2022-08-31-港交所-ＸＬ二南方恒科_截至二零二二年六月三十日止的未经审核中期报告_15页_460kb

报告摘要

This fund is a leveraged, exchange-traded fund established in Hong Kong under the CSOP Leveraged and Inverse Series umbrella fund in 2020, trading on the Stock Exchange of Hong Kong under stock code 7226.
Benchmarked against the Hang Seng TECH Index, it aims to replicate twice the daily performance of the index through a swap-based synthetic replication strategy.
Launched on 9 December 2020, it focuses on high-technology companies listed on the SEHK.

For the six-month period ending 30 June 2022, the net asset value (NAV) per unit decreased from HKD 3.1417 to HKD 1.9249, reflecting significant losses due to index underperformance.
The Hang Seng TECH Index declined by -14.12% over the period, while the fund's NAV dropped by -38.73% year-on-year.
As of 30 June 2022, dealing NAV was HKD 1.9249 with approximately 2.172 billion units outstanding, and stock code YTD performance was -39.24%.

Total assets under management were approximately HKD 4.2 billion as of 30 June 2022, down from previous levels, with key liabilities including derivative financial instruments and management fees.
Comprehensive loss for the period was substantial, indicating negative returns driven by market conditions and operational costs.
Trading volume remained steady, averaging high turnover, suggesting sustained investor interest despite volatility.

Implements a synthetic replication approach using total return swaps to track the index, with initial margin provided through collateral placement.
Holdings include extensive ETF positions (e.g., CSOP Hong Kong Dollar Money Market ETF) comprising a significant portion of assets, which can individually exceed index-related assets.
Derivatives exposure is key, with losses recognized in the income statement, managed through counterparties like BNP Paribas and JPMorgan.

Managed by CSOP Asset Management Limited, with HSBC Institutional Trust Services (Asia) Limited as trustee.
Key management team includes directors such as Chen Ding and Gaobo Zhang, listed in the report, indicating oversight of investment objectives.
Operational details include audit services from PricewaterhouseCoopers HK and listing agent Altus Capital Limited.

Leverage amplifies both gains and losses, making the fund unsuitable for investors seeking stable long-term returns.
Collateral commitments, totaling HKD 455 million or 10.88% of net asset value, include cash deposits in various currencies, highlighting liquidity management.
Performance is daily-based, emphasizing short-term focus and high volatility compared to less leveraged funds.

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