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Lytle Michael John Tabula ETF

Tabula Investment Management ETF up 23.2% since 20th February 2020

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)

image001

    iTraxx Crossover one day moves (+ve represents a widening/worsening of spreads)

image002

    Tabula European iTraxx Crossover Credit Short UCITS ETF performance

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All data Tabula and Bloomberg.

Source : ETFWorld.co.uk

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