EXAG
WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF – EUR Hedged Acc
Le fonds a pour objectif de répliquer le cours, avant frais et dépenses, de l'indice Morgan Stanley RADAR ex Agriculture & Livestock Commodity Total Return.
Pourquoi investir?
- Un indice diversifié offrant une large exposition aux matières premières hors agriculture.
- Renforcer les opérations de portage entre matières premières en surpondérant les matières premières dont le rendement historique à long terme est plus élevé.
- Conçu pour maximiser le potentiel de performance liée au roulement en sélectionnant le contrat à terme avec le rendement implicite le plus élevé pour chaque matière première.
- Le produit est investi dans des bons du Trésor, et le swap est garanti par des titres de grande qualité.
- L'ETF est conforme à la directive UCITS.
Des Risques
- Les rendements versés par le Fonds dépendent des paiements reçus par le Fonds de la part de la contrepartie de swap concernée, conformément aux conditions de ce swap, et sont donc exposés au risque de crédit de la contrepartie de swap.
- La performance des indices de la matière première peut être sensiblement différente des prix au comptant de la matière première.
- Un investissement dans les matières premières peut connaître une forte volatilité et doit être considéré comme un investissement à long terme.
- Cette liste ne couvre pas tous les risques - d'autres risques sont indiqués dans le DICI et le Prospectus.
Overview
Fund Overview | |
---|---|
Classe d'actifs | Produit de base |
Utilisation des revenus | Accumulation |
Devise de base | EUR |
Date de création | 07 Jul 2021 |
Fréquence des dividendes | s/o |
Ticker boursier | EXAG |
Nom de l'indice | Morgan Stanley RADAR ex Agriculture & Livestock Total Return Index |
TFE (%) | 0.35% |
Taux swap annuel | 0.25% |
Structure | |
---|---|
Méthode de duplication | Bons du Trésor américains avec superposition de swaps |
Forme juridique | Irish Collective Asset-management Vehicle (ICAV) |
Fonds parapluie | WisdomTree Issuer ICAV |
Domicile | Irlande |
Structure | Fonds négociable en bourse à capital variable |
Fin de l'exercice financier | 31 décembre |
Conforme à la directive OPCVM | Conforme |
Further Legal and Tax Information | |
---|---|
ISA | Eligible |
SIPP | Eligible |
UCITS Eligible | Eligible |
Key Service Providers | |
---|---|
Dépositaire | State Street Custodial Services (Ireland) Limited |
Administrateur | State Street Fund Services (Ireland) Limited |
Gestionnaire de fonds | Assenagon Asset Management S.A |
Auditeur | Ernst & Young Ireland |
Listings & Codes
Listings & Codes | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Benchmark Composition
Sector Breakdown
Fund Holdings
Security | Weight |
---|---|
1. "TREASURY BILL 10/24 0.00000" | 32.03% |
2. "TREASURY BILL 09/24 0.00000" | 20.44% |
3. "TREASURY BILL 12/24 0.00000" | 14.51% |
4. "TREASURY BILL 08/24 0.00000" | 14.07% |
5. "TREASURY BILL 11/24 0.00000" | 11.06% |
6. "TREASURY BILL 01/25 0.00000" | 8.15% |
7. "TREASURY BILL 07/24 0.00000" | 0.00% |
8. "WDTENHEX1 TRS USD P V 12MUSB3M 20240731 TRS R E S" | -110.13% |
Index Details
L'Indice est Conçu pour offrir une exposition diversifiée aux matières premières, en suivant la performance d'un ensemble d'indices de matières premières couvrant 3 secteurs : Énergie, Métaux industriels et Métaux précieux.
L'indice parvient à obtenir une exposition à chaque matière première en investissant dans les indices S&P GSCI Dynamic Roll correspondants (pour le platine et le palladium, les indices S&P GSCI Platinum et Palladium du mois précédent sont utilisés), qui utilisent un mécanisme de roulement optimisé pour maximiser le rendement implicite.
L'indice est rééquilibré chaque trimestre. Les secteurs de l'énergie, de l'industrie et des métaux précieux ont une pondération trimestrielle égale. La pondération cible de chaque composant de l'indice est calculée en fonction des caractéristiques de l'offre et de la demande de chaque produit de base. Les produits dont on s'attend le plus à ce qu'ils soient en backwardation recevront une pondération cible plus élevée.
Index Details | |
---|---|
Index Name | Morgan Stanley RADAR ex Agriculture & Livestock Total Return Index |
Currency | USD |
Index Provider | Morgan Stanley |
Bloomberg Ticker | MSRXALTR |
Leverage Factor | N/A |
Documents and Links |
---|
Morgan Stanley RADAR ex Agriculture & Livestock Total Return Index Morgan Stanley radar ex-agriculture and livestock commodity index |
Security | 17 juil. 2024 |
---|---|
1. Copper (LME) | 9.92% |
2. RBOB Gasoline | 9.81% |
3. Silver | 9.43% |
4. Gold | 8.86% |
5. Platinum | 8.76% |
6. Palladium | 8.30% |
7. Gasoil | 8.19% |
8. Lead | 8.01% |
9. Brent Crude | 6.62% |
10. Nickel | 5.80% |
11. Zinc | 4.90% |
12. WTI Crude | 3.37% |
13. ULS Diesel | 3.29% |
14. Aluminum | 3.18% |
15. Natural Gas | 1.57% |
Responsible Investing
SFDR Disclosure
The EU Sustainable Finance Disclosures Regulation (SFDR) took effect on 10 March 2021 as part of the EU Action Plan on Sustainable Finance. The SFDR lays down harmonised sustainability related disclosure rules for EU financial market participants and advisors and requires certain sustainability disclosures to be made for financial products which promote environmental or social characteristics (Article 8 SFDR) and funds which have a sustainable investment objective (Article 9 SFDR).
There are different SFDR product categorisations for these sustainability disclosure requirements:
+ Article 6 products: require disclosures relating to the manner in which sustainability risks are integrated into the decision-making process.
+ Article 8 products: promote, among other characteristics, environmental or social characteristics or a combination of those characteristics, provided that the companies in which the investments are made follow good governance practices.
+ Article 9 products: have sustainable investment as their objective
Please refer to EU regulation guidelines for more details: https://www.esma.europa.eu/sections/sustainable-finance
SFDR categorisations | |
---|---|
SFDR Disclosure | Article 6 |
Sustainability Characteristics | |
---|---|
MSCI ESG Fund Ratings (AAA-CCC) | N/A |
Collateral Details
Collateral Structure
Replicating Exposure to Commodities Through a Swap
The fund aims to track the Morgan Stanley RADAR ex Agriculture & Livestock Total Return Index (the “Index”) by holding a portfolio of short-terms US T-Bills and achieving exposure to commodities by entering into unfunded swap arrangements (“Swaps”) with highly rated swap counterparties. The Fund’s portfolio is composed of:
- A portfolio of 91-day US T-Bills acquired with subscription proceeds
- Swaps, passing the performance of the Index (from swap counterparties to Fund if performance is positive, the other way around if negative)
Structure Diagram
Counterparty Risk Management
Counterparty risk is managed mainly through the daily exchange of collateral between the fund and the swap provider(s). The value of the collateral required is based on a daily calculation of counterparty exposure using the prior day’s mark-to-market of the Swaps and any unsettled cash flowing between the fund and the swap provider.
Assets posted as collateral may only include cash (US Dollars) or US government bonds and agency notes. When valuing the bonds posted as collateral, a haircut is applied to each bond's value based on the sovereign credit rating and the bond's maturity, as specified in the following table. Applying a haircut to the value of eligible collateral typically results in the collateral value exceeding the counterparty exposure and in any exposure being “over-collateralised”.
Haircuts / Over-Collateralisation Applied to Collateral Securities
DISCLAIMERS
“WisdomTree” is a registered trademark of WisdomTree, Inc. Neither the Company, the Manager, the Investment Manager, WisdomTree nor their affiliates guarantee the accuracy or the completeness of the Index or any data included therein and shall have no liability for any errors, omissions or interruptions therein. Such parties make no warranty, express or implied, to the owners of Shares of the Fund or to any other person or entity, as to results to be obtained by the Fund from the use of the Index or any data included therein. Without limiting any of the foregoing, in no event shall such parties have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits), even if notified of the possibility of such damages.
The Company is required to provide details of WisdomTree’s website to enable Shareholders to obtain further details of the Index (including its constituents). Neither the Company, the Manager nor the Investment Manager has any responsibility for the contents of such website and are not involved in any way in sponsoring, endorsing or otherwise involved in the establishment, maintenance or contents of the website.
The Morgan Stanley RADAR ex Agriculture & Livestock Commodity Index℠ (the “Index”) is the exclusive property of Morgan Stanley Capital Group Inc. and/or its affiliates (collectively, “Morgan Stanley”), which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) (“S&P Dow Jones Indices”) to maintain and calculate the Index. The Index Components comprising the Index are the property of S&P Dow Jones Indices, its affiliates and/or their third party licensors and has been licensed by S&P Dow Jones Indices for use by Morgan Stanley in connection with the Index. S&P Dow Jones Indices, its affiliates and their third party licensors shall have no liability for any errors or omissions in calculating the Index.
The Index is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices, its affiliates or their third party licensors and neither S&P Dow Jones Indices, its affiliates nor their its third party licensors make any representation regarding the advisability of investing in the Index. Morgan Stanley and the Index names are service mark(s) of Morgan Stanley and have been licensed for use for certain purposes by WisdomTree. The Fund referred to herein is not sponsored, endorsed, or promoted by Morgan Stanley. Neither Morgan Stanley nor any other party (including without limitation any calculation agents or data providers) make any express or implied warranties, and hereby expressly disclaim all warranties of merchantability or fitness for a particular purpose, with respect to the Index or any Index related data. Without limiting any of the foregoing, in no event shall Morgan Stanley or any other party (including without limitation any calculation agents or data providers) have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) with respect to the Index, Index related data, the Fund, or any shares or investment units, even if notified of the possibility of such damages.
The assessment of UCITS compliance is made solely by WisdomTree and not made in reliance on any representations, warranties, undertakings or statements by Morgan Stanley or any of its affiliates.