Tabula European iTraxx Crossover Credit Short UCITS ETF (EUR) Acc. (“TECS”) up 23.2% net of fees since 20 February 2020..
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Michael John Lytle Tabula CEO
TECS tracks the iTraxx European Crossover Credit Short Index which provides short exposure to high yield European corporate credit via a liquid CDS rather than individual corporate bonds.
Index reflects the return of buying protection on the current series of iTraxx Crossover 5y (75 sub-investment grade entities, equally weighted).
Regarding current liquidity, CDS indices continue to support credit volumes despite wider bid-ask spreads. Tabula’s CDS ETFs are not affected by bond ETF discounts and underlying liquidity.
TECS has seen creations and redemptions at NAV in the last two weeks with good execution.
iTraxx Crossover Index rolls to S33 tomorrow, with the following constituent changes (TBC)
ADDITIONS
ArcelorMittal Industrials
Lagardère TMT
Renault Consumer
REMOVALS
J Sainsbury plc Consumers
Tesco Consumers
Unitymedia TMT
iTraxx Crossover spread (bps)
iTraxx Crossover one day moves (+ve represents a widening/worsening of spreads)
Tabula European iTraxx Crossover Credit Short UCITS ETF performance
All data Tabula and Bloomberg.
Source : ETFWorld.co.uk
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