CSOP RMB Money Market ETF
(HKD Counter Stock Code 3122, RMB Counter Stock Code 83122)

IMPORTANT INFORMATION about the CSOP RMB Money Market 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 CSOP RMB Money Market ETF (the “Sub-Fund”) is a sub-fund of the CSOP ETF Series II, which is an umbrella unit trust established under Hong Kong law. The Sub-Fund offers both listed class of Units (the “Listed Class of Units”) and unlisted classes of Units (together the “Unlisted Class of Units”). Investors should note that purchase of a Unit in the Sub-Fund is not the same as placing funds on deposit with a bank or deposit-taking company and that the Sub-Fund is not subject to the supervision of the Hong Kong Monetary Authority. The Sub-Fund does not have a constant net asset value ("NAV"). The Manager has no obligation to redeem units at the offer value.
Investors of Listed and Unlisted Classes are subject to different pricing and dealing arrangements. The NAV per Unit of each of the Listed and Unlisted Classes may be different due to different fees and cost applicable to each Class. The dealing deadlines in respect of the Listed and Unlisted Class of Units are also different, subject to the applicable valuation point.
Units of the Listed Class are traded on the stock exchange on an intraday basis at the prevailing market price (which may diverge from the corresponding NAV), while Units of the Unlisted Class are sold through intermediaries based on the dealing day-end NAV and are dealt at a single valuation point with no access to intraday liquidity in an open market. Depending on market conditions, investors of the Listed Class may be at an advantage or disadvantage compared to investors of the Unlisted Class.
In a stressed market scenario, investors of the Unlisted Class could redeem their Units at NAV while investors of the Listed Class could not and may have to exit the Sub-Fund at a significant discount. On the other hand, investors of the Listed Class could sell their Units on the secondary market during the day thereby crystallising their positions while investors of the Unlisted Class could not do so in a timely manner until the end of the day.
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 return of the Sub-Fund tracks the performance of the Benchmark. Investment in the Sub-fund is subject to interest rate risk. In general, the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise. The factors influencing interest rates include, amongst other things, monetary policy, fiscal policy and inflation. If the Benchmark becomes negative, the Sub-Fund will suffer a loss. Moreover, if the Benchmark is at a low level, the Sub-Fund may also produce a negative return over a given period of time, as ongoing charges of the Sub-Fund may be higher than the interests received by the Sub-Fund. Therefore, the Sub-Fund may suffer a loss even when the Benchmark is positive.
Investing in the Sub-Fund is not the same as investing in an actively managed money market fund. Unlike the management company of an actively managed money market fund, the Manager adopts a passive tracking strategy to provide return that follows the Benchmark.
Bank deposits are subject to the credit risks of the relevant financial institutions. The Sub-Fund’s deposit may not be protected by any deposit protection schemes, or the value of the protection under the deposit protection schemes may not cover the full amount deposited by the Sub-Fund. Therefore, if the relevant financial institution defaults, the Sub-Fund may suffer losses as a result.
Short-term debt instruments risk: As the Sub-Fund invests in short-term debt instruments with short maturities, the turnover rates of the Sub-Fund’s investments may be relatively high and the transaction costs incurred as a result of the purchase or sale of short-term debt instruments may also increase which in turn may have a negative impact on the NAV of the Sub-Fund. The Sub-Fund’s underlying fixed income Securities may become more illiquid when nearing maturity. It therefore may be more difficult to achieve fair valuation in the market.
Liquidity Risk: The Sub-Fund is subject to liquidity risk as continued regular trading activity and active secondary market for bonds is not guaranteed. The bid and offer spread of the price of bonds may be large, so the Sub-Fund may incur significant trading and realisation costs and may suffer losses accordingly. There can be no assurance that investors will be able to dispose of their Units at prices in the amounts and at the times at which they wish to.
Issuer Counterparty/Sovereign Debt Risk: The Sub-Fund is exposed to the credit/insolvency risk of issuer of the bonds that the Sub-Fund may invest in. The governmental entity that controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. The Sub-Fund’s recourse against a defaulting sovereign is limited. The Sub-Fund may suffer significant losses when there is a default of sovereign debt issuers.
Credit Downgrade and Credit Rating Risk: The credit rating of a debt instrument or its issuer may subsequently be downgraded. In the event of such downgrading, the value of the Sub-Fund may be adversely affected. The Manager may or may not be able to dispose of the debt instruments that are being downgraded. Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times.
Credit Rating Agency Risk: The credit appraisal system in the Mainland and the rating methodologies employed in the Mainland may be different from those employed in other markets. Credit ratings given by Mainland rating agencies may therefore not be directly comparable with those given by other international rating agencies.
Operational and Settlement Risk: To the extent that Sub-Fund transacts in the inter-bank bond market in the PRC mainland, the Sub-Fund may also be exposed to risks associated with settlement procedures and default of counterparties. If a counterparty defaults in delivering the securities, the trade may be cancelled and this may adversely affect the value of the Sub-Fund. Any transaction via exchange markets may also be subject to settlement delays.
Valuation Risk: Valuation of the fund’s investments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the NAV calculation of the fund.
RMB is not a freely convertible currency as it is subject to foreign exchange control and restrictions of the PRC mainland government. Any devaluation of the RMB could adversely affect the value of investors’ investments in the Sub-Fund. Investors whose base currency is not the RMB may be adversely affected by changes in the exchange rates of the RMB. 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 redemption and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB.
Investing in the PRC mainland, involves a greater risk of loss than investing in more developed markets due to, among other factors, greater political, social, tax, economic, foreign exchange, liquidity and regulatory risks; exchange rate fluctuations and exchange control; less developed settlement system; governmental interference; the risk of nationalisation and expropriation of assets, and custody risk and high volatility risk. The Sub-Fund will invest primarily in RMB-denominated and settled short-term deposits, high quality money market instruments including debt securities to correspond to the performance of the Benchmark. The Sub-Fund is therefore likely to be more volatile than a broad-based fund that adopts a more diversified strategy. 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 PRC mainland market.
The Sub-Fund’s ability to make the relevant investments or to fully implement or pursue its investment objective and strategy is subject to the applicable laws, rules and regulations (including restrictions on investments and repatriation of principals and profits) in the PRC mainland, which are subject to change, which may have potential 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 the relevant securities and repatriation of the Sub-Fund’s monies, or if any of the key operators or parties (including the RQFII custodian/brokers) is bankrupt / in default and/or is disqualified from performing its obligations (including execution or settlement of any transaction or transfer of monies or securities).
The relevant rules and regulations on Bond Connect are subject to change which may have potential retrospective effect. Where a suspension in the trading through Bond Connect is effected, the Sub-Fund’s ability to invest in or access the PRC mainland market will be adversely affected. In such event, the Sub-Fund will have to increase its reliance on the QFI regime, and its ability to achieve its investment objective could be negatively affected.
There are risks and uncertainties associated with the current PRC mainland tax laws, regulations and practice in respect of capital gains realised by QFIs on investments in the PRC mainland (which may have retrospective effect). After careful consideration of the Manager’s assessment and having taken and considered independent professional tax advice and in accordance with such advice, the Manager decided that no withholding provision will be made on the gross unrealised and realised capital gains derived from disposal of PRC mainland Securities.
It is possible that the applicable tax laws may be changed, that the PRC mainland tax authorities may hold a different view as to the enforcement of the PRC mainland withholding tax collection on capital gains. In such case the Sub-Fund will bear the actual tax liabilities as no tax provision has been made. This may have an adverse impact to the Sub-Fund’s NAV. In this case, existing and subsequent investors will be disadvantaged as they bear for a disproportionately higher amount of tax liabilities as compared to the liability at the time of investment in the Sub-Fund.
Not all stockbrokers or custodians may be ready and be able to carry out trading and settlement of the RMB traded Units. The limited availability of RMB outside of the PRC mainland may also affect the liquidity and trading price of the RMB traded Units.
If there is a suspension of the inter-counter transfer of Units between the HKD counter and the RMB counter for any reason, investors will only be able to trade their Units in the relevant counter on the SEHK which may inhibit or delay an investor dealing. The market price on the SEHK of Units traded in HKD and of Units traded in RMB may deviate significantly due to different factors, such as market liquidity, supply and demand in each counter and the exchange rate between the RMB and the HKD (in both the onshore and the offshore markets). As such investors may pay more or receive less when buying or selling Units traded in HKD on the SEHK than in respect of Units traded in RMB and vice versa.
Investors without RMB accounts may buy and sell HKD traded Units only. Such investors will not be able to buy or sell RMB traded Units and should note that distributions are made in RMB only. As such, investors may suffer a foreign exchange loss and incur foreign exchange associated fees and charges to receive their dividend.
Not all brokers and CCASS participants may be familiar with and able to buy Units in one counter and to sell Units in the other or to carry out inter-counter transfers of Units or to trade both counters at the same time. This may inhibit or delay an investor dealing in both HKD traded Units and RMB traded Units and may mean an investor can only trade in one currency.
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 Benchmark are expected to result in corresponding falls in the value of the Sub-Fund.
The Sub-Fund may be subject to tracking error risk, which is the risk that its performance may not exactly correspond to that of the Benchmark. 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 Benchmark.
Generally, retail investors can only buy or sell Units on SEHK. The trading price of the Units on SEHK is subject to market forces such as demand and supply of the Units and may trade at a substantial premium or discount to the NAV per Unit.
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.
Although the Manager will use its best endeavours to put in place arrangements so that at least 1 market maker will maintain a market for Units traded in each counter and that at least 1 market maker for each counter gives not less than 3 months’ prior notice before termination of relevant market making under the market maker agreement, liquidity in the market for the Units may be adversely affected if there is no market maker for the RMB and the HKD traded Units. It is possible that there is only 1 market maker to each counter or the Manager may not be able to engage a substitute market maker within the termination notice period of the market maker, and 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 Manager may, at its discretion, pay dividends out of capital. The Manager may also, at its discretion, pay dividends out of gross income while all or part of the fees and expenses of the Sub-Fund are charged to/paid out of the capital of the Sub-Fund, resulting in an increase in distributable income for the payment of dividends by the Sub-Fund and therefore, the Sub-Fund may effectively pay dividends out of the capital. Payment of dividends out of capital or effectively out of the capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment, and may result in an immediate reduction of the NAV per Unit.
The Sub-Fund may be terminated early under certain circumstances, for example, where the Benchmark is no longer available for benchmarking or if the size of the Sub-Fund falls below RMB150 million. Investors should refer to “Termination” in the Prospectus for further details. Investors may not be able to recover their investments and may suffer a loss when the Sub-Fund is terminated.
On 9 October 2019, the Sub-Fund changed from tracking FTSE Chinese Government and Policy Bank Bond 0-1 Year Select Index (the “Previous Index”) to providing performance that closely corresponds to the performance of the Benchmark. The rebalancing of assets held by the Sub-Fund as a result of the change is anticipated to take place over a period of 10 trading days (the “Rebalancing Period”). During the Rebalancing Period, holdings of the Sub-Fund will be rebalanced from constituents of the Previous Index to the instruments which aim to track the performance of the Benchmark. The Manager therefore considers there is a risk that the tracking error and tracking difference of the Sub-Fund during the Rebalancing Period may increase. Investors who deal with Units of the Sub-Fund during the Rebalancing Period should exercise caution.
As a result of the change in index/benchmark, past performance of the Sub-Fund prior to 9 October 2019 is achieved under circumstances which will no longer apply from 9 October 2019. Investors should exercise caution when considering the past performance of the Sub-Fund prior to 9 October 2019.

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

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 benchmark, namely, the 7-Day Fixing Repo Rate (FR007) (the “Benchmark”).
In order to achieve the investment objective of the Sub-Fund, the Manager will invest all, or substantially all, of the assets of the Sub-Fund in RMB-denominated and settled short-term deposits and high quality money market instruments including onshore and offshore debt securities, which are issued by Eligible Financial Institutions (including their group companies), governments, quasi-governments, international organizations, corporates and financial institutions (other than Eligible Financial Institutions), including RMB denominated and settled fixed-rate bonds issued by the Ministry of Finance of the PRC, the China Development Bank, the Agricultural Development Bank of China or the Export-Import Bank of China and distributed within the PRC (the “Treasury Bonds and Policy Bank Bonds”), and commercial papers, super and short-term commercial paper, certificates of deposits and commercial bills.

Key Features

A flexible investment tool for cash management.
Investing in both long-duration and short-duration deposits and high quality money market investments, the product preserves assets’ liquidity and aims for a higher return.
Listed on the Hong Kong Stock Exchange, the product is traded with flexibility, which meets demands from both institutional and retail investors.

Intra-day Estimated NAV & Market Price

  • The IOPV calculations are provided by Solactive AG (“Solactive”). The Sub-Fund is not sponsored, endorsed, promoted or sold by Solactive in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to the IOPV, IOPV calculations or the Sub-Fund.
    The near real time estimated Net Asset Value per Unit in HKD and RMB are indicative and for reference only and are updated during SEHK trading hours. The near real time estimated Net Asset Value per Unit in HKD is calculated using the near real time estimated Net Asset Value per Unit in RMB multiplied by a real time foreign exchange rate of CNH to HKD sourced by Solactive when the SEHK is opened for trading.

Market Information1

  Date Last Change 4 Change (%)
Official NAV per Unit in RMB - - - -
NAV per Unit in HKD (for reference only)2 - - - -
Closing Price for HKD Traded Unit - - - -
Closing Price for RMB Traded Unit3 - - - -
Official NAV per Unit in RMB (Unlisted Share Class A) - - - -
Official NAV per Unit in RMB (Unlisted Share Class P) - - - -

  • Where no figure is shown there is insufficient data available.
  • Exchange rate of RMB (CNH) to HKD is provided by Thomson Reuters.
  • The last closing NAV per unit in HKD is indicative and for reference purpose only and is calculated using the last closing NAV per unit in RMB multiplied by exchange rate of RMB (CNH) to HKD quoted by Thomson Reuters a 3:00 pm. (Hong Kong time) as of the same dealing day.
  • Change of the official NAV / closing price per Unit in HKD and RMB indicate the change of the NAV / closing price per Unit in HKD and RMB since previous dealing day.

Interest Information

Fund Interest 1 3.29%
Benchmark Interest 2 2.2094%

  • The Fund interest is before deduction of fees on fund level. It is indicative and for reference purpose only.
  • Benchmark is the 7-Day Fixing Repo Rate (FR007).

As of 24 Sep, 2021

Cost calculator1*

Trading in the secondary market

Shares to buy Broker commission% 2
Total investment (RMB) Trading costs (RMB)3 Time required to break even (day) 4
- - -

Subscription and redemption in the primary market

Subscription shares Total investment (RMB) Transaction costs (HKD) (fixed fee)5 Time required to break even (day)4
- 2,240HKD -

  • Data above for reference only and does not reflect actual investment.
  • Broker commissions may vary with different brokers. Please consult with your brokers on actual commission fees.
  • Total trading costs= broker commission + transaction levy + trading fee and trading tariff charged by HKEX + bid-ask spread cost.
  • Time required to break even is calculated by comparing the trading costs and yield of investment. The expected earning of investment is calculated based on the interest rate of ETF on the previous trading day and the interest rate may change over time. The result is hypothetical and does not reflect actual investment.
  • In the first 3 months of listing, primary market investors can enjoy transaction costs exemption.

Fund Information

Financial Year end 31 December
Asset Class Money Market Instrument
Date of Listing
(Listed Share Class)
January 20, 2015
Domicile Hong Kong
Benchmark The 7-Day Fixing Repo Rate (FR007)
Base Currency Renminbi (RMB)
Total NAV -
Outstanding Units -
Ongoing Charges over a Year # (Listed Share Class) Estimated to be 0.89%
Ongoing Charges over a Year * (Unlisted Share Class A - RMB) Estimated to be 0.89%
Ongoing Charges over a Year * (Unlisted Share Class P - RMB) Estimated to be 1.20%
Management Fee
(Listed Share Class/
Unlisted Share Class A)
0.49% per annum
Management Fee
(Unlisted Share Class P)
0.8% per annum
Dividend Policy Annually in December subject to the Manager’s discretion. Distributions may be paid out of capital or effectively out of capital. Distributions on all Units (whether traded in HKD or RMB counter) will be in RMB only.

# The figure is an estimate based on the annualized projection of the actual expenses for the period between the Listed Class of the Sub-Fund’s inception date and 17 September 2020, and represents the sum of the estimated ongoing expenses chargeable to the Sub-Fund expressed as a percentage of the Sub-Fund's average Net Asset Value. The actual figure may be different from this estimated figure and it may vary from year to year.

* The ongoing charges figure is indicative only as this share class of the Sub-Fund is newly set up. It represents the sum of the estimated ongoing expenses chargeable to this share class of the Sub-Fund expressed as a percentage of the Sub-Fund’s NAV. The actual figure may be different from this estimated figure and it may vary from year to year.

Trading Information*

  RMB Traded Unit HKD Traded Unit
Exchange Hong Kong Stock Exchange Hong Kong Stock Exchange
Trading Lot size 10 Shares 10 Shares
Trading Currency RMB HKD
Stock Code 83122 3122
Bloomberg Ticker 83122 HK 3122 HK
ISIN Code HK0000226131 HK0000226149

Participating Dealers*

ABN AMRO Clearing Hong Kong LimitedMerrill Lynch Far East Limited
Goldman Sachs (Asia) Securities LimitedNomura International (Hong Kong) Limited
Haitong International Securities Company LimitedCitigroup Global Markets Asia Limited
China Merchant Securities (HK) Co., LimitedPhillip Securities (Hong Kong) Limited
Huatai Financial Holdings (Hong Kong) LimitedChina International Capital Corporation Hong Kong Securities Limited

Additional Participating Dealer(s) will be appointed from time to time.

Market Makers*

HKD RMB
Link to latest list of market makersLink to latest list of market makers

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 RMB Money Market ETF (83122)* - - - - -
CSOP RMB Money Market ETF (unlisted share class A)* - - - - -
CSOP RMB Money Market ETF (unlisted share class P)* - - - - -
7-Day Fixing Repo Rate** - - - - -

# For listed share class, cumulative performance is calculated since the inception date on 20 Jan 2015.

* Fund performance is calculated on NAV to NAV total return basis with dividend reinvested and the current unit class available for investors is only a distribution class without dividend reinvested. Where no figure is shown there was insufficient data available. No performance data for unlisted share class would be displayed within the first 6 months of inception. Where no fund performance data is shown for an unlisted share class, it means that such unlisted share class has no investor. Performance data for an unlisted share class will be updated periodically and displayed herein if there is any investor in that unlisted share class.

** Performance of Index is calculated based on total return.

* Note: The performance of the Product prior to 09 Oct 2019 was achieved under circumstances that no longer apply. The underlying index has changed from FTSE Chinese Government and Policy Bank Bond 0-1 Year Select Index to 7-Day Fixing Repo Rate since 09 Oct 2019. The name of the Product was changed from CSOP China Ultra Short-term Bond ETF to CSOP RMB Money Market ETF since 09 Oct 2019.

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 30 April 2017
Fund Listing Date (listed share class): 20 January, 2015
Fund Inception Date (unlisted share class A): -
Fund Inception Date (unlisted share class P): -
Rolling 1-Year TD (listed share class): -2.21%
Since Inception (unlisted share class A): N/A and subject to data availability
Since Inception (unlisted share class P): N/A and subject to data availability
TD for calendar year 2016 (listed share class): -2.12%
TD for calendar year 2017 (listed share class): -1.85%
TD for calendar year 2018 (listed share class): -1.66%
TD for calendar year 2019 (listed share class): -1.95%
TD for calendar year 2020 (listed share class): -0.69%
Estimated Annual TD (unlisted share class A): Estimated to be -1.07%
Estimated Annual TD (unlisted share class P): Estimated to be -1.38%
As of 30 April 2017
Fund Listing Date: 20 January, 2015
Rolling 1-Year TE (listed share class)^: 0.36%
^Annualized based on the number of dealing days in the past year when daily TD is calculated

Graph for Tracking Difference

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

* Note: The performance of the Product prior to 09 Oct 2019 was achieved under circumstances that no longer apply. The underlying index has changed from FTSE Chinese Government and Policy Bank Bond 0-1 Year Select Index to 7-Day Fixing Repo Rate since 09 Oct 2019. The name of the Product was changed from CSOP China Ultra Short-term Bond ETF to CSOP RMB Money Market ETF since 09 Oct 2019.

Holdings

Total Net Asset Value (in RMB) Investment instruments (%) Cash (%)
- 88.95 11.05

As of 24 Sep, 2021

Maturity breakdown

As of 24 Sep, 2021

All holdings

% of NAV Instrument Name
6.43 CNY - YUAN RENMINBI REPDEPOSIT OF 9300000 TO 30 SEP 21 AT 3.3%
4.70 CNY - YUAN RENMINBI REPDEPOSIT OF 6800000 TO 27 SEP 21 AT 3.8%
4.15 CNY - YUAN RENMINBI REPDEPOSIT OF 6000000 TO 04 OCT 21 AT 2.9%
4.15 CNY - YUAN RENMINBI REPDEPOSIT OF 3000000 TO 11 OCT 21 AT 3.08%
3.80 CNY - YUAN RENMINBI REPDEPOSIT OF 5500000 TO 29 SEP 21 AT 3.8%
3.53 CNY - YUAN RENMINBI REPDEPOSIT OF 5100000 TO 19 OCT 21 AT 3.27%
3.48 CNY - YUAN RENMINBI REPDEPOSIT OF 5000000 TO 04 OCT 21 AT 2.65%
3.46 CNY - YUAN RENMINBI REPDEPOSIT OF 5000000 TO 28 SEP 21 AT 2.55%
3.41 CNY - YUAN RENMINBI REPDEPOSIT OF 4900000 TO 12 OCT 21 AT 2.85%
3.32 CNY - YUAN RENMINBI REPDEPOSIT OF 4800000 TO 28 SEP 21 AT 3.8%
3.04 CNY - YUAN RENMINBI REPDEPOSIT OF 4400000 TO 25 OCT 21 AT 3.25%
2.97 CNY - YUAN RENMINBI REPDEPOSIT OF 4300000 TO 30 SEP 21 AT 3%
2.83 CNY - YUAN RENMINBI REPDEPOSIT OF 4100000 TO 18 OCT 21 AT 3.1%
2.70 CNY - YUAN RENMINBI REPDEPOSIT OF 3900000 TO 27 SEP 21 AT 2.65%
2.64 CNY - YUAN RENMINBI REPDEPOSIT OF 3800000 TO 26 OCT 21 AT 2.9%
2.63 CNY - YUAN RENMINBI REPDEPOSIT OF 3800000 TO 15 OCT 21 AT 3.25%
2.63 CNY - YUAN RENMINBI REPDEPOSIT OF 3800000 TO 28 SEP 21 AT 3.8%
2.56 CNY - YUAN RENMINBI REPDEPOSIT OF 3700000 TO 04 OCT 21 AT 2.91%
2.22 CNY - YUAN RENMINBI REPDEPOSIT OF 3200000 TO 29 SEP 21 AT 2.55%
2.08 CNY - YUAN RENMINBI REPDEPOSIT OF 3000000 TO 18 OCT 21 AT 2.75%
2.08 CNY - YUAN RENMINBI REPDEPOSIT OF 3000000 TO 21 OCT 21 AT 2.9%
2.08 CNY - YUAN RENMINBI REPDEPOSIT OF 3000000 TO 04 OCT 21 AT 2.8%
2.00 CNY - YUAN RENMINBI REPDEPOSIT OF 2900000 TO 29 SEP 21 AT 2.1%
1.88 CNY - YUAN RENMINBI REPDEPOSIT OF 2700000 TO 05 OCT 21 AT 2.8%
1.73 CNY - YUAN RENMINBI REPDEPOSIT OF 2500000 TO 13 OCT 21 AT 3.1%
1.73 CNY - YUAN RENMINBI REPDEPOSIT OF 2500000 TO 15 OCT 21 AT 3.27%
1.52 CNY - YUAN RENMINBI REPDEPOSIT OF 2200000 TO 30 NOV 21 AT 2.7%
1.52 CNY - YUAN RENMINBI REPDEPOSIT OF 2200000 TO 21 OCT 21 AT 3.2%
1.45 CNY - YUAN RENMINBI REPDEPOSIT OF 2100000 TO 29 SEP 21 AT 3.2%
1.38 CNY - YUAN RENMINBI REPDEPOSIT OF 2000000 TO 27 SEP 21 AT 2.1%
1.25 CNY - YUAN RENMINBI REPDEPOSIT OF 1800000 TO 02 NOV 21 AT 2.85%
0.90 CNY - YUAN RENMINBI REPDEPOSIT OF 1300000 TO 15 OCT 21 AT 2.8%
0.76 CNY - YUAN RENMINBI REPDEPOSIT OF 1100000 TO 01 NOV 21 AT 2.75%
0.69 CNY - YUAN RENMINBI REPDEPOSIT OF 1000000 TO 05 OCT 21 AT 2.8%
0.62 CNY - YUAN RENMINBI REPDEPOSIT OF 900000 TO 27 SEP 21 AT 2.9%
0.62 CNY - YUAN RENMINBI REPDEPOSIT OF 900000 TO 06 OCT 21 AT 3.05%

As of 24 Sep, 2021

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
2019-10-24 2019-10-25 2019-10-30 RMB 0.90 per share RMB 0 RMB 0.9
2019-04-24 2019-04-25 2019-04-30 RMB 0.90 per share RMB 0.80 RMB 0.10
2018-10-19 2018-10-22 2018-10-25 RMB 0.90 per share RMB 0.90 RMB 0.00
2018-04-25 2018-04-26 2018-05-02 RMB 0.90 per share RMB 0.90 RMB 0.00
2017-10-23 2017-10-24 2017-10-30 RMB 0.90 per share RMB 0.90 RMB 0.00
2017-04-20 2017-04-21 2017-04-26 RMB 0.90 per share RMB 0.90 RMB 0.00
2016-10-12 2016-10-13 2016-10-18 RMB 0.90 per share RMB 0.90 RMB 0.00
2016-04-21 2016-04-22 2016-04-29 RMB 0.90 per share RMB 0.90 RMB 0.00
2015-10-22 2015-10-23 2015-10-28 RMB 0.90 per share RMB 0.00 RMB 0.90
2015-04-22 2015-04-23 2015-04-30 RMB 0.90 per share RMB 0.90 RMB 0.00

*“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 HKD. All dates are in GMT+8 Time. Any exceptions are noted.

* Note: The performance of the Product prior to 09 Oct 2019 was achieved under circumstances that no longer apply. The underlying index has changed from FTSE Chinese Government and Policy Bank Bond 0-1 Year Select Index to 7-Day Fixing Repo Rate since 09 Oct 2019. The name of the Product was changed from CSOP China Ultra Short-term Bond ETF to CSOP RMB Money Market ETF since 09 Oct 2019.

FAQ

(A) BASIC ETF KNOWLEDGE
 

What is an ETF?

An ETF is an open-ended fund that can be traded like a share on the security exchange. An index-tracking ETF is a listed collective investment scheme that aims to track the performance of the underlying index. The underlying index can be on a security market, a segment of the security market, or even bonds and securities.

What is the aim of investing in ETFs?

By investing in ETFs, investors may receive a return that replicates (usually not 100%) the performance of the index without physical ownership of the index constituent securities.

How does an ETF track the performance of its underlying index?

Tracking is usually achieved by using full replication or representative sampling, or synthetic replication strategies.

Using a full replication strategy means that an ETF will invest in the constituent securities of the underlying index in substantially the same weightings as these securities have in the index. Hence, the performance of the ETF will match the performance of the underlying index as closely as practicable.

An ETF adopting a representative sampling strategy holds a sample of securities that have similar features such as market capitalisation, industry weights and liquidity to the constituent securities of the underlying index. ETFs that use this strategy tend to have a higher risk of tracking error than those using a replication strategy.

A synthetic replication strategy means that the ETF will invest in financial derivative instruments to replicate the index performance. There are additional risks associated with such strategy that are not found in the above two strategies.

Management of ETFs

Most ETFs are passively managed by managers who will invest in the constituent securities of the underlying index according to its respective weightings in the underlying index.

When a constituent security itself or its weighting in the underlying index changes, managers are responsible for implementing the necessary adjustments to the ETF's portfolio of securities to ensure that the composition and weightings of the securities held by the ETF closely corresponds to that of the underlying index.

Market price of ETFs

The market price of each ETF unit is largely based on its net asset value ("NAV") per unit. However, as ETF units are traded on the security exchange, there may be a disparity between the market price and the ETF’S NAV due to market forces, such as supply and demand. With the presence of the creation and redemption mechanism, such divergence should be minimal under normal circumstances.

Comparison between ETFs vs. shares vs. funds

  ETF Shares Traditional open-ended investment funds
Trading Channel Exchange Exchange Fund Manager or Distributor
Trading Period Intraday during exchange trading hours Intraday during exchange trading hours Subscription and redemption applications before the cut-off time on the fund's dealing day
Diversification High Low Medium-High
Minimum Trading Size Low Low Medium-High

 

How to invest in ETFs?

In Secondary Market:
An investor can invest in an ETF by simply opening an account with an authorised stock broker and start investing in an ETF in a process similar to purchasing and selling securities.

In Primary Market:
If an investor intends to invest a substantial amount in an ETF, he or she may contact one of the ETF's Participating Dealers (“PD”). The PD can assist the investor in creating ETF units with the ETF's manager, with applicable transaction fees and brokerage commission agreed upon between the investor and the PD.

 

What are the general investment risks?

The risks of investing in ETFs include but are not limited to the following points:

  • To the extent that the underlying index concentrates in the securities of a particular industry or group of industries, the performance of ETFs could be more volatile than the performance of less concentrated funds.
  • Like other index-tracking funds, an ETF is not actively managed meaning the manager does not have the discretion to select securities individually or to take defensive positions in declining markets. Hence, any fall in the underlying index will result in a corresponding fall in the value of the ETF. On the other hand, no assurance can be given that the performance of an ETF will be identical to the performance of the underlying index due to many factors.
  • Although ETF units will be listed on a security exchange, there can be no assurance that active trading in the ETF units can be maintained.

In general, an investor should consider if an investment in ETFs is a suitable investment for himself or herself in terms of his or her financial situation, investment experience and investment objectives. The investor should read the offering documents of the relevant ETF (including the full text of the risk factors stated therein) in detail before making any investment decision. It should be noted that investment involves risks (including the possibility of loss of the capital invested), that prices of ETF units may go up as well as down and past performance information is not indicative of future performance.


(B) FOCUSING ON THE CONCEPT OF RQFII ETF
 

GENERAL

What is RQFII?

RQFII is a new policy initiative of the Mainland authorities which allows qualified RQFII holders to channel RMB funds raised in Hong Kong to be invested into the PRC securities markets. RQFII holders may issue public or private fund or other investment products using their RQFII quotas. RQFII funds give retail investors access to invest in PRC securities markets as they can invest RMB directly into the PRC bond and equity markets (including the inter-bank bond and exchange-traded bond market) through the RQFII quotas. Subscriptions and redemptions of units in the fund must be settled and paid in RMB. Like other funds, RQFII funds must be authorized by the SFC before they can be marketed to the public in Hong Kong. RQFII is granted to Hong Kong subsidiaries of qualified Mainland asset management and securities firms which allows them to channel RMB raised in Hong Kong to invest in the Mainland securities markets.

What is RQFII A-share ETF?

RQFII A-share ETF is a RMB-denominated physical A-share ETF. Through the RQFII investment quota granted by Mainland authorities, an RQFII A-share ETF seeks to track the performance of an A-share index by channeling the RMB raised outside mainland China to invest directly in a portfolio of A-shares. RQFII A-share ETFs are traded on the Stock Exchange of Hong Kong (SEHK) like stocks. Like other ETFs listed on the SEHK, RQFII A-share ETFs must be authorized by the SFC before they can be offered to the investing public. Investors are reminded that they should read the EFT’s offering document) carefully to understand its key features and risks before making an investment.

Why invest in RQFII ETF?

An RQFII ETF will invest RMB solely and directly into the PRC securities markets through its RQFII quota. This means that investors are fully exposed to the RMB currency and PRC domestic securities markets. It should be noted that not all issuers of RMB funds issued in Hong Kong have the pre-approved RQFII investment quota to invest RMB directly in securities and bonds issued in the PRC. In such cases, the issuer may be able to invest in only either offshore RMB denominated investments (e.g. dim sum bonds) or in non-RMB assets.

What are the key differences between RQFII A-share ETFs and other existing RQFII retail funds currently available to Hong Kong investing public?

  RQFII A-share ETFs RQFII retail funds
RQFII quota requirement
Listing on SEHK
Underlying investment A-shares traded in the Mainland markets At least 80% in RMB bonds and bond funds issued in mainland China, not more than 20% in China A-shares and other equity investments

Description of the Underlying Index

The FTSE China A50 Index is a free float-adjusted market capitalisation-weighted index compiled and published by FTSE International Limited (“FTSE”) and is a real-time, tradable index comprising of the largest 50 A-Share companies by full market capitalisation. The index offers the optimal balance between representativeness and tradability for China’s A-Share market. It is a price return index and includes securities listed on both the Shanghai and Shenzhen security exchanges.

Salient terms of the CSOP A50 ETF

Investors will be informed that the minimum trading size of the CSOP A50 ETF is 200 units, that the ETF operating cost includes Management Fee, Trustee Fee and other expenses of which full details can be found in the ETF’s prospectus.

Investors will also be informed that prior to making an investment in the ETF, they will be required to consult with their stock broker or financial adviser for account set-up details to trade RMB products.

Who should invest in an RQFII ETF?

Investors who want to retain their RMB (CNH) holding and who are positive about the China A-Share market should invest in the ETF. However, investors should consider the product specific risks outlined below. Investors should also read the offering document and the product key facts statement (Product KFS) of the Fund carefully to understand the key features and risks of the RQFII fund and contact their intermediaries before making any investment.

What are the key differences in structure and trading between RQFII A-share ETFs and other A-share ETFs currently traded on the SEHK?

  RQFII A-share ETFs Other A-share ETFs
Investment strategy and replication/ tracking method
  • Physical full replication or representative sampling
  • Direct investment in the Mainland securities markets through RQFII investment quota
  • Invest directly in A-shares that replicate or represent the composition of the underlying A-share index
  • Synthetic replication
  • No direct investment in or holding of Mainland securities
  • Invest in derivative instruments to replicate the underlying index performance
Trading currency RMB and HK dollar HK dollar

Is there any specific condition on RQFII A-share ETFs that may lead to the suspension of new unit creation?

RQFII A-share ETFs may suspend the creation of new units when, among others:

  • the RQFII investment quota is used up, and
  • the RQFII holder cannot obtain additional quota in a timely manner.

In such event, the units of RQFII A-share ETFs may trade at a significant premium to their NAV.

What are the risks involved in RQFII funds in general?

The risks of investing in RQFII funds include but not limited to the following points:

RQFII regime risk

The RQFII policy and rules have only been recently announced and there may be uncertainty as to its implementation and such policy and rules are subject to change and interpretation by PRC authorities. The uncertainty and change of the laws and regulations in the PRC (including the RQFII policy and rules) may adversely impact the RQFII fund.

Risks relating to Mainland markets

The concentration of RQFII fund's investment in securities and bonds issued in mainland China may result in greater volatility than portfolios which comprise of broad-based global investments.

Investing in PRC-related companies and in the PRC markets involve certain risks and special considerations not typically associated with investment in more developed economies or markets, such as greater political, tax, economic, foreign exchange, liquidity and regulatory risks.

There are risks and uncertainties associated with the current Chinese tax laws applicable to investments made by an RQFII fund. Although some RQFII funds may have made tax provision in respect of potential tax liability that may arise from their investments, the provision may not be sufficient or may even be excessive. Any shortfall between the reserves and actual tax liabilities may have to be covered by the fund's assets and may adversely affect the fund's asset value.

Currency risk

Since an RQFII fund is denominated in RMB, Hong Kong dollar-based investors are therefore exposed to fluctuations in the RMB exchange rate against the Hong Kong dollar. Like any currency, the exchange rate of the RMB may rise or fall. The RMB is currently not freely convertible and is subject to exchange controls and restrictions.

Market/Investment risk

An RQFII fund is an investment fund product and not a bank deposit. In general, there is no guarantee of the repayment of principal or dividend payment.

The underlying investments of an RQFII fund may fall in value and therefore investment in the fund may suffer loss even if RMB appreciates.

Reliance on market maker risk

Market makers may not be as interested in making a market in ETF units denominated in RMB. Any disruption to the availability of RMB may adversely affect the capability of market makers in providing liquidity for the units of RQFII A-share ETFs. The liquidity of the ETF may be adversely affected if there is no market maker for the fund or if the market making activities are not effective.

Other specific risks from investing in the PRC:

China market risk

By investing in the China market, investors will be exposed to both emerging markets risks and risks specific to the China marker.

Any significant change in PRC’s political, social or economic policies may have a negative impact on investments in the China market and this will affect the value of the Fund. The regulatory and legal framework for capital markets and joint security companies in the PRC may not be as well developed as those of developed countries. Chinese accounting standards and practices may also deviate significantly from international accounting standards. The settlement and clearing system of the Chinese securities markets may not be well tested and as such, may be subject to increased risks of error or inefficiency.

As the number of PRC securities and their combined total market value are relatively small compared to more developed markets, investments in these securities may be subject to increased price volatility and lower liquidity. The PRC securities market has in the past experienced substantial price volatility, and there is no assurance that such volatility will not occur in future.

Investors should also be aware that changes in the PRC taxation legislation could affect the amount of income which may be derived and the amount of capital returned from an investment into a RQFII ETF.

Foreign exchange control risk

The PRC government may also impose restrictions on the repatriation of RMB out of China. This will in turn limit the depth of the RMB market in Hong Kong, thus reducing the liquidity of the Fund. The Chinese government’s policies on exchange control and repatriation restrictions are also subject to changes which may affect the fund’s positions.

Government intervention and restrictions risk

The operation and market making activities of RQFII A-share ETFs may be affected by interventions by the governments and regulators in the financial markets, such as an imposition of trading restrictions, a ban on "naked" short selling or the suspension of short selling for certain stocks.


(C ) CROSS-BORDER KNOWLEDGE
 

How is the CSOP A50 ETF a cross-border ETF?

The CSOP A50 ETF aims to track the performance of the underlying index by directly investing in the constituent securities of the underlying index which are solely A-Shares. However, the ETF itself is listed on the Hong Kong Exchanges and Clearing Limited. A cross-border flow of money will thus occur in the investment process.

Brief description of the A-share market:

The PRC has two security exchanges - the Shanghai Security Exchange (“SSE”) which was established in November 26, 1990 and the Shenzhen Security Exchange (“SZSE”) which was established in December 1, 1990.  The two exchanges are under the direct management of the CSRC. The main functions include providing premises and facilities for securities trading, developing the business rules of the exchanges, organising and supervising securities trading and regulating exchange members and listed companies amongst others.

Since establishment, both the SSE and SZSE have made great achievements in terms of the quantity and types of products listed on them. Currently listed products include A-Shares, B-Shares, funds and bonds. As of May 31, 2012, the number of listed companies amounted to 2412, of which 933 were listed in Shanghai and 1479 were listed in Shenzhen. The combined market capitalization of both the SSE and SZSE amounts to 23.9 trillion Yuan.

Differences between the A-Share and H-Share markets

Trading Hours:

The A-share market opens at 09:30 and closes at 11:30 for the morning trading session. The afternoon trading session opens at 13:00 and closes at 15:00.

The Hong Kong Security Exchange opens at 09:30 and closes at 12:00 for the morning trading session. The afternoon session opens at 13:00 and closes at 16:00.

The A-share and Hong Kong markets also have a different holiday schedule.

“T+ 0” vs. “T+1” Trading Rule:

The A-share market has the T+1 trading rule which means a security bought on T day can only be sold on T+1. Short-selling is prohibited with an exception made for instruments covered by a pilot program. No such rule exists in the Hong Kong market, save that short-selling is only permitted in securities which meet certain requirements.

Settlement cycle:

The A-share market settles on a T+1 basis, while the Hong Kong market settles on a T+2 basis.

CNH vs. CNY

Following the introduction of a series of policies by the PRC authorities, a RMB market outside the PRC has developed and has expanded rapidly since 2009. RMB traded outside the PRC is often referred as “offshore RMB” or “CNH”. In contrast, RMB that is traded in the PRC is often referred to as “onshore RMB” or “CNY”.

Both onshore and offshore RMB are the same currency but are traded in different markets. Since the two RMB markets operate independently, with much restriction placed on the flow between them, both onshore and offshore RMB are traded at different rates. Due to the strong demand for CNH, CNH was previously traded at a premium compared to CNY, although occasional discounts are observed. The relative strength of both the onshore and offshore RMB may change significantly within a short period of time.

Cross Border Investment Risks

Offshore RMB/CNH market risk

Although it is expected that the offshore RMB market will continue to grow in depth and size, its growth is subject to many constraints as a result of PRC laws and regulations on foreign exchange. There is no assurance that new PRC regulations or arrangements will not be promulgated, terminated or amended in the future which will have the effect of restricting the availability of offshore RMB. The limited availability of RMB outside the PRC may affect the liquidity of the CSOP A50 ETF.

Offshore RMB/CNH Remittance Risk

The RMB is currently not freely convertible and is subject to exchange control imposed by the PRC government. There is no assurance that new PRC regulations will not be promulgated in the future which have the effect of restricting or eliminating the remittance of RMB into or outside the PRC. Such an event could have a severe adverse effect on the operations of the CSOP A50 ETF.

Risks relating to RMB trading and settlement of units

It is likely that not all intermediaries are prepared to carry out trading and settlement of RMB-denominated securities. In addition, the liquidity and trading price of the units of RQFII A-share ETFs may be adversely affected by the limited availability of RMB outside mainland China and the restrictions on the conversion between foreign currency and RMB.

Although the SEHK has launched the RMB Equity Trading Support Facility (TSF) to enable investors who have insufficient RMB to buy RMB-traded shares, the TSF only supports secondary trading of RMB shares currently and not other types of securities. Therefore, investors cannot use this facility to buy RQFII A-share ETFs.

Trading differences risk

While A-shares are subject to trading bands which restrict increases and decreases in the trading price, trading of RQFII A-share ETFs listed on the SEHK is not subject to such restrictions. This difference may affect the level of premium or discount of the trading price of the ETF's units to its NAV.

Mainland brokerage risk

Only one brokerage can be appointed for each market (the Shenzhen Stock Exchange and the Shanghai Stock Exchange) to execute transactions (i.e. trading of A-shares) for the RQFII A-share ETF in mainland China. As such the RQFII A-share ETF will rely on only one brokerage for each market, which may be the same brokerage. If the manager of the RQFII A-share ETF is unable to use its designated brokerage in mainland China, the operation of the RQFII A-share ETF will be adversely affected and may cause the units of the RQFII A-share ETF to trade at a premium or discount to the RQFII A-share ETF's NAV or the RQFII A-share ETF may not be able to track the underlying index.

Reliance on parent company risk

The manager of RQFII A-share ETFs may not be experienced in managing ETFs and may heavily leverage on the expertise and systems of its Mainland parent company to support the RQFII A-share ETF's investments in the A-share markets. Any disruption in the assistance from the Mainland parent company may adversely affect the operations of the RQFII A-share ETF.

Risks in light of the cross-border nature of the CSOP A50 ETF

The CSOP A50 ETF is subject to operational and settlement risks due to its cross-border nature. Operational risks may also be present in the form of communication and trading systems failure. As the CSOP A50 ETF transacts in the China A-Share market, the CSOP A50 ETF may also be exposed to cross-border settlement risks. This may affect the ability to ascertain the value of the CSOP A50 ETF’s portfolio and this may adversely affect the CSOP A50 ETF.

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:

Benchmark is the 7-day fixing repo rate released by China Foreign Exchange Trade System, and, (1) CFETS makes no express or implied warranties as to accuracy, truthfulness, timeliness, completeness of the related Website Data or non-interruption of its transmission. CFETS assumes no liabilities to any third party for any losses or damages arising from delay, inaccuracy, omission or any other defects of any information; (2) No institution or individual shall release or permit others to forward the related Website Data, nor develop or produce work derived therefrom in any form without written permission from CFETS.


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.

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