Hang Seng Gold ETF

Stock code: 3170

Hang Seng Gold ETF (the “Fund”) includes listed class of Units (“Listed Class Units”), tokenised unlisted classes of Units* (“Tokenised Unlisted Class Units”) and non-tokenised unlisted classes of Units (“Non-Tokenised Unlisted Class Units”). Switching between Listed Class Units, Tokenised Unlisted Class Units and Non-Tokenised Unlisted Class Units is not available.

(Capitalised terms used herein but not otherwise defined will have the same meanings as defined in the Hong Kong Offering Document of the Hang Seng Investment Funds Series V (the “Series”) and the relevant Appendix of the Fund)

Applicable to Listed Class Units, Tokenised Unlisted Class Units and Non-Tokenised Unlisted Class Units:

  • The Fund aims to provide investment results that, before fees and expenses, closely correspond to the performance of the LBMA Gold Price AM.
  • The Fund is subject to investment risk, risks relating to the LBMA Gold Price AM, Custody, insurance and Sub-Gold Custodian risk, reliance on Gold Dealers risk, concentration / gold market risk, non-diversification risks, passive investment risk, tracking error risk, currency risk, termination risk, reliance on the same group risk.
  • Investors of Listed Class Units, Tokenised Unlisted Class Units and Non-Tokenised Unlisted Class Units are subject to different pricing and dealing arrangements and may be at an advantage or disadvantage depending on market conditions. The Net Asset Value per Unit of each of the Listed Class Units, Tokenised Unlisted Class Units and Non-Tokenised Unlisted Class Units may be different due to different fees and cost arrangement applicable to the units.
Risks applicable to Listed Class Units only:
  • The Listed Class Units of the Fund is subject to trading risks, “out-of-vault” redemption risk, difference trading and opening hours of the SEHK and London gold market risk, reliance on market maker(s) risk.
Risks applicable to Tokenised Unlisted Class Units only:
  • The Tokenised Unlisted Class Units of the Fund is subject to risks associated with tokenised Units, e.g. Blockchain technology risk, Digital asset security risks, Cybersecurity risks, Risks associated with challenges to modern-day cryptography used by distributed ledger technology networks due to advancements in quantum computing, Delay risk, Regulatory risk, Potential challenges in application of existing laws, Operational and technical risks, Risks associated with virtual asset trading platforms (as distributors).
Risks applicable to Non-Tokenised Unlisted Class Units only:
  • The Non-Tokenised Unlisted Class Units of the Fund is subject to “out-of-vault” redemption risk and currency hedging risk where applicable.

Investments involve risks and investors may lose substantial part of their investment in the Fund. Investors should not only base on this material alone to make investment decisions, but should read the Fund’s offering documents (including the full text of the risk factors stated therein) in detail.

*The Tokenised Unlisted Class Units are not currently available for subscription and will be made available subject to relevant approvals being obtained. Descriptions herein on Tokenised Unlisted Class Units are for reference only.

Hang Seng Gold ETF (3170.HK)

Aims to closely track the LBMA Gold Price AM, with the option to redeem for physical gold. 1

Why Invest in Gold Now?

Global central banks are increasing gold reserves, with further growth potential in Asia.3

Global central bank gold demand (tonnes)
Proportion of gold and foreign exchange reserves at selected central banks

Historical evidence shows that gold price benefits from Federal Reserve rate cuts.4

Start of rate cuts End of rate cuts Gold price performance
during rate cut cycle (%)
Gold price performance
after rate cut cycle (%)
3 months later 6 months later 1 year later
Jan 2001 Jun 2003 29.3 12.6 18.1 15.3
Sep 2007 Dec 2008 16.1 10.7 11.8 36.1
Jul 2019 Mar 2020 7.0 14.9 29.1 15.1
Average 17.5 12.8 19.7 22.2

Gold’s resilient long-term track records5

Gold has delivered an annualised return of 11.2% over the past 20 years, and achieved 65.0% return in 2025 alone.

Why Invest in Gold through ETFs?

Closely Tracks Gold Prices
Aim to closely track the performance of gold price
Convenient
Reduce the complexities associated with storing physical gold
Flexible Trading
Enjoy seamless transactions by trading via a Hong Kong securities account
Lower Costs
Lower bid-ask spread compared to market transactions of physical gold6

Why Hang Seng Gold ETF?

# 100% Hong Kong: Physical Gold Trading, Gold Storage & Flexible In-Gold Redemption

Physical gold transaction process and storage take place in Hong Kong, helping to reduce exposure to geopolitical risks in other regions and lower counterparty risk.
Traded in Hong Kong
The physical gold held by the fund is traded in Hong Kong
Stored in Hong Kong
100% of the physical gold held by the fund is stored in Hong Kong
Redeemed in Hong Kong
Holdings can be redeemed for
physical gold through the primary
market, with the flexibility to
withdraw at Hang Seng Bank.7

The ONLY ETF in Hong Kong enabling physical gold redemption via Bank9

Key Features

Investors have the flexibility to redeem their units in cash or physical gold9
Investors can choose the most suitable method according to their needs
The ONLY ETF in Hong Kong that supports physical gold redemption via Bank9
Unique physical gold redemption offering, giving investors both ETF flexibility and the security of tangible commodities
Redemption of 1kg standard gold bars at Hang Seng Bank
Commonly traded in Hong Kong
Approximate value of HK$1.25 million/ bar8
Purity: 99.99%

How to withdraw physical gold from Hang Seng Bank (Primary market applications only)9

1 Minimum number of trading units
250,000 ETF units per transaction or such other multiple of minimum units.
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2 Eligible clients
Only designated clients of Hang Seng Bank are eligible. For further details, please contact Hang Seng Bank.
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3 Redemption procedures
Prior to redeeming ETF units, please contact Hang Seng Bank relationship manager and submit an application through a designated participating dealer. Upon approval, physical gold may be collected at the Hang Seng Bank Headquarters within the designated period.

Fund Information

Key facts

Investment Objective

Aims to provide investment results that, before fees and expenses, closely correspond to the performance of the LBMA Gold Price AM.

Stock Code
3170
Listing Date
29 Jan 2026
Lot Size
50 Units
Total Expense Ratio (TER)10
0.40%
Base Currency
USD
Trading Currency
HKD
Management Fee
Up to 0.25% per annum in respect of the Listed Class only
[1]

The London Bullion Market Association (‘LBMA’) Gold Price AM is calculated by ICE Benchmark Administration Limited (‘IBA’) and quoted in US dollars. It is published immediately after the IBA auction process, which takes place at 10:30 a.m. (London time), to determine the morning benchmark price per troy ounce of gold.

[2]

Please refer to the relevant sections of the prospectus including Appendix 1 relating to the details (including application unit size, fees and risk factors) of the in-gold redemption. The in-gold redemption is at the discretion of the participating dealer and/or Hang Seng Investment. Additional operating procedures may also be imposed. Please refer to the list of participating dealer for the Hang Seng Gold ETF on the Hang Seng Investment website. Hang Seng Bank, Hang Seng Investment and the Participating Dealer each has an absolute discretion whether to accept an in-gold redemption request. Please note any gold redeemed from the Fund from physical delivery may not be deposited with the Fund or Hang Seng Bank's account again. The Fund or Hang Seng Bank will not repurchase such gold bars.

[3]

Source: World Gold Council, Hang Seng Investment, Bloomberg, as of 31 Dec 2025.

[4]

Source: Hang Seng Investment, Bloomberg, as of 31 Dec 2025. Gold prices refer to the LBMA Gold Price AM. Data from the past 25 years is referenced. A rate-cut cycle refers to the period during which the US Federal Reserve lowers its benchmark interest rate multiple times. Each cycle starts on the date of the first rate cut and ends on the date of the final rate cut before the Fed resumes raising rates.

[5]

Source: Hang Seng Investment, Bloomberg, as of 31 Dec 2025. Gold prices refer to the LBMA Gold Price AM. 20-year annualised return = {Latest price (i.e., 31 Dec 2025) / Price 20 years ago (i.e., 31 Dec 2005)} ^ (1/20) – 1.

[6]

Source: Hang Seng Investment. The bid-ask spread is referenced based on market transactions of physical gold.

[7]

In addition to trading ETFs on the secondary market via standard Hong Kong stock exchange channels, investors may also redeem holdings in the primary market through designated participating dealers, with the option to receive either cash or physical gold.

[8]

Source: Hang Seng Investment, Bloomberg, as of 26 Jan 2026. Gold prices are referenced to the LBMA gold price AM.

[9]

Please refer to the relevant sections of the prospectus including Appendix 1 relating to the details (including application unit size, fees and risk factors) of the in-gold redemption. The in-gold redemption is at the discretion of the participating dealer and/or Hang Seng Investment. Additional operating procedures may also be imposed. Please refer to the list of participating dealer for the Hang Seng Gold ETF on the Hang Seng Investment website. Hang Seng Bank, Hang Seng Investment and the Participating Dealer each has an absolute discretion whether to accept an in-gold redemption request. Please note any gold redeemed from the Fund from physical delivery may not be deposited with the Fund or Hang Seng Bank's account again. The Fund or Hang Seng Bank will not repurchase such gold bars.

[10]

As this is a newly established fund, the figure provided is an estimate reflecting the anticipated ongoing charges as a percentage of the estimated average net asset value (NAV) of the units over a 12-month period. Actual figures may differ from the estimate. For details, please refer to the "Fees and Expenses" section of the fund prospectus. This figure may vary from year to year.

Disclaimer

THE LBMA GOLD PRICE, WHICH IS ADMINISTERED AND PUBLISHED BY ICE BENCHMARK ADMINISTRATION LIMITED (IBA), SERVES AS, OR AS PART OF, AN INPUT OR UNDERLYING REFERENCE FOR HANG SENG GOLD ETF. LBMA GOLD PRICE IS A TRADE MARK OF PRECIOUS METALS PRICES LIMITED, AND IS LICENSED TO IBA AS THE ADMINISTRATOR OF THE LBMA GOLD PRICE. ICE BENCHMARK ADMINSTRATION IS A TRADE MARK OF IBA AND/OR ITS AFFILIATES. THE LBMA GOLD PRICE AM, AND THE TRADE MARKS LBMA GOLD PRICE AND ICE BENCHMARK ADMINISTRATION, ARE USED BY HANG SENG INVESTMENT MANAGEMENT LIMITED WITH PERMISSION UNDER LICENCE BY IBA. IBA AND ITS AFFILIATES MAKE NO CLAIM, PREDICATION, WARRANTY OR REPRESENTATION WHATSOEVER, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED FROM ANY USE OF THE LBMA GOLD PRICE, OR THE APPROPRIATENESS OR SUITABILITY OF THE LBMA GOLD PRICE FOR ANY PARTICULAR PURPOSE TO WHICH IT MIGHT BE PUT, INCLUDING WITH RESPECT TO HANG SENG GOLD ETF. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ALL IMPLIED TERMS, CONDITIONS AND WARRANTIES, INCLUDING, WITHOUT LIMITATION, AS TO QUALITY, MERCHANTABILITY, FITNESS FOR PURPOSE, TITLE OR NON-INFRINGEMENT, IN RELATION TO THE LBMA GOLD PRICE, ARE HEREBY EXCLUDED AND NONE OF IBA OR ANY OF ITS AFFILIATES WILL BE LIABLE IN CONTRACT OR TORT (INCLUDING NEGLIGENCE), FOR BREACH OF STATUTORY DUTY OR NUISANCE, FOR MISREPRESENTATION, OR UNDER ANTITRUST LAWS OR OTHERWISE, IN RESPECT OF ANY INACCURACIES, ERRORS, OMISSIONS, DELAYS, FAILURES, CESSATIONS OR CHANGES (MATERIAL OR OTHERWISE) IN THE LBMA GOLD PRICE, OR FOR ANY DAMAGE, EXPENSE OR OTHER LOSS (WHETHER DIRECT OR INDIRECT) YOU MAY SUFFER ARISING OUT OF OR IN CONNECTION WITH THE LBMA GOLD PRICE OR ANY RELIANCE YOU MAY PLACE UPON IT.

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