Analyse: db x-trackers FTSE Vietnam (USD)

Diesem Produkt gebührt die (zweifelhafte) Ehre, der einzige Vietnam-ETF zu sein.

Lee Davidson 07.03.2012

Rolle im Portfolio

The db x-trackers FTSE Vietnam ETF is currently the only European-domiciled ETF to provide exposure to the Vietnamese equity market. Most index providers, like FTSE and MSCI, have classified Vietnam as a frontier market, which indicates a smaller, less developed, and less liquid market than a typical emerging market. Compounding the problem of liquidity, Vietnam has placed limits on foreign ownership of its listed companies to between 30% and 49%. These policies pose a problem for ETFs as managed funds have already bought up most of the Vietnamese investable universe. In order to gain exposure, this ETF has been forced to track small, low quality, and illiquid stocks.

For investors interested in Vietnamese equity exposure, the lack of liquidity directly impacts this fund's behavior. Over the past three years, the MSCI Vietnam index, which represents the broad Vietnamese equity market, has been somewhat correlated to the MSCI World (~51%) and STOXX Europe 600 (~50%). However, the db x-trackers FTSE Vietnam ETF has exhibited a very weak correlation to international equities as represented by the MSCI World (13%) and the STOXX Europe 600 (~18%) over the same time period. In fact, this ETF is hardly correlated to the broad Vietnamese market (~56%) as measured by the MSCI Vietnam index, which represents all Vietnamese equities. These correlation levels indicate that an investment in this ETF does not guarantee the same directional movements as the broad Vietnamese equity market.

Given that it tracks a single country benchmark, this ETF is best utilised as a tactical tool. Investors most likely need not worry about accidentally overweighting their portfolio's exposure to Vietnam, since broader emerging market indices do not include Vietnamese equities. 

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Über den Autor

Lee Davidson  is an ETF analyst with Morningstar Europe.

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