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Update: iShares STOXX Global Select Dividend 100 UCITS

Dieser Dividenden-ETF weist eine gemischte Performance-Historie auf. 2008 machte ihm das Banken-Exposure zu schaffen. Auch derzeit sind Financials im STOXX Global Select Dividend Index wieder hoch im Kurs.  

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This exchange-traded fund provides exposure to 100 of the highest-dividend-paying companies in the United States, Europe, and Asia/Pacific.

This fund’s benchmark, STOXX Global Select Dividend 100, is broadly diversified across countries but is heavily tilted towards financials, which account for over 40% of total portfolio allocation. Given its sector concentration, this fund is best suited as a satellite holding, especially for investors looking for an income-enhanced strategy. Other top sectors include utilities and telecommunications.

The fund weights constituents by dividend yield rather than market capitalisation. By style this fund leans towards value. The fund has a bias towards large- and giant-cap equities, but investors may also find smaller companies, not normally included in flagship market-cap weighted indexes, among constituents.

This fund may be susceptible to value traps. A value trap, also known as a dividend trap, occurs when a company’s dividend yield is high only because its share price is low, reflecting the fact that the company may be in trouble. The risk is somewhat mitigated by the fact that a company must meet certain quality criteria to be included in the index; these include having a five-year track record of non-negative dividend-per-share growth rates.

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Fundamentale Analyse

This ETF is part of a growing cohort of strategic-beta funds that eschew market capitalisation in favour of alternative weighting methodologies--in this case, yield.

While many investors chase capital gains, historically much of the total return from equities has come in the form of dividends. Depending on the market, dividends have historically accounted for 40% to 60% of the returns from investing in stocks. Dividends allow investors to receive constant cash flows, increasing their personal income. They also gauge the company’s financial health, as dividend distribution occurs when a company is profitable and generates excess earnings. Regularly paying out earnings to shareholders also reduces the chance of corporate management making unprofitable acquisitions.

Over the past few years, since interest rates have been historically low, income-deprived investors have looked to augment their returns with dividend-paying equities. This situation is about to change. The Federal Reserve and the Bank of England are looking to increase rates, while the European Central Bank and the Bank of Japan have indicated a willingness to increase monetary stimulus because of continuing deflationary pressure caused by declining commodity prices.

Dividend-payers tend to outperform in stable and declining-rate environments but struggle when rates are on an upswing. When rates rise, a company's cash flow is discounted at a higher rate. Many high-dividend-paying equities come from defensive sectors like utilities, consumer staples, and healthcare. These companies are less sensitive to the economic cycle, but when the economy is growing, they do not generate the same level of demand as cyclical and speculative equities.

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The STOXX Global Select Dividend 100 Index is designed to represent the 100 highest dividend-paying stocks relative to their home markets. The index is derived from its broader benchmark, the STOXX Global 1800, but more specifically it is a combination of the Europe Select Dividend 30, the North America Select Dividend 40, and the Asia/Pacific Select Dividend 30. Components are fixed at 100. and the ratio of 30:40:30 ensures that the index is broadly diversified geographically. For a constituent to be included in the index, it must have a five-year historical track record of non-negative dividend-per-share growth rates and dividend/earnings per share ratios of less than or equal to 60% or 80%, depending on the region. Companies with the highest dividends will also have the largest weight. Constituents are capped at 10%. The cap factor is reviewed quarterly. The largest country exposure is to the United States (22%-26%), followed by the UK (16%-20%), Hong Kong (8%-12%), and Singapore (9%-13%). Currency weightings follow country allocation patterns. Financials account for the largest sector weighting (40%-44%), followed by utilities (16%-20%) and telecommunications (8%-12%). The index is well diversified by security, with the top 10 holdings accounting for less than 20% of total index value. As of writing, Amlin, Sainsbury, and SSE PLC constitute approximately 2% each. The STOXX Global Sel Div 100 Index is reviewed and rebalanced annually.

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The fund uses full physical replication to capture the performance of the STOXX Global Select Dividend 100 NR EUR Index. The fund owns--to the extent that it is possible and efficient--all the underlying constituents in the same proportion as its benchmark. The ETF uses futures for equitisation purposes, which helps limit tracking error. IShares engages in securities lending to enhance the fund’s performance, lending up to 100% of the securities in its fund. Parent company and lending agent BlackRock covers the operational cost involved in securities lending for a 37.5% stake in the revenue generated from this activity, while the fund keeps 62.5%. Securities lending exposes the fund to counterparty risk, the possibility that the borrower will not return the securities it borrowed. To manage this risk, BlackRock takes collateral greater than the total loan value. Collateral levels vary between 102.5 and 112%. Over the past 12 months--as of June 30, 2015--the fund lent out 1.23% of its assets under management (on average) with a maximum on-loan of 2.84 (% of assets under management) and generated a securities lending return of 0.01%. BlackRock also provides indemnification for its iShares ETFs. If a borrower defaults and fails to return borrowed securities, BlackRock will replace them. The indemnification agreement is subject to change without notice.

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The fund charges a total expense ratio of 0.46%. Although tracking differences (fund returns – index returns) have varied significantly over the past three years, they have each year been smaller than the total expense ratio. This is largely due to the different tax treatment between the fund and the index. By virtue of being domiciled in Germany, the fund can achieve lower withholding tax rates than those assumed by the index. Additional costs to investors associated with trading the ETF include bid-ask spreads and brokerage fees.

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There are three alternative funds providing exposure to global dividend stocks, the db X-trackers STOXX Global Select Dividend 100 D ETF, the Lyxor SG Global Quality Income fund, and the UBS ETF DJ Global Select Dividend. These funds offer total expense ratios of 0.50%, 0.45%, and 0.30% for db X-trackers, Lyxor, and UBS, respectively. The UBS fund uses full physical replication methods, while db X-trackers and Lyxor use a synthetic portfolio construction.

Investors looking for global equity exposure can also look to standard market-capitalisation-weighted funds. The iShares Core MSCI World ETF, the cheapest product currently on the European market with global equity exposure, charges a total expense ratio of 0.20%.

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Über den Autor

Morningstar ETF Analysts  research hundreds of ETFs available to European investors. The Morningstar Rating for ETFs is based on a risk-adjusted performance measure.