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Update: db x-trackers IBEX 35® UCITS ETF

Inditex, Telefonica, Banco Santander, BBVA, Iberdrola und Repsol: Im spanischen Leitindex tummeln sich globale Player. Die Wahlen im Verlauf dieses Jahres dürften über den weiteren Reformkurs der Regierung entscheiden, der bereits erste Früchte eingebracht hat. 

Jose Garcia-Zarate 06.02.2015

Rolle im Portfolio

The db x-trackers IBEX 35 UCITS ETF offers investors exposure to the performance of Spanish large-cap equities as measured by the Madrid stock exchange benchmark market index. Investors seeking to build a Spanish-centric portfolio can make use of this ETF as a core building block in order to meet broad large-cap equity market exposure needs. Would-be investors should be aware that the IBEX 35 is a top heavy index where the six largest components routinely accounting for around 60-70% of its total market capitalisation. In terms of sector concentration, financials, telecoms and utilities represent around 70% of the index’s market capitalisation, with financials by far the biggest exposure with 35-40%. Investors outside of the Eurozone looking at this EUR-denominated ETF should be aware of currency risk.

This ETF can also act as a satellite tool to tactically overweight Spanish equities within an internationally diversified portfolio. However, investors need to be aware that the geographical tactical role of this ETF goes beyond the confines of the Spanish market. Indeed, as is the case with many other European stock market indices, the Spanish IBEX 35 is both a dual bet on Spain and the broader international economies. Within the selected group of the largest six IBEX 35 components, we find truly multinational companies such as Inditex, Telefonica, Banco Santander, BBVA, Iberdrola and Repsol, which derive a large share of their revenue from their non-Spanish operations. As such, investors may use this ETF to take tactical bets on either the geographical areas these key companies operate as well as on broad economic sector performance. Additionally, the fund’s tilt towards high-quality value stocks could also make it a good choice for balancing out a growth-leaning portfolio.

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Über den Autor

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

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