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Mirae Asset Horizons CSI 300 ETF (Stock Code: 83127)

Important information about Mirae Asset Horizons CSI 300 ETF

  • Mirae Asset Horizons CSI 300 ETF (the “Fund”) is a physical exchange traded fund and seeks to provide investment result that, before fees and expenses, closely corresponds to the performance of the CSI 300 Index (the “Underlying Index”). The Fund is an investment fund. There is no guarantee of the repayment of principal. Therefore your investment in the Fund may suffer losses.
  • The Fund invests in the People’s Republic of China (the “PRC”)’s domestic securities market through the status as a Renminbi Qualified Foreign Institutional Investor ("RQFII") of Mirae Asset Global Investments (Hong Kong) Limited (the “Manager”) and will utilise the Manager’s RQFII quota which is subject to the Manager’s allocation across different public fund products under its management from time to time and is limited and may be used up. As such, the Fund will not have exclusive use of a specified amount of RQFII quota. In the event the Manager is unable to obtain or allocate sufficient RQFII quota to the Fund, the Manager may suspend creations of the units of the Fund (“Units”). In such event the trading price of a Unit will be at a significant premium to the net asset value (“NAV”) per Unit.
  • The Fund is not “actively managed”, therefore when there is a decline in the Underlying Index, the Fund will also decrease in value. The Manager will not adopt any temporary defensive positions against any market downturn. Investors may lose part or all of their investment.
  • The Fund is subject to concentration risk as a result of tracking the performance of a single geographical region (i.e. the PRC). The Fund may likely be more volatile than a broad-based fund as it is more susceptible to fluctuations in value of the Underlying Index resulting from adverse conditions in the PRC.
  • The RQFII policy and rules are new and there may be uncertainty to its implementation and such policy and rules are subject to change. The uncertainty and change of the laws and regulations in the PRC (including the RQFII policy and rules) may adversely impact the Fund and such changes may also have potential retrospective effect. Repatriations by RQFIIs in respect of an investment fund such as the Fund conducted in Renminbi (”RMB”) are permitted daily and are not subject to any lock-up periods or prior approval. There is no assurance, however, that PRC rules and regulations will not change or that repatriation restrictions will not be imposed in the future.
  • The Fund has a portfolio investing in companies whose operations are primarily in the PRC and therefore is subject to emerging market risks such as risks associated with uncertainty concerning PRC laws and regulations and government policies. Generally, investment in emerging markets such as the PRC are subject to a greater risk of loss than investing in a developed market due to greater political, economic and taxation uncertainty and risks linked to volatility, market liquidity, foreign exchange, legal and regulatory risks. The PRC imposes restrictions on foreign ownership or holdings of A-Shares. At worst, the Fund may not be able to achieve its investment objective.
  • There are risks and uncertainties associated with the current PRC tax laws, regulations and practice in respect of capital gains realised via RQFII quota on investments in the PRC (which may have retrospective effect). Although Caishui [2014] No.79 states that QFIIs and RQFIIs without a place of business or establishment (“PE”) in the PRC, or that have a PE in the PRC but their gains derived from investments in A-Shares are not connected to such PE, will be temporarily exempt from corporate income tax on capital gains derived from investments in A-Shares effective from 17 November 2014, the tax exemption granted to QFIIs and RQFIIs by the relevant tax PRC authorities is temporary. As such, as and when the PRC tax authorities announce the expiry date of the exemption, the Fund may in future need to make provision to reflect taxes payable, which may have a substantial negative impact on the NAV of the Fund. If actual tax is collected by the State Administration of Taxation of the PRC and the Fund is required to make payments reflecting tax liabilities for which no provision has been made, the Fund’s NAV may be adversely affected, as the Fund will ultimately have to bear the full amount of tax liabilities. In this case, the tax liabilities will only impact Units in issue at the relevant time, and the then existing unitholders and subsequent unitholders will be disadvantaged as such unitholders will bear, through the Fund, a disproportionately higher amount of tax liabilities as compared to that borne at the time of investment in the Fund.
  • Generally, retail investors can only buy or sell the Units on the Stock Exchange of Hong Kong Limited (the “HKEx”). The trading price of the Units on the HKEx is driven by market factors such as demand and supply of the Units. Therefore, the Units may trade at a substantial premium or discount to their NAV.
  • The market prices of underlying securities listed on the Shenzhen Stock Exchange and Shanghai Stock Exchange may not be available during part or all of the HKEx trading sessions due to trading hour differences which may result in the Fund’s trading price deviating away from NAV (i.e. the level of premium or discount of the Unit price to its NAV may increase).
  • If there is a suspension of the inter-counter transfer of the Units between the HKD counter and the RMB counter for any reason, unitholders will only be able to trade their Units in the relevant counter on the HKEx. The market price on the HKEx of the Units traded in HKD and of the Units traded in RMB may deviate significantly due to different factors such as market liquidity, supply and demand in each counter and the exchange rate between the RMB and the HKD (in both the onshore and the offshore markets). As such investors may pay more or receive less when buying or selling the Units traded in HKD on the HKEx than in respect of the Units traded in RMB and vice versa. Investors without RMB accounts may buy and sell HKD traded Units only. Such investors will not be able to buy or sell RMB traded Units and should note that distributions are made in RMB only. As such, investors may suffer a foreign exchange loss and incur foreign exchange associated fees and charges to receive their dividend. Not all brokers and CCASS participants may be familiar with and able to buy the Units in one counter and to sell the Units in the other or to carry out inter-counter transfers of the Units or to trade both counters at the same time. This may inhibit or delay an investor dealing in both HKD traded Units and RMB traded Units and may mean an investor can only trade in one currency.
  • The Fund is denominated in RMB. RMB is currently not freely convertible and is subject to exchange controls and restrictions. Non-RMB based investors in the Units are therefore exposed to foreign exchange risk as a result of fluctuations in the RMB exchange rate against their base currencies. There is no guarantee that the value of RMB against the investors’ base currencies (for example HKD) will not depreciate.
  • In the event of any default of either a PRC broker or the PRC Custodian (directly or through its delegate) in the execution or settlement of any transaction or in the transfer of any funds or securities in the PRC, the Fund may encounter delays in recovering its assets which may in turn impact the NAV.
  • Due to fees and expenses of the Fund, liquidity of the market, foreign exchange costs, and changes to the regulatory policies, the Fund’s return may deviate from that of the Underlying Index.
  • Investment involves risk. Investors may lose part or all of their investment. Investors should not base on this website alone to make investment decisions. Before making any investment decision, prospective investor should read the Fund’s offering documents (available on www.horizonsetfs.com.hk) carefully for further details, including the product features and risk factors, and should consider seeking independent professional advice. The contents of the afore-mentioned website is prepared and maintained by the Manager and has not been reviewed by the Securities and Futures Commission of Hong Kong (”SFC”).

 

All dollar amounts are in RMB and all dates are in GMT+8 Time, unless otherwise specified.

Fund objective and investment strategy

The Fund seeks to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the Underlying Index.

The Manager intends to adopt a full replication strategy to achieve the investment objective of the Fund, by investing all, or substantially all, of the assets of the Fund directly in all securities constituting the Underlying Index in substantially the same weightings as these securities have in the Underlying Index (the “Replication Strategy”), through the RQFII quota granted to the Manager by the State Administration of Foreign Exchange of the PRC. The Manager will not adopt a representative sampling strategy or any strategy other than the Replication Strategy without the prior approval of the SFC and not less than one month’s prior notice to unitholders.

The Fund may also invest not more than 5% of its NAV in money market funds and hold RMB cash and cash equivalents for cash management purpose.

The Manager has no intention to invest in financial derivatives instruments (including structured products or instruments) nor to engage in securities lending or repurchase transactions or other similar over-the-counter transactions in respect of the Fund. Any change in the Manager’s intention to enter into any of the above transactions in respect of the Fund is subject to prior approval of the SFC and not less than one month’s prior notice will be given to unitholders should there be a change in such intention.

Near real time Estimated NAV per Unit [1] as of 23 Mar 2017

 
RMB HKD [8][9]  
--
$ -- $ --  
--
$ -- $ --  

Daily NAV per Unit [3][4] as of 23 Mar 2017

 
NAV Change Change%
Official NAV per Unit in RMB
$ 11.66 $ 0.00 0.34%
NAV per Unit in HKD [8]
$ 13.18 - 0.34%

Fund information as of 23 Mar 2017

Fund Inception Date
24 Sep 2014
Listing date on the HKEx
26 Sep 2014
Financial year end of the Fund
Ending 31 Mar each year
Ongoing charges over a year
1.02% per annum of NAV [10]
Management Fee
Up to 0.25% per annum of the NAV accrued daily and calculated as at each Dealing Day.
Distribution Frequency
Annually at the Manager's discretion (May in each year)

Index information [5] as of 23 Mar 2017

Underlying Index [11]
CSI 300 Index
Index Provider
China Securities Index Co., Ltd.
Type of Index
Price Return
Base currency
RMB
Closing Level
3,461.98
Change
11.93
Change %
0.35%

Trading information as of 23 Mar 2017

 
RMB Traded Units HKD Traded Units [8]  
Exchange
Hong Kong Stock Exchange Hong Kong Stock Exchange  
Stock Code
83127 3127  
ISIN
HK0000215316 HK0000215324  
Board Lot Size
100 Units 100 Units  
Trading Currency
RMB HKD  
Total NAV
$ 110,751,405.65 $ 125,182,313.81  
Outstanding Units
9,500,000 9,500,000  

Market makers [6]

 
RMB CounterHKD Counter
Bluefin HK Limited
VV
Commerz Securities Hong Kong Limited
VV
Guotai Junan Securities (Hong Kong) Limited
VV
SG Securities (HK) Limited
-V

Participating dealers [7]

  • ABN AMRO Clearing Hong Kong Limited
  • BNP Paribas Securities Services
  • CIMB Securities Limited
  • Goldman Sachs (Asia) Securities Limited
  • Guotai Junan Securities (Hong Kong) Limited
  • KGI Securities (Hong Kong) Limited
  • Mirae Asset Wealth Management (HK) Limited
  • Nomura International (Hong Kong) Limited
  • SG Securities (HK) Limited
  • UBS Securities Hong Kong Limited

Top 10 holdingsas of 23 Mar 2017

4.11%
PING AN INSURANCE GROUP CO-A 'A'CNY1
2.24%
INDUSTRIAL BANK CO LTD 'A'CNY1
2.11%
CHINA MINSHENG BANKING-A 'A'CNY1
2.03%
KWEICHOW MOUTAI CO LTD-A 'A'CNY1
1.99%
CHINA MERCHANTS BANK-A 'A'CNY1
1.73%
BANK OF COMMUNICATIONS-A 'A'CNY1
1.62%
MIDEA GROUP CO LTD-A CNY1
1.56%
GREE ELECTRIC APPLIANCES I-A 'A'CNY1
1.51%
CHINA VANKE CO LTD -A 'A'CNY1
1.43%
SHANGHAI PUDONG DEVEL BANK-A 'A'CNY1
As a percentage of NAV

View all holdings

[1]
This is a near real time Estimated NAV per Unit and is indicative only. This is provided on a 15-second delayed basis by Interactive Data Managed Solutions. (See terms and conditions)and is updated during trading hours of The Stock Exchange of Hong Kong Limited ("HKEx"). The near real time Estimated NAV per Unit in RMB will not be updated when the underlying A Share market is closed.
[2]
Market prices are provided on a 15-minute delayed basis by Interactive Data Managed Solutions. (See terms and conditions)
[3]
Performance is calculated on NAV to NAV. Change indicates the change since the previous business day where both the HKEx and underlying A Share market are opened for normal trading. For more information on calculation of NAV, please refer to the Prospectus of the Fund.
[4]
NAV per Unit in HKD is equivalent to the Official NAV per Unit in RMB multiplied by the assumed foreign exchange rate of offshore RMB (CNH) to HKD as provided in note 8 below. The Official NAV per Unit in RMB and NAV per Unit in HKD will not be updated when the underlying A Share market is closed.
[5]
Index returns are for illustrative purposes only and should not be taken as an indication or guarantee of future performance. Management fees, transaction costs or other expenses are not reflected in index returns. Change indicates the change since the closing index level of the previous business day where both the HKEx and underlying A Share market are opened for normal trading. (Source: China Securities Index Co., Ltd. ("CSI"))
[6]
Additional Market Maker(s) will be appointed from time to time.
[7]
Additional Participating Dealer(s) will be appointed from time to time.
[8]
Exchange rate of offshore RMB (CNH) to HKD as of [Date] is [exchange rate]. The exchange rate is not a real time exchange rate and is an assumed foreign exchange rate for reference only. The assumed foreign exchange rate is Tokyo composite 3pm Tokyo time (2pm Hong Kong Time) mid rate quoted by Bloomberg for offshore RMB (CNH). All dollar amounts in HKD are indicative and for reference only.
[9]
Near real time Estimated NAV per Unit in HKD is calculated using the near real time Estimated NAV per Unit in RMB multiplied by the assumed foreign exchange rate as provided in note 8 above. Since the Estimated NAV per Unit in RMB will not be updated when the underlying A-Share market is closed, the change in the Estimated NAV per Unit in HKD (if any) during such period is solely due to the change in the assumed foreign exchange rate.
[10]
The ongoing charges figure is an annualised figure based on expenses reported in the Sub-Fund’s interim financial statements for the six-months ended 30 September 2015, expressed as a percentage of the Sub-Fund’s average net asset value over the same period. This figure may vary from year to year. It includes the amortised portion of the set-up costs of the Sub-Fund applicable to the relevant period but excludes any extraordinary expenses.
[11]
The Underlying Index is a free float adjusted, category-weighted index which measures the performance of A-Shares traded on the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The Underlying Index consists of the 300 stocks with the largest market capitalisation and good liquidity from the entire universe of listed A-Share companies in the PRC.

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