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Analyse: Lyxor ETF Euro Corporate Bond

Dieser Bond-ETF für Unternehmensanleihen setzt den Schwerpunkt auf kürzere bis mittlere Laufzeiten. Schwerpunkt auf niederländische, britische und US-Titel. 

Jose Garcia-Zarate 09.08.2013

Rolle im Portfolio

The Lyxor Euro Corporate Bond ETF provides exposure to the EUR-denominated corporate bond market. Investors are attracted to investment-grade corporate bonds for the expected steady income at higher yields vis-à-vis government bonds of similar rating and an assumed lower risk profile vis-à-vis equity. The combination of yield pick-up and relative security makes this ETF a candidate to work as a building bloc of the fixed income share of an investment portfolio. Depending on the underlying market fundamentals, this ETF can also play a role as a satellite component within a portfolio in order to roll out tactical overweight bets, which might afford investors the means to enhance expected returns.    

The vast majority of corporate debt issuers are located in developed economies. The index this ETF tracks (e.g. Markit iBoxx EUR Liquid Corporate) shows a rough 50/50 split between financial and non-financial holdings. The index restricts its bond universe to the most liquid issues, which tend to be from large-cap corporations with ratings not veering significantly from those of government bonds. This is likely to curb yield pick-up potential vis-à-vis ETFs tracking corporate bond market indices encompassing a wider universe and thus with a higher risk profile. As such, the yield-enhancing potential of this ETF would perhaps be best put to play against a risk-averse core fixed income portfolio made up of AAA-rated government bond ETFs, which would tend to offer the lowest yields within the broad government bond market.      

Investors also have to take into consideration potential performance risks arising from inflationary pressures and their effect on monetary policy. Although the fund tracks an index encompassing both Eurozone and non-Eurozone issuers, it is EUR-denominated and so the focus lies on European Central Bank policy action. The ETF tracks an index with duration around 3.5-4.0 years.

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Über den Autor

Jose Garcia-Zarate  is an ETF analyst with Morningstar UK.

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