NAV per share: 0.9974
Performance since inception: -0.98%


Market recovered last week after renewed hope that FED will continue to cut rates this December. No stop-loss was hit last week.

We have divested from China as momentum has faded, and I’ve also made some changes to the ETF selection, now leaning towards individual countries exposure rather than using ETF with multi-country exposures. For example, swapping Emerging Market ETF and replacing it with China, India, Taiwan, South Korea ETF. While we still hold some ETFs with mixed-exposure, the decision to keep them boils down to costliness of breaking them up.

We have increased volatility target slightly while keeping stop-loss target unchanged, This is because the current target alongside stop-loss cut cut off is more than acceptable, and I think we can afford to take on more risk in hopes for higher return. This will bring max loss from roughly 5.1% to 6% if all stop-loss hits.