Investment involves risk. Past performance is not indicative of future performance. Investor should not make any investment decision solely based on the information provided on this material. Investors should refer to the Prospectus and the Key Facts Statement of the Fund for further details, including the product features and risk factors before making any investment decisions.

• Value Partners Optical Communication Active ETF (the Fund) will invest primarily in equity and equity-related securities of exchange-listed companies throughout the world, which derive the majority of their latest revenues or operating profits (as determined by the Manager based on publicly available disclosures and company filings) from optical communication related products or services (including but not limited to optical components, optical modules and transceivers, optical fibres and cables, optical networking and transmission equipment, manufacturing equipment, and engineering services).
• The Manager employs an actively managed investment strategy for the Fund. The Fund does not seek to track any index or benchmark, and 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 Fund to underperform as compared to other funds with a similar objective.
• The Fund will invest primarily in companies deriving the majority of their revenues or operating profits from optical communication related products or services. The Fund is therefore likely to be more volatile than a broad-based fund that adopts a more diversified strategy. The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events affecting the relevant market or region in which its investments are focused.
• Optical communication companies are exposed to risks including, but not limited to, rapid changes in technology, intense competition, government regulation, and obsolescence risk. Securities of such companies may be subject to greater price volatility than securities of companies in other sectors, particularly over the short term.
• The prices of securities of companies in these industries may fluctuate widely due to competitive pressures, rapid product cycles, changes in the regulatory environment, and shifts in supply and demand dynamics.
• Many optical communication companies are relatively small and may have limited product lines, markets, financial resources, or personnel, making them more susceptible to business risks and adverse developments.
• Optical communication companies may also be dependent upon government contracts or subsidies, which may be subject to cancellation, renegotiation, or delay in payment.
• The development and commercialization of photonic and optical technologies may be contingent upon the broader adoption of related technologies, including artificial intelligence, data center infrastructure, and advanced telecommunications networks. A slowdown or disruption in the growth of these related sectors could materially and adversely affect the revenues and profitability of optical communication companies in which the Fund invests.
• Such optical communication companies may also be engaged in other lines of business unrelated to optical communication related products or services, and these lines of business could adversely affect their operating results. There can be no assurance that the other lines of business in which these companies are engaged will not have an adverse effect on a company’s business or financial condition.
• The Fund will invest in emerging markets such as Mainland China, which are subject to higher risks (for example, liquidity risk, currency risk, political risk, regulatory risk, legal and taxation risks, settlement risk, custody risk and economic risk) and higher volatility than more developed markets.
• The stocks of small-capitalisation/ mid-capitalisation companies may have lower liquidity and their prices are more volatile and susceptible to adverse economic developments than those of larger capitalisation companies in general.
• Companies listed on the ChiNext market or STAR Board with generally lower listing eligibility criteria than main boards are usually of emerging nature with a smaller operating scale. Hence, investments in such boards may be subject to higher fluctuations in stock prices as well as liquidity, over valuation and delisting risks, and may result in significant losses for the Fund and its investors.
• The Fund may be terminated early under certain circumstances, for example, if the size of the Fund falls below USD 10 million (or equivalent). Investors may not be able to recover their investments and suffer a loss when the Fund is terminated.
• The Fund may invest in financial derivative instruments (FDIs) for hedging and investment purposes. Risks associated with FDIs include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element / component of an FDI can result in a loss significantly greater than the amount invested in the FDI by the Fund.
• The Fund offers both listed class of Shares (the “Listed Class of Shares”) and unlisted classes of Shares (the “Unlisted Classes of Shares”). Investors of Listed and Unlisted Classes of Shares are subject to different pricing and dealing arrangements. Investors of the Listed Class of Shares in the secondary market could only redeem at the prevailing market price (which may diverge from the corresponding NAV) and may have to exit the Fund at a significant discount. Shares of the Unlisted Classes of Shares are sold through intermediaries based on the dealing day-end NAV and are dealt at a single valuation point with no access to intraday liquidity in an open market.