ETF trading and liquidity

Capital is at risk. The values of your investment may go down as well as up and you may not get back the amount you invested. Investors should read the Key risks section of this page, Key Investor Information Document and Prospectus prior to investing.

How we can assist

Our dedicated capital markets team maintains relations with APs, market makers and banks/brokers and will help you find the most efficient way to execute.

Contact us for further information about Tabula ETFs trading and liquidity.

–When it comes to trading, Tabula ETFs combine the best of listed securities and mutual funds – the flexibility to trade throughout the day, plus the ability to trade at NAV for large orders. Trading in our ETFs is supported by both Authorised Participants and Market Makers.

Ways to trade

– On exchange – Pay bid/offer spread plus broker commission
– Over-The-Counter at risk – Bank/broker provides price
– Over-The-Counter at NAV – Pay NAV plus/minus a spread agreed with AP

What to consider

– Size of trade
– Timing / urgency
– Market environment
– Specific underlying
and many other factors…

Understanding ETF trading

Understanding ETF trading

What makes ETFs so liquid?

Like a mutual fund, the liquidity of an ETF is driven primary by the liquidity of the underlying index. ETFs shares can be created and redeemed at NAV by Authorised Participants” (the “primary market”).

What makes ETFs so liquid?

However, unlike mutual funds, ETFs also trade on the secondary market, via an Exchange or Over-The-Counter. ETF shares can be exchanged between investors or via a market maker, thus Authorised Participants don’t necessarily need to create/redeem shares on the primary market.

ETF secondary market can provide an additional layer of liquidity for investors seeking exposure to the underlying market.

Unlike for shares, exchange volume is not the only measure of liquidity

Unlike for shares, exchange volume is not the only measure of liquidity

Tabula ETFs liquidity providers

(A.P. = Authorised Participant; E.P. = Execution Provider)

Company Contact Phone A.P. E.P.
Baader Bank AG Kislay Thakur +49 69 13881 332
Banca IMI Alessandro Monti +44 20 7894 2412
Bluefin Simon McGhee +44 207 469 2500
BNP Paribas Clément Paccalet +44 20 7 595 1414
Citigroup Global Markets Christopher Gooch +44 207 986 1866
Crossflow Financial Advisors GmbH Markus Deffner +49 89 442 327 442
Flow Traders B.V. Christopher Meyers
Christian Oetterich
+31 20 79 96 777
HSBC Pravin Bagree
Steven Palmer
+44 20 7991 5912
+44 20 7991 5066
Jane Street Financial Limited Alexandre Gaio
Edward Robbs
+44 20 3787 3333
JP Morgan Securities plc Credit Index Structuring Team +44 20 7777 2000
Kepler Cheuvreux Charles Hoppmann +33 1 70 98 85 42
Macquarie Bachir Binebine +44 203 037 4680
Societe Generale CIB Europe ETF
Gregory Paje
+33 1 42 13 44 15
Tradition Financial Services Ltd David Finn +44 20 7198 1621
Unicredit Bank Paolo Giulianini
ETF Trading
+44 20 7826 6921

Key risks

No capital protection: The value of your investment may go down as well as up and you may not get back the amount you invested.

Market risk: The fund is primarily exposed to short credit risk. Returns will increase if there is a default, or higher perceived risk of default, among the entities referenced by the CDS indices, or a write-down (“bail in”) of an entity’s debt by financial authorities. The fund may also be impacted by other factors affecting the value of debt securities issued by those entities, including changes in interest rates and exchange rates. When selling CDS on subordinate debt, such debt may be subordinate to senior debt.

Short exposure risk: The fund uses a short market exposure to the underlying market with rebalancing on a monthly basis. The performance of the fund over periods longer than one month may not be inversely proportional or symmetrical with the returns of long positions in the underlying instruments. The assumed return on cash in the index also contributes to asymmetry in returns versus a long position. The fund is intended for investors who wish to take a short-term view on the Index and whose investments are not intended as buy and hold.

Leverage: The fund may use leverage, so losses may be magnified.

Liquidity risk: If there are insufficient buyers or sellers of CDS indices, the fund may not be able to match index exposure exactly and investors may not be able to buy or sell fund units. Neither the Index provider nor the issuer make any representation or forecast on the liquidity of CDS transactions.

Counterparty risk: The fund may incur losses if any institution providing services or acting as a derivatives counterparty becomes insolvent.

Credit risk: The issuer of a financial asset held within the fund may not pay income or repay capital to the fund when due.

Contact us for further information about Tabula ETFs.

Email  info@tabulaim.com
Phone  +44 20 7968 7489