Long/Short, Relative Value & Event Driven

Janus Henderson HMT Global IG Credit Curve Steepener Core UCITS ETF

Tabula Investment Management

ISIN IE00BMQ5Y557

AUM
£47.0mAs of 3 Sept 2026
OCF / TER
0.4%
Inception Date
18 Aug 2020
Domicile
Ireland
Base Currency
EUR
Instrument Type
ETF

Fund Overview

Investment Objective

The Fund is passive and has the objective to track the performance of the iTraxx-CDX IG Global Credit Steepener Index (the Index). The Fund is passively managed. The Fund is denominated in EUR.

AltETF Comments

Passive credit relative-value ETF using direct CDS index positions plus cash collateral assets. The strategy is long 5-year and short 10-year on-the-run investment-grade CDS indices in Europe and North America, seeking to monetise curve steepening and carry rather than outright duration or spread beta. Returns are driven mainly by movements in the 5s10s credit curves, CDS carry and cash collateral returns, while derivative, leverage, counterparty and liquidity risks remain material.

Fund Note

The Janus Henderson HMT Global IG Credit Curve Steepener Core UCITS ETF is a relative-value credit strategy rather than a directional corporate bond allocation. It is designed to profit from a steepening in the investment-grade CDS curve across Europe and North America, using iTraxx Europe and CDX.NA.IG exposures in equal proportions.

The trade is implemented through long 5-year CDS exposure as protection seller and short 10-year CDS exposure as protection buyer. The 10-year leg is run at a target 3x notional exposure, split equally between Europe and North America, while the 5-year leg is sized to offset the credit-spread DV01 of the 10-year position. The aim is therefore to isolate changes in the shape of the credit curve, rather than simply take a broad long or short view on investment-grade credit spreads.

The index is rebalanced monthly and rolls into the latest CDS series semi-annually. The fund seeks to mirror these exposures directly through index CDS, with substantial cash and collateral assets held alongside the derivative book to meet margin and collateral requirements. Gross derivative notionals can appear high, but much of that reflects the offsetting long and short structure rather than outright directional credit exposure.

For allocators, the main return driver is therefore credit-curve steepening itself, plus CDS carry and the return on collateral, rather than the usual duration or spread-beta exposures associated with conventional investment-grade credit funds.

Fees & Share Class

Fees and share-class details
Ongoing Charges0.4%
Share Class CurrencyEUR
Income TreatmentAccumulating
Currency HedgingUnhedged
Other Available Share ClassesEUR Dist · CHF Hedged Acc · GBP Hedged Acc · USD Hedged Acc · CHF Hedged Dist · GBP Hedged Dist · USD Hedged Dist
Registrations for Public DistributionES
UK Reporting Fund StatusUnknown

Management & Structure

Management and structure details
Legal IssuerJanus Henderson ICAV
Asset ManagerTabula Investment Management
Fund Manager or TeamFrancesco Romano, CFA; Andrew Baker
AdministratorHSBC Securities Services
Custodian or DepositaryHSBC Securities Services
DomicileIreland
Legal StructureICAV
Instrument TypeETF
Management ApproachIndex-tracking
Implementation MethodDirect
Underlying IndexiTraxx - CDX IG Global Credit Steepener Index
SFDR ClassificationArticle 6

Performance & Statistics

MTD
0.1%
as of 16 Sept 2026
YTD
2.0%
as of 16 Sept 2026
1Y
2.8%
3Y Annualised
3.5%
5Y Annualised
2.8%

Monthly Returns (%)

YearJanFebMarAprMayJunJulAugSepOctNovDecYear Return
20260.2%0.2%0.1%0.6%0.3%0.3%0.1%0.2%————2.0%
20250.3%0.3%-0.1%-0.3%0.5%0.2%0.3%0.1%0.3%0.3%0.2%0.1%2.2%
20240.2%0.4%0.6%0.2%0.4%0.2%0.5%0.5%0.3%0.3%0.5%0.4%4.4%
20231.3%0.2%-0.2%0.5%0.6%0.6%0.4%0.5%0.4%0.1%1.0%0.5%6.0%
2022-0.1%-0.4%-0.1%-0.2%0.0%-1.3%1.0%-0.4%-0.7%1.0%0.9%-0.0%-0.2%
20210.2%0.1%0.5%-0.3%-0.3%-0.0%0.2%-0.1%-0.2%-0.0%-0.1%0.1%0.0%
2020——————————0.2%-0.4%-0.2%

As of 31 Aug 2026