PAIFに関する重要なリスク開示

  • ABF汎アジア債券インデックス・ファンド(“PAIF”)は、手数料や経費控除前でMarkit iBoxx ABF汎アジア指数(“当指数”)のトータルリターンに密に連動する投資リターンを提供することを追求する、債券型の上場投資信託です。ただし、そのリターンは当指数のリターンから乖離することもあり得ます。
  • 主にPAIFは、中国、香港、インドネシア、韓国、マレーシア、フィリピン、シンガポールおよびタイから成る8つのアジア市場における現地通貨建ての政府および準政府機関が発行する債券に投資します。
  • 投資には、アジアの先進地域および新興地域の市場における債券エクスポージャーのリスクを含め、様々なリスクが伴います。投資家は投資資金の一部あるいは全てを失う可能性があります。
  • PAIFは“アクティブ運用”されておらず、その連動対象である市場を“上回る”よう努めるものではありません。
  • 東アジア・オセアニア中央銀行役員会議グループ(“EMEAP”)のメンバーである中央銀行や金融当局は他のPAIF投資家と同様であり、保有している受益権ユニットの持分を各々が処分することが出来ます。EMEAPのメンバーである中央銀行や金融当局がPAIFの投資家であり続けるという保証はありません。
  • PAIFの取引価格はその一口当たり純資産価額とは異なる可能性があります。
  • PAIFは全ての投資家に適しているわけではありません。投資家は当サイトに記載されている情報のみに基づいて投資するべきではありません。投資を行う前に、投資家はリスク要因を含めてPAIFの目論見書を読み、商品特性や各自の投資目標ならびにリスク許容度等を考慮し、適切に独立した金融やプロフェッショナルのアドバイスを求めるべきです。
アジア債券、
次なるステージ
に向かって

15年の歴史、15年の成長を祝して

アジア初かつ最大のアジア債券ETF(上場投資信託)1であるABF汎アジア債券インデックス・ファンド(PAIF)は15周年を迎えました。2005年に設定されたPAIFは、アジア債券ETF業界の先駆けとなりました。アジアの現地通貨建て国債および公債で運用される分散型のポートフォリオに、1回の取引で容易かつコスト効率的に投資できる革新的なソリューションをご提供いたします。

PAIFに関する15の事実

1

アジア初の現地通貨建て債券ETF

2

アジア債券市場のさらなる発展を目指したアジア太平洋地域の11の中央銀行と金融当局による重要なイニシアチブの一環として、2005年に設定

3

ベンチマークはMarkit iBoxx ABF汎アジア指数

4

アジアの8つの主要国・地域(中国、香港、インドネシア、韓国、マレーシア、フィリピン、シンガポール、タイ)の政府および準政府機関が発行する現地通貨建て債券が主な投資対象

5

シンガポール籍で、2005年に香港証券取引所に上場(銘柄コード:2821)し、2009年には東京証券取引所にも重複上場(銘柄コード:1349)

6

現在、アジア太平洋地域最大の債券ETF1

7

設定以来、運用資産残高は3.5倍以上となる36億米ドル2に成長

8

設定来のリターンはプラスで、米ドルベースの年率換算リターンは4.31%3

9

過去15年(暦年ベース)のうち、12年でプラス・リターンを記録4

10

半年毎の分配金支払いを目標としており、投資家は定期的にインカム収入を得る可能性がある(現在の米ドル建て分配金利回りは年2.59%)2

11

アジアの現地通貨建て債券市場に容易かつ低コストで投資する手段を提供しており、投資家はPAIFによって350銘柄以上の現地通貨建て債券への分散投資を1回の取引で実現可能2

12

経費率は0.19%と、同種ファンドの中で最低水準にあり5、収益に占める投資家の受け取り分は相対的に多い

13

ポートフォリオの平均格付はA+2

14

中国の現地通貨建て債券の組入比率が約25%あり2、中国債券市場の段階的開放と中国債券のグローバル・インデックスへの組み入れの恩恵を受ける

15

アジアの現地通貨建て債券市場の発展を目指すイニシアチブの重要な一部を担う。流通市場の流動性を拡充するため、2018年6月に証券貸付プログラムを開始

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ホワイトペーパー

アジア債券: 新興国市場からの卒業

アジア債券は依然として広範な新興国資産クラスの一生徒であるかもしれないが、多くの点で既にライバルの先を進んでいる。このホワイトペーパーでは、現地通貨建て債券を中心に、アジア債券市場がどのようにして新興国資産クラスの中で抜きん出た存在となり、グローバル・ポートフォリオの新たなコア資産の地位を確立したのかを探求するため、その成熟の過程を振り返る。また今後に関しても、アジアの現地通貨建て債券が引き続きポートフォリオにとって有益な組入対象であると考える根拠を示す。

なぜアジアの現地通貨建て債券に投資するのか?

良好なリスク-リターン特性
多くのアジア諸国は力強いマクロ・ファンダメンタルズを維持しており、世界の景気回復において引き続き牽引役となる可能性が高い。従って、投資家には過度なリスクを負うことなく良好な利回りの向上を獲得する機会がある。実際、アジア債券のリスク・リターン特性は、歴史的にみて米国債と釣り合う形で推移している。
現地通貨の上昇を通じた利回り向上の可能性
通貨高は今後も引き続き潜在的なリターンの重要な源泉になると考えられる。現在の米ドル高でアジアの現地通貨建て債券の為替差益は抑えられているが、中長期的には反発の機会が十分にある。その一方で、米ドル高はアジアの現地通貨建て債券を購入する魅力的な参入機会を提供している。
「基本に立ち返る」分散ポートフォリオ構築戦略
世界中がますます相互に繋がり合う中、アジアの現地通貨建て債券と他の主要資産クラスの相関性は、否応なく上昇している。それでも、相関性はまだ十分に低く、アジアの現地通貨建て債券を投資家のポートフォリオに加えることで貴重な分散効果を得ることが可能である。

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出所

  • ブルームバーグ、2020年5月31日現在
  • ステート・ストリート・グローバル・アドバイザーズ、2020年5月31日現在
  • ステート・ストリート・グローバル・アドバイザーズ、2020年5月31日現在。過去のパフォーマンス情報は将来の運用成果を示唆するものではありません。投資元本の全てを失う可能性もあります。年率換算の運用パフォーマンスは、手数料控除後の米ドル建てリターンで、NAV対NAVベースで算出されており、全ての分配金を再投資した場合の数値です。ファンド設定日: 2005年6月29日。
  • ステート・ストリート・グローバル・アドバイザーズ、2020年5月31日現在。暦年のパフォーマンスは、年末のNAV対NAVベースで算出されており、分配金を再投資した場合の数値です。これらの数値は、当該暦年中にPAIFの価値がどの程度増加または減少したかを示しています。パフォーマンスデータは米ドル建てで計算されており、運用にかかる継続的経費は考慮されていますが、投資家が負担する申込手数料や解約手数料は含まれていません。
  • ブルームバーグ、2020年5月31日現在。経費率は2019年6月30日に終了した会計年度における経費に基づいており、年度により変動する可能性があります。経費率は、PAIFの資産から控除された該当する出費や支払いを加算し、当会計年度におけるPAIFの平均純資産額で割ることで計算されています。

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The Markit iBoxx ABF Pan-Asia Index (the "Index") referenced herein is the property of Markit Indices Limited ("Index Sponsor") and has been licensed for use in connection with the ABF Pan Asia Bond Index Fund ("PAIF"). Each party acknowledges and agrees that the PAIF is not sponsored, endorsed or promoted by the Index Sponsor. The Index Sponsor make no representation whatsoever, whether express or implied, and hereby expressly disclaim all warranties (including, without limitation, those of merchantability or fitness for a particular purpose or use), with respect to the Index or any data included therein or relating thereto, and in particular disclaim any warranty either as to the quality, accuracy and/or completeness of the Index or any data included therein, the results obtained from the use of the Index and/or the composition of the Index at any particular time on any particular date or otherwise and/or the creditworthiness of any entity, or the likelihood of the occurrence of a credit event or similar event (however defined) with respect to an obligation, in the Index at any particular time on any particular date or otherwise. The Index Sponsor shall not be liable (whether in negligence or otherwise) to the parties or any other person for any error in the Index, and the Index Sponsor is under no obligation to advise the parties or any person of any error therein.

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