Since the appointment of Boris Johnson at the Head of Government, the United Kingdom intensifies its preparations for a “hard Brexit” if no agreement is reached before the October 31st with the European Union. The drop of the pound initiated last week continued. It reached 1,2250 USD during the trading session, the lowest level since March 2017. The bond market is also affected by the current situation as illustrated by fixed income ETFs exposed to UK Bonds indices and gathered in the corresponding segment on TrackInsight. Yesterday (July 29th), this segment lost on average 1,23%, driving the cumulated returns over the 30 previous days into negative territory at -1,94%. In the same time, the activity on the primary market remains calm with slight inflows of $ 163 M within the 9 ETFs included in this segment, illustrating the “wait and see” attitude of investors. The UK All maturities bonds ETFs gather $ 6,6 Bn of assets under management.