Analyse: iShares Barclays Cap Euro Gov Bd3-5 (IE) (EUR)

Wer das Zinsänderungsrisiko fürchtet, sollte auf die Laufzeiten achten.

Lee Davidson 27.04.2012
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The iShares Barclays Capital Euro Government Bond 3-5y ETF offers investors exposure to the short-to-medium-dated maturity segment of the most liquid issuers of the eurozone government bond market. Investors may use this ETF as an alternative to cash holdings. Given the current low yield environment, particularly for short-to-medium-dated maturities from top-rated eurozone issuers, investors looking to equitise their cash may find this medium-dated government debt ETF a more suitable investment than short-dated debt due to the potential for higher returns. Going out further in the maturity spectrum, however, would pose additional risks in the form of greater duration and interest rate sensitivity.

Investors seeking short-to-medium-dated eurozone sovereign debt exposure need to be aware that this ETF includes issuances from non-AAA-rated sovereigns. As a result, low yields offered by top-rated issuers and the capital losses experienced by peripheral issuers resulted in this ETF's relatively modest performance of 3.2% compared to the average ECB refinancing rate (1.19%) annualised for the past two years.

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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