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Analyse: db x-trackers MSCI Korea Index UCITS ETF 1C

Auch wenn Korea längst nicht mehr auf dem Entwicklungsstand eines klassischen Emerging Markets ist, ist die Korrelation mit dem MSCI Emerging Markets sehr hoch. Samsung das Index-Schwergewicht.

Rolle im Portfolio

The db x-trackers MSCI Korea Index UCITS ETF offers exposure to the broad Korea equity market, with its underlying benchmark, the MSCI Korea Index, covering about 85% of the South Korea equity universe. Given its single-country exposure, this ETF would be ideal as a core equity holding for investors aiming to build a Korean-centric investment portfolio. Meanwhile, this ETF can take on a satellite holding role for investors looking to gain exposures to Korea within a broader geographical portfolio. This ETF can also be used tactically to roll out bets on the Korean market.

South Korea is an export-driven economy, with exports of goods and services accounting for 57% of GDP in 2012. As a result the MSCI Korea Index has a heavy tilt to large exporters with a cyclical orientation, mainly within the IT (36%), consumer discretionary (18%) and industrials (12%) sectors. Investors who are bullish on global growth can consider this ETF.

Over the past three years, the MSCI Korea Index has been more correlated to emerging markets (e.g. 90% correlation to the MSCI Emerging Markets Index and 93% to the MSCI EM Asia Index) than to developed markets (e.g. 73% correlation to the MSCI World Index and 68% to the S&P 500 Index). In our view, these figures suggest that the diversification effect of this ETF to a global portfolio is limited. 

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Über den Autor

Morningstar ETF Analysts  research hundreds of ETFs available to European investors. The Morningstar Rating for ETFs is based on a risk-adjusted performance measure.

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