Analyse: Amundi ETF Euro Corporates

Auch wenn dieser Bond-ETF einen breiten Markt abbildet, fällt das hohe Gewicht von Banktiteln ins Auge. 

Jose Garcia Zarate 16.11.2012

Rolle im Portfolio

The Amundi ETF Euro Corporates 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 satellite component of a fixed income investment portfolio, affording 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 suited within a risk-averse core fixed income portfolio made up of top rated government bond ETFs, which would tend to offer the lowest yields within the broad government bond market.

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Über den Autor

Jose Garcia Zarate  ist Senior ETF Analyst bei Morningstar

Audience Bestätigung


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