CSOP - Products - ICBC CSOP FTSE Chinese Government Bond Index ETF

ICBC CSOP FTSE Chinese Government Bond Index ETF

(USD Counter Stock Code: CYB, SGD Counter Stock Code: CYC)

IMPORTANT INFORMATION about the ICBC CSOP FTSE Chinese Government Bond Index ETF (the "ETF")

IMPORTANT: Investment involves risks, including the loss of principal. Investors should refer to the ETF's Prospectus and the Product Key Facts Statement for further details, including the product features and risk factors. Investors should not only base on this marketing material alone to make investment decisions. Investors should note:

	The ICBC CSOP FTSE Chinese Government Bond Index ETF ¹ (“ETF”) aims to provide investment results that, before fees and expenses, closely correspond to the performance of FTSE China A50 Index, which is an index consisting the top 50 A-Share companies by market capitalization listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange. There is no assurance that the ETF will achieve its investment objective and investors may not get back part of or the entire amount they invest.
	The ETF is one of the first RMB physical A-share exchange traded funds issued outside PRC to invest directly in the A-share market which is inherently a market with restricted access. Investing solely in China market may also subject the ETF to emerging market risk (such as greater economic, political, tax, foreign exchange, regulatory, volatility and liquidity risks) and concentration risk.
	There is no assurance that the Manager will continue to maintain its RQFII status and make quota available for the ETF’s investment.
	The market price on the SEHK of units traded in RMB and of units traded in HKD may deviate significantly due to different factors such as market liquidity, supply and demand in each counter and the exchange rate between RMB and HKD (in both onshore and offshore markets).
	Investors without RMB accounts may buy and sell HKD traded units only. They 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.
	Investors who bought units on the HKD counter may be subject to currency exchange risk as the assets of the ETF are denominated in RMB.
	The liquidity and trading price of the ETF RMB traded units may be adversely affected by the limited availability of RMB outside the PRC and the restrictions on the conversion between foreign currency and RMB.
	There are risks and uncertainties associated with the current Chinese tax laws applicable to investments made by an RQFII ETF. Provisions of PRC taxes 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 ETF's assets and may adversely affect the ETF's asset value.
	The ETF is subject to tracking error risks due to factors such as fees and expenses of the ETF and the liquidity of the market, imperfect correlation of return and other factors such as the representative sampling strategy being used and investing in collective investment scheme under exceptional circumstances.
	The units of the ETF are traded on the SEHK. Their prices on the SEHK are based on secondary market trading factors and may deviate significantly from the net asset value of the ETF and may trade at a substantial premium or discount to its NAV.
	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. Any distributions involving payment of dividends out of the capital or effectively out of the capital of the ETF may result in an immediate reduction of the NAV per Unit.

Risk associated with the Shanghai-Hong Kong Stock Connect:

	The Shanghai-Hong Kong Stock Connect is subject to quota limitations.
	The Sub-Fund can only trade certain eligible stocks that are listed on the SSE through the Shanghai-Hong Kong Stock Connect.
	It is contemplated that both SEHK and SSE would reserve the right to suspend Northbound and/or Southbound trading if necessary.
	The securities regimes and legal systems of the Hong Kong and Shanghai markets differ significantly. Market participants may need to address issues arising from the differences on an on-going basis.
	The Sub-Fund’s investments through Northbound trading under Shanghai-Hong Kong Stock Connect is not covered by the Hong Kong’s Investor Compensation Fund. Therefore the Sub-Fund is exposed to the risks of default of the broker(s) it engages in its trading in China A-Shares through the program.
	Shanghai-Hong Kong Stock Connect is novel in nature, and the related regulations/rules are untested. There is no certainty as to how they will be applied, and they may change from time to time.

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

Investment Objective and Investment Strategy

	ICBC CSOP FTSE Chinese Government Bond Index ETF (the “Sub-Fund”) is a sub-fund under CSOP Investments VCC (a Singapore variable capital company authorised under Section 286 of the Securities and Futures Act, Chapter 289 of Singapore). The Sub-Fund is an exchange traded fund listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”) and the Shares of this Sub-Fund are classified as Excluded Investment Products and Prescribed Capital Markets Products in Singapore.
	The investment objective of this Sub-Fund is to replicate as closely as possible, before fees and expenses, the performance of the FTSE Chinese Government Bond Index.
	The Manager employs a “passive management” or indexing investment approach designed to track the performance of the Index.
	The Manager aims to deliver an investment performance which closely corresponds to the performance of the Index.
	The Manager will adopt a representative sampling strategy by investing in the China Interbank Bond Market (the “CIBM”) via the Foreign Access Regime.

Note: For more details on the Sub-Fund, please refer to the Prospectus and Product Highlights Sheet.

Intra-day Estimated NAV ¹

Market Information

	Date	Last	Change	Change (%)
Official NAV per Share in RMB ²	27 Jan, 2022	69.5821	-0.0360	-0.05
NAV per Share in USD ^4 (for reference only)**	27 Jan, 2022	10.9507	-0.0488	-0.44
NAV per Share in SGD ^4 (for reference only)**	27 Jan, 2022	14.7900	-0.0021	-0.01
Closing Price for USD Counter ³	27 Jan, 2022	10.94	-0.07	-0.64
Closing Price for SGD Counter ³	27 Jan, 2022	14.78	-0.02	-0.14

**Exchange Rate of RMB to USD:⁴ is provided by Thomson Reuters.

Exchange Rate of RMB to SGD:⁴ is provided by Thomson Reuters.

Fund Information

SGX-ST Listing Date	21 September 2020
Financial Year	31 December
Asset Class	Fixed Income
Domicile	Singapore
Total NAV (RMB)	9,302,055,863.00
Outstanding Shares	133,684,700
Management Fee	0.25%
Ongoing Charges Over A Year (TER)^#	0.25%
Base Currency	RMB

# As the Sub-Fund is newly set up, this figure is a best estimate only and represents the sum of the estimated ongoing charges over a 12-month period, expressed as a percentage of the estimated average NAV over the same period. It may be different upon actual operation of the Sub-Fund and may vary from year to year.

Underlying Index Information

Underlying Index	FTSE Chinese Government Bond Index
Index Provider	FTSE Russell
Index Methodology	https://www.yieldbook.com/f/m/pdf/ftse_indexes/FTSE-Fixed-Income-Indexes-Guide-20190831.pdf
Index Publication	https://www.yieldbook.com/x/ixFactSheet/factsheet_monthly_cgbi.pdf
Bloomberg Ticker	CFIICNL
Reuters Code	.SBCNL

Trading Information

	USD Counter	SGD Counter
Exchange	SGX-ST – Main Board	SGX-ST – Main Board
Date of Listing / Dealing	21 September 2020	21 September 2020
Primary Exchange Time Zone	GMT+8	GMT+8
Stock Code	CYB	CYC
SGX Counter Name	ICBC CSOP CGB ETF US$D	ICBC CSOP CGB ETF S$
Bloomberg Ticker	CYB SP Equity	CYC SP Equity
Reuters Code	ICGB-D.SI	ICGB.SI
ISIN	SGXC34971074	SGXC34971074
Trading Board Lot	10 Shares	10 Shares
Trading Currency	USD	SGD

Participating Dealers⁵

ABN AMRO Clearing Bank N.V. Singapore Branch	Merrill Lynch (Singapore) Pte Ltd
Phillip Securities Pte Ltd	iFAST Financial Pte Ltd
UOB Kay Hian Private Limited	DBS Vickers Securities (Singapore) Pte Ltd
UBS Securities Pte Ltd	CGS-CIMB Securities (Singapore) Pte Ltd
Flow Traders Asia Pte. Ltd.	Jane Street Financial Limited

Market Makers⁶

AP Capital Investment Limited	Flow Traders Asia Pte Ltd.
Phillip Securities Pte Ltd	CLSA Singapore Pte Ltd
Guotai Junan Investments (Hong Kong) Limited

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 SGX trading hours. Powered by Factset. IOPV is indicative and for reference purposes only. The Sub-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. ICE Data 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.

When SGX is opening while CIBM is closed, the Intra-day Estimated NAV per Share in RMB will not be updated, the change to the Intra-day Estimated NAV per Share in USD/SGD (if any) during such period is solely due to the change in the foreign exchange rate.
Change of the official NAV per Share in RMB and change of the NAV per Share in USD and SGD indicate the change of the NAV per Share since previous Dealing Day where both the SGX and CIBM are open for normal trading. Refer to the Prospectus for more information on determination of Net Asset Value. Source of NAV per Share in RMB: HSBC Institutional Trust Services (Singapore) Limited.
Change of the closing price for USD Counter and SGD Counter indicate change of closing price since previous SGX trading day. (Source: Bloomberg)
The last closing NAV per Share in USD/SGD is indicative and for reference purpose only and is calculated using the last closing NAV per Share in RMB multiplied by an assumed foreign exchange rate using the RMB exchange rate quoted by Reuters at 3:00 p.m. (Singapore time) as of the same Dealing Day.

When the CIBM or SGX is closed, the official last closing NAV per Share in RMB and indicative NAV per Share in USD/SGD will not be updated. Dealing Day means each business day on which both SGX and the CIBM are open for normal trading.
Additional Participating Dealer(s) will be appointed from time to time.
Additional Market Maker(s) will be appointed from time to time.

	1 Month	3 Month	6 Month	Year to date	Since Inception^#
ICBC CSOP FTSE Chinese Government Bond Index ETF (the "Fund")*	0.54%	1.08%	2.88%	4.87%	5.74%
The underlying index**	0.56%	1.14%	3.01%	5.15%	6.26%

	2021
ICBC CSOP FTSE Chinese Government Bond Index ETF (the "Fund")*	4.87%
The underlying index**	5.15%

Tracking Difference	Tracking Error
As of 31 December, 2021 Fund Inception Date: 18 September, 2020 Rolling 1-Year TD: -0.28% TD for calendar year 2021: -0.28%	As of 31 December, 2021 Fund Inception Date: 18 September, 2020 Rolling 1-Year TE^: 0.06% ^Annualized based on the number of dealing days in the past year when daily TD is calculated

Total Net Asset Value (in RMB)	Number of Securities	Securities (%)
9,302,055,863.00	51	99.70

Name	Weighting(%)
CHINA GOVERNMENT BOND	99.70

Name	Weighting(%)
A1	99.70

Years	Weighting(%)
5Y-10Y	32.13
0Y-3Y	30.65
3Y-5Y	25.08
Above 10Y	11.84

Ex-Date	Record Date	Payable Date	Dividend Per Share	Proportion paid out of distributable income (%)	Proportion paid out of capital (%)
2021-06-16	2021-06-17	2021-06-23	US$0.15	100%	0%
2020-12-15	2020-12-16	2020-12-23	US$0.075	100%	0%

Disclaimer:

This website is owned and managed by CSOP Asset Management Pte. Ltd. (“CSOP”). CSOP reserves the right to change, modify, add or delete, any content and the terms & conditions of use of this website without notice. The information in this website is obtained and / or compiled from sources believed to be reliable and current. However, none of CSOP or its affiliates or the information providers will be liable to anyone for any interruption, inaccuracy, error or omission, regardless of cause, in the information on this page or for any kind of damages as a result. Users are advised to periodically review the contents of this website to be familiar with any modifications. The performance return and associated information contained on this website are for informational purposes only and must not be construed as an offer or solicitation of an offer to buy or sell any securities or shares in any of our ETFs or a recommendation to invest in any of our products. Past performance is not indicative of future performance. You should seek advice from a financial adviser before making any investment. Investment involves risks and the value of the shares and the income from the ETFs may fall as well as rise. Investments in the funds are subject to investment risks, including the possible loss of principal amount invested. Persons interested in investing in the ETF should read the relevant prospectus and product highlight sheet (including the full text of the risk factors stated therein) for details before deciding whether to invest in shares of the relevant ETF. The performance of the ETF’s price on the Singapore Stock Exchange (“SGX”) may be different from the net asset value per unit of the ETF. The ETF may also be delisted from the SGX. Transaction in shares of the ETF will result in brokerage commissions. Listing of the units does not guarantee a liquid market for the shares. Shares of the ETF may be bought or sold throughout trading hours of the SGX through any brokerage account. Investors should note that the ETF differs from a typical variable capital company and VCC may only be created or redeemed directly by a participating dealer in large creation or redemption units.

Index Provider Disclaimer:

The ICBC CSOP FTSE Chinese Government Bond Index ETF (the “ETF”) has been developed solely by CSOP Asset Management Pte. Ltd. The ETF is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the FTSE Chinese Government Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trade mark of the relevant LSE Group company which own the Index and is used by any other LSE Group company under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the ETF. The LSE Group does not accept any liability whatsoever to any person arising out of the use of the ETF or the underlying data. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the ETF or the suitability of the Index for the purpose to which it is being put by CSOP Asset Management Pte. Ltd.

Weighted Average Maturity ⁴	7.20yr
Effective Duration ⁵	5.57
Weighted Average Coupon ⁶	3.10%
Average Convexity ⁷	0.71

Average Yield to Maturity ²	2.51%
Distribution Frequency	Semi-Annually
Use of Income	Distributing
Flat Yield ³	3.01%

1.	The credit rating is due to the credit rating of bond issuer or bond issuance (if any) from Moody’s Investors Service, Fitch’s or Standard & Poor’s or local rating agencies as specific stated.
2.	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.
3.	The flat yield is the coupon rate divided by the market price of the bond.
4.	The mean of the remaining term to maturity of the underlying bonds in a portfolio.
5.	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.
6.	The average coupon rate of underlying bonds in the portfolio according to their weighting.
7.	A measure of the responsiveness of a bond or portfolio’s duration to the changes in interest rates. The average convexity is weighted by the fund’s individual bond market value.

IMPORTANT INFORMATION about the ICBC CSOP FTSE Chinese Government Bond Index ETF (the "ETF")

Investment Objective and Investment Strategy

Intra-day Estimated NAV ¹

Market Information

Fund Information

Underlying Index Information

Trading Information

Participating Dealers⁵

Market Makers⁶

Performance

Tracking Difference/ Error

Graph for Tracking Difference

Holdings

Asset Allocation

Bond Credit Ratings ¹

Maturity

Fundamentals & Risk

Yield Information

All Holdings

Important information

Distribution History

Documents

IMPORTANT INFORMATION about the ICBC CSOP FTSE Chinese Government Bond Index ETF (the "ETF")

Investment Objective and Investment Strategy

Intra-day Estimated NAV 1

Market Information

Fund Information

Underlying Index Information

Trading Information

Participating Dealers5

Market Makers6

Performance

Tracking Difference/ Error

Graph for Tracking Difference

Holdings

Asset Allocation

Bond Credit Ratings 1

Maturity

Fundamentals & Risk

Yield Information

All Holdings

Important information

Distribution History

Documents

Intra-day Estimated NAV ¹

Participating Dealers⁵

Market Makers⁶

Bond Credit Ratings ¹