Rolle im Portfolio
The PowerShares EQQQ ETF provides exposure to the largest non-financial equities listed on the Nasdaq Stock Market and as such, it can be used as a core portfolio holding. The NASDAQ 100 Index is commonly known as “the” US technology benchmark because of its high concentration of technology companies. The tech sector encompasses everything from computer hardware and software to telecommunications and represents almost two thirds of the index’s value. As such, this fund could appeal to investors looking to add a “tech” tilt to a well-diversified portfolio. However investors should be aware that from the perspective of individual names, this ETF is heavily biased towards Apple which accounts for 20% of its market capitalisation.
This fund can also serve as a tactical tool for those looking to place a bet on the near-to-medium-term prospects of the US large cap equity market--excluding financials--and the US technology industry in particular, under the belief that they are undervalued.
Fundamentale Analyse
The index that this ETF tracks is dominated by the technology sector; thus overall returns will be largely influenced by its performance.
In spite of some weak economic data, information technology (IT) spending has remained relatively robust over the past few years. The market rally in the third quarter of 2012 pushed many of the biggest names within the IT sector towards Morningstar equity analysts’ estimated fair value for these firms. However, given the uncertain demand environment and limited margin of safety facing many IT companies, Morningstar’s equity analysts have a cautious outlook for this sector. In particular, the outlook for the semiconductor industry looks somewhat soft. Despite the fact that some chipmakers saw their business improving in the second quarter, weaker demand caused by a challenging global economic environment will put additional pressure on the sector in the near-term.
The latest US unemployment and consumer spending data have added some positive tone to the economic outlook. Unemployment dropped to 7.8% in September, its lowest level since January 2009, the US Federal Reserve has stated its belief that the weakness in the job market in the second quarter may have been just temporary and the latest data indicate a return to more normal levels of economic growth. However, the uncertain economic outlook has kept businesses from hiring more staff or making new investments.
Supported in part by the lower unemployment rate, consumer spending in September rose by 1.1% while retail sales figures for July and August have been revised upwards as well. However, analysts have suggested that consumer spending in September was not as strong as the data suggest as spending in electronic stores and higher gas prices accounted for much of the growth. Accounting for these effects, consumer spending was still up 0.9%, the third consecutive monthly increase. In addition, growth in consumer spending is likely to continue as consumer confidence is back to pre-recession levels.
Driven in particular by rising energy costs, consumer prices were 0.6% higher in September, matching August’s inflation rate, which marked the highest on-month increase since 2009. Petrol prices alone rose 7% while energy prices rose 4.5%. Adjusting for volatile items like food and energy, inflation rose by a modest 0.1%.
Lower unemployment coupled with rising consumer spending, which accounts for roughly two-thirds of US GDP, should support the economic recovery in the coming months. However, in a worst case scenario the looming “fiscal cliff” which could be reached at the end of the year poses additional risks. Tax increases and spending cuts could cost the average family thousands of dollars per year, according to the Wall Street Journal. A more likely scenario is simply the expiration of the payroll tax holiday, which would cut average take-home pay by around $1,000 a year.
After growing by an annualised 2.2% in Q1 and 1.7% in Q2, the Fed now expects the economy to grow by 1.75% for the full year and 2.5% next year. This should bring down unemployment to 7.25% by the end of 2014 according to the central bank.
Indexkonstruktion
The NASDAQ 100 Index provides equity exposure to the 100 largest non-financial securities listed on the Nasdaq Stock Market. It is a market capitalisation weighted index representing major industry groups, like computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. The index is calculated under a modified capitalisation-weighted method with the intention to retain in general the economic attributes of capitalisation-weighting while providing enhanced diversification. In order to achieve its objective, the NASDAQ 100 Index is reviewed quarterly and adjusts the weightings of index constituents using a proprietary algorithm, if certain pre-established weight distribution requirements are not met. To be eligible for the index, component stocks must be listed on the Nasdaq Stock market and meet a list of criteria, like being a non-financial company, trading at least 200,000 shares a day and being listed on the stock market for at least two years. As of writing, the index is heavily biased towards the technology sector (66%), followed by consumer discretionary (16%) and health care (11%). The largest index constituent is Apple, representing 20% of the index’s value, followed by Microsoft (8%) and Google (6%). The index is therefore heavily top weighted as the top 10 holdings represent almost 60% of the index.
Fondskonstruktion
The PowerShares EQQQ Fund uses physical replication to track the performance of the NASDAQ-100 Index. In order to achieve its objective, the index intends to invest in all of the component stocks of the reference index in their respective weightings. This fund engages in securities lending to generate additional revenues. The lending revenue generated can partially offset the TER. To protect the fund from the counterparty risk that results from this practice, PowerShares takes collateral greater than the loan value. Collateral levels vary but must be in excess of 102%, depending on the assets provided by the borrower as collateral. The fund may hold up to 20% of its NAV in securities from a single issuer in order to achieve his objectives. Under exceptional market conditions, the fund manager may invest up to 35% of the fund’s net assets in securities from a single issuer. In addition, the fund may also hold up to 10% of its NAV in other collective investments schemes. The fund may also invest in financial derivative instruments, including equivalent cash-settled instruments, dealt in on a regulated market. Moreover, the fund can deploy over-the-counter derivatives and invest up to 20% of its NAV in shares and/or debt securities issued by the same body in order to achieve its objective.
Gebühren
The fund levies a total expense ratio of 0.30%, which is in the middle of the range for ETFs tracking the NASDAQ 100. Other potential costs associated with holding this fund which are not included in the TER include rebalancing costs, bid-ask spreads and brokerage fees.
Alternativen
There is no scarcity of alternatives to this fund. Amundi, ComStage, iShares, Credit Suisse and Lyxor all provide ETFs tracking the NASDAQ 100 at lower TERs ranging from 0.23% to 0.30%. However, the largest fund in terms of assets under management is this ETF from PowerShare, which charges a TER of 0.30%.
Investors looking for a more diversified index providing exposure to US equities could consider using the iShares S&P 500 Index ETF to express their view. The S&P 500 Index’s largest sector exposure is IT (20%), followed by financials (14%) and health care (12%). The biggest single issuer exposure is Apple (5%), followed by Exxon Mobil (3%).
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