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iShares FTSE A50 China Index ETF* (* This is a synthetic ETF) (2823)


Intraday NAV & Market Price1 as of -

  Time (HKD)
Estimated NAV
Market Price
 

Annual Returns7

  2009 2010 2011 2012 2013
2823 80.93 -21.34 -15.00 10.38 -12.25
Benchmark Index 85.76 -19.29 -13.45 15.50 -8.94
 

Trading Information & Fund Identifier

Hong Kong Stock Exchange
Primary Exchange
GMT+8
Primary Exchange Time Zone
2823
Exchange Ticker
2823 HK
Bloomberg Ticker
100 Units
Trading Board Lot
HKD
Trading Currency
2823NAV
Bloomberg NAV
2823IV
Bloomberg iNAV
2823SHO
Bloomberg Shares Outstanding
B046M96
SEDOL
HK2823028546
ISIN
2823.HK
Reuters Code
 

Benchmark Index Information3 as of 17 April 2014

FTSE China A50 Index
Benchmark Index
FTSE International Limited
Benchmark Index Provider
CNY
Currency (CNY)
8,302.72
Closing Level (CNY)
11,094.95
Closing Level (HKD)
-54.20
Change (HKD)
-0.49%
Change % (HKD)
Net Total Return
Benchmark Level Type
XINA50NC
Bloomberg Total Return Index
 

Profile as of 17 April 2014

The iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (the “Index Fund”), a sub-fund of the iShares Asia Trust, seeks to provide investment results that correspond generally to the performance, before fees and expenses, of publicly traded securities ("A-shares") in the China market, as measured by the FTSE China A50 Index ("Index"). The Index is designed to represent the performance of the largest companies in the China equity markets and consists of 50 of the largest liquid Chinese companies. Securities in the Index are weighted based on the total market value of their shares, so that securities with higher total market values generally have a higher representation in the Index. All of the securities in the Index trade on Shanghai and Shenzhen Stock Exchange.

The Index Fund was formerly named iShares FTSE/Xinhua A50 China Index ETF and has been renamed to iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) with effect from November 26, 2010.

IMPORTANT: Investment involves risk, including the loss of principal. Investors are advised to consider their own investment objectives and circumstances in determining the suitability of an investment in the iShares FTSE A50 China Index ETF* (* This is a synthetic ETF) (the “Index Fund”). Investors should refer to the Index Fund prospectus for further details, including the product features and risk factors. Investors should not base investment decisions on this marketing material alone. Investors should note:
  • The Index Fund aims to provide investment results that, before fees and expenses, closely correspond to the performance of its underlying index, which is an index consisting the top 50 A-Share companies by market capitalization listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange.
  • The Index Fund invests primarily in derivative instruments. These derivative instruments, referred to as China A-Share Access Products (“CAAPs”) are linked to A-Shares or the underlying index are intended to provide the economic performance equivalent to holding the underlying A-Shares. The Fund may also invest directly in A-Shares via the Manager’s Qualified Foreign Institutional Investor (“QFII”) investment quota and (from 19 August 2013) up to 10% of its NAV in Physical A-Share ETFs for cash management and contingency purpose.
  • The QFII policy and rules are subject to change and any such change could adversely impact the Index Fund or the Manager as a QFII by way of QFII Quota as well as the Index Fund’s ability to hold A-Shares. In the worst case scenario, this could lead to CAAPs not being able to be issued and the Index Fund having to be terminated. Any change in foreign exchange controls and repatriation rules may adversely impact each CAAP Issuer’s ability to perform its obligations under the CAAPs and the Manager’s ability to remit proceeds from the PRC to Hong Kong to meet redemption requests.
  • The Index Fund is subject to counterparty risk associated with each CAAP Issuer. The Manager seeks to mitigate such risks by fully collateralizing all counterparty exposures. However, the Index Fund may suffer losses to the extent that the value of collateral is less than the value of CAAPs delivered by a CAAP Issuer. Any loss would result in a reduction in the net asset value of the Index Fund and impair the ability of the Index Fund to achieve its investment objective to track its underlying index. In the event of any default by CAAP Issuers dealing may be suspended and the Index Fund may not continue to trade.
  • Changes in the net asset value of the Index Fund may deviate from the performance of the Underlying Index due to factors such as fees and expenses, holding more cash than normal, liquidity of the index constituents, as well as changes to the Underlying Index. The tracking error risk is also heightened by the significant amount of collateral required to be posted to the Index Fund to collateralize all counterparty exposures and the tracking error of the Physical A-Share ETFs.
  • PRC withholding tax is not currently enforced on capital gains realised by QFIIs on the sale of A-Shares. There is a risk the PRC tax authorities may seek to collect capital gains tax (“CGT”) without giving any prior warning, and possibly, on a retrospective basis and may result in a substantial loss to the Index Fund. Since listing of the Index Fund, CAAP Issuers have been allowed to withhold and currently all CAAP Issuers are withholding up to 10% on any realised gains. Further, with effect from 6 December 2013, increased CGT provisioning were implemented by the Index Fund (Please refer to the tax section of the Prospectus for details). Despite these CGT provisioning, investors should note that there is currently an amount of realised capital gains on CAAPs for which tax provision has not been made since inception of the Index Fund. Investors should note that any tax provision may be more than or less than the Index Fund’s actual tax liabilities and investors may also be advantaged or disadvantaged depending upon when the investors purchased/subscribed and/or sold/redeemed the units of the relevant Index Fund.
  • The Index Fund is subject to concentration risk as a result of investing into a single country and sector. In addition, generally, investments in, or linked to, emerging markets, such as the market for A-Shares, are subject to a greater risk of loss than investments in a developed market due to greater political, economic, taxation and regulatory uncertainty and risks linked to volatility and market liquidity, etc.
  • The Index Fund is subject to restrictions and requirements applicable to QFII investment, including the following risks: QFII License, QFII Quota and repatriation risk, PRC assets risk, QFII custodian and PRC broker risk, foreign exchange risk and QFII Quota allocation conflict risk.
  • The Manager may at its discretion pay dividends out of the capital of the Index Fund. Payment of dividends 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 distributions involving payment of dividends out of the Index Fund’s capital may result in an immediate reduction of the Net Asset Value per Unit.
  • The units of the Index Fund are traded on the SEHK. Their prices on the SEHK are subject to market forces and may trade at a substantial premium/discount to the NAV.


 
Asset Class Equity
Total Net Assets ('000,000) $ 56,630.23
Management Fee4 0.99%
Outstanding Units/Shares 6,734,000,000
Number of Holdings 50
Fund Inception Date 15 November 2004
SEHK Listing Date 18 November 2004
Domicile Hong Kong
Base Currency HKD
 

Top 10 Holdings5 as of 17 April 2014
(Include A-Shares exposure via CAAPs)

7.59
 
PING AN INSURANCE (GROUP) CO (A)
6.37
 
CHINA MERCHANTS BANK CO LTD A
6.30
 
CHINA MINSHENG BANKING CORP. LTD.
4.65
 
SHANGHAI PUDONG DEVELOPMENT BANK L
4.42
 
INDUSTRIAL BANK CO. LTD.
4.20
 
CITIC SECURITIES CO. LTD.
3.13
 
KWEICHOW MOUTAI CO. LTD.
3.10
 
INDUSTRIAL & COMMERCIAL BANK OF CH
3.08
 
CHINA VANKE CO. LTD.
3.07
 
BANK OF COMMUNICATIONS CO. LTD.
Total
45.91%
 

Top 10 Sectors6 as of 17 April 2014
(Include A-Shares exposure via CAAPs)

62.74
 
Financials
16.39
 
Consumer Goods
9.32
 
Industrials
3.60
 
Oil & Gas
2.11
 
Basic Materials
1.45
 
Health Care
1.43
 
Utilities
1.37
 
Consumer Services
1.29
 
Telecommunications
 
Total
99.70%
 

Participating Dealers

Barclays Bank PLC
Citigroup Global Markets Asia Limited
CLSA Limited
Credit Suisse Securities (Hong Kong) Limited
ABN AMRO Clearing Hong Kong Limited
Goldman Sachs (Asia) Securities Limited
The Hongkong and Shanghai Banking Corporation Limited
ING Bank N.V.
J.P. Morgan Broking (Hong Kong) Limited
Macquarie Bank Limited
Merrill Lynch Far East Limited
Morgan Stanley Hong Kong Securities Limited
RBS Asia Limited
Standard Chartered Bank (Hong Kong) Limited
UBS Securities Hong Kong Limited
 

All dollar amounts are in HKD. All dates are in GMT+8 Time. Any exceptions are noted.

1. Estimated NAV is indicative only and is provided on a delayed basis by Interactive Data Managed Solutions. (See terms and conditions) Market prices are provided on a delayed basis by Interactive Data Managed Solutions. (See terms and conditions).

2. Performance is calculated on NAV to NAV basis in HKD and assumes dividend reinvestment. Change indicates the change since the previous business day. Refer to the Prospectus for more information on determination of Net Asset Value.

3. Index returns are for illustrative purposes only and are not indicative of future results. Index returns do not reflect any management fees, transaction costs or expenses. Change indicates the change since the previous business day's closing index level. Source: FTSE, Reuters. Exchange Rates as of 4:00pm London Time (Source: WM/Reuters).

4. The Management Fee is a measure of the cost associated with managing and operating the fund including management and trustee fees but excluding investment costs such as brokerage and access product charges. For complete information on fees and charges, please refer to the Prospectus.

5. Click here to view the table that describes the approximate exposure to each CAAP Issuer as a percentage of NAV.

6. As a percentage of NAV of the Fund. Please note this data excludes underlying investments of any exchange traded funds that may be invested by the Fund with effect from 19 August 2013 onwards.

7. Represents performance figures for each year ended 31 December, unless otherwise stated.

Source: Fund performance and index data are provided by BlackRock and the relevant index providers respectively.


Investing involves risk, including possible loss of principal. Investment in emerging market countries may involve heightened risks such as increased volatility and lower trading volume, and may be subject to a greater risk of loss than investment in a developed country. Investors should be aware that the price of shares of the iShares Funds, and the income from them (if any), may fall as well as rise, and investors may not get back their original investment. Before investing, you should carefully consider the investment objectives, risks, charges and expenses and all other information contained in the relevant prospectus which is available upon request from BlackRock.

Past performance may not be repeated and is no guide for future performance or returns. Performance is calculated on a single pricing basis (NAV to NAV) in base currency, inclusive of all transaction fees and assumes dividend reinvestment. Index returns are for illustrative purposes only and do not represent actual iShares Funds or iShares Trusts performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

iShares Funds are not sponsored, endorsed, issued, sold or promoted by their index providers. For details of the index provider including any disclaimer, please refer to the relevant iShares Fund offer document.

Source: Fund performance and index data are provided by BlackRock and the relevant index providers respectively.