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 relevant 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.

CSOP Hang Seng TECH Index ETF
The CSOP Hang Seng TECH Index ETF (the “Sub-Fund”) is a sub-fund of the CSOP ETF Series (“Trust”), 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”) like stocks.

  • 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 is not actively managed. 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 Underlying Index are expected to result in corresponding falls in the value of the Sub-Fund.
  • 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 Hang Seng TECH Index (the “Underlying Index”) is a new index. The Sub-Fund may be riskier than other exchange traded funds tracking more established indices with longer operating history.
  • The Sub-Fund’s investments are concentrated in companies with a technology theme. Many of the companies with a high business exposure to a technology theme 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 industries, consumer discretionary, healthcare, financials, information technology, internet (including mobile), fintech, cloud, e-commerce, or digital). A downturn in the business for companies in these sectors or themes may have adverse effects on the Sub-Fund.
  • The Underlying 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, the Greater China region. 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 Underlying Index is more susceptible to fluctuations in value resulting from adverse conditions in a single region.
  • 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.
  • 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 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 units may be adversely affected if there is no or only one market maker for the units. 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 Underlying 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 Underlying Index.
  • The trading price of the units on the SEHK is driven by market factors such as the demand and supply of the units. Therefore, the units 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 units on the SEHK, investors may pay more than the NAV per unit when buying units on the SEHK, and may receive less than the NAV per unit when selling units on the SEHK.
  • The fund may be terminated early under certain circumstances, for example, where the Underlying 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.
  • 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 unit of the Sub-Fund.
CSOP Yinhua CSI 5G Communications Theme ETF
CSOP Yinhua CSI 5G Communications Theme 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 feeder fund and a passively managed index tracking exchange traded fund (“ETF”) authorised under Chapters 7 and 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 feeder ETF that invests at least 90% of its NAV in the Yinhua CSI 5G Communication ETF (the “Master ETF”), which is listed on the Shenzhen Stock Exchange (“SZSE”) of the PRC mainland, through the Qualified Foreign Investor (“QFI”) status of the Manager.

  • The Sub-Fund and the Master ETF are not principal guaranteed and your investments may suffer losses. There is no assurance that the Sub-Fund and the Master ETF will achieve their respective investment objectives.
  • The Master ETF is not authorized by the Securities and Futures Commission for direct offering to the public in Hong Kong.
  • Both the Sub-Fund and the Master ETF are passively managed and neither the Manager nor the MF Manager will have the discretion to adapt to market changes due to the inherent investment nature of the Sub-Fund and the Master ETF. Falls in the value of the CSI 5G Communication Index (the “Underlying Index”) and the Master ETF may result in a corresponding fall in the value of the Sub-Fund.
  • The Sub-Fund invests substantially in the Master ETF, and may therefore be subject to the risks associated with the Master ETF. The performance of the Sub-Fund depends on the price of the Master ETF. The ability of the Sub-Fund to meet its investment objective is also largely dependent on the Master ETF.
  • The performance of the Sub-Fund may deviate from the performance of the Master ETF due to the Sub-Fund’s holdings in investments other than the Master ETF, as well as the Sub-Fund’s fees and expenses. While the Sub-Fund seeks to minimise the tracking difference / tracking error arising from the Master ETF, there is no guarantee that the Sub-Fund may achieve such objective via investments other than investment in the Master ETF, due to various factors (e.g. timing differences / delays in adjusting the Sub-Fund’s investments).
  • Past performance of the Master ETF is not necessarily a guide to future performance of the Master ETF or the Sub-Fund.
  • The Sub-Fund does not have control of the investments of the Master ETF and there is no assurance that the investment objective and strategy of the Master ETF will be successfully achieved which may have a negative impact to the Net Asset Value of the Sub-Fund. Unitholders also do not have any direct interest in the units of the Master ETF and will not be able to exercise any voting right in respect of the Master ETF.
  • There may be additional costs involved when investing into the Master ETF. By investing in the Master ETF, the Sub-Fund will bear a proportion of the fees and charges of the Master ETF. Such fees and charges of the Master ETF will be deducted from the Net Asset Value of the Master ETF and reflected in the Net Asset Value per unit of the Master ETF.
  • There is also no guarantee that the Master ETF will always have high trading volume and sufficient liquidity and the Sub-Fund may not be able to realise or liquidate its investment in the Master ETF at such time as it wants to.
  • There is no assurance that the liquidity of the Master ETF will always be sufficient to meet realisation requests. Further, there could be trading suspension of the Master ETF in the secondary market in Mainland China and these factors may have an adverse impact on the Sub-Fund and its unitholders.
  • 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.
  • 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).
  • 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.
  • The trading currency of the Sub-Fund (e.g. HKD) is in a currency other than the base currency of the Sub-Fund (i.e. RMB). The Net Asset Value of the Sub-Fund in such trading currency may be affected unfavourably by fluctuations in the exchange rates between this trading currency and the base currency and by changes in exchange rate controls. As such, non-RMB based investors are exposed to foreign exchange risk and 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 in a non-RMB trading currency.
  • 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.
  • Investors should note that they will only receive distributions in RMB and not HKD. In the event the relevant Unitholder has no RMB account, the Unitholder may have to bear the fees and charges associated with the conversion of such dividend from RMB into HKD or any other currency. Unitholders are advised to check with their brokers concerning arrangements for distributions.
  • 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 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 units may be adversely affected if there is no or only one market maker for the units of the Sub-Fund. There is also no guarantee that any market making activity will be effective.
  • 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 under certain circumstances, for example, if the Master ETF is terminated (for instance, if the number of unitholders of the Master ETF is less than 200 or if the Net Asset Value of the Master ETF is less than RMB 50 million for 50 consecutive business days) or is no longer authorised by the SFC, and the Manager is unable to identify or agree with another master fund that tracks the Underlying Index or a suitable replacement index acceptable to the SFC, or the NAV of the Sub-Fund falls below RMB 100 million or the amount as may otherwise be specified in the Prospectus. Investors may suffer loss in the event of early termination. Investors may not be able to recover their investments and suffer a loss when the Sub-Fund is terminated.
  • 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.
  • 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.
  • 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. Any increased tax liabilities on the Sub-Fund may adversely affect the Sub-Fund’s value. Based on professional and independent tax advice, the Manager does not make any withholding income tax provision on the gross unrealised and realised capital gains derived from trading of China A-Shares and China A-Share ETFs in the PRC mainland.
Given the Sub-Fund invests substantially in the Master ETF as a feeder fund, the Sub-Fund may also be subject to the risks associated with the Master ETF’s investments.
  • Companies related to 5G communication technology may be subject to significant volatility in growth rates due to rapidly changing market conditions and/or participants, more advanced or new technologies, new competing products and/or enhancements in existing products. 5G communication technology is heavily dependent on patents and intellectual property rights and/or licences. The profitability of companies related to 5G communication technology may be adversely impacted by the loss or impairment of these intellectual property assets.
  • Such companies may also be subject to unpredictable changes in competition. There is no assurance that products or services offered by the issuers of the constituents of the Underlying Index will not be rendered obsolete or be adversely affected by competing products, or that such companies will not be adversely affected by other challenges, such as instability, fluctuation, or an overall decline within the 5G communication technology industry.
  • Companies related to 5G communication technology may also be affected by regulatory risks, cyber security risks, government intervention and political risks.
  • Mainland China is considered as an emerging market and investing in Mainland China market may be subject to greater economic, political, tax, foreign exchange, regulatory, volatility and liquidity risks than investing in more developed countries.
  • The concentration of the Sub-Fund and the Master ETF’s investments in a single geographical location (i.e. Mainland China) and sector (i.e. 5G communication technology) may subject it to greater volatility than portfolios which comprise broad-based global investments.
  • The Underlying Index may substantially consist of China A-shares outside the largest 100 China A-shares ranked by market capitalization, which may be considered small/medium-capitalisation companies. The shares of small/medium-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general.
  • The trading days or hours of the Mainland China and Hong Kong stock markets are not exactly the same. There may be occasions where the value of the Master ETF may change but investors are not able to purchase or sell the Sub-Fund’s units.
  • On the other hand, if a Mainland China 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 and China A-Share ETFs 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 Master ETF 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.
  • The Master ETF may invest in FDIs for hedging purpose. 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 Master ETF. Exposure to FDIs may lead to a high risk of significant loss by the Sub-Fund and the Master ETF.
  • Due to fees and expenses of the Sub-Fund and the Master ETF, liquidity of the market, imperfect correlation of returns between the Master ETF’s assets and the index securities constituting the Underlying Index and the Master ETF’s inability to hold the exact constituents of the Underlying Index and other factors such as the strategy being used, the Master ETF’s and hence, the Sub-Fund’s returns may deviate from that of the Underlying Index. The Manager and the MF 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.
CSOP Global Cloud Computing Technology Index ETF
The CSOP Global Cloud Computing Technology 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 US and Hong Kong listed companies that have business operations in the field of cloud computing. The Sub-Fund is denominated in USD.

  • 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.
  • Rapid changes could render obsolete the products and services offered by the companies in which the Sub-Fund invests, and cause declines in the prices of the securities of those companies. Companies in the internet sector may face unpredictable changes in growth rates and competition for the services of qualified personnel. The products and services offered by internet companies generally incorporate complex software, which may contain errors, bugs or vulnerabilities.
  • The prospects of internet companies may be significantly impacted by increased government intervention and changes in laws, regulations and practice, which may result in claims, changes to business practices, monetary penalties, increased cost of operations or declines in user growth, and may also delay or impede the development of new products and services.
  • All these may have impact on the business and/or profitability of the internet companies in which the Sub-Fund invests and therefore may adversely affect the NAV of the Sub-Fund.
  • The Index is subject to concentration risk as a result of tracking the performance of companies active in the cloud computing sector. This may result in greater volatility in the value of the Sub-Fund than more diverse portfolios which comprise broad-based investments.
  • The Index is subject to geographical concentration risks as a result of tracking the performance of primarily the US and Hong Kong listed companies that have business operations in the field of cloud computing. The value of the Sub-Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the US and Hong Kong markets.
  • 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.
  • 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.
  • A portion of the Sub-Fund’s investments are denominated in HKD, therefore foreign exchange risk exists between the Base Currency and the underlying investments currency. Also, the Sub-Fund's Base Currency is in USD but the Shares are traded in HKD. The NAV of the Sub-Fund may be affected unfavourably by fluctuations in the exchange rates between USD and HKD. Secondary market investors may also be subject to additional costs or losses associated with fluctuations in the exchange rates between HKD and the Base Currency when trading Shares in the secondary market.
  • Investors should note that all Shares will receive distributions in the Base Currency (USD) only. In the event that the relevant Shareholder has no USD account, the Shareholder may have to bear the fees and charges associated with the conversion of such distribution from USD to HKD or any other currency. The Shareholder may also have to bear bank or financial institution fees and charges associated with the handling of the distribution payment. Shareholders are advised to check with their brokers regarding arrangements for distributions.
  • As the NYSE and the NASDAQ 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 the NYSE / the NASDAQ and the SEHK 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.
  • 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.
CSOP Huatai-PineBridge CSI Photovoltaic Industry ETF
The CSOP Huatai-PineBridge CSI Photovoltaic Industry 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 feeder fund and a passively managed index tracking exchange traded fund (“ETF”) authorised under Chapters 7 and 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.

The Sub-Fund is a feeder ETF that invests at least 90% of its NAV in the Huatai-PineBridge CSI Photovoltaic Industry ETF (the “Master ETF”), which is listed on the Shanghai Stock Exchange (“SSE”) of the People’s Republic of China (“PRC”), through the Renminbi Qualified Foreign Institutional Investor (“RQFII”) status of the Manager.

The Master ETF is authorised by the SFC for the sole purpose of being master fund of the Sub-Fund and will not be directly offered to the public in Hong Kong. SFC authorisation is not a recommendation or endorsement of a product, nor does it guarantee the commercial merits of a product or its performance. It does not mean the product is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.

  • The Sub-Fund and the Master ETF are not principal guaranteed and your investments may suffer losses. There is no assurance that the Sub-Fund and the Master ETF will achieve their respective investment objectives.
  • Both the Sub-Fund and the Master ETF are passively managed and neither the Manager nor the MF Manager will have the discretion to adapt to market changes due to the inherent nature of the Sub-Fund and the Master ETF. Falls in the value of the CSI Photovoltaic Industry Index (the “Index”) and the Master ETF may result in a corresponding fall in the value of the Sub-Fund.
  • The Sub-Fund invests substantially in the Master ETF, and may therefore be subject to the risks associated with the Master ETF. The performance of the Sub-Fund depends on the price of the Master ETF. The ability of the Sub-Fund to meet its investment objective is also largely dependent on the Master ETF.
  • The performance of the Sub-Fund may deviate from the performance of the Master ETF due to the Sub-Fund’s holdings in investments other than the Master ETF, as well as the Sub-Fund’s fees and expenses. While the Sub-Fund seeks to minimise the tracking difference / tracking error arising from the Master ETF, there is no guarantee that the Sub-Fund may achieve such objective via investments other than investment in the Master ETF, due to various factors (e.g. timing differences / delays in adjusting the Sub-Fund’s investments).
  • Past performance of the Master ETF is not necessarily a guide to future performance of the Master ETF or the Sub-Fund.
  • The Sub-Fund does not have control of the investments of the Master ETF and there is no assurance that the investment objective and strategy of the Master ETF will be successfully achieved which may have a negative impact to the Net Asset Value of the Sub-Fund. Shareholders also do not have any direct interest in the units of the Master ETF and will not be able to exercise any voting right in respect of the Master ETF.
  • There may be additional costs involved when investing into the Master ETF. By investing in the Master ETF, the Sub-Fund will bear a proportion of the fees and charges of the Master ETF. Such fees and charges of the Master ETF will be deducted from the Net Asset Value of the Master ETF and reflected in the Net Asset Value per unit of the Master ETF.
  • There is also no guarantee that the Master ETF will always have high trading volume and sufficient liquidity and the Sub-Fund may not be able to realise or liquidate its investment in the Master ETF at such time as it wants to.
  • There is no assurance that the liquidity of the Master ETF will always be sufficient to meet realisation requests. Further, there could be trading suspension of the Master ETF in the secondary market in mainland China and these factors may have an adverse impact on the Sub-Fund and its Shareholders.
  • 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.
  • 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 (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 and A-Share ETFs in the PRC.
  • As 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 (such as the units of the Master ETF) may change on days when investors will not be able to purchase or sell the Sub-Fund’s Shares. Differences in trading hours between the SSE and the SEHK may also increase the level of premium or discount of the Share price to its NAV.
  • While A-Shares and A-Share ETFs 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 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). The Sub-Fund may also be terminated if the Master ETF is terminated, or if the Master ETF may otherwise no longer be invested by the Sub-Fund (for example, if the Master ETF is no longer authorised by the SFC), if the Manager is unable to identify or agree with another master fund that tracks the Index or a suitable replacement index acceptable to the SFC. There is also risk that the unitholders of the Master ETF, including the Sub-Fund, cannot continue to trade on the secondary market due to the early termination of listing of the Master ETF as a result of resolution passed at unitholders’ meeting of the Master ETF. 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. In the event the relevant Shareholder has no RMB account, the Shareholder may have to bear the fees and charges associated with the conversion of such dividend from RMB into HKD or any other currency.
  • 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.
  • In the event of any default or bankruptcy of the PRC Custodian (directly or through its delegate) or the brokers appointed by the RQFII Holder in the PRC (“PRC 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.
  • Given the Sub-Fund invests substantially in the Master ETF as a feeder fund, the Sub-Fund may also be subject to the risks associated with the Master ETF’s investments.
  • Companies related to the photovoltaic industry or photovoltaic industrial chain may be subject to significant volatility in growth rates due to rapidly changing market conditions and/or participants, more advanced or new technologies, new competing products and/or enhancements in existing products. The photovoltaic industry is heavily dependent on patents and intellectual property rights and/or licences. The profitability of companies related to the photovoltaic industry may be adversely impacted by the loss or impairment of these intellectual property assets.
  • Such companies may also be subject to unpredictable changes in competition. There is no assurance that products or services offered by the issuers of the constituents of the Index will not be rendered obsolete or be adversely affected by competing products, or that such companies will not be adversely affected by other challenges, such as instability, fluctuation, or an overall decline within the photovoltaic industry.
  • Companies related to the photovoltaic industry may also be affected by regulatory risks, government intervention and political risks.
  • Mainland China is considered as an emerging market and investing in mainland China market may be subject to greater economic, political, tax, foreign exchange, regulatory, volatility and liquidity risks than investing in more developed countries.
  • The concentration of the Sub-Fund and the Master ETF’s investments in a single geographical location (i.e. mainland China) and sector (i.e. photovoltaic industry) may subject it to greater volatility than portfolios which comprise broad-based global investments.
  • The Index may substantially consist of China A-shares outside the largest 100 China A-shares ranked by market capitalisation, which may be considered small/medium-capitalisation companies (including companies of which securities are listed on the STAR Board and/or the ChiNext market). The shares of small/medium-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general, and securities listed on the STAR Board and/or the ChiNext market may be subject to additional risks associated with such listings.
  • The Index may consist of securities listed on the STAR Board and/or the ChiNext market, and the Master ETF and the Sub-Fund may as such be subject to risks associated with such listings. Investments in the ChiNext market and/or STAR Board may result in significant losses for the Master ETF, the Sub-Fund and the Sub-Fund’s investors.
  • Higher fluctuation on stock prices and liquidity risk – Listed companies on the ChiNext market and/or STAR Board are usually of emerging nature with smaller operating scale. In particular, listed companies on ChiNext market and STAR Board are subject to wider price fluctuation limits, and due to higher entry thresholds for investors may have limited liquidity, compared to other boards. Hence, companies listed on these boards 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.
  • Over-valuation risk – Stocks (including small and medium-sized enterprises) listed on ChiNext and/or 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 ChiNext market and STAR Board are less stringent in terms of profitability and share capital than those on the main board.
  • Delisting risk – It may be more common and faster for companies listed on the ChiNext market and/or STAR Board to delist. The ChiNext market and the STAR Board have stricter criteria for delisting compared to other boards. This may have an adverse impact on the Master ETF (and thus the Sub-Fund) if the companies that it invests in are delisted.
  • Concentration risk – STAR Board is a newly established board and may have a limited number of listed companies during the initial stage. Investments in STAR Board may be concentrated in a small number of stocks and subject the fund to higher concentration risk.
  • The Master ETF may invest in FDIs for hedging purpose. 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 Master ETF. Exposure to FDIs may lead to a high risk of significant loss by the Master ETF (and thus the Sub-Fund).
  • 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 of the Sub-Fund and the Master ETF. 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.
CSOP Global Smart Driving Index ETF
The CSOP Global Smart Driving 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 US, PRC mainland and Hong Kong listed securities that could benefit from the technological progress in the automotive industry. The Sub-Fund is denominated in USD.

  • 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.
  • Solactive Global Smart Driving Index (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.
  • The smart driving sector is in the early stages of development. Participants in this field may include companies from various industries. Examples are alternative energy car manufacturers, general analog and mixed signal semiconductors, vehicle autonomous control electronics makers, auto interior comfort / safety / electronics products and other electric motors and motion control products. Therefore, until the sector expands, it is likely to include companies which have only dedicated certain sections of their operations towards the technology progress in the production of smart vehicles (e.g. traditional car producers which do not focus on the use of clean energy).
  • Many of the companies in the smart driving sector have a relatively short operating history. Companies in the smart driving sector typically face intense competition which may have an adverse effect on profit margins and the prices of the securities of these companies. Their profitability is particularly vulnerable and susceptible to rapid changes in technology, rapid obsolescence of products and services, the loss or breach of intellectual property rights, government regulation (including but not limited to tax incentives offered), domestic and international competition (including competition from foreign competitors which may have lower production costs), evolving industry standards, introduction of new product and service, fluctuations in supply and demand for their products and services and the company’s ability to manufacture vehicles on schedule to meet consumer demand.
  • Companies in the smart driving sector typically have heavy and significant spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. Moreover, the businesses of companies with exposure to or investments in autonomous driving vehicle technology may be exposed to the risk of cybersecurity breaches, product liability claims, traffic accidents related to autonomous vehicles, and other issues that could result in increased regulation. Any errors or vulnerabilities that may be discovered in the products after release may adversely affect the business and operating results of such companies in the smart driving sector.
  • Companies involved in the production and supply of batteries may be adversely impacted by the development of alternative sources of energy and the increasing demand for energy conservation. The revenues of companies in the smart driving sector are cyclical by nature and can also be significantly affected by changes in government spending policies in the region.
  • The Index is subject to concentration risk as a result of tracking the performance of companies active in the smart driving sector. This may result in greater volatility in the value of the Sub-Fund than more diverse portfolios which comprise broad-based investments.
  • Although the companies are based worldwide, the Index is subject to geographical concentration risks as a result of tracking the performance of primarily the US, PRC mainland and Hong Kong listed companies that have business operations in the field of smart driving. The value of the Sub-Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the US, PRC mainland and Hong Kong markets.
  • 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.
  • 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.
  • A portion of the Sub-Fund’s investments are denominated in HKD or RMB, therefore foreign exchange risk exists between the Base Currency (i.e. USD) and the underlying investments currency. Also, the Sub-Fund's Base Currency is in USD but the Shares are traded in HKD. The NAV of the Sub-Fund may be affected unfavourably by fluctuations in the exchange rates between USD and HKD. Secondary market investors may also be subject to additional costs or losses associated with fluctuations in the exchange rates between HKD and the Base Currency when trading Shares in the secondary market.
  • Investors should note that all Shares will receive distributions in the Base Currency (USD) only. In the event that the relevant Shareholder has no USD account, the Shareholder may have to bear the fees and charges associated with the conversion of such distribution from USD to HKD or any other currency. The Shareholder may also have to bear bank or financial institution fees and charges associated with the handling of the distribution payment. Shareholders are advised to check with their brokers regarding arrangements for distributions.
  • As the NYSE, the NASDAQ, the SSE and the SZSE 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 the NYSE / the NASDAQ / the SSE / the SZSE and the SEHK 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.
  • 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.
CSOP China Healthcare Disruption Index ETF
The CSOP China Healthcare Disruption 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 Hong Kong listed companies that have business operations in various innovative fields such as biotechnology and biopharmaceuticals in the healthcare sector in mainland China, Hong Kong, Taiwan and Macau. The Sub-Fund is denominated in HKD.

  • 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.
  • Solactive China Healthcare Disruption Index (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.
  • The investments of the Sub-Fund are concentrated in the disruption/innovative healthcare sector. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments and companies that adopt more traditional business models.
  • The economic prospects of the healthcare sector are generally subject to greater influences from governmental policies and regulations than those of many other industries. Certain health care companies may allocate greater than usual financial resources to research and product development and experience above-average price movements associated with the perceived prospects of success of the research and development programs. In addition, certain healthcare companies may be adversely affected by lack of commercial acceptance of a new product or process or by technological change and obsolescence.
  • Investing in companies in the innovative fields in the healthcare sector will subject to additional risks such as regulatory risks, financial risks and new business risks similar to the risks associated with biotech companies. Companies pursuing disruptive innovation may be less profitable at the outset and the Sub-Fund may suffer losses by investing in them.
  • All these may have an impact on the business and/or profitability of the healthcare companies in which the Sub-Fund invests and therefore may adversely affect the NAV of the Sub-Fund.
  • The investments of the Sub-Fund in the healthcare sector may include biotech companies. Biotech companies invest heavily in research and development which may not necessarily lead to commercially successful products, and the ability for biotech companies to obtain regulatory approval (for example, product approval) may be long and costly. In addition, the prospects of biotech companies may significantly be impacted by technological changes, increased governmental regulations and intense competition from competitors.
  • Many biotech companies are also dependent upon the ability to use and enforce intellectual property rights and patents, and any such impairment may have adverse financial consequences.
  • Biotech companies may incur net current liabilities which may expose the company to the risk of shortfalls in liquidity, prices may be more volatile than the overall market and would require the company to seek adequate financing such as external debt. Any difficulty or failure of a biotech company to meet its liquidity needs as and when needed may have a material adverse effect on its business, financial condition, results of operations and prospects.
  • Biotech companies invested by the Sub-Fund may be pre-revenue companies with limited track record or operating history, unlike other listed companies with longer track record or operating history. Pre-revenue companies refer to companies which have yet to generate any sales revenue typically because they do not have any products on the market yet. Pre-revenue companies are subject to a higher degree of risk generally and they have a higher risk of failure when compared to other companies. Valuations of pre-revenue companies are also subject to a high risk of being inaccurate. The Sub-Fund’s investments in these companies will be subject to higher investment risks.
  • Biotech companies may not be able to generate any profits during the development stage of its products or at all. Even if a biotech company is able to generate revenue in a short run, it may not become profitable on a sustainable basis or at all.
  • All these may have an impact on the business and/or profitability of the biotech companies in which the Sub-Fund invests and therefore may adversely affect the NAV of the Sub-Fund.
  • The investments of the Sub-Fund in the healthcare sector may also include pharmaceutical and medical devices companies. Pharmaceutical and medical devices companies are heavily dependent on patent protection. The expiration of patents may adversely affect the profitability of the companies. Many new products are subject to regulatory approval, the process of which can be long and costly and approved products are susceptible to obsolescence. Certain pharmaceutical and medical devices companies may allocate greater than usual financial resources to research and product development and experience above-average price movements associated with the perceived prospects of success of the research and development programs. Pharmaceutical and medical devices companies are also subject to heavy competitive forces that may make it difficult to raise prices. All these may have impact on the business and/or profitability of pharmaceutical and medical devices companies in which the Sub-Fund invests and therefore may adversely affect the NAV of the Sub-Fund.
  • The Index is subject to concentration risk as a result of tracking the performance of companies active in the innovative fields in the healthcare sector. This may result in greater volatility in the value of the Sub-Fund than more diverse portfolios which comprise broad-based investments.
  • The Index is subject to geographical concentration risks as a result of tracking the performance of primarily Hong Kong listed companies that have business operations in the field of healthcare sector in mainland China, Hong Kong, Taiwan and Macau. The value of the Sub-Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the Hong Kong market and places where these companies have business operations including mainland China, Taiwan and Macau.
  • 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.
  • 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.
  • 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.
  • 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 relevant Prospectus in detail before making any investment decision.

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