Update: iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF

Dieser ETF investiert in Schwellenländer-Anleihen, die auf den US-Dollar lauten. Anleger sollten jedoch angesichts der relativ langen Laufzeiten die Zinsänderungsrisiken im Blick behalten.

Jose Garcia Zarate 12.09.2014
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The iShares JP Morgan USD Emerging Markets Bond UCITS ETF offers investors exposure to the USD-denominated segment of the emerging market (EM) sovereign debt market. Historically, EM government debt has been mostly issued in USD or other developed nation currencies to make it more palatable to global investors. Despite the recent growth in issuance of local currency EM bonds, USD-denominated EM bonds retain the lion’s share of the EM sovereign debt landscape.

The search for higher yield and capital gains vis-à-vis developed bond markets remains the key selling point of emerging market government debt. Notwithstanding shifting perceptions about country risk borne out of the global financial crisis, financial vehicles offering exposure to emerging market debt are still likely to be rolled out as satellite components of an investment portfolio; a yield-enhancing complement to lower-risk core developed market fixed income building blocks. Additionally, investors have also been attracted to EM debt by virtue of its low correlation to traditional (e.g. developed economies) fixed income investments.    

Europe-based investors considering this ETF should take into account a fair array of risk considerations including: currency, country and duration. This ETF is a USD-denominated monthly-dividend-distributing vehicle; hence foreign exchange considerations are to have a regular impact on the expected income stream. As per country risk, the ETF does not discriminate between geographical areas; thus making it a good vehicle for those wanting to maximise diversification, but a poor one for those wanting to target a specific area or country. Finally, this ETF has a relatively high modified duration (e.g. around 7%). This is reflective of the still generally long-term maturity bias of emerging market issuing governments. However, closely interlinked with currency exposure, it adds a further layer of performance risk ultimately dependant on US monetary policy moves. The long duration of this ETF makes it vulnerable to proportionally higher capital losses when the Federal Reserve raises interest rates.

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Über den Autor

Jose Garcia Zarate  ist Senior ETF Analyst bei Morningstar

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