BetaShares Australian Investment Grade Corporate Bond ETF | CRED
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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 19 October 2019

Current Price
Last Trade* $27.73
% Change (prev day) -0.07%
Bid (delayed) $27.69
Offer (delayed) $28.00
*Data is delayed by at least 20 minutes.
Download NAV history
NAV
NAV/Unit * $27.68
* As at 17 October 2019

Profile

Net Assets* ($A) $338,915,083
Units Outstanding* (#) 12,243,388
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 17 October 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.
3.61 % 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.
2.44 % p.a.
Average Maturity (yrs)
Average (weighted by market value) length of time until the current bonds in the portfolio mature.
7.31 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%.
6.20 yrs
Average Credit Rating
Average credit rating for the bonds in the portfolio. Source: Bloomberg
A-
As at 18 October 2019

Portfolio Holdings

Name Weight (%)
VODAFONE GROUP PLC MTN 4.2000 13 Dec 2027 7.6
VERIZON COMMUNICATIONS MTN 4.500 17 Aug 27 7.4
AUSNET SERVICES HOLDINGS MTN 4.200 21 Aug 28 7.1
MET LIFE GLOB FUNDING I MTN 4.000 13 Jul 27 5.8
CALTEX AUSTRALIA LTD MTN 4.0000 17 Apr 2025 4.8
QNB FINANCE LTD MTN 4.9000 01 Feb 2028 3.8
EMIRATES NBD PJSC MTN 4.7500 09 Feb 2028 3.7
MACQUARIE GROUP LTD MTN 4.1500 15 Dec 2027 3.7
AT&T INC MTN 4.600 19 Sep 28 3.7
COMMONWEALTH BANK AUST MTN 4.2000 11 Jun 2026 3.6
Ticker Name Weight (%) Asset Class Sector Country Currency Shares/Unit (#) Market Value (AUD) Notional Value (AUD) Maturity Date Coupon (%) YTM (%) Modified Duration
VOD 4.2 12/13/27 Corp VODAFONE GROUP PLC MTN 4.2000 13 Dec 2027 7.6 Bonds Communication Services Britain AUD 27,380,000 $30,375,098 $30,375,098 2027-12-13 4.2 2.6944 6.8647
VZ 4.5 08/17/27 Corp VERIZON COMMUNICATIONS MTN 4.500 17 Aug 27 7.4 Bonds Communication Services United States AUD 25,880,000 $29,779,081 $29,779,081 2027-08-17 4.5 2.3771 6.6464
ANVAU 4.2 08/21/28 Corp AUSNET SERVICES HOLDINGS MTN 4.200 21 Aug 28 7.1 Bonds Australia AUD 24,480,000 $28,441,843 $28,441,843 2028-08-21 4.2 2.1755 7.4611
MET 4 07/13/27 Corp MET LIFE GLOB FUNDING I MTN 4.000 13 Jul 27 5.8 Bonds United States AUD 21,062,000 $23,404,094 $23,404,094 2027-07-13 4.0 2.4132 6.6388
CTXAU 4 04/17/25 Corp CALTEX AUSTRALIA LTD MTN 4.0000 17 Apr 2025 4.8 Bonds Energy Australia AUD 17,680,000 $19,223,287 $19,223,287 2025-04-17 4.0 2.2973 4.7451
QNBK 4.9 02/01/28 Corp QNB FINANCE LTD MTN 4.9000 01 Feb 2028 3.8 Bonds Qatar AUD 13,330,000 $15,237,656 $15,237,656 2028-02-01 4.9 2.9390 6.8432
EBIUH 4.75 02/09/28 Corp EMIRATES NBD PJSC MTN 4.7500 09 Feb 2028 3.7 Bonds Financials United Arab Emirates AUD 13,220,000 $15,016,598 $15,016,598 2028-02-09 4.75 2.8956 6.8961
MQGAU 4.15 12/15/27 Corp MACQUARIE GROUP LTD MTN 4.1500 15 Dec 2027 3.7 Bonds Financials Australia AUD 13,630,000 $14,963,423 $14,963,423 2027-12-15 4.15 2.7983 6.8713
T 4.6 09/19/28 Corp AT&T INC MTN 4.600 19 Sep 28 3.7 Bonds Communication Services United States AUD 12,850,000 $14,763,879 $14,763,879 2028-09-19 4.6 2.7071 7.4023
CBAAU 4.2 06/11/26 Corp COMMONWEALTH BANK AUST MTN 4.2000 11 Jun 2026 3.6 Bonds Financials Australia AUD 12,500,000 $14,300,000 $14,300,000 2026-06-11 4.2 1.8814 5.7899
BPCEGP 4.5 04/26/28 Corp BPCE SA MTN 4.5000 26 Apr 2028 3.5 Bonds France AUD 12,710,000 $14,217,914 $14,217,914 2028-04-26 4.5 2.9159 7.1506
MCD 3.8 03/08/29 Corp MCDONALD'S CORP MTN 3.800 08 Mar 29 3.5 Bonds Consumer Discretionary United States AUD 12,730,000 $14,119,480 $14,119,480 2029-03-08 3.8 2.4878 7.7532
FCGNZ 4 11/02/27 Corp FONTERRA COOPERATIVE GRP MTN 4.0000 02 Nov 2027 3.4 Bonds Consumer Staples New Zealand AUD 12,200,000 $13,756,354 $13,756,354 2027-11-02 4.0 2.2543 6.8309
LLOYDS 4.25 11/22/27 Corp LLOYDS BANKING GROUP PLC MTN 4.2500 22 Nov 2027 3.4 Bonds Financials Britain AUD 12,570,000 $13,747,306 $13,747,306 2027-11-22 4.25 2.9396 6.7769
AAA AU BETASHARES AUSTRALIAN HIGH INT 3.4 Equities Financials Australia AUD 270,000 $13,527,000 $13,527,000
TLSAU 4 04/19/27 Corp TELSTRA CORP LTD MTN 4.0000 19 Apr 2027 3.2 Bonds Communication Services Australia AUD 11,490,000 $12,967,959 $12,967,959 2027-04-19 4.0 2.1329 6.5424
IPLAU 4.3 03/18/26 Corp INCITEC PIVOT LTD MTN 4.300 18 Mar 26 3.1 Bonds Materials Australia AUD 11,270,000 $12,261,873 $12,261,873 2026-03-18 4.3 2.7898 5.4148
BACR 4 06/26/29 Corp BARCLAYS PLC MTN 4.000 26 Jun 29 2.9 Bonds Financials Britain AUD 11,000,000 $11,825,110 $11,825,110 2029-06-26 4.0 3.0966 7.9664
ABIBB 4.1 09/06/27 Corp FBG FINANCE PTY LTD MTN 4.1000 06 Sep 2027 2.8 Bonds Belgium AUD 10,110,000 $11,435,118 $11,435,118 2027-09-06 4.1 2.2723 6.7775
ARNDTN 4.5 05/14/25 Corp AROUNDTOWN SA MTN 4.5000 14 May 2025 2.4 Bonds Real Estate Germany AUD 8,720,000 $9,492,766 $9,492,766 2025-05-14 4.5 2.7697 4.8560
ANVAU 2.6 07/31/29 Corp AUSNET SERVICES HOLDINGS MTN 2.600 31 Jul 29 2.2 Bonds Australia AUD 8,790,000 $8,942,419 $8,942,419 2029-07-31 2.6 2.3996 8.5539
LLOYDS 4 03/07/25 Corp LLOYDS BANKING GROUP PLC MTN 4.0000 07 Mar 2025 2.2 Bonds Financials Britain AUD 8,290,000 $8,848,083 $8,848,083 2025-03-07 4.0 2.6479 4.8240
VZ 4.05 02/17/25 Corp VERIZON COMMUNICATIONS MTN 4.0500 17 Feb 2025 2.1 Bonds Communication Services United States AUD 7,630,000 $8,420,697 $8,420,697 2025-02-17 4.05 1.9874 4.7894
BACAU 3.9 04/24/25 Corp BRISBANE AIRPORT CORP LT MTN 3.9000 24 Apr 2025 1.6 Bonds Australia AUD 5,910,000 $6,472,750 $6,472,750 2025-04-24 3.9 2.0614 4.9840
RABOBK 4.25 05/12/26 Corp RABOBANK NEDERLAND AU MTN 4.2500 12 May 2026 1.3 Bonds Netherlands AUD 4,640,000 $5,250,392 $5,250,392 2026-05-12 4.25 2.0925 5.6918
LOFINA 3.9 10/15/25 Corp LONSDALE FINANCE PTY LTD MTN 3.900 15 Oct 25 1.3 Bonds Australia AUD 4,700,000 $5,148,662 $5,148,662 2025-10-15 3.9 2.1883 5.1641
NETFIN 3.5 12/06/24 Corp NETWORK FINANCE CO PTY L MTN 3.500 06 Dec 24 1.2 Bonds Australia AUD 4,500,000 $4,815,720 $4,815,720 2024-12-06 3.5 2.0506 4.4878
AU3CB0266906 Corp PACIFIC NATIONAL FINANCE MTN 3.700 24 Sep 29 1.1 Bonds Australia AUD 4,500,000 $4,590,855 $4,590,855 2029-09-24 3.7 3.4574 8.0740
AUD AUD - Australia Dollar 1.0 Cash AUD 4,035,866 $4,035,866 $4,035,866
WSOFIN 4.5 03/31/27 Corp WSO FINANCE PTY LTD MTN 4.5000 31 Mar 2027 0.9 Bonds Australia AUD 3,000,000 $3,443,550 $3,443,550 2027-03-31 4.5 2.3256 6.2155
WSTP 4.125 06/04/26 Corp WESTPAC BANKING CORP MTN 4.1250 04 Jun 2026 0.6 Bonds Financials Australia AUD 2,100,000 $2,392,866 $2,392,866 2026-06-04 4.125 1.8740 5.7821
SUNAU 3.25 08/24/26 Corp SUNCORP-METWAY LTD MTN 3.2500 24 Aug 2026 0.5 Bonds Australia AUD 1,800,000 $1,953,504 $1,953,504 2026-08-24 3.25 1.9136 6.1322
AIANZ 4.5 09/23/27 Corp AUCKLAND INTL AIRPORT MTN 4.5000 23 Sep 2027 0.4 Bonds Industrials New Zealand AUD 1,210,000 $1,420,334 $1,420,334 2027-09-23 4.5 2.1053 6.7660
RY 4.2 06/22/26 Corp ROYAL BANK OF CANADA/SYD MTN 4.2000 22 Jun 2026 0.3 Bonds Canada AUD 1,000,000 $1,135,030 $1,135,030 2026-06-22 4.2 2.0243 5.8114
CEUAU 3.4 03/25/26 Corp CONNECTEAST FINANCE PTY MTN 3.400 25 Mar 26 0.2 Bonds Australia AUD 900,000 $957,024 $957,024 2026-03-25 3.4 2.3323 5.5665
ENPGAS 3.642 12/11/24 Corp ENERGY PARTNERSHIP GAS MTN 3.6420 11 Dec 2024 0.2 Bonds Australia AUD 700,000 $750,547 $750,547 2024-12-11 3.642 2.1493 4.4377
ANZ 4 07/22/26 Corp AUST & NZ BANKING GROUP MTN 4.0000 22 Jul 2026 0.1 Bonds Financials Australia AUD 275,000 $310,918 $310,918 2026-07-22 4.0 1.9268 5.9284
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* As at 17 October 2019

Sector Allocation

Financial
44.8%
Communications
20.2%
Consumer, Non-cyclical
11.3%
Utilities
8.8%
Consumer, Cyclical
4.6%
Industrial
3.7%
Energy
3.1%
Basic Materials
3.7%
* As of 30 September 2019

PERFORMANCE

Fund Returns After Fees (%)

  Fund Index
1 month -0.32% -0.30%
3 months 3.29% 3.37%
6 months 7.81% 7.89%
1 year 15.40% 15.66%
3 year p.a - 6.86%
5 year p.a - 7.62%
Since inception (p.a) 12.21% 12.46%
Inception date 31-May-18 -
* As at 30 September 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* (%) 3.4%
12 Mth Gross Distribution Yield* (%) -
Franking Level -
*As at 30 September 2019. Yield figures are calculated by summing the prior 12 month net and gross fund per unit distributions divided by the fund closing NAV per unit. Past performance is not an indicator of future performance.

Recent Distributions

Ex Date Record Date Payment Date Distribution Unit ($) Annual Distribution Return (%) (1)
1-Oct-19 2-Oct-19 16-Oct-19 $0.06671 4.29%
2-Sep-19 3-Sep-19 17-Sep-19 $0.05445 4.38%
1-Aug-19 2-Aug-19 16-Aug-19 $0.06051 4.39%
1-Jul-19 2-Jul-19 16-Jul-19 $0.12562 4.50%
3-Jun-19 4-Jun-19 19-Jun-19 $0.07664 4.41%
1-May-19 2-May-19 16-May-19 $0.07789 -
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 -
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(1) This is the annual distribution return to the end of the relevant distribution date. The distribution return reflects the contribution to total investment return made by the Fund's distributions. It is calculated as the difference between total Fund return and NAV return. NAV return is the change in the Fund's NAV price. Total return is the NAV return plus reinvestment of all distributions back to the Fund. Past performance not indicative of future performance.

ANNOUNCEMENTS

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RESOURCES

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