Important Information about ICBC CICC USD Money Market ETF (“Money Market ETF” or the “Sub-Fund”). Terms used in this website, unless otherwise stated, shall have the same meanings as those defined in the prospectus of the Sub-Fund (the “Prospectus”).
Important Information

Investment involves risk including loss of principal, and investments in Sub-Fund may not be suitable for everyone. Investors should read the Prospectus and the Product Key Facts Statement carefully for details including the product features and risk factors, and should consider their own investment objectives and other circumstances before investing in the Money Market ETF. The information provided herein is general in nature. If you are in any doubt about the contents of this website, you should consult your stockbroker, banker, solicitor, accountant or other financial adviser for independent professional advice before making any investment in ICBC CICC USD Money Market ETF.

ICBC CICC USD Money Market ETF, being a sub-fund of the umbrella unit trust constituted by the Trust Deed and called CICC Fund Series, is an actively managed exchange traded fund whose investment objective is to invest in short-term deposits and high quality money market investments and to achieve a return in US Dollars in line with prevailing money market rates, with primary considerations of both capital preservation and liquidity. There can be no assurance that ICBC CICC USD Money Market ETF will achieve its investment objective.

The Sub-Fund offers both listed class of Units (the “Listed Class of Units”) and unlisted class of Units (the “Unlisted Class of Units”). Investors of Listed and Unlisted Classes of Units are subject to different pricing and dealing arrangements. The NAV per Unit of each of the Listed and Unlisted Classes of Units may be different due to different fees and cost applicable to each class. The Listed Class of Units are traded on the stock exchange in the secondary market on an intraday basis at the prevailing market price (which may diverge from the corresponding NAV), while the Unlisted Classes of Units are sold through intermediaries based on the dealing day-end NAV and are dealt at a single valuation point with no access to intraday liquidity in an open market. Depending on market conditions, investors of the Unlisted Classes of Units may be at an advantage or disadvantage compared to investors of the Listed Class of Units. In a stressed market scenario, investors of the Unlisted Classes of Units could redeem their units at NAV while investors of the Listed Class of Units in the secondary market could only redeem at the prevailing market price (which may diverge from the corresponding NAV) and may have to exit the Sub-Fund at a significant discount. On the other hand, investors of the Listed Class of Units could sell their units on the secondary market during the day thereby crystallising their positions while investors of the Unlisted Classes of Units could not do so in a timely manner until the end of the day.

You are also drawn to attention of the following points with respect to the Money Market ETF:

Investors should carefully read the Prospectus and the Product Key Facts Statement for further details of all risk factors in particular those associated with investments in ICBC CICC USD Money Market ETF before making any investment decision. The Prospectus and the Product Key Facts Statement of ICBC CICC USD Money Market ETF may be obtained from the office of China International Capital Corporation Hong Kong Asset Management Limited which is located 29th Floor, One International Centre, 1 Harbour View Street, Central, Hong Kong and can also be downloaded from Website. In addition to above points, investors are also drawn to the attention of specific risk factors with respect to the ICBC CICC USD Money Market ETF set out in the Prospectus and the Product Key Facts Statement.

ICBC CICC USD Money Market ETF has been authorized by the Securities and Futures Commission (the “SFC”) as a collective investment scheme. SFC authorization is not a recommendation or endorsement of a product nor does it guarantee the commercial merits of a product or its performance. It does not mean the product is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. Hong Kong Exchanges and Clearing Limited (“HKEX”), The Stock Exchange of Hong Kong Limited (the “SEHK”), Hong Kong Securities Clearing Company Limited (“HKSCC”) and the SFC take no responsibility for the contents of the Website, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of the Website.

The purchase of a Unit in the Sub-Fund is not the same as placing funds on deposit with a bank or deposit-taking company. The Sub-Fund does not guarantee principal and the Manager has no obligation to redeem the Units at the offer value. The Sub-Fund does not have a constant Net Asset Value. The Sub-Fund is not subject to the supervision of the Hong Kong Monetary Authority.

Past performance information presented (if any) is not indicative of future performance.

All information displayed on this website is provided on an “as is” basis and China International Capital Corporation Hong Kong Asset Management Limited makes no representations and disclaims all warranties (whether express or implied) as to the accuracy or completeness of the information provided herein.

The contents of this website have not been reviewed by the SFC.

Manager: China International Capital Corporation Hong Kong Asset Management Limited

Risk Factors

Investors should not only base on this website alone to make investment decisions. Please read the Sub-Fund’s offering documents for details including the full text of the risk factors stated therein.

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 of the repayment of principal.

Active investment management risk

The Manager employs an actively managed investment strategy for the Sub-Fund. The Sub-Fund does not seek to track any index or benchmark, and there is no replication or representative sampling conducted by the Manager. It may fail to meet its objective as a result of the Manager’s selection of investments, and/or the implementation of processes which may cause the Sub-Fund to underperform as compared to prevailing money market rates or other money market funds with a similar objective.

Debt securities risks

Short-term debt instruments risk: As the Sub-Fund may invest significantly in short-term debt instruments with short maturities, it means the turnover rates of the Sub-Fund’s investments may be relatively high and the transaction costs incurred as a result of the purchase or sale of short-term debt instruments may also increase which in turn may have a negative impact on the NAV of the Sub-Fund.

Credit / Counterparty risk: The Sub-Fund is exposed to the credit/default risk of issuers of the debt securities that the Sub-Fund may invest in.

Interest rate risk: Investment in the Sub-Fund is subject to interest rate risk. In general, the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise.

Sovereign debt risk: The Sub-Fund’s investment in securities issued or guaranteed by governments may be exposed to political, social and economic risks. In adverse situations, the sovereign issuer may not be able or willing to repay the principal and/or interest when due or may request the Sub-Fund to participate in restructuring such debts. The Sub-Fund may suffer significant losses when there is a default of sovereign debt issuer.

Credit rating risk: Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times.

Downgrading risk: The credit rating of a debt instrument or its issuer may subsequently be downgraded. In the event of such downgrading, the value of the Sub-Fund may be adversely affected. There is no assurance that the debt instruments invested by the Sub-Fund or the issuer of the debt instruments will continue to have an investment grade rating or continue to be rated. The Manager may or may not be able to dispose the debt instruments that are being downgraded.

Valuation risk: Valuation of the Sub-Fund’s investments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the NAV calculation of the Sub-Fund.

Risks associated with bank deposits

Bank deposits are subject to the credit risks of the relevant financial institutions. The Sub-Fund’s deposit may not be protected by any deposit protection schemes, or the value of the protection under the deposit protection schemes may not cover the full amount deposited by the Sub-Fund. Therefore, if the relevant financial institution defaults, the Sub-Fund may suffer losses as a result.

Risks relating to repurchase agreements

In the event of the failure of the counterparty with which collateral has been placed, the Sub-Fund may suffer loss as there may be delays in recovering collateral placed out or the cash originally received may be less than the collateral placed with the counterparty due to inaccurate pricing of the collateral or market movements.

Risks relating to reverse-repurchase agreements

In the event of the failure of the counterparty with which cash has been placed, the Sub-Fund may suffer loss as there may be delay in recovering cash placed out or difficulty in realising collateral or proceeds from the sale of the collateral may be less than the cash placed with the counterparty due to inaccurate pricing of the collateral or market movements.

Risks associated with asset backed commercial papers

The Sub-Fund invests in asset backed commercial papers which may be highly illiquid and prone to substantial price volatility. These instruments may be subject to greater credit, liquidity and interest rate risk compared to other money market instruments. They are often exposed to extension and prepayment risks and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of the securities.

Concentration risk

The Sub-Fund will invest primarily in the US Dollar-denominated and settled short-term deposits and money market investments. The Sub-Fund is therefore likely to be more volatile than a broad-based fund that adopts a more diversified strategy. 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 US Dollar money markets.

Reliance on the Investment Adviser risk

The Manager has delegated the investment discretion of the Sub-Fund in relation to certificates of deposits (CDs) issued in Hong Kong to the Investment Adviser and will rely on the Investment Adviser’s expertise and systems for the Sub-Fund’s investments in CDs issued in Hong Kong. Any disruption in the communication with or assistance from the Investment Adviser or a loss of service of the Investment Adviser or any of its key personnel may adversely affect the operations of the Sub-Fund.

Trading risks(Applicable for Listed Class of Units)

The trading price of Units on the SEHK is driven by market factors such as the demand and supply of Units. Therefore, the Units may trade at a substantial premium or discount to the Sub-Fund’s NAV and may deviate significantly from the NAV per Unit.

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 NAV per Unit when buying Units on the SEHK, and may receive less than the NAV per Unit when selling Units on the SEHK.

Reliance on market maker and liquidity risks(Applicable for Listed Class of Units)

Although the Manager will ensure that at least one Market Maker will maintain a market for the Units in each counter, and that at least one Market Maker in each counter gives not less than 3 months’ notice prior to terminating market making arrangement under the relevant market maker agreement, liquidity in the market for 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.

Dual counter risks(Applicable for Listed Class of Units)

If there is a suspension of the inter-counter transfer of units between the counters and/or any limitation on the level of services by brokers and CCASS participants, unitholders will only be able to trade their units in one counter only, which may inhibit or delay an investor dealing. The market price of units traded in each counter may deviate significantly. As such, investors may pay more or receive less when buying or selling Units traded in one counter than the equivalent amount in the currency of another counter if the trade of the relevant Units took place on that other counter.

Currency risks

A class of shares of the Sub-Fund may be designated in a currency other than the base currency of the Sub-Fund. The NAV of the Sub-Fund may be affected unfavorably by fluctuations in the exchange rates between such currency and the base currency and by changes in exchange rate controls.

Termination risks

The Sub-Fund may be terminated early under certain circumstances, for example, if the size of the Sub-Fund falls below US$10,000,000 (or equivalent). Investors may not be able to recover their investments and suffer a loss when the Sub-Fund is terminated.

Distributions out of or effectively out of capital risk

Payment of dividends out of capital or effectively out of 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 such distributions may result in an immediate reduction in the NAV per Unit of the Sub-Fund.

Distributions in other currency risk

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. The Unitholder may also have to bear bank or financial institution fees and charges associated with the handling of the distribution payment. Unitholders are advised to check with their brokers regarding arrangements for distributions.

ICBC CICC USD Money Market ETF
Investment Objective

The investment objective of ICBC CICC USD Money Market ETF (the “Sub-Fund”) is to invest in short-term deposits and high quality money market investments. The Sub-Fund seeks to achieve a return in US Dollars in line with prevailing money market rates, with primary considerations of both capital preservation and liquidity. There can be no assurance that the Sub-Fund will achieve its investment objective.

NAV per Unit^

Date: 2022-12-02

HKD 8,133.2008
USD 1,045.3784
USD 1,041.1173
USD 1,043.9903
Intra-day Estimated NAV per Unit

For ICBC CICC USD Money Market ETF, the near real time estimated Net Asset Value per Unit in HKD and USD, and the latest closing Net Asset Value per Unit in HKD referred to above, are indicative and for reference only. The near real time estimated Net Asset Value per Unit (HKD and USD) is updated every 15 seconds during SEHK trading hours and is calculated by Solactive AG.

The near real time estimated Net Asset Value per Unit in HKD is calculated using the near real time estimated Net Asset Value per Unit in USD multiplied by a near real time USD:HKD foreign exchange rate, quoted by Solactive AG. Since the estimated Net Asset Value per Unit in USD will not be updated when the underlying market is closed, the change in the estimated Net Asset Value per Unit in HKD during such period is solely due to the change in the near real time foreign exchange rate.

^The last NAV per Unit in HKD is indicative and for reference only and is calculated using the official last closing NAV per Unit in USD multiplied by an assumed foreign exchange rate (i.e. not a real time exchange rate) being the fixing exchange rate provided by Reuters for HKD at 4:00 p.m. (Hong Kong time) as of the same Dealing Day. Please refer to the Prospectus for further details.

Key Facts
Listing Date (Listed Class) 18 June 2019
Inception Date (Unlisted Class) 18 November 2019
Fund Financial Year End 31st December
Distribution Policy Annual Distribution (Subject to the Manager's discretion)
Ongoing charges over a year (Listed Class) 0.245%
Ongoing charges over a year (Unlisted Class A) 0.38%
Ongoing charges over a year (Unlisted Class I) 0.29%
Management Fees (Listed Class) 0.245% per annum
Management Fees (Unlisted Class A) 0.295% per annum
Management Fees (Unlisted Class I) 0.195% per annum
Base Currency USD
Shares Outstanding (As of 2022-12-02) 322,080.79
Net Asset Value (As of 2022-12-02) USD 336,454,524.85
Trading Information*
  HKD Counter USD Counter
Stock Code 3011 9011
Exchange SEHK – Main Board
ISIN HK0000507407 HK0000507415
SEDOL BJYHXT9 BJYHXV1
Lot Size 1 1
Trading Currency HKD USD
*The information applies to listed class only.
Participating Dealers

BOCOM International Securities Limited, CGS-CIMB Securities (Hong Kong) Limited, China International Capital Corporation Hong Kong Securities Limited, China Merchants Securities (HK) Co.,Limited, GF Securities (Hong Kong) Brokerage Limited, Haitong International Securities Company Limited, KGI Asia Limited, Merrill Lynch Far East Limited, Mirae Asset Securities (HK) Limited