The objective of the Fund is to provide investment results that closely correspond to the performance of the Hang Seng Index.

Latest Fund Expense Ratio: 0.93%

Launch Date(dd/mm/yyyy): 30/09/2009

Unit Price: HKD 27.3908

Fund Size: HKD 513.6M

The worldwide spread of the novel coronas virus epidemic had hit hard the production supply chain, export trade and consumption activities, so causing worries on the economy falling into a severe recession. The major stock markets around the world plunged with no exception for the US equities, which had been strong before. The S&P 500 index and the EURO STOXX 50 index plummeted 20.0% and 25.6% respectively, while the Hong Kong Hang Seng Index fell 16.3% to close at 23,603 in this quarter. A large amount of funds flighted to quality into the bond markets. In addition, the United States, Europe and other major central banks launched unlimited or massive "quantitative easing", pressing bond yields to fall sharply. The 30-year US Treasury yield once dropped below 1.0% whereas 2-year and 10-year US Treasury yield also closed low at 0.25% and 0.67%, down 132 and 125 basis points respectively. The 2-year and 5-year Hong Kong dollar government bond yield fell 117 and 115 basis points respectively to close at 0.58 % and 0.57%. In the coming quarter, we expect that the Hong Kong stock market would still be troubled by the impact of the novel coronas virus epidemic on the economy, but the global monetary accommodation and low interest rate environment would support the stock market valuation.