COGOWisdomTree AT1 CoCo Bond UCITS ETF - GBP Hedged
ISIN: IE00BFNNN4590.39%
Total expense ratio (TER)
As of 02/07/2026
21 August 2018
Inception Date
US$461,472,155
Fund AUM
As of 02/07/2026
GBP
Base currency
Overview
Product Description
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.
Why COGO?
- 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
Articles and Research Papers



Ayush Babel, Prof. Wim Schoutens
AT1 CoCos: a review of 2025 and what lies ahead
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- Europe / Eurozone



Ayush Babel, Prof. Wim Schoutens
AT1s: a grand cru year for a maturing market
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Luca Berlanda
Model portfolio outlook: turning insight into impact
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Aneeka Gupta
What's Hot: Fed independence in the balance and implications for the dollar
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- Effects of currency fluctuation
Fund Overview
| Product Overview | As of 02/07/2026 |
|---|---|
| ISIN | IE00BFNNN459 |
| Asset Class | Fixed Income |
| Base Currency | GBP |
| Inception Date | 21 August 2018 |
| Currency Hedged | No |
| Dividend Frequency | Quarterly |
| Use of Income | Distributing |
| Net Asset Value | As of 02/07/2026 |
|---|---|
| NAV | £91.438 |
| Daily Change | -£1.274 |
| Daily return | -1.374% |
| Total AUM of fund | US$461,472,155 |
| Issuer AUM | US$16,793,484,483 |
| Index Characteristics | As of 29/06/2026 |
|---|---|
| Weighted Average Coupon | 6.68% |
| Effective Duration | 3.60 |
| Yield to Worst | 6.08% |
Structure
| Structure | As of 02/07/2026 |
|---|---|
| Legal Form | Irish Collective Asset-management Vehicle (ICAV) |
| Structure | Open-ended Exchange Traded Fund |
| Replication Method | Physical (optimised) |
| Domicile | Ireland |
| Issuer | WisdomTree Issuer ICAV |
| Financial Year End | 31 December |
| UCITS Compliant | Eligible |
| Further Legal and Tax Information | As of 02/07/2026 |
|---|---|
| ISA | Eligible |
| SIPP | Eligible |
| UCITS Eligible | Yes |
| UK Reporting Status | No |
| PEA Eligible | No |
Key Service Providers
| Key Service Providers | As of 02/07/2026 |
|---|---|
| Custodian | The Bank of New York Mellon SA/NV, Dublin Branch |
| Administrator | BNY Mellon Fund Services (Ireland) Designated Activity Company |
| Auditor | Deloitte Ireland LLP |
| Fund Manager | Assenagon Asset Management S.A |
| Fees | As of 02/07/2026 |
|---|---|
| Total expense ratio (TER) | 0.39% |
Registered Countries
Holdings
As of 02/07/2026
| Name | Weight (%) |
|---|---|
| Deutsche Bank AG VAR 30/04/75 | 6.86 |
| UniCredit SpA VAR 03/06/75 | 2.48 |
| Credit Agricole SA VAR 23/03/75 | 2.3 |
| Nationwide Building Society VAR 20/12/74 | 2.01 |
| Erste Group Bank AG VAR 15/10/74 | 1.94 |
| ING Groep NV VAR 16/05/75 | 1.88 |
| Barclays PLC VAR 15/09/74 | 1.5 |
| ABN AMRO Bank NV VAR 22/03/75 | 1.37 |
| NatWest Group PLC VAR 31/12/74 | 1.32 |
| UniCredit SpA VAR 03/12/74 | 1.31 |
| Remaining Portfolio | 77.01 |
*Holdings are subject to change without notice.
Sector Breakdown
As of 01/07/2026
| Name | Weight (%) |
|---|---|
Financials | 94.61 |
Other | 5.2 |
| Government | 0.19 |
*Sectors are subject to change without notice
Country Allocation
| Country | Weight (%) |
|---|---|
| United Kingdom | 27.89% |
| France | 15.91% |
| Spain | 12.27% |
| Netherlands | 8.81% |
| Italy | 8.72% |
| Germany | 8.59% |
| Switzerland | 6.86% |
| Unknown | 4.69% |
| Belgium | 1.96% |
| Austria | 1.95% |
| Finland | 1.66% |
| Ireland | 0.52% |
| United States | 0.19% |
Listings & Codes
| Country | Exchange | Trading Currency | Exchange Ticker | Bloomberg Ticker | RIC | SEDOL | ISIN | WKN | INAV Bloomberg | INAV Reuters | Listing Date |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LSE | GBx | COGO | COGO LN | COGO.L | BFNNRF4 | IE00BFNNN459 | A2PABP | n/a | n/a | 24/08/2018 |
Recent Distributions
| Ex-Dividend Date | Record Date | Payable Date | Ordinary Income | Short Term Capital Gains | Long Term Capital Gains | Return of Capital | Total Distribution |
|---|---|---|---|---|---|---|---|
| 02/07/2026 | 03/07/2026 | 17/07/2026 | US$1.37230 | US$0.00000 | US$0.00000 | US$0.00000 | US$1.37230 |
| 02/04/2026 | 07/04/2026 | 20/04/2026 | US$1.38500 | US$0.00000 | US$0.00000 | US$0.00000 | US$1.38500 |
| 02/01/2026 | 05/01/2026 | 16/01/2026 | US$1.29550 | US$0.00000 | US$0.00000 | US$0.00000 | US$1.29550 |
| 02/10/2025 | 03/10/2025 | 17/10/2025 | US$1.30660 | US$0.00000 | US$0.00000 | US$0.00000 | US$1.30660 |
Index Details
iBoxx Contingent Convertible Liquid Developed Europe AT1 Index (GBP Hedged)
The Index is designed to reflect the performance of the Additional Tier 1 (“AT1”) contingent convertible bonds (“CoCos”), denominated in EUR, USD and GBP issued by financial institutions from European developed markets. AT1 follows the classification of bank capital laid out in Basel III[1] principles. The Index rules aim to offer good coverage of the CoCo bond universe whilst upholding standards of investability and liquidity. In addition, the Index also excludes CoCo bonds which do not meet WisdomTree’s ESG (environmental, social and governance) criteria . The Index is market value-weighted, and rebalanced monthly.
| Index Details | |
|---|---|
| Index Name | iBoxx Contingent Convertible Liquid Developed Europe AT1 Index (GBP Hedged) |
| Currency | GBP |
| Index Provider | iBoxx |
| Bloomberg Ticker | IBXXCCD2 |
Documents and Links
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.
Documents
Product
KID
KIID
Prospectus
Reports and Regulatory
Other Links and 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.com . 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.
The iBoxx Contingent Convertible Liquid Developed Europe AT1 Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) has been licensed for use by WisdomTree. S&P®, S&P 500®, iBoxx®, iTraxx® and CDX® are registered trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by WisdomTree. WisdomTree AT1 CoCo Bond UCITS ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the iBoxx Contingent Convertible Liquid Developed Europe AT1 Index.
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.
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.
