Important Information
Investors should not base investment decisions on this website alone. Please refer to the Prospectus for details including product features and the risk factors. Investment involves risks. Past performance is not indicative of future performance. There is no guarantee of the repayment of the principal. Investors should note:
- The investment objective of Global X US Treasury 3-5 Year ETF (the “Fund”) is to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the Mirae Asset US Treasury 3-5 Year Index (the “Underlying Index”).
- The Fund is exposed to the Credit/Default risk of issuers of the debt securities that the Fund may invest in; the Credit Rating risk that the credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times; the Downgrading risk that the Manager may or may not be able to dispose of the debt securities that are being downgraded; the Interest rate risk that the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise; the Policy risk that the changes in macro-economic policies in the US may have an influence over the US’ capital markets and affect the pricing of the bonds in the Fund’s portfolio, which may in turn adversely affect the return of the Fund; the Sovereign debt risk that the Fund’s investment in US Treasury securities may be exposed to political, social and economic risks that the Fund may suffer significant losses when there is a default of the US Treasury; the valuation risk that the valuation of the Fund’s instruments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the Net Asset Value calculation of the Fund.
- The Underlying Index is a new index. The Underlying Index has minimal operating history by which investors can evaluate its previous performance. There can be no assurance as to the performance of the Underlying Index. The Fund may be riskier than other exchange traded funds tracking more established indices with longer operating history.
- The Underlying Index is subject to concentration risk as a result of tracking the performance of a single geographical region, namely the US, and is concentrated in debt securities of a single issuer, namely the US Treasury. The Fund’s value may be more volatile than that of a fund having a more diverse portfolio and may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the US market.
- The base currency of the Fund is USD but the trading currency of the Fund is in HKD. The Net Asset Value of the Fund and its performance may be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.
- The borrower may fail to return the securities lent out in a timely manner or at all. The Fund may as a result suffer from a loss or delay when recovering the securities lent out. This may restrict the Fund’s ability in meeting delivery or payment obligations from realisation requests. As part of the securities lending transactions, there is a risk of shortfall of collateral value due to inaccurate pricing of the collateral, adverse market movements in the collateral value or change of value of securities lent. This may cause significant losses to the Fund.
- 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 Fund’s Net Asset Value.
- Payments of distributions out of capital and/or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions involving payment of distributions out of capital or effectively out of capital of the Fund may result in an immediate reduction in the Net Asset Value per Unit of the Fund and will reduce the capital available for future investment.
- The investment objective of Global X Gold Covered Call Active ETF (the “Fund”)* (*This is a synthetic ETF) is to generate income by primarily providing exposure to gold futures and/or exchange traded funds tracking the price of gold (collectively, the “Gold Performance”) with a covered call strategy. The Fund will use a synthetic investment strategy by investing up to 100% of its Net Asset Value in fully funded total return swaps.
- This synthetic investment strategy exposes the Fund to counterparty risk including under collateralisation risk, default risk, intra-day counterparty risk, early termination of swaps risk and change of swap fees risk.
- The Fund invests more than 50% and up to 100% of its Net Asset Value in FDIs. Associated risks include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk.
- The Fund employs an actively managed investment strategy. The Fund may fail to meet its objective as a result of the implementation of investment process which may cause the Fund to underperform as compared to direct investments in the constituent equity securities of the Reference Index.
- The Fund’s opportunity to benefit from the increases in the Gold Performance will be limited the strike price of the referenced Gold Call Options plus the notional premium. In rapidly rising markets, this limitation may result in the Fund underperforming the Gold Performance. Conversely, the Fund remains exposed to declines in the Gold Performance, as the covered call strategy embedded in the swap does not provide full downside protection.
- If the fund is unable to obtain sufficient exposure to Gold Performance due to the limited availability of swaps, the Fund may suspend creations, which could cause the Fund to trade at a significant premium or discount.
- The investments of the Sub-Fund are concentrated in the performance of gold generally and will result in large concentration risk.
- Potential conflicts of interest may arise as the Manager and one of the Swap Counterparties are members of the same group.
- The markets on which the gold futures, Gold ETFs and listed Gold Call Options are traded and the SEHK may have different trading hours. The Fund’s value may change on days when investors will not be able to purchase or sell the Fund’s Shares.
- The trading price of the Fund’s unit on the SEHK is driven by secondary market trading factors, which may lead to a substantial premium or discount to the Fund’s net asset value.
- The Fund may be terminated early under certain circumstances (e.g., if NAV falls below HK$50 million), which could result in a loss of investment.
- The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.
- The investment objective of Global X Hang Seng High Dividend Yield ETF (the “Fund”) is to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the Hang Seng High Dividend Yield Index.
- Whether or not distributions will be made by the Fund is at the discretion of the Manager taking into account various factors and its own distribution policy. There can be no assurance that the distribution yield of the Fund is the same as that of the Index.
- The Fund may invest in mid-sized companies, which may have lower liquidity and their prices are more volatile to adverse economic developments.
- The Fund invests in the emerging markets which may involve increased risks and special considerations not typically associated with investment in more developed markets, such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.
- The trading price of the Fund’s unit on the SEHK is driven by secondary market trading factors, which may lead to a substantial premium or discount to the Fund’s net asset value.
- The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.
- The Fund may suffer from a losses or delays when recovering the securities lent out. This may potentially affect its ability to meet payment and redemption obligations. Collateral shortfalls due to inaccurate pricing or change of value of securities lent, may cause significant losses to the Fund.
- The investment objective of Global X Hang Seng High Dividend Yield Enhanced Income ETF (the “Fund”) is to achieve income and long-term capital appreciation by (i) investing in constituent equity securities in the Hang Seng High Dividend Yield Index (the “Reference Index”) and/or units of the Global X Hang Seng High Dividend Yield ETF (the “Reference ETF”) and (ii) selling (i.e. “writing”) call options on the Hang Seng Index and/or Hang Seng China Enterprises Index (“HSI/HSCEI”) to receive payments of money from the purchaser of call options (i.e. “premium”).
- The Fund employs an actively managed investment strategy. The Fund may fail to meet its objective as a result of the implementation of investment process which may cause the Fund to underperform as compared to direct investments in the constituent equity securities of the Reference Index.
- The Fund invests substantially in the Reference ETF, and it may also be subject to the risks associated with the Reference ETF’s investments.
- The Fund’s ability to utilise Reference Index Call Options successfully will depend on the ability of the Manager to correctly predict future price fluctuations. If a Reference Index Call Option expires and if the Reference Index declines during the option period, the premiums received may not be sufficient to offset the loss realised.
- The use of futures contracts involves market risk, volatility risk, leverage risk and negative roll yields and “contango” risk.
- Investing in Reference Index Futures and writing Reference Index Call Options generally involve the posting of margin. If the Fund is unable to meet its investment objective as a result of margin requirements imposed by the HKFE, the SEHK and/or the Fund’s broker, the Fund may experience significant losses.
- To the extent that the constituent securities of Reference Index are concentrated in securities of a particular sector or market, the investments of it may be similarly concentrated.
- The Fund may suffer from losses or delays when recovering the securities lent out. This may potentially affect its ability to meet payment and redemption obligations. Collateral shortfalls due to inaccurate pricing or change of value of securities lent, may cause significant losses to the Fund.
- The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.
- The ETFs in which the Fund may invest may be managed by the Manager or its Connected Persons, and potential conflicts of interest may arise.
- The trading price of the Fund’s unit on the SEHK is driven by secondary market trading factors, which may lead to a substantial premium or discount to the Fund’s net asset value.
- The investment objective of Global X China Consumer Brand ETF (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the Solactive China Consumer Brand Index.
- The Fund is exposed to concentration risk by tracking a single region or country.
- The Index constituents may be concentrated in a specific industry or sector, which may potentially more volatile than a fund with a diversified portfolio.
- Investment in Emerging Market, such as A-share market, may involve increased risks and special considerations not typically associated with investments in more developed markets, such as liquidity risk, currency risks, political risk, legal and taxation risks, and the likelihood of a high degree of volatility.
- The Stock Connect is subject to quota limitations. Where a suspension in the trading through the Stock Connect is effected, the Sub-Fund’s ability to invest in A-Shares or access Mainland China markets through the programme will be adversely affected.
- Listed companies on the ChiNext market and/or STAR Board are usually subject to higher fluctuation in stock prices and liquidity risks, over-valuation risk, differences in regulation, delisting risk, and concentration risk.
- There are risks and uncertainties associated with the current Mainland China tax laws, regulations and practice in respect of capital gains realized via Stock Connect on the Fund’s investments in Mainland China. Any increased tax liabilities on the Fund may adversely affect the Fund’s value.
- The trading price of the Fund’s unit on the SEHK is driven by secondary market trading factors, which may lead to a substantial premium or discount to the Fund’s net asset value.
- The Fund’s synthetic replication strategy may invest up to 50% of its net asset value in financial derivative instruments (“FDIs”), which may expose the Fund to counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The Fund may suffer losses from its usage of FDIs.
- The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.
- The Fund may suffer from a losses or delays when recovering the securities lent out. This may potentially affect its ability to meet payment and redemption obligations. Collateral shortfalls due to inaccurate pricing or change of value of securities lent, may cause significant losses to the Fund.
- The investment objective of Global X China Biotech ETF (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the Solactive China Biotech Index.
- The Fund is exposed to concentration risk by tracking a single region or country.
- The Index constituents may be concentrated in a specific industry or sector, which may potentially more volatile than a fund with a diversified portfolio.
- Biotech companies invest heavily in research and development which may not necessarily lead to commercially successful products, and the ability for biotech companies to obtain regulatory approval (for example, product approval) may be long and costly.
- Investment in Emerging Market, such as A-share market, may involve increased risks and special considerations not typically associated with investments in more developed markets, such as liquidity risk, currency risks, political risk, legal and taxation risks, and the likelihood of a high degree of volatility.
- The Stock Connect is subject to quota limitations. Where a suspension in the trading through the Stock Connect is effected, the Sub-Fund’s ability to invest in A-Shares or access Mainland China markets through the programme will be adversely affected.
- Listed companies on the ChiNext market and/or STAR Board are usually subject to higher fluctuation in stock prices and liquidity risks, over-valuation risk, differences in regulation, delisting risk, and concentration risk.
- There are risks and uncertainties associated with the current Mainland China tax laws, regulations and practice in respect of capital gains realized via Stock Connect on the Fund’s investments in Mainland China. Any increased tax liabilities on the Fund may adversely affect the Fund’s value.
- The trading price of the Fund’s unit on the SEHK is driven by secondary market trading factors, which may lead to a substantial premium or discount to the Fund’s net asset value.
- The Fund’s synthetic replication strategy may invest up to 50% of its net asset value in financial derivative instruments (“FDIs”), which may expose the Fund to counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The Fund may suffer losses from its usage of FDIs.
- The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.
- The Fund may suffer from a losses or delays when recovering the securities lent out. This may potentially affect its ability to meet payment and redemption obligations. Collateral shortfalls due to inaccurate pricing or change of value of securities lent, may cause significant losses to the Fund.
- The investment objective of Global X India Sector Leader Active ETF (the “Fund”) is to achieve long term capital growth by primarily investing in equities of exchange-listed companies globally, which fall within the investment theme of artificial intelligence and innovative technologies as detailed below.
- The Fund does not seek to track any index or benchmark, it may fail to meet its objective as a result of the Manager’s selection of investment, and/or the implementation of processes which may cause the Sub-Fund to underperform as compared to other index tracking funds with a similar objective.
- The Fund is exposed to concentration risk by tracking a single region or country.
- The Fund is a FPI registered with the SEBI. SEBI’s rules and limits on FPI shareholding in some Indian companies can change and may affect the Fund’s performance. SEBI may also cancel the Fund’s FPI registration under certain conditions. If this happens, the Fund may not be able to invest in, hold, or sell Indian securities. The Fund might need to sell all its Indian holdings quickly, possibly at a big loss.
- The base currency of the Fund is USD but the trading currency of the Fund is in HKD. The NAV of the Fund and its performance may be affected by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.
- Investment in Emerging Market, such as Indian market, may involve increased risks and special considerations not typically associated with investments in more developed markets, such as liquidity risk, currency risks, political risk, legal and taxation risks, and the likelihood of a high degree of volatility.
- The taxation of income and capital gains in India is subject to the fiscal law of India. The tax rate in respect of capital gains derived by a FPI on transfer of securities will vary depending upon various factors. Any increased tax liabilities on the Fund may adversely affect the Net Asset Value of the Fund. Any shortfall between the provision and the actual tax liabilities, which will be debited from the assets of the Fund, will adversely affect its Net Asset Value. For details, please refer to the section headed “Taxation in India” in the Prospectus.
- The trading price of the Fund’s unit on the SEHK is driven by secondary market trading factors, which may lead to a substantial premium or discount to the Fund’s net asset value.
- The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.
- The Fund may suffer from a losses or delays when recovering the securities lent out. This may potentially affect its ability to meet payment and redemption obligations. Collateral shortfalls due to inaccurate pricing or change of value of securities lent, may cause significant losses to the Fund.
- The investment objective of Global X India Select Top 10 ETF (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the Mirae Asset India Select Top 10 Index.
- The number of constituents of the Underlying Index is fixed at 10. The Fund may hold more concentrated investment portfolio, leading to higher risks of volatility.
- The Fund is exposed to concentration risk by tracking a single region or country.
- The Fund is a FPI registered with the SEBI. SEBI’s rules and limits on FPI shareholding in some Indian companies can change and may affect the Fund’s performance. SEBI may also cancel the Fund’s FPI registration under certain conditions. If this happens, the Fund may not be able to invest in, hold, or sell Indian securities. The Fund might need to sell all its Indian holdings quickly, possibly at a big loss.
- The base currency of the Fund is USD but the trading currency of the Fund is in HKD. The NAV of the Fund and its performance may be affected by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.
- Investment in Emerging Market, such as Indian market, may involve increased risks and special considerations not typically associated with investments in more developed markets, such as liquidity risk, currency risks, political risk, legal and taxation risks, and the likelihood of a high degree of volatility.
- The taxation of income and capital gains in India is subject to the fiscal law of India. The tax rate in respect of capital gains derived by a FPI on transfer of securities will vary depending upon various factors. Any increased tax liabilities on the Fund may adversely affect the Net Asset Value of the Fund. Any shortfall between the provision and the actual tax liabilities, which will be debited from the assets of the Fund, will adversely affect its Net Asset Value. For details, please refer to the section headed “Taxation in India” in the Prospectus.
- The trading price of the Fund’s unit on the SEHK is driven by secondary market trading factors, which may lead to a substantial premium or discount to the Fund’s net asset value.
- The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.
- The Fund may suffer from a losses or delays when recovering the securities lent out. This may potentially affect its ability to meet payment and redemption obligations. Collateral shortfalls due to inaccurate pricing or change of value of securities lent, may cause significant losses to the Fund.
Navigating the Anti-AI Trade with Global X ETFs
Key Takeaways:
- Macro Pivot: Post-midterm political shifts are putting the brakes on high-energy AI data centers, sparking a structural “Anti-AI” market rotation.
- Asset Allocation: Opportunities span across defensive fixed income (US Treasuries), commodities (Gold), high-dividend yields, and decoupled regional markets like China Biotech and India.
The seemingly unstoppable AI trade, which has dominated global markets for years, is hitting a political brick wall. Following a “Blue Wave” in the US midterm elections, newly elected Democratic state governors have pledged to put the brakes on data center construction. Driven by rising electricity bills linked to the surging power demands of AI infrastructure, voter backlash has forced a political pivot.
This shift signals a market regime change. As the momentum behind AI infrastructure cools, a powerful “Anti-AI” rotation is beginning to materialize. Below, we outline key trading ideas for an environment dominated by the “Anti-AI” theme.
| Category | Relevant ETF | Ticker | Key Idea |
| Fixed Income | Global X US Treasury 3-5 Year | 3450 HK | AI buildout slowdown cools inflation; moderate US tariffs lower yields. |
| Commodity | Global X Gold Covered Call Active | 3533 HK | Tech rotation and weak USD drive defensive safe-haven inflows. |
| Dividend | Global X Hang Seng High Dividend Yield Global X Hang Seng High Dividend Yield Enhanced Income |
3110 HK 3555 HK |
Equity yields >6% offer premium over <2% onshore bond yields. |
| China | Global X China Consumer Brand | 2806 HK | Tech export deceleration helps Beijing to pivot toward domestic stimulus. |
| China | Global X China Biotech | 2820 HK | Structural growth theme largely insulated from AI |
| Regional | Global X India Sector Leader Active Global X India Select Top 10 |
3084 HK 3184 HK |
Lower energy import costs expected |
Fixed Income: How US Treasury Yields Benefit from the AI Slowdown
A slowdown in data center buildouts acts as a natural pressure-release valve for the US economy, cooling structural inflation. Concurrently, the Democratic Party is expected to pursue more moderate tariff policies, further lowering inflationary pressures from overseas. This cooling inflation backdrop is projected to drive Treasury yields down and bond prices up.
Relevant product:
Global X US Treasury 3-5 Year ETF (3450 HK)
Commodity: Why Gold Serves as a Core Safe-Haven Amid Tech Rotation
While a drop in inflation alleviates the pressure on yields, gold is poised to capture significant safe-haven inflows given the perspective of weakening USD. As institutional capital rotates out of overextended technology growth sectors, gold will serve as a vital anchor in defensive asset allocations.
Relevant product:
Global X Gold Covered Call Active ETF (3533 HK)* (*This is a synthetic ETF)
Dividend Equities: Capturing Yield Spreads as Bond Yields Decline
Falling US Treasury yields provide a favourable macroeconomic backdrop for high-yielding assets. With mainland domestic bond yields expected to remain around 1.7%, equity yields exceeding 6% become attractive.
Additionally, we view the Chinese economy as entering a modest growth phase, which provides an ideal environment for high-dividend stocks. If the high-tech export engine begins to decelerate, Beijing’s anticipated domestic stimulus to defend headline GDP growth will offer a cushion for these stable, cash-generating companies.
Relevant products:
Global X Hang Seng High Dividend Yield ETF (3110 HK)
Global X Hang Seng High Dividend Yield Enhanced Income ETF (3555 HK)
China Consumer
If Western hyperscaler capital expenditure cools, China’s primary high-tech export engine will inevitably decelerate. To defend headline growth, Beijing will face an unavoidable mandate: pivot its fiscal firepower toward demand-side consumer stimulus. For an equity sector where valuations have already been compressed to historical troughs, this policy shift creates a highly asymmetric, anti-consensus long opportunity.
Relevant product:
Global X China Consumer Brand ETF (2806 HK)
China Biotech
The China biotech sector remains largely insulated from the AI theme. The core investment thesis centers on China’s rising global competitiveness in innovative drug development, supported by the fact that Chinese drug out-licensing deals have hit a record high year-to-date.
While the US Democratic Party largely shares the Republicans’ national security stance regarding China, the party has traditionally campaigned on lowering domestic prescription drug prices. Striking down Chinese biotech imports could cause American healthcare costs to rise; thus, the party may advocate for a calibrated, multi-year transition period for protectionist regulations.
Relevant product:
Global X China Biotech ETF (2820 HK)
Regional Allocation: India
India’s equity market was heavily penalized during the “AI trade” due to its lack of direct hardware beneficiaries. However, the market is now positioned for a strong catch-up play.
The Democratic Party’s push for an early diplomatic end to the conflict involving Iran is expected to lower oil prices, benefiting India given its heavy reliance on oil imports to fuel economic growth.
Relevant products: