db x-trackers Euro Stoxx 50® Short Daily UCITS ETF 1C (EUR)

Short-Positionen, so wie dieser ETF auf Euro Stoxx 50, profitieren von fallenden Kursen und können eine kurzfristige Absicherung entsprechender Gegenpositionen sein. Short-ETFs sind aufgrund ihrer Konstruktionsweise aber weniger als Langfristinvestment geeignet.

Hortense Bioy, CFA 20.03.2015

Rolle im Portfolio

The db x-trackers EURO STOXX 50 Short Daily 1C should be viewed as a specialty satellite holding best suited for active traders who understand how inverse funds work. This fund can provide a very short-term hedge for investors looking to protect a portfolio consisting mostly of eurozone equities if the market falls. It can also be used as a short term trading tool and provide the opportunity to speculate on a decline of the eurozone equity market. This fund is not suitable as a buy and hold investment.

Prospective investors should understand the risks involved in inverse ETFs, especially the effects of path dependency and compounding on returns. Because of the daily compounding arithmetic, investors are not guaranteed to get the index's inverse return for any holding period longer than one day plus interest (based on EONIA) earned on the investment. As an example (ignoring earned interest), imagine that the EURO STOXX 50 falls from 100 points to 90 points in one day, a decline of 10%, and then climbs back to 100 the next day--an increase of 11.11%. On the first day, the fund should rise by 10% to 110 but then fall by 11.11% the next day to 97.78.

It should be noted that using this fund has a couple of advantages in comparison to shorting the EURO STOXX 50 index. This is an effective strategy for investors trapped in a long position during a prolonged bear market. By using this fund, they could avoid the taxes, spreads and broker fees that they would otherwise face if they sold their entire portfolio. Another advantage of buying this fundover shorting the index is that investors can’t lose more money than they have invested in it, unlike a traditional short position, which exposes investors to the potential for unlimited losses.

Fundamentale Analyse

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Über den Autor

Hortense Bioy, CFA

Hortense Bioy, CFA  is director of passive fund research in Europe.

Audience Bestätigung


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