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Analyse: ComStage ETF iBoxx EUR Liquid Sovereigns Diversified 3-5

Der Einsatz dieses Eurozonen-Bond-ETFs erfordert gute Kenntnisse der Kurvendynamik von mittelfristigen Laufzeiten. Auch Anleihen niedrigerer Rating-Stufen enthalten.

Lee Davidson 30.11.2012

Rolle im Portfolio

The ComStage ETF iBoxx Euro Liquid Sovereigns Diversified 3-5y offers investors exposure to the short-to-medium-dated maturity segment of the eurozone government bond market. Investors may use this ETF as an alternative to cash holdings. Given the current low yield environment, particularly for short-to-medium-dated maturities from top-rated eurozone issuers, investors looking to equitise their cash may find this medium-dated government debt ETF a more suitable investment than short-dated debt due to the potential for higher returns. Going out further in the maturity spectrum, however, would pose additional risks in the form of greater duration and interest rate sensitivity.

Investors seeking short-to-medium-dated eurozone sovereign debt exposure need to be aware that this ETF includes issuances from non-AAA-rated sovereigns, though iBoxx's index methodology excludes non-investment grade issuers (e.g. Greece and Portugal at the time of writing). As a result, low yields offered by top-rated issuers and the capital losses experienced by peripheral issuers have resulted in this ETF's relatively weak performance of -0.06% annualised over the past three years compared to the average ECB refinancing rate (1.1%).

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Über den Autor

Lee Davidson  is an ETF analyst with Morningstar Europe.

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