ICBC CSOP S&P New China Sectors ETF
(HKD Counter Stock Code: 3167, RMB Counter Stock Code: 83167, USD Counter Stock Code: 9167)

IMPORTANT INFORMATION about the ICBC CSOP S&P New China Sectors ETF

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

The ICBC CSOP S&P New China Sectors 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 units of the Sub-Fund (“Units”) are listed on The Stock Exchange of Hong Kong Limited (the “SEHK”). These Units are traded on the SEHK like listed stocks. The Sub-Fund is a passively managed index tracking exchange traded fund under Chapter 8.6 of the Code on Unit Trusts and Mutual Funds.

The Sub-Fund is a physical ETF which invests directly in the PRC mainland’s domestic securities markets through the Qualified Foreign Investor (“QFI”) status granted to the Manager and/or Stock Connect.

The Sub-Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund may suffer losses. There is no guarantee of the repayment of principal.
The Sub-Fund’s investment in equity securities is subject to general market risks and the value of such investment may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.
The Sub-Fund’s investments are concentrated in Mainland China- and Hong Kong-domiciled companies in selected consumption and service-oriented industries. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments. 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 Mainland China and/or Hong Kong markets.
Reliance on the depositary bank to exercise on behalf of ADR holders the rights that are otherwise available to the shareholders of the underlying company, non-segregation by the depositary bank of underlying stock of the ADR and its own assets, and bankruptcy of the depositary bank issuing the ADRs may generate additional risks compared to a direct exposure to the corresponding underlying stocks. There are also fees charged by the depositary banks for the custody of the underlying stock. These may negatively affect the performance and/or the liquidity of the Sub-Fund.
Mainland China is considered as an emerging market and investing in Mainland China market may involve increased risks such as liquidity risks, currency risks/control, political and economic uncertainties, legal/regulatory and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.
The China A-Shares market may be more volatile and unstable (e.g. due to suspension of particular stocks or government intervention) and this may have a negative impact on the Sub-Fund.
The China A-Shares constituting the portfolio of the Sub-Fund may be suspended if the trading band limit has been exceeded for such China A-Shares. This may lead to 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.
Underlying investments of the Sub-Fund may be denominated in currencies other than the base currency of the Sub-Fund (i.e. HKD). The NAV of the Sub-Fund may be affected unfavourably by fluctuations in the exchange rates between these currencies and HKD and by changes in exchange rate controls.
RMB is currently not freely convertible and is subject to exchange controls and restrictions. 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 the Sub-Fund’s investment in the PRC mainland.
Any depreciation of RMB could adversely affect the value of investor’s investment in the Sub-Fund.
The Sub-Fund’s ability to make the relevant investments in the PRC mainland 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 such change may have potential retrospective effect.
The Sub-Fund may suffer substantial losses if the approval of the QFI status 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 the PRC Custodian/PRC Mainland Brokers) is bankrupt, in default and/or disqualified from performing its obligations (including execution or settlement of any transaction or transfer of monies or securities).
As the relevant PRC mainland or US stock exchanges may be open when Units in the Sub-Fund are not priced, the value of the China A-Shares and ADRs in the Sub-Fund’s portfolio may change on days when investors will not be able to purchase or sell the Sub-Fund’s Units.
The market prices of China A-Shares and ADRs listed on the above stock exchanges may not be available during part of or all of the SEHK trading sessions due to trading hour differences which may result in Units of the Sub-Fund being traded at a premium or discount to its Net Asset Value.
If there is a suspension of the inter-counter transfer of Units among the HKD counter, the RMB counter and the USD counter for any reason, investors will only be able to trade their Units in the relevant counter on the SEHK.
The market price on the SEHK of Units traded in RMB or USD may deviate significantly from the market price on the SEHK of Units traded in HKD due to different factors, such as market liquidity, supply and demand in each counter and the exchange rate between the HKD and the RMB (in both the onshore and the offshore markets) and the USD. As such investors may pay more or receive less when buying or selling Units traded in RMB or USD on the SEHK than in respect of Units traded in HKD and vice versa.
Investors without RMB accounts or USD accounts may buy and sell HKD traded Units only. Such investors will not be able to buy or sell RMB traded Units or USD traded Units and should note that distributions are made in HKD only.
Not all brokers and CCASS participants may be familiar with and able to buy Units in one counter and to sell Units in another or to carry out inter-counter transfers of Units or to trade different counters at the same time. This may inhibit or delay an investor dealing in HKD traded Units, RMB traded Units and USD traded Units and may mean an investor can only trade in one currency.
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 90 days’ notice prior to terminating market making arrangement, 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.
There may be less interest by potential market makers making a market in units denominated and traded in RMB. Any disruption to the availability of RMB may adversely affect the capability of market makers in providing liquidity for the units.
The Sub-Fund may be subject to tracking error risk, which is the risk that its performance may not exactly track that of the S&P New China Sectors (A-shares Capped) Index (“Underlying Index”). 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 Sub-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 HKD100 million. Investors may not be able to recover their investments and suffer a loss when the Sub-Fund is terminated.
The Sub-Fund is passively managed and the Manager and the Investment Adviser 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.
Payment of dividends out of capital and/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 such original investments. Any such distributions may result in an immediate reduction of the NAV per Unit of the Sub-Fund.
The rules and regulations on Stock Connect are subject to change which may have potential retrospective effect. Stock Connect is subject to quota limitations. Where a suspension in the trading through the programme is affected, the Sub-Fund’s ability to invest in China A-Shares or access the PRC mainland market through the programme will be adversely affected. In such event, the Sub-Fund’s ability to achieve its investment objective could be negatively affected.
Securities lending transactions may involve the risk that the borrower may fail to return the securities lent out in a timely manner and the value of the collateral may fall below the value of the securities lent out.
The Manager has delegated the investment discretion in relation to China A-Shares of the Sub-Fund to the Investment Adviser and will rely on the Investment Adviser’s expertise and systems for the Sub-Fund’s investments in China A-shares. Any disruption in the communication with or assistance from the Investment Adviser or a loss of service of the Investment Adviser or any of its key personnel may adversely affect the operations of the Sub-Fund.
As a result of the change in index, past performance of the Sub-Fund prior to 8 April 2019 was achieved under circumstances which no longer apply. Investors should exercise caution when considering the past performance of the Sub-Fund prior to 8 April 2019.
During period from the previous index to the Underlying Index, which is anticipated to take up to 5 trading days from the effective date, holdings of the Sub-Fund will be rebalanced from constituents of the previous index to the Underlying Index. Although there is a high degree of correlation between the previous index and Underlying Index, there is a risk that the tracking error and tracking difference of the Sub-Fund during the rebalancing period may increase.
The Underlying Index is a new index having only been launched on 24 December 2018. Given the Underlying Index is relatively new, the Sub-Fund may be riskier than other exchange traded funds tracking more established indices with a longer operating history.
The Manager may invest no more than 15% of the NAV of the Sub-Fund in FDIs through one or more counterparty(ies). As such, the Sub-Fund may suffer significant loss if a counterparty to the FDIs to perform its obligations, or in case of insolvency or default of the counterparty(ies).
Risks associated with FDIs include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. FDIs are susceptible to price fluctuations and higher volatility, and may have large bid and offer spreads and no active secondary markets. The leverage element/component of an FDI can result in a loss significantly greater than the amount invested in the FDI by the Sub-Fund. Exposure to FDIs may lead to a high risk of significant loss by the Sub-Fund.

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

Fund Objective and Investment Strategy

Objective

The investment objective of the Sub-Fund is to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the S&P New China Sectors (A-shares Capped) Index (the “Underlying Index”).

Strategy

In seeking to achieve the investment objective, the Manager will primarily use a full replication strategy by investing all or substantially all of the Sub-Fund’s assets in the constituents of the Underlying Index (the “Index Securities”) in substantially the same weightings as the Index Securities have in the Underlying Index.

Intra-day Estimated NAV 1 & Market Price 2

Market Information 3, 4

  Date Last Change Change (%)
Official NAV per Unit in HKD - - - -
NAV per Unit in RMB (for reference only) 5 - - - -
NAV per Unit in USD (for reference only) 5 - - - -
Closing Price for Trading unit in HKD - - - -
Closing Price for Trading unit in RMB - - - -
Closing Price for Trading unit in USD - - - -

Fund Information

SEHK Listing Date 8 December 2016
Financial Year 31 December
Asset Class Equity
Domicile Hong Kong
Total NAV (HKD) -
Outstanding Units -
Management Fee 0.99% per annum
Ongoing Charges Over A Year # 1.11%
Base Currency HKD
Number of Holdings -

# The ongoing charges figure is based on expenses for the year ended 31 December 2020. This figure may vary from year to year. It represents the ongoing expenses chargeable to the Sub-Fund expressed as a percentage of the Sub-Fund’s average NAV.

Underlying Index Information

Underlying Index S&P New China Sectors (A-shares Capped) Index
Index Provider S&P Dow Jones Indices LLC
Currency HKD
Benchmark Level Type Net Total Return Index
Bloomberg Total Return Index SPNCSCHN

Trading Information

  HKD Traded Unit RMB Traded Unit USD Traded Unit
Exchange Hong Kong Stock Exchange – Main Board Hong Kong Stock Exchange – Main Board Hong Kong Stock Exchange – Main Board
Date of Listing / Dealing 8 December 2016 8 December 2016 8 December 2016
Primary Exchange Time Zone GMT+8 GMT+8 GMT+8
Exchange Ticker 3167 83167 9167
Bloomberg Ticker 3167 HK 83167 HK 9167 HK
ISIN HK0000316767 HK0000406931 HK0000406949
Trading Board Lot 50 Units 50 Units 50 Units
Trading Currency HKD RMB USD

Participating Dealers 6

Merrill Lynch Far East LimitedHaitong International Securities Company Limited
Goldman Sachs (Asia) Securities LimitedCLSA Limited
BNP Paribas Securities ServicesGuotai Junan Securities (Hong Kong) Limited
ABN AMRO Clearing Hong Kong LimitedChina Merchants Securities (HK) Co., Limited
Masterlink Securities (Hong Kong) Corporation LimitedCitigroup Global Markets Asia Limited
Mirae Asset Securities (HK) LimitedPhillip Securities (Hong Kong) Limited
Huatai Financial Holdings (Hong Kong) LimitedChina International Capital Corporation Hong Kong Securities Limited
Barclays Bank PLC
  • IOPV calculations and delayed market data as shown on CSOP website (the “data”) provided by ICE Data Indices , see ICE Terms of Use , and is updated during HK Exchange trading hours. Powered by Factset . IOPV is indicative and for reference purposes only. The Fund is not sponsored, endorsed, sold or marketed by ICE Data Indices, LLC, its affiliates (“ICE Data”) and ICE Data or its respective third party suppliers make no express or implied warranties, and hereby expressly disclaim all warranties of merchantability or fitness for a particular purpose with respect to the iNAV, IOPV, fund or any fund data included therein. In no event shall ICE Data have any liability for any special, punitive, direct, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages. You acknowledge that the data is provided for information only and should not be relied upon for any purpose. HKEX Information Services Limited, its holding companies and/or any subsidiaries of such holding companies endeavour to ensure the accuracy and reliability of the information provided but do not guarantee its accuracy or reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.
  • Market prices are provided on a 15-minute delayed basis by ICE.
  • Performance is calculated on NAV to NAV basis in HKD and assumes dividend will be reinvested. Change of the official NAV per Unit in HKD indicates the change of the NAV per Unit since previous Dealing Day where the SEHK is open for normal trading. Refer to the Prospectus for more information on determination of Net Asset Value. Source of NAV per Unit in HKD: HSBC Institutional Trust Services (Asia) Limited.
  • Change of the closing price indicates change of closing price since previous SEHK trading day. (Source: Bloomberg)
  • The last closing NAV per Unit in RMB/ USD is indicative and for reference purpose only and is calculated using the last closing NAV per Unit in HKD multiplied by an assumed foreign exchange rate to HKD quoted by Thomson Reuters at 3:00 p.m. (Hong Kong time) as of the same Dealing Day.
  • 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#
ICBC CSOP S&P New China Sectors ETF*
S&P New China Sectors (A-shares Capped) Index**

# Cumulative performance is calculated since the inception date on 8 Dec 2016.

* Fund performance is calculated on NAV to NAV basis with dividend reinvested.

** Performance of underlying index is calculated based on total return. The underlying index of the Sub-Fund changed to S&P New China Sectors (A-shares Capped) Index effective April 8, 2019. Index performance reflects the performance of the S&P New China Sectors Index from the inception of the Sub-Fund through April 7, 2019, and the S&P New China Sectors (A-shares Capped) Index thereafter.

Tracking Difference/ Error

Tracking Difference (TD)

Tracking difference is the return difference between an ETF and its underlying benchmark/ index over a certain period of time.

Tracking Error (TE)

Tracking error measures how consistently an ETF follows its benchmark/ index. It is the volatility (measured by standard deviation) of that return difference.
Tracking Difference Tracking Error
As of
Fund Listing Date: 8 December, 2016
Rolling 1-Year TD:
TD for calendar year 2017: -2.64%
TD for calendar year 2018: -0.51%
TD for calendar year 2019: -1.49%
TD for calendar year 2020: -1.61%
As of
Fund Listing Date: 8 December, 2016
Rolling 1-Year TE^:
^Annualized based on the number of dealing days in the past year when daily TD is calculated

Note: The underlying index of the Sub-Fund changed to S&P New China Sectors (A-shares Capped) Index effective April 8, 2019. Index performance reflects the performance of the S&P New China Sectors Index from the inception of the Sub-Fund through April 7, 2019, and the S&P New China Sectors (A-shares Capped) Index thereafter.

Graph for Tracking Difference

ETF's performance is calculated on an NAV to NAV basis and assumes reinvestment of distributions.

Note: The underlying index of the Sub-Fund changed to S&P New China Sectors (A-shares Capped) Index effective April 8, 2019. Index performance reflects the performance of the S&P New China Sectors Index from the inception of the Sub-Fund through April 7, 2019, and the S&P New China Sectors (A-shares Capped) Index thereafter.

Holdings

Total Net Asset Value (HKD) Number of Securities 1 Securities (%) 2
- - -

Sectors Breakdown

All Holdings

  • Sort by
Total records: 252
Weighting
(%)
Name Exchange
Ticker
Trading
Exchange
Market
Price
(RMB)
Shares Held Market
Value
(RMB)
Sector

All dollar amounts are in HKD. All dates are in GMT+8 Time. Any exceptions are noted.

1. The "Number of Securities" represents the number of underlying securities held by the Fund.
2. May include dividends booked but not yet received.
3. The Average Cost is the average purchasing price of each fund’s constituent stock. This is indicative and for reference purposes only.

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

The Manager may, at its discretion, pay dividend out of capital. The Manager may also, at its discretion, pay dividend out of gross income while all or part of the fees and expenses of the ETF are charged to/paid out of the capital of the ETF, resulting in an increase in distributable income for the payment of dividends by the ETF and therefore, the ETF may effectively pay dividend out of capital.
Payments 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 capital gains attributed to that original investment. Any distributions involving payment of dividends out of the ETF’s capital or effectively out of capital may result in an immediate reduction in the Net Asset Value (“NAV”) per Unit.

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
2019-12-20 2019-12-23 2019-12-30 HKD 1.01 per share HKD 0.23 HKD 0.78
2018-12-14 2018-12-17 2018-12-27 HKD 0.77 per share HKD 0.34 HKD 0.43
2017-12-18 2017-12-19 2017-12-29 HKD 0.98 per share HKD 0.00 HKD 0.98

*“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.

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 ETF's NAV per unit may rise as well as fall. Persons interested in investing in the ETF should read the relevant fund offering documents (including the full text of the risk factors stated therein) in detail before making any investment decision.


Index Provider Disclaimer:

The S&P New China Sectors (A-shares Capped) Index (“Index”) is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by CSOP Asset Management Limited. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); These trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by CSOP Asset Management Limited. The ICBC CSOP S&P New China Sectors ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.


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

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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

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Main Purposes of keeping Personal Data

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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.

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