Hong Kong Retail Traders Build Big ETF Wagers on Rally Reversal [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
Investors have poured around $400 million into inverse exchange-traded funds tracking the city's shares this quarter, putting them on course for their biggest inflow since the three months to December 2022, according to an analysis by Bloomberg Intelligence. CSOP Hang Seng TECH Index Daily -2X Inverse Product and CSOP Hang Seng Index Daily -2x Inverse Product have attracted the most inflows. The inflows show some traders believe the market “has gone up rather quickly and can have a reversal in the short run,” said Melody He, deputy chief executive officer at CSOP Asset Management Ltd. in Hong Kong. While institutional investors account for some of the money going into the inverse ETFs, which are designed to gain when their underlying indexes drop, “the main flow from this round has been retail.” Hong Kong's key equity gauges have rebounded about 30% from their January lows thanks to a combination of policy support, cheap valuations and foreign inflows. There are signs that the ra
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