Analyse: Source STOXX Europe 600 Optimised Banks ETF

Dieser ETF auf europäische Banken ermöglicht es Anlegern, auf ein glimpfliches Ende der Eurokrise zu wetten.

Alastair Kellett 17.08.2012

Rolle im Portfolio

The fund provides access to many of the largest and most liquid bank stocks in Europe. Because of the narrow focus, it should be used as a tactical tool to express a view on European banks. Not only is the sector focus of the underlying index narrow in scope, but at the security level it is concentrated in the top names. And what the last few years has shown us is that the fortunes of large, highly leveraged financial institutions can change quickly in the face of shifting market sentiment. With this type of investment, caution is therefore required. Since the start of 2001, the STOXX Europe 600 Optimised Banks Index has been highly erratic, exhibiting annualised volatility of more than 27%. During the same period it has shown correlation to the wider MSCI Europe Index of 88% and to the MSCI World of 85%. The Financials sector is already a significant weight within the broader European market, for example it makes up nearly 20% of the STOXX Europe 600 Index. So combining this fund with a European equity product may result in overweighting this particular sector. The fund does not distribute any dividends from underlying constituents, so it may not suit an investor seeking regular income.

Fundamentale Analyse

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Über den Autor

Alastair Kellett  Al Kellett is an ETF analyst with Morningstar Europe.

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