2021-08-31-港交所-ＦＩ二南方纳指_未经审核中期报告_-_二零二一年六月三十日_15页_752kb

Product Overview
The CSOP NASDAQ-100 Index Daily (-2X) Inverse Product is a futures-based inverse ETF with a sub-fund of CSOP Leveraged and Inverse Series. It aims to deliver inverse daily (-2x) performance to the NASDAQ-100 Index through direct investment in E-mini NASDAQ 100 Futures. Launched in September 2019 and listed on HKSE under code 7568, it targets a rolling quarterly strategy for futures contracts to replicate the index's negative performance.

Performance Summary
For the semi-annual period ending 30 June 2021 (product inception to 17 September 2019), the net asset value (NAV) returned -26.98%, while the NASDAQ-100 Index increased by +12.93%. As of 30 June 2021, the dealing NAV stood at USD 0.1867 per unit, with total assets of approximately USD 157.7 million and 844.8 million units outstanding. YTD price return for the HKD counter was -27.53%. Performance shows volatility, with a six-month decrease in assets, reflecting market conditions and inverse exposure.

Financial Highlights
The product reported net losses, driven by investment and derivative write-offs. Assets increased mainly via unit issuances (total USD 131.15 million while redeeming USD -7.99 million). Cash flows reflected net financing activities, supporting the growing unit base, with operating expenses totaling USD -1.02 million.

Portfolio Composition
Portfolios include investments in US Treasury bills, a CSOP USD Money Market ETF, and NASDAQ-100 Futures contracts for index replication. As of 30 June 2021, 47.48% of net assets were invested in derivatives and funds, with futures positions shorting the NASDAQ-100 Index. Holdings show active management with holdings in US Treasuries and specific ETF components.

Risk and Key Disclosures
The product involves high leverage and inverse exposure to market downturns in the NASDAQ-100 Index. Performance is benchmarked against index rules, and transaction roll risks are managed quarterly. Assets were concentrated with collective investment schemes, highlighting liquidity and market-dependent risks. Overall, the risk profile emphasizes high volatility and inverse features, suitable for speculative investors familiar with CFD risks.