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How are the ETF market conditions in Hong Kong at present?
Compare the characteristics among ETF and other investment tools
Exchange Traded Funds are investment funds traded on stock exchange.
Listed and/or traded on HKEx and recognized by Securities and Futures Commission of Hong Kong (SFC), ETF is one of the investment products with fastest growth. ETF is a regulated open-end mutual fund. Most of the ETFs are passively-managed investment, aiming to purely track and replicate certain indices. Underlying investment in ETF can cover a series of stock markets (e.g developed and emerging markets) and a basket of assets (e.g bond, currency and commodity).
How are the ETF market conditions in Hong Kong at present?
The worlds first ETF was first introduced on American Stocks Exchange in January 1993 and has been well-received by investors since debut. As of late third-quarter 2012, there were a total of 3,312 ETFs listed on 52 markets worldwide via 176 suppliers; assets managed by ETFs reached US$1,653 billion with rapid growth.
As for the number of listing, turnover of and asset size managed by ETF, HKEx is one of the leading markets in Asia. Turning into 2012, the development of Hong Kong ETFs has been accelerating with more diversified product types. In addition to ETFs denominated in Renminbi and linked to certain segments in Asia such as finance, information technology and industrial sector, there are ETF products tracking cumulative interest rate in foreign currency.
Compare the characteristics among ETF and other investment tools
An ETF has the features of stocks and traditional funds. Like stocks, an ETF can be traded via brokers and in most trading platforms during trading hours. An ETF can also track a basket of securities of underlying indices as an index fund does.
Comparison among ETFs, traditional funds and stocks
General brokerage fee and securities transaction fee (certain ETFs are exempted from stamp duty)
General brokerage fee and securities transaction fee
There are two types of ETFs traded on HKEx physical ETF and synthetic ETF.
Physical ETFs replicate or represent the performance of benchmark through physical asset investment. Many physical ETFs directly buy all the assets needed to replicate the composition and weighting of their benchmark (e.g constituents of a stock index). However, some only buy a portion of the assets needed to replicate the benchmark or assets which have a high degree of correlation with the underlying benchmark but are not part of it. Some physical ETFs with underlying equity-based indices may also invest partially in futures and options contracts. Lending the shares they own is another strategy used by some physical ETFs. Investors should read the ETF prospectus carefully to ensure they understand how the fund operates.
Synthetic ETFs do not buy the assets in their benchmark. Instead, they typically invest in financial derivative instruments to replicate the benchmarks performance. The ETFs are required to have collateral when investing in derivatives (details of the net and gross counterparty exposure and types and composition of the collateral are published on the ETFs website). An ETFs net risk exposure to any single counterparty (i.e net of the value of any collateral provided) cannot be more than 10% of its NAV. Investors should read the ETF prospectus carefully to ensure they understand how the fund operates.
According to the Naming Convention of Stock Short Name for ETFs under HKEx:
Synthetic ETF : Short name is started with a X mark in both English and Chinese, for example, X ISHARES A50.
Synthetic ETF traded in Renminbi: Short name is ended with an R mark in both English and Chinese, for example, CSOP A50 ETF-R. (Note: The above naming convention for ETFs traded in Renminbi came into effect on 23 May 2012. The stock short name of ETFs traded in Renminbi listed before 23 May 2012 remains unchanged. )
Ranges for ETFs (excluding ETF traded in Renminbi): 2800-2849 and 3000-3199
Ranges for ETFs traded in Renminbi: 82800-82948 and 83000-83199
ETF replication strategies include full replication strategy, representative sampling strategy and synthetic replication strategy.
ETF fund managers hold positions in all the securities of the underlying index in proportion to their weighting in the index. This is a simple and transparent way that results in minimal deviation between the ETF performance and that of the underlying index. However, this strategy is subject to higher cost and transaction fee, particularly at the time when the constituents are of high volume and low liquidity.
ETF fund managers directly or indirectly hold position in representative securities samplings to replicate the characteristics of underlying index. Full replication strategy may not necessarily be feasible or involve high replication costs, as some indices may cover securities that are not easily bought by investors; certain securities may have insufficient liquidity and some constituents are of large volume.
ETF fund managers make use of financial derivates, such as futures contracts or swap contracts, to track performance of underlying index. ETF suppliers sometimes can only adopt synthetic replication strategy as foreign investors are barred from certain stock market, such as Chinas A-share market and Indian stock market. This strategy is also adopted by ETF issuers in a bid to boost efficiency and reduce costs. ETFs using synthetic replication strategy are more exposed to counterparty risks as financial derivatives and swap contracts are issued by various issuers.
In terms of cost, the transaction cost of synthetic replication strategy is the lowest, followed by representative sampling strategy and full replication strategy.
In terms of risks associated with tracking index, synthetic replication strategy is least likely to be exposed to such risk, followed by full replication strategy and representative sampling strategy. Synthetic replication suffers counterparty risk.
AASTOCKS.COM LIMITED (), HKEx Information Services Limited, its holding companies and/or any subsidiaries of such holding companies endeavour to ensure the accuracy and reliability of the Information provided but do not guarantee its accuracy or reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.
The above is strictly for information purposes only and should not be considered an offer, or solicitation, to deal in any of the mentioned funds. Investment involves risk, emerging markets may have greater risk than developed markets. Subscriptions may only be made on the basis of the relevant offering documents, most recent annual financial statement and semi-annual financial statements if published thereafter. The value of investments and the income received from them (if any) may be volatile and could change substantially within a short period of time. Past performance is not a guide to future performance. The investment returns are denominated in the base currency of the fund. US dollar / HK dollar based investors are therefore exposed to fluctuations in the US dollar / HK dollar / base currency exchange rate.
BEFORE MAKING AN INVESTMENT, YOU SHOULD REFER TO THE RELEVANT OFFERING DOCUMENTS AND IN PARTICULAR TO THE INVESTMENT POLICIES AND THE RISK FACTORS. YOU SHOULD ENSURE THAT YOU FULLY UNDERSTAND THE RISKS ASSOCIATED WITH THE FUND AND SHOULD ALSO CONSIDER YOUR OWN INVESTMENT OBJECTIVE AND RISK TOLERANCE LEVEL. YOU ARE REMINDED THAT YOU ARE RESPONSIBLE FOR YOUR INVESTMENT DECISION AND SHOULD NOT INVEST UNLESS THE INTERMEDIARY WHO OFFERS OR SELLS THE FUND TO YOU HAS ADVISED THAT THE FUND IS SUITABLE FOR YOU AND HAS EXPLAINED WHY, INCLUDING HOW BUYING THE FUND WOULD BE CONSISTENT WITH YOUR INVESTMENT OBJECTIVE. IF IN DOUBT, PLEASE SEEK INDEPENDENT FINANCIAL AND PROFESSIONAL ADVICE.
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Third party websites provided by hyperlinks on this website are completely beyond the control of AASTOCKS. Accordingly, AASTOCKS accepts no responsibility for the accuracy, completeness and legality of the contents of such third party website, or for any offers, services and products contained therein.
Remarks:All HK and China Indices are real time. World indices are at least 30 60 minutes delayed.