News

ChinaAMC and Rafferty AM launch inverse product

NasdaqThe Hong Kong unit of China Asset Management, or ChinaAMC (Hong Kong), has listed the ChinaAMC Direxion NASDAQ-100 Daily (-2x) Inverse Product. The listing, which took place on September 6, 2019, is in partnership with Rafferty Asset Management, a major US leveraged/inverse ETF management company. It will be managed by ChinaAMC, with Rafferty playing an advisory role. Before fees and expenses are accounted for, the product is set up to provide “two times daily inverse performance of the daily return of NASDAQ-100 Index”, ChinaAMC said in a statement. The Nasdaq-100 Index comprises 100 of the largest local and overseas non-financial companies listed on The Nasdaq Stock Market based on market capitalisation and tends to be weighted towards companies in the technology sector. “We are seeing significant interests from investors in trading our NASDAQ-100 Index daily (-1x) inverse product,” said Frederick Chu, head of ETFs at ChinaAMC’s Hong Kong unit. “In response to our investors’ request, we decided to come up with the (-2x) inverse version in order to cater our investors’ needs. ChinaAMC (Hong Kong) aims to provide a holistic platform for trading NASDAQ-100 Index,” added Chu. Rob Hughes, vice president and head of advisory services for Nasdaq Global Indexes hailed the move as “a significant step in serving investors on a global scale”. ©2019 funds global asia

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