Important risk disclosure

Please click here and read carefully the summary of the key features and risks specific to this fund stated in the offering document prepared by the relevant fund house before making any investment decision.

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HK0000718640

Value Gold ETF (Unlisted Class)(HK0000718640)

Multi-asset
Global
USD Cash
Accumulating

Invest with

USD Cash

Payout type

Accumulating

Risk rating

About this fund

Description

The Fund 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).

Key information

Annual report

Key fact sheet

Prospectus

Factsheet

Our perspective

Why we think this fund is best-in-class

Product

Offers direct exposure to physical gold bullion through a passively managed structure, providing a cost-effective way to access the commodity as an asset class. Distinguishes itself as a physically-backed vehicle storing LBMA Good Delivery bars onshore at the HKIA Precious Metals Depository, a subsidiary of the Hong Kong Airport Authority. Ensures investor protection by holding gold on a fully allocated and segregated basis, meaning each bar is uniquely identifiable and remains the property of the fund in the event of a custodian default.

People

Managed by Sensible Asset Management, a wholly-owned subsidiary of Value Partners Group, which is one of Asia’s largest independent asset managers with over 30 years of operating history. Led by a Senior Investment Director with over three decades of industry experience who oversees the firm's broader suite of investment strategies. Supported by robust institutional service providers, including HSBC as Trustee and Standard Chartered Bank as a primary metal provider to ensure the quality and fineness of the physical holdings.

Performance

Aims to track the LBMA Gold Price AM benchmark closely, providing investors with returns that mirror the daily spot price of gold. Designed to deliver performance that reflects the movement of gold prices minus a small operational drag caused by management fees and storage costs. Anticipated to act as a non-correlated asset that typically performs well during periods of high inflation or heightened geopolitical uncertainty.

Process

Employs a 100% passive investment strategy that maintains a physical gold allocation of at least 90% of the Net Asset Value. Utilizes a strict procurement process where gold is only purchased from approved providers who guarantee a minimum fineness of 99.5%. Incorporates a rigorous oversight framework involving bi-annual physical inspections by the Trustee to verify bar serial numbers and allocation records within the secure vaults.

Cost

Endowus offers retail share class with 100% trailer fee rebated back to Endowus investors to achieve lower cost of access.

How it fits in a portfolio

It serves as a diversification tool for investors looking to reduce correlation with traditional equity and bond markets, potentially stabilizing a portfolio during periods of market stress. It is suitable for those seeking a long-term hedge against currency devaluation or inflation, given gold's historical role as a store of value. Investors should be mindful that gold provides no yield or income and can experience significant price volatility or extended periods of underperformance during gold bear markets.

Invest in this fund

Performance

Returns

NAV

Shows the total return of this accumulating fund, which includes dividends reinvested.

Total returns

Cumulative

Annualised

All Time

165.39%

YTD

5.85%

1 month

0.22%

6 month

13.55%

1 year

38.44%

3 year

127.50%

5 year

152.96%

As of Apr 2026

Distributions

This is an accumulating fund, so dividends are re-invested at the fund level.

Risk metrics

Max drawdown

-15.02%As of Apr 2026

Volatility

16.66%As of Apr 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	17.5%	2.2%	-12.0%	0.2%	-	-	-	-	-	-	-	-
2025	64.3%	5.1%	4.3%	9.0%	5.2%	0.3%	-0.5%	0.8%	3.1%	11.7%	5.3%	3.6%	3.5%
2024	26.1%	-1.2%	-0.3%	8.5%	4.8%	1.2%	-0.7%	3.9%	4.3%	5.0%	4.8%	-4.2%	-2.0%
2023	13.3%	5.1%	-5.0%	9.3%	0.2%	-1.2%	-2.9%	2.7%	-0.6%	-3.8%	6.7%	2.0%	1.2%
2022	-0.8%	-1.7%	6.3%	1.1%	-0.5%	-3.2%	-2.2%	-3.0%	-2.7%	-2.3%	-2.1%	7.3%	3.0%
Load more		5 of 6

Subscription details

Initial investment

Minimum US$1

Subsequent investment

Minimum

Top Exposures

Holdings

Sectors

Gold Bullion	99.72%
Amounts Due From Unitholders	0.16%
Cash And Cash Equivalents	0.15%

Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.

Fund fees

0.40%0.30% p.a.

Save 25%

Fund facts

ISIN

HK0000718640

Fund house

Value Partners

Fund benchmark

LBMA Gold Price AM USD

Fund inception date

23 Mar 2021

Fund class currency

USD

Fund share class

Class A USD Unhedged Acc

Oldest share class ISIN

HK0000071313

Oldest share inception date

28 Oct 2010

Pricing frequency

Daily

Warning statements

All investments involve risks (including the possibility of loss of the capital invested) and the price of fund units may go up as well as down.
Past performance is not indicative of future performance.
Although this fund has been authorised by the Hong Kong Securities and Futures Commission (“SFC”), it does not imply an official recommendation or endorsement by the SFC nor does it guarantee the commercial merits of the fund or its performance.
If you are in any doubt, you should clarify with us or seek independent professional advice.

Risk Warnings Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns are not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.

The value of the fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or all of your investment could be lost.

Generic risk warnings relating to collective investment schemes

Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. There is no assurance that a fund will have sufficient liquidity to meet redemption requests and that the fund's investment objectives and strategies will be achieved.

The funds' investment may involve substantial market, currency, volatility, liquidity, regulatory and political risks. Some funds may use derivatives, whether for hedging or for investment purposes. The risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The fund's volatility may increase or decrease from its derivative usage and such fund may suffer losses from its derivative usage. Do not invest in these funds unless you fully understand and are willing to assume the risks associated with them.

Opinions Any forward-looking statements, prediction, projection or forecast on the economy, stock market, bond market or economic trends of the markets contained in this material are subject to market influences and contingent upon matters outside the control of Endowus HK Limited (“Endowus”) and therefore may not be realised in the future. Further, any opinion or estimate is made on a general basis and subject to change without notice. In presenting the information above, none of Endowus HK Limited, its affiliates, directors, employees, representatives or agents have given any consideration to, nor have made any investigation of the objective, financial situation or particular need of any user, reader, any specific person or group of persons. Therefore, no representation is made as to the completeness and adequacy of the information to make an informed decision. You should carefully consider (i) whether any investment views and products/ services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You may also wish to seek financial advice through a financial advisor or the Endowus platform and independent legal, accounting, regulatory or tax advice, as appropriate.

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Product Risk Rating Please note that any product risk rating (the “PRR”) provided by us is an internal rating assigned based on our product risk assessment model, and is for your reference only. The PRR is subject to change from time to time. The PRR does not take into account your individual circumstances, objectives or needs and should not be regarded as advice or recommendation to purchase, hold or sell any fund or make any other investment decisions. Accordingly, you should not solely rely on the PRR in making your investment decision in the relevant Fund.

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