Analyse: iShares JPMorgan $ Emerging Mrkts Bd(IE) (USD)

Anleger sollten bei diesem Schwellenländer-Anleihe-ETF die relativ lange Duration beachten.

Jose Garcia Zarate 14.02.2012
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The iShares JP Morgan Emerging Markets Bond ETF offers investors exposure to one of the fastest-growing investment areas of the last two decades, namely that of non-local currency emerging market government bonds. Although in recent years, local-currency denominated EM debt has received increased investor attention due to the potent return combination of high yield and EM currency gains; historically EM government debt has been denominated in USD or other developed nation currencies to make it more palatable to global investors.

The search for higher yield and capital gains vis-à-vis developed bond markets remains the key selling point of emerging market government debt. Notwithstanding shifting perceptions about country risk borne out of the global financial crisis, financial vehicles offering exposure to emerging market debt are still likely to work best as satellite components of an investment portfolio; a yield-enhancing complement to lower-risk core developed market fixed income building blocks. Additionally, investors have also been attracted to EM debt by virtue of its low correlation to traditional (e.g. developed economies) fixed income investments.    

Europe-based investors considering this ETF should take into account a fair array of risk considerations including: currency, country and duration. This ETF is a USD-denominated monthly-dividend-distributing vehicle; hence foreign exchange considerations are to have a regular impact on the expected income stream. As per country risk, the ETF does not discriminate between geographical areas; thus making it a good vehicle for those wanting to maximise diversification, but a poor one for those wanting to target a specific area or country.

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Über den Autor

Jose Garcia Zarate  ist Senior ETF Analyst bei Morningstar