Update: iShares FTSE 250 UCITS ETF

Dieser Mid Cap ETF ist für kontinentaleuropäische Investoren allenfalls eine Beimischung --- allerdings eine substanzielle, da britische Nebenwerte ein oft unterschätztes Segment darstellen. 

Hortense Bioy, CFA 15.04.2016
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Rolle im Portfolio

The UK mid-cap equity Morningstar Category offers a limited number of options for investors to choose from, but we believe this FTSE 250 exchange-traded fund is not one of the most attractive.

For starters, at 0.40%, the iShares FTSE 250 is the most expensive passive fund in the category. Also, while it consistently tracks its benchmark, as evidenced by its low tracking error, the fund exhibits high tracking difference (fund return less index return). It has lagged its benchmark by an annualised 0.52% during the trailing three-year period.

And finally, the ETF’s underlying index, the FTSE 250 Index, doesn’t perfectly represent the opportunity set available to investors.  About 15% of its portfolio is made up of UK investment trusts--a mixed bag of strategies and geographic exposures with little or no connection to the UK stock market. Active managers in the UK mid-cap equity category tend to use the FTSE 250 ex-Investment Trust Index as starting investment universe and enjoy the flexibility to go up and down the market-cap spectrum to pick up additional returns.

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Über den Autor

Hortense Bioy, CFA

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