被动投资
有方法地投资
被动投资者工具：PAC、ETF、懒人投资组合和券商比较。
投资之前
先打基础，再用工具。
- 应急资金将 3-6 个月必要支出放在可随时使用的现金中，并与投资分开。
- 时间期限短期（<3 年）：现金。中期（3-7）：平衡。长期（7+）：股票。
- 成本和税务你了解 ETF 的 TER 吗？你知道券商适用哪种税务申报方式吗？
- 简单配置如果 10 秒内解释不清，组合可能太复杂。
AI ETF 筛选器
按资产类别、地区、TER 和累积/分配政策筛选。
懒人组合
All World、Permanent Portfolio、Golden Butterfly 和 Boglehead 三基金。
PAC 模拟器
月投入、期限、风险偏好和参考配置。
意大利券商
比较 ETF 成本、税费和自动 PAC。
快速 PAC 模拟器
Orientato all'azionario. Adatto a orizzonti lunghi (8+ anni) con buona tolleranza ai ribassi.
Totale versato
24.000 €
Scenario indicativo
33.681 €
Rendimento stimato
9681 €
Ipotesi: 80% azionario / 20% obbligazionario, rendimento annuo 6.5% lordo costante. Stima puramente educativa: i rendimenti reali variano e non sono garantiti. Non è un consiglio di investimento.
ETF 候选清单
IPF 社区常用的累积型 UCITS 工具。非投资建议：请核查 TER、流动性和券商可用性。
| Ticker | 角色 | TER | 政策 | 备注 |
|---|---|---|---|---|
| VWCE.DEVanguard FTSE All-World Acc | Global equities | 0,22% | Accumulating | Global core in one position: covers developed and emerging markets. A common starting point for simple portfolios. |
| SWDA.MIiShares Core MSCI World Acc | Developed equities | 0,20% | Accumulating | Developed markets only (US, Europe, Japan). Pair with EIMI if you want full global exposure including emerging markets. |
| EIMI.MIiShares Core MSCI EM IMI Acc | Emerging equities | 0,18% | Accumulating | Satellite to complete SWDA: adds China, India, Brazil and others. Typical weight: 10-20% of the equity portfolio. |
| AGGH.MIiShares Core Global Aggregate Bond EUR Hdg Acc | Global bonds | 0,10% | Accumulating | Defensive part of the portfolio. EUR hedging reduces currency risk and can smooth equity volatility. |
| XEON.DEXtrackers EUR Overnight Rate Swap | EUR cash-like | 0,10% | Accumulating | Tracks the EUR overnight rate (ESTR). Liquid alternative to a deposit account for the cash sleeve. Low volatility. |
懒人组合
受 Boglehead 和 IPF 启发的教学示例，不是个人化建议。
All World
Maximum simplicity: one ETF, complete global exposure.
100% VWCE.DE
80/20 Globale
Growth with a small bond cushion. For investors who want more calm during drawdowns.
80% VWCE.DE · 20% AGGH.MI
60/40 Classico
Balanced between growth and stability. Historically smoother than 100% equities in bear markets.
60% VWCE.DE · 40% AGGH.MI
Golden Butterfly
Broad diversification across five asset classes, designed for different macro regimes.
20% VWCE · 20% small cap · 20% short bonds · 20% long bonds · 20% gold
意大利券商：快速比较
信息性比较。开户前务必在券商官网确认最新条件。
| 券商 | 税制 | PAC | 优势 | ⚠ 注意 |
|---|---|---|---|---|
| Directa SIM | Administered | Available | Simple taxation, solid platform, good ETF choice on Borsa Italiana and Xetra | Dated interface; minimum commissions can weigh on small orders |
| Fineco | Administered | Replay (ETF PAC) | Integrated bank and broker, Italian support, good mobile app | Check Replay plan costs: conditions change by profile and number of trades |
| Trade Republic | Declarative | Automatic from EUR 1 | Very simple UX, recurring automatic plans, interest on cash | Declarative tax regime: you must report capital gains yourself. Consult a tax professional |
| DEGIRO | Declarative | Not available | Wide choice of markets and instruments, low commissions on foreign markets | No automatic PAC. Declarative regime required. Essential interface |
| Scalable Capital | Declarative | Automatic | PAC automation, good UX, Prime subscription with zero commissions | Declarative regime. Check that the desired ETFs are available on the platform |