Data: Net Asset Value (NAV) and Assets under Management (AuM) as of 26 January 2022
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.
How we can assist
Our team maintains relations with APs, market makers and banks/brokers and will help you find the most efficient way to execute.
Contact us for further information about Tabula ETFs trading and liquidity.
When it comes to trading, Tabula ETFs combine the best of listed securities and mutual funds – the flexibility to trade throughout the day, plus the ability to trade at NAV for large orders. Trading in our ETFs is supported by both Authorised Participants and Market Makers.
Ways to trade
– On exchange – Pay bid/offer spread plus broker commission
– Over-The-Counter at risk – Bank/broker provides price
– Over-The-Counter at NAV – Pay NAV plus/minus a spread agreed with AP
What to consider
– Size of trade
– Timing / urgency
– Market environment
– Specific underlying
and many other factors…
Understanding ETF trading
What makes ETFs so liquid?
Like a mutual fund, the liquidity of an ETF is driven primarily by the liquidity of the underlying index. ETFs shares can be created and redeemed at NAV by Authorised Participants (the “primary market”).
However, unlike mutual funds, ETFs also trade on the secondary market, via an Exchange or Over-The-Counter. ETF shares can be exchanged between investors or via a Market Maker, thus Authorised Participants don’t necessarily need to create/redeem shares on the primary market.
Unlike for shares, exchange volume is not the only measure of liquidity
Tabula ETFs liquidity providers
(A.P. = Authorised Participant; E.P. = Execution Provider)
|Aurel-BGC||Nicolas Maréchal||+33 1 5389 4791|
|Baader Bank AG||Kislay Thakur||+49 69 1388 1332|
|Bank of America Merrill Lynch||Jeremie Zinger||+44 20 7995 3060|
|BNP Paribas||Clément Paccalet||+44 20 7595 1414|
|Cantor Fitzgerald||Jonathan Chemla||+972 3777 2500|
|Citigroup Global Markets||Christopher Gooch||+44 20 7986 1866|
|Crossflow Financial Advisors GmbH||Markus Deffner||+49 894 4232 7442|
|Danske Bank||Mikko Miettinen||+358 1 0236 4831|
|DRW|| Axel Mohr
|+44 20 7282 0965|
|Flow Traders B.V.|| Simon Wynn-Davies
|+31 2079 96777|
|Goldman Sachs||ETF trading||+44 20 7051 8220|
|HSBC||Steven Palmer||+44 20 7991 5066|
|Intermonte Sim|| Daniele Sabato
|+39 02 7711 5203|
|Intesa San Paolo (IMI CIB)||Enrico Ferrari||+39 02 7261 2806|
|Jane Street Financial Limited||Edward Robbs||+44 20 3787 3333|
|JP Morgan Securities plc||ETF trading||+44 20 7134 0155|
|Kepler Cheuvreux||Charles Hoppmann||+33 1 7098 8542|
|Lang und Schwarz Tradecenter AG & Co. KG||Leif Österwind||+49 211 1384 0150|
|Macquarie||Bachir Binebine||+44 20 3037 4680|
|Market Securities||ETF trading||+33 1 7099 5255|
|Old Mission Capital||ETF trading||+44 203-868-2542|
|Oscar Gruss||Avi Avital||+972 3519 9027|
|RBC Capital Markets|| Matthew Holden
Tomasz Mazur, CFA
|+44 20 7029 0546
+44 207 029 0522
|Societe Generale CIB|| ETF trading
|+33 1 4213 4415|
|Tradition Financial Services Ltd - UK||David Finn||+44 20 7198 1621|
|Tradition Securities and Futures (TSAF) - France|| Frederic Levi, Martin Berthier
|+33 1 4074 1619|
|Unicredit Bank||ETF trading||+39 02 8862 0731|
|Vantage Capital Markets LLP||Paolo Giulianini|
|Virtu ITG Europe LTD|| Simon Barriball
|+44 20 7670 4011|
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.