CSOP WTI Oil Annual Roll December Futures ER ETF
(Stock Code: 3135)

  • Overview
  • Performance
  • Tracking Difference/ Error
  • Holdings
  • Distribution History
  • Documents
  • Investor Education
IMPORTANT INFORMATION about the CSOP WTI Oil Annual Roll December Futures ER ETF (the "Sub-Fund")
IMPORTANT: Investments involve risks. Investment value may rise or fall. Past performance information presented is not indicative of future performance. Investors should refer to the Prospectus and the Product Key Facts Statement (“KFS”) for further details, including product features and risk factors. Investors should not base on this material alone to make investment decisions. If you are in any doubt about the contents of the Prospectus and KFS, you should consult your stockbroker, bank manager, solicitor, accountant or other financial adviser for independent financial advice.
  • CSOP WTI Oil Annual Roll December Futures ER ETF (the “Sub-Fund”) is a futures-based exchange traded fund and it aims to provide investment results that, before fees and expenses, closely correspond to the performance of the BofA Merrill Lynch Commodity index eXtra CLA Index (Excess Return)(“Excess Return” does not mean any additional return on the Sub-Fund’s performance) (the “Index”).

  • The Sub-Fund will invest directly in the December month West Texas Intermediate (“WTI”) crude oil futures contracts traded on the New York Mercantile Exchange (the “NYMEX”). Investment in the Sub-Fund is only suitable to those investors who are in a financial position to assume the risks involved in futures investments.

  • Futures investments are subject to certain key risks including leverage, counterparty and liquidity risks. Movement in the prices of futures may be highly volatile. The Sub-Fund may not be suitable for all investors. It is possible that the entire value of your investment could be lost.

  • Trading price of the Units on SEHK is subject to market forces and may trade at a substantial premium or discount to the NAV per Unit.

  • The Manager may, at its discretion, pay dividends out of 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. The Sub-Fund may result in an immediate reduction of the NAV per Unit.
The material has not been reviewed by the SFC.
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 BofA Merrill Lynch Commodity index eXtra CLA Index (Excess Return) (the “Index”).

  • In seeking to achieve the Sub-Fund’s investment objective, the Manager will primarily adopt a full replication strategy through investing directly in December month WTI Futures Contracts so as to give the Sub-Fund the performance of the Index. The Sub-Fund will “roll” (i.e. replace) annually its current year December month WTI Futures Contracts with the next year December month WTI Futures Contracts during the Roll Period (as specified under “Roll schedule of the Index” below) in every October.

  • In entering the WTI Futures Contracts, the Manager anticipates that no more than 20% of the net asset value of the Sub-Fund (the “NAV”) from time to time will be used as margin to acquire the WTI Futures Contracts.

  • Not less than 80% of the NAV in cash (USD) of the Sub-Fund will be invested by the Manager in cash (USD) and other USD denominated investment products, such as deposits with banks in Hong Kong and USD denominated investment-grade short-term debt instruments and money market funds authorised by the SFC or the US Securities and Exchange Commission in accordance with the requirements of the Code.
Intra-day Estimated NAV1 & Market Price2
Market Information3,4
Date Last Change Change
(%)
Official NAV per Unit in USD 22 Jun, 2017 0.7925 0.0042 0.5328
NAV per Unit in HKD* (for reference only) 22 Jun, 2017 6.1812 0.0321 0.5220
Closing Price for Trading unit in HKD 22 Jun, 2017 6.1500 -0.1300 -2.0701
* Exchange rate of USD to Hong Kong Dollar5 quoted by Reuters: 7.79965

Fund information
Fund Manager CSOP Asset Management Limited
Base Currency USD
Domicile Hong Kong
Asset Class Commodity Futures
Total NAV (USD)* 15,690,598.00
Outstanding Units* 19,800,000
Management Fee^ 0.99% p.a.
Ongoing Charges over a year# 1.08%
Dividend Policy Annually in December subject to the Manager’s discretion
^ Include trustee fee, custodian fee and administration’s fee. Please note that the management fee may be increased up to a permitted maximum amount by providing one month’s prior notice to Unitholders. Please refer to the section headed “Fees and Expenses” in the Prospectus for further details of the fees and charges payable and the permitted maximum of such fee allowed, as well as other ongoing expenses that may be borne by the Sub-Fund.

# This is only an estimate as the Sub-Fund is newly set up. The actual figure may be different upon the actual operation of the Sub-Fund. The estimated ongoing charges figure represents the estimated sum of the ongoing expenses expressed as a percentage of the Sub-Fund’s estimated average NAV. This is only an estimate as the Sub-Fund is newly set up. The actual figure may be different upon the actual operation of the Sub-Fund. The estimated ongoing charges figure represents the estimated sum of the ongoing expenses expressed as a percentage of the Sub-Fund’s estimated average NAV.

* As of 22 Jun, 2017
Underlying Index Information
Underlying Index BofA Merrill Lynch Commodity index eXtra CLA Index (Excess Return) (“Excess Return” does not mean any additional return on the Sub-Fund’s performance)##
Index Provider Merrill Lynch, Pierce, Fenner & Smith Incorporated
Index Launch Date 2 November 2009
Currency USD
Benchmark Level Type Excess Return Index
Bloomberg Ticker MLCXCLAE
## The Index has “CLA” in its name because (i) it tracks the performance of WTI Futures Contracts, which are commonly represented by the ticker symbol “CL” (WTI crude oil is “crude” oil of a “light” grade), and (ii) the Index has an “annual” roll, hence the acronym “CLA”
Trading Information
Exchange Hong Kong Stock Exchange – Main Board
Date of Listing / Dealing 12 May 2016
Primary Exchange Time Zone GMT+8
Exchange Ticker 3135
Bloomberg Ticker 3135 HK
ISIN HK0000293818
Trading Board Lot 100 Units
Trading Currency HKD
Participating Dealers6
ABN AMRO Clearing Hong Kong Limited Goldman Sachs (Asia) Securities Limited
Haitong International Securities Company Limited Merrill Lynch Far East Limited
Morgan Stanley Hong Kong Securities Limited Nomura International (Hong Kong) Limited
Market Makers7
Bluefin HK Limited
Commerz Securities Hong Kong Limited
Performance
1 Month 3 Months 6 Months Year to date# Since Inception#
CSOP WTI Oil Annual Roll December Futures ER ETF* -5.87% -8.98% -0.79% -8.98% -1.37%
BofA Merrill Lynch Commodity index eXtra CLA Index (Excess Return)** -5.79% -8.73% -0.12% -8.73% -0.16%
* Fund performance is calculated on NAV to NAV basis with dividend re-invested.
** “Excess Return” does not mean any additional return on the Sub-Fund’s performance.
# Calculated since the listing date of 12 May 2016.
As of 31 March 2017
2016
CSOP WTI Oil Annual Roll December Futures ER ETF 8.37%
BofA Merrill Lynch Commodity index eXtra CLA Index (Excess Return)* 9.39%
* “Excess Return” does not mean any additional return on the Sub-Fund’s performance.
No performance data can be displayed until 6 months from inception date
All dollar amounts are in USD and all dates are in GMT+8 Time, unless otherwise specified
Performance is calculated on NAV to NAV basis in USD with dividend reinvested
As of 31 January 2017

Performance Simulator
  • The CSOP WTI Oil Annual Roll December Futures ER ETF (the “Sub-fund”) aims to track the performance of the BofA Merrill Lynch Commodity index eXtra CLA Index (Excess Return) (“Excess Return” does not mean any additional return on the Sub-fund’s performance) (“the Index”) through investing directly in December month WTI Futures Contracts.
  • The Sub-fund will “roll” (i.e. replace) annually its current year December month WTI Futures Contracts with the next year December month WTI Futures Contracts during the Roll Period in every October. The Sub-fund may be subject to contango and backwardation effect in the process of rolling of futures contacts.
  • As the Index is based upon WTI Futures Contracts but not on physical WTI crude oil, the performance of the Sub-fund may deviate from that of the spot price of the WTI crude oil. The performance simulator of the Sub-fund allows investors to select a historical time period and simulate the performance of the Sub-fund as compared with that of the spot price of WTI crude oil during that period based upon historical data.
  • The performance of the Sub-fund is calculated NAV to NAV basis in USD and assumes dividend reinvested, it may not reflect the return that investors would actually be able to obtain as it does not take into account the trading price on the SEHK may trade at a premium or discount to the NAV of the Sub-fund and/or investors’ trading costs. The WTI oil spot price is based on the closing price of WTI crude oil of the immediately preceding trading day.

Performance Simulator

Please Select Period
Start Date
End Date
Simulation Results
WTI Crude Oil Spot Price
-
CSOP WTI Oil Annual Roll December Futures ER ETF Return
-
Fund listing date: 12 May 2016. Where no past performance is shown, there was insufficient data available for that period to provide performance .
Source: CSOP Asset Management Limited and Bloomberg

Performance Chart


Tracking Difference / Error

Tracking Difference (TD)

  • Tracking difference is the return difference between an ETF and its underlying benchmark/ index over a certain period of time.

Tracking Error (TE)

  • Tracking error measures how consistently an ETF follows its benchmark/ index. It is the volatility (measured by standard deviation) of that return difference.
Tracking Difference Tracking Error

As of 31 May 2017
Fund Listing Date: 12 May 2016 Rolling 1-Year TD: -4.84% Actual TD (Since Listing): -1.27%

As of 31 May 2017
Fund Listing Date: 12 May 2016 Rolling 1-Year TE^: 0.11% ^Annualized based on the number of dealing days in the past year when daily TD is calculated
Graph for Tracking Difference

ETF's performance is calculated on an NAV to NAV basis and assumes reinvestment of distributions.



Holdings
Total Net Asset Value(USD) Market Value of Futures Contracts (USD) Futures Contract Exposure1
15,690,598.00 15,658,920.00 99.80%
As of 22 Jun, 2017
1 Futures Contract Exposure = Total Value of Futures Contract/Total Net Asset Value
Futures Contracts Holdings
Futures Contracts Name Bloomberg Ticker Quantity
WTI CRUDE FUTURE Dec17 CLZ7 COMDTY 358
As of 22 Jun, 2017
Product Holdings
Holdings Weighting
Cash and Cash Equivalents(USD) 67.95%
TREASURY BILL TBILL 0.000 06 Jul 17 9.56%
TREASURY BILL TBILL 0.000 17 Aug 17 10.18%
TREASURY BILL TBILL 0.000 14 Sep 17 10.18%
TREASURY BILL TBILL 0.000 26 ?? 17 10.16%

    > Click here to view Full Holdings Details in Excel
    As of 22 Jun, 2017

    All dollar amounts are in USD. All dates are in GMT+8 Time.

    Important information about Dividend out of capital / effectively out of capital
    • The Manager may, at its discretion, pay dividend out of capital. The Manager may also, at its discretion, pay dividend 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 dividend out of capital.
    • Payments 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 capital gains attributed to that original investment. Any distributions involving payment of dividends out of the ETF’s capital or effectively out of capital may result in an immediate reduction in the Net Asset Value (“NAV”) per Unit.
    Distribution History
    Ex-Date Record Date Payable Date Dividend Per Share Dividend Paid Out
    of Net Distributable Income*
    for the month
    Dividend Paid Out
    of Capital
    - - - - - -
    - - - - - -
    *“Net distributable income” means the net investment income (i.e. dividend income and interest income net of fees and expenses) attributable to the relevant share class and may also include net realised gains (if any) based on unaudited management accounts. However, “net distributable income” does not include net unrealised gains.
    Warning: Please note that a positive distribution yield does not imply a positive return. Investors should not make any investment decision solely based on information contained in the table above. There is no guarantee of distribution. Investors should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors.

    All dollar amounts are in USD. All dates are in GMT+8 Time.

    Documents
    Monthly Newsletter
    Product Key Facts
    Prospectus
    For request of the fund literature hardcopies, please contact us.
    All documents are in PDF format.

    Download Acrobat Reader.
    Announcement
    Monthly Return
    AUDITED ACCOUNTS
    Change of dealing deadline
    Change of the Trading Board Lot Size and Unite Subdivision
    For request of the fund literature hardcopies, please contact us.
    All documents are in PDF format.

    Download Acrobat Reader.
    Financial Reports
    Monthly Return
    AUDITED ACCOUNTS
    Change of dealing deadline
    Change of the Trading Board Lot Size and Unite Subdivision
    For request of the fund literature hardcopies, please contact us.
    All documents are in PDF format.

    Download Acrobat Reader.
    Index Introduction

    General Description

    • The Index tracks the performance of December month WTI Futures Contracts using the MLCX long dated roll methodology and seeks to minimise transaction costs by rolling only once a year. The Index is denominated in USD and is calculated and published daily. The Index was launched on 2 November 2009 and had a base value of 100 as at 31 December 1998.

    Rolling Schedule

    • The Index includes provisions for the replacement (also referred to as “rolling”) of the current year December month WTI Futures Contracts with the next year December month WTI Futures Contracts. Rolling will only take place during a specified Roll Period in each October. The Roll Period, during which the current year December month WTI Futures Contract held are sold and the next year’s December contracts are bought, is the period from the first to fifteenth Index business days (i.e. any NYMEX trading days on which the Index Provider is open for business) of each October.
    Index Historical Price

    1Index returns are for illustrative purposes only and should not be taken as an indication or guarantee of future performance. Management fees, transaction costs or other expenses are not reflected in index returns. Change indicates the change since the previous business day's closing index level. (Source: CCDC)
    2The credit rating cource may come from Moody’s Investors Service or Standard & Poor’s or local rating agencies as specific stated. the credit rating will be clearly stated to the bond issue or bond itself.
    Disclaimer

    This website is owned and managed by CSOP Asset Management Limited (“CSOP”). CSOP 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 informational purposes only. Past performance is not indicative of future performance. Investments involves risks and 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 CSOP and has not been reviewed by the Securities and Futures Commission.

    1. Intra-day Estimated NAV per unit Calculations are performed by Ningbo Sumscope Information Technology Co Ltd (“Sumscope”). The near real time estimated NAV per unit in USD and HKD is updated during Hong Kong Stock Exchange trading hours. They are indicative and for reference purpose only. The near real time estimated NAV per unit in HKD uses a real time HKD: USD foreign exchange rate - it is calculated using the near real time estimated NAV per unit in USD multiplied by a real time HKD: USD foreign exchange rate provided by Sumscope when the SEHK is opened for trading. The near real time estimated NAV per unit in USD and HKD is updated every 15 seconds throughout the SEHK trading hours.
    2. Market prices are provided on a 20-minute delayed basis by Sumscope.
    3. Change of the official NAV per Unit in USD and change of the NAV per Unit in HKD indicate the change of the NAV per Unit since previous Dealing Day where both the NYMEX and the SEHK market are open for normal trading. Please refer to the Prospectus for more information on determination of Net Asset Value. Source of NAV per Unit in USD: HSBC Institutional Trust Services (Asia) Limited
    4. Change of the closing price in HKD indicates change of closing price since previous SEHK trading day. (Source: Bloomberg)
    5. The last closing NAV per Unit in HKD is indicative and for reference purpose only and is calculated using the last closing NAV per Unit in USD multiplied by an assumed foreign exchange rate using the USD exchange rate quoted by Reuters at 3:00 p.m. (Hong Kong time) as of the same Dealing Day.
    6. Additional Participating Dealer(s) will be appointed from time to time.
    7. Additional Market Maker(s) will be appointed from time to time.


    Index Provider Disclaimer
    Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “BofA Merrill Lynch”, and related trademarks, are intellectual property licensed from BofA Merrill Lynch, and may not be copied, used, or distributed without BofA Merrill Lynch’s prior written approval. The licensee’s products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by BofA Merrill Lynch. BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS).

    Disclaimer
    This website is owned and managed by CSOP Asset Management Limited (“CSOP”). CSOP 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 informational purposes only. Past performance is not indicative of future performance. Investment involves risks and 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 CSOP and has not been reviewed by the Securities and Futures Commission.