Analyse: ETFlab Dt. Boerse EUROGOV Germany ETF

Sicherer Hafen für Bond-Anleger mit einer großen Laufzeiten-Spanne.

Lee Davidson 04.05.2012

Rolle im Portfolio

The ETFlab Dt. Boerse EUROGOV Germany ETF offers investors exposure to the 1-10y maturity spectrum of the German government bond market. Given concerns over credit quality of some eurozone sovereign issuers, investors looking to meet EUR-denominated fixed income exposure needs may find this German-centric government debt ETF a more suitable investment to ride out the volatile times, despite the very low yields offered by German sovereigns. 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 (e.g. this ETF has a duration of around 4.5%) 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.

The sole focus on German government bonds lends this ETF to tactical uses as a hedging tool. In particular, investors with existing fixed income exposures tilted towards eurozone countries other than Germany, or even the broader European market, can use this ETF to counterweight some of that risk exposure.  

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Über den Autor

Lee Davidson  is an ETF analyst with Morningstar Europe.

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