IMPORTANT: Investment involves risks. Investment value may rise or fall. Past performance information presented is not indicative of future performance. Investors should refer to the Prospectus and the Product Key Facts Statement for further details, including product features and risk factors. Investors should not base on this website alone to make investment decisions.

The CSOP FTSE China A50 ETF

The CSOP FTSE China A50 ETF (the “Sub-Fund”) is a sub-fund of the CSOP ETF Series, which is an umbrella unit trust established under Hong Kong law. The Sub-Fund is a passively managed index tracking ETF authorised under Chapter 8.6 of the Code on Unit Trusts and Mutual Funds. The units of the Sub-Fund are traded on the Stock Exchange of Hong Kong Limited (the “SEHK”) essentially like shares.


The Sub-Fund is a physical ETF and invests primarily in China A-Shares securities on the stock exchanges of the PRC mainland through the Qualified Foreign Investor (“QFI”) status of the Manager and/or the Stock Connect.

  • The Sub-Fund is an investment fund. It is not principal guaranteed and the purchase of its units is not the same as investing directly in the Index Securities comprised in the FTSE China A50 Index (the “Underlying Index”). Your investment in the Sub-Fund may suffer losses. There is no assurance that the Sub-Fund will achieve its investment objective.
  • Prices of securities may be volatile and are influenced by, among other things, the inherent volatility of the market place and other risks inherent in the market.
  • The Sub-Fund’s ability to make the relevant investments or to fully implement or pursue its investment objective and strategy is subject to the applicable laws, rules and regulations (including restrictions on investments and repatriation of principal and profits) in the PRC mainland, which are subject to change and may have retrospective effect.
  • There is no assurance that the Manager will continue to maintain its QFI status for the Sub-Fund’s investment. The Sub-Fund may suffer substantial losses if the approval of the QFI is being revoked / terminated or otherwise invalidated as the Sub-Fund may be prohibited from trading of relevant securities and repatriation of the Sub-Fund’s monies, or if any of the key operators or parties (including QFI custodian/brokers) is bankrupt/in default and/or is disqualified from performing its obligations (including execution or settlement of any transaction or transfer of monies or securities).
  • If there is a suspension of the inter-counter transfer of units between the RMB counter and the HKD counter, unitholders will only be able to trade their units in the relevant counter on the SEHK.
  • The market price on the SEHK of units traded in RMB and of units traded in HKD may deviate significantly due to different factors such as market liquidity, supply and demand in each counter and the exchange rate between RMB and HKD (in both onshore and offshore markets). As such investors may pay more or receive less when buying or selling units traded in HKD on the SEHK than in respect of units traded in RMB and vice versa.
  • Investors without RMB accounts may buy and sell HKD traded units only. They will not be able to buy or sell RMB traded units and should note that distributions are made in RMB only. As such, investors may suffer a foreign exchange loss and incur foreign exchange associated fees and charges to receive their dividend.
  • Some brokers/intermediaries and CCASS participants may not be familiar with and may not be able to (i) buy units in one counter and to sell units in the other, (ii) carry out inter-counter transfers of units, or (iii) trade both counters at the same time. This may inhibit or delay an investor dealing in both RMB traded and HKD traded units and the investor may only trade in one currency.
  • RMB is currently not a freely convertible currency and is subject to exchange controls by the Chinese government and investors may be adversely affected by movements of the exchange rates between Renminbi and other currencies.
  • There is no guarantee that RMB will not depreciate. Any depreciation of the value of RMB could adversely affect the value of investors’ investments in the Sub-Fund.
  • Although offshore RMB (CNH) and onshore RMB (CNY) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors.
  • Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB.
  • Mainland China is considered as an emerging market and investing in Mainland China market may subject to greater economic, political, tax, foreign exchange, regulatory, volatility and liquidity risks than investing in more developed countries.
  • The China A-Shares market may be more volatile and unstable (e.g. due to suspension of particular stocks or government intervention) than those in the more developed markets. A participating dealer may not be able to create and redeem the Sub-Fund’s units if any Index Securities are not available.
  • The concentration of the Sub-Fund’s investments in a single geographical region (i.e. Mainland China) may subject it to greater volatility than portfolios which comprise broad-based global investments.
  • Not all stockbrokers may be ready and able to carry out trading and settlement of the RMB traded units.
  • The liquidity and trading price of the RMB traded units of the Sub-Fund may be adversely affected by the limited availability of RMB outside the PRC mainland and the restrictions on the conversion between foreign currency and RMB. This may result in the Sub-Fund trading at a significant premium / discount to its Net Asset Value.
  • Investment in the Sub-Fund may be subject to the risks associated with changes in the PRC mainland tax laws, and such changes may have retrospective effect and may adversely affect the Sub-Fund. In light of a recent announcement jointly promulgated by the Ministry of Finance and the State Administration of Taxation under Caishui [2014] No.79 in relation to the taxation rule on QFII and RQFII, the Manager does not make any WIT provision on the gross unrealised and realised capital gains derived from trading of China A-Shares with effect from 17 November 2014. The Manager makes WIT provision on the realized capital gains derived from trading of China A-shares for the period from the inception of the Sub-Fund to 14 November 2014.
  • The trading days or hours of the PRC mainland and Hong Kong stock markets are not exactly the same. There may be occasions where the value of the Index Securities in the Sub-Fund’s portfolio may change but investors are not able to purchase or sell the Sub-Fund’s units.
  • On the other hand, if a PRC mainland stock exchange is closed while the SEHK is open, this may affect the level of premium or discount of the trading price of the Sub-Fund to its NAV.
  • While China A-Shares are subject to trading bands which restrict increases and decreases in the trading price, trading of the Sub-Fund listed on the SEHK is not subject to such restrictions. The dealing suspension of the Index Security may result in higher tracking error and may expose the Sub-Fund to losses. Units of the Sub-Fund may also be traded at a premium or discount to its NAV.
  • In the event of any default or bankruptcy of the Custodian (directly or through its delegate) or the brokers appointed by the QFI Holder in the PRC mainland (“PRC Mainland Brokers”), the Sub-Fund may encounter delays in recovering its assets and may be adversely affected in the execution of any transaction. As a result, the net asset value of the Sub-Fund may also be adversely affected.
  • Although the Manager will use its best endeavours to put in place arrangements so that at least one market maker will maintain a market for the units traded in each counter and that at least one market maker to each counter gives not less than 3 months’ notice prior to terminating market making arrangement under the relevant market maker agreement, liquidity in the market for the units may be adversely affected if there is no or only one market maker for the RMB or HKD traded units. There is also no guarantee that any market making activity will be effective.
  • There may be less interest by potential market makers making a market in units denominated and traded in RMB. Any disruption to the availability of RMB may adversely affect the capability of market makers in providing liquidity for the units.
  • Due to fees and expenses of the Sub-Fund, liquidity of the market, imperfect correlation of returns between the Sub-Fund’s assets and the Index Securities constituting the Underlying Index and other factors such as the representative sampling strategy being used and investing in CIS under exceptional circumstances, the Sub-Fund’s returns may deviate from that of the Underlying Index. The Manager will monitor and seek to manage such risk in minimising tracking error. There can be no assurance of exact or identical replication at any time of the performance of the Underlying Index.
  • Generally, retail investors can only buy or sell units of the Sub-Fund on the SEHK. The trading price of the units on the SEHK is driven by market factors and may trade at a substantial premiums or discount to its NAV.
  • Trading of units may involve various types of costs that apply to all securities transactions such as trading fees and brokerage commissions. Investors on the secondary market will also incur the cost of the trading spread, being the difference between what investors are willing to pay for the units (bid price) and the price at which they are willing to sell units (ask price).
  • The licence agreement between the Manager and FTSE to use the Underlying Index is automatically renewed for successive one year periods unless terminated pursuant to the agreement. There is no guarantee that the licence agreement will be perpetually renewed.
  • The Sub-Fund may be terminated if the Underlying Index is discontinued and/or the index licence agreement is terminated and the Manager is unable to identify or agree with any index provider terms for the use of a suitable replacement index or the NAV falls below the amount as specified in the prospectus. Investors may suffer loss in the event of early termination.
  • The Sub-Fund is not “actively managed” and the Manager does not attempt to select securities individually or to take defensive positions in declining markets.
  • Consequently, falls in the Underlying Index are expected to result in a corresponding fall in the value of the Sub-Fund.
  • The Manager may, at its discretion, pay dividends out of capital. or effectively pay dividends out of the capital. Payment of dividends out of capital or effectively out of the 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 and may result in an immediate reduction of the NAV per unit.
  • The Stock Connect is subject to quota limitations.
  • The Sub-Fund can trade certain eligible stocks that are listed on the SSE and SZSE through the Stock Connect. The SEHK, SSE and SZSE reserves the right to suspend Northbound and/or Southbound trading if necessary.
  • The securities regimes and legal systems of the Hong Kong and Shanghai/Shenzhen markets differ significantly. Market participants may need to address issues arising from the differences on an on-going basis.
  • The Sub-Fund’s investments through Northbound trading under Stock Connect is not covered by the Hong Kong’s Investor Compensation Fund. Therefore the Sub-Fund is exposed to the risks of default of the broker(s) it engages in its trading in China A-Shares through the program.
  • The Stock Connect is novel in nature, and the related regulations/rules are untested. There is no certainty as to how they will be applied, and they may change from time to time.
  • The borrower may fail to return the securities in a timely manner or at all. The Sub-Fund may as a result suffer from a loss or delay when recovering the securities lent out. This may restrict the Sub-Fund’s ability in meeting delivery or payment obligations from redemption requests.
  • As part of the securities lending transactions, the Sub-Fund must receive cash collateral of at least 100% of the valuation of the securities lent valued on a daily basis. However, there is a risk of shortfall of collateral value due to inaccurate pricing of the securities lent or change of value of securities lent. This may cause significant losses to the Sub-Fund.
  • By undertaking securities lending transactions, the Sub-Fund is exposed to operational risks such as delay or failure of settlement. Such delays and failure may restrict the Sub-Fund’s ability in meeting delivery or payment obligations from redemption requests.

The Sub-Fund invests in securities in the ChiNext market and is subject to the following risks:

  • Listed companies in the ChiNext market (e.g. innovative or small/medium sized enterprises (“SME”)) are usually in their preliminary stage of development with smaller operating scale and shorter operating history, less mature business model and weaker risk management capacity, and their businesses are usually subject to higher uncertainty and more fluctuations in their performance. Therefore its stability and resistance to market risks may be lower. Hence, they are subject to higher market volatility and risks and higher turnover ratios than companies listed on the main board. In extreme circumstances where the trading price of the stock has hit the trading band limit, trading of the stock will be suspended. This would render it impossible for the Sub-Fund to liquidate positions and subject the Sub-Fund to significant losses. When the suspension is subsequently lifted, it may not be possible for the Sub-Fund to liquidate positions at a favourable price.
  • Given the emerging nature of the companies listed on the ChiNext market and their industries focus on scientific development, innovation and media industries, any failures in the process of the scientific development which such companies are involved in and/or any major adverse events happening in the industries or their development may result in losses in such companies which are invested by the Sub-Fund.
  • Conventional valuation methods may not be entirely applicable to companies listed in the ChiNext market due to the risky nature of the industries that these companies operate in. There are fewer circulating shares in the ChiNext market, hence stock prices may be relatively more easily manipulated and may experience higher fluctuation upon market speculation.
  • The rules and regulations regarding securities in the ChiNext market are less stringent in terms of profitability and share capital than those applicable to the main board market and SME board market of the SZSE.
  • Companies listed on the ChiNext market have less track record of profitability. It may be more common and faster for listed companies in the ChiNext market than companies listed on main board and SME board to delist. This may have an adverse impact on the Sub-Fund if the companies that it invests in are delisted.
  • Currently, stocks listed on ChiNext are generally considered overvalued, and such exceptionally high valuation may not be sustainable.

CSOP MSCI China A Inclusion Index ETF

The CSOP MSCI China A Inclusion Index ETF (the “Sub-Fund”) is a sub-fund of the CSOP ETF Series, which is an umbrella unit trust established under Hong Kong law. The Sub-Fund is a passively managed index tracking ETF authorised under Chapter 8.6 of the Code on Unit Trusts and Mutual Funds. The units of the Sub-Fund are traded on the Stock Exchange of Hong Kong Limited (the “SEHK”) essentially like shares.


The Sub-Fund is a physical ETF and invests primarily in China A-Shares securities on the stock exchanges of the PRC mainland through the Stock Connect and/or the Qualified Foreign Investor (“QFI”) status of the Manager.


  • The Sub-Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund may suffer losses. There is no guarantee of the repayment of principal.
  • The Sub-Fund’s ability to make the relevant investments or to fully implement or pursue its investment objective and strategy is subject to the applicable laws, rules and regulations (including restrictions on investments and repatriation of principal and profits) in the PRC mainland, which are subject to change and may have retrospective effect.
  • There is no assurance that the Manager will continue to maintain its QFI status for the Sub-Fund. The Sub-Fund may suffer substantial losses if the approval of the QFI is being revoked / terminated or otherwise invalidated as the Sub-Fund may be prohibited from trading of relevant securities and repatriation of the Sub-Fund’s monies, or if any of the key operators or parties (including QFI custodian/brokers) is bankrupt/in default and/or is disqualified from performing its obligations (including execution or settlement of any transaction or transfer of monies or securities).
  • If there is a suspension of the inter-counter transfer of Units between the HKD counter and the RMB counter and/or any limitation on the level of services by brokers and CCASS participants, Unitholders will only be able to trade their Units in one counter only, which may inhibit or delay an investor dealing. The market price of Units traded in each counter may deviate significantly. As such, investors may pay more or receive less when buying or selling Units traded in HKD on the SEHK than in respect of Units traded in RMB and vice versa.
  • RMB is currently not a freely convertible currency and is subject to exchange controls by the Chinese government and investors may be adversely affected by movements of the exchange rates between Renminbi and other currencies.
  • There is no guarantee that RMB will not depreciate. Any depreciation of the value of RMB could adversely affect the value of investors’ investments in the Sub-Fund.
  • Although offshore RMB (CNH) and onshore RMB (CNY) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors.
  • Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB.
  • The concentration of the Sub-Fund’s investments in a single geographical region (i.e. Mainland China) may subject it to greater volatility than portfolios which comprise broad-based global investments.
  • Mainland China is considered as an emerging market and investing in Mainland China market may subject to greater economic, political, tax, foreign exchange, regulatory, volatility and liquidity risks than investing in more developed countries.
  • The China A-Shares market may be more volatile and unstable (e.g. due to suspension of particular stocks or government intervention) than those in the more developed markets. A participating dealer may not be able to create and redeem the Sub-Fund’s units if any Index Securities are not available.
  • High market volatility and potential settlement difficulties in the China A-Share markets may result in significant fluctuations in the prices of the China A-Shares traded on such markets and thereby may affect the value of the Sub-Fund.
  • Not all stockbrokers may be ready and able to carry out trading and settlement of the RMB traded units.
  • The liquidity and trading price of the RMB traded units of the Sub-Fund may be adversely affected by the limited availability of RMB outside the PRC mainland This may result in the Sub-Fund trading at a significant premium / discount to its Net Asset Value.
  • There are risks and uncertainties associated with the current PRC mainland tax laws, regulations and practice in respect of capital gains realised via QFI status or Stock Connect on the Sub-Fund’s investments in the PRC mainland (which may have retrospective effect). Any increased tax liabilities on the Sub-Fund may adversely affect the Sub-Fund’s value.
  • Based on professional and independent tax advice, the Sub-Fund does not currently make any withholding corporate income tax provision on the gross realised or unrealised capital gains derived from the trading of A-Shares (via QFI or Stock Connect).
  • As the SSE and the SZSE may be open when Units in the Sub-Fund are not priced, the value of the securities in the Sub-Fund’s portfolio may change on days when investors will not be able to purchase or sell the Sub-Fund’s Units. Differences in trading hours between the SSE or the SZSE and the SEHK may also increase the level of premium or discount of the Unit price to its NAV.
  • A-Shares are subject to trading bands which restrict increase and decrease in the trading price. Units listed on the SEHK are not. This difference may also increase the level of premium or discount of the Unit price to its NAV.
  • In the event of any default or bankruptcy of the Custodian (directly or through its delegate) or the brokers appointed by the QFI Holder in the PRC mainland (“PRC Mainland Brokers”), the Sub-Fund may encounter delays in recovering its assets and may be adversely affected in the execution of any transaction. As a result, the net asset value of the Sub-Fund may also be adversely affected.
  • Although the Manager will use its best endeavours to put in place arrangements so that at least one market maker will maintain a market for the units traded in each counter and that at least one market maker to each counter gives not less than 3 months’ notice prior to terminating market making arrangement under the relevant market maker agreement, liquidity in the market for the units may be adversely affected if there is no or only one market maker for the RMB or HKD traded units. There is also no guarantee that any market making activity will be effective.
  • There may be less interest by potential market makers making a market in units denominated and traded in RMB. Any disruption to the availability of RMB may adversely affect the capability of market makers in providing liquidity for the units.
  • Due to fees and expenses of the Sub-Fund, liquidity of the market, imperfect correlation of returns between the Sub-Fund’s assets and the Index Securities and other factors such as the representative sampling strategy being used, the Sub-Fund’s returns may deviate from that of the MSCI China A Inclusion Index (the “Underlying Index”). The Manager will monitor and seek to manage such risk in minimising tracking error. There can be no assurance of exact or identical replication at any time of the performance of the Underlying Index.
  • Generally, retail investors can only buy or sell units of the Sub-Fund on the SEHK. The trading price of the units on the SEHK is driven by market factors and may trade at a substantial premiums or discount to its NAV.
  • Trading of units may involve various types of costs that apply to all securities transactions such as trading fees and brokerage commissions. Investors on the secondary market will also incur the cost of the trading spread, being the difference between what investors are willing to pay for the units (bid price) and the price at which they are willing to sell units (ask price).
  • The Sub-Fund may be terminated early under certain circumstances, for example, where the Index is no longer available for benchmarking or if the size of the Sub-Fund falls below RMB100 million. Investors may not be able to recover their investments and suffer a loss when the Sub-Fund is terminated.
  • The Sub-Fund is passively managed and the Manager will not have the discretion to adapt to market changes due to the inherent investment nature of the Sub-Fund. Falls in the Index are expected to result in corresponding falls in the value of the Sub-Fund.
  • The Underlying Index is a new index having only been launched on 23 October 2017 by the Index Provider. Given that the Underlying Index is relatively new, the Sub-Fund may be riskier than other exchange traded funds tracking more established indices with longer operating history.
  • The Manager may, at its discretion, pay dividends out of capital. or effectively pay dividends out of the capital. Payment of dividends out of capital or effectively out of the 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 and may result in an immediate reduction of the NAV per unit.
  • The rules and regulations relevant to Stock Connect are subject to change which may have potential retrospective effect. Stock Connect is subject to quota limitations. Where a suspension in the trading through the programme is effected, the Sub-Fund’s ability to invest in A-Shares or access the PRC mainland market through the programme will be adversely affected. In such event, the Sub-Fund’s ability to achieve its investment objective could be adversely affected.
  • The borrower may fail to return the securities in a timely manner or at all. The Sub-Fund may as a result suffer from a loss or delay when recovering the securities lent out. This may restrict the Sub-Fund’s ability in meeting delivery or payment obligations from redemption requests.
  • As part of the securities lending transactions, the Sub-Fund must receive cash collateral of at least 100% of the valuation of the securities lent valued on a daily basis. However, there is a risk of shortfall of collateral value due to inaccurate pricing of the securities lent or change of value of securities lent. This may cause significant losses to the Sub-Fund.
  • By undertaking securities lending transactions, the Sub-Fund is exposed to operational risks such as delay or failure of settlement. Such delays and failure may restrict the Sub-Fund’s ability in meeting delivery or payment obligations from redemption requests.

Please note that the above listed investment risks are not exhaustive and investors should read the Prospectus and the Product Key Facts Statement in detail before making any investment decision.

The true ETF
for MSCI
inclusion#

CSOP
MSCI China A
Inclusion Index ETF

HKD Counter
Stock Code
3149
RMB Counter
Stock Code
83149

The investment tool that fully replicates MSCI inclusion

Key features:
  • Full replication of the MSCI inclusion steps: Tracks the MSCI China A Inclusion Index#
  • More diverse portfolio: Holds more than 230 China A shares
  • Largest Scale: The largest MSCI China A inclusion ETF in HK*
An investment tool that fully replicates MSCI inclusion
100%
# Track MSCI China A Inclusion Index
* Source: Bloomberg, as of 14 May, 2018

The most liquid
A shares ETF
in Hong Kong*

CSOP FTSE
China A50 ETF

HKD Counter
Stock Code
2822
RMB Counter
Stock Code
82822

Hong Kong's most liquid tactical trading tool for A
shares investment

Key features:
  • Investing in blue chip China A shares: Tracks the FTSE China A50 index*
  • The most liquid A shares ETF in Hong Kong: Suitable for tactical trading and capturing short term investment opportunities
  • Low valuation: Compared with the CSI300 and the MSCI A Inclusion indices, the valuation of the FTSE China A50 index is relatively lower#
An investment tool that substantially replicates MSCI inclusion
98.21%
* Source: Bloomberg, from 30 April, 2017 to 30 April, 2018.
# Source: Bloomberg & CSOP, calculatedbased on P/E & P/B, from 30 April, 2017 to 30 April, 2018.

What is MSCI China
A shares inclusion?

What are
the benefits?

Which A shares
will be included?

Source: MSCI, as of 14 May 2018

What is MSCI China A shares inclusion?

  • MSCI is one of the most popular standards that global asset managers set as an investment benchmark
  • At the end of 2017, the total global assets benchmarked to MSCI EM Index was around USD1.6 trillion.
  • Prior to June 2018, China A shares were not included in the MSCI EM Index due to China's historically closed capital market.
  • China A shares will gradually be included in the MSCI EM Index from June 2018. Global assets that track the index will therefore be allocated to the China A shares market.
Source: MSCI, as of 14 May, 2018

What are the benefits of MSCI China A shares inclusion?

  • From 2018, China A shares will progressively be included in the MSCI EM Index, initially constituting 0.78% of the MSCI EM Index, indicating around $20billion global capital inflows.
  • Ultimately, China A shares will have an 18% weight in the MSCI EM index after full inclusion, representing global capital inflows in the order of around USD 400bn.

Current MSCI
EM Index
China A shares
0%
MSCI EM Index Partial A Share Inclusion
Inclusion Factor of 5%, Expected 2018
China A shares
0.78%

MSCI EM Index with Full A Share Inclusion
China A shares
18%
  • China H Share
  • China B/Overseas
  • China A Share
  • Other EM
Source: MSCI, as of 14 May, 2018

Which A shares will be included in the MSCI China A Inclusion Index?

Top 10 holdings of MSCI China A Inclusion Index
Exchange Ticker Name Weighting Sector
60519 HD KWEICHOW MOUTAI CO LTD-A 4.58% Consumer Staples
601318 CH PING AN INSURANCE GROUP CO-A 3.81% Financials
600036 CH CHINA MERCHANTS BANK-A 3.16% Financials
002415 CH HANGZHOU HIKVISION DIGITAL-A 1.95% Information Technology
000333 CH MIDEA GROUP CO LTD-A 1.85% Consumer Discretionary
Sector Allocation of MSCI China A Inclusion Index
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