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House Award for Inverse/Leveraged ETF

"*" indicates required fields

DD slash MM slash YYYY

Pillar 1: Investment Proposition

1. Management style: This ETF is managed according to the following style.
Please select only one response.
2. Leverage and/or inverse multiple: What is the leverage multiple of this index?
3. Index weighting: This question is about the index on which your ETF is based. What is the weighting of that index based on?
Please select only one response.
4. Competitive edge: Compared with similar ETFs available, what is your ETF's unique proposition to investors?
Please select all applicable responses.
5. Please complete Question 1 before answering Question 5.
5. Index selection: When you selected the base index for this ETF, what were your requirements?
Please select all responses that apply.
5. Alpha sources, or performance drivers What were the major sources of alpha, or performance drivers, over the last 3 years (if your active ETF is fewer than 3 years old, then please provide alpha sources since inception)?
You may select more than one response.
6. Derivatives used: What instruments does this ETF use to achieve the leverage or/and inverse multiple?
Please select all applicable answers:
7. Performing stress tests: Has this ETF been stress tested for its ability to reproduce the leverage or/and inverse multiple under various market conditions over the last one year?
For example, a 2x leveraged ETF should be able to reproduce the index's returns by 2x daily.
7a. Stress test scenarios: What scenarios were included in the stress test (or are in your concrete plans)?
Please select all applicable answers:
7b. Stress test result: Was the ETF able to produce the leverage or/and inverse multiple under the scenarios mentioned in Question 7a? What was the tracking difference, taking into account the leverage/inverse multiple?
Example 1: the index returned 10%, while a 2x leveraged ETF returned 21%; this ETF's tracking difference is 100 basis points better than the index after accounting for the leverage multiple. Example 2: The index returned 10%, while a 1x inverse ETF declined 9%; this inverse ETF's tracking difference is 100 basis points poorer than the index after accounting for the inverse multiple. Please select only one response:

Pillar 2: Execution & Performance

1. Effectiveness: Please select only one response related to performance in the last 12 months.
[i] Net of all costs and charges borne by investors.
2. Has this ETF been able to consistently deliver the leverage or/and inverse multiple? (For example, a 2x leveraged ETF should be able to reproduce the index's returns by 2x daily). In the last 12 months to 30 June 2019, how often did the ETF deliver LESS than its leverage or/and inverse multiple?
For example, the index returned 10% today; a 2x leveraged inverse ETF losing 19% today delivered less than its multiple. Please select only one answer:
Maximum 150 words.
3. Expense ratio: What is your ETF's expense ratio, over the past 12 months, compared with its peer group average (for example China A-share ETFs, fixed income ETFs, active ETFs, etc.)?
Please select only one response.
4. Bid-ask spread: What is your ETF's average bid-ask spread over the last 12 months?
5. Market makers, 1Y: How many market makers, on average, did this ETF have in the last 12 months?
6. Market makers, 2Y: How many market makers, on average, did this ETF have in the last 24 months?

Pillar 3: Operations

1. Lead manager experience: How long has the LEAD manager of this ETF been managing similar ETFs?
You may include ETF management experience gained in other firms. Please select only one answer.
2. Investment team experience: What is the average experience of the investment team managing similar ETFs?
You may include ETF management experience gained in other firms. Please select only one answer.
3. Lead manager tenure: What is the tenure of the LEAD manager of this ETF at the current firm?
4. Transparency: How often do you disclose the full holdings of the ETF?
5. AUM change, 1Y: How have this ETF's assets under management (AUM) changed in the last 1 year?
a) AUM may include employees' personal assets but should EXCLUDE the firm's own assets. b) AUM should EXCLUDE asset appreciation/depreciation
6. AUM change, 3Y: How have this ETF's assets under management (AUM) changed in the last 3 years?
a) AUM may include employees' personal assets but should EXCLUDE the firm's own assets. b) AUM should EXCLUDE asset appreciation/depreciation
7. Firm's profitability, 3Y: What is your firm's average annual EBIT margin (operating profit margin) over the last 3 years?
EBIT margin formula: (Sales) - (Operating expenses + COGS + depreciation & amortization) / Total revenue
Please provide the following attachments:
- Latest factsheets
- Prospectus
- Research papers
- Other relevant materials
Drop files here or
Max. file size: 50 MB.
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