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Analyse/SPDR S&P US Dividend Aristocrats ETF

Dieser ETF setzt auf Unternehmen, die es über die Zeit geschafft haben, ihre Ausschüttungen zu erhöhen. Immobilienunternehmen sind hoch gewichtet.

Rolle im Portfolio

The SPDR S&P US Dividend Aristocrats ETF provides exposure to a subset of the U.S. equity market focusing on companies that have been consistent in paying out dividends to shareholders.

The S&P High Yield Dividend Aristocrats index weights its constituents by dividend yield, and as such creates a bias towards value stocks. A stock stylised as value in the Morningstar Style Box has slower growth (low growth rates for earnings, sales, book value and cash flow) and typically a higher yield than other large-cap stocks.

The fund could be suitable as a core holding. However, investors should be mindful of sector concentration, with 20-22% of its total value in financial stocks. At the security level though, the fund is more broadly diversified, with holdings limited to 4% each.

Since 2004, the S&P High Yield Dividend Aristocrats Index has experienced almost identical volatility to the broader S&P 500 Index, at 14.7%. During the same period it has shown a correlation to the S&P 500 of 86%. This fund, which pays out quarterly dividends received from its underlying holdings, could be suitable for investors looking for regular income while maintaining exposure to equities. At the time of writing, the S&P High Yield Dividend Aristocrats Index had a dividend yield of 2.73%, versus a yield of 2.04% for the S&P 500.

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Fundamentale Analyse

This ETF is part of a growing cohort of strategic beta funds that eschew market capitalisation in favour of alternative weighting methodologies; in this case, yield.

While many investors chase capital gains, historically much of the total return from equities has come in the form of dividends. Within the U.S. market, as measured by the S&P 500 over the last 70 years, dividends have accounted for 30% to 60% of the returns from investing in stocks depending on the periods. A policy of regularly paying out earnings can discipline corporate management and reduce the chance of unprofitable acquisitions.

U.S. companies continue tohold vast amounts of cash on their balance sheets and will increasingly be under pressure to do something with it. That may mean handing capital back to investors in the form of higher dividend payments. The S&P High Yield Dividend Aristocrats Index has slightly outpaced the S&P 500 over the last 10 years, returning 8.2% per year versus 7.4% for the broader benchmark.

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Indexkonstruktion

The S&P High Yield Dividend Aristocrats Index is weighted by dividend yield, calculated by taking the total dividend payment from the previous 12 months and dividing by the stock price on the calculation date. The weighting of any one stock is capped at 4% at the time of the quarterly rebalancing. The index contains stocks selected from the universe of securities within the S&P 1500, and employs screens to ensure minimum size and trading volume. Rather than focusing only on the highest yielding stocks, the index seeks those with a record of consistency of dividend growth. To be considered for the index, companies must have increased their dividend for at least 20 consecutive years. Previously, the index was only made up of the top 60 ranked stocks, but a methodology change in 2012 made all qualifying stocks eligible for inclusion, and the index now consists of 95 companies. A committee maintains the index, rebalancing quarterly and making changes as needed. If a constituent falls out of line with any of the index’s entrance criteria, the committee can use its discretion to keep it in the index if the change is deemed temporary. This limits portfolio turnover. The top sector exposures are financials (20-22%), consumer staples (16-18%), industrials (13-15%), utilities and materials (both at 10-12%). The top constituents are HCP, AT&T, Con Edison and People’s United Financial, all with weights between 2 and 3%.

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Fondskonstruktion

The fund uses full physical replication to try to capture the performance of the S&P High Yield Dividend Aristocrats Net Total Return Index, owning – to the extent possible and efficient – shares in all of the underlying constituents in the same weights as those of the index. In certain circumstances it may also use derivatives to achieve its objectives. The fund is Irish-domiciled and has the U.S. dollar as its base currency. At the time of writing, it had assets of $1.5 billion. In the 12 months through the end of March 2014, the fund had not participated in securities lending.

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Gebühren

The fund’s total expense ratio (TER) is 0.30%, which is comparable to other funds offering exposure to large-cap value stocks in the U.S. Other costs potentially borne by the unitholder but not included in the total expense ratio include bid-ask spreads and brokerage fees when buy and sell orders are placed for ETF shares. Additional costs for this fund also include rebalancing costs, which are likely to be higher than for a plain vanilla US large cap market cap-weighted ETF due to greater index turnover.

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Alternativen

To get exposure to the U.S. Equity Large Cap Value category, there are a few choices, albeit referencing different underlying indexes. One possible alternative is iShares DJ US Select Dividend, which gives access to the 100 highest dividend-paying stocks in the Dow Jones U.S. Index. It attempts to screen for sustainable dividends by excluding stocks that have cut dividends in the past five years or have paid out more than 60% of earnings. 

Über den Autor

Morningstar ETF Analysts  Alan Rambaldini is an ETF analyst with Morningstar.