Data: Net Asset Value (NAV) and Assets under Management (AuM) as of 24 September 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.
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.
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.
OTC Total Return Swap risk: Swap returns are subject to the returns of the Index or reference assets. Valuations of a fund’s Investments may in certain circumstances, only be available from a limited number of market participants who may also act as counterparties to these transactions. Such valuations may therefore be subjective and there may be substantial differences between any available valuations.