2021-11-29-港交所-ＦＬ二ＧＸ国指_ＦＬ二ＧＸ恒指_ＸＩＧＸ标普_ＦＩＧＸ恒指_ＦＩＧＸ国指_中期业绩_53页_958kb
报告摘要
| 报告概述 |
|---|
| 报告内容：<br>* 全球杠杆反向系列基金（Global X Leveraged and Inverse Series）截至2021年9月30日中期财务报告，涵盖六大香港上市基金。<br>* 包括资产负债表、损益表、净资产变化表、现金流量表及其附注，均由管理公司负责编制。<br>* 报告显示各基金均采用期货或掉期方式进行衍生品投资，对应香港恒生指数或美国标普500指数反向/杠杆策略。 |
| 报告特点：<br>* 数字密集、格式标准化，涵盖各基金6个月内表现与财务数据对比。<br>* 具有较高专业性，涉及复杂衍生品操作和免税等法伴安排，适合机构投资者参考。<br>* 提及基金管理费率最高可达2%年，审计由安永执行。 |
| 总结 |
|---|
| 【中文】报告框架与主要结论概述 |
| 1. 报告范围 |
| 2. 基金性能概览 |
| 3. 财务数据摘要 |
| 4. 机制与风险 |
| 5. 定价与透明度 |
| 【英文】Performance by Assets and Liabilities Summary | |
| 1. Asset & Liability Structure | - 现金及其他流动资产约占50%-80%，显示短期周转需求旺盛。<br>- 应收应付款项结构复杂，尤其期货/掉期合约、券商佣金垫款等高风险项目占比较大。<br>- 净资产波动性：5%-10%不等，显示短期市场情绪短期驱动估值。 |
| 2. Derivatives Use | Nearly all activities use futures or swaps for target index replication.<br>• All operations comply with HK law, many leverage positions are sold-transparent for tracking indices.<br>• Expected to be settled within delivery windows, but if market-restricted, settlement is subject to Floor PriceMechanism - affect NAV and holder redemption behavior. |
| 3. Revenue and Expense Factor | Most revenue comes from market price moves. Expense ratio is high due to fee and recovery costs.<br>• Dependence on execution speeds and liquidity conditions: high-frequency orders might not be perfect. |
| 4. Market & Regulatory Context | HKEX regulations require list ETFs with lock calculations and mechanisms, which this fund follows.<br>• Price falling may trigger redemptions or floor prices that protect holders against extreme drops.<br>• All ETFs have detailed financial reports and public portal for the data. |
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