ETP

Phillip MSCI Singapore Daily (-1X) Inverse Product

Intraday NAV

17 October 2022, 6:00 pm


1.67

Intraday NAV

17 October 2022, 6:00 pm


2.382

Previous Day NAV USD

 


1.65

Previous Day NAV SGD

 


2.351

Total Assets updated as at 1/12/2022

6,450,942
Total Assets SGD

   NAV

Average Daily Tracking                    Difference

       – 0.028%

Year to Date for 2022
(as of 30 September 2022)

Note:
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.

KEY FACTS

Fund Name
Phillip MSCI Singapore Daily (-1x) Inverse Product
Benchmark Index
MSCI Singapore Index
Productee
HSBC Institutional Trust Services (Singapore) Limited
Valuation
Daily
Manager
Phillip Capital Management (S) Ltd
Distribution Policy
None
Management Fee
0.90% per annum
EIP / SIP Classification
SIP (Specified Investment Product)
Replication Method
Futures-based synthetic replication
External Legal Counsel to the Manager
Simmons & Simmons JWS Pte. Ltd.

TRADING INFORMATION

Trading Name
PHIL Short SiMSCI-1X S$; PHIL Short SiMSCI-1X US$
Bloomberg Ticker
BEARSG1X, BEARSG1XU
Trading Board Lot Size
100
Stock Code
SSS; SSU
ISIN
SGXC77800768
Trading Currency
SGD, USD
Designated Market Maker
Phillip Securities Pte Ltd
Participating Dealers
Phillip Securities, Tiger Brokers (Singapore), Flow Traders
Creation / Redemption Size
50,000 Units. Only cash creation and redemption
Listing
Singapore Exchange Securities Trading Limited (“SGX-ST”)

INDEX INFORMATION

Index Provider
MSCI Inc
Float-adjusted market capitalization coverage
~85% of Singapore Equity Universe

DOCUMENTS

Factsheet

Product Highlight Sheets

Prospectus

Annual Report

Semi-Annual Report

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
Margin account? No Yes
Position Management No Futures rollover; margin top-up where needed
Forced liquidation? No Yes

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