CSOP WTI Oil Annual Roll
December Futures ER ETF
IMPORTANT INFORMATION about the CSOP Hang Seng Index Daily (2x) Leveraged Product (the "Product")
IMPORTANT: Investment involves risk. Unit price may go up or down, including loss of investment principal. Past performance information presented is not indicative of future performance. Investors should read the funds’ offering documents and product key fact statements for further details including the risk factors. Investors should not only base on this website alone to make investment decisions. This website has not been reviewed by the SFC.
| CSOP Hang Seng Index Daily (2x) Leveraged Product (the “Product”) is a futures-based product which invests directly in futures contracts on the Hang Seng Index (“HSI Futures”) listed on the HKFE so as to give the Product twice (2x) the daily performance of the Hang Seng Index ("Index"). | |
| This is a leveraged product and is different from conventional ETF. Both gains and losses will be magnified. The risk of loss resulting from an investment in the Product in certain circumstances including a bear market will be substantially more than a fund that does not employ leverage. | |
| This Product is designed to be used for short term trading or hedging purposes, and is not intended for long term investment. This Product is not intended for holding longer than one day as the performance of this Product over a longer period may deviate from and be uncorrelated to the leveraged performance of the Index over the period. | |
| Investment in futures contracts involves specific risks such as high volatility, leverage, rollover and margin risks. A relatively small price movement in a HSI Future may result in a proportionally high impact and substantial losses to the Product, having a material adverse effect on the NAV. | |
| Daily rebalancing of Product’s holdings causes a higher level of portfolio transactions than compared to the conventional ETF. High levels of transactions increase brokerage and other transaction costs. | |
| The Manager may, at its discretion, pay distributions out of capital. Payment of distributions out of capital or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment and may result in an immediate reduction in the NAV per Unit. |
Investment Objective and Strategy
| The investment objective of the Product is to provide investment results that, before fees and expenses, closely correspond to twice (2x) the Daily performance of the Index. The Product does not seek to achieve its stated investment objective over a period of time greater than one day. | |
| To achieve the investment objective of the Product, the Manager will adopt a futures-based replication strategy through investing directly in the spot month HSI Futures subject to the rolling strategy, to obtain the required exposure to the Index. | |
| No more than 25% of the Net Asset Value of the Product (the “NAV”) will be used as margin to acquire the HSI Futures. Under normal circumstances, not less than 75% of the NAV will be invested in cash (HKD) and other HKD denominated investment products. |
Intra-day Estimated NAV1 & Market Price2
Market Information 4, 5
| Date | Last | Change | Change (%) | |
|---|---|---|---|---|
| NAV per Unit in HKD | 24 Sep, 2018 | 9.8824 | -0.3452 | -3.3752 |
| Closing Price for HKD Trading unit | 24 Sep, 2018 | 9.8800 | -0.3400 | -3.3268 |
Product information
| Manager | CSOP Asset Management Limited |
| Base Currency | HKD |
| Domicile | Hong Kong |
| Asset Class | Futures |
| Total NAV (HKD)* | 252,988,415 |
| Outstanding Units* | 25,600,000 |
| Management Fee^ | 0.99% |
| Ongoing Charges over a year # (annual average daily ongoing charges) | 1.28% (0.005%) |
| Dividend Policy | Annually in December subject to the Manager’s discretion |
^ Include trustee fee, custodian fee and administration fee. Please note that the management fee may be increased up to a permitted maximum amount by providing one month’s prior notice to Unitholders. Please refer to the section headed “Fees and Expenses” in the Prospectus for further details of the fees and charges payable and the permitted maximum of such fee allowed, as well as other ongoing expenses that may be borne by the Product.
# This is indicative only because the Product is newly established. It represents estimated ongoing expenses chargeable to the Product as a percentage of the estimated average Net Asset Value of the Product. The actual figure may be different from the estimated figure and may vary from year to year.
*As of 24 Sep, 2018
Appropriation
| Leverage | Two times (2x) daily performance of the underlying index |
| Actively Managed | No |
| Swap Based | No |
| Futures Based | Yes |
| Securities Lending | No |
Underlying Index Information
| Underlying Index | Hang Seng Index |
| Index Provider | Hang Seng Indexes Company Limited |
| Currency | Hong Kong dollars (HKD) |
| Index Launch Date | 24 November 1969 |
| Benchmark Level Type | Price return |
| Bloomberg Ticker | HSI |
| Reuters Code | HSI |
Trading Information
| Exchange | Hong Kong Stock Exchange – Main Board |
| Date of Listing / Dealing | 14 March 2017 |
| Primary Exchange Time Zone | GMT+8 |
| Exchange Ticker | 7200 |
| Bloomberg Ticker | 7200 HK |
| ISIN | - |
| Trading Board Lot | 100 Units |
| Trading Currency | HKD |
Participating Dealers
| ABN AMRO Clearing Hong Kong Limited |
| Guotai Junan Securities (Hong Kong) Limited |
| J.P. Morgan Broking (Hong Kong) Limited |
| UBS Securities Hong Kong Limited |
| Deutsche Securities Asia Limited |
| Nomura International (Hong Kong) Limited |
| Merrill Lynch Far East Limited |
| Mirae Asset Securities (HK) Limited |
| China International Capital Corporation Hong Kong Securities Limited |
| GF Securities (Hong Kong) Brokerage Limited |
| BOCI Securities Limited |
| BNP Paribas Securities Services |
| KGI Asia Limited |
| Haitong International Securities Company Limited |
Market Makers
| Haitong International Securities Company Ltd |
| KGI Asia Limited |
| Mirae Asset Securities (HK) Limited |
| Bluefin HK Limited |
| Commerz Securities Hong Kong Limited |
| Optiver Trading Hong Kong Limited |
| Yue Kun Research Limited |
| IMC Asia Pacific Limited |
| Deutsche Securities Asia Limited |
- Intra-day Estimated NAV per unit Calculations are performed by CSOP. The near real time estimated NAV per unit in HKD is updated during Hong Kong Stock Exchange trading hours. They are indicative and for reference purpose only. The near real time estimated NAV per unit in HKD and HKD is updated every 10 seconds throughout the SEHK trading hours.
- Market prices are provided on a 20-minute delayed basis by Thomson Reuters.
- Change of the official NAV per Unit in HKD and change of the NAV per Unit in HKD indicate the change of the NAV per Unit since previous Dealing Day. Please refer to the Prospectus for more information on determination of Net Asset Value. Source of NAV per Unit in HKD: HSBC Institutional Trust Services (Asia) Limited
- Change of the closing price in HKD indicates change of closing price since previous SEHK trading day. (Source: Bloomberg)
- The last closing NAV per Unit in HKD is indicative and for reference purpose only and is calculated using the last closing NAV per Unit in HKD multiplied by an assumed foreign exchange rate using the HKD exchange rate quoted by Thomson Reuters at 3:00 p.m. (Hong Kong time) as of the same Dealing Day.
- Additional Participating Dealer(s) will be appointed from time to time.
- Additional Market Maker(s) will be appointed from time to time.
Perfomance
No data to display within the first 6 months since listing.
| 1 Month | 6 Month | 1 Year | 3 Year | Since Inception | |
|---|---|---|---|---|---|
| CSOP Hang Seng Index Daily (2x) Leveraged Product (Price Return) | 4.76 | 35.70 | - | - | 45.03 |
| Hang Seng Index (Price Return) | 2.51 | 14.75 | - | - | 18.53 |
No performance data can be displayed until 6 months from inception date
All dollar amounts are in HKD and all dates are in GMT+8 Time, unless otherwise specified
Performance is calculated on NAV to NAV basis in HKD without any reinvestment of distributions.
As of 31 January 2017
Performance Simulator
| Investors should understand that the Leveraged Product aims to provide returns closely correspond to twice (2x) the Daily performance of the Index. It has to rebalance its position on a daily basis in order to achieve its investment objective. As a result of rebalancing, it may not track the multiple return of the Index when it is held for less than a full trading day or overnight. | |
| Below is a performance simulator to allow investors to simulate the performance of the Leveraged Product during the selected period based on historical data. The investor is assumed to hold the Leveraged Product for the entire simulation period. The performance of the Leveraged Product is calculated based on it's NAV. The performance of the Leveraged Product may not reflect the returns that the investor would be able to obtain as it does not capture the premium/ discount of the Leveraged Product, or the trading costs. |
| Simulation Results | |
|---|---|
| CSOP Hang Seng Index Daily (2x) Leveraged Product | - |
| Hang Seng Index | - |
| Leveraged (2x) of Hang Seng Index | - |
Performance Chart
Tracking Difference/ Error
Daily Tracking Difference (Daily TD)
| Daily TD is the difference between the daily return of a Leveraged Product and the 2x daily performance of the underlying index. |
Tracking Error (TE)
| Tracking error measures how consistently a Leveraged Product delivers the 2x daily performance of the underlying index. It is the volatility (measured by standard deviation) of that daily return difference. |
| Tracking Difference | Tracking Error |
|---|---|
| As of 31 August 2018 Product listing date: 14 March 2017 Estimated annual average daily TD: 0.01% Actual Daily Average TD: 0.01% |
As of 31 August 2018 Product listing Date: 14 March 2017 Rolling 1-year Daily TE^: 0.50% ^Annualized based on the number of dealing days in the past year when daily TD is calculated |
Graph for Tracking Difference
Product's performance is calculated on an NAV to NAV basis without any reinvestment of distributions.
Daily return of the Leveraged Product and the 2x daily performance of the underlying Index
Actual daily tracking difference
Holdings
| Total Net Asset Value (HKD) (Deemed Total Net Asset Value (HKD))1 |
Market Value of Futures Contracts (HKD) | Futures Contract Exposure (%)2 |
|---|---|---|
| 252,988,414.75 (205,554,366.51) |
410,751,250.00 | 199.83 |
As of 24 Sep, 2018
1 Deemed Total Net Asset Value incorporates creation/redemption order amount and the rebalancing activity of above date.
2 Future Contract Exposure = Market Value of Future Contract / Deemed Total Net Asset Value
Futures Contracts Holdings
| Futures Contracts Name | Bloomberg Ticker | Quantity |
|---|---|---|
| HANG SENG IDX FUT (HIV8) Oct2018 | HIV8 INDEX | 299 |
As of 24 Sep, 2018
Product Holdings
| Holdings | Weighting 1 (%) |
|---|---|
| Cash and Cash Equivalents(HKD) | 53.14 |
| CSOP HKD MONEY MART ETF HKD | 19.50 |
| HONG KONG GOVERNMENT 0.990 20 Feb 19 | 7.28 |
| HONG KONG GOVERNMENT 0.550 21 Nov 18 | 6.32 |
| HONG KONG GOVERNMENT 1.520 25 Sep 18 | 5.39 |
| HONG KONG GOVERNMENT 1.610 10 Dec 18 | 4.88 |
| HONG KONG GOVERNMENT 1.170 19 Dec 18 | 4.87 |
As of 24 Sep, 2018
All dollar amounts are in HKD. All dates are in GMT+8 Time.
Important information about Dividend out of capital / effectively out of capital
| The Manager may, at its discretion, pay dividend out of capital. The Manager may also, at its discretion, pay dividend out of gross income while all or part of the fees and expenses of the Product are charged to/paid out of the capital of the Product, resulting in an increase in distributable income for the payment of dividends by the Product and therefore, the Product may effectively pay dividend out of capital. | |
| Payments of dividends out of capital or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from capital gains attributed to that original investment. Any distributions involving payment of dividends out of the Product’s capital or effectively out of capital may result in an immediate reduction in the Net Asset Value (“NAV”) per Unit. |
Distribution History
| Ex-Date | Record Date | Payable Date | Dividend Per Share | Dividend Paid Out of Net Distributable Income* for the month | Dividend Paid Out of Capital |
|---|---|---|---|---|---|
| - | - | - | - | - | - |
*“Net distributable income” means the net investment income (i.e. dividend income and interest income net of fees and expenses) attributable to the relevant share class and may also include net realised gains (if any) based on unaudited management accounts. However, “net distributable income” does not include net unrealised gains.
Warning: Please note that a positive distribution yield does not imply a positive return. Investors should not make any investment decision solely based on information contained in the table above. There is no guarantee of distribution. Investors should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors.
All dollar amounts are in HKD. All dates are in GMT+8 Time.
Documents
| Monthly Newsletter | Download |
| Prospectus | Download |
| Product Key Facts Statements | Download |
For request of the fund literature hardcopies, please contact us.
All documents are in PDF format.
Announcement
| Audited Accouts | Download |
| Unaudited Semi-Annual Accounts | Download |
| Monthly Return | Download |
For request of the fund literature hardcopies, please contact us.
All documents are in PDF format.
Financial Reports
| Audited Accouts | Download |
| Semi Annual Report | Download |
For request of the fund literature hardcopies, please contact us.
All documents are in PDF format.
Index Provider Disclaimer
The mark and name "Hang Seng Index" is proprietary to Hang Seng Data Services Limited ("HSDS") which has licensed its compilation and publication to Hang Seng Indexes Company Limited ("HSIL"). HSIL and HSDS have agreed to the use of, and reference to, the Hang Seng Index by CSOP Asset Management Limited ("the Issuer") in connection with its Leveraged and Inverse Products (the “Products”). However, neither HSIL nor HSDS warrants, represents or guarantees to any person the accuracy or completeness of the Hang Seng Index, its computation or any information related thereto and no warranty, representation or guarantee of any kind whatsoever relating to the Hang Seng Index is given or may be implied. Neither HSIL nor HSDS accepts any responsibility or liability for any economic or other loss which may be directly or indirectly sustained by any person as a result of or in connection with the use of and/or reference to the Hang Seng Index by the Issuer in connection with the Products, or any inaccuracies, omissions or errors of HSIL in computing the Hang Seng Index. Any person dealing with the Product shall place no reliance whatsoever on HSIL and/or HSDS nor bring any claims or legal proceedings against HSIL and/or HSDS in any manner whatsoever. For the avoidance of doubt, this disclaimer does not create any contractual or quasi-contractual relationship between any broker or other person dealing with the Products and HSIL and/or HSDS and must not be construed to have created such relationship.
Disclaimer
This website is owned and managed by CSOP Asset Management Limited (“CSOP”). CSOP reserves the right to change, modify, add or delete, any content and the terms & conditions of use of this website without notice. Users are advised to periodically review the contents of this website to be familiar with any modifications.
The performance figures contained on this website are for informational purposes only. Past performance is not indicative of future performance. Investment involves risks and the product's NAV per unit may rise as well as fall. Persons interested in investing in the product should read the relevant fund offering documents (including the full text of the risk factors stated therein) in detail before making any investment decision.
This website has been prepared by CSOP and has not been reviewed by the Securities and Futures Commission.