Warum active Fund ETFs überlegen since

When developing asset ETFs, which offer the highest cost and efficiency benefits, investors with passive high-investment strategies encounter specific advances that greatly increase return potential.

Passive nachgebildete Hochzins-Indizes: Weighing after debt

A problem that makes high yield ETFs passive lies in the art and science, while the industrialized countries lie. These individualized weights appear on the level of the existing debts. “The problem is that companies with large debt burdens are higher in the anteil in the ETF. The risks that have arisen: Part of the debt burden was often the result of financial problems, the risk was a loss or a restructuring. This opaque war will give an impetus to the overproportionate lust for passive portfolios in the crisis times, with the dotcom-buzz and the energy crisis,” says Tom Hanson, Head of European High Yield at Aegon Asset Management.

Limited Marktbreite und Liquidität

Unlike investing in a high-yield ETF, this is often a part of the benchmark market. The benchmark comparison can have a positive impact on performance. “Look at the overview of the iBoxx $ Liquid High Yield Index now half of the new ICE BofA US High Yield Index. This result is that ETFs can sometimes be used to fit in a less liquid, but potentially more profitable segment of the market. Active fund managers can use the investment spectrum and get into a liquid situation, but also make attractive investments, an Alpha that is generated,” Hanson continues.

Optimization as a problem

Passive ETFs, which are based on high-yield bonds, cannot be derived from the benchmarks they use. The optimisation of the ETF portfolios that is carried out, while the index content was not displayed, was caused by a ‘Tracking Error’. This analysis of the index, combined with the results, often causes underperformance in the benchmarks’, says Bernard Lalière. He is Head of Credit at DPAM.

ETFs are popular on the primary market

Another scientific night of ETFs in the high-yield segment is the Lalière in the front row on the primary market. “With the emission new indications, active fund managers have a so-called emission premium, which raises its yield. ETFs have never intended to develop a night structure and improve performance,” says Lalière.

ETFs are often offered on the stock exchange

“Another problem with passive ETFs in the high-yield segment is that they are traded in the overview of their net assets (NAV). If you put liquids in the market, it often happens that a German court arises. This premium burdens the yield of the legislator in addition, so that for the purchase of ETF shares more must be paid, if the underlying lie is indeed worth it,” said Lalière. DPAM has found that the three major European high-yield ETFs have delivered a continuous price decline of 0.42 basis points over the years – the German higher as etwa with the American shares of the S&P 500 or the European Investment Grade Corporate Union. I have gone through the market with Lalière in 70% of the cases with an upward movement. Active fund is not affected here, while your previous trading is not possible and you can orient yourself honestly.

High trading costs and debt as a profit killer

ETFs are often not very active as an active fund, but even in high-yield investments, the trading costs of strong performance can be influenced. “Während an index in a theoretical analysis of the transaction costs, more ETFs real trading costs play a role in buying liquid assets,” says Hanson.

The strong active manager: Flexibility and soulful investments

If you use ETFs, a number of interesting investments are made in all indexes, while active fund managers exclude your investments, which have a risk-return profile. „Aktive Manager Nutzen Interns Research and its market experience, a market study was done. If you can no longer look at any index, you can start to react to the market and make portfolios more flexible. This flexibility goes beyond the high-yield market of Vorteil, where the spread of good and bad investments is often greater than with Investment-Grade-Anleihen“, explains Hanson.

Liquidity and Krisenresistenz

In the most recent market phase, while the COVID-19 pandemic occurred, ETFs will appear in new liquid markets quickly and in your Limits values. Active fund manager can deal with the liquidity situation on a daily basis and by flexible trading activities to a minimum. Consulted in the High-Yield market is the high interest, liquidity and opportunities for utility, a separate active strategy.

Good performance at Euro-Fonds

The performance range in the past few months was between 3.6 and 16 percent. I have the best protection against the European coverage of Robeco QI Dynamic High Yield EH €. By Johan Duyvesteyn and Patrick Houweling, Lodewijk van der Linden is a managed fund that has an unweighted credit beta position. The regional allocation war is overweight in the US and underweight in Europe. The fund has a high duration position in the US and Germany.

Higher exit rates in the US are there

With fast 15 Percent Performance was the Nordea-1 European HY Stars Bond BP € fast profit with the Robeco Fund. René Kallestrup, a portfolio manager of Nordea’s European High Yield Bond and flexible credit strategies, has been looking at the robust yields. Therefore, the consequences of the loss of a historical level have remained at a historical level. Heavy is at the extremely low levels in the years 2021 and 2022 on the basis of the economic cycles and peculiar Ereignisse wieder it was, but erwartet Kallestrup in the coming quarterly large Ascent of exit rates – is this, it is one of the most common consequences sie. The exit rates in the US will move at a higher level than in Europe. The higher interest rate forecast for the US High Yield market is the higher interest rate with CCC rating. Look at the sector with the high exit value and remove it. While in Europe all real estate and e-commerce sectors in the United States would be sold by 2023, the economy in the United States would focus on the cattle sector, but also on the telecom sector and individual trade.

Few Refinancing Bedarf in Europe

In Europe, 44% of the high interest rate was reduced in 2026, in the US it was only 20%. It is clear that the Maturity Wall in Europe has acquired a larger size from the refinancing of other Atlantic sites. There are concrete, the issues with a good rating, which are sent out in the negative phase of the issue and also not by the new profitable prices, which will lead to a failure. It must always be the case that your refinancings are refinanced. The European high-yield brands are also in the market with short-term lease periods. While most years have had a refinancing deficit (called by the Kündigungssperrfrist), the Pull-to-Par effect can be their orderly display guides, allowing issues with a capital structure that is no longer carried out.

Faziet: I am a High Yield Area that focuses on the Schwächen of ETFs under the German. The simple market analysis, the volatile, the trading costs that offer the flexible flexibility, the passive High Yield ETFs are usually not active as an active fund. Active fund manager has increased its flexibility, research and research on the primary market, which makes the market opportunities larger and riskier. This results in a loss of return risks and a higher gesamtrendiet for the user. It is an active fund for High Yield investments that lasts long.

In the hit list you will find a fund that is now investing in euro investments and also in the euro hedged fund. If you want to find a High Yield Short-term fund, you will see that it is a profitable product. So look for all the beds in the right fund.