Update: PIMCO US Dollar Short Maturity Source UCITS ETF

Angesichts der Aussicht auf steigende Zinsen in den USA könnte dieser aktiv verwaltete Bond-ETF eine Renditequelle für Anleger ausserhalb des Dollar-Raums darstellen.

Jose Garcia Zarate 12.09.2014

Rolle im Portfolio

The PIMCO USD Short Maturity Source UCITS ETF is an actively managed ETF aiming to deliver returns above the US 3-month money market rate, as measured by the Citigroup 3-month US T-Bill index. The ETF manager sets out to do this by investing in investment-grade USD-denominated bonds with very short maturity (i.e. mostly up to one year). The ETF distributes dividends on a monthly basis. This is a USD-denominated ETF, which may have foreign exchange implications for European investors.

This ETF will primarily appeal to investors seeking a boost in returns over a standard passively-managed US money market ETF while limiting risk in the process. However, being an actively-managed fund, investors should not overlook that a) the ETF’s performance will be determined by the investment choices made by the portfolio manager and, b) the management charge will be comparatively much higher than that levied by purely passive instruments.    

Money market ETFs – or close alternatives such as this ETF - can be deployed as a core holding in an investment portfolio as a substitute for outright cash positions. This may help to neutralise the so-called “cash drag” (e.g. the diminishing effect on overall returns of holding rather than investing cash). Investors using this ETF for cash management purposes will have to carefully consider whether the potential returns (net of fees) on offer are financially attractive relative to cheaper passive alternatives and remunerated cash deposits.

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Über den Autor

Jose Garcia Zarate  ist Senior ETF Analyst bei Morningstar

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