WisdomTree AT1 CoCo Bond UCITS ETF - GBP Hedged
The Fund seeks to track the performance, before fees and expenses of iBoxx Contingent Convertible Liquid Developed Europe AT1 Index GBP Hedged (the “Index”). Learn more about the Index that COGO is designed to track.
- Diversified exposure to AT1 CoCos
- The Fund invests in CoCos which have credit ratings, are backed by developed European financial institutions, are screened for liquidity and meet WisdomTree’s ESG (environmental, social and governance) criteria
- Offers a unique yield, return and risk profile
- The ETF is physically backed and UCITS compliant
Potential Risks
- CoCos can be converted into equity of the issuing financial institution or have their principal written down. This may result in your investment losing some or all of the original investment amount
- The behaviour of the relatively new CoCo bond market has not been tested in a systemic financial crisis, thus the price and liquidity of CoCos may degrade under such circumstances. Past performance is therefore not a suitable indicator of future performance
- Coupon payments on some CoCos are entirely discretionary and can be cancelled. As a result of this uncertainty around coupon payments, CoCo products may be more volatile, and their price may rapidly decline in the event that coupon payments are suspended. Some CoCos may be callable bonds, which means that such callable bonds can be redeemed by the issuer prior to the bond's maturity. This may result in the investor not receiving the invested capital back on the specified call date or at any date at all. Some CoCos are issued as perpetual instruments and only callable at predetermined levels upon approval of the competent regulatory authority. It cannot be assumed that these perpetual CoCos will be called on a call date. CoCos are a form of permanent capital. The investor may not receive return of principal as expected on call date or indeed at any date
- This list does not cover all risks. Further risks are disclosed in the KIID and Prospectus & Communications Surveillance
Overview
| Product Overview | |
|---|---|
| Asset Class | Fixed Income |
| Use of Income | Distributing |
| Base Currency | GBP |
| Dividend Frequency | Quarterly |
| Inception Date | 21 Aug 2018 |
| Exchange Ticker | COGO |
| Index Name | iBoxx Contingent Convertible Liquid Developed Europe AT1 Index (GBP Hedged) |
| TER | 0.39% |
| Index Characteristics | 04 juin 2026 |
|---|---|
| Weighted Average Coupon | 6.68% |
| Effective Duration | 3.64 |
| Yield To Worst | 6.20% |
| Structure | |
|---|---|
| Legal Form | Irish Collective Asset-management Vehicle (ICAV) |
| Fund Umbrella | WisdomTree Issuer ICAV |
| Domicile | Ireland |
| Structure | Open-ended Exchange Traded Fund |
| Replication Method | Physical (optimised) |
| Financial Year End | 31 December |
| UCITS Compliant | Compliant |
| Further Legal and Tax Information | |
|---|---|
| ISA | Eligible |
| SIPP | Eligible |
| UCITS Eligible | Eligible |
| PEA Eligible | No |
| Key Service Providers | |
|---|---|
| Custodian | The Bank of New York Mellon SA/NV, Dublin Branch |
| Administrator | BNY Mellon Fund Services (Ireland) Designated Activity Company |
| Fund Manager | Assenagon Asset Management S.A |
| Auditor | Deloitte Ireland LLP |
Austria
Denmark
Finland
France
Germany
Ireland
Italy
Luxembourg
Netherlands
Norway
Spain
Sweden
United Kingdom
Listings & Codes
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Holdings
Issuer Breakdown
Recent Distributions
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Index Details
| Index Details | |
|---|---|
| Index Name | iBoxx Contingent Convertible Liquid Developed Europe AT1 Index GBP Hedged |
| Currency | GBP |
| Index Provider | WisdomTree, Inc |
| Bloomberg Ticker | IBXXCCD2 |
| Leverage Factor | N/A |
| Documents and Links |
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iBoxx Contingent Convertible Liquid Developed Europe AT1 Index |
Responsible Investing
SFDR Disclosure
The EU Sustainable Finance Disclosures Regulation (SFDR) took effect on 10 March 2021 as part of the EU Action Plan on Sustainable Finance. The SFDR lays down harmonised sustainability related disclosure rules for EU financial market participants and advisors and requires certain sustainability disclosures to be made for financial products which promote environmental or social characteristics (Article 8 SFDR) and funds which have a sustainable investment objective (Article 9 SFDR).
There are different SFDR product categorisations for these sustainability disclosure requirements:
+ Article 6 products: require disclosures relating to the manner in which sustainability risks are integrated into the decision-making process.
+ Article 8 products: promote, among other characteristics, environmental or social characteristics or a combination of those characteristics, provided that the companies in which the investments are made follow good governance practices.
+ Article 9 products: have sustainable investment as their objective
Please refer to EU regulation guidelines for more details: https://www.esma.europa.eu/sections/sustainable-finance
| SFDR categorisations | |
|---|---|
| SFDR Disclosure | Article 8 |
ESG Characteristics
The fund tracks an index which seeks to exclude from the eligible investment universe companies that (i) violate, certain commonly accepted international norms and standards, such as United Nations and the Organisation for Economic Co-operation and Development (OECD) guidelines, (ii) are involved in controversial weapons such as anti-personnel mines and cluster munitions, (iii) are significantly involved in the tobacco industry, (iv) are significantly involved in thermal coal activity, such as coal mining and exploration and coal-based power generation, (v) are significantly involved in unconventional oil and gas exploration/production, such as oil sands, Arctic oil and gas or shale energy, (vi) do not meet such other ESG criteria such as significant involvement in small arms, as detailed in the Index methodology. Visit our ESG Hub to learn more about WisdomTree's ESG approach.
MSCI ESG Research LLC’s (“MSCI ESG”) Fund Metrics and Ratings (the “Information”) provide environmental, social and governance data with respect to underlying securities within more than 31,000 multi-asset class Mutual Funds and ETFs globally. MSCI ESG is a Registered Investment Adviser under the Investment Advisers Act of 1940. MSCI ESG materials have not been submitted to, nor received approval from, the US SEC or any other regulatory body. None of the Information constitutes an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the Information can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.
| Sustainability Characteristics | |
|---|---|
| MSCI ESG Fund Ratings (AAA-CCC) | AA |
Documents
DISCLAIMERS
The products discussed in this document are issued by WisdomTree Issuer ICAV (“WT Issuer”). WT Issuer is an umbrella investment company with variable capital having segregated liability between its funds organised under the laws of Ireland as an Irish Collective Asset-management Vehicle and authorised by the Central Bank of Ireland (“CBI”). WT Issuer is organised as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) under the laws of Ireland and shall issue a separate class of shares ("Shares”) representing each fund.
The Fund is described in a Key Information Document (KID) or Key Investor Information Document (KIID) for UK investors, and the prospectus of WT Issuer (“WT Prospectus”). A copy of the WT Prospectus and the KID / KIID is available, for EEA/UK only, in English at www.wisdomtree.eu. Where required under national rules, the KID will also be available in the local language of the relevant EEA Member State. Investors should read the WT Prospectus before investing and should refer to the section of the WT Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in the Shares.
The summary of investor rights associated with an investment in the fund is available in English on WisdomTree Europe’s website. WisdomTree Management Limited may decide to terminate the arrangements made for the marketing of its collective investment undertakings. In such circumstances, shareholders in the affected EEA Member State will be notified of this decision and will be provided with the opportunity to redeem their shareholding in the fund free of any charges or deductions for at least 30 working days from the date of such notification.
This product is based overseas and is not subject to UK sustainable investment labelling and disclosure requirements. Please refer to the FCA website which details further information in relation to sustainability disclosure requirements.
The iBoxx Contingent Convertible Liquid Developed Europe AT1 Index (the “Index”) referenced herein is the property of the Markit Indices Limited (“Index Sponsor”) and has been licensed for use in connection with WisdomTree Europe AT1 Contingent Convertible UCITS ETF. Each party acknowledges and agrees that WisdomTree Europe AT1 Contingent Convertible UCITS ETF is not sponsored, endorsed or promoted by the Index Sponsor. The Index Sponsor make no representation whatsoever, whether express or implied, and hereby expressly disclaim all warranties (including, without limitation, those of merchantability or fitness for a particular purpose or use), with respect to the Index or any data included therein or relating thereto, and in particular disclaim any warranty either as to the quality, accuracy and/or completeness of the Index or any data included therein, the results obtained from the use of the Index and/or the composition of the Index at any particular time on any particular date or otherwise and/or the creditworthiness of any entity, or the likelihood of the occurrence of a credit event or similar event (however defined) with respect to an obligation, in the Index at any particular time on any particular date or otherwise. The Index Sponsor shall not be liable (whether in negligence or otherwise) to the parties or any other person for any error in the Index, and the Index Sponsor is under no obligation to advise the parties or any person of any error therein.
The Index Sponsor makes no representation whatsoever, whether express or implied, as to the advisability of purchasing or selling WisdomTree Europe AT1 Contingent Convertible UCITS ETF, the ability of the Index to track relevant markets’ performances, or otherwise relating to the Index or any transaction or product with respect thereto, or of assuming any risks in connection therewith. The Index Sponsor has no obligation to take the needs of any party into consideration in determining, composing or calculating the Index. No party purchasing or selling WisdomTree Europe AT1 Contingent Convertible UCITS ETF, nor the Index Sponsor, shall have any liability to any party for any act or failure to act by the Index Sponsor in connection with the determination, adjustment, calculation or maintenance of the Index. The Index Sponsor and its affiliates may deal in any obligations that compose the Index, and may, where permitted, accept deposits from, make loans or otherwise extend credit to, and generally engage in any kind of commercial or investment banking or other business with the issuers of such obligations or their affiliates, and may act with respect to such business as if the Index did not exist, regardless of whether such action might adversely affect the Index or WisdomTree Europe AT1 Contingent Convertible UCITS ETF.
Neither Markit, its Affiliates or any third-party data provider makes any warranty, express or implied, as to the accuracy, completeness or timeliness of the data contained herewith nor as to the results to be obtained by recipients of the data. Neither Markit, its Affiliates nor any data provider shall in any way be liable to any recipient of the data for any inaccuracies, errors or omissions in the Markit data, regardless of cause, or for any damages (whether direct or indirect) resulting therefrom.
Markit has no obligation to update, modify or amend the data or to otherwise notify a recipient thereof in the event that any matter stated herein changes or subsequently becomes inaccurate.
Without limiting the foregoing, Markit, its Affiliates, or any third party data provider shall have no liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgments, or any other conclusions, or any course of action determined, by you or any third party, whether or not based on the content, information or materials contained herein.
CoCos are complex securities and potential investors should not discount tail risk and the possibility of conversion. CoCos coupon payments are fully discretionary and hence can in theory be skipped at any time.