2021-08-31-港交所-ＸＩ二南方恒科_未经审核中期报告_-_二零二一年六月三十日_16页_701kb

报告摘要

Summary of CSOP Hang Seng TECH Index Daily (-2X) Inverse Product Report

Product Overview

This product is a sub-fund of the CSOP Leveraged and Inverse Series, established on December 9, 2020, with a stock code of 07552. It aims to provide daily investment returns that closely mirror negative twice the performance of the Hang Seng TECH Index, using a Swap-based synthetic replication strategy. The index represents the 30 largest Hong Kong-listed technology companies, free-float-adjusted and market capitalization-weighted.

Performance

From inception (December 8, 2020) to June 30, 2021, the dealing net asset value (NAV) per unit was HKD 6.0314, down by 22.14% over the period. The Hang Seng TECH Index performed positively with a +0.66% increase during the same period.
YTD price return for the related stock was -24.50%. NAV fluctuated significantly, with highs and lows per unit being HKD 8.2829 and HKD 3.9217 respectively.
Total units outstanding were 47.8 million, with total assets under management approximately HKD 288.3 million.

Assets and Liabilities

As of June 30, 2021, assets totaled HKD 321.62 million, including investments, bank interest, and other liabilities. Equity attributable to unitholders was HKD 314.27 million.
Operating expenses were high, generating a net comprehensive income of approximately HKD 25.76 million.

Investment Portfolio

The portfolio primarily consists of listed investment funds (e.g., money market ETFs) and debt securities (Hong Kong treasury bills), totaling about 53.17% of net assets. This supports the inverse strategy.
Holdings were shifted throughout the period to manage the inverse exposure, with significant movements in bank deposits and treasury bills.

Additional Details

The product attracted global investor interest, evidenced by steady trading volume averaging HKD 43.4 million daily in June 2021.
It is managed by CSOP Asset Management Limited and overseen by HSBC Institutional Trust Services, with key disclosures for regulators included in the full report.

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