Analyse: iShares $ High Yield Corporate Bond UCITS ETF

Wer bei Hochzins-Investments passiv anlegt, vertraut darauf, dass die Ausfallraten im Zuge der konjunkturellen Belebung niedrig bleiben. US-Dollar-Papiere dominieren in diesem ETF.

Jose Garcia Zarate 23.08.2013

Rolle im Portfolio

The iShares USD High Yield Corporate Bond 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 particular asset class will have to accept the trade-off of much higher notional risk vs. investment grade corporate debt. This means that expectations for a steady stream of income should be lower while the risk profile (e.g. default is not a rare occurrence in high yield) should 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. Some investors with a particular high tolerance to risk may see high yield as their preferred asset to meet their exposure requirements to corporate bonds, while others may see an ETF tracking the performance of the USD-denominated high yield bond market as better capturing the essence of the this particular asset class given that globally, high yield bond issuance is largely undertaken by US-based corporations. Irrespective of whether the ETF plays a structural or tactical role, we would argue that the overall weight of this asset class within a portfolio is unlikely to be of a great magnitude. 

European investors considering this ETF should also take into consideration that it is a USD-denominated instrument and should account for the effect on returns via foreign exchange gyrations. 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

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