Value Partners Value Gold Fund

Important Information

Value 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 (LBMA) Gold Price.

	II.	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.
	III.	The Fund offers both listed class of units (the “Listed Class”) and unlisted class of Units (the “Unlisted Class”). Investors of Listed and Unlisted Classes are subject to different pricing and dealing arrangements. The NAV per unit of each of the Listed and Unlisted Classes may be different due to different fees and cost applicable to each Class. The dealing deadlines in respect of the Listed and Unlisted Class are also different.
	IV.	Units of the Listed Class are traded on the stock exchange on an intraday basis at the prevailing market price (which may diverge from the corresponding NAV), while units of the Unlisted Class 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. Depending on market conditions, investors of the Listed Class may be at an advantage or disadvantage compared to investors of the Unlisted Class.
	V.	In a stressed market scenario, investors of the Unlisted Class could redeem their units at NAV while investors of the Listed Class could not and may have to exit the Fund at a significant discount. On the other hand, investors of the Listed Class could sell their units on the secondary market during the day thereby crystallising their positions while investors of the Unlisted Class could not do so in a timely manner until the end of the day.
	VI.	Investors of Listed and Unlisted Classes are subject to different types of risks. For example, Investors of the Listed Class are exposed to reliance on market makers risk and multi-counter risk.
	VII.	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.
	VII.	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.
	VII.	You should not make investment decision on the basis of this material alone. Please read the prospectus for details and risk factors.

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The market’s only gold ETF with a physical depot in Hong Kong^{^}

“Outstanding Performance” ETF¹

Transparency, Convenience, and Affordability

Why invest in gold?

Inflation Hedge

Gold has historically rallied in periods of high inflation
In years of higher inflation with over 5%, gold’s price has increased over 20% since 1971^#

Gold’s price historically rallied in periods of high inflation (1971-2025)

#Based on y-o-y changes of the LBMA Gold Price and US CPI between 1971 and 30 June 2025.
From 1971 to 2025, there were 12 years of inﬂation of less than 2%, 29 years between 2% and 5%, and 13 years of more than 5%. Source: World Gold Council, Bloomberg.

During a cycle of interest rate cuts, gold generally performs well

Gold has outperformed various asset classes during past interest rate cut cycles. Falling interest rates reduce the opportunity cost of holding gold, attracting more investors to allocate gold into their portfolio.
Interest rate cuts are often accompanied by rising inflation expectations, increasing demand for gold as an inflation hedge, and this is why gold usually outperform stocks, bonds and other asset classes during interest rate cuts cycles.

Source: Bloomberg. Returns for the 2001-2003 rate cut cycle were calculated from 3 January 2001 to 25 June 2003. Returns for the 2007-2008 rate cut cycle were calculated from 18 September 2007 to 16 December 2008. Returns for the 2019-2020 rate cut cycle were calculated from 31 July 2019 to 16 March 2020. Returns for the 2024-to-present rate cut cycle were calculated from 18 September 2024 to 30 September 2025. S&P 500 Net Total Return USD Index represents U.S. Equities, assuming dividends reinvested. MSCI Global Net Total Return USD Index represents Global Equities, assuming dividends reinvested. MSCI Emerging Markets Net Total Return USD Index represents Emerging Markets, assuming dividends reinvested. Bloomberg Commodity Dollar Index represents Commodities. The Gold Index (XAU/USD) is based on the spot gold price per troy ounce quoted in US dollars. Bloomberg Global Bond Aggregate US Dollar Index represents Global bonds. Data is for reference only. Past performance is not indicative of future performance.

For more details, please contact your bank or investment consultant. You may also contact our Fund Investor Services Team.

Hotline: +852 2143 0608
Email: hkenquiry@vp.com.hk

Investment Insights:

Market Outlook:

^{^}Value Gold ETF offers both listed class and unlisted class. This material is referring to unlisted class only.
1. Value Gold ETF was selected as the Outstanding Performer ETF (Total Return 1 Year – Commodity – Gold ETFs) in the Bloomberg Businessweek/Chinese Edition Top Funds Award 2024.

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. This material has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: Sensible Asset Management Hong Kong Limited.