Data: Net Asset Value (NAV) and Assets under Management (AuM) as of 10 August 2020
Capital is at risk. The value 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.
Passive exposure to European credit markets, with minimal interest rate risk.
The Tabula European Performance Credit TCED ETF (EUR) (the Fund) aims to track the iTraxx European Performance Credit Index (the ITRXPRFL Index), less fees and expenses.
About the index
The ITRXPRFL Index provides diversified exposure to European corporate credit, primarily investment grade. To emphasise credit and minimise interest rate risk, it takes exposure via credit default swaps (CDS) rather than individual corporate bonds.
- 80% iTraxx Europe 5y (125 investment grade entities, equal weight)
- 20% iTraxx Crossover 5y (75 sub-investment grade entities, equal weight)
The index reflects the return from selling protection on the current series of each CDS index. It takes total market exposure of 300%, allocated in an 80/20 ratio to iTraxx Europe and iTraxx Crossover respectively, and is rebalanced monthly.
The Fund aims to directly replicate the index composition via CDS index positions and cash collateral (typically investment grade European sovereign bonds with maturity <12 months). To minimise counterparty risk, CDS index trades are executed through regulated brokers and centrally cleared.
The fund is currently registered for sale in Ireland, Austria, Denmark, Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Spain, Portugal, Sweden, Switzerland, United Kingdom.
|Investment manager:||Cheyne Capital Management (UK) LLP|
|Custody & administration:||HSBC Securities Services (Ireland) DAC|
|Fund inception:||21 August 2018|
|Share class inception:||25 October 2018|
|Income treatment:||Distributing; Semi-annual|
|Share class currency:||EUR|
|Primary listing||London Stock Exchange|
|UK distributor/reporting status:||Yes|
|ISA & SIPP eligible||Yes|
|Index name:||iTraxx European Performance Credit Index|
|Index provider:||IHS Markit|
|Bloomberg index ticker||ITRXPRFL Index|
|Exchange:||London Stock Exchange||BX Swiss||Xetra|
|Trading hours:||0800 to 1630 London time||0900 to 1730 Swiss time||0900 to 1730 German time|
|Settlement:||T+2, however primary market creation settles T+1||T+2, however primary market creation settles T+1||T+2, however primary market creation settles T+1|
|Bloomberg ticker:||TCED LN||TCED SW||TABD GR|
|Announcement date:||18 June 2020|
|Ex-date:||25 June 2020|
|Record date:||26 June 2020|
|Payment date:||09 July 2020|
|Distribution per share:||EUR 1.5615|
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 credit risk. Returns will suffer 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.
Leverage: The fund uses 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.