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

Latest ETF insights

Read more

Subscribe to our newsletter

Subscribe

Need more information?

Contact us
十月驚奇 黃金助避險 (Chinese only)

踏入今年最後一個季度,美國大選在即,民主黨參選人拜登在民調中仍然領先爭取連任的總統特朗普,有緊貼美國大選的讀者或認同,在充滿驚喜的10月(October surprises)評論拜登穩操勝券未免言之尚早。

選情之外,白宮在加碼疫後救市方案的議題上反覆不定,加上中美雙方爭端不斷,全球仍然寄望對付新冠肺炎的疫苗盡快推出,一重又一重的不確定性在前方等待着投資者越過。在組合配置中,投資哪種資產可減少被不同的未知之數支配?

減輕極端事件衝擊

筆者曾提及,黃金是其中一種避險資產,與傳統股債等風險資產之間的相關性頗低,一向受惠於追逐資產質素的資金。尤其在市場發生系統性風險時,黃金的避險特性尤其突出。系統性風險是一種不可分散且影響所有資產的風險。

世界黃金協會最新報告指出,在過去幾個重大的極端風險事件中,金價表現不一,但大多帶來正回報,更與作為未來波動性指標的VIX恐慌指數一同向上。由最近的新冠肺炎疫情,到2010至11年間的歐洲主權債務危機和2001年的911恐怖襲擊,甚至較久遠的大蕭條亦然,投資部分資金於黃金,或多或少能減輕整個投資組合所受的下挫。

與股價呈正相關性

黃金的低相關性不僅在市場大幅動盪時發揮作用,它還可以在風險資產升市時跟隨向上。世界黃金協會比較近20年的數據,研究MSCI世界指數和黃金走勢。當環球股票錄得大升市的時候,金價與股價呈現正相關性。

有趣地,當股價大幅下挫,意即偏離長期平均跌逾兩個標準差(Standard deviation)的時候,金價則與股市呈反向關係。黃金既能捕捉資產上漲,同時又能避險之特性不言而喻。

流動性與美債匹配

除了金價表現之比較,投資者在配置的時候,亦會關注資產的流動性,會否因流動性不佳而要折讓出售。全球黃金市場龐大,期貨和交易所買賣的黃金相關產品合計,每日平均交易量逾1400億美元,僅次於1至3年期的美國國債。

對於黃金ETF的流動性,投資者往往專注於二級市場的成交量,通常忽略的更大量隱藏於散戶交易背後的流動性,便是一級市場在ETF產品所參與的角色。就香港而言,有本地上市的黃金ETF處於亞洲交易時段,配合二級市場的交易需求增加,一級市場的流動性十分關鍵,可供造市商在本地交易期間創造和贖回ETF單位,支撐活躍的交易量。

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.