Premia MSCI Vietnam ETF

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Important Notice

IMPORTANT:Investment involves risk, including the loss of principal. Investors should refer to the Prospectus and Key Facts Statement of Premia MSCI Vietnam ETF (the "ETF") for details, including the risk factors. Investors should not base investment decisions on this marketing material alone. Investors should note:

The ETF aims to provide investment results that, before fees and expenses, closely correspond to the performance of MSCI Vietnam Index (NTR) (“Index”).

Vietnam concentration and emerging market risk
Vietnam stock exchange risks
The Ho Chi Minh and Hanoi Stock Exchanges of Vietnam may 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.

Vietnam concentration risk
The Sub-Fund's investment are concentrated in Vietnam, which is an emerging market, and 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. The value of the Sub-Fund may also be more volatile than that of a fund having a more diverse portfolio of investments.

Emerging market risk
The performance of the Sub-Fund may be affected by political developments in Vietnam, changes in government policies and changes in regulatory requirements. In addition, the regulatory framework and legal system in Vietnam may not provide the same degree of investor information or protection as would generally apply to more developed markets.
Investments in Vietnam may be less liquid and experience greater volatility than investments in more developed markets due to generally lower trading volumes, smaller market capitalisations of companies and potential settlement difficulties in Vietnam, which may adversely affect the value of the Sub-Fund.

Risk associated with mid-capitalisation companies
The stock of mid-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general.

Foreign exchange risk and other currency distributions risk
Underlying investments of the Sub-Fund are primarily denominated in Vietnamese Dong, therefore foreign exchange risk exists between the base currency and the underlying investments currency. Also, the Sub-Fund's base currency is in USD but has Units traded in HKD (in addition to USD). The Net Asset Value of the Sub-Fund may be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls. Secondary market investors may also be subject to additional costs or losses associated with fluctuations in the exchange rates between HKD and the base currency and by changes in exchange rate controls when trading Units in the secondary market.
Investors should note that all Units will receive distributions in the base currency (USD) only. In the event that the relevant Unitholder has no USD account, the Unitholder may have to bear the fees and charges associated with the conversion of such distribution from USD to HKD or any other currency. The Unitholder may also have to bear bank or financial institution fees and charges associated with the handling of the distribution payment.

Trading differences risk
As the stock exchanges on which the Index constituents are listed 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. Furthermore, the market price of underlying Securities listed on the above stock exchanges which are established outside Hong Kong may not be available during part or all of the SEHK trading sessions due to trading hour differences which may result in the trading price of the Sub-Fund deviating away from the Net Asset Value.
Shares listed on certain stock exchanges may be subject to trading bands which restrict increases and decreases in the trading price. Units listed on the SEHK are not. The prices quoted by the SEHK market maker would therefore be adjusted to take into account any accrued market risk that arises from such unavailability of the Index level and as a result, the level of premium or discount of the Unit price of the Sub-Fund to its Net Asset Value may be higher.

Risks of investing in FDIs
Risks associated with FDI include counterparty / credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. Exposure to FDI may lead to a higher risk of loss by the Sub-Fund. The Sub-fund may suffer losses if a counterparty of the derivative contract defaults or fails to perform its obligations.

Vietnam Tax
It is the intention of the Sub-Fund that its business activities will not be carried out in Vietnam through a Permanent Establishment. Rather a securities investment account will be opened in Vietnam. Consequently, as a foreign investment fund established under the laws of a foreign country, the Sub-Fund should not be considered to be a resident of Vietnam for corporate income tax purpose and, therefore, the Sub-Fund should not be liable to Vietnamese corporate tax on income and gains derived from non-Vietnamese investments.
However, when investing in Vietnam securities listed on the stock market or over the counter market through a Vietnam securities investment account, the Sub-Fund will be subject to Corporate Income Tax ("CIT") on a "deemed taxation" basis.

Dividends
No withholding tax on dividends or any other levy on the remittance of dividends overseas to foreign investors.

Capital gains
CIT is imposed on the gross value of securities sold on each transaction. This is a "deemed profits" tax, equivalent to 0.1% of the value of the sale transaction. No relief is allowed for transaction costs and no allowance is taken for the cost of investments (i.e. the earning of actual profits is irrelevant).
In case where taxes are applicable, CIT is withheld by the relevant securities company or commercial bank which remits the legal remaining income, to foreign investors for remittance offshore. Interest paid to the Sub-Fund over any deposit at accounts opened in Vietnam (if any) may also be subject to a 5% withholding tax under the Foreign Contractor Tax regulations. The Sub-Fund is not required to declare and pay Value Added Tax for securities dealing activities in Vietnam.

Why 2804 HK?

1.  Capture the high growth of Vietnam: Vietnam is one of the fastest and most stable growing economies in the world

2.  Pure Vietnam exposure: track the MSCI Vietnam Index (NTR) via direct investment in Vietnam’s stock markets

3.  Cost efficient: ongoing expenses of only 0.75% p.a.

4.  To learn more about this strategy, click here

Fund Objective and Investment Strategy

The investment objective of the Sub-Fund is to provide investment results that, before fees and expenses, closely correspond to the performance of the MSCI Vietnam Index (NTR). There can be no assurance that the Sub-Fund will achieve its investment objective.

In seeking to achieve the Sub-Fund’s investment objective, the Manager will use an optimised representative sampling strategy by investing, directly or indirectly, in a representative sample of the Securities in the Index that collectively reflects the investment characteristics of the Index.

NAV

Key Facts

Stock Code2804 HK (HKD Counter)
9804 HK (USD Counter)
Management Fees0.75% per annum
Fund Size
(As of Oct 23, 2019)
24 million (USD)
Fund Inception DateJul 16, 2019
Fund Listing DateJul 18, 2019
ExchangeSEHK – Main Board
Distribution PolicyAnnual Distribution
Base CurrencyUSD
Trading CurrencyHKD / USD
Underlying IndexMSCI Vietnam Index(NTR)
Index TickerMSEIVTUN Index
ISINHK0000515871 (2804 HK)
HK0000515863 (9804 HK)
SEDOLBK74R81 (HKD)
BK74RB4 (USD)
Lot Size50 units-HKD counter
50 units-USD counter
Index TypeTotal Return Index
Index ProviderMSCI Limited
Fund Financial Year End31st December
Shares Outstanding
(As of Oct 23, 2019)
2,440,000

Participating Dealers

Canfield Securities Company Limited
Cathay Securities (Hong Kong) Limited
China Merchants Securities (HK) Co., Limited
Goldman Sachs (Asia) Securities Limited
Guotai Junan Securities (Hong Kong) Limited
Haitong International Securities Company Limited
Merrill Lynch Far East Limited
GF Securities (Hong Kong) Brokerage Limited
(8 total) 1

Market Makers

Flow Traders Hong Kong Limited
(1 total)1

Performance

Performance Chart
No performance data would be displayed within the first 6 months of inception

The fund is listed for less than a full calendar year, there is insufficient data to provide a useful indication of past performance to investors.

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 dividend reinvested.

These figures show by how much the fund increased or decreased in value during the period shown.

Performance data has been calculated in USD including ongoing charges and excluding trading costs on SEHK you might have to pay.

Where no past performance is shown there was insufficient data available in that year to provide performance.

YTD 1 Month 6 Month 1 Year Since Listing
Premia MSCI Vietnam ETF
(As of )
- - - - -
MSCI Vietnam Index (NTR)
(As of )
- - - - -

The fund is listed for less than a full calendar year, there is insufficient data to provide a useful indication of past performance to investors.

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 dividend reinvested.

These figures show by how much the fund increased or decreased in value during the period shown.

Performance data has been calculated in USD including ongoing charges and excluding trading costs on SEHK you might have to pay.

Where no past performance is shown there was insufficient data available in that year to provide performance.

Portfolio Holdings

As of Oct 23, 2019
Name Number of
Share Held
Market Price
(RMB)
Weight %
VINGROUP JSC 1,063,340 5.05 21.92%
VIETNAM DAIRY PRODUCTS JSC 774,920 5.70 18.05%
VINHOMES JSC 1,064,470 3.70 16.10%
MASAN GROUP CORP 515,350 3.27 6.88%
VINCOM RETAIL JSC 1,179,240 1.39 6.70%
HOA PHAT GROUP JSC 1,712,710 0.94 6.59%
VIETJET AVIATION JSC 206,380 6.21 5.23%
BANK FOR FOREIGN TRADE JSC 282,650 3.68 4.24%
SAIGON BEER ALCOHOL BEVERAGE 81,440 10.86 3.61%
NO VA LAND INVESTMENT GROUP 295,450 2.61 3.15%
(16 total)1 2
Holdings are subject to change.

Sector Exposure

As of Oct 23, 2019

This graph shows 99.66% of the total weight.

As a percentage of NAV of the Sub-Fund, please note this data excludes underlying investments of any exchange traded funds that may be invested by the Sub-Fund.

Based on Global Industry Classification Standard (GICS)

The sum of all the allocation percentages shown in the table above may not be equal to 100% due to rounding or omissions of holdings of less than 1%.

Allocations are subject to change.