Disclaimer

IMPORTANT – Please read the following before proceeding

Before you continue, please read this important information carefully and scroll down to the "ACCEPT" and "DO NOT ACCEPT" buttons.

By clicking the "ACCEPT" button, you are consenting to be bound by all the terms set out herein. If you do not agree with any of these terms, click the "DO NOT ACCEPT" button.

By proceeding to access information contained herein, users are deemed to be representing and warranting that they are either Hong Kong residents or are observing the applicable laws and regulations of their relevant jurisdictions.

Value Gold ETF

  • Value Gold ETF (the “Fund”) is a fund listed on the Stock Exchange of Hong Kong Limited (“SEHK”), which aims to provide investment results that closely correspond to the performance of the London Bullion Market Association Gold Price.
  • The Fund only invests in bullion and may experience greater volatility due to single economic, market or political occurrences.
  • The Fund has adopted a multi counter and units are traded in HKD, RMB and USD on SEHK. The nature of the multi-counter model may make investment in the units riskier than in single counter units or shares of an SEHK listed issuer. Investors without RMB or USD accounts may buy and sell HKD traded units only.
  • RMB is not a freely convertible currency and is subject to foreign exchange control policies, as well as repatriation restrictions imposed by the PRC government. Investors whose base currencies of investments are not in RMB should take into account the potential risk of loss arising from fluctuations in value between such currencies and the RMB.
  • The Fund does not insure its bullion and the Fund and unitholders could suffer a loss if the bullion held by the custodian is lost or damaged.
  • As the Fund is not actively managed, the Manager will not adopt a temporary defensive position against any market downturn. Investors may lose part or all of their investment.
  • Trading prices of units on the SEHK are subject to market forces and the units may trade at a substantial premium/discount to the net asset value of the Fund.
  • You should not make investment decision on the basis of this website alone. Please read the prospectus for details and risk factors.

Value China A-Share ETF

  • Value China A-Share ETF (the “Fund”) is index-tracking fund listed on the Stock Exchange of Hong Kong Limited (“SEHK”) which aim to provide investment results that closely correspond to the performance of the FTSE Value-Stocks China A-Share Index.
  • Value China A-Share ETF is subject to emerging market risks. Generally, investments in emerging markets are subject to a greater risk of loss than investments in a developed market due to greater political, economic, taxation and regulatory uncertainty and risks linked to volatility and market liquidity etc.
  • The Fund is also subject to concentration risk as a result of investing only in a single geographical region. Adverse developments in such regions may affect the value of the underlying securities in which the Fund invest.
  • An affiliated company of the Manager and Sub-Manager of the Fund assists with the compilation of the Index and accordingly potential conflicts of interests may arise.
  • Prices on the SEHK are based on secondary market trading factors and may deviate significantly from the net asset value of the Fund.
  • You should not make investment decision on the basis of this website alone. Please read the prospectus for details and risk factors.
  • The Fund/ the investment manager may at its discretion pay dividend out of gross income while charging/ paying all or part of the Fund’s fees and expenses to/ out of the capital of the Fund, resulting in an increase in distributable income for the payment of dividends by the Fund and therefore, the Fund may effectively pay dividend out of capital.
  • Payment of dividends out of 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 fund’s capital or payment of dividends effectively out of the fund’s capital (as the case may be) may result in an immediate reduction of the net asset value per share/unit.

Sensible Asset Management Hong Kong Limited does not make representation that information and website on this site are appropriate for use in all jurisdictions available on the web, or that transactions, securities, products, instruments or services offered on this site are available or indeed appropriate for sale or use in all jurisdictions, or by all investors or other potential clients. Those who access this site do so on their own initiative, and are therefore responsible for compliance with applicable local laws and regulations. By accessing each site, the entrant has agreed that he/she has reviewed the site in its entirety including any legal or regulatory rubric.

To the best of its knowledge and belief, SAMHK considers the information contained herein is accurate as at the date of publication. However, no warranty is given on the accuracy, adequacy or completeness of the information provided by third party. Neither SAMHK, nor its affiliates, directors and employees assumes any liabilities in respect of any errors or omissions provided by third party on this website. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the prospectus for details and risk factors in particular those associated with investment in emerging markets and the arrangement in the event that the Funds are delisted. Investors should also note that the Funds are different from a typical retail investment funds, in particular, units in the Funds may only be created or redeemed directly by a participating dealer in large unit sizes.

Information in this website has been obtained from sources believed to be reliable but SAMHK does not guarantee the accuracy or completeness of the information provided by third parties.

This website has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Sensible Asset Management Hong Kong Limited.

The information provided herein is for informational purposes only and is not intended to provide professional advice and should not be relied upon in that regard. Persons accessing these pages are advised to obtain appropriate professional advice where necessary. Information posted on this site is current only as at the date of posting and may no longer be true or complete when viewed by you. All information contained herein may be changed or amended without prior notice, although SAMHK does not undertake to update this site regularly.

All copyright, patent, intellectual and other property rights in connection with the information contained herein are owned by SAMHK or its affiliates. No rights of any kind are licensed, assigned or shall otherwise pass to persons accessing this information.

Notice relating to the Personal Data (Privacy) Ordinance (the “Ordinance”)

When providing services to our clients and other parties, Sensible Asset Management Hong Kong Limited and its affiliates (collectively “SAMHK”, “the Company”) may from time to time require you to supply your personal data for the purposes of opening or continuing portfolio accounts and in the establishment or continuation of investment management and advisory services by the Company.

Failure to supply such data may result in SAMHK being unable to provide investment management and advisory services.

Personal data collected from you may be used by SAMHK within or outside Hong Kong, for the purposes of providing investment management and advisory services and direct marketing. The usage of the personal data may depend upon your relationship with SAMHK, which include but not limited to:

  • the application for the opening of a new account in SAMHK
  • the daily operation of the investment management and advisory services provided to clients
  • marketing of financial services or related products
  • meeting the requirements to make disclosures under the requirements of any law and/ or regulation and/ or codes binding on/ applicable to the Company.

Data held by the Company relating to you will be kept confidential but the Company may from time to time provide information to the following parties for the above purposes:

  • Any agent or third party service provider who provides administrative or securities clearing or other services to SAMHK in connection with the operation of its business
  • Any person to whom SAMHK is under an obligation to make disclosure under the requirements of any law and/ or regulation and/ or codes binding on/ applicable to the Company
  • Any other person under a duty of confidentiality to SAMHK including all subsidiaries and affiliates of SAMHK which has undertaken to keep such information confidential.

SAMHK intends to use your personal data in direct marketing and SAMHK requires your consent (which includes an indication of no objection) for that purpose. In this connection, your name, contact details, held by SAMHK from time to time may be used by SAMHK in direct marketing of financial services or products offered by SAMHK or co-branded partners.

Pursuant to the Ordinance, you have the right to (a) check whether SAMHK holds any personal data about you, and to access such data, at a reasonable fee, (b) request any inaccurate personal data to be corrected, (c) ascertain SAMHK policies and practices relating to personal data, including the type of personal data SAMHK holds and the main purpose for holding such data and (d) exercise your opt-out right if you do not wish SAMHK to use your personal data for direct marketing purposes. All such requests should be directed to:

The Compliance Officer

Sensible Asset Management Hong Kong Limited

43rd Floor, The Center,

99 Queen's Road Central, Hong Kong

Email: operations@valueETF.com.hk

Fund performance (from to )


ETF Insights
  • Home
  • Insights & Education
  • ETF Insights
  • 【黃金】選工具投資 考慮風險收費 (Chinese only)

Latest ETF insights

Read more

Subscribe to our newsletter

Subscribe

Need more information?

Contact us
【黃金】選工具投資 考慮風險收費 (Chinese only)

筆者在過去幾期文章中,花了不少篇幅講解黃金投資組合分散部分傳統股債的風險,亦提到市場的流動性可媲美美國國債,相信讀者已能掌握不少投資黃金的好處。

黃金年初至今表現強勢後,第三季金價上漲步伐放慢,但筆者最近會見的投資者仍對投資黃金有莫大興趣。有些比較資深的投資者正在深思應以什麼投資工具入市,究竟交易所上市的ETF較便捷,還是直接買入金條更具效益?

投資ETF贖回實金選項

直接買入金條的確感覺實在,不過投資者別忘了黃金ETF的投資者亦享有贖回黃金的選項。這個程序又稱為實物交易機制(In-kind redemption),有些股票指數ETF也有相關機制,供投資者選擇資金進出的方式。

以黃金ETF為例,將ETF股份贖回黃金的過程一般需要數天,便可以安排交易所先將ETF單位贖回,再安排把實體黃金寄往指定地點。

同樣是交易所買賣的黃金期貨ETF則並無如此機制,因為其底層資產是黃金衍生產品合約。僅實金ETF能提供以上選項。

因此,若然贖回實金是投資者抉擇入市的考慮,除了應探究ETF本身的結構是否屬於投資實金的類別外,查閱產品備忘錄對了解有否相關操作亦不可缺少。不同ETF發行人對相似產品的申購條文不一,限制不同地區的投資者贖回ETF單位的彈性。

根據筆者了解,在香港和亞洲時區內,為數極少的實金ETF發行人能夠提供於本港贖回實金的選項。在決定投資前,投資者務必細閱相關基金的銷售文件,了解自己的權利。

不同工具風險和費用有別

現實中,黃金投資工具眾多,工具結構不同或改變風險回報特徵。投資黃金時,風險和費用都會蠶食部分回報。

投資實體黃金需要另覓地方作儲藏,若存放於家中,會有遺失和被盜的風險,如存放不當更會影響黃金的價值,變相減低投資者的潛在回報。如果擁有的黃金有一定的份量,則要安排租賃保安和金庫,牽涉運輸存倉、保險等昂貴的費用。選擇購買金飾則需要額外支付手工費,買賣差價亦較闊。

紙黃金的24小時交易時間表,為投資者提供充足流動性應對市場波動,而且入市門檻極低,不少投資者選擇以這種合約配置黃金。不過,需要注意的是,紙黃金的買賣差價較闊及存有交易對手風險,且沒有實金儲備支持,存在一定程度的風險。

相比之下,黃金ETF費率具透明度,以年總費用率(Total Expense Ratio)形式收取管理費,買賣差價較窄,收費模式對於期望以金融工具入市的散戶而言,是相對容易理解。

本文提供之意見純屬盛寶資產管理香港有限公司之觀點,會因市場及其他情況而改變。以上資料並不構成任何投資建議,亦不應視作投資決策之依據。所有資料是搜集自被認為是可靠的來源,但惠理不保證資料的準確性。本文包含之部分陳述可能被視為前瞻性陳述,此等陳述不保證任何將來表現,實際情況或發展可能與該等陳述有重大落差。刊發人:盛寶資產管理香港有限公司

Privacy Info Disclaimer Cookie Policy Copyright©2020 Value Partners Limited. All rights reserved.