Update: db x-trackers II EONIA UCITS ETF

Mit diesem ETF verlieren Sie Geld! Wenn nicht nominal, dann zumindest real. Doch als Absicherungsinstrument ist dieser Geldmarkt-ETF für Anleger, die turbulente Zeiten an den Aktienmärkten erwarten, eine gute Lösung.

Jose Garcia-Zarate 20.02.2015

Rolle im Portfolio

The db x-trackers II EONIA ETF is a money market ETF offering investors the possibility to invest cash holdings without incurring a significant level of risk. The main objective is one of providing a bullet-proof and highly flexible vehicle to invest cash on fairly short-term horizons. The trade-off is one of returns, with money market funds in general aiming at best to marginally better prevailing money market rates. In the case of this db x-trackers ETF, the objective is that of replicating the return of a rolling deposit invested daily at EONIA (i.e. the overnight reference rate for the Euro computed as a weighted average of all overnight unsecured lending transactions undertaken in the banking system).

In our view, the db x-trackers II EONIA TR ETF could play a role as a core holding in an investment portfolio as a near-perfect substitute for outright cash positions. Some investors may also see money market funds as a vehicle to neutralise the so-called “cash drag” (e.g. the diminishing effect on overall returns of holding rather than investing cash). Investors wanting to make use of a money market ETF for cash management purposes will have to carefully consider whether the returns on offer are financially attractive relative to alternative vehicles measured against key economic variables (e.g. interest rates, inflation).

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Über den Autor

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

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