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Chi-X TraCRs now available

Chi-X TraCRs listed securities are now available to trade via the AUSIEX platform. Access US companies through the Australian market, in Australian dollars.

TraCRs and how they work

TraCRs stands for Transferable Custody Receipts. Available exclusively on Chi-X, TraCRs are Australian securities providing beneficial interest in, but not legal title to the US share. They’re traded, cleared and settled in Australian dollars, under Australian regulations, during Australian trading hours (10am – 4pm AEST, Monday to Friday) and pay dividends in Australian dollars.

What TraCRs can I buy?

TraCRs gives your clients access to leading US companies, with more becoming available over time.

  • 3M (TCXMMM)
  • Alphabet (TCXGOG)
  • Amazon (TCXAMZ)
  • Apple (TCXAPL)
  • AT&T (TCXATT)
  • Bank of America (TCXBAC)
  • Berkshire Hathaway B (TCXBRK)
  • Blackrock (TCXBLK) ^
  • Caterpillar (TCXCAT)
  • Cisco Systems (TCXCSC) ^
  • Costco (TCXCOS)
  • Exxon Mobil (TCXXOM)
  • Facebook (TCXFBK)
  • General Electric (TCXGEC)
  • Gilead Sciences (TCXGIL)
  • IBM (TCXIBM)
  • Intel (TCXINT)
  • J.P. Morgan Chase (TCXJPM)
  • Johnson & Johnson (TCXJNJ)
  • Lockheed Martin (TCXLMT)
  • Mastercard (TCXMAC)
  • McDonald’s (TCXMCD)
  • Merck (TCXMRK)
  • Microsoft (TCXMSF)
  • Netflix (TCXNFL)
  • Nike (TCXNKE)
  • NVIDIA (TCXNVD)
  • Oracle (TCXORC)
  • PayPal (TCXPYP) ^
  • Pepsi (TCXPEP)
  • Pfizer (TCXPFE)
  • Procter & Gamble (TCXPAG)
  • Starbucks (TCXSBU)
  • Stryker (TCXSYK) ^
  • Tesla (TCXTSL) ^
  • The Boeing Co (TCXBOE)
  • The Coca Cola Company (TCXCCC) ^
  • Visa (TCXVIS)
  • Walt Disney (TCXDIS)
  • Walmart (TCXWMT)
  • Zoom (TCXZOM)

^ Issued on 29 October 2020

Visit the Chi-X TraCRs website for updates on new companies.

How do they work?

How do they work

Investing in TraCRs

Benefits of TraCRs

Diversification

Gain exposure by adding some of the world’s best known brands to portfolios, from sectors often underrepresented in Australia. Companies include Apple, Microsoft, Facebook, General Electric and more.

Protection

Access companies from the US under the protection of Australian regulations.

US trading made simple

Trade on the Australian market, in Australian dollars (AUD), via AUSIEX during Australian trading hours.

Transparency

TraCRs settle through CHESS and are held on HINs the same way as Australian equities shares, giving complete visibility of holdings.

Risks to keep in mind

Liquidity risk

TraCRs may have limited liquidity, which can affect the buy/sell spread and require additional liquidity through market makers.

Market, political and economic risks

Like other investments, TraCRs are subject to risk from market, political, economic and regulatory changes in the country of the underlying securities. Some companies may be more sensitive than others due to different factors.

Currency risk

As TraCRs track international securities denominated in foreign currencies, the value of investment in Australian dollars may be affected by changes in currency exchange rates.

Taxation risk

Investing in TraCRs may have different tax implications compared to Australian securities, and this may vary depending on your client’s individual circumstances. For more information on taxation please refer to the TraCRs Product Disclosure Statement (PDS).

Counterparty risk

TraCRs are issued by third parties and this may involve issuer specific counter party risk. Please read the TraCRs Product Disclosure Statement (PDS) for further information.

How to buy TraCRs

TraCRs can be bought the same way you buy other Australian shares through the AUSIEX platform. When searching, look for stock codes that start with ‘TCX’.

For more information, including the TraCRs Product Disclosure Statement (PDS) and full product list, please visit the Chi-X TraCRs website.

Frequently Asked Questions

Here are some frequently asked questions you may find useful.

How do I trade TraCRs through AUSIEX?

To trade TraCRs, you must be an authorised AUSIEX trading adviser; and your client must have a trading account and have read the TraCRs Product Disclosure Statement (PDS).

Will my client own the underlying US share?

When investing in TraCRs, you are buying an Australian security, which gives your client a beneficial interest in the US share, but not legal title. As such, your client gets the rights and benefits of owning the US share, subject to the terms of issue of the TraCR.

Will there be market makers?

The TraCR issue may rely upon liquidity provided by a market maker to enable retail investors to buy and sell TraCRs. For example, multiple market makers may compete with each other to offer the bid/offer prices for the local market.

Will my client be exposed to other currency prices?

Yes. The underlying US share is priced in US dollars in its home market; and consequently the Australian dollar value of a TraCR, and its dividends will be affected by the value of the underlying US share, and the US dollar relative to the Australian dollar.

Can I convert my clients’ TraCRs into the underlying US share?

TraCRs may be converted into the underlying US share at any time, directly by your client, subject to the terms of issue. You can read more in the TraCRs Product Disclosure Statement (PDS) or alternatively contact Link Market Services to facilitate this for you.

What happens if the TraCR issuer or US custodian becomes insolvent?

The underlying US share is held in trust for the benefit of the TraCR holder, off the US custodian or issuer's balance sheet and ring-fenced from insolvency risk. In the unlikely event that the issuer or custodian goes into receivership, there may be a period when you cannot trade before the holding is transferred to another custodian or converted into the underlying shares.

How much does it cost to invest in a TraCR?

Brokerage fees apply, as outlined in the Financial Service Guide (FSG). There are also other fees which are outlined in the TraCRs Product Disclosure Statement (PDS). It is important to consider the market spread as outlined in the PDS prior to investing. For more information, please refer to the TraCRs Product Disclosure Statement (PDS)

What is the minimum investment amount?

There is a minimum AUD$500 investment amount for purchases through Chi-X.

Will Australian tax and US tax apply?

Investing in TraCRS will have tax implications for your clients. The Australian tax considerations and US tax considerations associated with acquiring, holding, disposing of, cancelling or terminating a TraCR are complex and will depend on your clients' individual circumstances. These considerations differ to those associated with investments in Australian equities. Further information regarding tax considerations is provided in the PDS. Your client should obtain independent tax advice before deciding to invest in TraCRS.

An investment in TraCRS will require investors to provide Link Market Services with a form required for US withholding tax purposes. Link Market Services will contact investors in relation to their obligations. Failure to comply with the requirements for the form could result in adverse consequences to investors.

How can my client convert a TraCR to or from the underlying holding?

Your client can convert a TraCR to or from the underlying shares held on the international trading account, as long as they’re registered in the same name as the AUSIEX share trading account. Your client can do this through Link Market Services by completing either a TraCRs Application Request Form or a TraCRs Cancellation Request Form. You can find these forms on the Chi-X TraCRs website (under Resources). For more information or assistance, please contact Link Market Services.

More information

If you have any questions or would like more information please contact your Business Development Manager, or call our Adviser Services team on 1800 252 351 between 8.30am and 6.00pm (Sydney time), Monday to Friday.

Updated: 29 October 2020

Published: 22 November 2019