Leveraged / Inverse Products

ChinaAMC NASDAQ-100 Index Daily (-2x) Inverse Product (7522 HK)

Management fee

1.20%(p.a.)

4744

Listing Date

06-Sep-2019

Morningstar

/5

Fund Performance

-32.86%

YTD

-39.3%

1 Year

-53.51%

3 Year

-92.32%

5 Year

-93.38%

Since Inception

As of 29-11-2024

ChinaAMC NASDAQ-100 Index Daily (-2x) Inverse Product (the “Product”) is to provide daily investment results, before fees and expenses, which closely correspond to the two times inverse (-2x) of the Daily performance of the NASDAQ-100 Index (the “Index”). It is different from conventional exchange traded funds. The Product is not intended for holding longer than one day as the performance of the Product over a longer period may deviate from and be uncorrelated to the two times inverse performance of the Index over the period. The Product is designed to be used for short term trading or hedging purposes, and is not intended for long term investment. This Product is a derivative product only targets sophisticated trading-oriented investors who understand the potential consequences of seeking daily two times inverse results and the associated risks and constantly monitor the performance of their holdings on a daily basis.

Investment involves risks, including the loss of principle. Past performance is not indicative of future results. The value of the Product can be extremely volatile and could go down substantially within a short period of time. It is possible that the entire value of your investment could be lost. Before investing in the Product, investor should refer to the Product’s prospectus and Product Key Facts Statement for details, including the risk factors. You should not make investment decision based on the information on this material alone. Please note:

• The Product will utilise leverage to achieve a Daily return equivalent to minus two times (-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 bull market will be substantially more than a fund that does not employ leverage.
• The Product is 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 two times inverse performance of the Index over that same period (e.g. the loss may be more than -2 times the increase in the Index).
• Investing in the Product is different from taking a short position. Because of rebalancing, the return profile of the Product is not the same as that of a short position.
• Risk investment outcome of the Product is the opposite of conventional investment funds. If the value of the Index increases for extended periods, the Product will likely to lose most or all of its value.
• Investment in futures contracts involves specific risks such as high volatility, leverage, rollover and margin risks. There may be imperfect correlation between the value of the underlying reference assets and the futures contracts. An extremely high degree of leverage is typical of a futures trading account. As a result, a relatively small price movement in an E-mini NASDAQ 100 Future may result in a proportionally high impact and substantial losses to the Product.
• The Product tracks the two-times inverse (-2x) Daily performance of the Index. Should the value of the underlying securities of the Index increase, it could have a magnified negative effect on the performance of the Product.
• 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 Product is exposed to liquidity risk linked to E-mini NASDAQ 100 Futures. Moreover, the rebalancing activities of the Product typically take place at or around the close of trading on the NASDAQ to minimise tracking difference.
• The Product is normally rebalanced at or around the close of trading on the NASDAQ. 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 investment exposure to the Index.
• Daily rebalancing of Product’s holdings causes a higher level of portfolio transactions than compared to the conventional exchange traded funds. High levels of transactions increase brokerage and other transaction costs.
• The Product is subject to concentration risks as a result of tracking the inverse performance of companies from the technology sector and its concentration in the US market which may be more volatile than other markets. The value of the Product may be more volatile than that of a broadly-based fund.
• The Product may be subject to tracking error risk. Tracking error may result from the investment strategy used, high portfolio turnover, liquidity of the market and fees and expenses and the correlation between the performance of the Product and the two times inverse (-2x) Daily performance of the Index may be reduced. There can be no assurance of exact or identical replication of the two times inverse performance of the Index at any time, including on an intra-day basis.
• Distributions (if any) will be made in USD. If you has no USD account, you may have to bear the fees and charges associated with the conversion of such distribution from USD to HKD or any other currency.
• The Product is passively managed and the Manager will not have the discretion to adapt to market change due to the inherent investment nature of the Product. When the Index moves in an unfavourable direction (i.e. if it increases), the Product will decrease in value.
• The daily price limit for the NASDAQ and the daily price limit for the E-mini NASDAQ 100 Futures are different. As such, should the Index’s daily price movement be greater than the price limit of the E-mini NASDAQ 100 Futures, the Product may not be able to achieve its investment objective.
• As the CME may be open when Units in the Product are not priced, the value of the E-mini NASDAQ 100 Futures in the Product’s portfolio, or the value of constituents in the Index to which such futures contracts are linked, may change on days when investors will not be able to purchase or sell the Product’s Units. Differences in trading hours between the CME and the SEHK may increase the level of premium/discount of the Unit price to its NAV. The NASDAQ and the CME have different trading hours. Trading of the Index constituents closes earlier than trading of the E-mini NASDAQ 100 Futures, so there may continue to be price movements for the E-mini NASDAQ 100 Futures when Index constituents are not trading.
• The trading price of the Units on the SEHK is driven by market factors such as the demand and supply of the Units. Therefore, the Units may trade at a substantial premium or discount to the NAV.

Product Details

Investment Objective

he investment objective of the Product is to provide Daily investment results, before fees and expenses, which closely correspond to the two times inverse (-2x) of the Daily performance of the NASDAQ-100 Index. The Product does not seek to achieve its stated investment objective over a period of time greater than one day.

Product Overview

Underlying Asset Class Futures
Listing Date 06-09-2019
Base Currency USD
Net Asset Value (mil) 31.61
Manager China Asset Management (Hong Kong) Limited
Domicile Hong Kong
Management Fee 1.20%(p.a.)
Trustee and Registrar HSBC Institutional Trust Services (Asia) Limited
Distribution Policy No regular distributions or dividends will be paid. The Manager may pay special dividends upon making an announcement in respect of the relevant distribution amount (in USD only).

As of 10-12-2024

Intra-day Estimated NAV and Market Price ( 2,3,4,5 )

Latest Market Information ( 4,6,7,8 )

Date Last Change Change(%)
Official NAV per Unit in USD10-12-20240.09550.00070.74%
NAV per Unit in HKD (for reference only)10-12-20240.74240.00470.64%
Closing Price for HKD Traded Unit11-12-20240.74200.00200.27%

Trading Information

HKD Traded Units
Exchange ListingSEHK – Main Board
Commencement of Dealing06-Sep-2019
Stock Code7522
Trading Board Lot Size100 Units
Trading CurrencyHKD
SEDOL CodeBKS1FK9
Reuters Code7522.HK
ISIN CodeHK0000525649
Bloomberg Ticker7522 HK
Bloomberg NAV7522 NAV
Bloomberg iNAV7522IV
Bloomberg Shares Outstanding7522SHO

Index Information ( 9 )

IndexNASDAQ-100 Index
Index ProviderNASDAQ
CurrencyUSD
Closing Level21368.18
Change-72.64
Change (%)-0.34%
Type of IndexPrice Return

As of 10-12-2024

Participating Dealers

  • ABN AMRO Clearing Hong Kong Limited
  • BNP Paribas
  • China Merchants Securities (HK) Co., Limited
  • Citigroup Global Markets Asia Limited
  • Credit Suisse Securities (Hong Kong) Limited
  • DBS Vickers (Hong Kong) Limited
  • Haitong International Securities Company Limited
  • J.P. Morgan Broking (Hong Kong) Limited
  • Korea Investment & Securities Asia Limited
  • Merrill Lynch Far East Limited
  • Mirae Asset Securities (HK) Limited
  • UBS Securities Hong Kong Limited
  • Yue Xiu Securities Company Limited

Market Makers

  • Flow Traders Hong Kong Limited
  • IMC Asia Pacific Limited
  • Korea Investment & Securities Asia Limited
  • Mirae Asset Securities (HK) Limited
  • Optiver Trading Hong Kong Limited
  • Virtu Financial Singapore PTE. Ltd.

Please refer to the Hong Kong Exchanges and Clearing Limited’s website at www.hkex.com.hk for the latest lists of Market Makers.

1    Data are provided by ICE Data Indices, LLC (“ICE DATA”), is used with permission. ICE DATA, its Affiliates and their respective third party suppliers (including but not limited to Factset Research System, Inc.) disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the index data and any data included in, related to, or derived therefrom. Neither ICE DATA, its Affiliates nor their respective third party suppliers shall be subject to any damages or liability with respect to the adequacy, accuracy, timeliness or completeness of the Index data or any component thereof, and the index data and all components therefore are provided on an “as is” basis and your use is at your own risk. ICE DATA, its Affiliates and their respective third party suppliers do not sponsor, endorse, or recommend China Asset Management (Hong Kong) Limited, or any of its products or services.

2    IOPV calculations are performed by ICE DATA.

3    Intra-day Market Price refers to the market price of ChinaAMC NASDAQ-100 Index Daily (2x) Leveraged Product on the date and at the time specified above, quoted from the Stock Exchange of Hong Kong Limited (the“SEHK”).

4    The exchange rate is not a real time exchange rate and is an assumed foreign exchange rate for reference only. The assumed foreign exchange rate is Reuters 3:00 p.m. Hong Kong time mid rate quoted by Interactive Data Real-Time FX Rate for USD:HKD.

5    The Intra-day Estimated NAV per Unit in HKD is indicative and for reference purposes only. It will be updated every 15 seconds. It is calculated by ICE Data Services using the intra-day Estimated NAV per unit in USD multiplied by the real time exchange rate provided by ICE Data Services. Since the Intra-day Estimated NAV per Unit in USD will not be updated when the CME is closed, any change in the Intra-day Estimated NAV per Unit in HKD (if any) during such period is solely due to the change in the assumed foreign exchange rate.

6    Change of the official NAV per Unit in USD 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 the determination of NAV.
     
7    Changes of the closing price for HKD traded Units indicate the change of the closing price since previous SEHK trading day. Source of Closing Price: Reuters.
     
8    The NAV per Unit in HKD is equivalent to the relevant official NAV per Unit in USD multiplied by the assumed foreign exchange rate of USD to HKD as mentioned in note 4 above as of the same Dealing Day^. The official NAV per Unit in USD and NAV per Unit in HKD will not be updated when the CME is closed.
     
9    Benchmark Index returns are for illustrative purposes only and are not indicative of future results. Benchmark Index returns do not reflect any management fees, transaction costs or expenses. Change indicates the change since the last closing index level. Source: NASDAQ, Bloomberg (see Terms and Conditions)
     
^ “Dealing Day” generally means a day on which (a) the SEHK and the underlying CME is open; and (b) the Index is compiled and published. Please refer to the Prospectus for further details in this regard.
     
Each existing unit in the Product is subdivided into 4 units with effect from 15 June 2020.

Returns/Historical NAVs Chart

Fund Price

Class Currency Dealing Date NAV per unit
USD USD 10-12-2024 0.0955
HKD HKD 10-12-2024 0.7424

Since Launch Performance

Returns
USD

7 Day Annualized

Holdings

Overview

Total Net Asset ValueMarket Value of Futures ContractsFutures Contract Exposure (b)
(Deemed Total Net Asset Value) (a)
31,613,498.70-63,677,176.40-199.47%
(31,923,830.61)

As of 10-12-2024

(a) Deemed Total Net Asset Value includes trading activities of (i) daily rebalancing; and (ii) creation and/or redemption orders of above date.
(b) Futures Contract Exposure = Market Value of Futures Contracts / Deemed Total Net Asset Value

Derivatives Counterparties​

NameGross ExposureNet Exposure
BNP Paribus Securities Services-199.47%-199.47%

As of 10-12-2024

Futures Contracts Holdings

Futures Contracts NameBloomberg TickerQuantity
NASDAQ 100 E-MINI Dec24NQZ4 Index-146.0000

As of 10-12-2024

Product Holdings

Holdings. Weighting (%)
Cash and cash equivalents(USD) 57.23
CHIN SLT USD MM 18.83
UBS IRL SELECT MMKT USD-INSA MUTUAL FUND/LOAD 14.96
CHINAAMC SEL MM 8.98
Total 100

As of 10-12-2024

Holding Details

Click below button to show the details of the holdings

Holdings are subject to change. Total allocation percentages shown in the Holdings table may not equal 100% due to rounding, omissions of non-stock portions, and the inclusion of the redemption payable from the stocks. The historical data provided herein is for reference only and does not represent any future performance.

Sector Breakdown

As of 10-12-2024

Country Breakdown

As of 10-12-2024

Yield Information

There is currently no information available.

Asset Allocation

Asset Typs Weighting(%)
#N/A 14.96%

As of 10-12-2024

Tracking Difference & Error

Daily Tracking Difference (Daily TD): 
Daily TD is the difference between the daily return of an Inverse Product and the two times inverse (-2x) daily performance of the underlying index.

Tracking Error (TE): 

Tracking error measures how consistently an Inverse Product delivers the two times inverse (-2x) daily performance of the underlying index. It is the volatility (measured by standard deviation) of that daily return difference.

Tracking Difference / Tracking Error

Actual average daily TD for calendar year 20200.00%
Actual average daily TD for calendar year 2021-0.01%
Actual average daily TD for calendar year 2022-0.01%
Actual average daily TD for calendar year 2023-0.05%
Rolling 1-year actual average daily TD#-0.06%
Rolling 1-year Daily TE^1.35%

As of 30-11-2024

^TE is measured by the standard deviation of the daily TD. The standard deviation is calculated based on the daily TD over the rolling one year period.

# Rolling 1-Year TD is the rolling 1-year actual average daily tracking difference.

Graph (a) - Daily return of the Inverse Product and the -2x daily performance of the underlying index

The Inverse Product aims to deliver twice the opposite of the daily return of the underlying index return. For the purposes of calculating the Daily TD, the daily performance of the underlying index has been adjusted by the leverage factor of -2x.

The Inverse Product’s performance is calculated on an NAV to NAV basis and assumes reinvestment of distribution.

Graph (b) - Actual daily tracking difference

Past performance Vs Benchmark performance

Past performance Vs Benchmark performance

The ProductNASDAQ-100 IndexInverse (-2x) of NASDAQ-100 Index
2020-68.9%47.58%-95.16%
2021-44.84%26.63%-53.26%
2019-19.89%37.96%-75.92%
202267.39%-32.97%65.94%

As of 31-12-2022

With effect from 8 September 2021, Rafferty Asset Management LLC ceased to be the investment adviser of the Product. The performance of the Product prior to 8 September 2021 was achieved under circumstances that no longer apply. The investment objective and strategy of the Product was also clarified on 22 March 2021.

Past performance information of the Product is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of performance of Product is based on the calendar year end, NAV-To-NAV, with dividend reinvested. The graph shows how much the Product and the underlying index increased or decreased in value during the calendar year being shown. Performance of the Product has been calculated in the Product’s base currency taking into account ongoing charges and excluding your trading costs on SEHK. The Product seeks to achieve its stated investment objective in one day and rebalances at the end of the day. That is, the performance of the Leveraged Product may not correspond to two times the return of the underlying index over a one-year period or any period beyond one day and the performance of the Inverse Product may not correspond to the opposite return of the underlying index over a one-year period or any period beyond one day. Investors should refer to the Prospectus for more information about the differences between the performance of the Leveraged Product and two times the return (or opposite return for Inverse Product) of the underlying index over a period longer than one day. Where no past performance is shown there was insufficient data available in that year to provide performance.

Product launch date: 6-Sep-2019

Distribution History

There is currently no information available.

^TE is measured by the standard deviation of the daily TD. The standard deviation is calculated based on the daily TD over the rolling one year period. # Rolling 1-Year TD is the rolling 1-year actual average daily tracking difference.

^TE is measured by the standard deviation of the daily TD. The standard deviation is calculated based on the daily TD over the rolling one year period. # Rolling 1-Year TD is the rolling 1-year actual average daily tracking difference.

FAQs

Inverse Products typically aim to deliver the opposite of the daily return of the underlying index. For example, if the underlying index rises by 10 per cent on a given day, the two-times (-2x) Inverse Product should incur a 20 per cent loss on that day.

At or around the close of trading on the NASDAQ on each Business Day, the Product will seek to rebalance its portfolio, by decreasing inverse exposure in response to the Index’s Daily gains or increasing inverse exposure in response to the Index’s Daily losses, so that its Daily inverse exposure ratio to the Index is consistent with the Product’s investment objective.

The table below illustrates how the Product as an inverse product will rebalance its position following the movement of the Index by the end of the day.* Assuming that the initial Net Asset Value of the Product is 100 on Day 0, the Product will need to have an exposure of -200 to meet the objective of the Product. If the Index decreases by 20% during the day, the Net Asset Value of the Product would have increased to 140, making the exposure of the Product -160%. As the Product needs an exposure of -280%, which is -2x the Product’s Net Asset Value at closing, the Product will need to rebalance its position by an additional -120.

Day 1 illustrates the rebalancing requirements if the Index increases by 10% on the subsequent day; day 2 illustrates the rebalancing requirements if the Index falls by 10% on the subsequent day.

Calculation Day 0 Day 1 Day 2
(a)   Initial Product NAV 100.0 140.0 112.0
(b)   Initial Exposure (b) = (a) x -2 -200.0 -280.0 -224.0
(c)   Daily Index Change (%) -20% 10% -10%
(d)   Profit/Loss on Exposure (d) = (b) x (c) 40.0 -28.0 22.4
(e)   Closing Product NAV (e) = (a) + (d) 140.0 112.0 134.4
(f)   Closing Exposure Before Rebalancing (f) = (b) x (1+ (c)) -160.0 -308.0 -201.6
(g)   Target Exposure (g) = (e) x -2 -280.0 -224.0 -268.8
(h)   Required rebalancing amount (h) = (g) – (f) -120.0 84.0 -67.2

The above figures are calculated before fees and expenses.

The Index does not include provisions for the replacement (also referred to as “rolling”) of the quarterly E-mini NASDAQ 100 Futures as it is a standard equity index. The Manager has full discretion of futures rolling execution to meet the Product’s investment objective. The rolling of a E-mini NASDAQ 100 Future will occur within an 8-calendar day period in the last calendar month of each quarter (between 8 calendar days before the last trading day of the nearest quarterly E-mini NASDAQ 100 Futures and one business day before the last trading day of the nearest quarterly E-mini NASDAQ 100 Futures).

The investment objective of the Product is to provide Daily investment results, before fees and expenses, which closely correspond to the two-times inverse (-2x) of the Daily performance of the Index. Therefore the Product should not be equated with seeking a two times inverse position for periods longer than a day. Investors in the Product should note that the point-to-point performance of the historical two times inverse performance of the Product over a certain period may not be “symmetrical” to the point-to-point performance of the Index multiplied by -200% over the same period of time due to the effect of “path dependency” and compounding of the Daily returns of the Product. The performance of the Product before deduction of fees and expenses for periods longer than a single day, especially in periods of market volatility which has a negative impact on the cumulative return of the Product, may be completely uncorrelated to the extent of change of the Index over the same period.

Investors must exercise caution when holding the Product for longer than the rebalancing interval, i.e. one Business Day. The performance of the Product, when held overnight, will likely deviate from the inverse performance of the Index.

In a continuous upward trend, where the Index rises steadily for more than 1 Business Day, the Product’s accumulated loss will be less than -2x the cumulative Index gain. As illustrated in the scenario below, where an investor has invested in the Product on day 0 and the Index grows by 5% Daily for 4 Business Days, by day 4 the Product would have an accumulated loss of 34%, compared with a 43% loss which is -2x the cumulative Index return.

The chart below further illustrates the difference between (i) the Product’s performance; (ii) -2x the cumulative Index return; and (iii) cumulative Index return, in a continuous upward market trend over a period greater than 1 Business Day.

Scenario II: Continuous Downward Trend

In a continuous downward trend, where the Index falls steadily for more than 1 Business Day, the Product’s accumulated gains will be greater than -2x the cumulative Index return. As illustrated in the scenario below, where an investor has invested in the Product on day 0 and the Index falls by 5% Daily for 4 Business Days, by day 4 the Product would have an accumulated gain of 46%, compared with a 37% gain which is -2x the cumulative Index return.

The chart below further illustrates the difference between (i) the Product’s performance; (ii) -2x the cumulative Index return; and (iii) cumulative Index return, in a continuous downward market trend over a period greater than 1 Business Day.

Scenario IV: Volatile Downward Trend

In a volatile downward trend, where the Index generally moves downward over a period longer than 1 Business Day but with Daily volatility, the Product’s performance may be adversely affected in that the Product’s performance may fall short of -2x the cumulative Index return. As illustrated in the scenario below, where the Index falls by 16.84% over 5 Business Days but with Daily volatility, the Product would have an accumulated gain of 21%, compared with a 34% gain which is -2x the cumulative Index return.

The chart below further illustrates the difference between (i) the Product’s performance; (ii) -2x the cumulative Index return; and (iii) cumulative Index return, in a volatile downward market trend over a period greater than 1 Business Day.

Scenario V: Volatile Market with Flat Index Performance

In a volatile market with flat index performance, the aforementioned compounding can have an adverse effect on the performance of the Product. As illustrated below, even if the Index has returned to its previous level, the Product may lose value.

The chart below further illustrates the difference between (i) the Product’s performance; (ii) -2x the cumulative Index return; and (iii) cumulative Index return, in a volatile market with flat index performance over a period greater than 1 Business Day.

As illustrated in the graphs and the tables, the performance of the Product before deduction of fees and expenses is not equal to the cumulative two times inverse performance of the Index over a period longer than 1 Business Day.

For further illustration of the Product’s performance under different market conditions, investors may access the ‘performance simulator’ on the Product’s website at [·], which will show the Product’s historical performance data during a selected time period since the launch of the Product.

The maximum potential loss when buying leveraged and inverse Products is the entire value of the investment. However, the maximum potential loss when investors trade futures could be greater than the initial collateral posted which would result in additional margin calls.

Performance Simulator

· Investors should understand that the Inverse Product aims to provide returns closely correspond to the two times inverse (-2x) 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 opposite 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 Inverse Product during the selected period based on historical data. The investor is assumed to hold the Inverse Product for the entire simulation period. The performance of the Inverse Product is calculated based on it’s NAV. The performance of the Inverse Product may not reflect the returns that the investor would be able to obtain as it does not capture the premium/ discount of the Inverse Product or the trading costs.

Performance Simulator

Please select the simulation period

Start date:

End date:

Simulation Results

The Product

0%

NASDAQ-100 Index (Price Return)

0%

Inverse (-2x) of NASDAQ-100 Index

0%

Performance Chart

Product listing date: 6 September 2019. Where no past performance is shown, there was insufficient data available for that period to provide performance.
Source:China Assets Management (HK) Limitedand Bloomberg

The data presented above is for reference only and does not represent actual return.


Investing involves risk, including possible loss of principal. Investment in emerging market countries may involve heightened risks such as increased volatility and lower trading volume, and may be subject to a greater risk of loss than investment in a developed country. Please carefully consider the Fund’s investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the relevant Fund’s prospectus. Please read the prospectus carefully before investing. ChinaAMC Funds are not sponsored, endorsed, issued, sold or promoted by their index providers (only applicable to ETFs and index funds). For details of an index provider including any disclaimer, please refer to the relevant ChinaAMC Fund offering documents.

Source: Fund performance and index data are provided by ChinaAMC and the relevant index providers (if applicable) respectively.

This website is prepared by China Asset Management (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission.

Important Notes:

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Important Notes:

Private Funds

ChinaAMC(HK) is uniquely positioned in the market which enables it to leverage its extensive knowledge, research capabilities and investment experience in China to deliver a range of high-value asset management or investment advisory services to institutional clients worldwide. To bridge overseas investors with China opportunities, ChinaAMC (HK) is committed to utilize its local expertise to capture enormous investment potentials in China.

The private fund products issued and managed by ChinaAMC (HK) include Cayman Islands registered funds and Luxembourg domiciled SICAV funds*.

Browse through our website and discover our investment strategies. For private fund products information, please visit the product page by logging into your account.

* SICAV fund is an open-ended collective investment scheme common in Western Europe and may be open to public investors in certain European countries depending on its registration status.

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