Update: iShares $ High Yield Corporate Bond UCITS ETF

Steigen in den USA die Zinsen, kann das ein Warnsignal für Hochzinsbonds sein. Allerdings ist deren Zinssensitivität im Allgemeinen geringer als bei Qualitäts-Anleihen. Die jüngste Korrektur bietet zudem angesichts der soliden Nachfrage nach Zinsprodukten die Aussicht auf Spread-Einengungen.

Jose Garcia Zarate 31.07.2015

Rolle im Portfolio

The iShares USD High Yield Corporate Bond UCITS ETF offers investors exposure to the USD-denominated market of non-investment grade corporate debt. Gaining exposure to the high yield corporate bond market is often thought of as a way to generate higher returns relative to better credits. However, investors in this asset class have to accept the trade-off of much higher notional risk relative to investment grade corporate debt. This means that expectations for a steady stream of income should be lower while the risk profile will be higher.

The combination of a substantial yield pick-up and a higher risk profile means that this ETF is probably best deployed as a satellite component within the fixed income section of an investment portfolio. Investors with a particular high tolerance to risk may see high yield as their preferred asset to meet their exposure requirements to corporate bonds. Some investors may consider this ETF as a proxy for global exposure to this asset class, as the US accounts for around two-thirds of the global high yield bond market. Irrespective of whether the ETF plays a core or tactical role, the overall weight of this asset class within a portfolio should not be particularly large.

European investors considering this USD-denominated ETF should account for foreign exchange effects on returns. In addition, investors would be advised to keep track of monetary policy decisions undertaken by the US Federal Reserve and the effect these may have on the value of this fixed income investment. This ETF tracks an index with duration around the four year mark.

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Über den Autor

Jose Garcia Zarate  ist Senior ETF Analyst bei Morningstar

Audience Bestätigung


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