CSOP Gold Futures Daily (2x) Leveraged Product
(Stock Code: 7299)

IMPORTANT INFORMATION about CSOP Gold Futures Daily (2x) Leveraged Product

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 material alone to make investment decisions.

CSOP Gold Futures Daily (2x) Leveraged Product (the “Product”) is a sub-fund of CSOP Leveraged and Inverse Series II, an umbrella unit trust established under Hong Kong law. Units of the Product (the “Units”) are traded in HKD on The Stock Exchange of Hong Kong Limited (the “SEHK”) like stocks. It is a futures-based product which invests directly in the Active Contracts (as defined in the sub-section “Roll Schedule” in the section “The Index” of the Sub-Fund’s Appendix in the Prospectus) of gold futures traded on the New York Commodity Exchange (COMEX) (“COMEX Gold Futures”) subject to the rolling strategy discussed below, to obtain the required exposure to the Index so as to give the Product twice (2x) the Daily performance of the Index. It is denominated in USD. Creations and redemptions are in USD only.

The Index consists of only gold futures whose price movements may deviate significantly from the gold spot price. The Product does not seek to deliver a leveraged return of gold spot price.
The Product is a derivative product and is not suitable for all investors. There is no guarantee of the repayment of principal. Therefore your investment in the Product may suffer substantial or total losses.
The Product will utilise leverage to achieve a Daily return equivalent to twice (2x) the return of the Index. Both gains and losses will be magnified. The risk of loss resulting from an investment in the Product in certain circumstances including a bear market will be substantially more than a fund that does not employ leverage.
The Product is a leveraged product investing directly in COMEX Gold Futures. The Product is the first product tracking the leveraged performance of a single commodity futures index in Hong Kong. The novelty of such a leveraged product makes the Product riskier than traditional exchange traded funds or products tracking the leveraged or inverse performance of equity indices.
The Product is not intended for holding longer than one day as the performance of the Product over a period longer than one day will very likely differ in amount and possibly direction from the leveraged performance of the Index over that same period (e.g. the loss may be more than twice the fall in the Index). The effect of compounding becomes more pronounced on the Product’s performance as the Index experiences volatility. With higher Index volatility, the deviation of the Product’s performance from the leveraged performance of the Index will increase, and the performance of the Product will generally be adversely affected. As a result of Daily rebalancing, the Index’s volatility and the effects of compounding of each day’s return over time, it is even possible that the Product will lose money over time while the Index’s performance increases or is flat.
There is no assurance that the Product can rebalance its portfolio on a Daily basis to achieve its investment objective. Market disruption, regulatory restrictions or extreme market volatility may adversely affect the Product’s ability to rebalance its portfolio.
The rebalancing activities of the Product typically take place near the end of trading of the underlying futures market to minimise tracking difference. As a result, the Product may be more exposed to the market conditions during a shorter interval and may be more subject to liquidity risk.
The Product is normally rebalanced at the end of trading of the COMEX Gold Futures on a Business Day. As such, return for investors that invest for period less than a full trading day will generally be greater than or less than two times (2x) leveraged investment exposure to the Index, depending upon the movement of the Index from the end of one trading day until the time of purchase.
Daily rebalancing of Product’s holdings causes a higher level of portfolio transactions than compared to the conventional exchange traded funds. High levels of transactions increase brokerage and other transaction costs.
Investment in futures contracts involves specific risks such as high volatility, leverage, rollover and margin risks. A “roll” occurs when an existing COMEX Gold Futures is about to expire and is replaced with another COMEX Gold Futures with a later expiration date. The value of the Product’s portfolio (and so the NAV per Unit) may be adversely affected by the cost of rolling positions forward as the COMEX Gold Futures approach expiry as the market for these COMEX Gold Futures is in contango. An extremely high degree of leverage is typical of a futures trading account. As a result, a relatively small price movement in a COMEX Gold Futures may result in a proportionally high impact and substantial losses to the Product, having a material adverse effect on the NAV. A futures transaction may result in significant losses in excess of the amount invested. Regarding the Product’s futures positions, relevant parties (such as clearing brokers, execution brokers, participating dealers and stock exchanges) may impose certain mandatory measures for risk management purpose under extreme market circumstances. These measures may include limiting the size and number of the Product’s futures positions and/or mandatory liquidation of part or all of the Product’s futures positions without advance notice to the Manager. In response to such mandatory measures, the Manager may have to take corresponding actions in the best interest of the Product’s Unitholders and in accordance with the Product’s constitutive documents, including suspension of creation of the Product’s units and/or secondary market trading, implementing alternative investment and/or hedging strategies and termination of the Product. These corresponding actions may have an adverse impact on the operation, secondary market trading, index-tracking ability and the NAV of the Product. While the Manager will endeavour to provide advance notice to investors regarding these actions to the extent possible, such advance notice may not be possible in some circumstances.
If the price of the COMEX Gold Futures included in the Product’s portfolio hit certain price limits, depending on the time of the day and the limit being reached, the trading of the COMEX Gold Futures may be limited within the set price limits, suspended for a short period of time, or suspended for the remainder of the trading day. This may affect the Product’s tracking of twice (2x) the Daily performance of the Index, and, if a trading halt takes place near the end of a trading day, may result in imperfect Daily rebalancing.
COMEX Gold Futures has an active limit of 3,000 net futures equivalent contracts that becomes effective at the close of trading on the business day prior to the First Notice Day (as defined in the Prospectus) of the delivery month. Accordingly, if the position held or controlled by the Manager reaches the relevant position limit or if the NAV of the Product grows significantly, the above restriction may prevent creations of Units due to the inability of the Product to acquire further COMEX Gold Futures. This may cause a divergence between the trading price of a Unit on the SEHK and the NAV per Unit. The investment exposure could also deviate from the target exposure which adds tracking error to the Product. The position limit may have adverse impact to the Product and may cause substantial loss to the Product.
The investments of the Product are concentrated in single active COMEX Gold Futures generally. This may result in large concentration risk. The value of the Product may be more volatile than that of a fund having a more diverse portfolio of investments and a product which holds futures contracts with different expiring months. The value of the Product may be more susceptible to adverse conditions in the gold market. There is no guarantee that the gold price, and the prices of COMEX Gold Futures will appreciate. The Product may experience greater volatility and may be adversely affected by the performance of industries and sectors or events related to gold and to its production and sale.
As the Index is based upon active COMEX Gold Futures but not on physical gold, the performance of the Index may substantially differ from the current market or spot price performance of gold. Accordingly, the Product may underperform twice (2x) the Daily performance of the spot price of gold bullion.
Payment of distributions 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 and may result in an immediate reduction in the NAV per Unit.
The Product is not “actively managed” and under normal market circumstances, the Manager will not adopt any temporary defensive position when the Index moves in an unfavourable direction. In such circumstances, Units of the Product will also decrease in value. Under extreme market circumstances, the Manager will adopt temporary defensive position for protection of the Product.
The trading price of the Units on the SEHK is driven by market factors such as the demand and supply of the Units. Units may trade at a substantial premium or discount to the 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 COMEX and the SEHK have different trading hours. The trading hours of COMEX are from 5:00 p.m. to 4:00 p.m. Central Time from Sunday to Friday with a 60-minute break each day at 4:00 p.m. Central Time while the trading hours of SEHK are from 9:30 a.m. to 4:00 p.m. (Hong Kong time) from Monday to Friday with a 60-minute break each day at 12:00 noon (Hong Kong time). As the COMEX may be open when Units in the Product are not traded and priced on SEHK, the value of the COMEX Gold Futures in the Product’s portfolio may change at times when investors will not be able to purchase or sell the Product’s Units. Difference in trading times between the COMEX and the SEHK may increase the level of premium/discount of the Unit price to its Net Asset Value.
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 gives not less than three months’ notice prior to termination of the market making arrangement, liquidity in the market for the Units may be adversely affected if there is only one market maker for the Units. There is also no guarantee that any market making activity will be effective.
The Product may be subject to tracking error risk, which is the risk that its performance may not track that of the Daily leveraged performance of the Index exactly. This tracking error may result from the investment strategy used, high portfolio turnover, liquidity of the market and fees and expenses and the correlation between the performance of the Product and the two times (2x) Daily performance of the Index may be reduced. The Manager will monitor and seek to manage such risk in minimising tracking error. There can be no assurance of exact or identical replication of the leveraged performance of the Index at any time, including an intra-day basis.
Prices of the Product may be more volatile than conventional ETFs because of the daily rebalancing activities and the leverage effect.
The Product may be terminated early under certain circumstances, for example, where there is no market maker, the Index is no longer available for benchmarking or if the size of the Product falls below USD10 million. Investors may not be able to recover their investments and suffer a loss when the Product is terminated.
Investors should note that all Units will receive distributions in the Base Currency (USD) only. In the event that the relevant Unitholder has no USD account, the Unitholder may have to bear the fees and charges associated with the conversion of such distribution from USD to HKD or any other currency. The Unitholder may also have to bear bank or financial institution fees and charges associated with the handling of the distribution payment. Unitholders are advised to check with their brokers regarding arrangements for distributions.

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

Investment Objective and Strategy

The investment objective of the Product is to provide investment results that, before fees and expenses, closely correspond to twice (2x) the Daily performance of the Solactive Gold 1-Day Rolling Futures Index (the “Index”). The Product does not seek to achieve its stated investment objective over a period of time greater than one day.
To achieve the investment objective of the Product, the Manager will adopt a futures-based replication strategy through investing directly in active COMEX Gold Futures subject to the rolling strategy discussed in the prospectus, to obtain the required exposure to the Index.
In entering the active COMEX Gold Futures, the Manager anticipates that no more than 20% of the Net Asset Value of the Product (the “NAV”) from time to time will be used as margin to acquire the COMEX Gold Futures. Under exceptional circumstances (e.g. increased margin requirement by the exchange in extreme market turbulence), the margin requirement may increase substantially. Not less than 80% of the NAV (this percentage may be reduced proportionately under exceptional circumstances where there is a higher margin requirement, as described above) will be invested in cash (USD) and other USD denominated investment products, such as deposits with banks in Hong Kong and USD denominated short-term investment-grade bonds (i.e. maturity less than 3 years) and SFC authorised money market funds in accordance with the requirements of the Code.

Intra-day Estimated NAV1 & Market Price2

Market Information 3, 4

  Date Last Change Change (%)
NAV per Unit in USD (official) - - - -
NAV per Unit in HKD (for reference only) - - - -
Closing Price for Trading unit in HKD - - - -

Product Information

Manager CSOP Asset Management Limited
Base Currency USD
Domicile Hong Kong
Asset Class Futures
Total NAV (USD) -
Outstanding Units -
Management Fee^ 1.50%
Ongoing Charges over a year # (annual average daily ongoing charges*) 1.99% (0.008%)
Dividend Policy Annually in December subject to the Manager’s discretion

^ Include trustee fee, custodian fee and administration fee. Please note that the management fee may be increased up to a permitted maximum amount by providing one month’s prior notice to Unitholders. Please refer to the section headed “Fees and Expenses” in the Prospectus for further details of the fees and charges payable and the permitted maximum of such fee allowed, as well as other ongoing expenses that may be borne by the Product.

# The ongoing charges figure is indicative only as the Product is newly set up. It represents the sum of the estimated ongoing expenses chargeable to the Product expressed as a percentage of the Product's NAV. The actual figure may be different from this estimated figure and it may vary from year to year.

* This is indicative only because the Product is newly established. The annual average daily ongoing charges figure is equal to the ongoing charges figure over the first year of listing divided by the anticipated number of dealing days during that year. The actual figure may be different from the estimate figure and may vary from year to year.

Appropriation

Leverage Two times (2x) daily performance of the underlying index
Actively Managed No
Swap Based No
Futures Based Yes
Securities Lending No

Underlying Index Information

Underlying Index Solactive Gold 1-Day Rolling Futures Index
Index Provider Solactive AG
Currency US Dollar (USD)
Index Launch Date 20 March 2020
Benchmark Level Type Excess Return
Bloomberg Ticker SOLGOLD1 Index
Reuters Code .SOLGOLD1

Trading Information

Exchange Hong Kong Stock Exchange – Main Board
Date of Listing / Dealing 5 June 2020
Primary Exchange Time Zone GMT+8
Exchange Ticker 7299
Bloomberg Ticker 7299 HK
ISIN HK0000612744
Trading Board Lot 100 Units
Trading Currency HKD

Participating Dealers5

Haitong International Securities Company Limited ABN AMRO Clearing Hong Kong Limited
China International Capital Corporation Hong Kong Securities LimitedChina Industrial Securities International Brokerage Limited
  • The near real-time indicative NAV per Unit in HKD and the last NAV per Unit in HKD are indicative and for reference purposes only. The near real-time indicative NAV per Unit in HKD uses a real-time HKD:USD foreign exchange rate – it is calculated using the near real-time indicative NAV per Unit in USD multiplied by a real-time HKD:USD foreign exchange rate provided by ICE Data Indices when the SEHK is opened for trading.
  • Market prices are provided on a 15-minute delayed basis by ICE.
  • Change of the closing price in HKD indicates change of closing price since previous SEHK trading day. (Source: Bloomberg)
  • The last NAV per Unit in HKD is calculated using the last NAV per Unit in USD multiplied by an assumed foreign exchange rate using the HKD:USD exchange rate quoted by Reuters at 3:00 p.m. (Hong Kong time) as of the same Dealing Day. The last NAV per Unit in USD and HKD will be updated on days when the SEHK is open for trading, but will not be updated when the COMEX is closed. Since the indicative NAV per Unit in USD will not be updated when the COMEX is closed, any change in the indicative NAV per Unit in HKD (if any) during such period is solely due to the change in the foreign exchange rate.
  • Additional Participating Dealer(s) will be appointed from time to time.
  • Please refer to HKEX website for the most updated information. Additional Market Maker(s) will be appointed from time to time.

Performance

  1 Month 3 Month 6 Month Year to date Since Inception#
CSOP Gold Futures Daily (2x) Leveraged Product (Price Return)* - - - - -
Solactive Gold 1-Day Rolling Futures Index (Price Return) - - - - -
Leveraged (2x) of Solactive Gold 1-Day Rolling Futures Index (Price Return)* - - - - -

* Where no figure is shown there was insufficient data available.

# Cumulative performance is calculated since the inception date on 5 June 2020.

Accumulative performance of the Product will be presented only after 6 months from its launch.

All dollar amounts are in USD and all dates are in GMT+8 Time, unless otherwise specified

Performance is calculated on NAV to NAV basis in USD with dividend reinvested, taking into account ongoing charges and excluding your trading costs on SEHK.

Past performance information is not indicative of future performance. Investors may not get back the full amount invested.

These figures show by how much the fund increased or decreased in value during the period being shown.

Performance Simulator

Investors should understand that the Leveraged Product aims to provide returns closely correspond to twice (2x) the Daily performance of the Index. It has to rebalance its position on a daily basis in order to achieve its investment objective. As a result of rebalancing, it may not track the multiple return of the Index when it is held for less than a full trading day or overnight.
Below is a performance simulator to allow investors to simulate the performance of the Leveraged Product during the selected period based on historical data. The investor is assumed to hold the Leveraged Product for the entire simulation period. The performance of the Leveraged Product is calculated based on it's NAV. The performance of the Leveraged Product may not reflect the returns that the investor would be able to obtain as it does not capture the premium/ discount of the Leveraged Product, or the trading costs.
Start Date End Date
Simulation Results
CSOP Gold Futures Daily (2x) Leveraged Product -
Solactive Gold 1-Day Rolling Futures Index -
Leveraged (2x) of Solactive Gold 1-Day Rolling Futures Index -
Gold Spot Index -

Performance Chart

Tracking Difference/ Error

Daily Tracking Difference (Daily TD)

Daily TD is the difference between the daily return of an Leveraged Product and the 2x daily performance of the underlying index.

Tracking Error (TE)

Tracking error measures how consistently a Leveraged Product delivers the 2x daily performance of the underlying index. It is the volatility (measured by standard deviation) of that daily return difference.
Tracking Difference Tracking Error
As of 30 June, 2020
Product listing date: 5 June, 2020
Estimated annual average daily tracking difference: -0.02%
Actual Average Daily TD:
Since Listing: -0.02%
As of 30 June, 2020
Product listing Date: 5 June, 2020
No TE data will be displayed during the first year of listing

Graph for Tracking Difference

Product's performance is calculated on an NAV to NAV basis without any reinvestment of distributions.

Daily return of the Leveraged Product and the 2x daily performance of the underlying Index

Actual daily tracking difference

Holdings

Total Net Asset Value (USD)
(Deemed Total Net Asset Value (USD))1
Market Value of Futures Contracts (USD) Futures Contract Exposure (%)2
16,955,971.00
(16,955,971.00)
33,729,240.00 198.92

As of 14 Jul, 2020

1 Deemed Total Net Asset Value incorporates creation/redemption order amount and the rebalancing activity of above date.

2 Future Contract Exposure = Market Value of Future Contract / Deemed Total Net Asset Value

Futures Contracts Holdings

Futures Contracts Name Bloomberg Ticker Quantity
GOLD 100 OZ FUTR AUG20 GCQ0 COMDTY 186

As of 14 Jul, 2020

Product Holdings

Holdings Weighting (%)
CASH AND CASH EQUIVALENTS(USD) 29.59
TREASURY BILL B 08/27/20 15.92
TREASURY BILL B 08/20/20 15.57
CSOP USD MONEY MRKT ETF USD 9.68
TREASURY BILL B 08/13/20 7.67
TREASURY BILL B 08/06/20 4.48
TREASURY BILL B 07/30/20 4.31
TREASURY BILL B 07/23/20 4.25
TREASURY BILL B 07/16/20 4.19

As of 14 Jul, 2020

All dollar amounts are in USD. All dates are in GMT+8 Time.

Important information about Dividend out of capital / effectively out of capital

The Manager will have the discretion to determine if and to what extent distributions (whether directly or effectively) will be paid out of capital of the Product.
The Manager may, at its discretion, pay distributions out of capital. The Manager may also, at its discretion, pay distributions out of gross income while all or part of the fees and expenses of the Product are charged to/paid out of the capital of the Product, resulting in an increase in distributable income for the payment of distributions by the Product and therefore, the Product may effectively pay distributions out of capital.
Payments of distributions 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 distributions involving payment out of or effectively out of the Product’s capital may result in an immediate reduction in the Net Asset Value per Unit and will reduce any capital appreciation for the Unitholders.

Distribution History

Ex-Date Record Date Payable Date Dividend Per Share Dividend Paid Out of Net Distributable Income* for the month Dividend Paid Out of Capital

*“Net distributable income” means the net investment income (i.e. dividend income and interest income net of fees and expenses) attributable to the relevant share class and may also include net realised gains (if any) based on unaudited management accounts. However, “net distributable income” does not include net unrealised gains.

The data in “dividend paid out of net distributable income” and “dividend paid of out of capital” are just for reference only. Please kindly refer to the official dividends information in the dividend per share column.

Warning: Please note that a positive distribution yield does not imply a positive return. Investors should not make any investment decision solely based on information contained in the table above. There is no guarantee of distribution. Investors should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors.

All dollar amounts are in USD. All dates are in GMT+8 Time.

Index Provider Disclaimer

The Product is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive Gold 1-Day Rolling Futures Index and/or the use of Solactive trade mark or the index price/prices of the Solactive Gold 1-Day Rolling Futures Index at any time or in any other respect. The Solactive Gold 1-Day Rolling Futures Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Gold 1-Day Rolling Futures Index is calculated correctly. Irrespective of its obligations towards CSOP Asset Management Limited, Solactive AG has no obligation to point out errors in the Solactive Gold 1-Day Rolling Futures Index to third parties including but not limited to investors and/or financial intermediaries of the Product. Neither publication of the Solactive Gold 1-Day Rolling Futures Index by Solactive AG nor the licensing of the Solactive Gold 1-Day Rolling Futures Index or Solactive trade mark for the purpose of use in connection with the Product constitutes a recommendation by Solactive AG to invest capital in the Product nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in the Product. Remember, the information in the Prospectus does not constitute tax, legal or investment advice and is not intended as a recommendation for buying or selling securities. The information and opinions contained in the Prospectus have been obtained from public sources believed to be reliable, but no representation or warranty, express or implied, is made that such information is accurate or complete and it should not be relied upon as such. Solactive AG will not be responsible for the consequences of reliance upon any opinion or statement contained therein or for any omission.

Disclaimer

This website is owned and managed by CSOP Asset Management Limited (“CSOP”). CSOP reserves the right to change, modify, add or delete, any content and the terms & conditions of use of this website without notice. Users are advised to periodically review the contents of this website to be familiar with any modifications.

The performance figures contained on this website are for informational purposes only. Past performance is not indicative of future performance. Investment involves risks and the Product's NAV per unit may rise as well as fall. Persons interested in investing in the Product should read the relevant fund offering documents (including the full text of the risk factors stated therein) in detail before making any investment decision.

This website is prepared by CSOP and has not been reviewed by the Securities and Futures Commission.

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Privacy Statement

This is the website of CSOP Asset Management Limited ("CSOP"). We understand that our customers and website visitors are concerned about the privacy of information. We have established policies and procedures concerning the collection, use and security of your information that will help protect your privacy. This policy statement provides information on the obligations and policies of CSOP under the Personal Data (Privacy) Ordinance (the "Ordinance").

OUR CORPORATE POLICY

CSOP recognize the importance of personal data to our business and the importance of respecting the privacy rights of our clients. Therefore, we are committed to ensuring compliance with the requirements of the Ordinance. Each employee of CSOP must abide by our commitment to privacy in the handling of personal information. To further enhance confidentiality and security of all personal data, only authorized staff will be allowed to have access to the personal information collected. It is restricted to those persons who have a business need to access personal information in order to perform their job duties.

The purpose of this Statement is to establish the policies and practices of CSOP's commitment to protect the privacy of personal data and to inform you about our responsibilities and your rights under the Ordinance.

Types of Personal Data Held

There are two broad categories of personal data held by us. They are personal data relating to clients and employees of CSOP.

Personal data held by us regarding clients may include the following:-

Personal data relating to employment held by us may include the following:-

Main Purposes of keeping Personal Data

The purposes for which personal data relating to clients may be used are as follows:-

The purposes for which personal data relating to employees may be used are as follows:-

Transfer of Personal Data

Personal data held by CSOP relating to clients will be kept confidential but may be transferred to the following parties (whether within or outside the Hong Kong Special Administrative Region) for any of the purposes stated above:-

Accuracy of Personal Data

CSOP strive at all times to ensure accuracy of all personal data collected and processed by us. In order to assist us to deliver on this pledge, please inform us immediately in the event that your personal information has been changed or you discovered that your personal information held by us is incorrect.

Your Rights

It is not a statutory requirement for you to provide personal data to us. However, we will not be able to provide you with the services and products you may require unless you provide us with the necessary personal data or information.

You have a right (i) to be informed whether we hold any of your personal data; (ii) to be supplied with a copy of your personal data we hold; and (iii) to request correction of your personal data we hold. If you wish to access to and/or to correct any of your personal data held by us, please send your written request to the address set out below. We may, subject to the Ordinance, impose a reasonable fee for complying with a data access request.

If you do not wish your personal data to be used for direct marketing purposes, you may notify us in writing to the following address:-

Head of Legal & Compliance

CSOP Asset Management Limited,
2801-2802 Two Exchange Square
8 Connaught Place, Central
Hong Kong

Upon receipt of such notice, we shall, without charge to you, cease using your personal data for direct marketing purposes.

Disclaimer

CSOP Asset Management Limited ("CSOP") is a regulated institution in Hong Kong by the Securities and Futures Commission (“SFC”). This website contains information about CSOP and the services and products offered by CSOP. The information provided on the CSOP website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country that would subject CSOP or its affiliates to any registration requirement within such jurisdiction or country. Non-Hong Kong investors are responsible for observing all applicable laws and regulations of their relevant jurisdictions before proceeding to access the information contained herein. By proceeding, you are representing that you have understood and accepted the restrictions set out in this section.

The website is prepared by CSOP and has not been reviewed by the SFC. You are advised to exercise caution and if you are in any doubt about any of the contents of the website, you should obtain independent financial and professional advice. Private Investors are advised to consult with their financial advisors, banks, or other professional advisors. Nothing herein should be construed as investment advice nor as comment on the suitability of any investment or investment service. Prospective investors should take advice from their own professional advisors before making any investment decision.

The information contained in this website is provided for reference only and does not constitute any investment advice. Past performance is not an indicative of future performance. Investment involves risk and investors may not get back the amount originally invested. Please read the relevant offering document carefully, in particular fund features and the risks involved in investing in the fund.

Nothing on this website constitutes a solicitation, invitation, recommendation or offer to purchase a product offered by CSOP or any CSOP funds or as the basis for any investment decision.

This site may include forward-looking statements which are based on CSOP's current opinions, expectations and projections. CSOP undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements.

If you have accessed this site using a link from another site, CSOP do not accept any liability or responsibility for the accuracy of information contained within the sites of other providers who have links to any pages of this site.

CSOP do not accept responsibility for any interference or damage to your own computer system, the records stored therein or those of any other person, which arises in connection with your use of this website or any linked website. A Cookies is utilized on this website. It allows your browser to check whether you have read and agreed to these terms. The Cookies does not contain any personally identifiable information. Unfortunately, if your browser is set up to reject Cookies you will not be able to see the content of this website. All copyrights reserved and its contents including all information, graphics, code, text and design in this website are owned by CSOP and should not be reproduced or distributed without its permission. These terms are governed exclusively by the laws of Hong Kong and constitute the entire agreement between you and CSOP in relation to the use of this website.

The information is current as at the date of publication but is subject to change without notice.

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