2022-11-30-港交所-ＦＬ二ＧＸ国指_ＦＬ二ＧＸ恒指_ＸＩＧＸ标普_ＦＩＧＸ恒指_ＦＩＧＸ国指_中期报告_48页_286kb

Interim Financial Statements Summary: GLOBAL X LEVERAGED AND INVERSE SERIES

Key Financial Data

• Date of Report: 30 September 2022 (unaudited data)
• Products Covered: Includes five products – three tracking Hang Seng Index, one S&P 500 representation, and one Hang Seng China Enterprises.
• Key Components: Balances, Net Assets (NAV), Income Statement (Profit/Loss), Statement of Changes in Net Assets, and Cash Flows.

Statement of Net Assets (as at 30 Sep 2022)

• Assets:
  • Fair Value through Profit/Loss: Primary components include financial collateral (e.g., futures, swaps).
  • Receivables: Significant amounts due from brokers and managers.
  • Curent Assets: Included large cash & cash equivalents across all funds ($HK31B to $HK51B).
• Liabilities:
  • Management Fees: Vary by product (capped at 2% p.a.; summary: S&P500: US$21k, HangSeng1: HK$113k, HangSeng2: HK$162k, HangSengCE1: HK$87k, HangSengCE2: HK$39k for the six months).
  • Trustee Fees: HK$11k to HK$11k in aggregate for all HK-listed funds (approx.).
  • Admin Fees: Large position ~(HK$400k to HK$900k in period).
  • Other Payables: HK$70k - HK$648k aggregate.
  • Total Liabilities: Generally lower than assets, e.g., S&P500: US$10M total liability vs US$51B asset.
• Net Assets: Significant NAV attributable to unitholders (HK$26B to HK$51B by fund).

Statement of Profit/Loss (6 months ended 30 Sep Q2 2022)

• Income:
  • Interest: Small component (<$HK17K aggregate)
  • Net Gain/(Loss) on FVPL Instruments:** Dominant driver – aggregated profit excludes interest. S&P500: +US$1M; HangSeng1: +-HK$5B; HangSeng2: -HK$21B; HangSengCE1: +HK$4.6B; HangS engCE2: -HK$5B. (Overall for HK-listed funds mixed).
• Expenses: High aggregate (~HK$35 million) due to fees (Mainly fees as above, along with legal, clearing, etc.). Net expenses approx. -HK$37 million in aggregate.
• Net Profit/Loss: Mixed results – S&P500: profit; Some HangSeng-linked funds incurred substantial losses.
• Finance Costs: Interest paid variable (~ HK$29M aggregate).

Statement of Changes in Net Assets & Units Movement

• Unit Fluctuation: Most funds experienced unit redemptions exceeding initial holdings, leading to decreased outstanding units (-up to 300k units).
• NAV Trend: Inconsistent movement vs. underlying indices. Example: HangSeng(-1x) moved from +18.58% to -(21.70%).

Cash Flow

• Operating Activities:** Focused on managing highly liquid assets (time deposits, margin). Cash positions fluctuated significantly based on redemption/creation activities (e.g., HK$15B to HK$5B swings noted in aggregated reports).

Notes Analysis

• Structure: Products are leveraged/anti-leveraged (-1x / +2x) tracking major indices (S&P500, Hang Seng, Hang Seng China). Aim to replicate daily index moves.
• Fees: High operational fees, including management (~2% p.a.), trustee (~0.15% p.a.), admin (~0.6-1.3% p.a.).
• Derivatives: Core - significant usage of Futures and Swaps. Example of exposures detailed (e.g., -$HK2.6B liability for Hang Seng (+2x)).
• Disclosures: High fees create challenges in profitability; diligent fee tracking crucial.

Summary

The interim financial report covers GLOBAL X's leveraged/anti-leveraged fund series as of Sep 2022. Key data points show fluctuating profitability and cash flows driven by derivatives/managing highly liquid assets. Notably:

1. Highly liquid assets/features (Bank Balances, Time_Deposits).
2. Derivatives are significant components (Financial_Assets_at_Fair_Value).
3. High Financial_Expenses from fees (Management_Fee, Trustee_Fee, Administration_Fee).
4. Variable Profit/Loss due to index performance.
5. Unit modifications reflecting redemption pressures noted.

Disclaimer: This is a summary for reference. Actual interpretation requires detailed IFRS understanding within the specific products' mechanics.