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Mirae Asset Horizons S&P Asia ex Japan Healthcare ETF (Stock Code: 3153)

Investment involves risks. Please refer to the Prospectus for details including as to the risk factors.

Mirae Asset Horizons S&P Asia ex Japan Healthcare ETF ("The Sub-Fund")

General investment risk

  • The Sub-Fund’s 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.

Equity market risk

  • The Sub-Fund’s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors

Concentration risk and risks associated with the health care sector

  • The Sub-Fund’s investments are concentrated in the health care sector. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments.
  • The economic prospects of the health care sector are generally subject to greater influences from governmental policies and regulations than other industries.
  • Certain health care companies may allocate greater than usual financial resources to research and experience above-average price movements associated with the perceived prospects of success of the research and development programs. They may also be adversely affected by lack of commercial acceptance of a new product or process or by technological change and obsolescence.

Asia-Pacific market risk

  • The Sub-Fund is subject to concentration risk as a result of tracking the performance of a single geographical region i.e. Asia-Pacific region. The value of the Sub-Fund may be more volatile than that of a broad-based fund, such as a global equity fund, as it is more susceptible to fluctuations in value of the Underlying Index resulting from adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the Asia-Pacific region market.
  • High market volatility and potential settlement difficulties in certain markets in the Asia-Pacific region may result in significant fluctuations in the prices of securities traded on such markets and thereby may adversely affect the value of the Sub-Fund.

Emerging market risk

  • The Sub-Fund invests in emerging markets which 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.

Trading differences risk

  • As the stock exchanges established outside Hong Kong may be open when Units in the Sub-Fund are not priced, the value of the securities in the Sub-Fund’s portfolio may change on days when investors will not be able to purchase or sell Units of the Sub-Fund.
  • Differences in trading hours between relevant stock exchanges established outside Hong Kong and the SEHK may also increase the level of premium or discount of the unit price to its net asset value.

Passive investments

  • • The Sub-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 Sub-Fund. Falls in the Underlying Index are expected to result in corresponding falls in the value of the Sub-Fund.

Trading risk

  • Generally, retail investors can only buy or sell Units on the SEHK. The trading price of the Units on the SEHK is driven by market factors such as demand and supply of the Units. Therefore, the Units may trade at a substantial premium/discount to its 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.

Tracking error risk

  • The Sub-Fund may be subject to tracking error risk, which is the risk that its performance may not track that of the Underlying Index exactly. This tracking error may result from the investment strategy used, and fees and expenses. The Manager will monitor and seek to manage such risk in minimizing tracking error. There can be no assurance of exact or identical replication at any time of the performance of the Underlying Index.

Termination risks

  • If S&P terminates the Underlying Index or does not allow the Sub-Fund to use the Underlying Index, and there is no successor index or if its fund size falls below HK$50,000,000 the Sub-Fund may be terminated. Investors may not be able to recover their investments and suffer a loss when the Sub-Fund is terminated.

Dividend distributions

  • Dividend distributions are not guaranteed, and therefore, investors may not receive any dividends from the Sub-Fund.

Risk associated with regulatory or exchanges requirements of the equity market in Asia-Pacific region

  • Securities exchanges in Asia-Pacific region typically have the right to suspend or limit trading in any security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Sub-Fund.

Reliance on market maker

  • Liquidity in the market for the Units may be adversely affected if there is no market maker for the Sub-Fund. Although the Manager will ensure that at least one market maker will maintain a market for the Units and that at least one market maker gives not less than 3 months’ notice prior to terminating 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 Units. There is also no guarantee that any market making activity will be effective.

Currency risk

  • Underlying investments of the Sub-Fund may be denominated in currencies other than the base currency of the Sub-Fund. The net asset value of the Sub-Fund may be affected unfavorably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.

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 carefully for further details, including the product features and risk factors, and should consider seeking independent professional advice.

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

Fund objective and investment strategy

The Sub-Fund seeks to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the S&P Pan Asia ex-JANZ Health Care 50 NTR (the “Underlying Index”)

The Manager intends to adopt a full replication strategy through investing all, or substantially all, of the assets of the Sub-Fund directly in substantially all securities constituting the Underlying Index in substantially the same weightings as these securities have in the Underlying Index to achieve the investment objective of the Sub-Fund (“Replication Strategy”).

Where the adoption of a Replication Strategy is not efficient or practicable or is otherwise at the Manager's absolute discretion, the Manager may pursue a Representative Sampling Strategy (as defined in the Prospectus) and hold a representative sample of the constituent securities of the Underlying Index selected by the Manager using quantitative analytical models to derive a portfolio sample. Investors should note that the Manager may switch between the Replication Strategy and the Representation Sampling Strategy without prior notice to investors, in its absolute discretion.

The Manager has no intention to invest in financial derivatives instruments (or to adopt a synthetic replication strategy) nor to engage in securities lending or repurchase transactions in respect of the Sub-Fund. Any change in the Manager’s intention to enter into any of the above transactions in respect of the Sub-Fund is subject to prior approval of the SFC and not less than one month’s prior notice (or such other notice period as agreed with the SFC) will be given to unitholders should there be a change in such intention.

Estimated NAV per Unit [1]

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Daily NAV per Unit [3] {{navasofdate | madate:plocale }}

NAV
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Change ($)
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Change (%)
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Fund information {{ navasofdate | madate:plocale}}

Fund Inception Date
24 Nov 2016
Listing date on the HKEx
30 Nov 2016
Financial year end of the Fund
Ending 31 Mar each year
Ongoing charges over a year
Estimated to be 1.68% per annum of NAV [7]
Management Fee
Up to 0.45% 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 [4] {{ asofdate | madate:plocale }}

Underlying Index
S&P Pan Asia ex-JANZ Health Care 50 NTR
Index Provider
Standard & Poor’s
Type of Index
Net total return
Base currency
HKD
Closing Level
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Change
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Change %
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Trading information

Exchange
Hong Kong Stock Exchange
Stock Code
3153
ISIN
HK0000313145
Board Lot Size
200 Units
Trading Currency
HKD
Total NAV
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Outstanding Units
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Top 10 holdings {{ top10asofdate }}

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As a percentage of NAV

View all holdings

Participating dealers [5]

  • ABN AMRO Clearing Hong Kong Limited
  • Guotai Junan Securities (Hong Kong) Limited
  • CIMB Securities Limited
  • Mirae Asset Wealth Management (HK) Limited

Market makers [6]

  • Commerz Securities Hong Kong Limited
[1]
Estimated NAV is indicative only and is provided on a delayed basis by Interactive Data Managed Solutions. (See terms and conditions)
[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 basis in HKD. Change indicates the change since the previous business day. For more information on calculation of Net Asset Value, please refer to the Prospectus.
[4]
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 previous business day's closing index level. (Source: Standard & Poor's). Exchange rate as of 4:00pm, London time (Source: WM Reuters).
[5]
Additional Participating Dealer(s) will be appointed from time to time.
[6]
Additional Market Maker(s) will be appointed from time to time.
[7]
This is indicative only because the Sub-Fund is newly established. It represents estimated ongoing expenses chargeable to the Sub-Fund as a percentage of the estimated average net asset value of the Sub-Fund. This figure may vary year to year. The actual figure may be different from the estimated figure.

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