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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.

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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.

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

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Email: operations@valueETF.com.hk

Fund performance (from 24-03-2023 to 26-03-2024)

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.

 

* Refer to Hong Kong-listed ETFs only.

 

+The Fund is one of the eligible collective investment schemes for the purpose of the New Capital Investment Entrant Scheme (New CIES) in Hong Kong with effect from 1 March 2024.

 

1 The near real time indicative NAV per Unit (in each trading currency of the Trust) referred to above is indicative and for reference only. This is updated every 15 seconds during SEHK trading hours and is calculated by Solactive AG, or other third party interactive data vendors. The near real time indicative NAV per Unit in RMB and USD are calculated using the near real time indicative NAV per Unit in HKD multiplied by near real time HKD:RMB (CNH) and HKD:USD foreign exchange rates quoted by Solactive AG or other third party interactive data vendor respectively.

 

The management fee is a single flat fee to cover all of the Custodian’s fee, Trustee’s and Registrar’s fees and other costs and expenses. The management fee may be increased up to the maximum of 1% per year of the NAV of the Trust, on one month’s notice to Unitholders (or such shorter period as approved by the SFC). Please refer to the Prospectus for details.

 

3 The ongoing charges figure is an annualised figure based on the ongoing expenses for the Trust, expressed as a percentage of the sum of expenses over the average NAV of the Trust for the same period. This figure may vary from year to year. The Trust has adopted a single management fee structure with effect from 30 April 2020. From 30 April 2020 onwards, the ongoing charges of the Trust are capped at a maximum of 0.40% of the average NAV of the Trust, which is equal to the current amount of the management fee of the Trust. Any ongoing expenses exceeding 0.40% of the average NAV of the Trust will be borne by the Manager and will not be charged to the Trust. Please refer to “Ongoing fees payable by the Trust” below and the Prospectus for details.

 

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.


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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 (LBMA) Gold Price.
● The Fund only invests in bullion and may experience greater volatility due to single economic, market or political occurrences when compared to diversified mutual funds or unit trusts.
● The Fund offers both listed class of units (the “Listed Class”) and unlisted class of Units (the “Unlisted Class”). Investors of Listed and Unlisted Classes are subject to different pricing and dealing arrangements. The NAV per unit of each of the Listed and Unlisted Classes may be different due to different fees and cost applicable to each Class. The dealing deadlines in respect of the Listed and Unlisted Class are also different.
● Units of the Listed Class are traded on the stock exchange on an intraday basis at the prevailing market price (which may diverge from the corresponding NAV), while units of the Unlisted Class are sold through intermediaries based on the dealing day-end NAV and are dealt at a single valuation point with no access to intraday liquidity in an open market. Depending on market conditions, investors of the Listed Class may be at an advantage or disadvantage compared to investors of the Unlisted Class.
● In a stressed market scenario, investors of the Unlisted Class could redeem their units at NAV while investors of the Listed Class could not and may have to exit the Fund at a significant discount. On the other hand, investors of the Listed Class could sell their units on the secondary market during the day thereby crystallising their positions while investors of the Unlisted Class could not do so in a timely manner until the end of the day.
● Investors of Listed and Unlisted Classes are subject to different types of risks. For example, Investors of the Listed Class are exposed to reliance on market makers risk and multi-counter risk.
● 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.
● You should not make investment decision on the basis of this material alone. Please read the prospectus for details and risk factors.

Hide

The only ETF backed by physical gold stored in Hong Kong*

minimizing impact from geopolitical risks

Intra-day
Estimated NAV1

HKD52.1039

RMBN/A

USD6.6591

Daily change (+HKD0.0256; +0.05%)
(+RMB0.2485; +0.52%)

Last update: 28-03-2024 16:00:00

Source: Solactive AG

Data are delayed at least 5 to 15 seconds.

Investment objective

Aims to provide investment results that, before fees and expenses, closely correspond to the morning (London time) fixing price of gold per troy ounce quoted in US dollars, published by the London Bullion Market Association (LBMA).

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
        • Heraeus Metals Hong Kong Limited
          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
        • Citigroup Global Markets Asia Limited
        • Credit Suisse Securities (Hong Kong) Limited
        • Goldman Sachs (Asia) Securities Limited
        • Haitong International Securities Company Limited
        • KGI Asia Limited
        • Mirae Asset Securities (Hong Kong) Limited
        • Nomura International (Hong Kong) Limited
      • Market makers
        • HKD counter:
        • Flow Traders Hong Kong Limited
        • Merrill Lynch Far East Limited
        • Mirae Asset Securities Co., Ltd.
        • Vivienne Court Trading Pty. Ltd.

        • RMB counter:
        • Flow Traders Hong Kong Limited
        • Merrill Lynch Far East Limited
        • Vivienne Court Trading Pty. Ltd.

        • USD counter:
        • Flow Traders Hong Kong Limited
        • Merrill Lynch Far East Limited
        • Vivienne Court Trading Pty. Ltd.

      • Exchange listing
        • The Stock Exchange of Hong Kong Limited - Main Board
      • Management fee 2
        • 0.40% per year of NAV
      • Ongoing charges 3
        • 0.40%
      • 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.

 

* Refer to Hong Kong-listed ETFs only.

 

+The Fund is one of the eligible collective investment schemes for the purpose of the New Capital Investment Entrant Scheme (New CIES) in Hong Kong with effect from 1 March 2024.

 

1 The near real time indicative NAV per Unit (in each trading currency of the Trust) referred to above is indicative and for reference only. This is updated every 15 seconds during SEHK trading hours and is calculated by Solactive AG, or other third party interactive data vendors. The near real time indicative NAV per Unit in RMB and USD are calculated using the near real time indicative NAV per Unit in HKD multiplied by near real time HKD:RMB (CNH) and HKD:USD foreign exchange rates quoted by Solactive AG or other third party interactive data vendor respectively.

 

The management fee is a single flat fee to cover all of the Custodian’s fee, Trustee’s and Registrar’s fees and other costs and expenses. The management fee may be increased up to the maximum of 1% per year of the NAV of the Trust, on one month’s notice to Unitholders (or such shorter period as approved by the SFC). Please refer to the Prospectus for details.

 

3 The ongoing charges figure is an annualised figure based on the ongoing expenses for the Trust, expressed as a percentage of the sum of expenses over the average NAV of the Trust for the same period. This figure may vary from year to year. The Trust has adopted a single management fee structure with effect from 30 April 2020. From 30 April 2020 onwards, the ongoing charges of the Trust are capped at a maximum of 0.40% of the average NAV of the Trust, which is equal to the current amount of the management fee of the Trust. Any ongoing expenses exceeding 0.40% of the average NAV of the Trust will be borne by the Manager and will not be charged to the Trust. Please refer to “Ongoing fees payable by the Trust” below and the Prospectus for details.

 

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?

1 The market’s only gold ETF with physical depot in Hong Kong

 

● Value Gold ETF’s gold storage is located in Quality the HKIA Precious Metals Depository . The arrangement minimizes the geopolitical risks to physical gold

 

2 Affordability

 

● As of 31 August 2023, one lot of 100 share of Value Gold ETF costs around HKD4,648, the lowest entrance fee in the market. This allows investors to buy gold to diversify risk and capture gold’s potential growth with a lower cost

 

3 Closely keep track on gold price

 

● Value Gold ETF tracks the LBMA Gold AM performance which we aim to closely track in the ETF

● The one-year tracking error is only 0.02%, which can closely keep track on the gold performance

 

4 Flexibility and transparency

 

● Unit trading is executed in the SEHK, similar to regular stocks, which is convenient and flexible

● Price, net asset value (NAV) and the amount of gold storage are disclosed daily on the website

● The fee structure is simple – an all-inclusive Total Expense Ratio of up to 0.4% of NAV per annum

 

5 HKD, RMB and USD  trading counters

 

● The world’s first gold ETF to provide trading counters of HKD, RMB and USD, bringing convenience to investors holding different currencies

 

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?

    For centuries, gold has been considered as a store of value and a natural currency. Gold cannot be printed and the supply of gold is in shortage in recent years, highlighting the bullion’s scarcity. The major central banks have been injecting liquidity to the market , deteriorating the value of banknotes and eventually purchasing power. On the contrary, gold is embraced with its precious value, which shines to combat inflation. In fact, gold price has been on its upward trend, up a total of 50% in the past 5 years, outrunning the 8% - 12% inflation rate over the same period. 

    While geopolitical risks sustained, gold stands out as one of the important safe-haven assets. Looking back at the past financial crises, gold, with a low correlation to other assets, saw price resilience and outperformed the stock market and major commodities. 

    It shows that gold is a tool that can effectively diversify the risks of the investment portfolio in long-term. Amid the low rate environment and geopolitical volatility, gold shall continue to be the essential choice for long-term risk aversion and value preservation against the inflation.

  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")?

     

     

    1 The market’s only gold ETF with physical depot in Hong Kong

    • Value Gold ETF’s gold storage is located in the HKIA Precious Metals Depository . The arrangement minimizes the geopolitical risks to physical gold

     

    2 Affordability

    • As of 31 August 2023, one lot of 100 share of Value Gold ETF costs around HKD4,648, the lowest entrance fee in the market. This allows investors to buy gold to diversify risk and capture gold’s potential growth with a lower cost

     

    3 Closely keep track on gold price

    • Value Gold ETF tracks the LBMA Gold AM performance which we aim to closely track in the ETF
    • The one-year tracking error is only 0.02%, which can closely keep track on the gold performance

     

    4 Flexibility and transparency

    • Unit trading is executed in the SEHK, similar to regular stocks, which is convenient and flexible
    • Price, net asset value (NAV) and the amount of gold storage are disclosed daily on the website
    • The fee structure is simple – an all-inclusive Total Expense Ratio of up to 0.4% of NAV per annum

     

    5 HKD, RMB and USD  trading counters

    • The world’s first gold ETF to provide trading counters of HKD, RMB and USD, bringing convenience to investors holding different currencies

     

    • The Trust is managed by Sensible Asset Management Hong Kong Ltd (the “Manager"), a wholly owned subsidiary of Value Partners Group Limited.
  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 and Heraeus Metals Hong Kong Limited are 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. 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.

  7. 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.

  8. 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.

  9. 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.

  10. 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.

  11. 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.

  12. 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.

  13. 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).

  14. 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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