IMPORTANT: Investment involves risks. Investment value may rise or fall. Past performance information presented is not indicative of future performance. Investors should refer to the Prospectus and the Product Key Facts Statement for further details, including product features and risk factors. Investors should not base on this material alone to make investment decisions.

CSOP CSI 300 Index Daily (-1x) Inverse Product/ CSOP CSI 300 Index Daily (2x) Leveraged Product (hereafter each referred to as “Product” and collectively as “Products”) are sub-funds of CSOP Leveraged and Inverse Series II, an umbrella unit trust established under Hong Kong law. Units of the Product (the “Units”) are traded in HKD on The Stock Exchange of Hong Kong Limited (the “SEHK”) like stocks. The Products are swap-based products with an investment objective to provide Daily investment results, before fees and expenses, which closely correspond to the inverse (-1x)/ twice (2x) of the Daily performance of the CSI 300 Index (the “Index”) respectively. The Products are denominated in RMB. Creations and redemptions are in RMB only.
  • The Product is a derivative product and is not suitable for all investors. There is no guarantee of the repayment of principal. Therefore your investment in the Product may suffer substantial or total losses.
  • CSOP CSI 300 Index Daily (-1x) Inverse Product tracks the inverse performance of the Index on a Daily basis. Should the value of the underlying securities of the Index increase, it could have a negative effect on the performance of the Product. Unitholders could, in certain circumstances including a bull market, face minimal or no returns, or may even suffer a complete loss, on such investments.
  • CSOP CSI 300 Index Daily (2x) Leveraged Product will utilise leverage to achieve a Daily return equivalent to twice (2x) the return of the Index. 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.
  • The Product not intended for holding longer than one day as the performance of the Product over a period longer than one day will very likely differ in amount and possibly direction from the inverse/ leveraged performance of the Index over that same period.
  • The effect of compounding becomes more pronounced on the Product’s performance as the Index experiences volatility. With higher Index volatility, the deviation of the Product’s performance from the inverse/ leveraged performance of the Index will increase, and the performance of the Product will generally be adversely affected.
  • As a result of Daily rebalancing, the Index’s volatility and the effects of compounding of each day’s return over time, it is even possible that the Product will lose money over time while the Index’s performance falls/ increases or is flat.
  • The Manager seeks to mitigate the counterparty risks by fully collateralising all Swap Counterparty exposures. There is a risk that the value of the collateral may be substantially lower than the amount secured and so the Product may suffer significant losses. Any loss would result in a reduction in the NAV of the Product and impair the ability of the Product to achieve its investment objective.
  • The Manager will manage the Product to ensure that the collateral held by the Product will represent at least 100% of the Product’s gross total counterparty risk exposure and be maintained, marked-to-market on a daily basis, with a view to ensuring that there is no uncollateralised counterparty risk exposure at the end of a trading day. If the collateral held by the Product is not at least 100% of the Product’s gross total counterparty risk exposure in respect of any trading day T, by the end of that trading day T, the Manager will generally require that each Swap Counterparty deliver additional collateral assets to make up for the difference in value, with the settlement of such delivery expected to occur on trading day T+1. Despite the counterparty risk management measures in place, the management of the Product’s net exposure to each Swap Counterparty to zero is subject to settlement risks arising from settlement failures and market risks (including price movements prior to the required cash payment by the Swap Counterparty to the Product). Any delay in the cash payment by the Swap Counterparty to the Product prior to the end of the relevant trading day T+1 may cause the Product’s exposure to a Swap Counterparty to be larger than zero from time to time. This may result in significant losses for the Product in the event of the insolvency or default of that Swap Counterparty.
  • CSOP CSI 300 Index Daily (-1x) Inverse Product may suffer significant losses if the Swap Counterparty fails to perform its obligations under the Swap. The value of the collateral assets may be affected by market events and may diverge substantially from the inverse performance of the Index, which may cause CSOP CSI 300 Index Daily (-1x) Inverse Product’s exposure to the Swap Counterparty to be under-collateralised and therefore result in significant losses.
  • CSOP CSI 300 Index Daily (-1x) Inverse Product seeks to obtain the required exposure through more than one Swap with more than one Swap Counterparty. CSOP CSI 300 Index Daily (-1x) Inverse Product is therefore exposed to counterparty risk and default risk of the Swap Counterparties and may suffer significant losses if a swap counterparty fails to perform its obligations. Derivative instruments are susceptible to price fluctuations and higher volatility, which may result in large bid and offer spreads with no active secondary market. CSOP CSI 300 Index Daily (-1x) Inverse Product may suffer losses potentially equal to the full value of the financial derivatives.
  • In some circumstances, a Swap Counterparty can terminate the swap agreements early which may adversely impact the Product’s performance. Such early termination can also impair the Product’s ability to achieve its investment objective and may subject the Product to substantial loss. Also, the Product may face an increase in the cost to enter into a similar swap agreement with additional Swap Counterpart(ies).
  • The Product will bear the swap fees, which are subject to the discussion and consensus between the Manager and the Swap Counterparty based on the actual market circumstances on a case-by-case basis. The current swap fees are a best estimate only and may deviate from the actual market conditions. In extreme market conditions and exceptional circumstances, the Swap Counterparty’s costs of financing the underlying hedge may increase significantly and in return increase the swap fees.
  • The Swap Counterparties may also be subject to a capacity limit representing the commitment of the Swap Counterparty to conduct the Swap transactions to provide the required exposure to the Index for CSOP CSI 300 Index Daily (-1x) Inverse Product. Accordingly, CSOP CSI 300 Index Daily (-1x) Inverse Product’s exposure to the Index may be affected. Whilst the Manager does not anticipate that this will have any immediate effect on CSOP CSI 300 Index Daily (-1x) Inverse Product, if any Swap Counterparty reaches its capacity limit or if the Net Asset Value of the Product grows significantly this may prevent creations of Units due to the inability of CSOP CSI 300 Index Daily (-1x) Inverse Product to conduct Swap transactions. This may cause a divergence between the trading price of a Unit on the SEHK and the Net Asset Value per Unit. The investment exposure could also deviate from the target exposure which adds tracking error to CSOP CSI 300 Index Daily (-1x) Inverse Product.
  • Investing in CSOP CSI 300 Index Daily (-1x) Inverse Product is different from taking a short position. Because of rebalancing, the return profile of CSOP CSI 300 Index Daily (-1x) Inverse Product is not the same as that of a short position. In a volatile market with frequent directional swings, the performance of CSOP CSI 300 Index Daily (-1x) Inverse Product may deviate from a short position.
  • Risk investment outcome of CSOP CSI 300 Index Daily (-1x) Inverse Product is the opposite of conventional investment funds. If the value of the Index increases for extended periods, CSOP CSI 300 Index Daily (-1x) Inverse Product will likely to lose most or all of its value.
  • There is no assurance that the Product can rebalance its portfolio on a Daily basis to achieve its investment objective. Market disruption, regulatory restrictions or extreme market volatility may adversely affect the Product’s ability to rebalance its portfolio.
  • The rebalancing activities of the Product typically take place near the end of trading of the underlying A-Share market to minimise tracking difference. As a result, the Product may be more exposed to the market conditions during a shorter interval and may be more subject to liquidity risk.
  • The Product is normally rebalanced at or around the close of the trading of the underlying A-Share market on each Business Day. As such, return for investors that invest for period less than a full trading day will generally be greater than or less than the inverse/ two times (2x) the leveraged investment exposure to the Index, depending upon the movement of the Index from the end of one trading day until the time of purchase.
  • The Index constituents are companies listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange which is an emerging market. Investments of the Product may involve increased risks and special considerations not typically associated with an investment in more developed markets, such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. High market volatility and potential settlement difficulties in the PRC mainland markets may result in significant fluctuations in the prices of the securities traded on such markets, and may thereby adversely affect the value of the Product. Securities exchanges in the PRC mainland typically have the right to suspend or limit trading in any security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Product.
  • The Index consists of A-Shares which may only be bought or sold from time to time where the relevant A-Shares may be sold or purchased on the Shanghai Stock Exchange or the Shenzhen Stock Exchange, as appropriate. Given that the A-Shares market is considered volatile and unstable (with the risk of suspension of a particular stock or government intervention), such high market volatility and potential settlement difficulties in the A-Shares market may result in significant fluctuations in the prices of the securities traded on the A-Shares market and thereby may adversely affect the Product.
  • The Product is denominated in RMB. RMB is currently not freely convertible and is subject to exchange controls and restrictions. Under exceptional circumstances, payment of redemption proceeds and/or dividend payment in RMB in primary market may be delayed due to the exchange controls and restrictions applicable to RMB. The Units of the Product are traded in HKD, but the NAV of the Product and the Index are calculated in RMB. Investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against HKD will not depreciate. Any depreciation of RMB could adversely affect the value of investor’s investment in the Product. Although offshore RMB (CNH) and onshore RMB (CNY) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors. The Product may need to use currency other than base currency as set out in the relevant ISDA Credit Support Annex for collateral and independent amount posting purpose. The Product may enter into currency contract to hedge the currency risk but the currency exposure is linked to marked-to-market value of the Swaps. This may bring additional cost and currency risk for the Product.
  • Unitholders will receive distributions in the base currency (RMB) only. In the event that a Unitholder has no RMB account, the Unitholder may have to bear the fees and charges associated with the conversion of such distributions from RMB to HKD, and bear bank or financial institution fees and charges associated with the handling of the distribution payment. Unitholders are advised to check with their brokers regarding arrangements for distributions.
  • The Product’s investments are concentrated in a specific geographical location (i.e. the PRC mainland). The value of the Product may be more volatile than that of a fund having a more diverse portfolio of investments. The value of the Product may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the PRC mainland market.
  • 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.
  • The Product is not “actively managed” and the Manager will not adopt any temporary defensive position when the Index moves in an unfavourable direction. In such circumstances, Units of the Product will also decrease in value.
  • The trading price of the Units on the SEHK is driven by market factors such as the demand and supply of the Units. Units may trade at a substantial premium or discount to the NAV. As investors will pay certain charges (e.g. trading fees and brokerage fees) to buy or sell Units on the SEHK, investors may pay more than the NAV per Unit when buying Units on the SEHK, and may receive less than the NAV per Unit when selling Units on the SEHK.
  • The Product may invest in ETF listed in Mainland China through the Manager’s QFII/RQFII status. The Product’s ability to achieve its investment objective and strategy may be affected by the applicable laws, rules and regulations (including restrictions on investments and repatriation of principal and profits) in the PRC mainland, which are subject to change and such change may have potential retrospective effect. The Swap Counterparties may hedge their Swap exposure by investing in A-Shares through QFII/ RQFII of itself or a third party/affiliate. If a Swap Counterparty for whatever reason is unable to trade through QFII or RQFII (for example, due to revocation, termination or invalidation of approval of the QFII / RQFII), this may hinder the Swap Counterparty’s ability to increase the size of the relevant Swap, which will in turn affect the Product’s ability to achieve its investment objective and strategy. If this happens in respect of all the Swap Counterparties, the Product may be closed for subscriptions. This may also cause the Units to trade at a premium to their NAV. In the worst case scenario, the Product may be terminated.
  • Although the Manager will use its best endeavours to put in place arrangements so that at least one market maker will maintain a market for the Units and gives not less than three months’ notice prior to termination of the market making arrangement, liquidity in the market for the Units may be adversely affected if there is only one market maker for the Units. There is also no guarantee that any market making activity will be effective.
  • The Product may be subject to tracking error risk, which is the risk that its performance may not track that of the Daily inverse/ leveraged performance of the Index exactly. This tracking error may result from the investment strategy used, liquidity of the market and fees and expenses as well as costs of using financial derivatives and the correlation between the performance of the Product and the inverse (-1x)/ two times (2x) Daily performance of the Index may be reduced. The Manager will monitor and seek to manage such risk in minimising tracking error. There can be no assurance of exact or identical replication of the inverse/ leveraged performance of the Index at any time, including on an intraday basis.
  • Prices of the Product may be more volatile than conventional ETFs because of the daily rebalancing activities.
  • The Product may be terminated early under certain circumstances, for example, where there is no market maker, the Index is no longer available for benchmarking or if the size of the Product falls below USD10 million (or an equivalent amount in RMB). Investors may not be able to recover their investments and suffer a loss when the Product is terminated.

Please note that the above listed investment risks are not exhaustive and investors should read the Prospectus in detail before making any investment decision.

CSOP CSI300 Leveraged & Inverse Series

First Batch of
A-share L&Is in HK

CSOP CSI300 Leveraged & Inverse Series, First Batch of A-share L&Is in HK
Product Key Facts
CSOP CSI 300 Index, Daily (2x) Leveraged Product

CSOP CSI 300 Index
Daily (2x) Leveraged Product

Stock Code 7233.HK
Listing Date 2020.07.27
Base Currency RMB
Trading Currency HKD
Inception Price Per Share(Approx.) HKD 7.00
Trading Lot Size 100 Units
Minimum Investment (Approx.) HKD 700
Investment Objective*

Leveraged product dobles the return in bull market.
(before fees and expenses)

Leveraged product dobles the return in bull market.

*Before fees and expenses


LEARN MORE
CSOP CSI 300 Index,Daily (-1x) Inverse Product

CSOP CSI 300 Index
Daily (-1x) Inverse Product

Stock Code 7333.HK
Listing Date 2020.07.27
Base Currency RMB
Trading Currency HKD
Inception Price Per Share (Approx.) HKD 7.00
Trading Lot Size 100 Units
Minimum Investment (Approx.) HKD 700
Investment Objective*

Inverse product provides return in bear market.
(before fees and expenses)

Inverse product provides return in bear market.

*Before fees and expenses


LEARN MORE
Trading Strategy
  • Momentum Trade Momentum Trade

    Trading Strategy 01

    Momentum Trade

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  • Hedging Portfolio Hedging Portfolio

    Trading Strategy 02

    Hedging Portfolio

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  • A-H Spread A-H Spread

    Trading Strategy 03

    A-H Spread

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  • Margin Buy% Margin Buy%

    Trading Strategy 04

    Margin
    Buy%

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For Short-term Investors

  • Retail investors contribute more than 80%^Average Daily Turnover (ADT) for A-Shares market.
  • One of the behaviors of retail investors: They like “herd behavior”(Buy when rise, Sell when drop).
  • Below is a short-term trading strategy to capture the behavior.
Simulation Example
Trading Action
  • CSI300 Index up 1.1% in a day

    Buy CSI300 Index Daily (2x) Leveraged Product on the 2nd day and hold 4 days#
  • CSI300 Index down 1.1% in a day

    Buy CSI300 Index Daily (-1x) Inverse Product on the 2nd day and hold 4 days#

Strategy Backtesting (1 year)*
Strategy Backtesting, +113.24% Strategy Backtesting, +113.24%
  • Period

    28-June-2019 to
    10-Jul-2020
  • Number of trades

    55
  • Backtesting return

    +113.24%


Source: Bloomberg, CSOP research, from June 28, 2019 to July 10, 2020. The Products are not intended for holding longer than one day. The effect of compounding becomes more pronounced on the Products’ performance as the Index experiences volatility.
^Source: Bloomberg, CICC Research, CSOP Research, from 2003 to 2018
*Simulated return based on historical data; The figures are for illustrative purpose only. Not indicative of actual return likely to be achieved. Compounding effect take place and costs and expenses excluded.
#During the Holding period, if the index hits the signal with different direction, then sell the holding and switch to the other strategy at next day, if the index hits signal in the same direction then restart the counting of holding period.

For Single-stock holders

  • Inverse product can be used for portfolio hedging purposes.
  • When the market condition is unfavorable, we can consider buying inverse product as a hedging tool instead of selling a high-quality stock.
Simulation Example

Kweichow Moutai, when global market is unclear due to US-China trade war, its stock price bottomed at 524 yuan in Oct 2018 and steadily reached record high of 1,185 yuan in Dec 2019.


Trading Action

When CSI300 Index increases in two consecutive days

Buy CSI300 Index Daily (-1x) Inverse Product and hold for 2 days to hedge

Strategy Backtesting Return (2018-2020)*
Strategy Backtesting, +20% Strategy Backtesting, +20%
  • Period

    2 year(2018-2020)
  • Backtesting return

    Outperformance during 2018-2020 with this strategy: +20%*


Source: Bloomberg and CSOP, from December 29, 2017 to June 30, 2020. The Products are not intended for holding longer than one day. The effect of compounding becomes more pronounced on the Products’ performance as the Index experiences volatility.
This hedging strategy triggers 32 hedge trades in 2018 and 36 hedge trades in 2019.
*Simulated return based on historical data; The figures are for illustrative purpose only. Not indicative of actual return likely to be achieved. Compounding effect take place and costs and expenses excluded.

The main reasons of A-share premiums

AH premiums are persistent (15 ~ 50%) even after the HK-SH connect launch (Nov 2014). the reasons are as follows:

  • Investor Type: Retail dominant holding & turnover → Speculative sentiment
  • Supply & Demand: Less floating shares → less stock supply than necessary but more local demand due to limited investment tools
  • Short Sell Restriction: Convergence trades are difficult due to limitation on short selling


How we can make trading profits out of AH premium?

  • Short A Long H - If AH Spread Index > Upper Bound (6M AH Premium Average + 2 x standard deviation of AH Spread)
  • Long A Short H - If AH Spread Index < Lower Bound (6M AH Premium Average – 2 x standard deviation of AH Spread)
  • Exit the trade - If AH Spread Index goes back to within 2 standard deviation of 6M AH Premium Average

Simulation Example
A-H Spread Index and Trading Signals
A-H Spread Index and Trading Signals A-H Spread Index and Trading Signals Source: Bloomberg and CSOP Research, as of Jul 8, 2020. The Products are not intended for holding longer than one day. The effect of compounding becomes more pronounced on the Products’ performance as the Index experiences volatility.

Trading Action
  • AH Spread Index > Upper Bound

    Long CSI300 Index Daily (-1x) Inverse Product + Long Hang Seng China Enterprises Index Daily (2x) Leveraged Product
  • AH Spread Index < Lower Bound

    Long CSI300 Index Daily (2x) Leveraged Product + Long Hang Seng China Enterprises Index Daily (-2x) Inverse Product
  • Otherwise

    Close Leveraged & Inverse Products position

Cumulative Return (from 2015)*
Cumulative Return 63.4% Cumulative Return 63.4%
  • Days with holdings (a)

    135
  • Days with positive return^ (b)

    82
  • Win Ratio (b/a)

    60.7%
  • Cumulative Return

    63.4%


Source: Bloomberg and CSOP Research, from Jan 2, 2015 to July 8, 2020. The Products are not intended for holding longer than one day. The effect of compounding becomes more pronounced on the Products’ performance as the Index experiences volatility.
*Simulated return based on historical data; The figures are for illustrative purpose only. Not indicative of actual return likely to be achieved. Compounding effect take place and costs and expenses excluded.
^Positive Trade is the days when the holding generates positive return.

The main reasons of utilizing Margin Buy %

Retail investors contribute more than 80%^ ADT for A-Shares market, so the margin activities represent good or bad market sentiment



How we can make trading profits out of Margin Buy %?

  • Buy +2x Leveraged A-share product
    If Margin buy as a % of A-Shares market turnover > Upper Bound (1M Average of Margin Buy % + 2x standard deviation of Margin Buy % )
  • Buy -1x Inverse A-share product
    If Margin buy as a % of A-Shares market turnover < Lower Bound (1M Average of Margin Buy % – 2x standard deviation of Margin Buy %)
  • Exit the trade
    If Margin buy as a % of A-Shares market turnover fluctuates within 1M Average of Margin Buy % +/- 2x standard deviation
Simulation Example
Margin Buy % and Trading Signals
Margin Buy % and Trading Signals Margin Buy % and Trading Signals
Trading Action
  • latest margin % > Upper Bound

    Buy CSI300 Index Daily (2x) Leveraged Product
  • latest margin % < Lower Bound

    Buy CSI300 Index Daily (-1x) Inverse Product
  • Otherwise

    Close Leveraged & Inverse Products position

Backtesting Return (from 2014)*
Cumulative Return 99.51% Cumulative Return 99.51%
  • Days with holdings (a)

    183
  • Days with positive return^ (b)

    96
  • Win Ratio (b/a)

    52%
  • Cumulative Return

    99.51%


Source: Wind, Bloomberg and CSOP Research, from December 31, 2013 to July 9, 2020. The Products are not intended for holding longer than one day. The effect of compounding becomes more pronounced on the Products’ performance as the Index experiences volatility.
^Source: Bloomberg, CICC Research, CSOP Research, from 2003 to 2018
*Simulated return based on historical data; The figures are for illustrative purpose only. Not indicative of actual return likely to be achieved. Compounding effect take place and costs and expenses excluded.

CSOP - Market Leader with Dominant Market Share

Market Leader with Dominant Market Share


  • ADT No.1*
    market share 97%
  • AUM No.1#
    market share 87%

*Source: Bloomberg, from 1 Jan 2020 to 30 June 2020
#Source: Bloomberg, as of 30 June 2020




Basic Knowledge about China A Shares L&I

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CSOP Asset Management Limited,
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Hong Kong

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