Objective

The investment objective is to provide investment results that, before fees and expenses, closely correspond to the performance of the Solactive Asia Semiconductor Select Index (the “Index”).

Strategy

In seeking to achieve the Sub-Fund’s investment objective, the Manager will either use a full replication strategy or a representative sampling strategy as the Manager believes to be appropriate in order to achieve the investment objective of the Sub-Fund by tracking the Index as closely as possible to the benefit of the investors. The Sub-Fund may switch between the full replication strategy and the representative sampling strategy in its absolute discretion without prior notice to investors.
In pursuing the full replication strategy, the Sub-Fund will invest in substantially all securities constituting the Index (the “Index Securities”) which are common stocks securities listed on a regulated stock exchange in Hong Kong, the United States (for American Depositary Receipts (ADRs) of companies headquartered in Taiwan), Japan and South Korea in substantially the same weightings (i.e. proportions) as these Index Securities have in the Index.
In pursuing the representative sampling strategy, the Manager may:

1. invest in a representative sample whose performance is closely correlated with the Index, but whose constituents may or may not themselves be constituents of the Index;
2. invest less than 30% of the Sub-Fund’s NAV in collective investment schemes (“CIS”), each being either an exchange traded fund or an unlisted index tracking fund which tracks an index that has a high correlation with the Index. Such CIS may be authorised by the SFC, eligible schemes under Chapter 7.11A of the Code, or non-eligible schemes. For the avoidance of doubt, the Sub-Fund’s aggregate investment in non-eligible schemes and not authorised by the SFC may not exceed 10% of the NAV of the Sub-Fund; and/or
3. invest in financial derivative instruments including futures and swaps with less than 30% of the Sub-Fund’s NAV for investment and hedging purposes, where the Manager believes such investments will help the Sub-Fund achieve its investment objective and are beneficial to the Sub-Fund.

In pursuing a representative sampling strategy, the Manager may cause the Sub-Fund to deviate from the Index weighting on condition that the maximum deviation from the Index weighting of any constituent will not exceed 3% or such other percentage as determined by the Manager after consultation with the SFC.

Other investments
The Sub-Fund may invest in money market funds (subject to the investment restrictions as set out in Chapter 7 of the Code), and in cash deposits and cash equivalents for cash management purposes, up to 30% of its NAV.
The Manager may, on behalf of the Sub-Fund, enter into securities lending transactions, with the maximum level for up to 50% and expected level for approximately 20% of its NAV, and is able to recall the securities lent out at any time. As part of the securities lending transactions, the Sub-Fund must receive cash and/or non-cash collateral of at least 100% of the value of the securities lent (interests, dividends and other eventual rights included). The collateral will be marked-to-market on a daily basis and be safekept by the Custodian. Please refer to the section “Securities Financing Transactions” under “Investment Objective, Strategy and Restrictions” of Part 1 of the Prospectus and the Appendix of the Sub-Fund in Part 2 of the Prospectus regarding details of the arrangements.
Currently the Manager has no intention to enter into sale and repurchase or reverse repurchase transactions and other similar over-the-counter transactions on behalf of the Sub-Fund. The Manager will seek the prior approval of the SFC (if required) and provide at least one month’s prior notice to Unitholders before the Manager engages in any such investments.
The investment strategy of the Sub-Fund is subject to the investment and borrowing restrictions set out in the Prospectus.

Index
The Index is designed to represent the performance of companies engaged in semiconductors in Hong Kong and East Asia. The Index is a net total return, free float market capitalisation weighted index, denominated and quoted in HKD. Its performance reflects the reinvestment of dividends and distributions, net of withholding tax, from the Index constituents.
For the Hong Kong universe of the Index, the instrument must be (i) listed on the SEHK; and (ii) available via the Southbound Trading of the Shanghai-Hong Kong or Shenzhen-Hong Kong Stock Connect Program. For the remaining universe of the Index, the instrument must be listed on the Tokyo Stock Exchange, KOSDAQ, KOSPI Stock Market, or listed in the United States as an ADR and headquartered in Taiwan (“Remaining Index Universe”).
Constituent securities must be classified under the FactSet Revere Business Industry Classification System (RBICS) as either Semiconductor Manufacturing or Semiconductor Equipment and Services. If fewer than 15 securities are eligible from either Hong Kong universe or Remaining Index Universe, additional securities from specified RBICS Subsectors (please refer to the Appendix of the Sub-Fund in Part 2 of the Prospectus for more details) may be included until the Index contains 15 securities per universe.
The maximum weight of any single Index component is 10%. If additional securities from other RBICS Subsectors are included, the weight of each additional security will be capped at 3% and the total weight of such additional securities will be capped at 25%. The aggregate weight of Hong Kong Index components is fixed at 65% of the total Index weight, and the aggregate weight of Remaining Index Universe components is fixed at 35%.
The Index is rebalanced semi-annually on the third Friday in March and September. The Manager (and its connected persons) is independent of Solactive AG, the Index Provider.
The Index was launched on 30 September 2025 and had a base level of 1,000 on 20 March 2020. As of 6 January 2026, the Index had a total market capitalisation of approximately HKD25.21 trillion and 30 constituents. The Index composition (including a list of the constituents and their respective weightings), index methodology, and additional information are available on the website of the Index Provider at https://www.solactive.com/indices/?index=DE000SL0R4Z3 (this website has not been reviewed or approved by the SFC)
Bloomberg Code: SOLG2AHN