Please note that GFI MSCI China A International ETF has ceased trading since 27 September 2018. For more details, please refer to the announcement dated 24 August 2018 posted on the website of the Manager GF International Investment Limited (http://www.gffunds.com.hk ) and the website of Stock Exchange of Hong Kong (http://www.hkexnews.hk).
GFI MSCI China A International ETF
(RMB Counter Stock Code: 83156, HKD Counter Stock Code: 03156)
  • Fund Summary
  • Investment Portfolio
  • Fund Performance
  • Distribution History
  • Related Documents
  • Frequently Asked Questions

IMPORTANT INFORMATION about the GFI MSCI China A International ETF (The "ETF")

 

  • The GFI MSCI China A International ETF ("ETF") is a passively managed index tracking exchange traded fund, which is traded on the Stock Exchange of Hong Kong ("SEHK") like stocks. It invests primarily in China A-Shares listed on the stock exchanges of the People's Republic of China ("PRC") through the Renminbi Qualified Foreign Institutional Investor ("RQFII") quota of GF International Investment Management Limited ("Manager") and/or via the Shanghai-Hong Kong Stock Connect ("Stock Connect").
  • The ETF aims to provide investment results that, before fees and expenses, closely correspond to the performance of MSCI China A International Index ("Index") and is subject to concentration risk as a result of tracking the performance of a single geographical region (the PRC). It may likely be more volatile than a broad-based fund, such as a global equity fund, as it is more susceptible to fluctuations in values of the Index resulting from the adverse conditions in the PRC.
  • The RQFII policies and rules are in the early stages of their operations and are subject to change and interpretation of the PRC authorities. The uncertainty and change of the laws and regulations in the PRC (including the RQFII policies and rules) may adversely impact the ETF and such changes may also have potential retrospective effect. Currently, repatriations by RQFIIs in respect of funds such as the ETF conducted in 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. Any new restrictions on repatriation of the invested capital and net profits may impact the ETF's ability to meet with redemption request. There is also no assurance that the Manager will continue to maintain its RQFII status or be able to acquire additional RQFII quota. The ETF may not have sufficient RQFII quota to meet all subscription requests, which may result in a rejection of applications and a suspension of dealings of the ETF, and the ETF may trade at a significant premium to its Net Asset Value ("NAV"). 
  • Investing in emerging markets, such as the PRC, and in PRC-related companies involves a greater risk of loss than investing in more developed markets due to, among other factors, greater political, tax, economic, foreign exchange, liquidity and regulatory risks. Any restrictions in PRC on foreign ownership or holding of any Index constituents may also have adverse effect on the operation of the ETF and market making activities of the ETF or cause tracking error and, at worst, the ETF may not be able to achieve its investment objective.
  • The ETF is "not actively" managed and therefore the ETF will decrease in value for the Index. The Manager will not adopt any temporary defensive position against any market downturn. Investors may lose part or all of their investment.
  • The ETF will have units ("Units") traded on the SEHK in both RMB and HKD. The nature of dual counter may bring additional risks for investment in the ETF and may make such investment riskier than investment in single counter ETFs. If there is a suspension of the inter-counter transfer of Units between the RMB counter and the HKD counter, Unitholders will only be able to trade their Units in the relevant counter on the SEHK.
  • The market price on the SEHK of Units traded in RMB and of Units traded in HKD may deviate significantly due to different factors such as market liquidity, supply and demand in each counter and the exchange rate between RMB and HKD (in both onshore and offshore markets). As such investors may pay more or receive less when buying or selling Units traded in HKD on the SEHK than in respect of Units traded in RMB and vice versa.
  • Investors without RMB accounts may buy and sell HKD traded Units only. They will not be able to buy or sell RMB traded Units and should note that distributions are made in RMB only. As such, those investors may suffer a foreign exchange loss and incur foreign exchange associated fees and charges to receive their dividend. Whereas investors who bought Units on the HKD counter may also be subject to currency exchange risk as the assets of the ETF are denominated in RMB.
  • The ETF is denominated in RMB, which is currently not freely convertible and is subject to exchange controls and restrictions. There is no guarantee that the value of RMB against the investor's base currencies (for example HKD) will not depreciate. If investors wish or intend to convert the redemption proceeds or dividends (in RMB on both HKD and RMB traded units) paid by the ETF or sale proceeds (in RMB on RMB traded units) into a different currency, they are subject to the relevant foreign exchange risk and may incur loss from such conversion as well as associated fees and charges.
  • Generally, retail investors can only buy or sell Units of the ETF on the SEHK.  The trading price of the Units on the SEHK is driven by market factors such as the demand and supply of the Units.  Therefore, the Units may trade at a substantial premium or discount to the ETF's NAV.
  • Not all brokers/intermediaries or Central Clearing and Settlement System ("CCASS") participants may be familiar with and able to buy Units in one counter and to sell Units in the other, or to carry out inter-counter transfers of Units, or to trade both counters at the same time. This may inhibit or delay an investor dealing in both RMB traded and HKD traded Units and the investor may only trade in one currency.
  • In the event of any default or bankruptcy of the custodian (directly or through its delegate) or the PRC brokers, the ETF may encounter delays in recovering its asset and may be adversely affected in the execution of any transaction.The ETF's NAV may also be adversely affected under such circumstances.
  • The ETF is subject to tracking error due to factors such as fees and expenses of the ETF, liquidity of the market and different investment strategies adopted by the Manager.
  • The ETF may invest via the Stock Connect. The Stock Connect is a securities trading and clearing linked programme with an aim to achieve mutual stock market access between mainland China and Hong Kong. Investors are reminded that the Stock Connect is novel in nature. The relevant regulations are untested and subject to change. There is no certainty as to how they will be applied. The Stock Connect is subject to quota limitations which may restrict the ETF's ability to invest in A-Shares through the programme on a timely basis. Where a suspension in the trading through the programme is effected, the ETF's ability to access the PRC market through the programme will be adversely affected. 
  • No withholding income tax provision is currently made for gross realised or unrealised capital gains derived from trading of A-Shares (either via Stock Connect or RQFII).  However, there are risks and uncertainties associated with the current PRC tax laws, regulations and practice in respect of capital gains realised via RQFII quota or the Stock Connect on its investments in the PRC (which may have retrospective effect). The potential application of tax treaties is also uncertain. It is possible that the applicable tax laws may be changed, as a result, the ETF may have greater tax liabilities in the PRC than provided for. Any shortfall between the provision and actual tax liabilities, which will be debited from the ETF's assets, will cause the ETF's NAV to be adversely affected. In such a case, the then existing and subsequent investors will be disadvantaged as they will bear for a disproportionately higher amount of tax liabilities as compared to the liability at the time of investment in the ETF. 
  • The Manager may, at its discretion, pay dividends out of capital. The Manager may also, at its discretion, pay dividends out of gross income while all or part of the fees and expenses of the ETF are charged to/paid out of the capital of the ETF, resulting in an increase in distributable income for the payment of dividends by the ETF and therefore, the ETF may effectively pay dividends out of the capital. Payment of dividends out of capital or effectively out of the capital amounts to a return or withdrawal of part of an investor's original investment or from any capital gains attributable to that original investment. Any distributions involving payment of dividends out of the capital or effectively out of the capital of the ETF may result in an immediate reduction of the NAV per Unit.
  • Investment involves risks, including the loss of principal. Investment value may rise or fall. Past performance information presented is not indicative of future performance. Investors are reminded to peruse carefully the Prospectus and the Product Key Facts Statement for further details, including product features and risk factors. Investors should not make any investment decision solely based on the information provided on this website alone.
  • This website has not been reviewed by the Securities and Futures Commission (the "SFC"). The SFC's authorization of the ETF does not imply official recommendation.
Fund Objective and Investment Strategy
  • The GFI MSCI China A International ETF (the "ETF") seeks to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the MSCI China A International Index (the "Index"). In order to achieve this investment objective, GF International Investment Management Limited (the "Manager")  will primarily adopt a full replication strategy by directly investing all, or substantially all, of the assets of the ETF in securities constituting the Index in substantially the same weightings (i.e. proportions) as such securities have in the Index, through the RQFII quota of the Manager and/or via the Stock Connect.
Intra-day Estimated NAV & Market Price
Market Information[3]
Date Last Change Change (%)

Fund Information as of
Inception Date 23 June 2015
SEHK Listing Date 29 July 2015
Domicile Hong Kong 
Base Currency Renminbi (RMB)
Asset Class Equity
Management Fee 0.6% per annum
Number of Holdings

429

Financial Year End 31 December
Manager GF International Investment Management Limited
Investment Adviser GF Fund Management Co., Ltd
Trustee HSBC Institutional Trust Services (Asia) Limited
Trading Information
  RMB Traded Unit HKD Traded Unit
Exchange Listing Hong Kong Stock Exchange - main board Hong Kong Stock Exchange - main board
Date of Listing/ Dealing 29 July 2015 29 July 2015
Primary Exchange Time Zone GMT+8 GMT+8
Exchange Ticker 83156.HK 03156.HK
Bloomberg Ticker 83156.HK  03156.HK
ISIN HK0000255007 HK0000255015
Trading Board Lot  200 Units 200 Units
Trading Currency RMB HKD
Index Information[5]
Underlying Index MSCI China A International Index#
Type of Index Price Return
Currency Renminbi (RMB)
Index Provider MSCI Inc.
Bloomberg Index Code M9CNAIR
# MSCI China A International Index (the "Index") is a free float adjusted market capitalisation weighted index that is compiled and published by MSCI Inc.. It captures the large and mid-cap representation and includes the China A-Share constituents of the MSCI China All Shares Index.  All of its constituents are listed on the stock exchanges in China, which include the Shanghai Stock Exchange (“SSE”) and Shenzhen Stock Exchange (“SZSE”).The Underlying Index is a price return index which means that it does not include the reinvestment of dividends from the Index Securities, such dividends being net of any withholding tax. The Underlying Index is denominated and quoted in RMB.
Participating Dealer(s)[6]
UBS Securities Hong Kong Limited
ABN AMRO Clearing Hong Kong Limited
BNP Paribas Securities Services
BOCI Securities Limited
China International Capital Corporation Hong Kong Securities Limited
China Merchants Securities (HK) Co., Ltd
Essence International Securities (Hong Kong) Limited
GF Securities (Hong Kong) Brokerage Limited
Guotai Junan Securities (Hong Kong) Limited
SG Securities (HK) Limited
 
Market Maker(s)[7]
HKD Counter
China Merchants Securities (HK) Co., Limited
Commerz Securities Hong Kong Ltd
Guotai Junan Securities (Hong Kong) Limited
 
RMB Counter
China Merchants Securities (HK) Co., Limited
Commerz Securities Hong Kong Ltd
Guotai Junan Securities (Hong Kong) Limited
 
[1].This is a near real time NAV updated every 15 seconds during SEHK trading hours. It is indicative and for reference purpose only. The near real-time estimated NAV per Unit in HKD is calculated using the near real-time estimated NAV per Unit in RMB multiplied by a real-time HKD:CNH foreign exchange rate provided by Sumscope (HK) Limit (“Sumscope”)(Please refer to the Data Provider Disclaimer below). Since the estimated NAV per Unit in RMB will not be updated when the underlying China A-Shares market is closed, any change in the estimated NAV per Unit in HKD (if any) during such period is solely due to the change in the foreign exchange rate.
[2]. This is provided on 15-minute delayed basis by Sumscope (Please refer to the Data Provider Disclaimer below). Intra-day Market Price refers to the market price of GFI MSCI China A International ETF on the date and at the time specified above, quoted from the SEHK. 。
[3].Change is calculated on NAV to NAV basis in RMB and assumes dividend will not be reinvested. Change of the official NAV per Unit in RMB and change of the NAV per Unit in HKD indicate the change of the NAV per Unit since previous business day where both the SEHK and underlying A-shares market are opened for normal trading (the "Dealing Day") . Please refer to the Prospectus for more information on determination of NAV. The official NAV per Unit in RMB is provided by HSBC Institutional Trust Services (Asia) Limited. Change of the closing price in RMB and HKD traded units indicate change of closing price since previous SEHK trading day.
[4].The last closing NAV per Unit in HKD is indicative and for reference purpose only. It is calculated using the last closing NAV per unit in RMB multiplied by an assumed foreign exchange rate using the Tokyo Composite at 3:00 p.m. Tokyo time (2:00 p.m. Hong Kong time) mid rate quoted by Bloomberg for offshore RMB (CNH) as of the same Dealing Day. The official last closing NAV per unit in RMB and the indicative last closing NAV per unit in HKD will not be updated when the underlying China A-Shares market is closed.
[5]. Index returns, if any, are provided for illustrative purpose only and are not indicative of future performance. Management fees, transaction costs or other expenses are not reflected in index returns.
[6]. Additional Participating Dealer(s) will be appointed from time to time.
[7]. Additional Market Maker(s) will be appointed from time to time.
DISCLAIMER
This website is owned and managed by GF International Investment Management Limited (“GFIIM”). GFIIM reserves the right to change, modify, add or delete, any content and the terms & conditions of use of this website without notice. Users are advised to periodically review the contents of this website to be familiar with any modifications.
The performance figures contained on this website are for information purposes only. Past performance is not indicative of future performance. Investment involves risks, including possible loss of principal amount invested. The ETF's NAV per unit may rise as well as fall. Persons interested in investing in the ETF should read the relevant fund offering documents (including the full text of the risk factors stated therein) in detail before making any investment decision.
This website has been prepared by GFIIM and has not been reviewed by the Securities and Futures Commission (“SFC”). SFC authorization is not a recommendation or endorsement of the ETF nor does it guarantee the commercial merits of the ETF or its performance. It does not mean the ETF is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.
MSCI DISCLAIMER
This ETF is not sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index (collectively, the “MSCI parties”). The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names are service mark (s) of MSCI or its affiliates and have been licensed for use for certain purposes by GFIIM. None of the MSCI parties makes any representation or warranty, express or implied, to the issuer or owners of this ETF or any other person or entity regarding the advisability of investing in funds generally or in this ETF particularly or the ability of any MSCI index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI indexes which are determined, composed and calculated by MSCI without regard to this ETF or the issuer or owners of this ETF or any other person or entity. None of the MSCI parties has any obligation to take the needs of the issuer or owners of this ETF or any other person or entity into consideration in determining, composing or calculating the MSCI indexes. None of the MSCI parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of this ETF to be issued or in the determination or calculation of the equation by or the consideration into which this ETF is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of this ETF or any other person or entity in connection with the administration, marketing or offering of this ETF.
Although MSCI shall obtain information for inclusion in or for use in the calculation of the MSCI indexes from sources that MSCI considers reliable, none of the MSCI parties warrants or guarantees the originality, accuracy and/or the completeness of any MSCI index or any data included therein. None of the MSCI parties makes any warranty, express or implied, as to results to be obtained by the issuer of the ETF, owners of the ETF, or any other person or entity, from the use of any MSCI index or any data included therein. None of the MSCI parties shall have any liability for any errors, omissions or interruptions of or in connection with any MSCI index or any data included therein. Further, none of the MSCI parties makes any express or implied warranties of any kind, and the MSCI parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to each MSCI index and any data included therein. Without limiting any of the foregoing, in no event shall any of the MSCI parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
DATA PROVIDER DISCLAIMER
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