Scenario V    Volatile market with flat index performance
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In a volatile market with flat index performance,

the aforementioned compounding can have
an adverse effect on the performance of the Product. As illustrated below, even if the market has returned to its previous level, the Product may lose value.

Index accu. Return
2x of Index accu. Return
Leveraged product accu. Return
DayIndex daily returnIndex levelIndex cumulative returnLeveraged product Daily ReturnLeveraged product NAVCumulative performance of Leveraged productCumulative performance of 2x of Index
0-100.000%-HK$10.000%0%
1-10%90.00-10%-20%HK$8.00-20%-20%
210%99.00-1%20%HK$9.60-4%-2%
3-15%84.15-16%-30%HK$6.72-33%-32%
419%100.140%38%HK$9.27-7%0%