Analyse: Lyxor ETF Ibex 35 (EUR)

Spanischer Leitindex bringt hohe Konzentrations von Finanz- und Telekomtitel mit sich.

Jose Garcia Zarate 14.02.2012
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Rolle im Portfolio

The Lyxor ETF IBEX 35 ETF offers investors exposure to the performance of Spanish large-cap equities as measured by the Madrid stock exchange benchmark market index. Investors seeking to build a Spanish-centric portfolio can make use of this ETF as a core building block in order to meet broad large-cap equity market exposure needs. Would-be investors should be aware that the IBEX 35 is a top heavy index where the six largest components account for around 70% of its total market capitalisation. The IBEX 35 also shows a fairly high degree of sector concentration, with financials, telecoms and utilities representing around 70% of the index’s market capitalisation as of this writing. 

This ETF can also act as a satellite tool to tactically overweight Spanish equities within an internationally diversified portfolio. However, investors need to be aware that the geographical tactical role of this ETF goes beyond the confines of the Spanish market. Indeed, as is the case with many other European stock market indices, the Spanish IBEX 35 is both a dual bet on Spain and the broader international economies. Within the selected group of the largest six IBEX 35 components, we find truly multinational companies such as Telefonica, Banco Santander, BBVA, Iberdrola, Repsol YFP and Inditex, which derive a large share of their revenue from their non-Spanish operations. As such, investors may use this ETF to take tactical bets on either the geographical areas these key companies operate as well as on broad economic sector performance. Additionally, the fund’s tilt towards high-quality value stocks could also make it a good choice for balancing out a growth-leaning portfolio.

Investors outside of the Eurozone looking at this EUR-denominated ETF should be aware of currency risk.

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Über den Autor

Jose Garcia Zarate  ist Senior ETF Analyst bei Morningstar