db x-trackers II iBoxx Global Inflation-Linked UCITS ETF 1C (EUR hedged)

Dieser Inflationsschutz-ETF bildet den iBoxx Global Inflation-linked Total Return Index ab und ist für Euro-Investoren abgesichert. Auch wenn die Teuerung derzeit vernachlässigbar ist, sichern Investoren so einen Teil ihres Bond-Porfolios ab.

Jose Garcia-Zarate 17.10.2014

Rolle im Portfolio

The db x-trackers iBoxx Global Inflation-Linked EUR Hedged ETF offers investors exposure to the aggregate performance of the major sovereign and quasi-sovereign (e.g. local/regional governments and public bodies, whether national or supranational, backed by governments) inflation-linked bond markets. This ETF is a EUR-denominated financial product whose performance may be affected by foreign exchange fluctuations. This ETF does not distribute dividends.

Protecting an investment portfolio against the damaging effects of inflation is one of the top tips an investor is certain to get. On that basis, inflation-fighters should be part and parcel of an optimal asset allocation. The global scope of this ETF possibly makes it best suited to work within the core of an internationally diversified investment portfolio, rather than one with a restricted geographical bias for which country-specific inflation-linked ETFs may be a better option. Having said this, it is important to underline that the term “global” used to market this ETF is somewhat generous as it only refers to developed economies (e.g. G7 plus Sweden. South Korea is also included, although with a tiny weighting). As such, this ETF may not prove such an effective inflation hedge for investors with investment portfolios geographically biased to emerging and developing economies, as these are statistically more heavily exposed to commodity-led inflationary pressures.  

Investors also need to take into consideration the underlying dynamics of the government inflation-linked bond market. Demand for this type of product is essentially institutional, particularly from the likes of pension funds and insurance companies with asset-liability-matching needs on fairly long-term horizons. As a result, inflation-linked bond issuance tends to have a long maturity bias. This is duly reflected in key metrics for this ETF such as duration (e.g. around the 10-12 year mark), which will determine the value of this ETF as monetary policy settings change. It would be fair to say that the task of monitoring such changes at a “global” scale may be more suited to institutional than retail investors.

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Über den Autor

Jose Garcia-Zarate  is an ETF analyst with Morningstar UK.

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