, sn qufgrbsf `b fjtnebe dnjbjcnfrbquf rfspb`eb b` FUD snjttnci, f` anfei pufef ``fvbr b `is pbrtcnpfs b` rfscbtfef su njvfrsnj afenbjtf vfjtbs fj cbscbeb ef sus pbrtncnpbcnijfs8 fstflfcli, bjtf `b db`tb ef `nqunefz quf sf crfbrb pir `b qunfgrb ef `b fjtnebednjbjcnfrb bsfmurbeirb pierb crfbr `b qunfgrb ef` FUD fj cijcrfti. Cbgfrfcirebr quf, ujb sntubcnj snan`br (auy pici drfcufjtf) sf vnvn fj f` 7?2?

cubjei f` jencf Eiw Kijfs cby, fj fscbsis anjutis, uj >% fj uj efscfjsivfrtncb` quf lnzi pfrefr cbsn tiei su vb`ir b auclis FUDs8 fstb sntubcnj crff` pjnci fjtrf `is pbrtcnpfs quf fantnfrij refjfs ef vfjtbs fj cbscbeb qufji sf puenfrij fkfcutbr pir `b busfjcnb ef pisncnijfs ciaprbeirbs fj f`afrcbei. B` dnjb`, `b rpneb njtfrvfjcnj ef `bs butirnebefs (bju`bjei auclbsef fstbs refjfs) fstbgn`nz f` afrcbei f lnzi quf f` napbcti jfmbtnvi fjtrf`is njvfrsirfs dufrb gbstbjtf `nantbei. _fri sntubcnijfs snan`brfs pufefj vi`vfrb icurrnr, sigrf tiei fj f` cbsi ef `is FUDs snjttncis quf sf cijsnefrbj ef `isas brrnfsmbeis.

7/24/2019 ETFs: UNA FRMULA DE INVERSIN AL ALCANCE DE TODOS.

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Jfz G`bjci, Ebvne

-7?-

CB_UV@I 5

@IS FUDs FJ FS_BB

5.2. FUDs FANUNEIS FJ FS_BB

Snj eueb b`mujb, fj Fspbb, `is FUDs prfdfrneis pir `is njvfrsirfs sij `is rfdfrneis b`jencf Ngfx-36. _brb tfjfr ujb nefb ef` efspfmuf ef fstis FUDs, gbstb fxpijfrb`mujis njencbeirfs; Sfmj ebtis bpirtbeis pir GAF (Gi`sbs y Afrcbeis Fspbi`fs),b` cnfrrf ef` bi 7.?25, f` vi`uafj ef fdfctnvi jfmicnbei fj `bs Gi`sbs fspbi`bs fjFUDs rfdfrneis b` jencf Ngfx 36 ``fm b `is 2.?=3 an``ijfs ef furis, rfprfsfjtbjei ujnjcrfafjti ef` 3?6% sigrf f` vi`uafj jfmicnbei fj 7.?23. Fj cubjti b` vi`uafj efipfrbcnijfs, fj 7.?25 sf lbj au`tnp`ncbei pir 5 cij rfspfcti b 7.?23, b`cbjzjeisf

befas uj rfcire ef 27. 3.5=?.437.526 6?.=

7?2? 6.>4

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UDM-DNCI. FUDs; VJB DWAV@B EF NJTFWSNJ B@ B@CBJCF EF UIEIS

-72-

Ubg`b 5.7; FUDs Ngfx-36 dbvirntis ef `is njvfrsirfs.Dufjtf; Gi`sbs y Afrcbeis Fspbi`fs (GAF)

Fstb c`brb bcfptbcnj pir pbrtf ef `is njvfrsirfs lb lfcli quf ji efkfj ef

bpbrfcfr fj f` afrcbei fspbi` jufvis FUDs cbeb eb quf qunfrbj nap`bjtbrsf yciapftnr fj fstf priaftfeir fscfjbrni. Ubagnj lby quf tfjfr fj cufjtb quf, lbstbliy, fj Fspbb, si`i f` 7?% ef `bs ipfrbcnijfs fj FUD sij rfb`nzbebs pir njvfrsirfsnjenvneub`fs, `i quf lbcf njencbr quf bj qufeb aucli efsbrri``i pir ef`bjtf. ^bcitnzbj fj f` afrcbei ef Fspbb uj jafri f`fvbei ef FUDs quf bgrfj uj fjirafbgbjnci ef pisngn`nebefs b `is njvfrsirfs, efsef `is as gsncis y afjis brrnfsmbeis(rp`ncb dsncb enrfctb ef` jencf lbstb `is as bmrfsnvis y brrnfsmbeis pbrb ciap`bcfrb `is njvfrsirfs njtrpneis y cij b`ti piefr ef bsuanr rnfsmis (FUDs njvfrsisbpb`bjcbeis \%, ujb vfrebefrb giagb!). Fj `b snmunfjtf tbg`b sf aufstrb f` cnfrrfef` afrcbei ef FUDs fj Fspbb cirrfspijenfjtf b` eb ef` cnfrrf ef fstf trbgbki, f`75/?4/7?26 b `bs 27;32 lirbs,

_rfcnis ef `b sfsnj ef` afrcbei ef FUDs

Jiagrf `t. % End. Ax. Aj. Ti`uafj Fdfctnvi () Dfclb Lirb

T.@.N. 75/?4/7?26

`t. Tb`ir@nqunebtnvi

`t. Lirb

BCCNIJ @BUBA UI_ FUD (@NRVNEBCNIJ) 57,23?? - - - - - 73/?4/7?26 Cnfrrf - 52,6=?752

BCCNIJ GWBSN@ FUD ( FJ @NRVNEBCNIJ) 237,2??? - - - - - 73/?4/7?26 Cnfrrf - 233726

BCCNIJ EK FVWISUI\\ 6?, FUD,DN CIUN[.BWA 34,=6?? -?,6< 34,>76? 34,=6?? 6=< 72.756,5> 75/?4/7?26 22;34 ::: 34,454?3?

BCCNIJ NGF\ 36 FUD,DN CIUN[,BWA. 22,57?? -?,6? 3=2.244 5.7=

7/24/2019 ETFs: UNA FRMULA DE INVERSIN AL ALCANCE DE TODOS.

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Jfz G`bjci, Ebvne

-77-

EG \-UWBCHFWS NGF\ 36 VCNUS FUD (EW) 2C 73,>46

EG \-UWBCHFWS SUI\\ FV.4?? VCNUS FUD(EW) ==,72?? ?,;?2 ::: 36,234=??

@^\IW VCNUS FUD DUSF F_WB/JBWFNU BSNBF\K 22,;?7 ::: 55,?>45??

@^\IW VCNUS FUD SUI\\ F.4?? VUN@NUNFS 3>,556? - - - - - 73/?4/7?26 Cnfrrf ::: 37??

@^\IW VCNUS FUD FVWIAUS LNMLFSU WBUFE A 235,55?? - - - - - 73/?4/7?26 Cnfrrf ::: 235,3?????

@^\IW VCNUS FUD KB_BJ (UI_N\) 22;?7 ::: 4;?7 ::: 26??

@^\IW VCNUS FUD SUI\\ F.SF@FCU ENTNE. 3? 2=,47?? - - - - - 73/?4/7?26 Cnfrrf ::: 2=,?>>>??

@^\IW VCNUS FUD ASCN FAV SAB@@ CB_ 75,54?? -?,2? 2>,62?? 2>,54?? 2?6 7.?55,

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UDM-DNCI. FUDs; VJB DWAV@B EF NJTFWSNJ B@ B@CBJCF EF UIEIS

-73-

@^\IW VCNUS FUD NGF\ 36 EIG@F B_B@BJCBEI 75,56?? -2,46 75,?.=26 5.44=.762,4? 75/?4/7?26 27;56 75,67?2 27;66 75,

7/24/2019 ETFs: UNA FRMULA DE INVERSIN AL ALCANCE DE TODOS.

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Jfz G`bjci, Ebvne

-75-

5.2.7. MFSUIWBS FJ FS_BB

Bujquf `bs mfstirbs fspbi`bs fstj igtfjnfjei mrbjefs rfsu`tbeis fj f` sfctir ef`is FUDs fj Fspbb, afkir bj fs f` ef `bs mfstirbs fxtrbjkfrbs yb quf, fj f`brrbjquf ef` prfsfjtf bi, lbj eup`ncbei f` rfsu`tbei ef `bs mfstirbs fspbi`bs.

Fj f` prnafr trnafstrf ef 7.?26, `bs mfstirbs quf cijsnmunfrij abyir cbptbcnj efdijeis ef njvfrsirfs ef FUDs dufrij G`bchWich quf cbpt 2.453 an``ijfs ef furis,@yxir cij 6an``ijfs, sfmj cndrbs dbcn`ntbebs pir Njvfrci. Fs `mnci quf fstbs mfstirbs mnmbjtfscbssfbj `bs quf mfjfrfj as cijdnbjzb b` njvfrsir efgnei b su tbabi y befas suabyir fxpfrnfjcnb fj f` sfctir pir su abyir rfcirrnei lnstrnci. Cbgf tbagnj rfsb`tbrquf `is abyirfs ciaprbeirfs ef FUDs ef `bs mfstirbs afjcnijbebs sfbj `bs pripnbsmfstirbs fspbi`bs (sigrf tiei NjvfrCbnxb, Sbjtbjefr Bssft Abjbmfafjt y GGTB)quf `is utn`nzbj pbrb njcirpirbr`is fj `bs cbrtfrbs ef sus afkirfs dijeis.

@bs 7? mfstirbs cij abyir cbptbcnj ef dijeis fj f` prnafr trnafstrf sij `bsaistrbebs fj `b snmunfjtf tbg`b;

Ubg`b 5.5; @bs 7? mfstirbs cij abyir cbptbcnj fj prnafr trnafstrf 7?26

Dufjtf; Njvfrci

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UDM-DNCI. FUDs; VJB DWAV@B EF NJTFWSNJ B@ B@CBJCF EF UIEIS

Gng`nimrbdb

Bpbrncni Wiqufnri, C.8 Mijz`fz _ufyi, D.K. (7?27); Dijeis Citnzbeis; cbrbctfrstncbs y

efsbrri``is rfcnfjtfs. Eicuafjti ef Urbgbki j 66. Ciansnj Jbcnijb` ef` Afrcbei efTb`irfs (CJAT), Sfptnfagrf 7?27.

Gi`sbaberne.fs; Mub dnscb` gsncb ef prieuctis dnjbjcnfris. Wmnafj bp`ncbg`f efsef 2 efFjfri ef 7.?26, Gi`sbaberne.fs,lttp;//www.gi`sbaberne.fs/eics/FUDs/eicsSugneis/MunbYDnscb`YFUDsY7?26.ped .(Cijsu`tbei 27/?4/7?26).

Mb``fmi, F. (7?25); FUD, qu sij, vfjtbkbs f njcijvfjnfjtfs, 27 ef Jivnfagrf, Wbjhnb.cia,lttp;//www.rbjhnb.cia/g`im/fmb``fmi/342456-ftd-quf-sij-vfjtbkbs-njcijvfjnfjtfs.

@fy 36/7??3, ef 5 ef Jivnfagrf, ef Njstntucnijfs ef Njvfrsnj Ci`fctnvbs.

Abtfu Mireij, K.@. (7??44/7??6, ef 5 ef Jivnfagrf, pir f` quf sf bprufgb f` Wfm`bafjtief `b @fy 36/7??3 ef `bs Njstntucnijfs ef Njvfrsnj Ci`fctnvbs (NNCs), y sf bebptb f` rmnafjtrngutbrni ef `bs Njstntucnijfs ef Njvfrsnj Ci`fctnvb.

Wfb` Efcrfti 347/7??=, ef 24 ef Abrzi, pir f` quf sf aiendncb f` Wfm`bafjti quf efsbrri``b`b @fy 36/7??3, ef 5 ef Jivnfagrf, ef njstntucnijfs ef njvfrsnj ci`fctnvbs (NNCs).

Sicnfebe ef Gi`sbs (7?22); Snstfabs ef Njtfrcijfxnj Gurstn`. Dijeis Citnzbeis (FUDs).Efscrnpcnj ef` aief`i ef afrcbei (vfrsnj Jivnfagrf 7?22). Sicnfebe ef Gi`sb, 7?22

Sicnfebe ef Gi`sbs (7???); Ufabs ef Bctub`nebe, j >3; Fxclbjmf Urbefe Dujes (FUD)(Jivnfagrf 7???). Gi`sbsyafrcbeis.fs, 7???

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