Tabula Global IG Credit Curve Steepener UCITS ETF (EUR) - Acc.

AuM:
€21'215'526
Ongoing charges:
0.40%
NAV:
€99.8378
Ticker:
TCRS
Benchmark ticker:
ITXCDXST Index

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.

Passive exposure to investment grade credit curve steepness in the US and Europe

The Tabula Global IG Credit Curve Steepener UCITS ETF (EUR) - Accumulating aims to track the iTraxx-CDX IG Global Credit Steepener Index (ITXCDXST Index), less fees and expenses.

About the index

The ITXCDXST Index provides exposure to credit curve steeness in North American and European Investment Grade CDS markets. The index tracks the return of taking equal positions on CDS indices by selling 5y protection and buying 10y protection:

  • 50% iTraxx Europe 5y and 10y (125 investment grade entities, equally weighted)
  • 50% CDX IG 5y and 10y (125 investment grade entities, equally weighted)

The Index is rebalanced monthly to maintain an approximate 3:1 market exposure to the short On-the-Run 10 Year Index CDS position where the weight of the long On-the-Run 5 Year Index CDS position is determined to offset the credit sensitivity of the 10 Year position.

Investment process

The ETF 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 trades are executed through regulated brokers and centrally cleared.

Registered countries

The fund is pending registration for sale in Finland, Germany, Ireland, the Netherlands, Spain, Portugal and Sweden.

Fund information
ReplicationDirect
Issuer: Tabula ICAV
Investment manager:Tabula Investment Management Ltd.
Administration HSBC Securities Services (Ireland) DAC
Custody:HSBC France (HBFR) Dublin Branch
Fund inception:18 August 2020
Share class inception: 18 August 2020
Ongoing charges:0.40%
Income treatment: Accumulating
Domicile: Ireland
Base currency: EUR
Share class currency: EUR
Primary listing:Xetra
Listing Currency:EUR
Primary ticker:TCRS
ISIN:IE00BMQ5Y557
UK distributor/reporting status:Pending approval
ISA & SIPP eligible:Yes
Index information
Index name:iTraxx-CDX IG Global Credit Steepener Index
Trading hours:IHS Markit
Bloomberg index ticker:ITXCDXST
Regional focus:North America and Europe
Listing information
Exchange:Xetra
Trading hours:0900 to 1730 CET
Trading currency:EUR
Settlement:T+2, however primary market creation settles T+1
Exchange ticker:TCRS
Bloomberg ticker:TCRS GR
RIC:TCRS.L
SEDOL/VALOR:BMQ5Y55
WKN:A2P58Y

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 Sub-Fund is primarily exposed to long and 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 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 buying and selling CDS on subordinate debt, such debt may be subordinate to senior debt.

Risk of financial derivatives and techniques: The Sub-Fund invests in financial derivative instruments to gain both long and 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 the reverse positions in the underlying instruments.

Foreign exchange risk: The Sub-fund invests in EUR and USD denominated assets and does not provide a hedge to currency exposure in the base class. Strengthening or weakening of currencies may impact performance.

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 Sub-Fund may incur losses if any institution providing services such as safekeeping of assets 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 Sub-Fund when due.

Contact us for further information about Tabula ETFs.

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