Data: Net Asset Value (NAV) and Assets under Management (AuM) as of 2023-09-28
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
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.
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 liquidity.
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.
Leverage : The Sub-Fund may use leverage, so losses may be magnified.
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.
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.
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.