Tabula North American CDX High Yield Credit Short UCITS ETF (USD) - Acc.

AuM:
$1'090'318
Ongoing charges:
0.50%
NAV:
$99.1198
Ticker:
TABS
Benchmark ticker:
CDXNAHYS

Data: Net Asset Value (NAV) and Assets under Management (AuM) as of 25 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.

Passive short exposure to North American credit markets, with enhanced liquidity

The Tabula North American CDX High Yield Credit Short UCITS ETF (USD) aims to achieve the returns of the CDX North American High Yield Credit Short Index (CDXNAHYS Index), less fees and expenses.

About the index

The CDXNAHYS Index provides short exposure to high yield North American corporate credit. To emphasise credit risk and reduce direct interest rate risk, it takes exposure via a liquid credit default swap (CDS) index rather than corporate bonds:

  • CDX North American High Yield 5y (100 sub-investment grade entities, equal weight)

The index reflects the return from buying protection on the current series of CDX North American High Yield 5y. It has market exposure of 100%, rebalanced monthly. Exposure is calculated as the ratio of CDS bond equivalent price to index value, so the ratio of notional to Net Asset Value may not be exactly 100%.

Investment process

The Fund aims to directly replicate the index composition via CDS index positions and cash collateral (the fund may hold more than 35% of its assets in US treasuries for cash management purposes). To minimise counterparty risk, CDS index trades are executed through regulated brokers and centrally cleared.

Registered countries

The fund is currently registered for sale in Austria, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Spain, Portugal, Sweden, Switzerland, the United Kingdom.

Fund information
ReplicationDirect
Issuer: Tabula ICAV
Investment manager:Tabula Investment Management Ltd.
Custody & administration:HSBC Securities Services (Ireland) DAC
Fund inception:18 June 2020
Share class inception: 18 June 2020
Ongoing charges:0.50%
Income treatment: Accumulating
Domicile: Ireland
Base currency: USD
Share class currency: USD
Primary listing:London Stock Exchange
Listing Currency:USD
Primary ticker:TABS
ISIN:IE00BH057J13
UK distributor/reporting status:Pending approval
ISA & SIPP eligible:Yes
Index information
Index name:CDX North American High Yield Credit Short Index
Trading hours:IHS Markit
Bloomberg index ticker:CDXNAHYS
Regional focus:North America
Listing information
Exchange:London Stock Exchange
Trading hours:0800 to 1630 London time
Trading currency:USD
Settlement:T+2, however primary market creation settles T+1
Exchange ticker:TABS
Bloomberg ticker:TABS LN
RIC:n/a
SEDOL/VALOR:n/a
WKN:A2P3NZ

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 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 Sub-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 Sub-Fund uses a short market exposure to the underlying market with rebalancing on a monthly basis. The performance of the Sub-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 Sub-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 Sub-Fund may use leverage, so losses may be magnified.

Liquidity risk: Lower liquidity means there are insufficient buyers or sellers to allow the Sub-Fund to sell or buy investments readily. 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 3909 4700