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HKEx listed, Stock Code: 03175 SAMSUNG S&P GSCI Crude Oil ER Futures ETF

Key Features
  • Futures-based ETF
  • HKD Trading
  • Tracking S&P GSCI OIL Index ER
  • Convenient way to invest in commodity
Important Information
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The Sub-Fund is a futures based ETF. The risks of investing in the Sub-Fund are therefore greater than those of investing in other types of ETF. In particular investment in futures contracts involves specific risks such as high volatility, leverage, rollover and margin risks. Here are the risks which investors may face:







1. Investment risk

  • The Sub-Fund is an investment fund. There is no guarantee of the repayment of principal. Therefore your investment in the Sub-Fund may suffer losses.

2. New product risks

  • The Sub-Fund is a futures contracts-based ETF investing directly in WTI Futures Contracts. The Sub-Fund will be the first futures contracts-based ETF tracking a single commodity futures index such as the Index in Hong Kong. The novelty and untested nature of such an ETF makes the Sub-Fund riskier than traditional ETFs investing in equity securities.

3. Oil market risks

  • High volatility risk: Oil prices are highly volatile and may fluctuate widely and may be affected by numerous events or factors such as oil production and sale, complex interaction of supply and demand of oil, weather, crude oil inventory level, war, speculator’s activities, Organization of the Petroleum Exporting Countries’ behaviour and control, economic activity of significant oil use country and other financial market factors.
  • Single commodity/concentration risk: As the exposure of the Sub-Fund is concentrated in the crude oil market, it is more susceptible to the effects of oil price volatility than more diversified funds.

4. Futures contracts risks

  • Contango risk: A “roll” occurs when an existing futures contract is about to expire and is replaced in the Index with a futures contract representing the same underlying but with a later expiration date. Where the Index is calculated with reference to these WTI Futures Contracts, the value of the Index (and so the Net Asset Value per Unit) may be adversely affected by the cost of rolling positions forward (due to the increased price of the WTI Futures Contract, i.e. “contango”) as the WTI Futures Contracts approach expiry.
  • Volatility risk: The price of WTI Futures Contracts can be highly volatile and is influenced by, among other things, interest rates, changing market supply and demand relationships, trade, fiscal, monetary and exchange control programs, policies of governments and political changes.
  • Leverage risk: Because of the low margin deposits normally required in futures trading, an extremely high degree of leverage is typical of a futures trading account. As a result, a relatively small price movement in a WTI Futures Contract may result in a proportionally high impact and substantial losses to the Sub-Fund, having a material adverse effect on the Net Asset Value. Like other leveraged investments, a futures transaction may result in losses in excess of the amount invested.
  • Liquidity risk: The Index is calculated with reference to WTI Futures Contracts exposing the Sub-Fund and the investor to a liquidity risk linked to WTI Futures Contracts which may affect their value.

5. Risk of material non-correlation with spot/current market price of the WTI crude oil risk

  • As the Index is based upon WTI Futures Contracts but not on physical WTI crude oil, the performance of the Index may substantially differ from the current market or spot price performance of the WTI crude oil. Accordingly, the Sub-Fund may underperform a similar investment that is linked to the spot price of WTI crude oil. For example, during 2009, the Index underperformed the spot price of WTI crude oil by 71% (the level of the Index only increased by 7%, while the spot price of crude oil increased by 78%).

6. Margin risk

  • Generally, most leveraged transactions, such as WTI Futures Contracts, involve the posting of collateral or margin. Increases in the amount of collateral or margin or similar payments may result in the need for the Sub-Fund to liquidate its investments at unfavourable prices in order to meet collateral or margin calls. This may result in substantial losses to Unitholders.

7. Distributions risk

  • Where distributions are distributed out of capital or effectively out of capital, this amounts to a return or withdrawal of an investor’s original investment or any capital gains attributable to that original investment and may result in an immediate reduction in the Net Asset Value per Unit.

8. Government intervention and restrictions risk

  • Governments and regulators may intervene in the financial markets, such as by the imposition of trading restrictions. This may affect the operation and market making activities of the Sub-Fund, and may create negative market sentiment which may in turn affect the performance of the Index and the Sub-Fund.

9. Passive investments risk

  • The Sub-Fund is not “actively managed” and therefore the Manager will not adopt any temporary defensive position against any market downturn. When there is a decline in the Index, the Sub-Fund will also decrease in value.

10. Trading risks

  • 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 Net Asset Value.
  • 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 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.

11. Trading differences risk

  • As the NYMEX may be open when the Units are not priced, the value of any Futures Contract in the Sub-Fund’s portfolio may change when investors may not be able to buy or sell Units. Differences in trading hours between NYMEX and the SEHK may also increase the level of premium or discount of the Unit price to its Net Asset Value.

12. Reliance on market maker risk

  • Although the Manager will ensure that at least one market maker will maintain a market for the Units and gives not less than 3 months’ notice prior to termination of the market making arrangement, 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 no guarantee that any market making activity will be effective.

13. Tracking error risk

  • Due to fees and expenses of the Sub-Fund, liquidity of the market and the investment strategy adopted by the Manager, the Sub-Fund’s return may deviate from that of the Index. 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 Index.

14. Termination risk

  • The Sub-Fund may be terminated early under certain circumstances, for example, where the Index is no longer available for benchmarking or if the size of the Sub-Fund falls below HKD40 million. Any distribution received by a Unitholder on termination of the Sub-Fund may be less than the capital initially invested by the Unitholder, resulting in a loss to the Unitholder.

 

Fund Objective and Investment Strategy
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Investment Objective The investment objective of the Samsung S&P GSCI Crude Oil ER Futures ETF (the “Sub-fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the S&P GSCI Crude Oil Index Excess Return (the “Index”)"("Excess Return"does not mean any additional return on the ETF' s performance)". There can be no assurance that the Sub-Fund will achieve its investment objective. The Index tracks the performance of the nearest month West Texas Intermediate crude oil (also known as Texas light sweet crude oil) Futures Contracts traded on NYMEX (the “WTI Futures Contracts”)
Investment Strategy Full replication
Underlying Index S&P GSCI Crude Oil Index Excess Return
Product Base Currency HKD
Trading Currency HKD
Creation/ Redemption HKD cash only
Dividend Annually (usually in March of each year) (if any) in HKD subject to the Manager’s discretion. Distributions may be paid out of capital or effectively out of capital.
Manager Samsung Asset Management (Hong Kong) Limited
Investment Adviser Samsung Asset Management Co., Ltd.
Registrar HSBC Institutional Trust Services (Asia) Limited
iNAV Calculation Agent Interactive Data

 

  • Provide investment results, before fees and expenses, that closely correspond to the performance of the underlying index
  • Passively managed
  • Full replication










Appropriation
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Leverage No
Actively Managed No
Swap Base No
Derivatives Base Yes
Securities Lending No

 









Intra-day Estimated NAV
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  Date Time (HKD)
Intra-Day Estimated NAV per Unit *
Intra-Day Market Price 1

* Intra-Day Estimated NAV per Unit is provided by Interactive Data and is updated every 15 seconds during the market hours and is indicative only.

1 Intra-Day Market Price is provided on a 15 minutes delayed basis by Interactive Data.


Data Source : Interactive Data

Hong Kong Time :

Market Information
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  Date Last Change Change(%)
Official NAV per Unit in HKD 20171013 10.9464 0.1684 1.56
Closing Price per Unit in HKD 20171013 10.7780 10.7780 0.00
Fund Information
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Fund Inception Date 28 Apr, 2016
SEHK Listing Date 29 Apr, 2016
Financial Year 31 March
Asset Class Commodity
Equity Exposure Futures-Based
Domicile Hong Kong
Total NAV(HKD) 169,669,392.97 as of 2017/10/13
Outstanding Units 15,500,000 as of 2017/10/13
Management Fee 0.65% per annum of NAV
Trustee Fee 0.12% per annum of NAV
Ongoing Charges Over a Year^ 1.71%
Base Currency HKD

 

  • ^The ongoing charges figure is an annualised figure based on expenses reported in the Sub-Fund’s interim financial report for the period ended 30 September 2016, expressed as a percentage of the Sub-Fund’s average Net Asset Value over the same period. This figure may vary from year to year.  







Index Information
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Underlying Index S&P GSCI Crude Oil Index Excess Return
Index Description The Index tracks the performance of the nearest month WTI Futures Contracts. The return of the Index is calculated based on the change in price levels of the nearest contract, the next nearest contract as well as the gain or loss obtained by "rolling" hypothetical positions in such WTI Futures Contracts as they approach delivery. The Index is denominated in USD and is calculated and published on a near real-time basis. The Index was launched on 1 May 1991 and had a base of 100 as at 7 January 1987.
Index Provider S&P Dow Jones Indices (S&P)
Currency USD

 










Trading Information
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Exchange Hong Kong Stock Exchange- Main Board
Date of Listing / Dealing 29 April 2016
Primary Exchange Time Zone GMT+8
Exchange Ticker 3175
Bloomberg Ticker 3175HK
ISIN HK0000291432
Trading Board Lot 200 Unit
Trading Currency HKD

 










Participating Dealer
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China Merchants Securities(HK) Co., Limited Nomura International (HK) Limited
Morgan Stanley Hong Kong Securities Limited ABN AMRO Clearing Hong Kong Limited
Guotai Junan Securities (Hong Kong) Ltd  

 







Market Maker
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Commerz Securities (HK) Ltd. China Merchants Securities(HK) Co., Ltd.

 







Index Disclaimer
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The S&PGSCI Crude Oil Excess Return Index (the “Index”) is a product of S&P Dow Jones Indices LLC (“SPDJI”) and has been licensed for use by Samsung Asset Management (Hong Kong) Ltd (“SAMHK”). Standard & Poor’s® and S&P ® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); GSCI™ is a registered trademark of The Goldman Sachs Group, Inc. (“Goldman”); and these trademarks have been licensed for use by SPDJI.

The Index is not created, owned, endorsed, sponsored, sold or promoted by Goldman or its affiliates and Goldman bears no liability with respect to the Index or data related thereto. SAMHK’s  Samsung S&P GSCI Crude Oil EXCESS RETURN Futures ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, Goldman or any of their respective affiliates, or their third party licensors. None of SPDJI, Dow Jones, S&P, Goldman nor their respective affiliates nor their third party licensors (i) make any representation regarding the advisability of investing in such product(s) or (ii) guarantee the accuracy and/or the completeness of the Index or any data related to.










Data Provider's Disclaimer
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Real Time Data
All information provided by Interactive Data (Hong Kong) Limited ("Interactive Data") and its affiliates (the "Interactive Data Information") is owned by or licensed to Interactive Data and its affiliates and any user is permitted to use such Interactive Data Information only for such user's personal use. In no event shall any user publish, retransmit, redistribute or otherwise reproduce any Interactive Data Information in any format to anyone, and no user shall use any Interactive Data Information in or in connection with any business or commercial enterprise, including, without limitation, any securities, investment, accounting, banking, legal or media business or enterprise.

 

Prior to the execution of a security trade based upon the Interactive Data Information, you are advised to consult with your broker or other financial representative to verify pricing information.

THE INTERACTIVE DATA INFORMATION IS PROVIDED TO THE USERS "AS IS." NEITHER INTERACTIVE DATA NOR ITS AFFILIATES NOR ANY THIRD PARTY DATA PROVIDER MAKE ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND REGARDING THE INTERACTIVE DATA INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. NEITHER INTERACTIVE DATA NOR ITS AFFILIATES NOR ANY THIRD PARTY DATA PROVIDER WILL BE LIABLE TO ANY USER OR ANYONE ELSE FOR ANY INTERRUPTION, INACCURACY, ERROR OR OMISSION, REGARDLESS OF CAUSE, IN THE INTERACTIVE DATA INFORMATION OR FOR ANY DAMAGES (WHETHER DIRECT OR INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY) RESULTING THEREFROM.

 

Delayed Data
Delayed data as shown on this website (the “data”) are provided by the data provider, Interactive Data. Interactive Data and HKEx Information Services Limited, and their respective holding companies and/or any subsidiaries of such holding companies, do not guarantee the accuracy or reliability of the data provided and accept no liability (whether in tort or contract or otherwise) for any loss or damage you may suffer or incur arising out of or in connection with your use of the data, including loss or damage which arises out of the data being inaccurate, incomplete or delayed, and however such loss or damage arises. You acknowledge that the data is provided for information only and should not be relied upon for any purpose.