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 STAR 50 Index ETF (the "Sub-Fund”) is a sub-fund of the CSOP ETF Series OFC (“Company”), which is a public umbrella open-ended fund company established under Hong Kong law with variable capital with limited liability and segregated liability between sub-funds. 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 shares of the Sub-Fund (the “Shares”) are traded on the Stock Exchange of Hong Kong Limited (the “SEHK”) like stocks.

SFC registration and authorization do not represent a recommendation or endorsement of the Company or the Sub-Fund nor do they guarantee the commercial merits of the Company or the Sub-Fund or their performance. They do not mean the Company or the Sub-Fund is suitable for all investors nor do they represent an endorsement of its suitability for any particular investor or class of investors.

The Sub-Fund is a physical ETF and invests primarily in China A-Shares listed on the Science and Technology Innovation Board of Shanghai Stock Exchange (the “STAR Board”) of the People’s Republic of China (“PRC”) primarily through the Renminbi Qualified Foreign Institutional Investor (“RQFII”) status of the Manager and/or the Shanghai-Hong Kong Stock Connect (“Stock Connect”). The investment objective of the Sub-Fund is to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the SSE Science and Technology Innovation Board 50 Index (the “Index”). The Sub-Fund is denominated in RMB.

  • The Sub-Fund is not principal guaranteed and your investments may suffer losses. There is no assurance that the Sub-Fund will achieve its investment objective.
  • The Sub-Fund’s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.
  • The Index is a new index. The Sub-Fund may be riskier than other exchange traded funds tracking more established indices with longer operating history.
  • Higher fluctuation on stock prices and liquidity risk: Companies listed on the STAR Board are usually of emerging nature with smaller operating scale. Such companies are subject to wider price fluctuation limits, and due to higher entry thresholds for investors may have limited liquidity, compared to other boards. These companies are subject to higher fluctuation in stock prices and liquidity risks and have higher risks and turnover ratios than companies listed on the main board of the Shanghai Stock Exchange (the “SSE”).
  • Over-valuation risk: Securities listed on the STAR Board may be overvalued and such exceptionally high valuation may not be sustainable. Stock price may be more susceptible to manipulation due to fewer circulating shares.
  • Differences in regulation: The rules and regulations regarding companies listed on the STAR Board are less stringent in terms of profitability and share capital than those in the main board of the SSE.
  • Delisting risk: It may be more common and faster for companies listed on the STAR Board to delist. The STAR Board has stricter criteria for delisting compared to other boards. This may have an adverse impact on the Sub-Fund if the companies that it invests in are delisted.
  • Concentration risk: The STAR Board is a newly established board and may have a limited number of listed companies during the initial stage. Investments in the STAR Board may be concentrated in a small number of stocks and subject the Sub-Fund to higher concentration risk.
  • Investments in the STAR Board may result in significant losses for the Sub-Fund and its investors.
  • The Sub-Fund’s investments are concentrated in companies focusing on technology innovation. Many of the companies focusing on technology innovation have a relatively short operating history. Technology companies are often characterised by relatively higher volatility in price performance when compared to other economic sectors. Companies in the technology sector also face intense competition, and there may also be substantial government intervention, which may have an adverse effect on profit margins. Rapid changes could render obsolete the products and services offered by these companies. These companies are also subject to the risks of loss or impairment of intellectual property rights or licences, cyber security risks resulting in undesirable legal, financial, operational and reputational consequences. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments.
  • The Sub-Fund may be exposed to risks associated with different technology sectors and themes (including information technology, energy and healthcare, etc). A downturn in the business for companies in these sectors or themes may have adverse effects on the Sub-Fund.
  • The Index is subject to concentration risk as a result of tracking the performance of securities incorporated in, or with the majority of revenue derived from, or with a principal place of business in mainland China. The NAV of the Sub-Fund is therefore likely to be more volatile than a more broad-based fund, such as a global or regional fund, as the Index is more susceptible to fluctuations in value resulting from adverse conditions in a single region.
  • The Sub-Fund’s investments are concentrated in a single geographical region (i.e. mainland China) and the STAR market. As such, it may be subject to greater volatility than broad-based funds.
  • Mainland China is considered an emerging market and investments in the mainland China market may be subject to greater economic, political, tax, foreign exchange, regulatory, volatility and liquidity risks, than that in more developed countries. The A-Shares market is volatile and unstable (e.g. due to suspension of particular stocks or government intervention) than those in more developed markets.
  • The Sub-Fund’s synthetic representative sampling strategy will involve investing up to 50% of its NAV in FDIs, which will only be direct investment in funded total return swap transaction(s) through one or more counterparty(ies). Other than Swaps, the Sub-Fund may also invest in other FDIs such as forwards for hedging purposes. As such, the Sub-Fund may suffer significant loss if a swap counterparty fails to perform its obligations, or in case of insolvency or default of the counterparty(ies).
  • Risks associated with FDIs include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. FDIs are susceptible to price fluctuations and higher volatility, and may have large bid and offer spreads and no active secondary markets. The leverage element/component of an FDI can result in a loss significantly greater than the amount invested in the FDI by the Sub-Fund. Exposure to FDIs may lead to a high risk of significant loss by the Sub-Fund.
  • 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, which are subject to change and may have retrospective effect.
  • The Sub-Fund may suffer substantial losses if the approval of the RQFII 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 RQFII 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.
  • The relevant rules and regulations on Stock Connect are subject to change which may have potential retrospective effect. The 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 China A-Shares or access the PRC market through the programme will be adversely affected. In such event, the Sub-Fund’s ability to achieve its investment objective could be negatively affected.
  • Securities lending transactions may involve the risk that the borrower may fail to return the securities lent out in a timely manner and the value of the collateral may fall below the value of the securities lent out.
  • RMB is currently not a freely convertible currency as it is subject to foreign exchange controls and restrictions. Non-RMB based investors are exposed to foreign exchange risk and the value of RMB against the investors’ base currency (e.g. HKD) may depreciate. Any depreciation of RMB could adversely affect the value of investor’s investment 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.
  • There are risks and uncertainties associated with the current PRC tax laws, regulations and practice in respect of capital gains realised via RQFII or Stock Connect (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 make any withholding income tax provision on the gross unrealised and realised capital gains derived from trading of A-Shares.
  • As the STAR Board of the SSE may be open when Shares 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 Shares. Differences in trading hours between STAR Board of the SSE and the SEHK may also increase the level of premium or discount of the Share price to its NAV.
  • While A-Shares are subject to trading bands which restrict increases and decreases in the trading price, Shares of the Sub-Fund listed on the SEHK are not. This difference may also increase the level of premium or discount of the Share price to its NAV.
  • 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 Shares and that at least one market maker 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 Shares may be adversely affected if there is no or only one market maker for the Shares. There is also no guarantee that any market making activity will be effective
  • The Sub-Fund may be subject to tracking error risk, which is the risk that its performance may not track that of the Index exactly. This tracking error may result from the investment strategy used, and fees and expenses. 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 Index.
  • The trading price of the Shares on the SEHK is driven by market factors such as the demand and supply of the Shares. Therefore, the Shares may trade at a substantial premium or discount to the Sub-Fund’s NAV.
  • As investors will pay certain charges (e.g. trading fees and brokerage fees) to buy or sell Shares on the SEHK, investors may pay more than the NAV per Share when buying Shares on the SEHK, and may receive less than the NAV per Share when selling Shares on the SEHK.
  • 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 USD10,000,000 (or its equivalent in the Sub-Fund’s base currency). Investors may not be able to recover their investments and suffer a loss when the Sub-Fund is terminated.
  • Investors 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.
  • Payment of dividends out of capital or effectively out of 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. Any such distributions involving payment of dividends out of capital or effectively out of capital of the Sub-Fund may result in an immediate reduction of the NAV per Share of the Sub-Fund.
  • 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.

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.

Trace the Rising Stars

Displaying the shining potential of Shanghai STAR Market

CSOP
STAR 50 Index ETF

BROCHURE
LEARN MORE

3109.HK

Exchange Ticker

2021/02/10

Listing Date

SSE Science and Technology
Innovation Board 50 Index

Underlying index

100 Shares

Trading Lot

HKD1,560

Min. Investment (Approx.)*

HKD15.6

Inception Price Per Share(Approx.)*

0.99%

Ann. Management fee^
* Source: CSOP, the data is estimated data for reference.
^ Please note that some fees may be increased up to a permitted maximum amount by providing one month’s prior notice to shareholders. Please refer to the section headed “Fees and Charges” in Part 1 of the Prospectus for details.
Why STAR Board?

The Brightest Star of A Share





1. Technological Power as National Strategy

Policy Support China’s Five Year Plan always benefit mentioned sectors




11th Five Year Plan

Agricultural tax has been abolished since 1 Jan. 2006

12th Five Year Plan

"National Environmental Protection and Economic Policy" was issued on 1 Nov. 2011

13th Five Year Plan

"Healthy China 2030 Plan" was issued and implemented since 25 Oct. 2016

14th Five Year Plan

Strengthen the national strategic scientific and technological power

CSI Agriculture Thematic Index:
+395%
CSI 300 Index: +239%
(2006/1/4-2010/12/31)

CSI Environmental Protection Index:
+81%
CSI 300 Index: +44%
(2012/1/5-2016/12/31)

CSI All Share Health Care Index:
+112%
CSI 300 Index: +56%
(2016/11/1-2020/12/31)

STAR 50
To Be Expected

11th Five Year Plan

Agricultural tax has been abolished since 1 Jan. 2006

CSI Agriculture Thematic Index:
+395%
CSI 300 Index: +239%
(2006/1/4-2010/12/31)

12th Five Year Plan

"National Environmental Protection and Economic Policy" was issued on 1 Nov. 2011

CSI Environmental Protection Index:
+81%
CSI 300 Index: +44%
(2012/1/5-2016/12/31)

13th Five Year Plan

"Healthy China 2030 Plan" was issued and implemented since 25 Oct. 2016

CSI All Share Health Care Index:
+112%
CSI 300 Index: +56%
(2016/11/1-2020/12/31)

14th Five Year Plan

Strengthen the national strategic scientific and technological power

STAR 50
To Be Expected



Source: Bloomberg.




2. Hard Core Technology in STAR Board

The focus is to promote “hard core technology” and push for a new round of technological revolution, i e optoelectronic chips, artificial intelligence, biotechnology and etc with high technical threshold and/or barriers





STAR Board Supports Six Major Strategic Sectors



New Energy Industry
Advanced nuclear power, large scale wind power, high efficiency photo thermal, high efficiency energy storage and related technical services.

Environmental Protection Industry
Advanced environmental protection technology and equipment, resource recycling, new energy vehicles, power batteries and related technical services.

New Materials Industry
Advanced iron and steel materials, advanced non ferrous materials, advanced petrochemical and chemical new materials, high performance composite materials, cutting edge new materials and related technical services.

New Information Technology Industry
Semiconductor and integrated circuit, next generation information network, artificial intelligence, big data, cloud computing, Internet, Internet of things and intelligent hardware, etc.

High-end Manufacturing Industry
Intelligent manufacturing, aerospace, advanced rail transit, marine engineering equipment and related technical services.

Biotech Industry
Biological products, high end chemicals, high end medical equipment and equipment and related technical services.



New Information Technology Industry
Semiconductor and integrated circuit, next generation information network, artificial intelligence, big data, cloud computing, Internet, Internet of things and intelligent hardware, etc.

High-end Manufacturing Industry
Intelligent manufacturing, aerospace, advanced rail transit, marine engineering equipment and related technical services.

Biotech Industry
Biological products, high end chemicals, high end medical equipment and equipment and related technical services.

New Materials Industry
Advanced iron and steel materials, advanced non ferrous materials, advanced petrochemical and chemical new materials, high performance composite materials, cutting edge new materials and related technical services.

Environmental Protection Industry
Advanced environmental protection technology and equipment, resource recycling, new energy vehicles, power batteries and related technical services.

New Energy Industry
Advanced nuclear power, large scale wind power, high efficiency photo thermal, high efficiency energy storage and related technical services.



Source: WIND, as of 21 August 2020
Why SSE Science and Technology Innovation Board 50 Index (STAR 50)

“Hard Tech” - Rareness & Growth



1. Method
  • • STAR Board stocks, CDRs of Red Chips listed on STAR Board Listed ≥ 6 months
  • • When the number of securities listed for 12 months on the STAR Board reaches 100 to 150, the listing time requirement is adjusted to more than twelve months
  • • A free float adjusted market capitalization weighted index
2. Number of Constituents

Top 50 by market cap after filtering

3. Weight Cap
  • • Each constituent’s weight ≤10%
  • • Total weight of top 5 constituents ≤40%
4. Rebalance

Quarterly review + Fast Entry Rule

5. Launch Date

July 23, 2020

6. Market Cap

RMB 477.5 Billion as of December 31, 2020

7. Sector Breakdown




Sector Comparison of STAR 50, ChiNext & HSTECH Index



STAR 50 ChiNext HSTECH
Dominant sector
IT
(Semiconductors)
Dominant sector
Healthcare
(Electrical Components & Equipment)
Dominant sector
IT
(Internet Retailer)
Feature
Real and hard “Tech”. E.g. semiconductors
Feature
More scattered sector distribution, focus on healthcare and consumption
Feature
Focus on internet applications, such as internet platforms


Source: CSOP, Wind, Sector category is Wind Level 1 and Wind Level 4; 2021.01.19.
8. Top 10 Constituents

Ranking

Stock Code

Company

Weight

Sector

Sub-sector

1

688981

SEMICONDUCTOR MANUFACTURIN-A

9.3%

IT

Semiconductors

2

688008

MONTAGE TECHNOLOGY CO LTD-A

8.0%

IT

Semiconductors

3

688111

BEIJING KINGSOFT OFFICE SO-A

8.0%

IT

Application Software

4

688012

ADVANCED MICRO-FABRICATION-A

7.5%

IT

Semiconductor Equipment

5

688396

CHINA RESOURCES MICROELECT-A

5.0%

IT

Semiconductors

6

688036

SHENZHEN TRANSSION HOLDING-A

5.0%

IT

Communications Equipment

7

688002

RAYTRON TECHNOLOGY CO LTD-A

4.7%

IT

Electronic Equipment & Instruments

8

688169

BEIJING ROBOROCK TECHNOLOG-A

4.6%

Consumer Discretionary

Household Appliances

9

688126

NATIONAL SILICON INDUSTRY-A

3.7%

IT

Semiconductors

10

688099

AMLOGIC SHANGHAI INC-A

3.3%

IT

Semiconductors



Source: CSOP, Wind, as of 19 Jan 2021.
9. High R&D Investment Brings High Growth Potential

STAR 50 Index Constituents: High R&D Expenses
R&D expense / net sales*

STAR 50 Index: Strong Revenue Growth Estimation
Compounding revenue growth estimation in coming 3 years^



* Source: Bloomberg, CSOP. Based on average of latest R&D expenses to net sales the index constituents disclosed as of 2021/1/21. Banking, securities and other companies which didn’t disclose relevant numbers are excluded.
^ Source: Wind, 2020A-2023E.
Why CSOP STAR 50 Index ETF?

The First STAR 50 ETF in HK



1. The Best Way to Allocate STAR 50

CSOP
STAR 50 Index ETF
Requirement for Individual Investors

• No asset requirement

• Only need a security account

Price Limit

• Aim to closely correspond to the performance of the STAR 50 Index**

Investment Difficulty

• Simple and convenient way for retail investors to invest STAR

Minimum Investment

~ HKD 1560 a lot of the ETF*

Rebalancing

• Quarterly Rebalancing

• Fast Entry Rule → Survivals of the fittest


Onshore
Requirement for Individual Investors

• Total assets no less than RMB 500,000 per day

• More than 24 months trading experience

Price Limit

• Price Limit: 20%

• No limit in the first 5 trading days

Investment Difficulty

• High technological threshold and industry complexity make retail investors hard to pick right stocks

Minimum Investment

• Buy 1 lot of each constituent of STAR 50 index need RMB 571,707
(~ HKD 685,305)^

Rebalancing
The leaders in STAR Board may be refreshed frequently, so retail investors:

• Hard to grasp the outstanding stocks

• Burden high trading costs due to frequent trading


Offshore
Investment Difficulty

Only 12 eligible stocks under Stock Connect Scheme. 9 of them are in STAR 50 Index





Managed by CSOP: Leading ETF Issuer in Hong Kong

Among Most Actively Traded ETPs in HK (2020), CSOP Issued Hot ETFs#



7500

CSOP Hang Seng Index Daily (-2x) Inverse Product
Average Daily Turnover
(Rank: 2nd)
HKD 928M

2822

CSOP FTSE China A50 ETF
Average Daily Turnover
(Rank: 5th)
HKD 451M

7200

CSOP Hang Seng Index Daily (2x) Leveraged Product
Average Daily Turnover
(Rank: 6th)
HKD 424M

3033

CSOP Hang Seng TECH Index ETF
Average Daily Turnover
(Rank: 8th)
HKD 193M



Among Most Actively Traded ETPs in HK (2018-2019), CSOP Occupies Large Market Shares#



2822

CSOP FTSE China A50 ETF
Average Daily Turnover
(Rank: 3rd)
HKD 704M

7500

CSOP Hang Seng Index Daily (-2x) Inverse Product
Average Daily Turnover
(Rank: 6th)
HKD 402M

7300

CSOP Hang Seng Index Daily (-1x) Inverse Product
Average Daily Turnover
(Rank: 7th)
HKD 164M

7200

CSOP Hang Seng Index Daily (2x) Leveraged Product
Average Daily Turnover
(Rank: 8th)
HKD 115M

7288

CSOP Hang Seng China Enterprises Index Daily (2x) Leveraged Product
Average Daily Turnover
(Rank: 10th)
HKD 27M



** Before deduction of fees and expenses.
* Source: CSOP, the data is estimated data for reference.
^ Source: Bloomberg, based on closing price as of January 28, 2021.
# Source: Bloomberg.
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CSOP Asset Management Limited,
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Hong Kong

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