Den passenden ETF finden.
Ein börsengehandelter Fonds (englisch exchange-traded fund, ETF) ist ein Investmentfonds, der an einer Börse gehandelt wird. Er wird im Normalfall nicht über die emittierende Investmentgesellschaft, sondern über die Börse am Sekundärmarkt erworben und veräußert. Deutschlands große Rubrik zu Exchange Traded Funds mit Realtimekursen, News, ETF-Magazin und indikativem NAV in realtime.
You can adjust market indicators on the home page according to your needs. Select up to six indices , securities or other market indicators. If you sign up for our portal - for free - , then your selections maintain. By clicking on the arrows you can change the order of the selected values.
Sign Up Reset Password. To use this function please log-in If you haven't got an account on boerse-frankfurt. Please enter a portfolio name. Please create a watchlist. Intraday 1 week 1 month 6 months 1 year 3 years 10 years.
Overview Charts History Constituents. DAX of 31 Results. An asset-weighted average of the underlying stocks' style and size scores determines a fund's placement in the Style Box. Style box assignments for stocks are updated each month. Assignments for funds are recalculated whenever Morningstar receives updated portfolio holdings for the fund. Using the Style Box In general, a growth-oriented fund will hold the stocks of companies that the portfolio manager believes will increase earnings faster than the rest of the market.
A value-oriented fund contains mostly stocks the manager thinks are currently undervalued in price and will eventually see their worth recognized by the market. A blend fund might be a mix of growth stocks and value stocks, or it may contain stocks that exhibit both characteristics. Understanding how different types of stocks behave is crucial for building a diversified, style-controlled portfolio of stocks or mutual funds.
The Morningstar Style Box helps investors construct portfolios based on the characteristics-the style factors-of all the stocks and funds that portfolio includes. The Fixed-Income Style Box The model for the fixed income style box is based on the two pillars of fixed-income performance: As depicted in the image below, the three interest sensitivity groups are limited, moderate and extensive and the three credit quality groups are high, medium and low.
These groupings display a portfolio's effective duration and third party credit ratings to provide an overall representation of the fund's risk orientation given the sensitivity to interest rate and credit rating of bonds in the portfolio. Interest-Rate Sensitivity The horizontal axis focuses on interest-rate sensitivity as measured by the bond's portfolio effective duration. Prior to October , US taxable-bond funds with durations of 3. In October , Morningstar moved from the aforementioned static breakpoints to dynamic breakpoints.
These funds have limited sensitivity to interest rate change. These funds have moderate sensitivity to interest rate change. These funds have extensive sensitivity to interest rate change. By using the MCBI as the duration benchmark, Morningstar is letting the effective duration bands to fluctuate in lock-steps with the market which will minimize market-driven style box changes.
Municipal bond funds with duration of 4. Credit Quality Historically, Morningstar followed the industry practice of reporting the average credit rating of a bond portfolio by taking a weighted average of ratings based on data provided by the fund company. However, because the default rates increase at an increasing rate between grades a mathematical property called convexity , this method systematically understated the average default rate of a bond portfolio.
For example, for U. Yet, the conventional method assumes that these spreads are equal. According to the conventional method, the average credit rating of this portfolio is AA.
However, the average default rate for this portfolio is that of BB bonds. To correct this bias, Morningstar takes the convexity of default rate curves into account when calculating the average credit rating of a portfolio. The first step is to map the grades of a portfolio's constituents into relative default rates using a convex curve. Next, average the resulting default rates rather than the grades to come up with an average default rate for the portfolio.
Finally, using the same convex curve Morningstar maps the resulting average default rate back into a grade.
Independent research confirms that the arithmetic average credit rating of a bond portfolio systematically understates the credit risk and that a more meaningful measure would be to average the default probabilities associated with each letter grade and then use the convex curve that relates the numerical representation of the letter grades to default probability to assign a letter or alphanumeric rating to the portfolio.
This procedure is detailed in Appendix A. Based on following breakpoints Morningstar maps the calculated average asset weighted letter credit rating see Appendix A for all portfolios on the vertical axis of the style box:.
Source of Data The data which drives the fixed income style box is surveyed from fund companies. Morningstar asks fund companies to send the following information on a monthly or quarterly basis for each of their fixed income or allocation funds. E-mail Article Print Article digg it Del.
You can adjust market indicators on the home page according to your needs.
Depot vorhanden Depot eröffnen.