BetaShares Australian Investment Grade Corporate Bond ETF

OVERVIEW

About

The Fund aims to track the performance of an index (before fees and expenses) that provides exposure to a portfolio of investment grade fixed-rate Australian corporate bonds. The Fund’s strategy will preference securities offering superior expected excess returns over Australian government bonds.

Aims to provide attractive income distributions, paid monthly, combined with compelling portfolio diversification benefits
By selecting bonds based upon expected returns rather than debt outstanding, CRED’s index methodology seeks to avoid shortcomings of traditional debt-weighted indices and provide relatively higher returns
The portfolio is comprised of senior, fixed rate, investment grade securities denominated in Australian dollars, issued by companies listed on the ASX or other eligible entities
Eligible bonds must have amounts outstanding of at least $250m and a term to maturity of between 5.25 to 10.25 years
Up to 35 bonds are selected from eligible universe, with each bond assigned an equal weight as at each rebalance date
No single issuer shall have a weight in excess of 7% at each re-balance date

Advantages

Regular, attractive income – income paid monthly, and expected to exceed income paid on cash, term deposits, government and composite bond exposures
Diversification & defence – investment grade fixed-rate Australian corporate bonds have historically tended to rise in value when Australian shares have fallen, providing diversification benefits and defensive characteristics to portfolios
Low cost – management costs of only 0.25% p.a.
Ranking – underlying portfolio comprises senior bonds, which rank above shareholders in the event of issuer default
Access – simple way to access a portfolio of Australian investment grade corporate bonds, which are inaccessible to most investors directly
Transparent – portfolio holdings, value of Fund’s assets, yield information and net asset value per unit available daily on our website
Liquidity – available to trade on the ASX like any share

How to Invest

You can buy or sell units just like you’d buy or sell any share on the ASX
Fund requires no minimum investment

KEY FACTS

Pricing Information 25 April 2019

Current Price
Last Trade*	$26.41
% Change (prev day)	0.8%
Bid (delayed)	$26.10
Offer (delayed)	-

*Data is delayed by at least 20 minutes.

Download NAV history

NAV
NAV/Unit *	$26.16

* As at 23 April 2019

Profile

Net Assets* ($A)	$169,558,328
Units Outstanding* (#)	6,481,162
Mgmt Costs** (% p.a.)	0.25%
Distribution Frequency	Monthly
Distribution Reinvestment Plan (DRP)	Full or partial participation available
Issuer	BetaShares Capital Ltd
Fund Administrator	RBC Investor Services
Custodian	RBC Investor Services
Registry	Link Market Services
Auditor	KPMG

* As at 23 April 2019

* As of close of previous day
**Certain additional costs apply. Please refer to PDS.

Trading Information

ASX Code	CRED
Bloomberg Code	CRED AU
IRESS Code	CRED.AXW
Trading Hours	10.00-16.00 (AEST)
Market Makers	Deutsche Securities
SMSF Eligible	Yes

Index Information

Index	Solactive Australian Investment Grade Corporate Bond Select TR Index
Index Provider	Solactive AG
Index Ticker	N/A
Bloomberg Index Ticker	SOLAUSIG Index

Index Methodology

Portfolio Characteristics

Running Yield (% p.a.) Average coupon (weighted by market value) of the bonds in the portfolio, divided by the current market price of the bonds. Provides an indication of expected current income from making an investment at market price. This value will vary over time as interest rates change.	3.94 % p.a.
Yield to Maturity (% p.a.) Total expected return from the bond portfolio, based on current bond prices and assuming no change in prevailing interest rates. This value will vary over time.	3.32 % p.a.
Average Maturity (yrs) Average (weighted by market value) length of time until the current bonds in the portfolio mature.	7.34 yrs
Modified Duration (yrs) A measure of the sensitivity of the portfolio’s value to a change in interest rates. For example, a Modified Duration of 0.15 years implies that a 1% rise in the reference interest rate will reduce the value of the portfolio by 0.15%.	6.16 yrs
Average Credit Rating Average credit rating for the bonds in the portfolio. Source: Bloomberg	A-

As at 24/04/2019

Portfolio Holdings

Top 10 All

Name	Weight (%)
MET LIFE GLOB FUNDING I MTN 4.000 13 Jul 27	7.5
AUSGRID FINANCE PTY LTD MTN 3.7500 30 Oct 2024	6.3
AURIZON NETWORK PTY LTD MTN 4.0000 21 Jun 2024	5.4
AUSNET SERVICES HOLDINGS MTN 4.200 21 Aug 28	4.9
CALTEX AUSTRALIA LTD MTN 4.0000 17 Apr 2025	4.9
AUSNET SERVICES HOLDINGS MTN 4.4000 16 Aug 2027	4.5
SGSP AUSTRALIA ASSETS MTN 3.7500 27 Sep 2024	3.9
TELSTRA CORP LTD MTN 4.0000 19 Apr 2027	3.5
AT&T INC MTN 4.600 19 Sep 28	3.5
VODAFONE GROUP PLC MTN 4.2000 13 Dec 2027	3.4

Ticker	Name	Weight (%)	Asset Class	Sector	Country	Currency	Shares/Unit (#)	Market Value (AUD)	Notional Value (AUD)	Maturity Date	Coupon (%)	YTM (%)	Modified Duration
MET 4 07/13/27 Corp	MET LIFE GLOB FUNDING I MTN 4.000 13 Jul 27	7.5	Bonds		United States	AUD	15,000,000	$15,815,100	$15,815,100	2027-07-13	4.0	3.240140103832088	6.9233592606445065
AUSGF 3.75 10/30/24 Corp	AUSGRID FINANCE PTY LTD MTN 3.7500 30 Oct 2024	6.3	Bonds		Australia	AUD	12,600,000	$13,219,920	$13,219,920	2024-10-30	3.75	2.7794536824654994	4.762204075767035
AZJAU 4 06/21/24 Corp	AURIZON NETWORK PTY LTD MTN 4.0000 21 Jun 2024	5.4	Bonds		Australia	AUD	10,780,000	$11,236,317	$11,236,317	2024-06-21	4.0	3.102721133327577	4.375997470085598
ANVAU 4.2 08/21/28 Corp	AUSNET SERVICES HOLDINGS MTN 4.200 21 Aug 28	4.9	Bonds		Australia	AUD	9,400,000	$10,218,834	$10,218,834	2028-08-21	4.2	3.1149682094603484	7.703777794828451
CTXAU 4 04/17/25 Corp	CALTEX AUSTRALIA LTD MTN 4.0000 17 Apr 2025	4.9	Bonds	Energy	Australia	AUD	9,620,000	$10,174,593	$10,174,593	2025-04-17	4.0	2.9395687737481597	5.106581412642748
ANVAU 4.4 08/16/27 Corp	AUSNET SERVICES HOLDINGS MTN 4.4000 16 Aug 2027	4.5	Bonds		Australia	AUD	8,580,000	$9,460,651	$9,460,651	2027-08-16	4.4	2.9937708956957576	6.956398057094925
SGSPAA 3.75 09/27/24 Corp	SGSP AUSTRALIA ASSETS MTN 3.7500 27 Sep 2024	3.9	Bonds		Australia	AUD	7,700,000	$8,146,754	$8,146,754	2024-09-27	3.75	2.5932916377055815	4.884296769705995
TLSAU 4 04/19/27 Corp	TELSTRA CORP LTD MTN 4.0000 19 Apr 2027	3.5	Bonds	Communication Services	Australia	AUD	6,950,000	$7,428,230	$7,428,230	2027-04-19	4.0	3.022301822136278	6.836786863123089
T 4.6 09/19/28 Corp	AT&T INC MTN 4.600 19 Sep 28	3.5	Bonds	Communication Services	United States	AUD	6,840,000	$7,336,242	$7,336,242	2028-09-19	4.6	3.678667783691447	7.620832469598092
VOD 4.2 12/13/27 Corp	VODAFONE GROUP PLC MTN 4.2000 13 Dec 2027	3.4	Bonds	Communication Services	Britain	AUD	6,790,000	$7,115,920	$7,115,920	2027-12-13	4.2	3.548505170022809	7.12471779265981
EBIUH 4.75 02/09/28 Corp	EMIRATES NBD PJSC MTN 4.7500 09 Feb 2028	3.3	Bonds	Financials	United Arab Emirates	AUD	6,470,000	$6,949,621	$6,949,621	2028-02-09	4.75	3.7506901548189027	7.142042470612599
VZ 4.5 08/17/27 Corp	VERIZON COMMUNICATIONS MTN 4.500 17 Aug 27	3.3	Bonds	Communication Services	United States	AUD	6,360,000	$6,919,426	$6,919,426	2027-08-17	4.5	3.280638006164335	6.914604433535877
BPCEGP 4.5 04/26/28 Corp	BPCE SA MTN 4.5000 26 Apr 2028	3.2	Bonds		France	AUD	6,420,000	$6,787,609	$6,787,609	2028-04-26	4.5	3.744119893457946	7.401558186506297
FCGNZ 4 11/02/27 Corp	FONTERRA COOPERATIVE GRP MTN 4.0000 02 Nov 2027	3.2	Bonds	Consumer Staples	New Zealand	AUD	6,200,000	$6,613,912	$6,613,912	2027-11-02	4.0	3.1012024723985556	7.231595381427533
LLOYDS 4.25 11/22/27 Corp	LLOYDS BANKING GROUP PLC MTN 4.2500 22 Nov 2027	2.9	Bonds	Financials	Britain	AUD	5,830,000	$6,078,533	$6,078,533	2027-11-22	4.25	3.665179570519901	7.043360741325703
ARNDTN 4.5 05/14/25 Corp	AROUNDTOWN SA MTN 4.5000 14 May 2025	2.7	Bonds	Real Estate	Germany	AUD	5,420,000	$5,609,104	$5,609,104	2025-05-14	4.5	3.846878281673307	5.166840784051524
QNBK 4.9 02/01/28 Corp	QNB FINANCE LTD MTN 4.9000 01 Feb 2028	2.6	Bonds		Qatar	AUD	5,080,000	$5,488,737	$5,488,737	2028-02-01	4.9	3.8102027434804624	7.083624381390806
MQGAU 4.15 12/15/27 Corp	MACQUARIE GROUP LTD MTN 4.1500 15 Dec 2027	2.5	Bonds	Financials	Australia	AUD	5,040,000	$5,261,458	$5,261,458	2027-12-15	4.15	3.553801669292178	7.140797683753623
BACAU 3.9 04/24/25 Corp	BRISBANE AIRPORT CORP LT MTN 3.9000 24 Apr 2025	2.4	Bonds		Australia	AUD	4,850,000	$5,131,688	$5,131,688	2025-04-24	3.9	2.838170553300953	5.338096194575154
AIOAU 5.4 05/12/27 Corp	ASCIANO FINANCE LTD MTN 5.4000 12 May 2027	2.4	Bonds		Australia	AUD	4,630,000	$5,036,421	$5,036,421	2027-05-12	5.4	4.106134159748289	6.4114915225185
LOFINA 3.9 10/15/25 Corp	LONSDALE FINANCE PTY LTD MTN 3.900 15 Oct 25	2.4	Bonds		Australia	AUD	4,700,000	$4,952,155	$4,952,155	2025-10-15	3.9	2.9809046181479104	5.5097701067059575
LLOYDS 4 03/07/25 Corp	LLOYDS BANKING GROUP PLC MTN 4.0000 07 Mar 2025	2.3	Bonds	Financials	Britain	AUD	4,740,000	$4,905,473	$4,905,473	2025-03-07	4.0	3.3381216470511035	5.17587840775078
ABIBB 3.75 09/06/24 Corp	FBG FINANCE PTY LTD MTN 3.7500 06 Sep 2024	2.3	Bonds		Belgium	AUD	4,650,000	$4,893,474	$4,893,474	2024-09-06	3.75	2.6926892598095944	4.824214818111197
VZ 4.05 02/17/25 Corp	VERIZON COMMUNICATIONS MTN 4.0500 17 Feb 2025	2.3	Bonds	Communication Services	United States	AUD	4,500,000	$4,789,575	$4,789,575	2025-02-17	4.05	2.8390857847442192	5.140946588530294
RABOBK 4.25 05/12/26 Corp	RABOBANK NEDERLAND AU MTN 4.2500 12 May 2026	2.3	Bonds		Netherlands	AUD	4,350,000	$4,736,454	$4,736,454	2026-05-12	4.25	2.847587078480916	6.00374256289297
NETFIN 3.5 12/06/24 Corp	NETWORK FINANCE CO PTY L MTN 3.500 06 Dec 24	2.2	Bonds		Australia	AUD	4,500,000	$4,642,920	$4,642,920	2024-12-06	3.5	2.882377653013606	4.85887259610956
AUD	AUD - Australia Dollar	2.2	Cash			AUD	4,620,027	$4,620,027	$4,620,027
ABIBB 4.1 09/06/27 Corp	FBG FINANCE PTY LTD MTN 4.1000 06 Sep 2027	1.9	Bonds		Belgium	AUD	3,710,000	$3,913,753	$3,913,753	2027-09-06	4.1	3.340495187336449	7.037862890996216
WSOFIN 4.5 03/31/27 Corp	WSO FINANCE PTY LTD MTN 4.5000 31 Mar 2027	1.5	Bonds		Australia	AUD	2,950,000	$3,221,931	$3,221,931	2027-03-31	4.5	3.1750777333615092	6.5041755711982585
ANZ 4 07/22/26 Corp	AUST & NZ BANKING GROUP MTN 4.0000 22 Jul 2026	1.1	Bonds	Financials	Australia	AUD	2,123,000	$2,290,929	$2,290,929	2026-07-22	4.0	2.7843179138068477	6.242518569946839
CBAAU 4.2 06/11/26 Corp	COMMONWEALTH BANK AUST MTN 4.2000 11 Jun 2026	1.0	Bonds	Financials	Australia	AUD	1,900,000	$2,074,496	$2,074,496	2026-06-11	4.2	2.7690536529237924	6.0981526874678496
ETSA 3.5 08/29/24 Corp	ETSA UTILITIES FINANCE MTN 3.5000 29 Aug 2024	0.6	Bonds		Australia	AUD	1,200,000	$1,250,700	$1,250,700	2024-08-29	3.5	2.6451313840412634	4.623545895757675
WSTP 4.125 06/04/26 Corp	WESTPAC BANKING CORP MTN 4.1250 04 Jun 2026	0.5	Bonds	Financials	Australia	AUD	1,000,000	$1,086,570	$1,086,570	2026-06-04	4.125	2.7725821827961044	6.091234812972213
RY 4.2 06/22/26 Corp	ROYAL BANK OF CANADA/SYD MTN 4.2000 22 Jun 2026	0.5	Bonds		Canada	AUD	1,000,000	$1,086,080	$1,086,080	2026-06-22	4.2	2.8594889263128076	6.121952560262533
ENPGAS 3.642 12/11/24 Corp	ENERGY PARTNERSHIP GAS MTN 3.6420 11 Dec 2024	0.3	Bonds		Australia	AUD	700,000	$727,209	$727,209	2024-12-11	3.642	2.8870330643469306	4.801867856628148
AIANZ 4.5 09/23/27 Corp	AUCKLAND INTL AIRPORT MTN 4.5000 23 Sep 2027	0.1	Bonds	Industrials	New Zealand	AUD	250,000	$278,500	$278,500	2027-09-23	4.5	2.956994707541348	7.037133093111418

Download CSV

* As at 24 April 2019

PERFORMANCE

Fund Returns After Fees (%)

	Fund	Index
1 month	2.49%	2.53%
3 months	4.81%	4.85%
6 months	7.04%	7.20%
1 year	-	-
3 year p.a	-	-
5 year p.a	-	-
Since inception (p.a)	8.16%	8.41%
Inception date	31-May-18	-

* As at 29 March 2019

Chart

Past performance is not an indicator of future performance. Returns are calculated in Australian dollars using net asset value per unit at the start and end of the specified period and do not reflect brokerage or the bid ask spread that investors incur when buying and selling units on the ASX. Returns are after fund management costs, assume reinvestment of any distributions and do not take into account tax paid as an investor in the Fund. Returns for periods longer than one year are annualised. Current performance may be higher or lower than the performance shown.

DISTRIBUTIONS

Yield Information

Distribution Frequency	Monthly
12 Mth Distribution Yield* (%)	-
12 Mth Gross Distribution Yield* (%)	-
Franking Level	-

Recent Distributions

Ex Date	Record Date	Payment Date	Distribution Unit ($)	Annual Distribution Return (%) (1)
1-Apr-19	2-Apr-19	16-Apr-19	$0.07851	-
1-Mar-19	4-Mar-19	18-Mar-19	$0.07364	-
1-Feb-19	4-Feb-19	18-Feb-19	$0.07689	-
2-Jan-19	3-Jan-19	17-Jan-19	$0.08194	-
3-Dec-18	4-Dec-18	18-Dec-18	$0.07744	-
1-Nov-18	2-Nov-18	16-Nov-18	$0.08086	-
1-Oct-18	2-Oct-18	16-Oct-18	$0.07127	-
3-Sep-18	4-Sep-18	18-Sep-18	$0.07897	-
1-Aug-18	2-Aug-18	16-Aug-18	$0.08283	-
2-Jul-18	3-Jul-18	17-Jul-18	$0.07285	-

ANNOUNCEMENTS

ASX Announcements: CRED

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RESOURCES

	Factsheet - CRED	Download
	Fund Flyer - CRED	Download
	Product Brochure - CRED	Download
	Portfolio Holdings	Download
	Product Disclosure Statement - CRED	Download
	NRWT and Fund Payment Notice information – March 2019 distributions	Download
	NRWT and Fund Payment Notice information - February 2019 Distribution	Download
	NRWT and Fund Payment Notice information - January 2019 Distribution	Download
	NRWT and Fund Payment Notice information – December 2018 distributions	Download
	NRWT and Fund Payment Notice information – November 2018 distributions	Download
	NRWT and Fund Payment Notice information – October 2018 distributions	Download
	NRWT and Fund Payment Notice information – September 2018 distributions	Download
	NRWT and Fund Payment Notice information – August 2018 distributions	Download
	NRWT and Fund Payment Notice information – July 2018 distributions	Download

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