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 24 February 2019

Current Price
Last Trade*	$25.81
% Change (prev day)	0.04%
Bid (delayed)	$25.78
Offer (delayed)	$25.82

*Data is delayed by at least 20 minutes.

Download NAV history

NAV
NAV/Unit *	$25.80

* As at 21 February 2019

Profile

Net Assets* ($A)	$123,880,308
Units Outstanding* (#)	4,800,774
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 21 February 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.	3.85 % 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.	3.42 % p.a.
Average Maturity (yrs) Average (weighted by market value) length of time until the current bonds in the portfolio mature.	7.04 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%.	5.90 yrs
Average Credit Rating Average credit rating for the bonds in the portfolio. Source: Bloomberg	A-

As at 22/02/2019

Portfolio Holdings

Top 10 All

Name	Weight (%)
CALTEX AUSTRALIA LTD MTN 4.0000 17 Apr 2025	5.4
AUSGRID FINANCE PTY LTD MTN 3.7500 30 Oct 2024	5.3
BPCE SA MTN 4.5000 26 Apr 2028	5.2
TELSTRA CORP LTD MTN 4.0000 19 Apr 2027	5.1
VODAFONE GROUP PLC MTN 4.2000 13 Dec 2027	4.9
AURIZON NETWORK PTY LTD MTN 4.0000 21 Jun 2024	4.5
FONTERRA COOPERATIVE GRP MTN 4.0000 02 Nov 2027	4.4
BRISBANE AIRPORT CORP LT MTN 3.9000 24 Apr 2025	4.1
AROUNDTOWN SA MTN 4.5000 14 May 2025	4.1
LONSDALE FINANCE PTY LTD MTN 3.900 15 Oct 25	4.0

Ticker	Name	Weight (%)	Asset Class	Sector	Country	Currency	Shares/Unit (#)	Market Value (AUD)	Notional Value (AUD)	Maturity Date	Coupon (%)	YTM (%)	Modified Duration
CTXAU 4 04/17/25 Corp	CALTEX AUSTRALIA LTD MTN 4.0000 17 Apr 2025	5.4	Bonds	Energy	Australia	AUD	6,400,000	$6,625,792	$6,625,792	2025-04-17	4.0	3.3583138398149184	5.158620802788696
AUSGF 3.75 10/30/24 Corp	AUSGRID FINANCE PTY LTD MTN 3.7500 30 Oct 2024	5.3	Bonds		Australia	AUD	6,300,000	$6,441,624	$6,441,624	2024-10-30	3.75	3.3114087297956587	4.824597097035273
BPCEGP 4.5 04/26/28 Corp	BPCE SA MTN 4.5000 26 Apr 2028	5.2	Bonds		France	AUD	6,110,000	$6,307,842	$6,307,842	2028-04-26	4.5	4.072312859489049	7.378230259811744
TLSAU 4 04/19/27 Corp	TELSTRA CORP LTD MTN 4.0000 19 Apr 2027	5.1	Bonds	Communication Services	Australia	AUD	5,950,000	$6,187,167	$6,187,167	2027-04-19	4.0	3.4340758604221193	6.8437030202049405
VOD 4.2 12/13/27 Corp	VODAFONE GROUP PLC MTN 4.2000 13 Dec 2027	4.9	Bonds	Communication Services	Britain	AUD	5,790,000	$5,958,894	$5,958,894	2027-12-13	4.2	3.8059820654773997	7.267106550659359
AZJAU 4 06/21/24 Corp	AURIZON NETWORK PTY LTD MTN 4.0000 21 Jun 2024	4.5	Bonds		Australia	AUD	5,390,000	$5,513,916	$5,513,916	2024-06-21	4.0	3.5210094602905313	4.528360932293144
FCGNZ 4 11/02/27 Corp	FONTERRA COOPERATIVE GRP MTN 4.0000 02 Nov 2027	4.4	Bonds	Consumer Staples	New Zealand	AUD	5,200,000	$5,401,136	$5,401,136	2027-11-02	4.0	3.4792826567681945	7.231482985207076
BACAU 3.9 04/24/25 Corp	BRISBANE AIRPORT CORP LT MTN 3.9000 24 Apr 2025	4.1	Bonds		Australia	AUD	4,850,000	$4,998,556	$4,998,556	2025-04-24	3.9	3.3447003796073567	5.38386197190976
ARNDTN 4.5 05/14/25 Corp	AROUNDTOWN SA MTN 4.5000 14 May 2025	4.1	Bonds	Real Estate	Germany	AUD	4,920,000	$4,987,158	$4,987,158	2025-05-14	4.5	4.2466196739749575	5.314048628781412
LOFINA 3.9 10/15/25 Corp	LONSDALE FINANCE PTY LTD MTN 3.900 15 Oct 25	4.0	Bonds		Australia	AUD	4,700,000	$4,836,441	$4,836,441	2025-10-15	3.9	3.406579727585557	5.553064344750453
VZ 4.05 02/17/25 Corp	VERIZON COMMUNICATIONS MTN 4.0500 17 Feb 2025	3.8	Bonds	Communication Services	United States	AUD	4,500,000	$4,673,700	$4,673,700	2025-02-17	4.05	3.3320877501931787	5.287587832610333
LLOYDS 4.25 11/22/27 Corp	LLOYDS BANKING GROUP PLC MTN 4.2500 22 Nov 2027	3.6	Bonds	Financials	Britain	AUD	4,300,000	$4,378,131	$4,378,131	2027-11-22	4.25	4.000761862140476	7.178926466689479
ANVAU 4.2 08/21/28 Corp	AUSNET SERVICES HOLDINGS MTN 4.200 21 Aug 28	3.5	Bonds		Australia	AUD	4,100,000	$4,312,216	$4,312,216	2028-08-21	4.2	3.5523053581162665	7.824854472420565
ANVAU 4.4 08/16/27 Corp	AUSNET SERVICES HOLDINGS MTN 4.4000 16 Aug 2027	3.4	Bonds		Australia	AUD	3,870,000	$4,150,846	$4,150,846	2027-08-16	4.4	3.406425428856786	7.088861400486233
AIOAU 5.4 05/12/27 Corp	ASCIANO FINANCE LTD MTN 5.4000 12 May 2027	3.4	Bonds		Australia	AUD	3,890,000	$4,144,289	$4,144,289	2027-05-12	5.4	4.439855087911367	6.548632917022675
NETFIN 3.5 12/06/24 Corp	NETWORK FINANCE CO PTY L MTN 3.500 06 Dec 24	3.3	Bonds		Australia	AUD	4,000,000	$4,039,840	$4,039,840	2024-12-06	3.5	3.3091532573065683	4.926035964004442
ABIBB 4.1 09/06/27 Corp	FBG FINANCE PTY LTD MTN 4.1000 06 Sep 2027	2.9	Bonds		Belgium	AUD	3,500,000	$3,589,600	$3,589,600	2027-09-06	4.1	3.746130624701473	7.028631471493411
MQGAU 4.15 12/15/27 Corp	MACQUARIE GROUP LTD MTN 4.1500 15 Dec 2027	2.9	Bonds	Financials	Australia	AUD	3,460,000	$3,507,125	$3,507,125	2027-12-15	4.15	3.96451337499752	7.268381711768831
ABIBB 3.75 09/06/24 Corp	FBG FINANCE PTY LTD MTN 3.7500 06 Sep 2024	2.8	Bonds		Belgium	AUD	3,300,000	$3,386,427	$3,386,427	2024-09-06	3.75	3.2282852718266444	4.8813814225225
LLOYDS 4 03/07/25 Corp	LLOYDS BANKING GROUP PLC MTN 4.0000 07 Mar 2025	2.7	Bonds	Financials	Britain	AUD	3,240,000	$3,266,633	$3,266,633	2025-03-07	4.0	3.845688563528769	5.216036313984459
WSOFIN 4.5 03/31/27 Corp	WSO FINANCE PTY LTD MTN 4.5000 31 Mar 2027	2.6	Bonds		Australia	AUD	2,950,000	$3,141,101	$3,141,101	2027-03-31	4.5	3.571617578466067	6.505363077337527
SGSPAA 3.75 09/27/24 Corp	SGSP AUSTRALIA ASSETS MTN 3.7500 27 Sep 2024	2.4	Bonds		Australia	AUD	2,850,000	$2,948,496	$2,948,496	2024-09-27	3.75	3.0708870016586465	4.945141496314505
SUNAU 3.25 08/24/26 Corp	SUNCORP-METWAY LTD MTN 3.2500 24 Aug 2026	2.2	Bonds		Australia	AUD	2,700,000	$2,715,525	$2,715,525	2026-08-24	3.25	3.1631184611820085	6.6087162403606134
UELAU 3.85 10/23/24 Corp	UNITED ENERGY DISTRIBUTI MTN 3.850 23 Oct 24	2.1	Bonds		Australia	AUD	2,500,000	$2,586,950	$2,586,950	2024-10-23	3.85	3.172388623894846	4.870579453486825
RABOBK 4.25 05/12/26 Corp	RABOBANK NEDERLAND AU MTN 4.2500 12 May 2026	2.0	Bonds		Netherlands	AUD	2,350,000	$2,500,095	$2,500,095	2026-05-12	4.25	3.248224973625805	6.14575112824456
EBIUH 4.75 02/09/28 Corp	EMIRATES NBD PJSC MTN 4.7500 09 Feb 2028	2.0	Bonds	Financials	United Arab Emirates	AUD	2,270,000	$2,405,973	$2,405,973	2028-02-09	4.75	3.9489567962547634	7.290140439285954
ANZ 4 07/22/26 Corp	AUST & NZ BANKING GROUP MTN 4.0000 22 Jul 2026	1.8	Bonds	Financials	Australia	AUD	2,123,000	$2,235,222	$2,235,222	2026-07-22	4.0	3.1921573348442194	6.384143967572307
CBAAU 4.2 06/11/26 Corp	COMMONWEALTH BANK AUST MTN 4.2000 11 Jun 2026	1.7	Bonds	Financials	Australia	AUD	1,900,000	$2,021,904	$2,021,904	2026-06-11	4.2	3.2053146301855877	6.236845133876263
ETSA 3.5 08/29/24 Corp	ETSA UTILITIES FINANCE MTN 3.5000 29 Aug 2024	1.0	Bonds		Australia	AUD	1,200,000	$1,225,920	$1,225,920	2024-08-29	3.5	3.0706321269110974	4.776001521914911
RY 4.2 06/22/26 Corp	ROYAL BANK OF CANADA/SYD MTN 4.2000 22 Jun 2026	0.9	Bonds		Canada	AUD	1,000,000	$1,063,490	$1,063,490	2026-06-22	4.2	3.2187831810931584	6.265670371449159
RABOBK 5.5 04/11/24 Corp	RABOBANK NEDERLAND AU MTN 5.5000 11 Apr 2024	0.8	Bonds		Netherlands	AUD	870,000	$977,071	$977,071	2024-04-11	5.5	2.8960318636283233	4.425410906858156
ENPGAS 3.642 12/11/24 Corp	ENERGY PARTNERSHIP GAS MTN 3.6420 11 Dec 2024	0.6	Bonds		Australia	AUD	700,000	$711,074	$711,074	2024-12-11	3.642	3.3385489678942335	4.950939077492875
AUD	AUD - Australia Dollar	0.3	Cash			AUD	414,032	$414,032	$414,032
WSTP 4.125 06/04/26 Corp	WESTPAC BANKING CORP MTN 4.1250 04 Jun 2026	0.3	Bonds	Financials	Australia	AUD	300,000	$318,663	$318,663	2026-06-04	4.125	3.1598078356395876	6.233377297889965
AIANZ 4.5 09/23/27 Corp	AUCKLAND INTL AIRPORT MTN 4.5000 23 Sep 2027	0.2	Bonds	Industrials	New Zealand	AUD	250,000	$271,550	$271,550	2027-09-23	4.5	3.3348432683386706	7.02648391372194
QNBK 4.9 02/01/28 Corp	QNB FINANCE LTD MTN 4.9000 01 Feb 2028	0.1	Bonds		QA	AUD	120,000	$127,576	$127,576	2028-02-01	4.9	4.050135526437396	7.227295771159965

Download CSV

* As at 22 February 2019

PERFORMANCE

Fund Returns After Fees (%)

	Fund	Index
1 month	0.79%	0.77%
3 months	2.26%	2.26%
6 months	3.47%	3.63%
1 year	-	-
3 year p.a	-	-
5 year p.a	-	-
Since inception (p.a)	4.01%	4.20%
Inception date	31-May-18	-

* As at 31 January 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-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

	NRWT and Fund Payment Notice information - January 2019 Distribution	Download
	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 – 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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