PRODUCT KEY FACTS W.I.S.E. - CSI 300 China Tracker *

Transcription

1 Issuer: BOCI-Prudential Asset Management Limited This is an exchange traded fund. This statement provides you with key information about this product. This statement is a part of the Prospectus. You should not invest in this product based on this statement alone. PRODUCT KEY FACTS W.I.S.E. - CSI 300 China Tracker * a sub-fund of the World Index Shares ETFs 3 January 2017 It is the Manager's intention that the Sub-Fund will ultimately invest in or gain exposures to A Shares primarily through physical representation strategy by investing directly in A Shares via the Manager s QFII investment quota allocated to the Sub-Fund from time to time and/or via Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect, although currently the Sub-Fund is also making use of synthetic representation strategy and is investing in A Shares indirectly through the A-share access products ( AXPs ). However, the Sub-Fund will gradually and orderly increase its reliance on physical representation and decrease its reliance on AXPs. No more in-kind Creation Application will be accepted. Creation and redemption applications in the primary market may be in Hong Kong dollar or RMB; and secondary trading of the Sub-Fund s Units is in HKD. Foreign exchange costs will be incurred by the Sub-Fund due to the fact that the CSI 300 Index (the CSI 300 ) is denominated in RMB whilst the base currency of the Sub-Fund is Hong Kong dollars and that of the AXPs may be in other currency. In relation to the Sub-Fund s direct investment in A Shares through the Manager s QFII investment quota, the Manager shall remit HKD subscription money into Mainland China through a HKD foreign currency account opened with the QFII Custodian and then convert the money into RMB for investment. The Sub-Fund is thus subject to foreign exchange costs and currency conversion risk. Quick facts Stock code: Trading lot size Fund Manager and QFII: Trustee and Custodian: Registrar: QFII Custodian: 200 Units Ongoing charges over a year # : 1.04% Underlying index: Tracking difference of the calendar year ## : BOCI-Prudential Asset Management Limited (the Manager ) BOCI-Prudential Trustee Limited Computershare Hong Kong Investor Services Limited Standard Chartered Bank (China) Limited CSI 300 Index 0.00% Base currency: Distribution policy: Financial year end: ETF Website: Hong Kong Dollars Annually (if any) at the discretion of the Manager 31 December (for English) (for Chinese) # The ongoing charges figure is based on expenses for the period ended 30 June This figure may vary from year to year. The expenses include (without limitation) management fee and charges and payments deducted from the assets of the Sub-Fund on a periodic basis but do not include certain items such as payments to third parties regarding costs incurred in relation to the acquisition or disposal of any assets of the Sub-Fund and other related fees and expenses and the holding of financial derivative instruments, withholding tax and capital gains tax. ## This is the actual tracking difference of the last calendar year. Investors should refer to the website of the Sub-Fund for more up-to-date information on actual tracking difference. 1

2 What is this product? W.I.S.E.-CSI 300 China Tracker * (the Sub-Fund ) is a sub-fund under the World Index Shares ETFs, which is an umbrella unit trust established under the laws of Hong Kong. The Units of the Sub-Fund are listed on the Stock Exchange of Hong Kong Limited ( SEHK ). These units are traded on the SEHK essentially like shares. Objective and Investment Strategy Objective The Sub-Fund is an index-tracking exchange traded fund which seeks to track the performance of the CSI 300. Strategy The Manager intends to achieve the investment objective of the Sub-Fund by ultimately investing primarily in A Shares directly via the Manager s QFII investment quota and/or in certain eligible A Shares via Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect, although currently the Sub-Fund is also making indirect investment in A Shares through AXPs. Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are collectively referred to as "Shanghai and Shenzhen Connect" hereinafter below. Each of Shanghai and Shenzhen Connect is a securities trading and clearing linked programme with an aim to achieve mutual stock market access between mainland China and Hong Kong. To achieve the investment objective, subject to market conditions, quota availability and applicable regulatory requirements, the Manager will gradually and orderly increase the Sub-Fund's holdings in A Shares and decrease the holdings in AXPs, by gradually and vigilantly disposing the AXPs and use the proceeds to purchase A Shares directly through the Manager's QFII quota and/or Shanghai and Shenzhen Connect using representative sampling strategy. The Manager will closely monitor the situation to seek to implement this in an orderly manner, acting in the interest of the Sub-Fund and its Unitholders, taking into account the costs associated with it. In considering such costs, the Manager will balance the benefits of the physical representation strategy against the synthetic representation strategy throughout the transition process and will seek to ensure that the costs are reasonable in light of the prevailing market conditions. Although the Sub-Fund may continue to hold its existing investments in the AXPs, the Sub-Fund will eventually be reducing its holdings in AXPs to not more than 10% of the Net Asset Value ( NAV ) of the Sub-Fund for cash management and contingency purposes only, and it is the intention of the Manager to gradually and orderly increase the Sub-Fund's direct investment in A Shares subject to market demands and conditions, quota availability and the applicable regulatory requirements. The Manager intends to adopt a representative sampling strategy for the Sub-Fund. As a result, the Sub-Fund may not have direct investment in all the constituent securities of the CSI 300 and hold one or more AXPs linked to A Shares of all the constituent securities of the CSI 300, and the Manager may overweight the A Shares acquired through direct investment through the Manager s QFII investment quota, the A Shares acquired through direct investment via Shanghai and Shenzhen Connect and/or the A Shares underlying the AXP(s) relative to the relevant A Shares respective weightings in the CSI 300 on the condition that the maximum extra weighting in any underlying A Shares in the CSI 300 will not exceed four per cent (4%) under normal circumstances. In addition, the Sub-Fund may have direct holding of A Shares and/or hold AXPs linked to Baskets of A Shares which may contain non-constituent stocks from time to time. The Manager expects that when the holding of the Sub-Fund in physical A Shares increases to more than 70% of the Sub-Fund's Net Asset Value, the Manager will apply to the SFC to remove the symbol "*" in the name of the Sub-Fund and the notation "", and the Sub-Fund will cease to be considered as a synthetic ETF, notwithstanding that it may still hold AXPs of not more than 2

3 30% of the Sub-Fund's Net Asset Value. When the Sub-Fund's holding in the AXPs further decreases to less than 10% of the Sub-Fund's Net Asset Value, the Manager will apply to the SFC to remove the collateral requirement for the AXPs and the Sub-Fund will only invest in AXPs for not more than 10% of the Net Asset Value of the Sub-Fund for cash management and contingent purposes after the approval is obtained. Such investment in AXPs will then be uncollateralized. The Sub-Fund will not invest in any structured products and financial derivative instruments other than the AXPs. Except for the purpose of provision of collateral where securities borrowing and lending arrangement may be used, the Sub-Fund will not enter into any repurchase agreements or reverse repurchase agreements, stock lending transactions or other similar over-the-counter transactions. How does it work? The Investment strategy of the Sub-Fund is illustrated in the diagram below. Unitholders (holding the Units of the Sub-Fund) Manager (BOCI-Prudential Asset Management Limited) Sub-Fund Trustee (BOCI-Prudential Trustee Limited) A Shares (4) Manager s QFII Investment Quota (5) or the Sub-Fund investing via Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect AXPs (2) AXP issuer(s) (3) issued by provided by (1) Collateral Collateral Providers Note: 1. The Sub-Fund obtains and maintains collateral at a level representing at least 100% of the Sub-Fund s gross total counterparty risk exposure towards the AXP issuers, with the value of the collateral marked to market by the end of each trading day with a view to ensuring that there is no uncollateralized counterparty risk exposure. 2. AXPs which provide an exposure to the economic gain/loss in the performance of an A Share or a basket of A Shares. The AXP fees and charges are more particularly described in Appendix V Fees and Charges applicable to the Sub-Fund of the Prospectus. 3. The list of AXP issuers is available on the Manager s website ( (for English), or intro.aspx (for Chinese)). 4. Where the A Shares are acquired through the Manager's QFII investment quota, the A Shares will be held by the QFII Custodian for and on behalf of the Sub-Fund in electronic form via a securities account with China Securities Depository and Clearing Corporation Limited (CSDCC). Where A Shares are acquired by the Sub-Fund via Shanghai-Hong Kong Stock Connect or Shenzhen-Hong Kong Stock Connect (as the case may be), only A Shares that are SSE Securities or SZSE Securities may be acquired. 5. The Manager would apply its QFII investment quota allocated to the Sub-Fund from time to time for the account of the Sub-Fund to acquire A Shares. Collateral in respect of the Sub-Fund's holding of the AXPs In accordance with the Collateral Management Policy, collateral held by the Sub-Fund represents at least 100% of the Sub-Fund's gross total counterparty risk exposure towards the AXP issuers, with the value of the collateral marked to market by the end of each trading day with a view to ensuring that there is no uncollateralized counterparty risk exposure. Where collateral taken is in the nature of equity 3

4 securities, the market value of such equity collateral shall represent at least 120% of the related gross counterparty risk exposure towards the AXP issuers. The Manager will adopt a prudent hair-cut policy on any non-equity collateral taking into account all relevant factors, including without limitation, the credit quality, liquidity, duration and other relevant terms of the collateral held. Currently collateral is in the form of constituent stocks of the Hang Seng Index and/or Hang Seng China Enterprises Index and/or Hang Seng Composite Index and/or SFC authorized physical RQFII ETF units (up to 10% of the NAV of the Sub-Fund), or cash and cash equivalents. The collateral will not consist of any structured products. Please refer to the website of the Sub-Fund for the Collateral Management Policy, a list of the AXP issuers, together with the approximate gross and net exposure to each AXP issuer and the composition of the collateral which will be updated on a weekly basis. AXP issuers An AXP issuer must meet the following criteria: (i) it should be a QFII or belong to a QFII group; (ii) it or the guarantor of the relevant AXP issued by it (if any) must have a credit rating acceptable to the Manager (taking into account factors such as the prevailing market conditions, the credit ratings of other entities with comparable financial standing and the credit rating of the holding company of the relevant counterparty); and (iii) it or the guarantor of the relevant AXP issued by it (if any) must be either an authorized institution as defined in section 2(1) of the Banking Ordinance (Chapter 155 of the Laws of Hong Kong), or a financial institution with a minimum paid-up capital of HK$150 million or its equivalent in foreign currency. As a general requirement, the Manager expects that the relevant AXP issuer or the guarantor of the relevant AXP (if any) should have a minimum credit rating of investment grade. The value of the AXPs and the collateral is marked to market on a daily basis. If the Sub-Fund has uncollateralized counterparty exposure towards the AXP issuers by the end of a trading day, it will procure collateral to be delivered to it to limit its net exposure to the counterparty risk of the relevant AXP issuers to zero. Please refer to the website of the Sub-Fund for the list of AXP issuers and the exposure to each AXP Issuer. Underlying Index - CSI 300 The CSI 300 is a diversified index consisting of 300 constituent stocks which are listed on the Shenzhen Stock Exchange and/or the Shanghai Stock Exchange, and as at 16 December 2016, these 300 stocks represent around 45.97% of the total market capitalisation of the two stock exchanges. It is a free-float market capitalisation weighted index and is compiled and managed by China Securities Index Co., Ltd. (the Index Provider ), which was established jointly by the Shenzhen Stock Exchange and Shanghai Stock Exchange to provide services relating to securities indices. The index provider is independent of the Manager. As at 16 December 2016, the 10 largest constituent stocks of the CSI 300 (out of 300 constituent stocks) and their respective weightings are listed below : Index Constituent Weighting in Index 1. Ping An Insurance (Group) Company of China Ltd. 4.13% 2. China Minsheng Banking Corp., Ltd. 2.37% 3. Industrial Bank Co., Ltd. 2.37% 4. China Merchants Bank Co., Limited 2.02% 5. Kweichow Moutai Co., Ltd. 1.77% 6. Bank of Communications Co., Ltd 1.71% 7. China Vanke Co., Ltd. 1.64% 8. Shanghai Pudong Development Bank Co., Ltd. 1.55% 9. China State Construction International Limited 1.43% 10. Midea Group Co., Ltd. 1.41% For details, please refer to the website of the Index Provider ( 4

5 What are the key risks? Investment involves risks. Please also refer to the Prospectus for details including the risk factors. 1. 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 Sub-Fund may suffer losses. There is no guarantee in respect of repayment of principal. 2. PRC market / emerging market risk/ single country concentration risk The Sub-Fund invests primarily in securities related to a single country market (i.e. PRC market). The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments. The value of the Sub-Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the PRC market. The Sub-Fund invests in an emerging market, such as the PRC, which may involve increased risks and special considerations not typically associated with investment in more developed markets, such as liquidity risks, currency risks/control, settlement risks, custody risk and the likelihood of a high degree of volatility. High market volatility and potential settlement difficulties in the Mainland China equity market may result in significant fluctuations in the prices of the securities traded on such market and thereby may have an adverse impact on the Sub-Fund. Securities exchanges in the PRC 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. 3. Passive investment risk The Sub-Fund is passively managed. Due to the inherent nature of the Sub-Fund, the Manager will not have the discretion to adapt to market changes and may not take an active role in defending the position of the Sub-Fund in declining markets. Hence, any fall in the CSI 300 will result in a corresponding fall in the value of the Sub-Fund. 4. 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 CSI 300 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 minimising tracking error. There can be no assurance of exact or identical replication at any time of the performance of the CSI Trading risks The trading price of the Units on the SEHK is driven not only by the Net Asset Value of the Sub-Fund but also by other market factors such as the supply of and demand for the Units in the SEHK. Therefore, the Units may trade at a substantial premium or discount to the Sub-Fund s NAV. As investor 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. 6. Trading differences risks As the SZSE and the SSE 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 the Sub-Fund s Units. Differences in trading hours between the SZSE and the SSE and the SEHK may also increase 5

6 the level of premium or discount of the Unit price to its NAV. A Shares are subject to trading bands which restrict increase and decrease in the trading price. Units listed on the SEHK are not. This difference may also increase the level of premium or discount of the unit price to its Net Asset Value. 7. Risks associated with investment made through QFII The Sub-Fund s ability to make the relevant investments or to fully implement or pursue its investment objective and strategy is subject to the applicable laws, rules and regulations (including restrictions on investments and repatriation of principal and profits) in the PRC, which are subject to change and such change may have potential retrospective effect. The Sub-Fund may suffer substantial losses if there is insufficient QFII quota allocated for the Sub-Fund to make investments, the approval of the QFII is being revoked/terminated or otherwise invalidated as the fund may be prohibited from trading of relevant securities and repatriation of the Sub-Fund s monies, or if any of the key operators or parties (including QFII custodian/brokers) is bankrupt/in default and/or is disqualified from performing its obligations (including execution or settlement of any transaction or transfer of monies or securities). 8. Risks associated with Shanghai and Shenzhen Connect The relevant rules and regulations on Shanghai and Shenzhen Connect are subject to change which may have potential retrospective effect. Each of Shanghai and Shenzhen Connect is subject to a set of Daily Quota, which does not belong to the Sub-Fund and can only be utilized on a first-come-first serve basis. Where a suspension in the trading through the programme is effected, the Sub-Fund s ability to invest in A Shares or access the PRC market through the programme will be adversely affected. In such event, the Sub-Fund s ability to achieve its investment objective could be negatively affected. 9. General risks relating to synthetic ETFs/ Synthetic representative strategy risks Derivative instruments are susceptible to price fluctuations and higher volatility, which may results in large bid and offer spreads with no active secondary market. The Sub-Fund may suffer losses potentially equal to the full value of the derivatives. While the Sub-Fund intends to directly invest in the A Shares through the Manager s QFII investment quota and/or via the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect, the Sub-Fund may also hold the AXPs which do not have an active secondary market. The Sub-Fund is subject to counterparty risk associated with each AXP issuer and may suffer losses potentially equal to the full value of the AXPs issued by an AXP issuer if such AXP issuer fails to perform its obligations under the AXP. The Manager seeks to mitigate the counterparty risks by fully collateralising all counterparty exposures. There is a risk that the value of the collateral may be substantially lower than the amount secured and so the Sub-Fund may suffer significant losses. Any loss would result in a reduction in the NAV of the Sub-Fund and impair the ability of the Sub-Fund to achieve its investment objective to track the CSI 300. The Sub-Fund may suffer significant losses if the counterparty fails to perform its obligations under the AXPs. The value of the collateral assets may be affected by market events and may diverge substantially from the performance of the CSI 300, which may cause the Sub-Fund s exposure to the AXP issuer to be under-collateralised and therefore result in significant losses. 10. 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. 11. Foreign exchange and RMB currency and conversion risks The Sub-Fund may be subject to exchange rate fluctuations between Hong Kong dollars and RMB (specifically CNH or CNY) given that the Sub-Fund is denominated in Hong Kong dollars, but the SSE Securities or SZSE Securities acquired via Shanghai-Hong Kong Stock Connect or Shenzhen-Hong Kong Stock Connect (as the case may be) are denominated in CNH. Share 6

7 securities acquired through QFII are denominated in CNY, while the cash holding of the Sub-Fund could be in either RMB or Hong Kong dollars. The Sub-Fund may also be subject to bid/offer spread and currency conversion costs when converting to and from Hong Kong dollars and RMB. 12. Legal and Regulatory risk Changes in the authorization conditions of the Sub-Fund and/or laws, regulatory requirements and/or imposition of new regulatory actions or restrictions may require changes in the operation or administrative rules of the Sub-Fund, constitutive or offering documents of the Sub-Fund. Such change may have an impact on the operation costs of the Sub-Fund and may have an impact on the market sentiment which may in turn affect the performance of the Sub-Fund. 13. PRC tax risk Based on professional and independent tax advice, the Sub-Fund currently will not make the following tax provision (i.e. 10% withholding income tax provision on realised and/or unrealised capital gains from trading of A Shares by the Manager as QFII or a QFII in relation to which the underlying A Shares to which an AXP is linked or by the Sub-Fund in investing in A Shares via Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect). There are risks and uncertainties associated with the current PRC tax laws, regulations and practice in respect of capital gains realised via Shanghai and Shenzhen Connect or AXPs on the Sub-Fund's investments in the PRC. Any future changes in the taxation policies in respect of QFII s or the Sub-Fund s investment in A Shares in the PRC will impact on the Sub-Fund s returns. It is possible that any future announcement by the PRC tax authority may subject the Sub-Fund to unforeseen tax obligations, which may have retrospective effect. The PRC tax rules and practices in relation to the Shanghai and Shenzhen Connect are new. Any tax liability as a result of capital gains derived from the trading of A-shares via Shanghai and Shenzhen Connect may be directly borne by the Sub-Fund and may result in a substantial impact to the Sub-Fund s Net Asset Value. 14. Termination risk The Sub-Fund may be terminated under certain circumstances, for example, where the CSI 300 is no longer available for benchmarking or if at any time one year after the establishment of the Sub-Fund the size of the Sub-Fund falls below HK$100,000,000. Investors may not be able to recover their investments and suffer a loss when the Sub-Fund is terminated. 15. Reliance on market maker risks 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. 16. Early AXP redemption and repurchase risk Due to their synthetic nature, AXPs may have costs associated with their early redemption (including for example, in circumstances where Sub-Fund is terminated or where the Manager actively seeks to decrease the Sub-Fund s reliance on AXPs) that are potentially significantly higher than the costs of trading the underlying A Shares, particularly during times of high market volatility. These costs can also vary significantly through time. Factors influencing this cost differential include A Share market volatility, foreign exchange market volatility and costs associated with redeeming the AXPs prior to maturity, such as the cost of unwinding the hedging positions associated with the AXPs. Such costs may vary depending on market conditions and are beyond the control of the Manager. Hence, (i) in the event of cash redemptions by Participating Dealers; or (ii) where the Manager actively seeks to dispose of AXPs in order to decrease the Sub-Fund s reliance on AXPs; or 7

8 (iii) in the event of termination of the Sub-Fund; the Redemption Proceeds (in respect of (i)) or net cash proceeds (in respect of (ii) or (iii)), if any, derived from the realisation of the AXPs investments comprised in the Sub-Fund may deviate significantly from the underlying value of the A Shares, leading to a loss to the Participating Dealers (in respect of (i)) or a loss to investors (in respect of (ii) or (iii)). 17. Risk of conflicts of interests The Manager will assume dual roles as the manager of the Sub-Fund and the QFII holder. Also the Manager and the Trustee are affiliated. Situation may arise where there are conflicts of interest between such entities. If such conflict arises, each of the Manager and the Trustee will have regard in such event to its obligations to the Sub-Fund and will endeavour to ensure that the Sub-Fund is managed in the best interests of Unitholders and that such conflicts are resolved fairly. How has the fund performed? 120% 98.7% 100% 89.1% 80% 60% 52.0% 40.3% 40% 20% 7.3% 10.8% 2.1% 2.1% 0% -20% -10.6% -8.3% -21.3% -20.5% -8.2% -2.6% -40% -60% -80% -62.9% -63.4% ETF Underlying Index 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 distributions reinvested. These figures show by how much the Sub-Fund increased or decreased in value during the calendar year being shown. Performance data has been calculated in HKD including ongoing charges and excluding your trading costs on the SEHK. Where no past performance is shown there was insufficient data available in that year to provide performance. The Sub-Fund was launched in Is there any guarantee? Like most funds, the Sub-Fund does not provide any guarantees. You may not get back the full amount of money you invest. What are the fees and charges? Please refer to Appendix V to the Prospectus for details of other fees and expenses applicable to the creation or redemption, or dealing in Units. Charges incurred when trading this Sub-Fund on the SEHK Fee Brokerage fee What you pay Transaction levy % 1 At each broker s discretion 8

9 Trading fee 0.005% 2 Stamp duty Waived 1 Transaction levy of % of the price of the Units, payable by the buyer and the seller. 2 Trading fee of 0.005% of the price of the Units, payable by the buyer and the seller. W.I.S.E. CSI 300 China Tracker * Ongoing fees payable by the Sub-Fund The following expenses will be paid out of the Sub-Fund. They affect you because they reduce the NAV of the Sub-Fund which may affect the trading price. Management fee* (Trustee fee included) Servicing fee Other Ongoing Costs Annual rate (as a % of the Sub-Fund s NAV) 0.99 % per annum, up to a maximum of 2% per annum Currently waived Please refer to Appendix V to the Prospectus for details of ongoing costs payable by the Sub-Fund * Please note that some fees may be increased, up to a permitted maximum amount, by giving Unitholders at least one (1) month s prior notice. Please refer to the section of Fees And Charges Applicable to the Sub-Fund in Appendix V to the Prospectus. Additional Information You can find the following information of the Sub-Fund at the Manager s website ( hk/english/etf/intro.aspx (for English), (for Chinese)): The last published prospectus and product key fact statement of the Sub-Fund; Latest annual and semi-annual financial reports of the Sub-Fund; Any public announcements and notices made by the Sub-Fund, including information in relation to the Sub-Fund and the CSI 300, notices of the suspension of the calculation of NAV (if any), changes in fees and charges and the suspension and resumption of trading of Units; Estimated NAV per Unit; Last closing NAV per Unit; The list of AXP issuers and Participating Dealers(s) for the Sub-Fund; The current counterparty exposure of the Sub-Fund to each AXP issuer, to be updated at the close of business of every dealing day; The Sub-Fund s A Shares' holdings, to be updated at the close of business of every dealing day; Information on collateral arrangement; The past performance information of the Sub-Fund; and Tracking difference and tracking error information of the Sub-Fund. Information contained in the website has not been reviewed by the SFC. Important If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 9