I.

II.

III.

IV.

V.VI.VII.VIII.

The only ETF backed by physical gold stored in Hong Kong1,minimizing impact from geopolitical risks

Investment amount as low as HKD3,8652,only 0.4%3 Total Expense Ratio per annum

Closely keep track of LBMA Gold Price,with only 0.04%4 tracking error over the past year

Value GoldETF3081(HKD) (RMB)83081 (USD)9081

1. Refer to Hong Kong-listed ETFs only. 2. Based on the closing price on 31 March 2020, one lot (100 units) of Value Gold ETF (3081 HK) costs approximately HKD3,865.3. Total Expense Ratio is calculated according the annualized figure of the ongoing charges in the trust, represented by the percentage of total expense of the trust to the average net asset value over the same period. The figure may change annually. The trust adopted the single management fee structure since 30 April 2020. Starting from 30 April 2020, the upper limit of the total expense of the trust will be 0.4% of the average net asset value of the trust, which is the same as the current management fee. Any ongoing charges exceeding 0.4% of the average net asset value of the trust will be borne by the manager and will not be charged to the trust. For details, please read the prospectus. 4. As at 30 April 2020.

Important InformationValue Gold ETF (the “Fund”) is a fund listed on the Stock Exchange of Hong Kong Limited (“SEHK”), which aims to provide investment results that closely correspond to the performance of the London Bullion Market Association Gold Price.The Fund only invests in bullion and may experience greater volatility due to single economic, market or political occurrences when compared to diversified mutual funds or unit trusts.The Fund has adopted a multi counter and units are traded in HKD, RMB and USD on SEHK. The nature of the multi-counter model may make investment in the units riskier than in single counter units or shares of an SEHK listed issuer. Investors without RMB or USD accounts may buy and sell HKD traded units only.RMB is not a freely convertible currency and is subject to foreign exchange control policies, as well as repatriation restrictions imposed by the PRC government. Investors whose base currencies of investments are not in RMB should take into account the potential risk of loss arising from fluctuations in value between such currencies and the RMB.The Fund does not insure its bullion and the Fund and unitholders could suffer a loss if the bullion held by the custodian is lost or damaged. As the Fund is not actively managed, the Manager will not adopt a temporary defensive position against any market downturn. Investors may lose part or all of their investment.Trading prices of units on the SEHK are subject to market forces and the units may trade at a substantial premium/discount to the net asset value of the Fund.You should not make investment decision on the basis of this material alone. Please read the prospectus for details and risk factors.

Value Gold ETF | Q2 2020 Fund leaflet

Why invest in gold?

For centuries, gold has been considered as a store of value and a natural currency. Gold cannot be printed and the supply of gold is in shortage in recent years, highlighting the bullion’s scarcity. The major central banks have been injecting liquidity to the market , deteriorating the value of banknotes and eventually purchasing power. On the contrary, gold is embraced with its precious value, which shines to combat inflation. In fact, gold price has been on its upward trend, up a total of 30% in the past 5 years, outrunning the 9% - 12% inflation rate over the same period5. While geopolitical risks sustained, gold stands out as one of the importanct safe-haven assets. Looking back at the past financial crises, gold, with a low correlation to other assets, saw price resilience and outperformed the stock market and major commodities. It shows that gold is a tool that can effectively diversify the risks of the investment portfolio in long-term. Amid the low rate environment and geopolitical volatility, gold shall continue to be the essential choice for long-term risk aversion and value preservation against the inflation.

Compared with the other gold products available, gold exchange traded fund (ETF) is a simpler, more transparent, liquid and cost-effective investment channel. Investing in gold ETF can avoid the inconvenience and the craftsmanship fee or insurance fee brought by holding physical gold. It can also avoid the wide bid-ask spread or counterparty risks by investing in paper gold and gold options as they are not backed by physical gold.

Gold showed its risk-aversion in the past financial crises6

-50%

-60%

-30%

-40%

-10%

-20%

0%

20%

10%

Asian FinancialCrisis

1997

Hang Seng Index Commodities Gold

Dot-combubble

2000 2003SARS

outbreak

2008The collapse ofLehman Brother

Europeandebt crisis

China’sdeleveraging

campaign

2015/16 COVID-19outbreak

2020

Source: Bloomberg, local banks as at 17 March 2020

Source: Bloomberg, as of 30 April 2020

Comparison among gold products

Entrance fee

Backed by physical gold

Bid-ask spread

Major risks and fees

Gold ETF

Low(around HKD4,000)

Around 12bps

Total expense Ratio (TER)

Physical gold

High(around HKD11,000)

Around 28 bps

• Deterioration, theft• Wide bid-ask spread• Craftsmanship fee,

insurance fee

Paper gold

Low(around HKD1,500)

Around 19bps

• Wide bid-ask spread• Counterparty risk

Gold options

Low(around HKD200)

Around 14bps

• Wide bid-ask spread• Leverage risk

Gold price has risen continuously in recent yearsUSD

1,000

1,100

1,200

1,300

1,400

1,500

1,600

1,700

1,800

05/2015 01/2016 01/2017 01/2018 01/2019 04/2020

2011

5. Source: Bloomberg, as at 31 March 2020. Inflation rates are represented by Hong Kong and U.S. inflation rates, which are 11.7% and 8.7% respectively. 6. Source: Bloomberg, as at 30 April 2020. Asian Financial Crisis, from 7 August 1997 to 5 October 1998; Dot-com bubble, from 27 March 2000 to 21 September 2001; SARS outbreak, from 3 December 2002 to 25 April 2003; The collapse of Lehman Brothers, from 1 February 2011 to 4 October 2011; 2015/16 China’s deleveraging campaign, from 24 June 2015 to 12 February 2016; COVID-19 outbreak, from 17 January 2020 to 30 March 2020. Commodities return is represented by the Bloomberg Commodity Index; Gold return is represented by the LBMA AM USD price.

Value Partners Asian Income Fund | February 2019Value Gold ETF | Q2 2020 Fund leaflet

USD RMB

HKD

Why choosing Value Gold ETF? (3081.HK)

• Value Gold ETF’s gold storage is located inthe HKIA Precious Metals Depository . The arrangement minimizes the geopolitical risks to physical gold

• As of 31 March 2020, one lot of 100 shareof Value Gold ETF costs around HKD3,875,the lowest entrance fee in the market1. Thisallows investors to buy gold to diversify riskand capture gold’s potential growth witha lower cost

2 Affordability

• Value Gold ETF tracks the LBMA Gold AMperformance which we aim to closely trackin the ETF

• The one-year tracking error is only 0.04%4,which can closely keep track on the goldperformance

3 Closely keep track on gold price

• Unit trading is executed in the SEHK, similarto regular stocks, which is convenient andflexible

• Price, net asset value (NAV) and theamount of gold storage are disclosed dailyon the website

• The fee structure is simple – an all-inclusiveTotal Expense Ratio of up to 0.4%3 of NAVper annum

4 Flexibility and transparency

• The world’s first gold ETF toprovide trading counters ofHKD, RMB and USD, bringingconvenience to investorsholding different currencies

1 The market’s only gold ETF withphysical depot in Hong Kong

Value Gold ETF details

Investment objective Aims to provide investment results that, before fees and expenses, closely correspond to the morning (London time) fixing price of gold per troy ounce quoted in US dollars, published by the London Bullion Market Association (LBMA).

3081.HK#(HKD) 83081.HK#(RMB) 9081.HK#(USD)

Launch Date 29 October 2010Listing Date 3 November 2010 29 November 2013 31 March 2017

LBMA Gold PriceBenchmark The Stock Exchange of Hong Kong Limited – Main BoardExchange listing Minimum fineness of 99.5% of gold (from the approved refiners which are included in the LBMA Good DeliveryList of Acceptable Refiners: Gold) Gold type

100 unitsTrading board lot size HKDBase Currency

Minimum 300,000 Units (or multiples thereof)In-kind creation/redemption unit size(by authorized participants only)

0.40% per year of NAVManagement fee7 0.40% as the upper limitAnnual Total Expense Ratio3 Sensible Asset Management Hong Kong Limited Investment manager

Heraeus Metals Hong Kong LimitedStandard Chartered Bank

Metal provider

HSBC Institutional Trust Services (Asia) Limited Trustee and registrar

RMB/USD counter :• Flow Traders Hong Kong Limited• SG Securities (HK) Limited

Market makers

Value Partners Hong Kong Limited Sub-investment manager

HKIA Precious Metals Depository Limited Custodian Physical gold delivery / cash settlement • Redford Securities Limited

Cash settlement• ABN AMRO Clearing Hong Kong Limited• Chief Securities Limited• Credit Suisse Securities

(Hong Kong) Limited

Participating dealers

Auditor Ernst & Young

• Goldman Sachs (Asia) Securities Limited• Haitong International Securities Limited• KGI Asia Limited• Nomura International (Hong Kong) Limited

5 HKD, RMB and USDtrading counters

HKD Counter :• Flow Traders Hong Kong Limited• Merrill Lynch Far East Limited• SG Securities (HK) Limited

7. The management fee is a single flat fee to cover all of the Custodian’s fee, Trustee’s and Registrar’s fees and other costs and expenses. The management fee may be increased up to the maximum of 1% per year of the NAV of the Trust, on one month’s notice to Unitholders (or such shorter period as approved by the SFC). Please refer to the Prospectus for details.

Value Partners Asian Income Fund | February 2019Value Gold ETF | Q2 2020 Fund leaflet

www.valueetf.com.hkPlease contact your stockbroker or financial adviser for enquiries.

Follow us on (852) 2143 0628Value ETF Hotline：Email：operations@valueetf.com.hk

Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the prospectus for details and risk factors, particularly those associated with the arrangement in the event that the Fund is delisted. Investors should also note that the Fund is different from a typical retail investment fund. Units in the Fund may only be created or redeemed directly by a participating dealer in large unit sizes. This material has not been reviewed by the Securities and Futures Commission. Issuer: Sensible Asset Management Hong Kong Limited.

Value Partners is one of Asia’s largest independent asset management firms that seeks to offer world-class investment services and products. Since its establishment in 1993, the firm has been a dedicated value investor in Asia and the world. In November 2007, Value Partners Group became the first asset management firm listed on the Main Board of the Hong Kong Stock Exchange (Stock code: 806.HK). In addition to the Hong Kong headquarters, the firm operates in Shanghai, Shenzhen, Kuala Lumpur, Singapore and London, and main representative offices in Beijing and Boston. Value Partners’ investment strategies cover equities, fixed income, alternatives, multi-asset and Quantitative Investment Solutions for institutional and individual clients in Asia Pacific, Europe and the United States. The Group also offers exchange-traded funds under the brand of Value ETF. Sensible Asset Management Hong Kong Limited (’’SAMHK’’) was formed in 2008 to develop and distribute ETFs to retail and institutional investors, and is fully owned by Value Partners Group Limited. SAMHK is licensed by the Securities and Futures Commission of Hong Kong.

HKIA Precious Metals Depository Limited�The Hong Kong International Airport Precious Metals Depository Limited provides a strategic location for transporting and storing gold, and offers safekeeping, distribution and settlement related services to major bullion banks, dealers, commodity exchanges, precious metals refineries and central banks in the region. It holds a Type 1 Security Company License, which complies with the HKSAR Government’s Security and Guarding Services Industry Authority requirements. It is a wholly owned subsidiary of the Airport Authority Hong Kong, which is owned by the HKSAR Government. The HKSAR Government and the Airport Authority Hong Kong are both rated AA+ by Standard & Poor’s9.

8. BENCHMARK aggregates 12 monthly score sets for each fund between 1 Oct 2018 and 30 Sep 2019, and between 1 Oct 2017 and 30 Sep 2018, respectively. Monthly score sets are calculated by aggregating the 12-monthly rolling one-year, three-and five-year (USD) returns, and by adding a risk score for their risk-adjusted returns. Funds in the final score set with a negative Sortino ratio will be excluded from the assessment for the awards. 9. As at 30 April 2020.

About Value Partners

Our Partner

Fund: Quantitative Top Fund - Precious Metals

Commodity Category (Best-in-Class)Benchmark Fund of the Year

Awards 2019,Hong Kong8

Corporate:

Commodity ETF House (Best-in-Class)Benchmark Fund of the YearAwards 2018 (Hong Kong)8

Key awards

43rd Floor, The Center, 99 Queen’s Road Central, Hong KongTelephone: (852)2880 9263 Email: operations@valueETF.com.hk www.valueETF.com.hk

Value Gold ETFThe only ETF backed by physical gold stored in Hong Kong

ETF 03081 HKD

83081 RMB

09081 USD

• ValueGoldETF(the“Fund”) isafund listedontheStockExchangeofHongKongLimited(“SEHK”),whichaimstoprovide investmentresultsthatcloselycorrespondtotheperformanceoftheLondonBullionMarketAssociationGoldPrice.

• TheFundonly invests inbullionandmayexperiencegreatervolatilitydue tosingleeconomic,marketorpoliticaloccurrenceswhencomparedtodiversifiedmutualfundsorunittrusts.

• TheFundhasadoptedamulticounterandunitsaretradedinHKD,RMBandUSDonSEHK.Thenatureofthemulti-countermaymakeinvestmentintheunitsriskierthaninsinglecounterunitsorsharesofanSEHKlistedissuer.InvestorswithoutRMBorUSDaccountsmaybuyandsellHKDtradedunitsonly.

• RMBisnotafreelyconvertiblecurrencyandissubjecttoforeignexchangecontrolpolicies,aswellasrepatriationrestrictionsimposedbythePRCgovernment.Investorswhosebasecurrenciesof investmentsarenot inRMBshouldtakeintoaccountthepotentialriskof lossarisingfromfluctuationsinvaluebetweensuchcurrenciesandtheRMB.

• TheFunddoesnotinsureitsbullionandtheFundandunitholderscouldsufferalossifthebullionheldbythecustodianislostordamaged.• AstheFundisnotactivelymanaged,theManagerwillnotadoptatemporarydefensivepositionagainstanymarketdownturn.Investors

maylosepartoralloftheirinvestment.• TradingpricesofunitsontheSEHKaresubjecttomarketforcesandtheunitsmaytradeatasubstantialpremium/discounttothenetasset

valueoftheFund.• Youshouldnotmakeinvestmentdecisiononthebasisofthismaterialalone.Pleasereadtheprospectusfordetailsandriskfactors.

Investment objective

TheFundaims toprovide investment results that,before feesand expenses, closely correspond to themorning (Londontime) fixingpriceofgoldper troyouncequoted inUSdollars,publishedby theLondonBullionMarketAssociation (LBMA).ThetrustisfullybackedbyphysicalgoldstoredinHongKong.

Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, data as at the last valuation date of the month as stated above, unless stated otherwise. Performance is calculated in base currency, NAV to NAV with dividend reinvested and net of fees.1. BENCHMARK aggregates 12 monthly score sets for each fund between 1 Oct 2018 and 30 Sep 2019, and between 1 Oct 2017 and 30 Sep 2018, respectively. Monthly score sets are calculated by aggregating the 12-monthly rolling one-year, three-and five-year (USD) returns, and by adding a risk score for their risk-adjusted returns. Funds in the final score set with a negative Sortino ratio will be excluded from the assessment for the awards. 2. The management fee is a single flat fee to cover all of the Custodian’s fee, Trustee’s and Registrar’s fees and other costs and expenses. Please refer to the Prospectus for details. Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the prospectus for details and risk factors, particularly those associated with the arrangement in the event that the Fund is delisted. The Fund's prospectus is available and may be obtained from website. Investors should also note that the Fund is different from a typical retail investment fund. Units in the Fund may only be created or redeemed directly by a participating dealer in large unit sizes.This document has not been reviewed by the Securities and Futures Commission. Issuer: Sensible Asset Management Hong Kong Limited.

May 2020

Annual return since launchThe Fund LBMA Gold Price

2010(Sincelaunch) +6.4% +6.5%2011 +11.1% +11.6%2012 +5.0% +5.5%2013 -28.1% -27.8%2014 -0.6% -0.2%2015 -11.9% -11.5%2016 +8.6% +9.2%2017 +12.3% +12.7%2018 -1.4% -1.0%2019 +17.7% +18.2%2020(YTD) +12.6% +12.8%

Total Gold in Trust

Gold value (HK$) 1,324,253,520.64

Gold in kilogram 3,078.69

Fund performance updateThe Fund LBMA Gold Price

Onemonth +1.2% +1.2%Threemonths +5.4% +5.5%Year-to-date +12.6% +12.8%Oneyear +31.1% +31.6%Threeyears +34.3% +35.9%Fiveyears +41.9% +45.0%Sincelaunch +24.7% +30.0%Sincelaunch(Annualizedreturn) +2.3% +2.8%

Award - Value Gold ETF

Quantitative Top Fund – Precious Metals Commodity Category (Best-in-Class)~ Benchmark Fund of the Year Awards 2019, Hong Kong 1

Commodity ETF House (Best-in-Class) ~ Benchmark Fund of the Year Awards 2018, Hong Kong 1

Fund informationFund price (NAV) HK$41.2603Fund size HK$1,324.5million

Listing dateHKDCounter-3November2010RMBCounter-29November2013USDCounter-31March2017

Stock codeHKDCounter-03081RMBCounter-83081USDCounter-09081

Exchange listing TheStockExchangeofHongKongLimited–MainBoard

Gold typeMinimumfinenessof99.5%ofgold (fromtheapproved refinerswhichare included in theLBMAGoodDeliveryListofAcceptableRefiners:Gold)

Benchmark LBMAGoldPriceInvestment manager SensibleAssetManagementHongKongLimitedSub-investment manager ValuePartnersHongKongLimited

Metal provider HeraeusMetalsHongKongLimitedStandardCharteredBank

Trustee and registrar HSBCInstitutionalTrustServices(Asia)LimitedCustodian HKIAPreciousMetalsDepositoryLimitedAuditor Ernst&Young

Participating dealers

Physicalgolddelivery/cashsettlement– RedfordSecuritiesLimitedCashsettlement–ABNAMROClearingHongKongLimited– ChiefSecuritiesLimited– CreditSuisseSecurities(HongKong)Limited– GoldmanSachs(Asia)SecuritiesLimited–HaitongInternationalSecuritiesCompanyLimited–KGIAsiaLimited– NomuraInternational(HongKong)Limited

Market makers

HKDcounter:–FlowTradersHongKongLimited– MerrillLynchFarEastLimited– SGSecurities(HK)LimitedRMBcounter:– FlowTradersHongKongLimited– SGSecurities(HK)LimitedUSDcounter:– FlowTradersHongKongLimited– SGSecurities(HK)Limited

Trading board lot sizeHKDCounter-100unitsRMBCounter-100unitsUSDCounter-100units

Bloomberg tickerHKDCounter-03081HK<Equity>RMBCounter-83081HK<Equity>USDCounter-9081HK<Equity>

Base currency HKDollar

Trading currencyHKDCounter-HKDollar(HKD)RMBCounter-Renminbi(RMB)USDCounter-USDollar(USD)

In-kind creation/redemption unit size (by authorized participants only)

Minimum300,000units(ormultiplesthereof)

Management fee 2 Approximately0.40%perannumDividend policy None