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Value China ETF, Value China A-Share ETF, Value Japan ETF, Value Korea ETF and Value Taiwan ETF

  • Value China ETF, Value China A-Share ETF, Value Japan ETF, Value Korea ETF and Value Taiwan ETF (collectively the “Funds”) are index-tracking funds 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 Index, FTSE Value-Stocks China A-Share Index, FTSE Value-Stocks Japan Index, FTSE Value-Stocks Korea Index and FTSE Value-Stocks Taiwan Index respectively.
  • Value China ETF, Value China A-Share ETF, Value Korea ETF and Value Taiwan ETF are 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.
  • Each of the Funds 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 Funds invest.
  • An affiliated company of the Manager and Sub-Manager of the Funds 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 Funds.
  • 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.

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.

Sensible Asset Management Hong Kong Limited 盛寶資產管理香港有限公司 (“SAMHK”) 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 盛寶資產管理香港有限公司.

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.

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The Compliance Officer

Sensible Asset Management Hong Kong Limited

9th Floor, Nexxus Building,

41 Connaught Road Central, Hong Kong

Email: operations@valueETF.com.hk

Fund performance (from 08-12-2016 to 08-12-2017)

Note: The gold bullion image is intended for illustrative purpose only, and does not correspond to the real holding facility nor the actual gold bullion bars.

 

1 The near real time estimated NAV per Unit in RMB & USD is calculated by using the near real time estimated Net Asset Value per Unit in HKD multiplied by the near real time foreign exchange rates (HKD:CNH) & (HKD:USD) quoted by Interactive Data Hong Kong Limited respectively. The estimated NAV and exchange rate are only updated during the SEHK trading hours and they are indicative and for reference only.

 

The ongoing charges figure is expressed as a percentage of the sum of expenses over the average net asset value of the Fund for the corresponding period as described below. This figure may vary from year to year. As the management fee for the Fund was reduced from 0.15% to 0.10% with effect from 1 July 2017, this is a best estimate of the Fund’s ongoing charges figure for the period from 1 April 2017 to 31 March 2018, based on the actual ongoing expenses reported in the financial statements of the Fund for the period ended 31 March 2017 and taking into account the management fee up to 30 June 2017 and the reduced management fee effective 1 July 2017. The actual figure may be different from the estimate. As a point of reference, the actual ongoing charges figure of the Fund based on the expenses for the period ended 31 March 2017 was 0.57%.

 

Delayed data as shown on the Hong Kong 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.

 

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 funds and its’ share classes increased or decreased in value during the calendar year. Performance data has been calculated in currencies displayed above, including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Where no past performance is shown there was insufficient data available in that year to provide performance.

 

Investment involves risks. Please refer to the relevant offering documents for further fund details including risk factors and the arrangement in the event that the Fund is delisted. Investors should also note that the Funds are different from typical investment funds, in particular, units in the Funds may only be created or redeemed directly by a participating dealer in large unit sizes. This website is issued by Sensible Asset Management Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.


  • Overview
  • Key Features
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  • Our Partners
  • FAQ

DisplayHide important notes
  • 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.
Hide

The world’s first gold ETF with HKD/RMB/USD counters

Backed by physical gold stored in Hong Kong

HKEX share price

HKD30.55

RMB25.95

USD4.05

Daily change (+HKD0.00; +0.00%)
(+RMB0.00; +0.00%)

Last update: 11-12-2017 16:00:00

Source: Interactive Data (Hong Kong) Limited

Data are delayed at least 15 minutes.

Estimated NAV1

HKD30.4036

RMB25.7829

USD3.8953

Daily change (+HKD0.1054; +0.35%)
(+RMB0.0129; +0.05%)

Last update: 11-12-2017 16:00:00

Source: Interactive Data (Hong Kong) Limited

Data are delayed at least 5 to 15 seconds.

Investment objective

Aims to provide investment results that closely correspond to the morning fixing price of gold per troy ounce calculated by ICE Benchmark Administration Limited (published by the London Bullion Market Association usually before 11:00 a.m. (London time)).

Fund information

      • Fund launch date
        • 29 October 2010
      • Listing date
        • 3 November 2010 - HKD counter
          29 November 2013 - RMB counter
          31 March 2017 - USD counter
      • Investment manager
        • Sensible Asset Management Hong Kong Limited
      • Sub-investment manager
        • Value Partners Hong Kong Limited
      • Trustee and registrar
        • HSBC Institutional Trust Services (Asia) Limited
      • Auditor
        • Ernst & Young
      • Metal providers
        • Standard Chartered Bank
      • Custodian
        • Hong Kong International Airport Precious Metals Depository Limited
      • Participating dealers
        • Physical gold delivery / cash settlement:
        • Redford Securities Limited

        • Cash settlement:
        • ABN AMRO Clearing Hong Kong Limited
        • Chief Securities Limited
        • Credit Suisse Securities (Hong Kong) Limited
        • Goldman Sachs (Asia) Securities Limited
        • Nomura International (Hong Kong) Limited
      • Market makers
        • HKD counter:
        • Commerz Securities Hong Kong Limited
        • Credit Suisse Securities (Hong Kong) Limited
        • Merrill Lynch Far East Limited
        • RMB counter:
        • Commerz Securities Hong Kong Limited
        • USD counter:
        • Commerz Securities Hong Kong Limited
      • Exchange listing
        • The Stock Exchange of Hong Kong Limited - Main Board
      • Management fee
        • 0.10% per year of NAV
      • Ongoing charges 2
        • Estimated to be 0.53% per annum
      • Gold type
        • Minimum fineness of 99.5% of gold (from the approved refiners which are included in the LBMA Good Delivery List of Acceptable Refiners: Gold)
      • Exchange ticker
        • 3081 HK - HKD counter
          83081 HK - RMB counter
          9081 HK - USD counter
      • Bloomberg ticker
        • 3081 HK Equity - HKD counter
          83081 HK Equity - RMB counter
          9081 HK Equity - USD counter
      • Trading board lot size
        • 100 units - HKD counter
          100 units - RMB counter
          100 units - USD counter
      • Creation/redemption unit size
        (by authorized participants only)
        • Minimum basket of 300,000 units
      • Fund base currency
        • Hong Kong Dollar
      • Trading currency
        • Hong Kong Dollar - HKD counter
          Renminbi - RMB counter
          United States Dollar - USD counter
      • Financial year end
        • 31 March

Note: The gold bullion image is intended for illustrative purpose only, and does not correspond to the real holding facility nor the actual gold bullion bars.

 

1 The near real time estimated NAV per Unit in RMB & USD is calculated by using the near real time estimated Net Asset Value per Unit in HKD multiplied by the near real time foreign exchange rates (HKD:CNH) & (HKD:USD) quoted by Interactive Data Hong Kong Limited respectively. The estimated NAV and exchange rate are only updated during the SEHK trading hours and they are indicative and for reference only.

 

The ongoing charges figure is expressed as a percentage of the sum of expenses over the average net asset value of the Fund for the corresponding period as described below. This figure may vary from year to year. As the management fee for the Fund was reduced from 0.15% to 0.10% with effect from 1 July 2017, this is a best estimate of the Fund’s ongoing charges figure for the period from 1 April 2017 to 31 March 2018, based on the actual ongoing expenses reported in the financial statements of the Fund for the period ended 31 March 2017 and taking into account the management fee up to 30 June 2017 and the reduced management fee effective 1 July 2017. The actual figure may be different from the estimate. As a point of reference, the actual ongoing charges figure of the Fund based on the expenses for the period ended 31 March 2017 was 0.57%.

 

Delayed data as shown on the Hong Kong 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.

 

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 funds and its’ share classes increased or decreased in value during the calendar year. Performance data has been calculated in currencies displayed above, including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Where no past performance is shown there was insufficient data available in that year to provide performance.

 

Investment involves risks. Please refer to the relevant offering documents for further fund details including risk factors and the arrangement in the event that the Fund is delisted. Investors should also note that the Funds are different from typical investment funds, in particular, units in the Funds may only be created or redeemed directly by a participating dealer in large unit sizes. This website is issued by Sensible Asset Management Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.

Why choose Value Gold ETF?

Security

Value Gold ETF's (or the "Trust's") physical gold bullion is securely stored at Hong Kong International Airport Precious Metals Depository Limited ("HKIA PMD"), a subsidiary of the Airport Authority of Hong Kong. With its gold bullions stored in Hong Kong, a world-renowned financial centre, Value Gold ETF helps reduce political risks which may arise from gold funds with gold stored in other regions.

Quality

The metal provider, Standard Chartered Bank, ensures that all gold bullions have a minimum fineness of 99.5% and are manufactured by refiners which are included in the “LBMA Good Delivery List of Acceptable Refiners: Gold”.

Liquidity

Units of Value Gold ETF are traded on the Stock Exchange of Hong Kong like other exchange-listed securities.

Efficiency

Units of Value Gold ETF were specially designed for investors who want a convenient and efficient way to invest in gold. Value Partners handles the purchase and storage of the underlying gold bullions of Value Gold ETF while HKIA PMD handles the insurance 1 for the physical gold bullions.

Transparency

Pricing information, net asset value and total gold in the Trust of Value Gold ETF are published daily on the website of Value Gold ETF.

1 Please refer to the sections of the Prospectus titled "Is the Trust's gold insured?", "Investment Risk – Custody and Insurance" and "Inadequate Sources of Recovery" for details of the insurance arrangement.

 

Note: The gold bullion image is intended for illustrative purpose only, and does not correspond to the real holding facility nor the actual gold bullion bars.

 

Investment involves risks. Please refer to the relevant offering documents for further fund details including risk factors and the arrangement in the event that the Fund is delisted. Investors should also note that the Funds are different from typical investment funds, in particular, units in the Funds may only be created or redeemed directly by a participating dealer in large unit sizes. This website is issued by Sensible Asset Management Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.

  1. Why invest in gold?

    Gold is generally considered a store of value, a wealth protection tool and an alternative monetary asset, adding diversification value in a balanced portfolio. In addition, gold is also used in hedging inflation and currency risks. The scarcity of gold allows it to maintain a relatively stable purchasing power over the long term.

  2. Why invest in a gold ETF?

    A gold exchange-traded fund ("ETF") is an investment product listed on a securities exchange, usually in the form of a trust or mutual fund whose main purpose is to track the price of gold. Gold ETFs are intended to enhance trading liquidity so investors can buy and sell gold ETF units on an intraday basis on the relevant exchanges. Gold ETFs are also designed to reduce security and other costs associated with the storage of physical gold bars. As each gold ETF share or unit is backed by a certain amount of physical gold held by the ETF custodian, investing in gold ETF is similar to holding physical gold directly and thereby gives investors the exposure to gold in a convenient and cost-effective manner.

  3. What are the distinguishing features of Value Gold
    ETF ("The Trust")?

    • The investment objective of the Trust is to deliver investment results that closely correspond to the performance of the London Gold Fixing Price before fees and expenses. The London Gold Fixing Price, a widely used international benchmark for daily gold price, is the morning fixing price of gold per troy ounce calculated by ICE Benchmark Administration (published by the London Bullion Market Association usually before 11:00 a.m. (London time)).
    • The Trust is Asia’s first exchange-traded gold ETF which has the underlying physical gold held in Hong Kong and is listed on the main board of the Hong Kong Stock Exchange.
    • The Trust is managed by Sensible Asset Management Hong Kong Ltd (the “Manager"), a wholly owned subsidiary of Value Partners Group Limited.
    • Each unit of the Trust represents an interest in the gold bullion held by the Trust. The gold bullion are held on a fully allocated basis by the Hong Kong International Airport Precious Metals Depository Limited (the “Custodian"), a wholly owned subsidiary of the Airport Authority of Hong Kong.
    • Total expense ratio of the Trust is up to 0.35% of NAV per annum.
    • Gold holdings of the Trust are fully transparent. The price, net asset value and holding amounts of gold are published daily on our website
  4. Who is the Participating Dealer?

    The latest list of the Participating Dealers is available here.

  5. Who is the Metal Provider?

    Standard Chartered Bank is currently the Metal Provider.

    The role of Metal Provider is to supply bullion (manufactured by approved refiners which are included in the LBMA Good Delivery List of Acceptable Refiners: Gold) with a minimum fineness of 99.5% gold. If a Participating Dealer has any dispute as to the quality of gold sold to it by the Metal Provider, the Participating Dealer will be entitled to claim against the Metal Provider.

  6. Who are the target investors for the Value Gold ETF?

    Target investors include Asia-based retail and institutional investors who seek exposure to physical gold and prefer to have physical gold held locally by a secure Custodian in Asia instead of other remote jurisdictions. The Trust, which is established under Hong Kong law, is a convenient investment product to local investors as they don’t need to acquire and store physical gold themselves. When an investor purchases Value Gold ETF, he owns one or more units of the Trust whose main asset - physical gold – is held by the Custodian on the Trust’s behalf.

  7. Are the Value Gold ETF backed by physical gold?

    Yes. The Trust may only invest in physical gold held in its name on a fully-allocated basis. The Trust may hold a small amount of cash to pay expenses. It may not lend the gold out and may not borrow.

  8. Where is the Value Gold ETF's gold held?

    All gold bullion deposited with the Trust is securely stored at the Hong Kong vaults of the Custodian.

  9. Why store gold in Hong Kong?

    Hong Kong is an international financial centre with first-class services and a financial platform that serves investors in Asia and other time zones. The Hong Kong International Airport is regarded as one of the most efficient and accessible traffic hub in the region, making this a cost effective location for gold storage.

  10. Is the Trust's gold insured?

    The Trustee and the Manager will not arrange insurance for the Bullion held by the Trust. However, the Custodian, which holds all the bullion deposited with the Trust, generally maintains insurance at its own expense with regard to its business and on terms and conditions that it considers reasonable and appropriate. The Custodian regularly reviews the insurance coverage with respect to the vault and considers the current insurance coverage sufficient and appropriate, given the exposure, security installations and risk management the Custodian have in place. The current policy does not necessarily cover all bullions that may be deposited at the Custodian's vault.

  11. Is Value Gold ETF's gold 'allocated'?

    All bullion deposited with the Trust is securely held by the Custodian and is held on a fully “allocated” basis. The Trust has opened an account with the Custodian under the Trust's name, in which the Trust holds uniquely identifiable gold bullion bars that are “allocated” to the Trust. Gold bullion of the Trust is stored in the Custodian's vault but are securely segregated from gold and precious metals that are also in the vault but are owned by other people. All gold bullion stored by the Custodian is clearly identifiable through the refiner's brand and unique serial number. The Trust has full title to all gold bullion held in its name with the Custodian. All Participating Dealers, Metal Providers and the Trust have accounts with the Custodian.

  12. What type of bullion is held by Value Gold ETF?

    The Trustee only accepts gold in the form of bars or ingots (from approved refiners which are included in the LBMA Good Delivery List of Acceptable Refiners: Gold) with a minimum fineness of 99.5% gold.

  13. What are 'London Good Delivery Bars'?

    London Good Delivery Bars' refers to bullion made by gold melters and assayers that are accredited by London Bullion Market Association (“LBMA”). They meet specifications set out in the LBMA-issued Good Delivery Rules, which includes weight, dimensions, fineness, identifying marks (including the assay stamp of a LBMA acceptable refiner) and appearance for bullion. Trading unit of gold in London is troy ounce, whose conversion between grams is: 1,000 grams = 32.1507465 troy ounces and one troy ounce = 31.1034768 grams.

    London Good Delivery Bar is typically referred as 400 ounce bar as it must contain between 350 and 430 troy ounces of fine gold, with a minimum fineness of 99.5%, be of good appearance and be easy to handle and stack. The fine gold content of a gold bar is calculated by multiplying the gross weight of the bar (expressed in units of 0.025 troy ounces) by the fineness of the bar. A London Good Delivery Bar must also bear the stamp of one of the melters and assayers who are on the LBMA approved list.

  14. How do I exchange my gold for units or units for gold?

    Most investors are likely to sell units of the Trust directly on the exchange rather than redeem those units for physical gold and then sell the gold as this is a more cost effective way. Similarly, most investors are likely to buy units of the Trust directly on the exchange, rather than acquiring physical gold and then selling that to Metal Providers who will, in turn, create units for investors to subscribe through Participating Dealers. However, investors in the Trust may exchange their gold for Units or their Units for gold, subject to conditions of the Trust and agreement between the investors and Participating Dealer.

    Only a Participating Dealer can create and redeem units directly with the Trust, either on its own account or for the account of investors which are its clients. Units can be created and redeemed by in-gold creation and in-gold redemption at the issue price and redemption value, respectively, through Participating Dealers with a minimum number of 300,000 units (and multiples thereof).

  15. How does an investor buy and sell units in the Trust?

    Units of the Trust are traded on the Hong Kong Stock Exchange and may be bought and sold by investors through their existing stockbrokers or through any of the share dealing services offered by banks or other financial advisers at any time the Hong Kong Stock Exchange is open. Units of the Trust are quoted in Hong Kong dollars/ Renminbi/ United States dollars per unit and are traded in minimum board lots of 100 units (or multiples thereof) like an ordinary listed stock.

Note: The gold bullion image is intended for illustrative purpose only, and does not correspond to the real holding facility nor the actual gold bullion bars.

 

Investment involves risks. Please refer to the relevant offering documents for further fund details including risk factors and the arrangement in the event that the Fund is delisted. Investors should also note that the Funds are different from typical investment funds, in particular, units in the Funds may only be created or redeemed directly by a participating dealer in large unit sizes. This website is issued by Sensible Asset Management Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.

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