CSOP China Ultra Short-Term Bond ETF
(RMB Counter Stock Code:83122, HKD Counter Stock Code:3122)

  • Overview
  • Performance
  • Tracking Difference/ Error
  • Holdings
  • Distribution History
  • Documents
  • Index
IMPORTANT INFORMATION about the CSOP China Ultra Short-Term Bond 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 material alone to make investment decisions.

  • CSOP China Ultra Short-Term Bond ETF (the “Sub-fund”) is a physical index tracking exchange traded fund and it aims to provide investment results that, before fees and expenses, closely correspond to the performance of the Citi Chinese Government and Policy Bank Bond 0-1 Year Select Index (the “Index”).
  • The Sub-fund will invest directly and mainly in PRC Government and Policy Bank Bonds through the Manager’s RQFII status. Therefore, it is subject to interest rate risk.
  • The Sub-Fund is subject to liquidity risk and valuation risk. In a thinly traded market, it may be more difficult to achieve fair value when purchasing or selling underlying securities because of the wide bid-ask spread.
  • The Sub-Fund is exposed to the bond issuers’ credit/insolvency risk and credit downgrading risk and this may adversely affect the Sub-Fund’s performance.
  • Investing in the PRC, involves a greater risk of loss due to greater political, social, tax, economic, foreign exchange, liquidity, regulatory risks, exchange rate fluctuations and exchange control.
  • The Sub-fund may be more volatile as the index tracks the performance of a single geographical region, namely the PRC and is concentrated in bonds of a limited number of issuers.
  • Investors without RMB accounts may buy and sell HKD traded Units only and distributions are made in RMB only. As such, investors may suffer a foreign exchange loss.
  • The Sub-Fund may invest in bonds not included in the Index and may therefore subject to larger tracking error than other traditional ETFs that fully replicates the Index.
  • Trading price of the Units on SEHK is subject to market forces and may trade at a substantial premium or discount to the NAV per Unit.
  • The Manager may, at its discretion, pay dividends out of 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. The Sub-fund may result in an immediate reduction of the NAV per Unit.

The material has not been reviewed by the SFC.

Fund Objective and Investment Strategy
  • The Sub-Fund aims to provide investment results that, before fees and expenses, closely correspond to the performance of the Citi Chinese Government and Policy Bank Bond 0-1 Year Select Index (the “Index”).
  • The Sub-Fund adopts a representative sampling strategy to achieve its investment objective.
  • It is intended that the majority of the assets of the Sub-Fund will be invested in the PRC Government and Policy Bank Bonds included in the Index through the RQFII investment quota granted to the Manager by the State Administration of Foreign Exchange (the “SAFE”).
  • The Sub-Fund currently intends to invest in bonds via the inter-bank bond market, Shanghai Stock Exchange and Shenzhen Stock Exchange.
  • Under normal circumstances and market conditions, the Sub-Fund aims to invest at least 95% of its assets.
  • The Manager will adopt a pure fixed income strategy. The Sub-Fund will not seek to have any exposure to equity or convertible securities.
Intra-day Estimated NAV1 & Market Price2
Market Information 3, 4
Date Last Change4 Change4
(%)
Official NAV per Unit in RMB5 22 Aug, 2017 150.4994 -0.0070 -0.0047
NAV per Unit in HKD**5 (for reference only) 22 Aug, 2017 176.7845 0.5702 0.3236
Closing Price for RMB Traded Unit 22 Aug, 2017 148.45 - -
Closing Price for HKD Traded Unit 22 Aug, 2017 174.30 - -
**Exchange Rate of Renminbi (CNH) to Hong Kong Dollar:5 1.1746525 Data source: Reuters

Fund Information
SEHK Listing Date 20 Jan 2015
Financial Year 31 December
Asset Class Fixed Income
Domicile Hong Kong
Total NAV * 42,892,334.99
Outstanding Units * 285,000
Ongoing charges over a year# Estimated to be 0.53% p.a.
Base Currency Renminbi (CNH)
# This is only an estimate as the Sub-Fund is newly set up. The actual figure may be different upon the actual operation of the Sub-Fund. The estimated ongoing charges figure represents the estimated sum of the ongoing expenses expressed as a percentage of the Sub-Fund's estimated average Net Asset Value.
* As of 22 Aug, 2017
Underlying Index Information6
Underlying Index Citi Chinese Government and Policy Bank Bond 0-1 Year Select Index
Index Provider Citigroup Index LLC
Currency RMB (CNY)
Benchmark Level Type Total Return
Bloomberg Total Return Index CFIIGPSL
Trading Information
HKD Traded Unit RMB Traded Unit
Exchange Hong Kong Stock Exchange – Main Board Hong Kong Stock Exchange – Main Board
Date of Listing / Dealing 20 Jan 2015 20 Jan 2015
Primary Exchange Time Zone GMT+8 GMT+8
Exchange Ticker 3122 83122
Bloomberg Ticker 3122:HK 83122:HK
ISIN HK0000226149 HK0000226131
Trading Board Lot 10 Units 10 Units
Trading Currency HKD RMB
Asset Allocation
China Government Bond/Bill 1.23%
China Development Bank 23.60%
Agricultural Dev Bank of China 47.30%
Export-Import Bank China 23.59%
* As of 22 Aug, 2017
Maturity
Less than 1Y 95.72%
Total 95.72%
* As of 22 Aug, 2017
Yield Information
Average Yield to Maturity8 3.49%
Distribution Frequency: Semi Annually
Use of Income: Distributing
Flat Yield9 3.45%
Distribution History
* As of 22 Aug, 2017
Top 5 Holdings
ADBCH 3.83 03/10/18 23.73%
SDBC 3.2 03/13/18 23.60%
EXIMCH 3.79 05/08/18 23.59%
ADBCH 3.61 04/21/18 23.57%
CGB 3.15 01/10/18 0.71%
Total 95.20%
* As of 22 Aug, 2017
Bond Credit Ratings7
AA- 100.00%
* As of 22 Aug, 2017
Fundamentals & Risk
Weighted Average Maturity10 0.59yr
Effective Duration11 0.58
Weighted Average Coupon12 3.44%
Average Convexity13 0.01
* As of 22 Aug, 2017
Participating Dealers
ABN AMRO Clearing Hong Kong Limited
Goldman Sachs (Asia) Securities Limited
Haitong International Securities Company Limited
Merrill Lynch Far East Limited
Nomura International (Hong Kong) Limited
Market Makers
HKD RMB
KGI Securities (Hong Kong) Limited KGI Securities (Hong Kong) Limited
Optiver Trading Hong Kong Limited Optiver Trading Hong Kong Limited
Performance
1 Month 6 Months 1 Year 3 Year Since Inception#
CSOP China Ultra Short-Term Bond ETF (83122)* 0.42% 0.54% 0.24% - 3.01%
Citi Chinese Government and Policy Bank Bond
0-1 Year Select Index**
0.38% 1.51% 2.49% - 7.08%
# 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.
** Performance of Index is calculated based on total return.
As of 30 Jun, 2017
2015 2016
Citi Chinese Government and Policy Bank Bond
0-1 Year Select Index
3.21% 2.21%
CSOP China Ultra Short-Term Bond ETF (83122) 2.37% 0.08%
There is insufficient data to provide a useful indication of past performance to investors.
  • Past performance information is not indicative of future performance. Investors may not get back the full amount invested.
  • The computation basis of the performance is based on the calendar year end, NAV-To-NAV, with dividend reinvested.
  • These figures show by how much the fund increased or decreased in value during the calendar year being shown. Performance data has been calculated in RMB including ongoing charges and excluding your trading costs on SEHK.
  • Where no past performance is shown there was insufficient data available in that year to provide performance.
  • Fund launch date: 20 January, 2015
As of 31 Jan, 2017
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 31 July 2017
Fund listing Date: 20 January 2015 Rolling 1-Year TD: -2.47% TD for calendar year 2016: -2.12%
As of 31 July 2017
Fund listing Date: 20 January 2015 Rolling 1-Year TE^: 0.45% ^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.


(Graph to be shown after listing for a full month)

Holdings
Total Net Asset Value (in RMB) Number of Securities Bonds (%)
42,892,334.99 7 95.72
As of 22 Aug, 2017
All Holdings
Total records: 7
% of NAV Name ISIN Bond Code Coupon Maturity Credit1
Rating
Market Price Yield to
Maturity
Effective
Duration
Sector
23.73 ADBCH 3.83 03/10/18 CND1000083M2 150406 3.83 03/10/2018 AA- 100.0233 3.72 0.54 Agency
23.60 SDBC 3.2 03/13/18 CND10000GZT3 170204 3.2 03/13/2018 AA- 99.7989 3.52 0.55 Agency
23.59 EXIMCH 3.79 05/08/18 CND10000H8Y2 170306 3.79 05/08/2018 AA- 100.0746 3.64 0.69 Agency
23.57 ADBCH 3.61 04/21/18 CND10000HNC3 170408 3.61 04/21/2018 AA- 99.8867 3.74 0.65 Agency
0.71 CGB 3.15 01/10/18 019301 3.15 01/10/2018 AA- 99.9449 3.23 0.38 Sovereign
0.47 CGB 2.51 05/19/18 019540 2.51 05/19/2018 AA- 99.3886 3.34 0.72 Sovereign
0.05 CGB 3.22 03/26/18 019504 3.22 03/26/2018 AA- 99.9138 3.32 0.58 Sovereign

    > Click here to view Full Holdings Details in Excel
    1The credit rating is due to the credit rating of bond issuer or bond issuance (if any) from Moody’s Investors Service or Standard & Poor’s or local rating agencies as specific stated.
    .
    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
    2015-4-22 2015-4-23 2015-4-30 RMB 0.9 per share RMB 0.9 RMB 0.00
    2015-10-22 2015-10-23 2015-10-28 RMB 0.9 per share RMB 0.0 RMB 0.9
    2016-04-21 2016-04-22 2016-04-29 RMB 0.9 per share RMB 0.9 RMB 0.0
    2016-10-12 2016-10-13 2016-10-18 RMB 0.9 per share RMB 0.9 RMB 0.00
    2017-04-20 2017-04-21 2017-04-26 RMB 0.9 per share RMB 0.9 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.
    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 RMB. All dates are in GMT+8 Time. Any exceptions are noted.

    Documents
    Product Key Facts
    Prospectus
    Monthly Newsletter
    Brochure
    For request of the fund literature hardcopies, please contact us.
    All documents are in PDF format.

    Download Acrobat Reader.
    Announcement
    ANNOUNCEMENT – Change of Index Pricing Source, and Updated Disclosure on Liquidity Risk Management and Automatic Exchange of Financial Account Information
    Monthly Return
    AUDITED ACCOUNTS
    Distribution Announcement
    Semi Annual Unaudited Accounts
    Changes to Trust Deed
    Audited Accounts as at 31 December 2015
    Change of Third Party Index Pricing Source
    For request of the fund literature hardcopies, please contact us.
    All documents are in PDF format.

    Download Acrobat Reader.
    Financial Reports
    Annual Report
    Semi Annual Report
    Audited Accounts
    For request of the fund literature hardcopies, please contact us.
    All documents are in PDF format.

    Download Acrobat Reader.
    Index Introduction

    The Index measures the performance of RMB-denominated domestic sovereign and policy bank debt securities with a remaining maturity between one and twelve months. It comprises fixed-rate and zero coupon government and policy bank debts issued in mainland China. The eligible Chinese policy bank debts are those issued by the China Development Bank, the Agricultural Development Bank of China and the Export-Import Bank of China. These policy banks are state-owned and their objectives typically include providing social benefit, stimulating the economy, and supporting growing local industries. The Index represents a performance benchmark for investors who seek exposure to short term RMB government and policy bank debts.

    The Index is a total return index and is rebalanced on a monthly basis at month-end. The Index criteria are reviewed on a periodic basis.

    Market Information1
    Last Change Change (%)
    111.3630 0.2375 0.2133
    As of 21 Aug, 2017
    Index Profile
    Number of Constituents 77
    Rebalance Frequency Monthly
    Weighted Average Coupon 3.37%
    Average Yield To Maturity 3.19%
    Effective Duration 0.51
    Bloomberg Total Return Index CFIIGPSL
    * As of 21 Aug, 2017
    Asset Allocation
    China Government Bond/Bill 36.37%
    China Development Bank 24.70%
    Agricultural Dev Bank of China 20.52%
    Export-Import Bank China 13.27%
    * As of 21 Aug, 2017
    Top 10 Index Constituents
    % of Market Value Issuer Coupon Maturity Bond Code Credit rating2 Sector
    4.64 China Government Bond 2.51 05/19/2018 160012 AA- Sovereign
    4.34 China Government Bond 3.32 05/04/2018 170009 AA- Sovereign
    3.57 China Government Bond 2.73 06/11/2018 150012 AA- Sovereign
    3.29 China Development Bank 3.2 03/13/2018 170204 AA- Agency
    3.21 China Government Bond 3.22 03/26/2018 150004 AA- Sovereign
    3.11 China Development Bank 4.18 04/03/2018 150207 AA- Agency
    2.89 China Government Bond 2.78 02/09/2018 170003 AA- Sovereign
    2.68 AGRICULTURAL DEV BANK OF CHINA 3.61 04/21/2018 170408 AA- Agency
    2.54 China Government Bond 3.83 01/27/2018 110003 AA- Sovereign
    2.52 China Government Bond 2.1 11/03/2017 160024 AA- Sovereign
    As of 21 Aug, 2017
    1Index returns are for illustrative purposes only and should not be taken as an indication or guarantee of future performance. Management fees, transaction costs or other expenses are not reflected in index returns. Change indicates the change since the previous business day's closing index level. (Source: CCDC)
    2The credit rating cource may come from Moody’s Investors Service or Standard & Poor’s or local rating agencies as specific stated. the credit rating will be clearly stated to the bond issue or bond itself.
    FAQ
    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. Investments involved 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.

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

    1. IOPV Calculations are performed by Sumscope. The near real time estimated Net Asset Value per Unit in HKD, and the last closing Net Asset Value per unit in HKD, are indicative and for reference only. The near real time estimated Net Asset Value per Unit in HKD is updated during SEHK trading hours. The near real time estimated Net Asset Value per Unit in HKD uses a real time HKD:RMB foreign exchange rate - it is calculated using the near real time estimated Net Asset Value per Unit in RMB multiplied by a real time HKD:CNH foreign exchnage rate providing by Sumscope when the SEHK is open for trading.
    2. Market prices are provided on a 20-minute delayed basis by Sumscope.
    3. Performance is calculated on NAV to NAV basis in RMB and assumes dividend will be reinvested. Change of the official NAV per Unit in RMB and change of the NAV per Unit in HKD indicate the change of the NAV per Unit since previous Dealing Day, where which market(s) are opened for normal trading. Refer to the Prospectus for more information on determination of Net Asset Value. Source of NAV per Unit in RMB: HSBC Institutional Trust Services (Asia) Limited.
    4. Change of the closing price in RMB and HKD traded units indicate change of closing price since previous SEHK trading day.
    5. 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 an assumed foreign exchange rate using the CNH fixed offshore RMB ("CNH") exchange rate quoted by Reuters at 3:00 p.m. (Hong Kong time) as of the same Dealing Day. The last closing NAV per unit in RMB will not be updated when the interbank bond market is closed, the change to estimated NAV per Unit in HKD (if any) during such period is solely due to the change in the foreign exchange rate.
    6. Index returns are for illustrative purposes only and should not be taken as an indication or guarantee of future performance. Management fees, transaction costs or other expenses are not reflected in index returns. Change indicates the change since the previous business day's closing index level. (Source: Citigroup Index LLC).
    7. The credit quality is first mapped to the Standard & Poor's Financial Services LLC ("S&P") issuer rating. If a S&P issuer rating is not available, the S&P equivalent of Moody's issuer rating will be adopted as the bond's rating.
    8. Yield to Maturity is the discount rate that equates the present value of a bond’s cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund’s individual bond holding YTMs based upon Net Asset Value (“NAV”). The measure does not include the fees and expenses
    9. The flat yield is the coupon rate divided by the market price of the bond.
    10. The mean of the remaining term to maturity of the underlying bonds in a portfolio.
    11. A measure of the responsiveness of a bond or portfolio’s price to the changes in interest rates. Effective duration takes into account the possible changes in expected bond cash flows due to interest rates changes.
    12. An averaging of the internet payments made by bonds in the portfolio according to their weighting.
    13. The average convexity is weighted by the market capitalization of the respective bonds, where market capitalization is defined as the result of the dirty price of a bond multiplied by its amount outstanding.


    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. Investments involved 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.

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