Fund information


Trading Information




Cumulative Performance and 5-Year Performance (As of )

  3Mths 6Mths 1Yr 3Yrs 5Yrs Since Launch

Cumulative Performance and 5-Year Performance (As of )

  3Mths 6Mths 1Yr 3Yrs 5Yrs Since Launch

10-Year Annual Performance (As of )


10-Year Annual Performance (As of )


Tracking Difference and Tracking Error
Fund Listing Date:

Tracking Difference and Tracking Error (As of )
Rolling 1-Year Tracking Difference (TD)
Estimated Annual Tracking Difference
Rolling 1-Year Tracking Error (TE)
Actual Tracking Difference Since Listing
No data found
Calendar Year                    
Tracking Difference                    

Holdings (As of )

Total Net Asset Value Number of Stocks Held Number of Units Outstanding Asset Allocation Stock Asset Allocation Cash and Cash Equivalents
Stock Name Stock Code Listing Exchange Sector Weighting (as a % of the total net asset value of the Fund)

Portfolio Analysis (As of )

[Stock code: ]
Ex-Date Record Date Payment Date Currency Dividend Rate


The Manager primarily adopts a replication strategy to achieve the investment objective of the Fund. When there is a change in the constituent stock(s) of the Index or their weightings in it, the Manager will implement necessary adjustment (if any) to the Fund’s portfolio of stocks so that the composition and weighting of Index Shares held by the Fund closely correspond to those in the Index.
It is expected that the market price per Unit in the Fund will normally approximate its net asset value (NAV) per Unit. However, due to the forces of market supply and demand, market price per Unit of the Fund may differ from the NAV per Unit of the Fund, which is calculated by adding the market value of stocks it holds, cash, and other assets of the Fund, subtracting its liabilities, and dividing the result by the number of Units outstanding.
The creation and redemption of Fund units can usually only be made through participating dealers (i.e. the primary market), but these kind of transactions are normally made in large and pre-defined blocks of units.

Investors may apply for cash or in-kind creation of Units based on Net Asset Value per Unit through Participating Dealers by tendering (in the case of cash creations) a cash payment of an amount equivalent to the aggregate of the Issue Price multiplied by the relevant number of Units, or (in the case of in-kind creations) a basket (the “Basket”) of the Index's constituent stocks and a cash amount (the “Cash Component”) as determined and announced by the Manager in advance. Cash or in-kind redemptions of Units based on Net Asset Value per Unit can also be made in a similar manner by tendering the relevant number of Units in exchange for (in the case of cash redemptions) a cash payment of an amount equal to the aggregate of the Redemption Price multiplied by the relevant number of Units, or (in the case of in-kind redemptions) the Basket and Cash Component.
You will only be able to redeem your Units in return for the Index's constituent stocks if you hold a minimum of 100,000 Units. Such in-kind redemption can be dealt with through Participating Dealers. For details, please refer to the Hong Kong Offering Document of the Fund.
You can buy or sell Units of the Fund through your broker or bank securities account anytime during trading hours of the SEHK. The transaction costs in respect of dealing in Units in the Fund are listed below for reference. Please refer to the Hong Kong Offering Document of the Fund for details.

Brokerage Fee Market rates
SFC Transaction Levy 0.0027% 1
Financial Reporting Council (“FRC”) Transaction Levy 0.00015% 2
SEHK Trading Fee 0.005% 3
Stamp Duty Nil
Inter-counter transfer HKD5 4

1 SFC Transaction Levy of 0.0027% of the trading price of the Units is payable by each of the buyer and the seller.
2 FRC transaction levy of 0.00015% of the trading price of the Units is payable by each of the buyer and the seller.
3 SEHK Trading Fee of 0.005% of the trading price of the Units is payable by each of the buyer and the seller.
4 HKSCC will charge each CCASS Participant a fee of HKD5 per instruction for effecting an inter-counter transfer between one counter and the other counter. Investors should check with their brokers regarding any additional fees.
Investors trading via the SEHK will have to pay transaction costs as set out in the section "How can I buy or sell Units in the Fund in the secondary market?". Currently, the Fund will pay management fee and trustee fee to the Manager and the Trustee respectively. Investors should refer to the Hong Kong Offering Document of the Fund for full details of the relevant fees, charges and expenses. Investors should also note that fee may change and they should check for, from time to time, the information with respect to the Fund (including any change in fees) at the Documents section of this web site.
Before making any investment decision, investors should take into account their own circumstances including, but not limited to, investment objectives, investment experience, financial situation and particular needs. If investors have any doubt as to whether or not the Fund is suitable for them, they should consult their investment adviser and obtain independent professional advice. Investors should read the offering documents of the Fund (including the full text of the risk factors stated therein) in detail before making any investment decision. Investors should note that all investments involve risks (including the possibility of loss of the capital invested), price of Unit in the Fund may go up as well as down and past performance information presented is not indicative of future performance. In addition, investors should avoid excessive investment in any single type of investment (in terms of its proportion of their overall investment portfolio) including any proposed investment in the Fund so as to avoid their investment portfolio being over-exposed to any particular investment risk.

In relation to the Fund, the key risks are as follows:

  1. Investment Risk
    • The Fund is an investment fund and its investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Fund may suffer losses. There is no guarantee of the repayment of principal. There is no assurance that the Fund will achieve its investment objective.
  2. Equity Market Risk
    • The Fund’s investments in equity securities is subject to general market risks, and the value of such investments may fluctuate due to various factors such as changes in investment sentiment, political and economic conditions and issuer-specific factors.
  3. Tracking Error Risk
    • The Fund may be subject to tracking error risk, which is the risk that its performance may not track that of the Index exactly. This tracking error may result from factors such as the investment strategy used, fees and expenses. The Manager will monitor and seek to manage such risk in minimising tracking error.
    • There can be no assurance of exact or identical replication at any time of the performance of the Index.
  4. Dual Counter Risk
    • If there is a suspension of the inter-counter transfer of Units between the counters and/or any limitation on the level of services by brokers and CCASS participants, Unitholders will only be able to trade their Units in one counter only, which may inhibit or delay an investor dealing. The market price of Units traded in each counter may deviate significantly. As such, investors may pay more or receive less when buying or selling Units traded in HKD on the SEHK than in respect of Units traded in RMB and vice versa.
  5. Passive Investment Risk
    • The Fund is passively managed and the Manager will not have the discretion to adapt to market changes due to the inherent investment nature of the Fund. Falls in the Index are expected to result in corresponding falls in the value of the Fund.
  6. Concentration and Mainland market Risks
    • The Fund’s investments are concentrated in securities listed on the SEHK of companies having major business exposure to Mainland. The value of the Fund may be more volatile than that of a fund having a more diverse portfolio of investments. The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the Mainland market.
    • The Fund’s investments in Mainland, an emerging market, may involve increased risks and special considerations not typically associated with investment in more developed markets, such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.
  7. Trading Risk
    • The trading price of the Units on the SEHK is driven by market factors such as the demand and supply of the Units. Therefore, the Units may trade at a substantial premium or discount to the Fund’s Net Asset Value.
    • As investors will pay certain charges (e.g. trading fees and brokerage fees) to buy or sell Units on the SEHK, investors may pay more than the Net Asset Value per Unit when buying Units on the SEHK, and may receive less than the Net Asset Value per Unit when selling Units on the SEHK.
    • The Units in the RMB counter are securities traded on the SEHK, and settled in CCASS, in RMB. Not all stockbrokers or custodians may be ready and able to carry out trading and settlement of the RMB traded Units. The limited availability of RMB outside the PRC may also affect the liquidity and trading price of the RMB traded Units.
  8. Distribution Out of Capital or Effectively Out of Capital Risk
    • Payment of dividends out of capital and/or effectively 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 such distributions may result in an immediate reduction of the Net Asset Value per Unit.
  9. PRC Tax Risk
    • There are risks and uncertainties associated with the current PRC tax (including PRC Corporate Income Tax and PRC Value-Added Tax) laws, regulations and practice in respect of income (such as dividend income) derived in the PRC from the Fund’s investments in H-Shares, Red-chips and P-chips (which may have retrospective effect). Any increased tax liabilities on the Fund may adversely affect the Fund’s value. The Fund may also be subject to other taxes imposed in the PRC, which may reduce the income from, and/or the value of, the relevant investments in the Fund.
  10. General risks of investments associated with RMB currency
    • The Fund is denominated in HKD but has Units traded in RMB. RMB is currently not freely convertible and is subject to exchange controls and restrictions. Although offshore RMB (CNH) and onshore RMB (CNY) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors.
    • Non-RMB based investors who buy and sell Units traded in RMB are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors’ base currencies (for example HKD) will not depreciate. Any depreciation of RMB could adversely affect the value of the investor’s investment in Units traded in RMB.
  11. Reliance on Market Maker Risk
    • Although the Manager will ensure that at least one market maker will maintain a market for the Units traded in each counter and that at least one market maker to each counter gives not less than 3 months’ notice prior to terminating the market making arrangement under the relevant market maker agreement, liquidity in the market for the Units may be adversely affected if there is no or only one market maker for the RMB or HKD traded Units. There is also no guarantee that any market making activity will be effective.
    • There may be less interest by potential market makers making a market in Units traded in RMB. Any disruption to the availability of RMB may adversely affect the capability of market makers in providing liquidity for the Units.
  12. Reliance on the Same Group Risk
    • The Index Provider is presently Hang Seng Indexes Company Limited, which calculates and reports the daily closing level of the Index (or designates parties to do so). Both the Manager and the Index Provider are presently subsidiaries of Hang Seng Bank Limited. The functions which the Index Provider and the Manager will perform in connection with the Fund may give rise to potential conflicts of interest. Please refer to the Hong Kong Offering Document for further details.
    • Apart from the above, each of the Trustee (also acting as the Registrar), the Manager (also acting as the Listing Agent), the Index Provider and two of the Participating Dealers are members of the HSBC Group (the “Group”). Whilst these are separate legal entities and operationally independent, in the event of a financial catastrophe or the insolvency of any member of the Group, there may be adverse implications for the business of the Group as a whole or other members of the Group which could affect the provision of services to the Fund. In such event the Net Asset Value of the Fund may be adversely affected and its operation disrupted.
    • It should be noted that the Trustee, the Manager, two of the Participating Dealers and the Index Provider are presently all members of the Group. As such, although all transactions will be at arm’s length, conflicts of interest in respect of the Fund may arise from time to time amongst any of them whilst they belong to the Group. In particular, the Manager and the Trustee may be in dispute with the present Index Provider if it terminates the licence to use the Index. The Manager and each of its Connected Persons will have regard to its obligations to the Fund and Unitholders and will endeavour to ensure such conflicts are resolved fairly.
  13. Termination Risk
    • The Fund may be terminated early under certain circumstances, for example, where the Index is no longer available for benchmarking or if the size of the Fund falls below HKD4,000,000. Investors may not be able to recover their investments and suffer a loss when the Fund is terminated.
  14. Risk associated with investments in companies with weighted voting rights
    • The Fund may invest in, or the constituents of the index tracked by the Fund may include, companies which have a weighted voting rights structure. This leads to issues relating to shareholder rights and corporate governance as well as investor protection, which may have a negative impact on the Fund where the Fund invests in the ordinary shares of such companies.
Real-time trading information of the Fund will be available on SEHK’s website. Real-time updates about the related Indexes can be obtained through www.hsi.com.hk. Investors should actively check the information on the Fund on a regular basis at this web site since information may have materially impact on their holdings in the Fund. Subject to the relevant regulatory requirements, the Manager may not issue any separate notice or newspaper notice regarding changes of the Fund and its offering documentation.
For more FAQs related to Dual Counter Trading Model, please click here.
Certain information contained in this webpage is obtained and prepared from sources which Hang Seng Investment Management Limited reasonably believes to be reliable and the views and opinions (if any) provided herein are given in good faith. Where the information related to investment funds is sourced externally (as disclosed), Hang Seng Investment Management Limited has reasonable belief that such information is accurate, complete and up-to-date.

The information, views and opinions (if any) contained in this webpage are for reference under general situations only; they are not and are not intended to provide professional investment or other advice; and they are not and should not be regarded as or constitute an offer, solicitation or recommendation to invest in any of the investments mentioned herein.

The Fund(s) mentioned above has been authorised by the Securities and Futures Commission in Hong Kong ("SFC"). SFC authorisation is not a recommendation or endorsement of the Fund(s) nor does it guarantee the commercial merits of the Fund(s) or its performance. It does not mean the Fund(s) is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.

This webpage has not been reviewed by the SFC.


Morningstar Rating - Source: Morningstar, Copyright © 2022 Morningstar Asia Limited ("Morningstar"). All Rights Reserved.

^An eligible ETF in Stock Connect for Southbound trading. Mainland China investors should check with brokers for more information.


Investment involves risk and past performance is not indicative of future performance. Please refer to the offering document for further details including the risk factors. The website has not been reviewed by SFC. Issued by Hang Seng Investment Management Limited.