Exchange Traded Funds – Die Transparenz verwischt
Die Exchange Traded Funds wurden bereits im Jahr 1993 lanciert und blicken seit dem auf eine sehr erfolgreiche Entwicklung zurück. Selbst zu Zeiten der Börsenbaisse konnten die ETF mit jährlichen Vermögenszuwachsraten von nahezu 100 Prozent glänzen.
Diversifikation senkt das Risiko einer Anlage – eine seit langem bekannte Tatsache. Welche Frage hiermit aber noch nicht beantwortet wurde ist, wie der “Otto-Normalverbraucher” als Anleger bei der vielfältigen und intransparenten Auswahl an Kapitalanlageprodukten die für ihn richtige Wahl treffen soll? Neben den schon seit längerer Zeit erhältlichen Zertifikaten und Investmentfonds sind daher insbesondere die Exchange Traded Funds, also börsengehandelte Fonds, in den Mittelpunkt des allgemeinen Interesses gerückt.
Es handelt sich dabei in der Regel um passiv gemanagte Fonds, deren Wertentwicklung einem bestimmten Index folgt. Sie kombinieren eine hohe Risikostreuung mit der Flexibilität von Aktien und gelten darüber hinaus als kosteneffizient und transparent. Eben diese sogenannte Transparenz sorgt im Moment für Unstimmigkeiten bei der Börsenaufsicht, denn das ursprüngliche Konzept, dass ETFs sich so zusammensetzen wie ein Index und der Anleger in jedem Moment genau den entsprechenden Preis sowie die Struktur seines Portfolios kennt, verwischt.
Bei der traditionellen Variante werden die Exchange-traded funds genau dem Index nachgebaut, d.h. jede Aktie wird separat mit ihrem jeweiligen Wert am Markt gekauft und zum ETF zusammengefasst. Diese Vorgehensweise wird auch als replizierender Ansatz oder Direktabbildung bezeichnet.
Parallel haben sich dazu mittlerweile noch weitere Ansätze etabliert, einer davon ist der Swap-basierte ETF. Ein sogenannter Swap-Partner garantiert hier die Performance des unterliegenden Index und “tauscht” diese gegen die Performance eines Portfolios, welches mit dem Mittelzufluss aufgebaut wird. Diese Investitionsstrategie ist für Anleger günstiger und rentabler, allerdings auch vielfach risikoreicher.
Vor allem für den Privatanleger gilt daher immer das Risiko abzuwägen und am Besten von undurchsichtigen ETF-Spielvarianten die Finger zu lassen. Diese neuen Exchange-traded funds sind vielfach hochriskant und mit den klassischen börsengehandelten Index-Fonds nicht mehr zu vergleichen.
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