IMPORTANT:
Investment involves risk, including the loss of principal. You should not make any investment decision solely based on the information on this website alone. Please read the relevant offering documents for details including the risk factors before making any investment decisions. If necessary, you should seek independent professional advice. There is no guarantee of the repayment of principal, therefore your investment in the Sub-Fund may suffer losses. Before investing in the Haitong CSI300 Index ETF, investor should pay particular attention to the below risk factors:

The Fund:
Haitong CSI300 Index ETF ( “Sub-Fund”) is a sub-fund of the Haitong ETF Series, which is an umbrella unit trust established under Hong Kong law. The units (“Units”) of the Sub-Fund are listed on The Stock Exchange of Hong Kong Limited (“SEHK”). The Sub-Fund is a passively managed index-tracking exchange traded fund under Chapter 8.6 and Appendix I of the Code on Unit Trusts and Mutual Funds. The Units of the Sub-Fund are traded on the SEHK like stocks.

Haitong International Asset Management (HK) Limited (“Manager”) seeks to provide investment results, before the deduction of fees and expenses, that closely correspond to the performance of the CSI 300 Index (“Underlying Index”).

The Sub-Fund is a physical ETF which invests directly in the PRC’s domestic securities markets through the Renminbi Qualified Foreign Institutional Investor (“RQFII”) quota of the RQFII Holder, being the holding company of the Manager and Shanghai-Hong Kong Stock Connect. In respect of the RQFII investment channel, the Sub-Fund will invest through the RQFII status of the RQFII Holder and the RQFII quota, acting through the Manager, for the purpose of direct investment into the PRC.

Risk Factors:

1. Investment risk
  • The Sub-Fund is an investment fund. There is no guarantee of the repayment of principal. Therefore your investment in the Sub-Fund may suffer losses.
2. Concentration risk
  • The Underlying Index and the investments of the Sub-Fund are concentrated in China A-Share entities in China. By being concentrated in China A-Share entities in China, the Sub-Fund could suffer greater volatility compared to funds that follow a more diversified policy.
3. RQFII risk
  • The Sub-Fund is not an RQFII but will obtain access to China A-Shares directly using RQFII quotas of the RQFII Holder, which is the holding company of the Manager.
  • Investors should note that there can be no assurance that an RQFII will continue to maintain its RQFII status or to make available its RQFII quota, or the Sub-Fund will be allocated a sufficient portion of RQFII quotas from the RQFII Holder or any other RQFII to meet all applications for creation of Units in the Sub-Fund, or that redemption requests can be processed in a timely manner due to adverse changes in relevant laws or regulations of the PRC. The Sub-Fund will not have exclusive use of the specified RQFII quota granted by SAFE to the RQFII Holder, as the RQFII Holder may in its discretion allocate RQFII quota which may otherwise be available to the Sub-Fund to other products. Such restrictions may respectively result in a rejection of applications and a suspension of dealings of the Sub-Fund. In extreme circumstances, the Sub-Fund may incur significant losses due to insufficiency of RQFII quota, limited investment capabilities, or may not be able to fully implement or pursue its investment objective or strategy, due to RQFII investment restrictions, illiquidity of the Chinese domestic securities market, and/or delay or disruption in execution of trades or in settlement of trades.
  • The current RQFII laws, rules and regulations are subject to change, which may take retrospective effect causing an adverse effect on your investment in the Sub-Fund. In addition, there can be no assurance that the RQFII laws, rules and regulations will not be abolished or substantially modified due to policy changes in the PRC. The Sub-Fund, which intends to invest in the China A-Share market through the RQFII quota held by the RQFII Holder allocated to the Sub-Fund, may be adversely affected as a result of any such changes. The remittance of RMB funds are not subject to lock-up periods or regulatory approvals. However, as PRC laws and regulations may be subject to change, redemption requests may not be assured in future.
4. Dual counter risk
  • As compared to single counter exchange traded funds, the Dual Counter model, with trading of Units on the RMB counter and the HKD counter, carries additional risks for investment in such Units. For example, inter-counter transfers may fail for various reasons.
  • Furthermore, inter-counter transfers may not always be available. As a result, Unitholders will only be able to trade their units in the currency of the relevant counter when inter-counter transfers of Units between the HKD counter and the RMB counter are suspended.
  • Investors without RMB accounts may only trade and settle HKD traded units. These investors will not be able to trade or sell RMB traded units on the RMB counter, and should note that both RMB traded Units or HKD traded Units will receive distributions in RMB only. As a result, these investors may suffer foreign exchange losses and may incur fees and charges associated with the conversion of such distributions received under the Sub-Fund from RMB into HKD.
  • There are risks that the market price of the SEHK Units traded in HKD may substantially deviate from the market price of the SEHK Units traded in RMB due to market liquidity, supply and demand in each counter and the exchange rate between RMB and HKD (both onshore and offshore). As a result, an investor trading or settling units in HKD may receive less, or may pay more than the equivalent amount in RMB, and vice versa.
  • Not all brokers and CCASS participants may be familiar with and able to buy Units in one counter and 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.
5. RMB currency risk and risk that the RMB may devalue
  • It should be noted that RMB is currently not a freely convertible currency as it is subject to foreign exchange control policies of the PRC government. There is no guarantee that the RMB will appreciate in value against the Hong Kong dollars or any other currency, or that the RMB may not be subject to devaluation. Any devaluation of RMB could adversely affect the value of investors’ investments in the Sub-Fund. If investors wish or intend to convert the redemption proceeds or dividends (in RMB on both HKD traded Units and RMB traded Units) paid by the Sub-Fund or sale proceeds (in RMB on RMB traded Units) into Hong Kong dollars or any other currencies, they may suffer losses from such conversion as well as associated fees and charges. The Manager cannot guarantee that the PRC government will not alter its regulations in the future.
6.PRC/Emerging market risk
  • In tracking the Underlying Index, the Sub-Fund will invest in China A-Shares through the RQFII quota of the RQFII Holder and accordingly have substantial exposure to the emerging PRC market. The Sub-Fund is thus subject to greater risk of loss compared with investments in developed markets due to greater political, economic, taxation and regulatory uncertainty and risks linked to volatility and market liquidity. The economy of the PRC is still in the early stages of modern development and may be subject to abrupt and unexpected change. The PRC government retains a high degree of direct control over the economy. The PRC government and its regulators may intervene in the market which may adversely affect the Underlying Index and the Sub-Fund. In addition, the regulatory framework and legal system in the PRC may not provide the same degree of investor information or protection as would generally apply to more developed markets. The China A-Share market may be more volatile and unstable (e.g. due to suspension of particular stocks or government intervention) than those in the more developed markets as it is undergoing development and has lower trading volumes than those in more developed markets. A participating dealer may not be able to create or redeem the Sub-Fund’s Units if any Index Securities are not available.
7. Restricted markets risk
  • The Sub-Fund may invest in Index Securities in respect of which the PRC imposes limitations or restrictions on foreign ownership or holdings. Such legal and regulatory restrictions or limitations may have adverse effects on the liquidity and performance of the Sub-Fund holdings as compared to the performance of the Underlying Index. This may increase the risk of tracking error, and at the worst, the Sub-Fund may not be able to achieve its investment objective.
8. Trading and settlement of Units risks
  • The first RMB denominated securities listed on the SEHK were introduced in 2010. Given the relatively short history of trading and settlement of RMB denominated securities, there is no assurance that there will not be problems with the systems or that other logistical problems will not arise in relation to the trading and settlement of RMB traded Units in Hong Kong. The trading and settlement of the RMB traded Units may not be capable of being implemented as envisaged.
  • Although end-to-end simulation trading and clearing of listed RMB products testing sessions and payment pilot runs for participants of the SEHK were held by the SEHK in March, September and October 2011, some stockbrokers may not have participated in such testing sessions and pilot runs and for those who have, not all of them may be able to successfully complete such testing sessions and pilot runs, there is no assurance of their readiness for dealing in RMB denominated securities. Investors should note that not all stockbrokers may be ready and able to carry out trading and settlement of RMB traded Units of the Sub-Fund and thus they may not be able to deal in the Units through some stockbrokers.
  • In addition, the liquidity and trading price of the RMB traded Units of the Sub-Fund may be subject to market forces and may also be adversely affected by the limited availability of RMB outside the PRC and the restrictions on the conversion between foreign currency and the RMB. This may result in the Sub-Fund trading at a significant premium or discount to its NAV.
9. Risk relating to the differences between the Hong Kong and China stock markets
  • The Shanghai Stock Exchange and the Shenzhen Stock Exchange may be open on days when Units in the Sub-Fund are not priced. Consequently, the value of the securities in the Sub-Fund’s portfolio may change on those days but investors will not be able to purchase or sell the Sub-Fund’s Units.
  • Differences in trading hours between the PRC stock exchanges (i.e. Shanghai Stock Exchange and Shenzhen Stock Exchange) and the SEHK may increase the level of premium/discount of the Unit price to its NAV because if a PRC stock exchange is closed while the SEHK is open, the Underlying Index level and the market prices of Index Securities listed on the above stock exchanges may not be available.
  • One of the key differences between the Hong Kong and PRC stock markets is that the PRC stock exchanges impose trading band limits on China A-Shares. In the event that the trading band limit has been exceeded for certain Index Securities, the participating dealers may not be able to create and/or redeem Units on a Business Day because Index Securities may not be available or it is impossible to liquidate positions. This may lead to higher tracking error and may expose the Sub-Fund to losses. Further, the price of the Units of the Sub-Fund may be traded at a premium or discount to its NAV. The Manager has put in place measures to tackle the trading band limit as disclosed under the section “Measures Adopted by the Manager to Address the Differences between the China A-Shares Market and the Hong Kong Market” in Part II of the Prospectus.
10. Risk of government intervention and restriction
  • There may be substantial government intervention in the economy, including restrictions on investment in companies or industries deemed sensitive to relevant national interests. Governments and regulators may also intervene in the financial markets, such as by the imposition of trading restrictions, a ban on “naked” short selling or the suspension of short selling for certain stocks. Further, intervention or restrictions by governments and regulators may affect the trading of China A-Shares or Units of the Sub-Fund. This may affect the operation and market making activities of the Sub-Fund, and may have an unpredictable impact on the Sub-Fund. This may also lead to an increased tracking error for the Sub-Fund. Furthermore, such market interventions may have a negative impact on the market sentiment which may in turn affect the performance of the Index and as a result the performance of the Sub-Fund. In the worst case scenario, the investment objective of the Sub-Fund cannot be achieved.
11. PRC taxation risks
  • There are risks and uncertainties associated with the current PRC tax rules and practices in respect of capital gains realised by RQFIIs on their PRC investments. The changes to the PRC tax rules and practices may have a retrospective effect and may adversely affect the Sub-Fund.
  • In light of the “Notice on the Issue of Temporary Exemption from the Imposition of Corporate Income Tax Arising from Gains from the Transfer of Equity Investment Assets such as PRC Domestic Stocks by QFII and RQFII”(財政部、國家稅務總局、證監會關於QFII 和RQFII 取得中國境內的股票等權益性投資資產轉讓所得暫免徵收企業所得稅問題的通知(財稅[2014]79 號)) (“Circular 79”) jointly issued by MOF, SAT and CSRC and having considered the tax advice from the independent tax advisor, the Manager has adjusted the tax provision in respect of the Sub-Fund’s capital gains on 17 November 2014. For further information on the revised tax provision and the impact of Circular 79 and the PRC tax regime on the Sub-Fund, please refer to section “PRC Corporate Income Tax and Business Tax” in Part I of the Prospectus.
  • Circular 79 is a new PRC tax rule and its implementation has not been tested and is uncertain. There is a risk that any tax provision made by the Manager in respect of the Sub-Fund may be in excess of, or inadequate for, the Sub-Fund’s actual tax liabilities arising from investments through RQFII. Unitholders may be disadvantaged depending on the final tax liabilities, the level of tax provision and when Unitholders subscribed and/or redeemed their Units.
  • Further, in light of the temporary tax exemption granted under the circular concerning the tax treatment for Shanghai-Hong Kong Stock Connect jointly issued by MOF, SAT and CSRC (Caishui [2014] No. 81 – The Circular Concerning the Tax Treatment for the Pilot Programme of Shanghai-Hong Kong Stock Connect (財政部、國家稅務總局、證監會關於滬港股票市場交易互聯互通機制試點有關稅收政策的通知(財稅[2014]81 號))(“Circular 81”) and having considered the tax advice from the independent tax advisor, the Manager will not make any tax provision in respect of the corporate income tax or the business tax on the gross unrealised and realised capital gains derived by the Sub-Fund from investments in China A-Shares through Shanghai-Hong Kong Stock Connect.
  • The tax exemptions granted under Circulars 79 and 81 are temporary. As such, as and when the PRC authorities announce the expiry date of the exemptions, the Sub-Fund may in future need to make additional provisions to reflect taxes payable, which may have a substantial negative impact on the Net Asset Value of the Sub-Fund.
12. Passive investment risk
  • Unlike many unit trusts and mutual funds, the Sub-Fund is not “actively managed”. Therefore, the Sub-Fund will not adjust the composition of its portfolio except in order to seek to correspond to the return of the Underlying Index, even in declining markets. Accordingly, a fall in the Underlying Index will likely result in a corresponding fall in the NAV in the Sub-Fund.
13. Trading risks
  • Generally, retail investors can only buy or sell Units on SEHK. Investors pay certain charges (e.g. trading fees and brokerage fees) to buy or sell Units on the SEHK. The trading prices of the Units on SEHK are driven by market factors such as demand and supply of the Units. Therefore, the Units may trade at a substantial premium/discount to its NAV. Retail investors may pay more than the NAV per Unit when buying a Unit on the SEHK, and may receive less than the NAV per Unit when selling a Unit on the SEHK.
  • The Manager may in practice only appoint one primary broker and one alternative broker for each market (the Shanghai Stock Exchange and the Shenzhen Stock Exchange) in the PRC. As such, the Sub-Fund may rely on only one primary PRC broker for each market (which may be the same PRC broker). If the Manager is unable to use its designated primary PRC broker in the PRC, the Manager (through the RQFII Holder) will use the alternative PRC broker. In the event the Manager (through the RQFII Holder) is unable to use the alternative PRC broker as well, the operation of the Sub-Fund will be adversely affected and may cause Units of the Sub-Fund to trade at a premium or discount to its NAV or the Sub-Fund may not be able to track accurately the Underlying Index.
14. Reliance on market maker(s) risk
  • Units of the Sub-Fund on the RMB counter are traded and settled in RMB. 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.
  • Although it is the Manager’s intention that there will always be at least one market maker for each counter, investors should note that liquidity in the secondary trading of the Units may be adversely affected if there is no market maker for such Units in the Sub-Fund. A market maker may cease to act as a market maker for any counter of the Sub-Fund in accordance with the terms of its agreement including upon giving 3 months’ prior written notice.
  • Where there is only one market maker to each counter, it may not be practicable for the Sub-Fund to remove the only market maker even if it is not effective. It is possible that there is only one market maker for each counter of the Sub-Fund or the Manager may not be able to engage a substitute market maker within the termination notice period of a market maker. The liquidity for the RMB traded Units and HKD traded Units of the Sub-Fund may be affected if there is no market maker for the RMB traded Units and the HKD traded Units respectively.
15. Tracking error risk
  • Factors such as fees and expenses of the Sub-Fund, liquidity of the market, imperfect correlation of returns between the Sub-Fund’s securities and those in the Underlying Index, rounding of share prices, timing differences for changes to the Sub-Fund’s portfolio in response to changes to the Underlying Index and regulatory policies may affect the Manager’s ability to achieve full correlation with the Underlying Index of the Sub-Fund. The Sub-Fund’s returns may therefore deviate from those of the Underlying Index.
16. Early Termination risk
  • The Trust and/or the Sub-Fund may be terminated early by the Trustee or the Manager under certain circumstances, Investors should refer to the section “Termination of the Trust or the Sub-Fund” in Part I of the Prospectus for further details.
17. New ETF Manager and Reliance on the Investment Adviser risk
  • The Manager currently does not have experience of managing exchange traded funds and will make use of the Investment Adviser’s expertise to support the Sub-Fund’s investments in the China A-Share market. Any disruption in the communication with or assistance from the Investment Adviser may adversely affect the operations of the Sub-Fund, and the performance of the Sub-Fund.
18. Risk associated the Shanghai-Hong Kong Stock Connect
  • Shanghai-Hong Kong Stock Connect is subject to quota limitations, which may restrict the Sub-Fund’s ability to make timely investments in China A-Shares and as a result, the Sub-Fund may not able to effectively pursue its investment strategies.
  • SEHK and Shanghai Stock Exchange reserve the right to suspend Northbound and/or Southbound trading if necessary. If the Northbound trading is suspended, the Sub-Fund’s ability to access the PRC market will be adversely affected.
  • The securities regimes and legal systems of the Hong Kong and Shanghai markets differ significantly. Market participants may need to address operational issues arising from such differences on an on-going basis. Further, Shanghai-Hong Kong Stock Connect relies on a new order routing system (“China Stock Connect System”) for cross-border trading. In the event that the China Stock Connect System fails to function properly, the Sub-Fund’s ability to access the China A-Share market will be adversely affected.
  • Shanghai-Hong Kong Stock Connect is novel in nature and the related regulations are untested. There is no certainty as to how the regulations will be applied and they may be subject to change. As a result of such changes, investment in the PRC markets through Shanghai-Hong Kong Stock Connect may be adversely affected.
  • Corporate income tax, individual income tax and business tax are exempted on gains derived by the Sub-Fund through Shanghai-Hong Kong Stock Connect. However the exemption is temporary and there is no assurance that the Sub-Fund will continue to enjoy such tax exemption.
  • The Sub-Fund’s investments through Northbound trading under Shanghai-Hong Kong Stock Connect is not covered by the Hong Kong’s Investment Compensation Fund. Therefore, the Sub-Fund is exposed to the risk of default of the broker(s) it engages in its trading in China A-Shares through the programme.
Please note that the above listed investment risks are not exhaustive and investors should read the Prospectus in detail before making any investment decision.
The Manager seeks to provide investment results, before the deduction of fees and expenses, that closely correspond to the performance of the CSI 300 Index ("Underlying Index").

The Manager seeks to achieve this investment objective by adopting a full replication strategy. Using a full replication strategy, the Manager will invest directly in all or substantially all of the assets of the Sub-Fund in the securities comprising the Underlying Index (“Index Securities”) in substantially the same weightings in which they are included in the Underlying Index, through the RQFII investment quota granted to the RQFII Holder by the PRC’s State Administration of Foreign Exchange (“SAFE”) and Shanghai-Hong Kong Stock Connect.

Subject to applicable laws and regulations, the Manager may invest up to 30% of the Sub-Fund’s Net Asset Value in certain eligible China A-Shares through Shanghai-Hong Kong Stock Connect. The Manager reviews the Index Securities held in the Sub-Fund each Business Day. In order to minimise tracking error, it closely monitors factors such as any changes in the weighing of each Index Security, suspension, dividend distributions and the liquidity of the Sub-Fund portfolio. The Manager will also conduct adjustment on the portfolio of the Sub-Fund regularly, taking into account tracking error reports, the index methodology and any rebalance notification of the Underlying Index.

Under normal circumstances, the Sub-Fund will invest at least 95% of its assets in the Index Securities constituting the Underlying Index. The Sub-Fund may also invest not more than 5% of its assets in money market funds and in cash deposits for cash management purpose. The Sub-Fund will not invest in securities that are not Index Securities.

Currently the Manager has no intention to invest the Sub-Fund in any financial derivative instruments (including structured products or instruments) for hedging or non-hedging (i.e. investment) purposes.

The Sub-Fund does not currently intend to engage in any security lending activities, repurchase transactions or other similar over-the-counter transactions.

The Manager will seek the prior approval of the SFC and provide at least one month’s prior notice to Unitholders before the Manager engages in any investments in any financial derivative instruments, security lending activities, repurchase transactions or other similar over-the-counter transactions, or adopts an investment strategy other than a full replication strategy.

The investment strategy of the Sub-Fund is subject to the investment and borrowing restrictions set out in the Prospectus.
Date Last Change Change(%)
Official NAV per Unit in RMB 19 Feb, 2020 14.6045 -0.0209 -0.14
NAV per Unit in HKD ##5(for reference only) 19 Feb, 2020 16.1952 -0.0218 -0.13
Closing Price for RMB Traded Unit 19 Feb, 2020 14.46 0.00 0.00
Closing Price for HKD Traded Unit 19 Feb, 2020 16.02 0.00 0.00
SEHK Listing Date 7 March 2014
Financial Year 31 Dec
Asset Class Equity
Domicile Hong Kong
Total NAV(RMB) * 693,711,844
Outstanding Units * 47,500,000
Management Fee 0.60% per annum
Ongoing charges figure9 1.20%
Base Currency RMB
Number of Holdings 300
* As of 19 Feb, 2020
Exchange: Hong Kong Stock Exchange - Main Board
Date of Listing/Dealing 7 March 2014
Primary Exchange Time Zone GMT+8
Exchange Ticker 02811
Bloomberg Ticker 2811 HK
ISIN HK0000179355
Trading Board Lot 200 Units
Trading Currency HKD
ABN AMRO Clearing Hong Kong Limited
China Merchants Securities (HK) Co., Limited
Credit Suisse Securities (Hong Kong) Limited
Goldman Sachs (Asia) Securities Limited
Haitong International Securities Company Limited
The Hongkong and Shanghai Banking Corporation Limited
KGI Securities (Hong Kong) Limited
Merrill Lynch Far East Limited
Nomura International (Hong Kong) Limited
SG Securities (HK) Limited
UBS Securities Hong Kong Limited
Underlying Index: CSI 300 Index
Index Provider: China Security Index Co., Ltd.
Currency: RMB
As of 19 Feb, 2020
Closing Level 4,051.31
Change -6.20
Change(%) -0.15%
Benchmark Level Type Price Return
Bloomberg Code SHSZ300
Exchange: Hong Kong Stock Exchange - Main Board
Date of Listing/Dealing 7 March 2014
Primary Exchange Time Zone GMT+8
Exchange Ticker 82811
Bloomberg Ticker 82811 HK
ISIN HK0000179348
Trading Board Lot 200 Units
Trading Currency: RMB
Haitong International Securities Company Limited
SG Securities (HK) Limited
Haitong International Securities Company Limited
SG Securities (HK) Limited
1. This is a near real time intra-day estimated NAV. The near real time intra-day estimated NAV is provided by Interactive Data (as defined below in Data Provider’s Disclaimer) and is updated during Hong Kong Stock Exchange trading hours. It is indicative and for reference purpose only. The near real time intra-day estimated NAV per unit in HKD does not use a real time HKD:RMB foreign exchange rate - it is calculated using the near real time intra-day estimated NAV per unit in RMB multiplied by an assumed foreign exchange rate using the fixed offshore RMB ("CNH") exchange rate quoted by Reuters at 3:00 p.m. (Hong Kong time) on the previous dealing day on which SEHK is opened for trading. During the period when the China A-Share market is closed, the intraday estimated NAV per Unit in RMB will not be updated and any change to the intraday estimated NAV per Unit in HKD is solely due to the change in the foreign exchange rate.
2. Market prices are provided on a 15-minute delayed basis by Interactive Data .
3. Performance is calculated on NAV to NAV basis in RMB and assumes dividend will not 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 both the SEHK and the underlying A-Shares market are open for normal trading and the Underlying Index is compiled and published. 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. When the underlying A shares market is closed, the official last closing NAV per unit in RMB and NAV per unit in HKD will not be updated. Dealing Day means each business day on which both SEHK and the underlying A shares market are open for normal trading and the Underlying Index is compiled and published.
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: China Securities Index Co., Ltd.).
7. Additional Participating Dealer(s) will be appointed from time to time.
8. Additional Market Maker(s) will be appointed from time to time.
9. The ongoing charges figure is the sum of the actual expenses charged to the Sub-Fund and is calculated based on the latest annual financial statement as of 31 December 2018. This figure may vary from year to year. The figure is expressed as a percentage of the Sub-Fund’s average net asset value of a financial year.


CSI Disclaimer
The Underlying Index is compiled and calculated by China Securities Index Co., Ltd. (“CSI”). All copyright in the Underlying Index values and constituent list vest in CSI. CSI will apply all necessary means to ensure the accuracy of the Underlying Index. However, CSI does not guarantee its instantaneity, completeness or accuracy, nor shall it be liable (whether in negligence or otherwise) to any person for any error in the Underlying Index or under any obligation to advise any person of any error therein.

Data Provider’s Disclaimer

Real Time Data
All information provided by Interactive Data (Hong Kong) Limited ("Interactive Data") and its affiliates (the "Interactive Data Information") is owned by or licensed to Interactive Data and its affiliates and any user is permitted to use such Interactive Data Information only for such user's personal use. In no event shall any user publish, retransmit, redistribute or otherwise reproduce any Interactive Data Information in any format to anyone, and no user shall use any Interactive Data Information in or in connection with any business or commercial enterprise, including, without limitation, any securities, investment, accounting, banking, legal or media business or enterprise.

Prior to the execution of a security trade based upon the Interactive Data Information, you are advised to consult with your broker or other financial representative to verify pricing information.

The interactive data information is provided to the users "as is." Neither interactive data nor its affiliates nor any third party data provider make any express or implied warranties of any kind regarding the interactive data information, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use. Neither interactive data nor its affiliates nor any third party data provider will be liable to any user or anyone else for any interruption, inaccuracy, error or omission, regardless of cause, in the interactive data information or for any damages (whether direct or indirect, consequential, punitive or exemplary) resulting therefrom.

Delayed Data
Delayed data as shown on this website (the “data”) are provided by the data provider, Interactive Data. Interactive Data and HKEx Information Services Limited, and their respective holding companies and/or any subsidiaries of such holding companies, do not guarantee the accuracy or reliability of the data provided and accept no liability (whether in tort or contract or otherwise) for any loss or damage you may suffer or incur arising out of or in connection with your use of the data, including loss or damage which arises out of the data being inaccurate, incomplete or delayed, and however such loss or damage arises. You acknowledge that the data is provided for information only and should not be relied upon for any purpose.


Investor should note that investment involves risks (including the possibility of loss of capital invested), the fund’s NAV per unit may rise as well as fall and past performance is not indicative of future results. Investors should carefully consider their own investment objectives, risk tolerance level and other circumstances and seek independent financial and professional advice as appropriate before making any investments. Please read the offering documents of the fund carefully for further details (including the full text of the risk factors, fees & charges and product features). Investment returns not denominated in HKD/USD are exposed to exchange rate fluctuations. This web page is published by Haitong International Asset Management (HK) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong.
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