ETFlab Dt. Boerse EUROGOV Germany 3-5

Mittelfristige deutsche Staatsanleihen für die Sicherheit, nicht die Rendite.

Lee Davidson 24.02.2012
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The ETFlab Dt. Boerse EUROGOV Germany 3-5 ETF offers investors exposure to the 3-5y maturity spectrum of the German government bond market. Given the current low yield environment and concerns over credit quality of some eurozone sovereign issuers, investors looking to equitise their cash may find this German government debt ETF a more suitable investment to ride out the volatile times.

Investors can also consider this ETF to hedge fixed income holdings encompassing riskier issuers or as a vehicle for capital preservation. Despite the unlikelihood of a German default, this ETF's medium-dated bias (duration around 3.7%) makes it less optimal for capital preservation purposes than an ETF with a shorter maturity. Typically, shorter-term maturities and more liquid offerings will be better suited to capital preservation uses as this tends to minimise investment risk. Whilst going out further on the maturity spectrum poses some additional risks in the form of greater duration, investors may consider Germany a high enough rated issuing authority to consider the risk worth taking to capture some extra yield.

Tactically-minded investors can use the ETF to manage interest rate risk exposure within a broader portfolio of fixed income holdings spanning the entire curve. This ETF's 3-5y maturity bias provides investors with the more versatility to micro-manage duration on the upside and the downside than otherwise similar short-dated or long-dated maturity ETFs. As a result, we would argue that the tactical use of this ETF in this manner is likely best suited to institutional investors as it involves a good understanding of yield curve dynamics and the extensive monitoring of economic developments and ECB monetary policies.

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Über den Autor

Lee Davidson  is an ETF analyst with Morningstar Europe.

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