chance li

$iShares Genomics Immunology and Healthcare ETF(IDNA.US)

$SUNSHINE PHARMA(06887.HK)

Dongyangguang Pharmaceutical: A Traditional Giant Transforming into Cancer and Autoimmune Therapies

When screening global "Biopharma" companies, the FactSet index evaluates R&D pipelines and market capitalization. Because Dongyangguang Pharmaceutical has solid profits, healthy cash flow, and its new anti-cancer/immunology drug pipeline is gradually materializing, it is included in the index as a stable "Immuno Biopharma" component.

FactSet's AI crawler system scans global pharmaceutical companies based on "the number of patents and clinical filings related to R&D keywords (Immunology, Antibody)".

Dongyangguang Pharmaceutical scores extremely high on the "Immuno Biopharma" dimension, so the system automatically determines it meets the eligibility criteria for inclusion.

In recent years, they have invested heavily in R&D for monoclonal antibodies targeting autoimmune diseases (such as rheumatoid arthritis) and immune checkpoint inhibitors (PD-1/PD-L1) for solid tumors.

$INNOSCIENCE(02577.HK) has been banned from sale in the US

$Hang Seng Index(00HSI.HK)

The rebound target of 23537 may have been completed.

$S&P 500(.SPX.US)

In recent years, the US stock market has been completely underperforming.

It's even worse than the Straits Times Index over one year and two years.

$ArcelorMittal(MT.US)

​The protective umbrella of the European Carbon Border Adjustment Mechanism (CBAM): The full-scale advancement of the EU's Carbon Border Adjustment Mechanism (CBAM) for the Eurozone, coupled with new tariff quota policies, has significantly suppressed import inflows from Asia (especially low-cost, low-carbon standard steel). This has granted ArcelorMittal, as the leading local player in Europe, excellent domestic pricing power, with gross margin (EBITDA/tonne) showing significant improvement.

Suddenly realized there was no birthday coin distribution, there seemed to be before, it's gone.

Sold a bit at the halfway point, can't imagine the bubble bursting

$Panasonic Holdings Corporation(PCRHY.US)

Stock Nature

PCRFF: Belongs to "Foreign Ordinary Shares". Investors directly purchase the original shares listed on the local (Japan) exchange.

PCRHY: Belongs to "American Depositary Receipts" (ADR). It is a certificate issued in the U.S. based on a certain ratio after the original shares are deposited with a custodian bank.

Issuance Method

PCRFF: Typically purchased directly by institutional investors or large corporations through bank intermediaries.

PCRHY: Currently belongs to Unsponsored ADR. Panasonic originally had a "Sponsored ADR" with the code PCRFY, but terminated its depositary agreement with JP Morgan in 2024, switching to banks like Citigroup to issue the unsponsored PCRHY.

ADR Custody Fee (ADR Service Fee)

This is the biggest difference between the two. As an ADR, PCRHY is managed by the depositary bank (e.g., Citigroup), which deducts a custody service fee (Pass-through Fee) from the distributed dividends.

PCRHY: When dividends are paid per share, a service fee of approximately $0.01 to $0.05 per share is usually deducted by the bank.

PCRFF: Belongs to ordinary shares, does not involve an ADR custodian, and therefore has no such fee.

You could try introducing a position locking feature to enhance anti-theft, setting it so that after locking, it takes three days to unlock.

$Harbor Commodity All Weather Strategy ETF(HGER.US)

Let me introduce you to an impressive fund

Harbor Commodity All Weather Strategy ETF (HGER)

Obtain a professional and dynamic investment portfolio to achieve your strategic allocation to commodities.

Net Expense Ratio (%)

0.68

The Harbor Commodity All Weather Strategy ETF (HGER) seeks to provide investment returns that closely correspond to the performance of the Quantix Commodities Index (before fees and expenses).

Fund Highlights

Unique Commodity Investment Approach – This index utilizes proprietary technology to target liquid commodities with high expected inflation sensitivity while aiming to maximize futures roll yield.

Dynamic Index Allocation – Commodity index weights are adjusted based on different market and inflation conditions, particularly commodity shortages and currency depreciation.

Broad Exposure to Multiple Commodities – The index covers 24 of the most liquid commodity futures traded on U.S. or U.K. exchanges.

Potential Inflation Hedge and Diversification Benefits – Historically, commodities have shown a higher positive correlation with inflation than other asset classes and a lower correlation with equities and fixed income.

Simple Tax Reporting, No K-1 Forms – HGER uses a 1940 Act ETF structure, eliminating the need for K-1 forms for tax reporting.

The Quantix Commodities Index (“QCI”) aims to provide a dynamic, all-weather approach to commodity investing through a unique structure and investment in a diversified basket of commodities, seeking to outperform traditional commodity indices in inflationary environments.

The QCI is composed of commodity futures that have a unique relationship with inflation and are generally believed to have the highest positive correlation with inflation among all major asset classes.

As part of its methodology, the QCI considers each commodity's relative sensitivity to inflation and dynamically adjusts the weight of gold or other commodities based on different market and inflation conditions, while allocating to commodities with favorable roll yield dynamics. The index is rebalanced quarterly.

Designed for All-Weather Use

Aims to increase inflation sensitivity during inflationary periods by targeting commodities with high costs and high CPI correlation, while considering the cost of holding the commodity.

While commodities with lower cost pass-through are excluded, the index retains relevant exposure to a broad range of commodity sectors to help achieve potential portfolio diversification.

Sector weights are determined by analyzing historical correlations to achieve inflation protection from various sources.

Quantix understands that the implementation method for rolling commodity indices is crucial, especially in different commodity price environments.

Quantix has meticulously optimized the implementation of the inflation sensitivity framework through a scarcity/depreciation lens.

https://www.harborcapital.com/etf/hger/

$Southern Copper(SCCO.US) is bearish on all copper mines

$BHP(BHP.US) copper mine is completely overvalued

$T. Rowe Price Hedged Equity ETF(THEQ.US)

With recession risks rising, this is an option to participate in the market while reducing risk during the late stage of the expansion cycle.

A hedged equity portfolio designed to reduce volatility

The Hedged Equity ETF aims to achieve strong risk-adjusted returns by investing in U.S. large-cap stocks while reducing risk through the use of various derivatives.

Investment Objective: The fund seeks long-term capital appreciation.

Strategy

The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks. The fund's overall goal is to combine a long equity strategy with a derivatives-based hedging strategy to reduce portfolio volatility and provide protection during equity market downturns. As part of its long equity strategy, the fund invests a significant portion of its assets in T. Rowe Price and third-party exchange-traded funds (ETFs), particularly the T. Rowe Price U.S. Equity Research ETF (TSPA). TSPA seeks to build a portfolio with characteristics similar to the S&P 500 Index (the Index) and the potential to outperform the Index. For full strategy details, see the prospectus.

Highlights

The fund aims to achieve robust risk-adjusted returns and reduce equity risk, especially during significant market declines, by employing a variety of risk management tools. The fund seeks to provide a sufficient volatility buffer for market pullback events, thereby helping risk-averse investors maintain a higher allocation to active equities throughout the market cycle.

The fund is designed to be flexible, able to dynamically reduce risk, remain agile in changing market environments, and maintain a robust defensive posture. The fund fully leverages the proprietary research and world-class investment research platform of our multi-asset specialist team.

Utilizes various derivatives, such as index futures, Treasury futures, and index options, to reduce risk and dampen overall volatility.

https://www.troweprice.com/financial-intermediary/us/en/investments/etfs/hedged-equity-etf.html

$T. Rowe Price Active Core Intl Eq ETF(TACN.US)

Actively invests in large-cap international stocks

The Active Core International Equity ETF invests in large- and mid-cap stocks outside the United States.

Investment Objective: The fund seeks long-term capital appreciation.

Strategy

The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities, such as common stocks. The fund employs a comprehensive investment strategy that combines quantitative models with fundamental analysis on the advisor's research platform. The portfolio is typically constructed using a "bottom-up" approach, which focuses more on the evaluation of individual stocks than on the analysis of overall economic trends and market cycles. A majority of the fund's investments will be in stocks that are components of the MSCI EAFE Index (the Index), but the fund may also include non-Index stocks or exclude certain Index stocks. For full strategy details, please refer to the prospectus.

Highlights

Led by an experienced portfolio manager, the portfolio holds 400 to 500 high-conviction positions, aiming to own large- and mid-cap non-U.S. stocks that score well on a variety of metrics including valuation, profitability, stability, earnings quality, management capital allocation actions, and appreciation potential.

We seek to generate excess returns relative to the MSCI EAFE Index net return over full market cycles through careful security selection, while maintaining competitive fees and aiming for lower tracking error relative to most active management strategies.

This represents a differentiated, cost-effective offering for investors seeking diversified sources of alpha, rigorous risk control, and a thoughtful alternative to traditional passive approaches.

https://www.troweprice.com/financial-intermediary/us/en/investments/etfs/active-core-international-equity-etf.html

我們秉持著客戶至上的理念創立了這家公司。

從公司成立之初，客戶至上就是我們的宗旨。 1937 年，小托馬斯·羅·普萊斯創立公司時，就決心將誠信作為公司的指導原則。

我們管理過各種類型市場的投資。我們深知，識別風險與識別機會同等重要。

我們是富達

自公司成立以來，我們的宗旨始終如一：幫助客戶實現財務目標。

Xtrackers by DWS is a global provider of passive solutions with an index track record going back over 20 years. We provide investors with innovation, access, and value through a broad range of cost-effective, high-quality US-listed exchange-traded funds (ETFs) across all major asset classes – equit

$Militia Long/Short Equity ETF(ORR.US)

The Militia Long/Short Equity ETF pursues a higher turnover rate, employing a fundamental long/short global stock selection strategy.

Fund Objective

The Militia Long/Short Equity ETF aims to achieve capital appreciation.

Portfolio Manager

David Orr is the founder and Chief Investment Officer of Militia Investments, LLC and Militia Capital Management, LLC. At Militia Capital, David manages a long/short global hedge fund.

https://militiaetf.com/

Actively Managed

$Gold(IN00380.US)

S&P 500 Index to Gold Ratio

Is it a storm brewing for the S&P or a surge for gold?

The value of gold is never an isolated number.

https://www.tradingkey.com/zh-hans/analysis/commodities/metal/261653061-gold-true-value-vs-stocks-and-real-assets-tradingkey

It doesn't automatically cancel orders on the ex-date, which is a bit of a shortcoming.

$TRACKER FUND(02800.HK)$SPDR World Ex Us(SPDW.US)$VG Ftse Pacf(VPL.US)$VG S&P 500(VOO.US)

Psychological warfare, is high volatility the risk, or is lack of speculative interest the risk!?

$Convergence Long/short Equity ETF(CLSE.US)

CLSE

Long/Short Equity ETF

Integration of "Going Long on Strong Stocks, Shorting Declining Stocks"

The Long/Short Equity ETF aims to generate excess returns through a net long portfolio. This ETF goes long on stocks with strong fundamentals and shorts stocks with declining or deteriorating business models.

The Convergence Long/Short Equity ETF aims to provide higher potential returns than traditional investment approaches while reducing risk. The fund is committed to achieving more significant and stable excess returns (alpha) throughout the market cycle by combining its long and short positions through its unique fundamental ranking methodology. The goal of the Convergence Long/Short Equity ETF is to pursue long-term capital appreciation while minimizing volatility.

Investment Strategy

The Convergence investment process integrates the advantages of quantitative and fundamental methods. This "quantamental" investment approach combines experienced fund managers' bottom-up fundamental analysis with tools and techniques for efficiently organizing vast amounts of investment data. Unlike traditional fundamental-based stock selection methods, the quantitative approach can cover a broader range of data and improve data utilization. The Convergence investment method employs a dynamic process to achieve excess returns (Alpha) from long and short holdings through stock selection and fundamental adjustments. The Convergence dynamic process measures which indicators are rewarded and which are penalized. This analysis is used to rank the attractiveness of stocks within each sector. Convergence systematically measures these fundamental preferences based on characteristics deemed most effective in identifying securities with the greatest potential for excess returns.

Shortened Due Diligence

Stocks targeted for shorting must pass multiple built-in risk control criteria within the Convergence investment process if their fundamental scores meet favorable shorting indicators. The size of short positions is subsequently reduced to lower idiosyncratic risk. Stocks with lower borrowing costs are prioritized over those with higher borrowing costs but greater controversy. We monitor short positions to minimize investment in stocks with a high proportion of short holdings. These measures help reduce the risk of shorting companies with weak or declining fundamentals.

Diversified Alpha Sources

This strategy uses shorting as an active means of generating excess returns, not merely as a portfolio hedge. We believe that pricing biases may exist in the stock prices of companies in public markets, creating investment opportunities for both top-ranked long and short positions. A portfolio holding both long and short positions has a positive expectation for risk-adjusted excess returns.

https://www.investcip.com/etfstrategies.html

$Abrdn Gold ETF Trust(SGOL.US)

A correct analysis by Mandy Xu

Time: 2022

Bullish on gold, avoiding premature bets on rate cuts: During the market turmoil from late 2022 to early 2023, she advised clients to prefer gold and warned against betting too early that interest rates would fall quickly, as the inflation and interest rate environment proved more resilient than the market expected.

Buying gold over tech stocks: She once analyzed in detail the correlation between "real interest rates" and various asset classes, pointing out that if real interest rates fell further, gold would be a more valuable investment than tech stocks, as the negative correlation between tech stocks and interest rates had reached extreme levels at that time.

Entering 2026, she observes that the market is undergoing a "regime shift." The shock power of macro data (such as CPI, Fed rate path) on the market is weakening, and investors are instead focusing on idiosyncratic risks, such as geopolitical situations (Venezuela, etc.) and the specific profit performance of the AI industry.

$Abrdn Precious Metals Basket ETF Trust(GLTR.US)

A fundamental reversal in market performance

Asset landscape shift: Goldman Sachs points out that from the financial crisis to the end of the pandemic, the market exhibited a pattern of "strong financial assets, weak physical assets." However, since early 2025, this pattern has fundamentally reversed, with gold, industrial metals, emerging markets, and value stocks becoming the best-performing categories, surpassing traditional bonds.

Commodity super returns: As of early 2026, physical assets have shown remarkable resilience. The S&P Goldman Sachs Commodity Index (GSCI) has risen nearly 14% over the past year, with silver up over 165% and gold up over 65%.

$CICC(03908.HK)$Nomura(NMR.US)

Similar fluctuations show the correlation of global market volatility. One high and one low may indicate capital flow. CICC has poor operational efficiency, with staff numbers rising while revenue declines. Nomura has stable staff numbers, rising revenue, and improved efficiency.