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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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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

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供應鏈瓶頸惡化為金價帶來支持 (Chinese only)

俄烏衝突已持續逾一個月,隨著市場已大致消化兩國戰火再進一步惡化的可能性,金價自三月初高見2078美元後持續向下。雖然金價正進入調整,但隨著西方國家對俄實施的一系列制裁措施及中國疫情反彈,令全球供應鏈陷入危機,意味滯脹風險升溫,黃金仍有望成為資金的避險對象。

俄烏兩國為全球石油、糧食及金屬資源的主要出口,面對地緣政治緊張及西方國家的制裁下,國際期油、鋁、小麥等商品於今月初衝高至多年高位。今年以來,布蘭特期油最多曾漲近79%,高見139.13美元;倫敦三個月期鋁則曾最多飆45%,高見4073.5美元;芝加哥小麥期貨最多急漲77%,高見1363.5美元。

大宗商品價格上揚令消費者物價指數(CPI)漲幅進一步擴大,美國二月份通脹按年升幅飆至7.9%,再創40年新高,市場預期三月份通脹有機會突破8%。歐盟統計局於今月初公布,二月份CPI則按年急升5.8%。商品市場持續供求失衡,加上美國自去年起掀起「大離職潮」,推動工資水平上漲,令通脹更難受控。

上海為遏制疫情而實施全市封鎖,短期內應會減少對能源的需求,緩和油價上漲壓力,但上海為電子及晶片代工重鎮,恐對全球半導體供應鏈造成衝擊。另外,氖氣是處理晶片所需要的特殊氣體,鈀金則為晶片製造的其中一種重要原材料,全球逾七成的氖氣主要由烏克蘭生產,而俄羅斯則提供全球超過三成半的鈀金,前者供應正受戰火所影響,後者則可能因俄羅斯為報復西方國家而暫停其供應,導致晶片荒情況惡化,最終只會加劇通脹。

通脹風險仍未解除下,而黃金一向被市場視為對抗通脹的投資工具,上述因素無疑為金價帶來支撐。影響黃金需求仍有以下因素,隨著俄羅斯遭踢出國際金融體系,盧布大幅度貶值,當地民眾紛紛投資黃金相關產品,俄羅斯聯邦儲蓄銀行(Sberbank)早前表示,俄羅斯投資者對黃金和鈀金的需求明顯急增。同時,俄羅斯財政部為擺脫對美元的依賴,正計劃增持更多黃金。

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

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