Products

Key Risk
  1. 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. There is also no assurance that the investment objective of the Sub-Fund will be achieved.

 

  1. Active investment management risk
  • The Sub-Fund employs an actively managed investment strategy. 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 other funds with a similar objective.

 

  1. Equity market risk
  • The Sub-Fund’s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.

 

  1. Risks related to companies involved in Blockchain Business
  • Competing platforms and technologies risk. Companies involved in Blockchain Business face intense competition, and the development and acceptance of competing platforms or technologies may lead to rapid product obsolescence. Furthermore, some of the companies in which the Sub-Fund may invest are engaged in other lines of business unrelated to blockchain and these lines of business could adversely affect their operating results. Any of these may adversely affect the investment of the Sub-Fund.
  • Security risk. Transacting on a blockchain depends in part specifically on the use of cryptographic keys that are required to access a user’s account. The theft, loss or destruction of private or public keys needed to transact on a blockchain and other cyber security incidents may compromise an issuer, its operations or its business and lead to privacy concerns if the issuer is dependent on the ledger and may in turn affect the Net Asset Value of the Sub-Fund.
  • Cyberattack risk. Companies involved in Blockchain Business are prone to failures of or breaches in cybersecurity. Cyber security incidents may also lead to privacy concerns. Such risks could result in substantial loss of business or user data or information and material adverse impact on their performance and hence the performance of the Sub-Fund.
  • Intellectual property risk. The business operations of companies involved in Blockchain Business are dependent on intellectual property and licences. The cost associated with patent approvals, litigating patent infringement, the loss of patent, copyright or trademark protection could result in undesirable legal, financial, operational and reputational consequences and may adversely affect the investment of the Sub-Fund.
  • Regulatory risk. Digital assets and their associated platforms are largely unregulated, and the regulatory environment is rapidly evolving. In particular, new regulations may be imposed on some businesses that are currently largely unregulated, such as digital commodities and their associated platforms. Compliance with the relevant laws and regulations can be costly. Companies involved in Blockchain Business may also be exposed to adverse regulatory action. Any of these may have a material adverse impact on the business operations and/or profitability of the companies in which the Sub-Fund may invest and may in turn affect the Net Asset Value of the Sub-Fund.
  • Third party product risk. Where blockchain systems are built using third party products, those products may contain technical defects or vulnerabilities beyond a company’s control. This may have a material adverse impact on the business operations and/or profitability of the companies in which the Sub-Fund may invest and may in turn affect the Net Asset Value of the Sub-Fund.
  • Reliance on the Internet risk. Because blockchain functionality relies on the Internet, a significant disruption of Internet connectivity could impede the functionality of blockchain technologies. In addition, certain features of blockchain technology may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated response. This may have an adverse impact on the Net Asset Value of the Sub-Fund.
  • Limited operating history risk. The blockchain technology is relatively new and untested. A lack of expansion in the usage of blockchain technology could adversely affect an investment in the Sub-Fund. Blockchain technology may never be implemented to a scale that provides identifiable economic benefit to the companies. If the Sub-Fund invests in any of these companies, its investment may be adversely affected. Many companies involved in Blockchain Business have a relatively short operating history and may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.
  • Semiconductor sector risk. The Sub-Fund may invest in companies involved in supplying semiconductors used in blockchain activities and is therefore subject to the risks that companies in the semiconductor industry may face, such as high capital costs, heavy dependence on intellectual property rights and high volatility.
  • Internet company risk. The Sub-Fund may invest in Internet companies and, as such, is particularly sensitive to risks to those types of companies, such as unpredictable market changes, competition for the services of qualified personnel and government intervention in the Internet industry.
  • Software industry risk. Companies involved in Blockchain Business may be involved in the development of new software and are therefore affected by the risks affecting the software industry, such as intense competition, aggressive pricing, technological innovations, security vulnerabilities in their products and services, and complex laws and regulations.
  • Reliance on cryptocurrency risk. Companies which are involved in Blockchain Business rely heavily on the success of the digital currency industry. There is potential risk for fraud or the manipulation, difficulty of valuation and lack of secondary markets of digital assets which may decrease liquidity or volume, or increase volatility of digital securities or other assets trading on a blockchain. Cryptocurrency volatility may have a material adverse effect on a company’s business, financial condition, and results of operation and adversely affect the Sub-Fund.

 

5. Risks relating to investment in cryptocurrency futures ETFs

  • The Sub-Fund’s investment in cryptocurrency futures ETFs is subject to the risk of investing in cryptocurrency futures, including (i) high price volatility; (ii) high roll costs (i.e. loss incurred due to replacing about-to-expire contracts with longer term contracts at high prices); and (iii) liquidity and operational risks, which can be exacerbated if the ETF holds large futures positions and/or are subject to position limits or other mandatory measures imposed by relevant parties. In addition, the performance of cryptocurrency futures may not be highly correlated with the performance of the underlying cryptocurrency, over short or long periods of time.

 

  1. Sector concentration risk
  • Due to the concentration of the Sub-Fund’s investments in companies involved in Blockchain Business, which are characterised by relatively higher volatility in price performance when compared to other economic sectors, the performance of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments.

 

  1. Risk associated with small and mid-capitalisation companies
  • The Sub-Fund may invest in small and/or mid-sized companies. The stock of small and mid-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general.

 

  1. Mainland China related risks
  • The Sub-Fund’s investments may be concentrated in companies headquartered or incorporated in Mainland China. The Sub-Fund’s value may be more volatile than that of a fund with a more diverse portfolio. 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 Mainland China market.
  • Mainland China is an emerging market. The Sub-Fund invests in Mainland Chinese companies which may involve increased risks and special considerations not typically associated with investment in more developed markets, such as liquidity risk, currency risks / control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.
  • Securities exchanges in Mainland China markets typically have the right to suspend or limit trading in any security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Sub-Fund.

 

9. Emerging market risk

  • The Sub-Fund invests in emerging markets which may involve increased risks and special considerations not typically associated with investment in more developed markets, such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.

 

10. Currency risk

  • Underlying investments of the Sub-Fund may be denominated in currencies other than USD (the base currency of the Sub-Fund). The Sub-Fund is subject to the fees and charges associated with the conversion of such other currencies to USD after receiving the proceeds of sale of the underlying investments, and vice versa when purchasing the underlying investments. The performance and the Net Asset Value of the Sub-Fund may therefore be affected unfavourably by movements in the exchange rate between USD and such other currencies and changes in exchange rate control policies.

 

11. Risks associated with ADRs

  • Exposure to ADRs may generate additional risks compared to a direct exposure to the underlying stocks, including the risk of non-segregation of the underlying stocks held by the depositary bank from the bank’s own assets and liquidity risks (as ADRs are often less liquid than the underlying stock). Bankruptcy events in respect of the depositary banks may lead to trading suspension and thereafter a freeze of the price of the ADRs affected, which may negatively affect the performance and/or liquidity of the Sub-Fund. Also, holders of ADRs generally do not have the same right as the direct shareholders of the underlying stocks. The performance of ADRs may also be impacted by the related fees.
  • In addition, there is a risk that the ADRs of Mainland Chinese companies may be delisted as a result of regulatory actions by the local government and/or stock exchange. In such an event, the value of such ADRs may be adversely affected as such ADRs could become difficult to trade and to value, and certain investors may not be allowed to invest in such ADRs. This may in turn have an adverse impact on the Net Asset Value of the Sub-Fund.

 

12. Trading risks

  • The trading price of the Shares on the SEHK is driven by market factors such as the demand and supply of the Shares. Therefore, the Shares may trade at a substantial premium or discount to the Net Asset Value of the Sub-Fund.
  • As investors will pay certain charges (e.g. trading fees and brokerage fees) to buy or sell Shares on the SEHK, investors may pay more than the Net Asset Value per Share when buying Shares on the SEHK, and may receive less than the Net Asset Value per Share when selling Shares on the SEHK.

 

13. Trading time differences risks

  • As the stock exchanges in certain regions on which the underlying securities of the Sub-Fund are listed may be open when the Shares in the Sub-Fund are not priced, the value of the securities in the Sub-Fund’s portfolio may change on days when investors will not be able to purchase or sell the Sub-Fund’s Shares.
  • Differences in trading hours between the stock exchanges in such regions and the SEHK may also increase the level of premium or discount of the Share price to its Net Asset Value.

 

14. Early termination risk

  • The Sub-Fund may be terminated early under certain circumstances, for example, where there is no market maker, or if the size of the Sub-Fund falls below USD5 million. Any amount recovered by a shareholder on termination of the Sub-Fund may be less than the capital initially invested by the shareholder, resulting in a loss to the shareholder.

 

15. Reliance on market maker risks

  • Liquidity in the market for the Shares may be adversely affected if there is no or only one market maker for the Shares. The Manager will seek to mitigate this risk by ensuring that at least one market maker gives not less than 3 months’ notice prior to terminating market making arrangement under the relevant market maker agreement. It is possible that there is only one SEHK market maker for the Sub-Fund, or the Manager may not be able to engage a substitute market maker within the termination notice period of a market maker. There is no guarantee that any market making activity will be effective.

 

16. Distributions paid out of capital / effectively out of capital risk

  • Payments of distributions 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 Net Asset Value per Share of the Sub-Fund and will reduce the capital available for future investment.

Pando Blockchain ETF (3112)

Overview Key information Download Related Documents Holdings

 

Pando Blockchain ETF’s investment objective is to achieve long term capital growth by primarily investing in companies which engage in activities relating to or provide products, services or technologies that enable the development and operation of blockchain technology, or are positioned to benefit from the development, advancement and use of blockchain technology (“Blockchain Business”).

 

Active Fund

Pando (the Manager) will use a bottom-up research approach in stock selection, meaning that each stock will be selected by the Manager for inclusion in the Sub-Fund’s portfolio based on its individual merits.

 

One active ETF will focus on blockchain technology related theme that will invest at least 70% of its net assets in stocks of blockchain related companies such as Leger System, Decentralized Database, Payment, Crypto Mining, and companies that will benefit from the use or development of blockchain technology.

 

Key Information:

Key Operator:

Exchange

Hong Kong Stock Exchange - Main

Stock code

3112

Fund Listing Date

8 December 2022

Bloomberg Ticker

3112 HK EQUITY

ISIN

HK0000897600

Trading Board Lot

100 Shares

Base Currency

USD

Trading Currency

HKD

Asset Class

Equity

Equity Exposure

Stock-Based

Dealing frequency

Daily

Financial year end

31 March

Dividend Policy

Annually (usually in March of each year) *

Manager

Pando Finance Limited

Market Maker

China Merchants Securities (HK) Co., Limited

Custodian

BOCI-Prudential Trustee Limited

Fund Administrator

BOCI-Prudential Trustee Limited

Registrar

BOCI-Prudential Trustee Limited

Participating Dealers

· China Merchants Securities (HK) Co., Limited

· Mirae Asset Securities (HK) Limited

· GF Securities (Hong Kong) Brokerage Limited

*Subject to the Manager's discretion. Distributions (if any) may be paid out of capital or effectively out of capital. Distributions on any shares will be in HKD only. There is no guarantee of regular distribution nor the amount being distributed (if any).

 

Fund Information:

 

Date

Last

Total NAV (USD)

 2023-01-26

3,644,284.53

Outstanding units

 2023-01-26

3,200,000

 

Fees:

Management Fee 0.99% per annum
Ongoing Charges#: 2.5%

#This is only an estimate because the Sub-Fund is newly established. It represents the estimated ongoing expenses chargeable to the Sub-Fund over a 12-month period expressed as a percentage of the estimated average net asset value (“Net Asset Value”) of the Sub-Fund over the same period. This figure may vary from year to year. The actual figure may be different from the estimated figure. For the period from the launch of the Sub-Fund to 7 December 2023, the ongoing charges of the Sub-Fund are capped at 2.50% of the average Net Asset Value of the Sub-Fund during this period. Any ongoing expenses exceeding 2.50% of the average Net Asset Value of the Sub-Fund during this period will be borne by the Manager and will not be charged to the Sub-Fund.

 

Performance:

Cumulative Performance
Reference Date: -

1-Month

3-Month

6-Month

1-Year

Year-to-date

Since inception

--

--

--

--

--

--

         

Annual Performance

2022

--

                                  

Last Update: 

  • Past performance is not indicative of future performance.
  • Fund performance is calculated on NAV to NAV basis in HKD and assumes dividend reinvestment.
  • The figures show by how much the ETF increased or decreased in value during the calendar year being shown.
  • Where no past performance is shown, there was insufficient data available for that period to provide performance.
  • The performance of the ETF may not reflect the return that the investor would actually be able to obtain as it does not capture the premium / discount of the ETF, or the trading costs.
  • Investment involves risks. Investors may not get back the full amount invested. Please refer to the offering documents for more information about the ETF (not just the risks)
  • Fund listing date : 8 Dec 2022

 

Intra-Day Estimated NAV Per Unit

Data Source: Solactive AG
updated at least every 15 seconds
The near real-time indicative Net Asset Value per Share in HKD and the last Net Asset Value per Share in HKD are indicative and for reference purposes only.
The near real-time indicative Net Asset Value per Share in HKD uses a real-time USD:HKD foreign exchange rate – it is calculated using the near real-time indicative Net Asset Value per Share in USD multiplied by a real-time USD:HKD foreign exchange rate quoted by Solactive AG when the SEHK is opened for trading. Since the near real-time indicative Net Asset Value per Share in USD will not be updated when any underlying share market is closed, any change in the near real-time indicative Net Asset Value per Share in HKD (if any) during such period is solely due to the change in the foreign exchange rate. Solactive AG performs the calculation of the near real-time indicative Net Asset Value per Share of the Sub-Fund.

Intra-Day Market Price

updated at least every 15 minutes

Market Information

 

Date

Last

Daily Change

Daily ofChange (%)

Last closing price in HKD  2023-01-26 8.655 +0.325 +3.90%
Last NAV per unit in HKD^  2023-01-26 8.9139 +0.2503 +2.89%
Last NAV per unit in USD  2023-01-26 1.1388 +0.0317 +2.86%
Total NAV in HKD  2023-01-26 28,524,361.66 +800,923.54 +2.89%

^The last Net Asset Value per Share referred to above is indicative and for reference purposes only and is calculated using the last Net Asset Value per Share in USD multiplied by an assumed foreign exchange rate using the USD:HKD exchange rate quoted by Bloomberg at 4:00 pm (London time) as of the same Dealing Day provided by the Administrator. The Administrator performs the calculation of the last Net Asset Value per Share of each Sub-Fund.

 

Download Related Documents

Please click here to download document

 

 

Holdings ( 30 Dec, 2022) + Download
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ORACLE CORP ORCL UN 6.87%
OVERSTOCK.COM INC OSTK UQ 4.82%
COINBASE GLOBAL INC-CL A COIN UW 4.65%
QUALCOMM INC QCOM UW 4.47%
NVIDIA CORP NVDA UW 4.46%
VERIZON COMMUNICATIONS INC VZ UN 4.41%
TESLA INC TSLA UW 4.04%
PAYPAL HLDGS INC PYPL UW 3.81%
ACCENTURE PLC-CL A ACN UN 3.77%
CME GROUP INC-CL A CME UW 3.64%
MICRON TECHNOLOGY INC MU UW 3.61%
INTL BUSINESS MACHINES CORP IBM UN 3.56%
SIGNATURE BANK/NEW YORK SBNY UW 3.48%
HONEYWELL INTL INC HON UW 3.24%
INTEL CORP INTC UW 3.21%
MICROSOFT CORP MSFT UW 3.15%
INFOSYS LTD-ADR INFY UN 2.88%
INTUIT INC INTU UW 2.75%
CISCO SYSTEMS INC CSCO UW 2.72%
RIOT BLOCKCHAIN INC RIOT UR 2.70%
TEXAS INSTRUMENTS INC TXN UW 2.28%
HEWLETT PACKARD ENTERPRISE CO HPE UN 2.18%
SILVERGATE CAPITAL CORP-CL A SI UN 1.75%
VISA INC - A V UN 1.64%
CANAAN INC CAN UQ 1.48%
ADVANCED MICRO DEVICES INC AMD UW 1.45%
TAIWAN SEMICONDUCTOR MANUFACTURING CO-ADR TSM UN 1.42%
SAP SE-SPONSORED ADR SAP UN 0.78%

Disclaimer

 

 

Please read the following information carefully before proceeding.

 

The information contained in this website has been prepared to assist potential investors in making an informed decision in relation to investing in the ETFs / products under PANDO. A product key facts statement and prospectus for the ETFs / products under the ETFs which contain the key features and risks are also issued by the manager and available in this website.

 

The contents of this website have been prepared in good faith. However, the prices quoted are for reference only and may be subject to change without prior notice. Past performance is not a reliable indicator of future performance. The value of ETFs / products can fluctuate substantially within a short period of time. Pando Finance Limited has no warranty of accuracy or reliability is given and no responsibility arising in any way for errors or omissions.

 

An investment in any ETFs / products carries various risks. Each of these may affect the net asset value, yield, total return and trading price of the units. There can be no assurance that the investment objectives of ETFs will be achieved. You should carefully evaluate the merits and risks of an investment in the relevant ETFs / products in the context of your overall financial circumstances, knowledge and experience as an investor. The offering document should be read for further details including the risk factors.

 

ETF / product under the OFC are authorized by the Securities & Futures Commission in Hong Kong (the “SFC”) under Section 104 of the Securities and Futures Ordinance. However, the SFC takes no responsibility for the financial soundness of the ETFs / products under the Trusts or for the correctness of any statements made in this website. SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.

 

You should consult your financial adviser, consult your tax advisers and take legal advice as appropriate as to whether any governmental or other consents are required, or other formalities need to be observed, to enable you to acquire units as to whether any taxation effects, foreign exchange restrictions or exchange control requirements are applicable and to determine whether any investment in the ETFs / products is appropriate for you.

 

The advertisement has not been reviewed by the Commission.

For any questions or complaints, please contact the manager at its address as set out in the “Contact Us” or call the manager on +852-38913288 during normal office hours.

 

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