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 11 December 2019

Current Price
Last Trade* $27.77
% Change (prev day) 0.25%
Bid (delayed) $27.76
Offer (delayed) $27.82
*Data is delayed by at least 20 minutes.
Download NAV history
NAV
NAV/Unit * $27.65
* As at 9 December 2019

Profile

Net Assets* ($A) $369,585,122
Units Outstanding* (#) 13,364,858
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 9 December 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.
3.51 % 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. Reflects annualised costs and benefits associated with FX-hedging, where relevant.
2.49 % p.a.
Average Maturity (yrs)
Average (weighted by market value) length of time until the current bonds in the portfolio mature.
7.57 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%.
6.45 yrs
Average Credit Rating
Average credit rating for the bonds in the portfolio. Source: Bloomberg
A-
As at 10 December 2019

Portfolio Holdings

Name Weight (%)
QNB Finance Ltd 4.9% Feb-28 4.6
Emirates NBD Bank PJSC 4.75% Feb-28 4.4
United Energy Distribution Pty Ltd 2.2% Oct-26 4.3
Telstra Corp Ltd 4.0% Apr-27 4.2
Lloyds Banking Group PLC 4.25% Nov-27 4.2
Fonterra Co-operative Group Ltd 4.0% Nov-27 4.2
AT&T Inc 4.6% Sep-28 4.2
McDonald's Corp 3.8% Mar-29 4.1
Vodafone Group PLC 4.2% Dec-27 4.1
Macquarie Group Ltd 4.15% Dec-27 4.1
Ticker Name Weight (%) Asset Class Sector Country Currency Shares/Unit (#) Market Value (AUD) Notional Value (AUD) Maturity Date Coupon (%) YTM (%) Modified Duration
QNBK 4.9 02/01/28 Corp QNB Finance Ltd 4.9% Feb-28 4.6 Bonds Qatar AUD 14,680,000 $16,798,030 $16,798,030 2028-02-01 4.9 2.8968 6.7104
EBIUH 4.75 02/09/28 Corp Emirates NBD Bank PJSC 4.75% Feb-28 4.4 Bonds Financials United Arab Emirates AUD 14,220,000 $16,127,897 $16,127,897 2028-02-09 4.75 2.8919 6.7599
UELAU 2.2 10/29/26 Corp United Energy Distribution Pty Ltd 2.2% Oct-26 4.3 Corporate Bond Australia AUD 15,830,000 $15,869,258 $15,869,258 2026-10-29 2.2 2.1608 6.1972
TLSAU 4 04/19/27 Corp Telstra Corp Ltd 4.0% Apr-27 4.2 Bonds Communication Services Australia AUD 13,810,000 $15,563,041 $15,563,041 2027-04-19 4.0 2.1256 6.4050
LLOYDS 4.25 11/22/27 Corp Lloyds Banking Group PLC 4.25% Nov-27 4.2 Bonds Financials Britain AUD 14,100,000 $15,533,265 $15,533,265 2027-11-22 4.25 2.8131 6.7797
FCGNZ 4 11/02/27 Corp Fonterra Co-operative Group Ltd 4.0% Nov-27 4.2 Bonds Consumer Staples New Zealand AUD 13,700,000 $15,412,226 $15,412,226 2027-11-02 4.0 2.2612 6.8128
T 4.6 09/19/28 Corp AT&T Inc 4.6% Sep-28 4.2 Bonds Communication Services United States AUD 13,350,000 $15,352,767 $15,352,767 2028-09-19 4.6 2.6694 7.2677
MCD 3.8 03/08/29 Corp McDonald's Corp 3.8% Mar-29 4.1 Bonds Consumer Discretionary United States AUD 13,730,000 $15,254,991 $15,254,991 2029-03-08 3.8 2.4490 7.6187
VOD 4.2 12/13/27 Corp Vodafone Group PLC 4.2% Dec-27 4.1 Bonds Communication Services Britain AUD 13,690,000 $15,218,625 $15,218,625 2027-12-13 4.2 2.6428 6.8587
MQGAU 4.15 12/15/27 Corp Macquarie Group Ltd 4.15% Dec-27 4.1 Bonds Financials Australia AUD 13,630,000 $14,969,148 $14,969,148 2027-12-15 4.15 2.7734 6.8631
BPCEGP 4.5 04/26/28 Corp BPCE SA 4.5% Apr-28 4.0 Bonds France AUD 13,320,000 $14,908,943 $14,908,943 2028-04-26 4.5 2.8854 7.0159
VZ 4.5 08/17/27 Corp Verizon Communications Inc 4.5% Aug-27 4.0 Bonds Communication Services United States AUD 12,880,000 $14,876,400 $14,876,400 2027-08-17 4.5 2.2878 6.5163
ABIBB 4.1 09/06/27 Corp Anheuser-Busch InBev Worldwide Inc 4.1% Sep-27 4.0 Bonds Belgium AUD 13,110,000 $14,817,578 $14,817,578 2027-09-06 4.1 2.2548 6.6403
ANVAU 4.2 08/21/28 Corp AusNet Services Holdings Pty Ltd 4.2% Aug-28 3.8 Bonds Australia AUD 12,240,000 $14,174,532 $14,174,532 2028-08-21 4.2 2.1928 7.3224
BACR 4 06/26/29 Corp Barclays PLC 4.0% Jun-29 3.8 Bonds Financials Britain AUD 13,000,000 $14,090,700 $14,090,700 2029-06-26 4.0 2.9828 7.8424
MET 4 07/13/27 Corp Metropolitan Life Global Funding I 4.0% Jul-27 3.8 Bonds United States AUD 12,531,000 $13,919,811 $13,919,811 2027-07-13 4.0 2.3936 6.5033
CGJAU 2.65 11/06/29 Corp Coles Group Treasury Pty Ltd 2.65% Nov-29 3.3 Bonds Australia AUD 12,290,000 $12,307,943 $12,307,943 2029-11-06 2.65 2.6329 8.4504
IPLAU 4.3 03/18/26 Corp Incitec Pivot Ltd 4.3% Mar-26 3.3 Bonds Materials Australia AUD 11,270,000 $12,231,782 $12,231,782 2026-03-18 4.3 2.8047 5.2759
ANVAU 2.6 07/31/29 Corp AusNet Services Holdings Pty Ltd 2.6% Jul-29 2.8 Bonds Australia AUD 10,150,000 $10,301,844 $10,301,844 2029-07-31 2.6 2.4248 8.4144
ARNDTN 4.5 05/14/25 Corp Aroundtown SA 4.5% May-25 2.7 Bonds Real Estate Germany AUD 9,220,000 $10,014,948 $10,014,948 2025-05-14 4.5 2.7762 4.8174
CTXAU 4 04/17/25 Corp Caltex Australia Ltd 4.0% Apr-25 2.6 Bonds Energy Australia AUD 8,840,000 $9,620,307 $9,620,307 2025-04-17 4.0 2.2386 4.6095
AAA AU BETASHARES AUSTRALIAN HIGH INTEREST CASH ETF 2.6 Equities Australia AUD 190,000 $9,517,100 $9,517,100
LLOYDS 4 03/07/25 Corp Lloyds Banking Group PLC 4.0% Mar-25 2.4 Bonds Financials Britain AUD 8,290,000 $8,911,750 $8,911,750 2025-03-07 4.0 2.4639 4.6927
AU3CB0266906 Corp Pacific National Finance Pty Ltd 3.7% Sep-29 2.0 Bonds Australia AUD 7,400,000 $7,547,704 $7,547,704 2029-09-24 3.7 3.4573 7.9363
BACAU 3.9 04/24/25 Corp Brisbane Airport Corp Pty Ltd 3.9% Apr-25 1.8 Bonds Australia AUD 6,110,000 $6,690,389 $6,690,389 2025-04-24 3.9 2.0226 4.8475
RABOBK 4.25 05/12/26 Corp Cooperatieve Rabobank UA/Australia 4.25% May-26 1.4 Bonds Netherlands AUD 4,640,000 $5,243,293 $5,243,293 2026-05-12 4.25 2.0754 5.6606
LOFINA 2.45 11/20/26 Corp Lonsdale Finance Pty Ltd 2.45% Nov-26 1.4 Bonds Australia AUD 5,000,000 $5,034,500 $5,034,500 2026-11-20 2.45 2.3415 6.1317
CGJAU 2.2 11/06/26 Corp Coles Group Treasury Pty Ltd 2.2% Nov-26 1.4 Bonds Australia AUD 5,000,000 $5,008,400 $5,008,400 2026-11-06 2.2 2.1734 6.1485
VZ 2.1 05/06/26 Corp Verizon Communications Inc 2.1% May-26 1.1 Bonds Communication Services United States AUD 4,000,000 $4,012,440 $4,012,440 2026-05-06 2.1 2.0478 5.9507
ANZ 4 07/22/26 Corp Australia & New Zealand Banking Group Ltd 4.0% Jul-26 1.0 Bonds Financials Australia AUD 3,175,000 $3,586,480 $3,586,480 2026-07-22 4.0 1.9042 5.7924
WSOFIN 4.5 03/31/27 Corp WSO Finance Pty Ltd 4.5% Mar-27 0.9 Bonds Australia AUD 3,000,000 $3,440,820 $3,440,820 2027-03-31 4.5 2.3026 6.0785
CEUAU 3.4 03/25/26 Corp ConnectEast Finance Pty Ltd 3.4% Mar-26 0.8 Bonds Australia AUD 2,900,000 $3,082,033 $3,082,033 2026-03-25 3.4 2.3205 5.4286
AUD AUD - Australia Dollar 0.7 Cash AUD 2,410,862 $2,410,862 $2,410,862
ORGAU 2.65 11/11/27 Corp Origin Energy Finance Ltd 2.65% Nov-27 0.5 Bonds Australia AUD 2,000,000 $2,007,400 $2,007,400 2027-11-11 2.65 2.5978 6.8832
NETFIN 2.25 11/11/26 Corp Network Finance Co Pty Ltd 2.25% Nov-26 0.5 Bonds Australia AUD 1,800,000 $1,795,752 $1,795,752 2026-11-11 2.25 2.2873 6.3571
AIANZ 4.5 09/23/27 Corp Auckland International Airport Ltd 4.5% Sep-27 0.4 Bonds Industrials New Zealand AUD 1,210,000 $1,416,595 $1,416,595 2027-09-23 4.5 2.1086 6.6271
RY 4.2 06/22/26 Corp Royal Bank of Canada/Sydney 4.2% Jun-26 0.3 Bonds Canada AUD 1,000,000 $1,132,830 $1,132,830 2026-06-22 4.2 2.0178 5.6738
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* As at 9 December 2019

Sector Allocation

Financial
38.0%
Communications
18.3%
Consumer, Non-cyclical
16.5%
Utilities
12.4%
Industrial
4.4%
Consumer, Cyclical
4.3%
Energy
2.7%
Basic Materials
3.4%
* As of 29 November 2019

PERFORMANCE

Fund Returns After Fees (%)

  Fund Index
1 month 1.15% 1.17%
3 months 0.24% 0.26%
6 months 5.30% 5.37%
1 year 15.20% 15.31%
3 year p.a - 8.39%
5 year p.a - 7.19%
Since inception (p.a) 11.21% 11.43%
Inception date 31-May-18 -
* As at 29 November 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* (%) 3.3%
12 Mth Gross Distribution Yield* (%) -
Franking Level -
*As at 29 November 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)
2-Dec-19 3-Dec-19 17-Dec-19 $0.08001 3.98%
1-Nov-19 4-Nov-19 18-Nov-19 $0.06407 4.02%
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 - October 2019 distributions
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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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