20 May 2022, 5:59 pm
20 May 2022, 5:59 pm
20 May 2022, 5:59 pm
Average Daily Tracking Difference
Year to Date for 2022
(as of 29 April 2022)
For Inverse Product, Daily NAV is measured against -1x SIMSCI index (valued at 5.30pm SGT every day)
INVESTMENT OBJECTIVE AND APPROACH
To provide investment results that, before fees and expenses, closely correspond to the inverse (-1x) of the daily performance of the MSCI Singapore Index. A futures-based synthetic replication strategy is employed to achieve the inverse factor of -1x. Rebalancing is done everyday to achieve a daily constant inverse exposure.
This Exchange-Traded Product is classified as an SIP (Specified Investment Product) and Prescribed Capital Markets Products.
COMPARISON WITH DIRECT SIMSCI FUTURES:
|Inverse Product||SIMSCI Futures|
|CIS Code compliant fund?||Yes||No|
|Link to underlying price||Tracks price of underlying index||Same as Inverse Product|
|Leverage factor||-1x||Very high (>10x)|
|Losses limited to initial investment?||Yes||No|
|Maturity date||No maturity date||Monthly contract|
|Minimum required exposure?||~ $200||~ $3k (1 SIMSCI contract, assume 10% margin)|
|Traded on public exchange?||Yes||Yes|
|Position Management||No||Futures rollover; margin top-up where needed|
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