PIMCO US Dollar Short Maturity Source UCITS ETF

Wohl dem, wer in diesen Zeiten das Durationsrisiko bei US-Bonds im Blick hat. Dieser aktiv verwaltete ETF verpackt eine auf Kurzläufer ausgerichtete Strategie des Obligationenmanagers PIMCO. Sie soll einen Schnaps mehr Rendite als der US-Geldmarkt bringen.

Jose Garcia-Zarate 11.12.2015

Rolle im Portfolio

The PIMCO USD Short Maturity Source UCITS ETF is an actively managed exchange-traded fund that aims to deliver returns above the US three-month money market rate, as measured by the Citigroup 3-month US T-Bill index. The ETF manager invests in investment-grade USD-denominated bonds with very short maturity (that is, mostly up to one year). The ETF distributes dividends on a monthly basis. This is a USD-denominated ETF, which may have foreign exchange implications for European investors. 

This ETF will primarily appeal to investors seeking a boost in returns over a standard (that is, passively managed) US money market ETF while limiting risk in the process. However, because it is an actively managed fund, investors should not overlook that a) the ETF’s performance will be determined by the investment choices made by the portfolio manager and b) the management charge will be much higher than those levied by purely passive ETFs.   

Money market ETFs--or close alternatives such as this ETF--can be deployed as a core holding in an investment portfolio as a substitute for outright cash positions. Some investors may also use the ETF to neutralise cash drag (that is, the diminishing effect on portfolio returns of holding, rather than investing, cash). Investors using this ETF for cash management purposes will have to carefully consider whether the potential returns (net of fees) on offer are financially attractive relative to cheaper passive alternatives.

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

Um diesen Artikel zu lesen, müssen Sie sich anmelden

Hier kostenlos registrieren

Über den Autor

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

Audience Bestätigung


Auf unserer Websites werden Cookies und andere Technologien verwendet. Damit können wir Ihre Präferenzen nachhalten und Ihnen eine optimale Nutzung unserer Website ermöglichen. Weitere Informationen finden Sie unter Cookie-Optionen.

  • Andere Websites Morningstar