Tabula European iTraxx Crossover Credit UCITS ETF (EUR) - Acc.

AuM:
€4'723'629
Ongoing charges:
0.40%
NAV:
€103.5883
Ticker:
TECC
Benchmark ticker:
ITRXXOVL

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.

Diversified long exposure to European high yield with enhanced liquidity and reduced interest rate risk.

The Tabula European iTraxx Crossover Credit UCITS ETF (EUR) (the Fund) aims to track the iTraxx European Crossover Long Credit Index (ITRXXOVL Index), less fees and expenses.

About the index

The ITRXXOVL Index provides exposure to high yield European 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 individual corporate bonds:

  • iTraxx Crossover 5y (75 sub-investment grade entities, equal weight)

The index reflects the return from selling protection on the current series of iTraxx Crossover 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 (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.

Registered countries

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

Fund information
ReplicationDirect
Issuer: Tabula ICAV
Investment manager:Cheyne Capital Management (UK) LLP
Custody & administration:HSBC Securities Services (Ireland) DAC
Fund inception:11 December 2018
Share class inception: 11 December 2018
Ongoing charges:0.40%
Income treatment: Accumulating
Domicile: Ireland
Base currency: EUR
Share class currency: EUR
Primary listing:London Stock Exchange
Primary ticker:TECC
ISIN:IE00BH059L74
UK distributor/reporting status:Yes
ISA & SIPP eligible:Yes
Index information
Index name:iTraxx European Crossover Long Credit Index
Index provider:IHS Markit
Bloomberg index ticker:ITRXXOVL Index
Regional focus:Europe
Listing information
Exchange:London Stock ExchangeBX SwissXetra
Trading hours:0800 to 1630 London time0900 to 1730 Swiss time0900 to 1730 German time
Trading currency:EUREUREUR
Settlement:T+2, however primary market creation settles T+1T+2, however primary market creation settles T+1T+2, however primary market creation settles T+1
Exchange ticker:TECCTECCTABH
Bloomberg ticker:TECC LNTECC SWTABH GR
RIC:TECC.LTECC.Sn/a
SEDOL/VALOR:BH059L745466738n/a
WKN:A2PBNYA2PBNYA2PBNY

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 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.

Contact us for further information about Tabula ETFs.

Email  info@tabulaim.com
Phone  +44 20 3909 4700