Core Viewpoint - The report provides an overview of the performance and management of the Jianxin Energy Chemical Futures ETF for the second quarter of 2025, highlighting its investment strategy, financial indicators, and market outlook. Fund Product Overview - Fund Name: Jianxin Energy Chemical Futures ETF - Fund Code: 159981 - Fund Type: Exchange-Traded Fund (ETF) - Effective Date of Fund Contract: December 13, 2019 - Total Fund Shares at Period End: 432,536,957 shares - Investment Objective: Closely track the underlying index, minimizing tracking deviation and error [2][3]. Financial Indicators and Fund Performance - Net Value Growth Rate for the past three months: -2.70% - Net Value Growth Rate for the past six months: -6.87% - Net Value Growth Rate for the past year: -18.24% - Net Value Growth Rate for the past three years: -18.31% - Net Value Growth Rate for the past five years: 59.89% - Since the fund contract's inception, the performance has been tracked against a benchmark with a return of -2.80% [4][5][12]. Management Report - The fund manager has been diligent in managing the fund's assets, ensuring compliance with relevant laws and regulations, and maintaining fair trading practices to protect investors' interests [7][8]. - The fund's investment strategy primarily involves index replication, aiming to align with the weights of the underlying index's component futures contracts [13][14]. Market Outlook - The market sentiment has improved due to signals from the Central Financial Committee regarding the promotion of a unified national market, although the domestic economy has not fully recovered [9][12]. - The report anticipates that the underlying index will experience a primarily fluctuating trend in the third quarter, with potential short-term trading opportunities [9][12].