Hang Seng Gold ETF (Tokenised Unlisted Class)

Code: HSGLD

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.

Hang Seng Gold ETF (HSGLD)

Aims to closely track the LBMA Gold Price AM.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 benefits from US 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 11.8% over the past 20 years, and achieved 80.8% return in 1-year return.

Why Tokenised Hang Seng Gold ETF?

Tokenise physical gold fund units in the form of tokens, with each token representing one tokenised unit in the off-chain register.
Closely Tracks Gold Prices
Aim to closely track the performance of gold price
Convenient
Reduce the complexities associated with storing physical gold
Flexible Trading
Convenient transactions through designated digital asset trading platforms and distributors
Distributed ledger technology with enhanced security
Records transparent, immutable blockchain ownership certificates

100% Hong Kong: Physical Gold Trading , Gold Storage and Compliant in Hong Kong

The Fund’s physical gold storage and gold transaction processes take place in Hong Kong, helping to reduce exposure to counterparty and geopolitical risks in other regions.
Traded in Hong Kong
Investors can place orders through designated SFC-licensed digital asset trading platforms and distributors.
Stored in Hong Kong
100% of the physical gold held by the ETF is stored in Hong Kong
Compliant in Hong Kong
By tokenising fund units using blockchain technology, additional compliant investment option is provided for on-chain investors

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.

Code
HSGLD
Initial Price
USD10 per Unit
Minimum Subscription
1 Tokenised Unit7
Ongoing Charges Over a Year6
1.20%
Base Currency
USD
Unlisted class units
Class T USD – Accumulation Units
Management Fee
Up to 1% per annum in respect of the Tokenised Unlisted Class
Distributors
Hash Blockchain Limited
[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. Tokenised Unlisted Class Units cannot be redeemed for physical gold. 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.

[2]

Source: ETF Unlisted Class shares. RWAXYZ as of 31Jan 2026.

[3]

Source: World Gold Council, Hang Seng Investment, Bloomberg, as of 31 Jan 2026.

[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 28 Feb 2026. Gold prices refer to the LBMA Gold Price AM. 20-year annualised return = {Latest price (i.e., 28 Feb 2026) / Price 20 years ago (i.e., 28 Feb 2006)} ^ (1/20) – 1.

[6]

As the Fund is a newly established fund, this figure is only an estimate and reflects the total amount of ongoing expenses expected to be charged to the Units and is expressed as a percentage of the estimated average Net Asset Value of such Units over a 12-month period. Actual figures may differ from estimates, please refer to the "Fees and Expenses" section of the Prospectus for details. This figure may vary from year to year.

[7]

No fractions of Units may be issued for this Class T.

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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