COCB
WisdomTree AT1 CoCo Bond UCITS ETF - USD Acc
Le fonds a pour objectif de répliquer le cours, avant frais et dépenses, de l'indice iBoxx Contingent Convertible Liquid Developed Europe AT1 (l'« Indice »).
Pourquoi investir?
- Une exposition diversifiée aux obligations AT 1 CoCos.
- Le Fonds investit en CoCos notées, soutenues par des institutions financières européennes développées, fesant l'objet d'une vérification de la liquidité et répondant aux critères ESG (environnementaux, sociaux et de gouvernance) de WisdomTree.
- Offrant un profil unique de rendement, de performance et de risque.
- L'ETF est répliqué physiquement et conforme à la directive UCITS.
Des Risques
- Les obligation CoCos peuvent être converties en actions de l'institution financière émettrice ou faire l'objet d'une dépréciation de capital. Par conséquent, votre placement peut perdre tout ou partie de son montant initial.
- Le comportement du marché relativement nouveau des obligations CoCos n'a pas été testé dans le cadre d'une crise financière systémique, de sorte que le prix et la liquidité de ces obligations peuvent se dégrader dans de telles circonstances. Les performances réalisées dans le passé ne sont donc pas un bon indicateur des performances futures.
- Les paiements de coupons sur certaines obligations CoCos sont entièrement discrétionnaires et peuvent être annulés. En raison de cette incertitude concernant les paiements de coupons, les produits des obligations CoCos peuvent être plus volatils, et leur prix risque de chuter rapidement en cas de suspension des paiements de coupons. Certaines obligations CoCos sont parfois des obligations remboursables, ce qui signifie qu'elles peuvent être remboursées par l'émetteur avant leur échéance. Ainsi, l'investisseur risque de ne pas récupérer le capital investi à la date d'appel spécifiée voire à aucune date. Certaines obligations CoCos sont émises en tant qu'instruments perpétuels et remboursables uniquement à des niveaux prédéterminés après approbation de l'autorité réglementaire compétente. Rien ne permet de supposer que ces obligations CoCos perpétuelles soient remboursées à une date donnée. Les obligations CoCos constituent une forme de capital permanent. L'investisseur risque de ne pas obtenir le remboursement du capital à la date d'échéance voire à aucune date.
- Cette liste ne couvre pas tous les risques. D'autres risques sont divulgués dans le DICI et le Prospectus & ; Surveillance des communications.
For information on the recent events related to Credit Suisse and the impact on this ETF, please visit our Important Notices section.
Potential Risks
- CoCos can be converted into equity of the issuing financial institution or have their principal written down. This may result in your investment losing some or all of the original investment amount
- The behaviour of the relatively new CoCo bond market has not been tested in a systemic financial crisis, thus the price and liquidity of CoCos may degrade under such circumstances. Past performance is therefore not a suitable indicator of future performance
- Coupon payments on some CoCos are entirely discretionary and can be cancelled. As a result of this uncertainty around coupon payments, CoCo products may be more volatile, and their price may rapidly decline in the event that coupon payments are suspended. Some CoCos may be callable bonds, which means that such callable bonds can be redeemed by the issuer prior to the bond's maturity. This may result in the investor not receiving the invested capital back on the specified call date or at any date at all. Some CoCos are issued as perpetual instruments and only callable at predetermined levels upon approval of the competent regulatory authority. It cannot be assumed that these perpetual CoCos will be called on a call date. CoCos are a form of permanent capital. The investor may not receive return of principal as expected on call date or indeed at any date
- This list does not cover all risks. Further risks are disclosed in the KIID and Prospectus & Communications Surveillance
Overview
Fund Overview | |
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Classe d'actifs | Revenu fixe |
Utilisation des revenus | Accumulation |
Devise de base | USD |
Fréquence des dividendes | s/o |
Date de création | 14 May 2018 |
Ticker boursier | COCB |
Nom de l'indice | iBoxx Contingent Convertible Liquid Developed Europe AT1 Index |
TFE (%) | 0.39% |
Portfolio Characteristics | 19 juil. 2024 |
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Weighted Average Coupon | 6.19 |
Average Years To Maturity | N/A |
Effective Duration ( 19 juil. 2024) | 2.75 |
Average Yield To Maturity ( 19 juil. 2024) | 8.03% |
Distribution Yield | 11.85% |
Yield To Worst | 7.34% |
Structure | |
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Forme juridique | Irish Collective Asset-management Vehicle (ICAV) |
Fonds parapluie | WisdomTree Issuer ICAV |
Domicile | Irlande |
Structure | Fonds négociable en bourse à capital variable |
Méthode de duplication | Physique (optimisé) |
Fin de l'exercice financier | 31 décembre |
Conforme à la directive OPCVM | Conforme |
Further Legal and Tax Information | |
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ISA | Eligible |
SIPP | Eligible |
UCITS Eligible | Eligible |
Key Service Providers | |
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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 |
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Listings & Codes
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Holdings
Issuer Breakdown
Index Details
Indice iBoxx Contingent Convertible Liquid Developed Europe AT1
L'indice est conçu pour reproduire la performance des obligations convertibles contingentes (« CoCos ») Additional Tier 1 (« AT1 »), libellées en EUR, USD et GBP, émises par des institutions financières des marchés développés européens. AT1 suit la classification des fonds propres des banques établie par les principes de Bâle III[1]. Les règles de l'Indice visent à fournir une bonne couverture de l'univers des obligations convertibles en actions, tout en respectant les normes de facilité d'investissement et de liquidité. De plus, l'indice exclut également les obligations convertibles en actions ne répondant pas aux critères ESG (environnementaux, sociaux et de gouvernance) de WisdomTree. L'Indice est pondéré par la valeur du marché et rééquilibré mensuellement.
Index Details | |
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Index Name | iBoxx Contingent Convertible Liquid Developed Europe AT1 Index |
Currency | USD |
Index Provider | IHS Markit |
Bloomberg Ticker | IBXXCCL1 |
Leverage Factor | N/A |
Leverage Method | No Leverage |
Documents and Links |
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iBoxx Contingent Convertible Liquid Developed Europe AT1 Index |
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 | |
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SFDR Disclosure | Article 8 |
Caractéristiques ESG
Le fonds suit un index qui cherche à exclure de l’univers d’investissement éligible les sociétés qui (i) transgressent certaines normes internationales communément acceptées, telles que les lignes directrices des Nations Unies et de l’Organisation de coopération et de développement économiques (OCDE), (ii) sont liées des armes controversées telles que les mines antipersonnel et les armes à sous-munitions, (iii) sont impliquées de manière significative dans l’industrie du tabac, (iv) sont impliquées de manière significative dans l’activité du charbon thermique, par exemple l’exploitation et l’exploration du charbon et la production d’électricité à partir de charbon, (v) sont impliquées de manière significative dans l’exploration/production de pétrole et de gaz non conventionnels, par exemple les sables bitumineux, le pétrole et le gaz de l’Arctique ou l’énergie de schiste, (vi) ne remplissent pas d’autres critères ESG similaires tels que l’implication significative dans la production d’armes de petit calibre, précisés dans la méthodologie de l’index. Visitez notre Hub ESG pour en savoir plus sur l’approche ESG de WisdomTree.
MSCI ESG Research LLC’s (“MSCI ESG”) Fund Metrics and Ratings (the “Information”) provide environmental, social and governance data with respect to underlying securities within more than 31,000 multi-asset class Mutual Funds and ETFs globally. MSCI ESG is a Registered Investment Adviser under the Investment Advisers Act of 1940. MSCI ESG materials have not been submitted to, nor received approval from, the US SEC or any other regulatory body. None of the Information constitutes an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the Information can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.
Sustainability Characteristics | |
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MSCI ESG Fund Ratings (AAA-CCC) | AA |
Collateral Details
Collateral Structure
Currency Hedging and Counterparty Risk Management
Some share classes of this Fund offer currency hedged exposure. These share classes obtain their currency hedged exposure by entering into foreign exchange (FX) forward contracts with one or more counterparties (the “Counterparty”).
Counterparty risk resulting from the Fund’s currency hedging activities is managed through the daily delivery of collateral by the Counterparty to the Fund.
Daily Marked-to-Market
The value of the collateral required from the Counterparty is based on the Fund’s counterparty exposure, which is marked-to-market daily. Collateral may be exchanged daily [subject to a minimum transfer amount of USD 50,000.
Eligible Assets
The assets posted as collateral by the Counterparty is of a high quality and may only include cash (US Dollars only) or government bonds of US, UK, France or Germany, with a minimum rating of AA-/Aa3 (“eligible collateral assets”).
Haircuts
When valuing bonds posted as collateral, a haircut is applied to each bond's value based on the issuing country 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
Transparency
The up-to-date exact collateral composition delivered by the Fund’s counterparties is available to view on our website.
DISCLAIMERS
The products discussed in this document are issued by WisdomTree Issuer ICAV (“WT Issuer”). WT Issuer is an umbrella investment company with variable capital having segregated liability between its funds organised under the laws of Ireland as an Irish Collective Asset-management Vehicle and authorised by the Central Bank of Ireland (“CBI”). WT Issuer is organised as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) under the laws of Ireland and shall issue a separate class of shares ("Shares”) representing each fund. Investors should read the prospectus of WT Issuer (“WT Prospectus”) before investing and should refer to the section of the WT Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in the Shares.
The iBoxx Contingent Convertible Liquid Developed Europe AT1 Index (the “Index”) referenced herein is the property of the Markit Indices Limited (“Index Sponsor”) and has been licensed for use in connection with WisdomTree Europe AT1 Contingent Convertible UCITS ETF. Each party acknowledges and agrees that WisdomTree Europe AT1 Contingent Convertible UCITS ETF is not sponsored, endorsed or promoted by the Index Sponsor. The Index Sponsor make no representation whatsoever, whether express or implied, and hereby expressly disclaim all warranties (including, without limitation, those of merchantability or fitness for a particular purpose or use), with respect to the Index or any data included therein or relating thereto, and in particular disclaim any warranty either as to the quality, accuracy and/or completeness of the Index or any data included therein, the results obtained from the use of the Index and/or the composition of the Index at any particular time on any particular date or otherwise and/or the creditworthiness of any entity, or the likelihood of the occurrence of a credit event or similar event (however defined) with respect to an obligation, in the Index at any particular time on any particular date or otherwise. The Index Sponsor shall not be liable (whether in negligence or otherwise) to the parties or any other person for any error in the Index, and the Index Sponsor is under no obligation to advise the parties or any person of any error therein.
The Index Sponsor makes no representation whatsoever, whether express or implied, as to the advisability of purchasing or selling WisdomTree Europe AT1 Contingent Convertible UCITS ETF, the ability of the Index to track relevant markets’ performances, or otherwise relating to the Index or any transaction or product with respect thereto, or of assuming any risks in connection therewith. The Index Sponsor has no obligation to take the needs of any party into consideration in determining, composing or calculating the Index. No party purchasing or selling WisdomTree Europe AT1 Contingent Convertible UCITS ETF, nor the Index Sponsor, shall have any liability to any party for any act or failure to act by the Index Sponsor in connection with the determination, adjustment, calculation or maintenance of the Index. The Index Sponsor and its affiliates may deal in any obligations that compose the Index, and may, where permitted, accept deposits from, make loans or otherwise extend credit to, and generally engage in any kind of commercial or investment banking or other business with the issuers of such obligations or their affiliates, and may act with respect to such business as if the Index did not exist, regardless of whether such action might adversely affect the Index or WisdomTree Europe AT1 Contingent Convertible UCITS ETF.
Neither Markit, its Affiliates or any third-party data provider makes any warranty, express or implied, as to the accuracy, completeness or timeliness of the data contained herewith nor as to the results to be obtained by recipients of the data. Neither Markit, its Affiliates nor any data provider shall in any way be liable to any recipient of the data for any inaccuracies, errors or omissions in the Markit data, regardless of cause, or for any damages (whether direct or indirect) resulting therefrom.
Markit has no obligation to update, modify or amend the data or to otherwise notify a recipient thereof in the event that any matter stated herein changes or subsequently becomes inaccurate.
Without limiting the foregoing, Markit, its Affiliates, or any third party data provider shall have no liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgments, or any other conclusions, or any course of action determined, by you or any third party, whether or not based on the content, information or materials contained herein.
CoCos are complex securities and potential investors should not discount tail risk and the possibility of conversion. CoCos coupon payments are fully discretionary and hence can in theory be skipped at any time.