iShares ATX UCITS ETF (EXS3)
Eine detaillierte Analyse des wichtigsten österreichischen Aktien-ETFs.
The iShares ATX UCITS ETF offers targeted exposure to the Austrian equity market by tracking the ATX Index, which comprises the 20 largest and most liquid stocks listed on the Vienna Stock Exchange. This fund is a pure-play on the Austrian economy, dominated by the Financials, Industrials, and Utilities sectors.
Merkmale: Its primary appeal is for investors seeking a tactical allocation to Austria.
Risiken: The ETF carries significant single-country risk and high concentration risk, with the top 10 holdings accounting for over 75% of the portfolio. Its performance is heavily tied to the European economic cycle and the European Central Bank's monetary policy. The fund's expense ratio is 0.31%.
It aims to replicate the performance of the Austrian Traded Index (ATX) by holding all of the constituent stocks in the same proportion as the index. This provides direct exposure to Austria's leading blue-chip companies.
Top Sektor-Allokationen
| Sektor | Gewichtung |
|---|---|
| Financials | 34.5% |
| Industrials | 19.8% |
| Utilities | 16.5% |
| Energy | 12.1% |
| Materials | 9.6% |
| Zeitraum | EXS3 Rendite | Analyse |
|---|---|---|
| YTD | ~7.8% | The Austrian market has slightly lagged the broader European rally year-to-date, reflecting concerns about industrial demand. |
| 1-Year | ~14.5% | Over the past year, the fund has delivered solid returns but has not kept pace with the wider European market. |
| 3-Year | ~4.5% (Annualized) | The three-year performance has been muted, reflecting the impact of the energy crisis and interest rate hikes on Austria's industrial and banking sectors. |
| 5-Year | ~8.9% (Annualized) | Long-term performance is respectable but underscores the cyclical nature of the Austrian market compared to the more diversified European benchmark. |
| Unternehmen | Sektor | Gewichtung |
|---|---|---|
| Erste Group Bank AG | Financials | 21.35% |
| OMV AG | Energy | 12.11% |
| Verbund AG | Utilities | 10.48% |
| ANDRITZ AG | Industrials | 7.65% |
| Wienerberger AG | Materials | 6.88% |
| Raiffeisen Bank International AG | Financials | 5.54% |
| BAWAG Group AG | Financials | 4.31% |
| Voestalpine AG | Industrials | 4.22% |
| IMMOFINANZ AG | Real Estate | 3.55% |
| Vienna Insurance Group AG | Financials | 3.33% |
Sentiment & Kapitalflüsse
Stimmung: Current sentiment is neutral. While the Austrian economy has proven resilient, there are ongoing concerns about the outlook for its manufacturing sector and the impact of ECB policy on credit growth. The banking sector's health is a constant focus of analysis.
Kapitalflüsse: The fund has experienced modest but stable inflows. It doesn't attract the large strategic flows of broader European funds but serves a consistent tactical demand from investors looking to express a specific view on Austria.
Bull Case
A 'soft landing' for the Eurozone economy, coupled with the ECB beginning an easing cycle, would create a favorable environment for Austrian banks and industrial companies. If global manufacturing demand picks up and energy prices remain stable, the ATX could outperform broader European indices from its current valuation. A resolution of geopolitical tensions in Eastern Europe would also be a significant tailwind.
Bear Case
A European recession or a 'higher-for-longer' interest rate scenario from the ECB would be the primary bear case. A sharp downturn in industrial activity would hurt a significant portion of the index, while prolonged high rates could eventually lead to an increase in loan defaults, pressuring the heavily-weighted banking sector.