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ICBC Credit Suisse Asset Management (International)
S&P CHINA 500 Index Solutions
Accessing China More Efficiently
September 2019
20190903-EU-PI-F-02 Copyright © All rights Reserved Intended Users Only | Confidential

S&P CHINA 500 Index Solutions | Sep 2019
Content
 Market Updates and Near-term Focus
 Long-term Investment Thesis Intact
 S&P China 500 Index: New, Better Barometer for “Total China”
 ICBCCS WisdomTree S&P 500 UCITS ETF
 Appendix:
 More About ICBC Credit Suisse
 S&P CHINA 500 Index Supplement
 China Capital Market Access Guide
2
20190903-EU-PI-F-02
Copyright © All rights Reserved
Intended Users Only | Confidential

Market Updates and Near-term Focus
Section 1
20190903-EU-PI-F-02

Decent Market Performance For 8M2019
 Decent performance YTD: SPC 500 Index up 15.1% vs 7.7% of MSCI China & 2.5%/2.1% of
HSI/HSCEI.
 Most of the YTD performance was driven by valuation expansion
 A shares remains resilient despite of trade uncertainties
S&P China 500 and Other Major Index Performance YTD MSCI China Annual Price Return Breakdown
Source: Bloomberg, FTSE, MSCI, China Securities Index, Hang Seng Indexes, S&P Dow
Jones Indices; As of August 22, 2019 | PAST RESULTS ARE NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS AND AN INVESTMENT CAN LOSE VALUE
Source: Factset, Bloomberg, CICC Research; Data as of 30 Aug, 2019
58%
14%
-48%
41%
-17%
-29%
20%
-10%
5%
6%
13%
17%
-24%
15%
13%
43%
-8%
13%
23%
13%
-1%
12%
-1% -15% -13%
30%
5%
0%
2006 2008 2010 2012 2014 2016 2018
P/E expansion EPS contribution
23.3%
27.7%
2.1% 2.5%
7.7%
15.1%
CSI 300 FTSE A50 HSI HSCEI MSCI China SPC 500
Index
4
20190903-EU-PI-F-02

Fund Flows Associated With the Rally and Retreat
 Strong overseas fund outflow recently as a result of the trade war and the CNY depreciation
 Hong Kong is more vulnerable than A-share market
Cumulative Fund Flows Weekly Fund Flows vs HSCEI
Source: EPFR, CICC Research; Data as of August, 2019 Source: EPFR, CICC Research; Data as of August, 2019
0
20
40
60
80
Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-19
(USDbn)
Cumulative Inflow to HK ▼
▲Cumulative Inflow to HK and A share
7,000
8,000
9,000
10,000
11,000
12,000
13,000
14,000
15,000
-5
-4
-3
-2
-1
0
1
2
3
4
5
Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Thousands
(USDbn)
HSCEI (Right Axis)
H share
A share
5
20190903-EU-PI-F-02

Update on Sino-US Trade Tension
2017 2018 10 May 2019 1 Sep 2019 1 Oct 2019 15 Dec 2019
MFN
Tariff
3.1%
12.4%
18.3%
21.2%
22.2%
Section 301: 10% tariff
on $200bn; 25% tariff
on $50bn
Section 301: 10% tariff
on $200bn; raised to
25%
Section 301: new 15%
tariff on first part of
$300bn
($112bn)
Section 301: 25%
tariff on $250bn
raised to 30%
Section 301: 15%
tariff on second part
of $300bn ($160bn)
24.3%
+0.8pp
Other
tariffs
+8.5pp
+5.9pp
+2.9pp
+0.9pp
+2.2pp
 Two rounds of existing tariff with 25% effective on $200bn of China imports
 Recent trade escalation raises further concerns over upcoming tariffs on China Imports
Average Tariff Rate on US Imports from China
Chart Data: Updated on 28 Aug 2019. MFN = most favored nation | Source: Peterson Institute for
International Economics, ICBCCSI
6
20190903-EU-PI-F-02

… this is more than trade but also Tech Race
 Ordered US companies not to use foreign telecom equipment citing cyber-espionage fears
 Placed Huawei & 70 affiliates on its “Entity List” with a 90-day temporary license
 Targeted to add more Chinese tech companies and 5 names mentioned including HikVision
Top 10 countries by PCT Applications Published * PCT Top 10 Global Applicants *
Chart Note: * China-based telecoms giant Huawei technology was the top filer of international patent applications in 2018 (based on published applications). It was followed by Mitsubishi
Electric of Japan, Intel of the U.S., and Qualcomm of the US. | Source: WIPO Statistic Database, May 2019
4,411
4,358
4,650
5,714
8,009
18,375
20,857
51,243
58,199
55,637
Netherlands
Sweden
Switzerland
UK
France
Korea
Germany
Japan
China
US
2018 2017
Huawei: 5,405 ZTE:2,080 BOE:1,813
China
Intel: 2,499 Qualcomm: 2,404
US
Samsung: 1,997 LG: 1,697
S. Korea
Mitsubishi Electric: 2,812
Japan
Telefonaktiebolaget: 1,645
Sweden
Robert Bosch: 1,525
Germany
7
20190903-EU-PI-F-02

Potential End-game Scenarios for Resetting US-China Tension
True Reciprocal Access
Low intensity
 China opens its market to US digital-services
exports and IP
 US rolls back broad-based tariffs and restrictions;
supply chain shifts are drive by market forces
Managed Trade
Moderate intensity
 China maintains non-tariff restrictions to build
technology competitiveness
 Selective US import tariffs focus on
sectors/products regarded as strategic
Walls and Drawbridges
Moderate intensity
 Structural issues remain unresolved; frequent
frictions in IP, cross-border M&A, antitrust, or cyber
security
 US broadens and deepens tariffs, which may
include consumer electronics
Technology Cold War
High intensity
 Escalation of non-tariff restrictions, such as US
export bans and investment curbs, and Chinese
antitrust actions
 High US tariffs and even import bans on security
grounds; severe supply chain disruption
Technology
Competition
Managed
Broad and
sweeping
Tariffs
Narrow
and
targeted
Source: BCG Analysis, ICBCCSI
Open
8
20190903-EU-PI-F-02

Potential Impact and Possible Policy Responses
Path 1 Path 2 Path 3 Path 4
Working towards a deal Uncertain pause 15% tariffs 25% tariffs
China's Policy
Response
• Fiscal stimulus of 1.75% of GDP
(US$250bn)
• Broad credit growth to reach 12-
12.5%Y by end-2019 (from
11.7%Y currently)
• Broad credit growth to reach
12.5-13%Y by end-2019
• Fiscal stimulus of 2.5 - 2.75% of
GDP
• Broad credit growth to reach
12.5-13%Y by end-2019
• Broad credit growth to reach 14-
15%Y by end-2019
China Impact • Growth: 4Q19 growth stays flat at
6.4%Y
• Growth: 4Q19 growth slows to
6.2%Y
5.7Y
6.0%Y
US Policy Response • The Fed remains nimble should
financial conditions change for
the worse
• The Fed cuts rates by an
additional 25 bp in October,
emphasizes continued downside
risks and stands ready to deliver
more
• Rising fears of a looming
recession prompt the Fed to cut
rates twice more before the cut
rates all the way to zero by end
of 2019.
• Rising fears of a looming
recession prompt the Fed to
spring 2020
US Impact • Growth: Slows from 2.9%Y in
1H19 to 2.3%Y in 4Q19
• Growth: Slows further to 2.2%Y
in 4Q19
• Additional slowdown of 30- 40bp
in 2020, depending on policy
support
• Growth: Growth slips to 2.0%Y in
4Q19
• Additional slowdown of 30-50bps
in 2020, depending on policy
support
• Growth: Growth slips to 1.2%Y in
4Q19, outright recession in 2020
• Additional slowdown of 150-
250bps in 2020, depending on
policy support
Global Growth Impact • Trade tensions already impacting
corporate confidence and growth
• Global growth stagnates and
stays at sub-par trend of 3.1%Y
in 2019 before recovering
modestly to 3.4%Y in 2020
• Policy easing helps but will not be
enough to lift corporate
confidence
• Lingering uncertainty leads global
growth to decelerate further from
3.1%Y in 1Q19 to 2.9%Y in 4Q19
• If these tariffs stay in place for 4-
6 months, corporate confidence
dips further, financial conditions
tighten
• Global growth remains weak at
2.8-3.0%Y in 1H2020 despite
policy easing measures
• If these tariffs stay in place for 4-
6 months, corporate confidence
dips even more, financial
conditions tighten sharply,
bringing non-linear impact on
growth
• Global economy enters recession
by 1Q20
Source: Morgan Stanley Research Forecasts
9
20190903-EU-PI-F-02

Valuation Attractive Across Asia-Pacific After Recent Retreat
10.8 x 10.7 x
9.0 x
16.0 x 16.0 x
15.3 x 15.3 x 15.3 x 14.8 x
13.7 x
12.8 x 12.4 x 12.2 x
10.6 x
MSCI
China
CSI 300 HSCEI New
Zealand
Malaysia Australia Philippines Indonesia Thailand Taiwan Hong Kong MXAP Japan Singapore Korea
25.0x
Regional Valuation (12M Forward PE and PB TTM)
1.6 x
1.4 x
1.3 x
3.2 x
2.6 x
2.0 x 2.0 x 2.0 x
1.7 x
1.6 x
1.4 x
1.2 x 1.2 x 1.2 x
0.9 x
MSCI
China
CSI 300 HSCEI New
Zealand
Indonesia Philippines Australia Thailand Taiwan Malaysia MXAP Hong Kong Singapore Japan Korea
Chart Data: As of Aug 30, 2019. | Source: Bloomberg, CICC Research, ICBCCI
10
20190903-EU-PI-F-02

Capital Inflows to China Still a Long-term Trend
 China economy is transforming from current surplus to deficit going forward
 This implies capital import: foreign direct investment, debt inflows, and equity inflows
 On top of this, there is also global indices inclusion
 MS estimates USD 75-120bn in 2019 from USD 49bn in 2018 into A-shares and USD100-220bn annually
in the longer term, while temporary outflow due to trade war risk doesn’t change the long-term trend
Capital Inflow to China China (Equity + Bonds) MS Estimates Increase in HKEX’ ADV Due to Inflow
Chart Data: Dotted bar indicates Bull Case Scenario; Sources: CEIC, Morgan Stanley ResearchesSources: HKEX, Bloomberg, Morgan Stanley Researches
40 49
75
100
29
78 80 76
120
220
100
120
0
50
100
150
200
250
2017 2018 2019F L-T
Inflow
2017 2018 2019F L-T
Inflow
Equity Bond
(USDbn)
0
20
40
60
80
100
120
140
160
180
200
2003 2005 2007 2009 2011 2013 2015 2017 2019F 2021F
(USDm)
2004-08 saw big H-
share listings. Strong
markets drove turnover
higher.
The next leg up in ADV came with
launch of Stock Connect in 2014
Next 3 years should see a jump in
ADV driven by capital inflows into
China
11
20190903-EU-PI-F-02

Potential Macro Policy Responses Yet to Factor In
 Full fiscal stimulus package (VAT cut; local government special bond issuance quota; lower social
pension contribution ratio for corporates) announced in Mar. 2019 just starts to implement
 Nationwide property market loosening unlikely but always a possibility
 Industry specific measurers were stimulus tools used before and highly likely be implemented again
Scenario Analysis of Fiscal Deficit Expansion
Source: CEIC, Wind, Morgan Stanley Research estimates Source: CEIC, Wind, Morgan Stanley Research estimates
China Augmented Fiscal Balance Trajectory (% of GDP)
-7.6
-9.4
-11
-10
-9
-8
-7
-6
-5
-4
2012 2013 2014 2015 2016 2017 2018 2019F
-9.9
Augmented fiscal deficit can widen
further by 0.5ppt of GDP if trade
tensions persist for longer
10.5
2.6 2.3 2.3 2.5
3.5
14.8
5.7
4
2.4 2.4
4.4
2019 2013 2015-16 2019F
(uncertain
pause)
2019F
(escalation-
15% tariffs)
2019F
(escalation-
25% tariffs)
▼Aggregate Fiscal Deficit Expansion, ppt of
GDP
◄Rebound in Broad Credit Growth, ppt of GDP
12
20190903-EU-PI-F-02

June 18 Monetary: PBoC expanded the scope of securities as collateral for MLF; announced
50bps RRR cut effective from Jul 5, Released new AMP Rule provided some flexibility
in shadow bank tightening
23 Jul 2018 Policy Guidance: State Council called for more proactive fiscal policy
Aug 10-14
2018
Fiscal NDRC resumed approval for metro projects (for the first time since Nov 2017),
for projects in Changchun (Aug 19) and Suzhou (Aug 14). The Ministry of Finance
ordered to accelerate issuance for local government special bonds.
30 Aug 2018 Fiscal: The State Council announced Rmb45bn tax cuts for: (1) firms undergoing
structural adjustment and capacity cut, (2) social security fund investment, (3) interest
income from agricultural loans
31 Aug 2018 Fiscal: The Government announced to raise personal income tax exemption (from
Rmb3,500 to Rmb5,000) and widen the range for lower tax brackets from 1 Oct 2018
26 Sep 2018 Fiscal: Cut import tax rate on capital goods and intermediate goods (1,585 items),
effective Nov 1
7 Oct 18 Monetary: The PBoC announced 100bps RRR cut, effective Oct 24
20 Oct 2018 Fiscal: The government announced detailed plan on personal income tax deduction,
effective 1 Jan 2019
31 Oct 2018 Policy Guidance: The quarterly politburo meeting recognized rising downside risks to
growth, called for more preemptive and prompt policy measures, and pledged more
support to private companies. It raised the importance of capital market confidence to
the highest Politburo level
1 Nov 18 Policy Guidance: China's top leadership laid out the first comprehensive framework to
boost the private sector
18 Dec 2018 Monetary: PBoC Launched the new "targeted MLF", which has lower interest rate (by
15bps) and longer term (1-3 years) than ordinary MLF, and added RMB 100bn
relending to small banks to support lending to private sector
18 Dec 2018 Property: Several cities (Guangzhou and Heze in Shandong) marginally loosened
property restrictions
21 Dec 2018 Policy Guidance: CEWC Pledged more counter cyclical policy easing
29 Dec 2019 Fiscal: NPC Standing Committee approves front-loading 2019 local government
construction bond
2 Jan 2019 Monetary: PBoC relaxes requirements for inclusive financing, making more banks
eligible for Targeted RRR Cut announced before
Tracking Policy Easing Measures in This Cycle
2 Jan 2019 Policy Guidance: China's Premier pledged to step up counter-cyclical efforts and
make full use of broad-based RRR cuts
4 Jan 2019 Monetary: The PBoC announced two 50bps broad-based RRR cuts for Jan 15 and
Jan 25
9 Jan 2019 Fiscal: VAT cuts and exemptions for small and micro business
15 Jan
2019
Policy guidance: Stronger and clearer easing signals. PBoC implied that interest rate
cut is in the policy toolkit if the economy deteriorates, NDRC said to introduce pro-
consumpiton measures
24 Jan
2019
Monetary: PBoC introduced Central Bank Bills Swap to boost liquidity for banks'
perpetual bonds, so as to support banks to replenish their capital
5 Mar 2019 Fiscal: Announced fiscal easing package of 1.75% of GDP, introducing Rmb700-
800bn VAT cut. Rmb800bn more local construction bond issuance, and 2-4ppt cut in
social pension mandatory payment ratio.
1 Apr 2019 Fiscal: Rmb 700bn VAT cut came into effect
1 May
2019
Fiscal: Formally cut social pension in mandatory contribution ratio from 18-20% to
16%
10 Jun
2019
Fiscal: Allowed local gov special bond proceeds to be used as seed capital for
infrastructure projects with national impact
10 Jun
2019
Monetary: Financial Institutions are encouraged to finance projects eligible for LGSB
funds
1 Jul
20919
Fiscal: A package of RMB300bn fee and tariff cut came into effect
17 Aug
2019
Monetary: the PBoC announced a new pricing mechanism for the loan Prime Rate
(LPR)
Expecting more policy easing if 10% tariff hike is imposed on the remaining
USD300bn of Chinese goods
2H19 Fiscal: Additional fiscal stimulus of 0.75-1.0ppt of GDP, focusing on public spending
2H19 Monetary: More cuts in OMO and MLF rates and further interest rate reform to lower
the loan Prime Rate (LPR) to accommodate fiscal easing
Source: CEIC, PBoC, State Council, Xinhua, Morgan Stanley Research, ICBCCS
Policy Easing Measures since Jun 2018
13
20190903-EU-PI-F-02

Downward EPS Revisions Partially Factored In the Impact
MSCI China Consensus EPS Trend (HKD) MSCI China Index Sector Earnings Revision (CNY)
Source: FactSet, MSCI, CICC Research
4
5
6
7
8
9
10
Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
MSCI China EPS Consensus Estimates YoY Growth:
2019F: 0.32%；2020F: 12.6%
2015
2016
2017
2018
2019
2020
50
70
90
110
130
150
170
Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19
IT
Real
Estate
Energ
yStaples
Utilities
Materials
Financials
Industrials
MSCI China
Healthcare
Discretionary
Communication
Source: FactSet, MSCI, CICC Research
14
20190903-EU-PI-F-02

Long-term Investment Thesis Intact
The Transformation of China
Section 2
20190903-EU-PI-F-02

The Transformation to New China
China
Urban
Migration
Rising
Consumerism
Technology
Drive
Innovation
Focus
Environmenta
l Remediation
Responsible
Governance
 China’s "new normal" growth model is consumption-led, rather than investment-driven
 From a low-cost manufacturer to a major value-added service provider
China’s Key Thesis
Source: World Economic Forum Strategic Intelligence, ICBCCSI
16
20190903-EU-PI-F-02

City Clusters Get Larger and larger…
Charting Data: * 2011-17 Total Population Growth CAGR, # percent of residents optimistic about job market prospect | Source: The Economist Intelligence Unit, CEIC, Morgan Stanley
Research, ICBCCSI
Ongoing Urbanization Leads to Five City Clusters
And Metropolitan Population Gain in 2016-30F
Faster Population Growth in Key Clusters (11-17 CAGR %)*
1.3
1.0
0.9
0.6 0.6
0.8
0.5
Greater
Bay
Jing-jin-ji Yangtze
River Delta
Mid-
Yangtze
River
Chengdu-
Chongqing
Key City
Clusters
National
…And Better Job Prospects in the Five City Clusters #
73.9
71.6
68.1
59.7
53.3
67.1
52.6
Yangtze
River Delta
Mid-
Yangtze
River
Greater
Bay
Jing-jin-ji Chengdu-
Chongqing
Key City
Clusters
Others
Chengdu-Chongqing
Mid-Yangtze River
Greater Bay
Yangtze River Delta
Jing-jin-ji
17
20190903-EU-PI-F-02

China Consumption in a Global Perspective
Total household consumption by comparison (USDtrn)
Chart Data: Assumes annual GDP growth rate of 5.5% | Source: OECD, Economist Intelligence Unit, BCG Analysis, ICBCCSI
US
2016: $13trn
2020F: $15trn
China
2016: $4.5trn
2020F: $7.8trn
2030F: $11.8trn
India
2016: $1.3trn
2020F: $3trn
Japan
2016: $2.4trn
2020F: 2.8trn
Germany
2016: $1.8trn
2020F $2.2trn
UK
2016: $1.8trn
2020F $2.1trn
France
2016: $1.3trn
2020F: $1.7trn
Forces of Shaping China’s Consumption
 The Rise of the Upper-Middle Class
 The Emergence of a New Generation
 The Increasingly Powerful Role of E-commerce
18
20190903-EU-PI-F-02

Huge Consumption Potential… Especially in Smaller Cities
 Total consumption sets to grow 1.5 times to USD12trn by 2030
 Lower-tier Household consumption triple to by 2030
 Smaller cities contribute two-thirds to incremental consumption
Annual Household Consumption (USDtrn) Contribution to Total Consumption Growth by City Tiers
Source: CEIC, Morgan Stanley Research Estimates, ICBCCSI
0.5
0.9
2.3
1.01
2.3
7.0
1.5
Tier 1 Tier 2 Tier 3&Below Rural Consumption
2017 2030F
2017 2030
USD4.7trn
Tier-1
Cities
USD0.6trn
Rise 8%
Tier-2
Cities
USD1.4trn
Rise 20%
Low Tier
Cities
USD4.6trn
Rise 64%
Rural Area
USD0.7trn
Rise 7%
Total
Consumption
USD11.8trn1.5 Times in 12 years
19
20190903-EU-PI-F-02

An Innovation Focused Economy
Total Domestic R&D Spending (USDbn) International Patent Applications (‘000 files)
China’s office received a record total of 1.38 million patent applications in 2017, more than double the number received by that of the U.S. (606,956). The office of Japan ranked third with
318,479 applications, followed by the office of the Republic of Korea (204,775) and the EPO (166,585) Chart Data: 2001-17 | Source, OECD, WIPO, ICBCCSI
China
Japan
Germany
UK
US
-50
50
150
250
350
450
550
2000 2002 2004 2006 2008 2010 2012 2014 2016
 China’s surging R&D spending narrows gap with United States
 New patents filed by China increased rapidly driven by aggressive investment
China
USA
Japan
Korea
EPO
Others
Worldwide patent
applications
20
20190903-EU-PI-F-02
100%
3,168,900
applications

China Leads Mobility Globally
 Total numbers of smartphone and mobile internet users exceed 800 million in China
 Mobile penetration is only 57% vs. 80% in US, implying substantial room to grow further
User Base Comparison Between US and China (m people/penetration rate)
Chart Data: As of Dec 2018 | Source: US Census Bureau, Pew Research, Newzoo, Statista, eMarketer, CNNIC, IMF, ICBCCSI
829
(59%)
748
(53%)
802
(57%)
583
(43%)
312
(92%)
228
(70%)
262
(80%)
55
(17%)
China
Total Population:
1.4bn
US
Total Population:
327m
Internet Smartphone Mobile Internet Mobile Payment
21
20190903-EU-PI-F-02

US and China Take Lead in Global Internet Market Capitalization
Source: Bloomberg Collected on 28 Aug 2019,
BOND Internet Trends, ICBCCSI | Table Data: %
Change only applies to companies that were
publicly traded on 31 Jul 2016, private valuations
are not considered, Companies like Meituan
Dianping were not listed in 2016.
Rank Market Cap Value (USDbn)
2019 Company Region 31 Jul 2019 31 Jul 2016 % Change
1 Microsoft US $1,042bn $442bn 136%
2 Apple US 963 562 71%
3 Amazon US 923 360 157%
4 Alphabet US 844 535 58%
5 Facebook US 554 356 56%
6 Alibaba China 451 206 119%
7 Tencent China 449 226 99%
8 Adobe US 145 49 198%
9 Netflix US 141 39 261%
10 Paypal US 130 45 189%
11 Salesforce US 120 55 117%
12 Booking.com US 82 67 22%
13 Uber US 71 -- --
14 Recruit Japan 58 22 168%
15 ServiceNow US 51 12 322%
16 Meituan Dianping China 47 -- --
17 WorkDay US 45 16 175%
18 JD.com China 43 30 45%
19 Baidu China 39 55 -29%
20 Activision Blizzard US 37 30 26%
21 Shopify Canada 36 3 1134%
22 eBay US 35 35 -2%
23 Square US 34 3 897%
24 Atlassian Australia 34 6 428%
25 Twitter US 33 12 180%
26 MercadoLibre Argentina 31 7 353%
27 Netease China 30 27 10%
28 Spotify Sweden 28 -- --
29 Xiaomi China 28 -- --
30 Electronic Arts US 27 23 19%
$6,552 3,223 103%
 China Stable @ 7 of 30
 US at 18 of 30
Top 30 Internet Companies Ranking
22
20190903-EU-PI-F-02

Chinese Biopharma Innovation Enter New Era
 110 innovative assets entering clinical development in 2017
 ~800 innovative molecules in pipeline; 70-80 phase III moleculesExpanding pipeline
 ¼ of phase II/III innovative assets developed globally
 Cross border deals increased by 70% since 2012Going global
 2x VC investment in China healthcare in 2017 (vs 2016)
 $2.8 bil+ raised through IPO by China biotech firms in 2017 (vs $4 bil in US)Attracting more capital
Source: McKinsey, Wellington Management
23
20190903-EU-PI-F-02

Capital Market Opening Up Still a Long-term Trend
Source: Morgan Stanley Research
Capital Market Opening Up: Previous Achievements
Equity inflows FDIBond inflows
 Nov-14: Launch of
Shanghai/HK stock connect
program
 Aug-16: Removal of aggregate
quota on Shanghai/HK stock
connect
 Dec-16: Launch of
Shenzhen/HK stock connect
 Jun-17: A-share entry to MSCI
with inclusion factor at 5%
 Sep-18: A-share inclusion in
FTSE Russell Emerging Index
 Mar-19: MSCI announced plans
to increase the A-share
inclusion factor from 5% to 20%
throughout 2019
 Jul-15: Elimination of approval
requirements and quota limits
for foreign public institutions on
onshore bond market
 Feb-16: Elimination of approval
requirements and quota limits
for most foreign private
institutions on onshore bond
market
 Feb-17: Opening up of FX
hedging tools to foreign
investors
 Jul-17: Launch of Mainland-HK
Bond Connect
 Apr-19: China’s inclusion in
Bloomberg Barclays Global
Aggregate Index
 Dec-16: The “negative list” for
foreign investment was
shortened from 93 items to 63
 Mar-18: 1ppt VAT cut on 17%
and 11% brackets (equivalent to
Rmb240bn cut)
 Jun-18: The “negative list” for
foreign investment was
shortened from 63 items to 48
 Mar-19: 3ppt VAT cut on 16%
bracket and 1ppt cut on 10%
bracket (equivalent to Rmb700-
800bn cut)
 Mar-19: A 2-4ppt cut in social
pension contribution ratio for
firms, to 16%
 Mar-19: NPC approval for draft
foreign investment law
24
20190903-EU-PI-F-02

Capital Market Opening Up Still a Long-term Trend (Con’t)
Source: Morgan Stanley Research
Future Moves to Attract Foreign Capital Inflows
Equity inflows FDIBond inflows
 May-19: MSCI to increase the
index inclusion factor for all
China A Large Cap shares from
5% to 10%
 Jun-19: FTSE RUSSELL to
include A shares into its global
indices
 Aug-19: MSCI to increase the
10% to 15%
 Nov-19: MSCI to increase the
15% to 20%
 2019: Launch of London-
Shanghai Connect
 2019-2020: More Hedging
Tools for onshore stock market
 Sept-19: FTSE finalizes
decision on reclassification of
CNY bonds from level 1 to level
2
 2019-20: Further enhancement
for domestic bond credit rating
system (2019-20)
 2019-20: Further improvement
on interest rate curve of China
government bonds, with more
issuance of longer-term bonds
(30-50Y) (2019-20)
 2019-20: China’s potential
inclusion to Citi WGBI and JPM
GBI-EM indices
 1H2019: Approval of Draft
Patent Law
 2019-2022: Gradually removing
JV shareholding restrictions in
most sectors
25
20190903-EU-PI-F-02

MSCI and FTSE Index Inclusion Leads to Capital Inflow
A
1.7%
China
ex. A
30.0
%
Non-
China
68.4
%
MSCI
EM
Index
A
2.5%
China
ex. A
29.7
%
Non-
China
67.8
%
MSCI
EM
Index
A
4.0%
China
ex. A
29.3
%
Non-
China
66.7
%
MSCI
EM
Index
A
17%
China
ex. A
25.2
%
Non-
China
57.5
%
MSCI
EM
Index
A
5.3%
China
ex. A
94.7
%
MSCI
China
Index
A
7.7%
China
ex. A
92.3
%
MSCI
China
Index
A
12.0
%
China
ex. A
88.0
%
MSCI
China
Index
A
40.6
%China
ex. A
59.4
%
MSCI
China
Index
Now
(inclusion factor
10%, Large cap)
Full inclusion
(inclusion factor 100%,
Large + mid cap)
Aug. 2019
(inclusion factor
15%, Large cap)
Nov. 2019
(inclusion factor 20%,
Large + mid cap)
Source: CICC Research, ICBCCSI
26
20190903-EU-PI-F-02

Estimated A-share Inclusion Capital Inflow
MSCI's inclusion of A-shares May. 2019 Sep. 2019 Nov. 2019 Bear case Base case
Inclusion factor and eligible stocks
10%
(Large cap)
15%
(Large cap)
20%
(Large + Mid cap)
50%
(Large + Mid cap)
100%
(Large + Mid cap)
Estimated weight of A-shares
MSCI China Index 5.3% 7.7% 12.0% 25.5% 40.6%
MSCI Asia ex. Japan Index 2.0% 2.9% 4.7% 10.9% 19.7%
MSCI EM Index 1.7% 2.5% 4.0% 9.4% 17.3%
MSCI AC World Index 0.2% 0.3% 0.5% 1.2% 2.3%
Est. fund inflow amount (US$ bn)
MSCI China Index 4.2 6.2 9.6 20.4 32.5
MSCI Asia ex. Japan Index 7.9 11.7 18.7 43.8 78.9
MSCI EM Index 28.5 42.3 68.1 160.5 293.4
MSCI AC World Index 6.1 9.2 14.9 37.1 73.3
Cumulative inflow (US$bn) 46.7 69.4 111.4 261.8 478.1
Incremental inflow in each step (US$bn) 23.3 22.7 42.0 150.4 216.3
Incremental inflow in each step (Rmb bn) 162.0 157.5 291.4 1,043.8 1,501.1
Estimated inflow in 10 years (US$bn) 16.7 24.0
FTSE's inclusion of A-shares Jun. 2019 Sep. 2019 Nov. 2019 Base case
Inclusion factor and eligible stocks
5%
(Large+Mid+Small
cap)
15%
(Large+Mid+Small
cap)
25%
(Large+Mid+Small
cap)
100%
(Large+Mid+Small
cap)
Estimated weight of A-shares
FTSE Emerging Index 1.2% 3.4% 5.5% 18.0%
FTSE Global Index 0.1% 0.3% 0.6% 2.3%
Est. fund inflow amount (US$ bn)
Cumulative inflow (US$bn) 2.0 5.9 9.7 38.0
Incremental inflow in each step (US$bn) 2.0 3.9 3.8 28.3
Incremental inflow in each step (Rmb bn) 13.9 27.1 26.4 196.4
Estimated inflow in 10 years (US$bn) 2.8
Source: CICC Research, ICBCCSI
27
20190903-EU-PI-F-02

Diversifications and Return Enhancement
100% MSCI EM
90/10
80/20
70/30
60/40
50/50 40/60
30/70
20/80
10/90
100% MSCI A Onshore
8
8.2
8.4
8.6
8.8
9
9.2
9.4
19 21 23 25 27 29 31 33
Annualized Volatility (%)
AnnualizedReturn(%)
Potential Diversification and Return Enhancement from A-shares
Chart Data: 31 December 2004 –31 December 2018 | Sources: MSCI, Wellington Management, ICBCCSI | FOR ILLUSTRATIVE PURPOSES ONLY. PAST RESULTS ARE NOT
NECESSARILY INDICATIVE OF FUTURE RESULTS AND AN INVESTMENT CAN LOSE VALUE. DIVERSIFICATION DOES NOT ENSURE AGAINST LOSS. INVESTMENTS MAY NOT
BE MADE INTO AN INDEX.
 We see potential diversification benefit from China allocation
 A-shares are an important part of the opportunity set
28
20190903-EU-PI-F-02

Key Favorable Sectors in New Economy
Policy Focus Favorable Sectors
Quality Growth
 Consumption upgrade and
industrialization
 Moving up the value chain
R&D and Innovation
Beautiful China
Electrical
Vehicle
Services
Advanced
Manufacturing
Consumer
I.T. Telecommunicatio
n
Health Care
Renewabl
e Energy
Environmental
Protection
Equipment
Sources: ICBCCSI
29
20190903-EU-PI-F-02

Key Favorable Sectors in Old Economy
Policy Focus Favorable Sectors
1. Rebalancing of Resources Allocation
 SOEs reform / mixed ownership
reform
 Supply-side reforms
2. Deleveraging
3. Direct Finance to Private Sectors
4. Easier Access
5. One Belt One Road
6. Rural Development
Commodity
& Materials Oil & Gas Electricity Chemicals
Banking & Finance
Infrastructure Construction Materials
Sources: ICBCCSI
30
20190903-EU-PI-F-02

China Low Trade Dependent Country
 China’s trade surplus to GDP is 1.5% in 2018 from 5.5% in 2005
 US MNCs’ direct investment in China is much higher than China’s direct investment in US
US and China’s Bilateral Imports in Each Other’s Territory China’s Trade Surplus to GDP
Source: Factset, CEIC, Morgan Stanley Research Source: Factset, CEIC, Morgan Stanley Research
550
170
620
470
180
25
US
Imports
from
China
China's
Imports
from US
Total
Assets
Total
Sales
Total
Assets
Total
Sales
US MNCs China MNCs
2.4
5.5
3.6
3.2
1.5
2000 2005 2010 2015 2018
▼ China Entered WTO in 2001
31
20190903-EU-PI-F-02

US Importers Scramble to Find Replacements
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
-1.5 -1.0 -0.5 0.0 0.5 1.0 1.5
1. Successful Substitutions
Lower reliance on China
and increase in total imports
2. Constrained Supply
Lower reliance on China but
decline in total imports
4. Ineffective Tariffs
Increase in total imports,
driven by higher imports
from China
3. Weak demand
Decrease in total imports,
driven by lower imports
from the rest of the world
1
3
42
>50% of imports came
from China in 2017
<50% of imports came
from China in 2017
Change in imports from China
Contributions to changes in the US imports, Top 400 tariffed categories, 1H18 to 1H19
ChangeinimportsfromtheROW
Original Article: Global Insight: 700,000 Data Points Reveal China Trade War Edge. 27 Aug 2019. | Chart Data: Mapping US Imports Across Top 400 Tariffed Categories. | The westerly
quadrant (numbered 2 in the chart) is the part to focus on. It shows the categories in which US imports from China have fallen and imports from the rest of the world have been inadequate to
make up the shortfall. Products that land there are the ones that U.S. importers have found hardest to source from other suppliers. | Source: USITC DataWeb, Bloomberg Economics, ICBCI
32
20190903-EU-PI-F-02

Is China or China Consumer Indebted?
 China total debt as percentage of GDP is on par with other countries
 Enterprise debt is mainly from SOEs in cyclical industries where current reform measurers are focusing
on
 Household leverage remains manageable at a reasonable level versus other major countries
Total Debt as % of GDP （%） Household Credit as percentage of GDP （%）
Chart Data: As of Feb 2019 | Source: BIS, CICC Research, ICBCCSI Chart Data: As of Dec 2018 | Source: Morgan Stanley Research, ICBCCSI
16
20 20
10
42
72
86
47
China US UK Japan
Credit/GDP (Incl. Mortgage) ►
▼Credit/GDP
(excl. Mortgage)
359
302
287
257 253 249
235
169
Japan France Canada UK China USA Korea Germany
Residential Gov Non-Financial Enterprises
33
20190903-EU-PI-F-02

 New home price index growth turned double-digit for tier - 1cities
 New home price index growth accelerated slightly for tier - 2/3 cities
 Inventory turnover in Tier1/2 cities remains moderate
China 70-city Property Price: New Constructed Sellable Area/monthly Sales by City Tiers (3mma)
Source: CEIC, CICC Research Source: CEIC, CICC Research
-10
-5
0
5
10
15
20
25
30
35
40
01 03 05 07 09 11 13 15 17 19
(%)
Tier 1
Tier 2
Tier 3
Tier-1: 9
Tier-2: 9
Tier-3: 12
0
5
10
15
20
25
30
35
40
45
08 09 10 11 12 13 14 15 16 17 18 19
(Months)
12 months
Property Market Concerns Overdone
34
20190903-EU-PI-F-02

Forex Risks Ahead, But China Surely Intervene
 Rising risks to China’s growth amid trade tension… suggesting more policy responses ahead
 PBoC still focuses on managing FX volatility and avoid disruptive deprecation
 USD/CNY stay largely flat at 7.15-7.30 against other constituent currencies in basket
Recent CNY Moves
Chart Data: Indexed Jul-3 = 100 | Source: Bloomberg, Morgan Stanley Research, ICBCCSI
80
85
90
95
100
105
Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19
▼ Depreciating CNY Appreciating USD
Aug-18: PBoC lift RRR for FX
forwards from 0% to 20%
►
Dec-18: G20 and
start of US-China
90-day trade talk
Aug-19: US announced to
impose 10% tariff on the
remaining US$300bn of Chinese
goods on Sep 1
▼ Depreciating CNY Appreciating USD
►
35
20190903-EU-PI-F-02

S&P CHINA 500 Index
A New, Better Barometer for “Total China”
Section 3
20190903-EU-PI-F-02

S&P China 500 index1 : A New, Better Barometer For China
GICS2 Sector Breakdown （Weight %, as of Aug 30, 2019）
Exchange of Listing （Weight %, as of Aug 30, 2019）
24%
17%
11%
10%
46%
7%
7%
37%
5%
3%3%
Financials
Consumer Discretionary
Communication Services
Industrials
Information Technology
Materials
Consumer Staples
Real Estate
Health Care
Energy
Utilities
51%
36%
12%
0.1%
China
Hong Kong
USA
Singapore
Largest 500
(by total market cap including all share classes) are selected, based on:
Float-adjusted market cap
weighting
Semi-annual rebalancing in Jun and Dec
Entire universe of Chinese companies is examined
(A, B, H, Red Chip, P Chip and Chinese securities listed in the U.S. or any other overseas
exchanges)
 USD 300 million minimum float-adjusted market cap
 USD 1 million minimum 6-mth median daily value traded
 60% minimum annual turnover
Chart Note: 1: Source: S&P Dow Jones Indices 2: The Global Industry Classification Standard
(GICS®) was developed by and is the exclusive property and a trademark of S&P and MSCI. |
Source: S&P Dow Jones Indices, as of Aug 30, 2019. | FIGURES ARE ROUNDED FOR
ILLUSTRATIVE PURPOSE ONLY. PLEASE REFER TO INDEX DISCLAIMERS AND INDEX
PERFORMANCE DISCLOSURE AT THE END OF THIS PRESENTATION
37
20190903-EU-PI-F-02

How is S&P China 500 a better “Total China” index?
Lower sector concentration in Financials, more weights in new economy
0
10
20
30
40
50
60
Financials I.T. Cons Disc Industrials Materials Cons Staples Health Care Real Estate Energy Utilities Communication
CSI 300 FTSE A50 HSCEI MSCI China S&P China 500
Sector Exposure Comparison By GICS1 sectors weight (%) as of Aug 30, 2019
Chart Note: 1:The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property and a trademark of S&P and MSCI. | Source: Bloomberg, FTSE, MSCI,
China Securities Index, Hang Seng Indexes, S&P Dow Jones Indices; As of Aug 30, 2019; | PLEASE REFER TO INDEX DISCLAIMERS AT THE END OF THIS PRESENTATION.
Onshore Offshore
38
20190903-EU-PI-F-02

How is S&P China 500 a better “Total China” index?
Diversified exchange listing, hedged currency exposure
Exchange of listing of S&P China 500 vs. other China indices* (Weight %)
Onshore Offshore
Onshore/
Offshore
Indices CSI 300 FTSE A50 HSCEI
MSCI
China*
S&P
China 500
China A-shares 100 100 - 7.9 51.3
China B-shares - - - 0.13 0.1
Hong Kong - - 100 66.5 36.1
US - - - 24.5 12.5
Singapore - - - - 0.1
S&P China 500：Currency Exposure (%)
51.4
36.0
12.5
0.1
CNY HKD USD SGD
HKD Pegs USD
Chart Note: *In absence of data information from MSCI index, the exchange listing weighting is approximated by using the exchange weighting of MSCI China ETF (2801 HK) underlying
holding | Source: Bloomberg, FTSE, MSCI, China Securities Index, Hang Seng Indexes, S&P Dow Jones Indices; As of Aug 30, 2019 | PLEASE REFER TO INDEX DISCLAIMERS AT THE
END OF THIS PRESENTATION.
39
20190903-EU-PI-F-02

Divergence of Onshore and Offshore China Indices Performance
Performance Since S&P China 500 Index Base Date (Jun 16, 2006)
-50%
0%
50%
100%
150%
200%
250%
300%
350%
400%
06 07 08 09 10 11 12 13 14 15 16 17 18 19
S&P China
HSCEI
CSI300
FTSE A50
MSCI China
HSI
Chart Note: 1: S&P China 500 (USD), based on back-test performance, annualized net total return. Source: S&P Dow Jones Indices LLC. Calculation starts from June 16,2006 to August 30,
2019. Index performance based on price return local currency. |Source: Bloomberg, FTSE, MSCI, HSI, CSI, S&P Dow Jones Indices; CHARTS AND GRAPHS ARE PROVIDED FOR
ILLUSTRATIVE PURPOSES. PAST PERFORMANCE IS NOT AN INDICATION OR GUARANTEE OF FUTURE RESULTS. THESE CHARTS AND GRAPHS MAY REFLECT
HYPOTHETICAL HISTORICAL PERFORMANCE. PLEASE REFER TO INDEX DISCLAIMERS AND INDEX PERFORMANCE DISCLOSURE AT THE END OF THIS DOCUMENT
40
20190903-EU-PI-F-02

S&P China 500 Index outperform other Chinese indices 1
Net Total Return Currency 1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Since Index
base date
(16 Jun 2006)
CSI 300 USD -4.44% 2.58% 23.25% 10.54% 13.49% 49.92% 49.96% 296.35%
FTSE A50 USD -4.35% 4.48% 27.70% 16.82% 38.75% 80.40% 64.52% 293.58%
HSI USD -7.26% -3.18% 2.12% -5.45% 22.64% 22.08% 82.86% N/A
HSCEI USD -5.55% -0.92% 2.49% -4.82% 15.30% 7.82% 23.42% N/A
MSCI China USD -4.19% 2.95% 7.65% -6.14% 27.23% 25.32% 69.72% 204.61%
SPC 500 Index USD -4.21% 2.58% 15.05% 1.33% 21.44% 38.35% 74.55% 279.19%
Indices Historical Performance
Table Note: 1. Outperforms in 10 Years cumulative return. Data As of August 30, 2019. June 16, 2006 is the index base date of S&P China 500 Index | Source: Bloomberg, FTSE, MSCI,
China Securities Index, Hang Seng Indexes, S&P Dow Jones Indices; PLEASE REFER TO INDEX DISCLAIMERS AT THE END OF THIS PRESENTATION.
41
20190903-EU-PI-F-02

Better Long-term Risk-adjusted Return
Return Matrix of S&P China 500 and Other China Indices 1
Chart Note. 1:Calculation starts from 31-Dec-08 to 30-Aug-19. All data are converted to USD. 2: S&P China 500 (USD), based on back-test performance, annualized net total return. 3. Return
is calculated between 31 Dec 2018 and 30 Aug 2019. | Source: Bloomberg, FTSE, MSCI, HSI, CSI, S&P Dow Jones Indices; Index performance based on net total returns USD. | CHARTS
AND GRAPHS ARE PROVIDED FOR ILLUSTRATIVE PURPOSES. PAST PERFORMANCE IS NOT AN INDICATION OR GUARANTEE OF FUTURE RESULTS. THESE CHARTS AND
GRAPHS MAY REFLECT HYPOTHETICAL HISTORICAL PERFORMANCE. PLEASE SEE THE PERFORMANCE DISCLOSURE AT THE END OF THIS DOCUMENT FOR MORE
INFORMATION REGARDING THE INHERENT LIMITATIONS ASSOCIATED WITH BACK-TESTED PERFORMANCE.
9.60%
8.60%
9.20%
8.50%
5.60%
22.20%
26.90%
27.90%
21.60%
23.80%
0.43
0.32
0.33
0.39
0.24HSCEI
MSCI China
FTSE A50
CSI300
S&P 500 2
Annualized Return 3 (%) Annualized Volatility (%) Sharp Ratio (%)
42
20190903-EU-PI-F-02

Financials U/W allows for New Economy O/W
S&P 500 Weighting vs
Ticker Name S&P China 500 HSCEI CSI 300 HSCEI CSI 300
700 HK Tencent Holdings Ltd 7.83% 9.90% - -2.07% 7.83%
BABA UN Alibaba Group Holding Ltd 7.76% - - 7.76% 7.76%
601318 CH Ping An Insurance Group A 4.11% - 7.67% 4.11% -3.56%
939 HK China Construction Bank 2.75% 9.56% - -6.81% 2.75%
600036 CH China Merchants Bank 2.57% - 2.87% -2.57% -0.30%
600519 CH Kweichow Moutai Co Ltd A 2.19% - 4.65% -2.19% 2.46%
2318 HK Ping An Insurance Group H 1.99% 10.14% - 8.15% -1.99%
1398 HK ICBC 1.69% 7.37% - -5.68% 1.69%
941 HK China Mobile 1.57% 8.06% - -6.49% 1.57%
3690 HK Meituan Dianping H 1.29% - - -1.29% -1.29%
Top 10 Index Holdings
Source: Bloomberg, China Securities Index, Hang Seng Indexes, S&P Dow Jones Indices; As of Aug 30, 2019; | PLEASE REFER TO INDEX DISCLAIMERS AT THE END OF THIS
PRESENTATION
Tencent + Alibaba + Pingan = ~20%
43
20190903-EU-PI-F-02

Valuation of S&P China 500 Index
Table Note: 1, The price to earnings ratio for an equity index. Calculated as Last price divided by the trailing 12 months EPS aggregate. 2, Index estimated dividend yield current year.
Calculated as estimated dividends FY divided by last price. 3, Index estimated price/cash flow current year. Calculated as last price divided by estimated cash flow. | Source: Bloomberg,
FTSE, MSCI, China Securities Index, Hang Seng Indexes, S&P Dow Jones Indices; As of August 30, 2019; | PLEASE REFER TO INDEX DISCLAIMERS AT THE END OF THIS
PRESENTATION.
Index P/E1
Dividend Yield2
P/CF3
Debt/Equity Return Volatility ROE
CSI 300 13.95 2.46 10.02 197.60 30.60 12.75
FTSE A50 10.61 3.09 9.16 243.04 34.57 14.88
HSI 9.99 3.96 7.75 106.82 2.06 11.61
HSCEI 8.04 4.11 5.82 142.23 3.13 12.91
MSCI China 13.04 2.41 8.31 125.58 7.87 12.69
SPC 500 13.20 2.49 8.91 150.62 21.00 12.58
44
20190903-EU-PI-F-02

S&P China 500 Index – the “Total China” Barometer
Source: S&P Dow Jones Indices. Note: 1. Calculation starts from 31-Dec-08 to 30-Aug-19.
Broader market coverage  Covers the 500 largest and most liquid Chinese companies regardless of
their listing venue
 Includes the entire universe of Chinese companies (A, B, H, Red Chip, P
Chip and Chinese securities listed in the U.S. or any other overseas exchange.)
Diversified Sector Exposure  Much less concentration in Financials (24.23%) comparing to FTSE A50
(52.26%), CSI300 (34.34%) and HSCEI (48.36%) as of August 30, 2019.
 More weights are distributed to new economy sectors, such as
Communication Services(11.18%), Consumer Discretionary(17.43%) and
Information Technology (7.46%) comparing to CSI300 (1.71%, 9.39% and
8.25%,respectively)
Balanced RMB/USD
Currency Exposure
 Approximately 51.38% exposure in RMB (A-shares), and remaining mostly in
USD or USD-pegged HKD which provides natural hedge against each other
Better risk-adjusted return  Based on back-testing results1, the SPC500 showed solid return and
relatively low volatility vs other major China indices
45
20190903-EU-PI-F-02

S&P China 500 UCITS ETF
Section 4
20190903-EU-PI-F-02

Introducing ICBCCS WisdomTree S&P China 500 UCITS ETF
Fund Exchange Ticker ISIN
Base
Currency
Listing
Currency
ICBCCS WisdomTree S&P China 500 UCITS ETF Class B USD LSE CHIN LU1440654330 CNH USD
ICBCCS WisdomTree S&P China 500 UCITS ETF Class B USD LSE CHIP LU1440654330 CNH GBX
ICBCCS WisdomTree S&P China 500 UCITS ETF Class B USD LSE CHIC LU1440654330 CNH CNH
ICBCCS WisdomTree S&P China 500 UCITS ETF Class B USD BIT CHIN LU1440654330 CNH EUR
ICBCCS WisdomTree S&P China 500 UCITS ETF Class B USD XETRA ICW5 LU1440654330 CNH EUR
Asset Class Equities Registration DE, FI, FR, GB, IT, LU, NL, SE
Replication Method Physical (Optimised/Sampling) Depositary State Street Bank Luxembourg S.C.A
Total Expense Ratio 0.75% p.a. Administrator State Street Bank Luxembourg S.C.A
Use of Income Distributing (Annually) Investment Manager
ICBC Credit Suisse Asset Management
(International) Co. Ltd.
UCITS Compliant Management Company Carne Global Fund Managers (Luxembourg) S.A.
Fund Overview
Listings and Codes
47
20190903-EU-PI-F-02

Fund Performance and Tracking Error vs. S&P China 500 Index (Net Total Returns USD)
List of AP and Liquidity Provider
1 Month 3 Month YTD 1 Year
Since Inception
(26 Jul 2016)
S&P China 500 ETF -4.28% 2.53% 14.15% 0.62% 23.40%
S&P China 500 Index* -4.21% 2.58% 15.05% 1.33% 25.45%
Tracking Difference -0.08% -0.06% -0.89% -0.71% -2.05%
Authorized Participants Liquidity Provider
Goldman Sachs Commerzbank Optiver Flowtrader Commerzbank
Jane Street
Goldenberg Hehmeyer
LLP
Merrill Lynch Societe Generale** Goldenberg Hehmeyer LLP
Table Note: * * Authorized Participants Agreement is under compliance review progress. | Source: S&P Dow Jones Indices LLC. Data as of August 30, 2019. Index performance based on
net total returns USD.
48
20190903-EU-PI-F-02

CHIN LN has the broadest coverage and relatively low TER vs. popular pure onshore or pure offshore China ETFs
Tickers Name Underlying index
# of
constitue
nts
AUM
(USDm)
Listing exchanges of
underlying
Replication
strategy
TER
CHIN LN ICBCCS WT SPC500 UCITS ETF S&P China 500 521 58.7
China A (51%),
China B, HK, US,
SG
Physical
(optimized)
0.75%
XCS6
GR
Xtrackers MSCI China UCITS ETF MSCI China 504 911.6
China A (5%), China
B, HK, US
Physical
(optimized)
0.65%
FXC LN iShares China Large Cap UCITS ETF FTSE China 50 50 590.5 HK (H-shares only)
Physical
(Full)
0.74%
RQFI GR Xtrackers Harvest CSI300 UCITS ETF CSI 300 Index 302 561.0 China A
Physical
(Full)
0.65%
CHNA
LN
CSOP Source FTSE China A50 UCITS ETF FTSE China A50 50 19.5 China A
Physical
(Full)
0.65%
CASH LN L&G E Fund MSCI China A UCITS ETF MSCI China 481 24.6
China A (5%), China
B, HK, US
Physical
(optimized)
0.91%
C2BC
GR
BOCI SHANGHAI 50 A SHR-AEURD UCITS
ETF
SSE 50 48 13.8 China A
Physical
(Full)
0.98%
Source: Bloomberg. Data as of Aug 30, 2019.
49
20190903-EU-PI-F-02

Our Goal
To Be An Important “China” Building Block for Global and Emerging Market Portfolios
The Ideal Building Block
 Cost-efficient passive buy-and-
hold strategies; and,
 Tactical allocation during risk-
on/ risk-off market conditions
S&P
China 500
Efficient
• Low cost passive strategy with efficient market access
• Minimized risks and nuisance of selecting the appropriate active
manager for first-timer to China market
• Better liquidity than the underlying market
Diversified
• Comprehensive coverage of China
economy
• One-click solution to obtain China
exposure across multiple markets
Physical replication
 Transparent physical index that truly
tracks China
 Designed to be a cross-market index
that is feasible to replicate
Other
Emerging
Markets
Other
Global
Markets
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20190903-EU-PI-F-02

More About ICBC Credit Suisse
Appendix A
20190903-EU-PI-F-02

ICBCCS: A Leading Asset Manager in China
Our Profile
Shareholder
s
ICBC: 80%
Credit Suisse: 20%
AUM USD208bn (~RMB 1.3trn)
Clients approximately 22 million clients
Business Mutual and Private Funds, Listed and Non-listed
Instruments, Domestic and Cross-boarder
Businesses
Headcount 648 personnel
Subsidiaries Three branches (Beijing, Shanghai, Shenzhen)
Two subsidiaries：
• ICBC Credit Suisse Investment Management
Company Limited - (Shanghai)
• ICBC Credit Suisse Asset Management
(International) Company Limited - (Hong Kong)
Our Mission
A prudent approach to manage clients’ wealth
Our Investment Philosophy
Prudent Investment
Value Investment
Long-term Investment
Our Goals
Well-aligned with shareholders’ strategic
development
Be influential in global capital market
Be well-respected in the industry
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Demonstrated Strong Growth Momentum Over a Decade
Total AUM of ICBC Credit Suisse Asset Management (USDbn)
 With a total AUM of nearly USD208bn as at the end of December 2018, ICBCCS is one of the largest
asset managers in China with 60% compound annual growth rate over the past 13 years.
 In terms of industry ranking, by the end of December 2018, ICBCCS is among the Top 3 largest in
mutual funds, the No. 1 biggest in enterprise annuity & government pensions business.
Source: ICBCCS, Asset Management Association of China (AMAC), Galaxy Securities, AMAC MOHRSS
1 5
12 15 14 14 17
25
37
94
152
179
206 208
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
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Highly Specialized Investment Team
 ICBC Credit Suisse has one of the largest research and investment teams in China, with 12 specialized
units located in different parts of China focusing on different asset classes and sectors - 7 for equity, 4 for
Fixed Income, 1 for FOF.
 Investment decision is supported by both macro analysis as well as rigorous bottom-up research,
focusing on listed companies and specific sectors.
Macro
Value Team
Growth
Team
Industry
Team
Quant Team
Absolute Return
Team
Index Investment
Team
International
Investment Team
Industries International Quant
Commodities Energy
Infrastructure
Logistics &
Auto
Food &
Beverage
Entertainment
Healthcare
Financial &
Real Estate
TMT
ST Bond
Team
Bond Team
Balanced
Bond Team
Pension
Team
Macro Strategy
Convertible
Bond/New
Listing
FI
Allocatio
n
FOF
Investment
Team
Credit
Rating
Credit
Strategy
Asset
Allocation
Fund
Selection
Equity Investment Fixed Income Investment Fund Investment
Investment
Capability
Centers
Research
Teams
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20190903-EU-PI-F-02

Highly Specialized Investment Team
 Four levels of risk management system was established to ensure risks are monitored and contained
effectively.
 More than 600 Investment portfolios are monitored by a robust compliance monitoring system with 3600
risk indicators.
Board of
directors
Corporate Governance and
Risk Control Committee
Compliance
Department
4th
Level
Management
Team
Risk Management Committee
Internal Control
and Audit
Department
Risk
Management
Department
All Business Departments
2th
Level
1th
Level
3th Level
Risk Management System
Methodologies
Structure
Procedure
Philosophy
Rigorous Risk Management
Compliance policies, portfolio
monitoring, internal control, and
standardized operation procedures.
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Our Risk Management System
 ICBCCS became the first Chinese asset manager who received the GIPS verification in 2007, and
remained certified for the following 10 years.
 ICBCCS was certified by ISAE3402 (previously SAS70).
 ICBCCS established an industry-leading BCP infrastructure with strong local support in every major cities
in China.
Systems：A combination of self developed and third-
party system with industry-leading BCP infrastructure
Rigorous risk management system covering investment
risk, operation risk, and compliance risk
Four levels of risk management system
Management philosophy focusing on compliance
policies, portfolio monitoring, internal control, and
standardized operation procedures.
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Our Milestones
 ICBC Credit Suisse Asset Management (International) Company Limited, or the Hong Kong subsidiary, is
a wholly-owned subsidiary of ICBCCS in Hong Kong, was established in July 2011 with a registered
capital of HKD 250 million.
 Since establishment, the subsidiary has inherited ICBC’s prudent operation philosophy and Credit Suisse
over a hundred years of successful management experiences, and constructed a complete organizational
structure, clear demarcation of duties, effective checks and balances, and rational incentives &
constraints.
• Granted of Type 4
(advising on
securities) and
Type 9 (asset
management)
licenses by HK
SFC
• Became one of two
domestic-funded
overseas asset
managers for
NSSF funds
• Participated in
Bond Connect
Scheme, completed
1st trading with the
first batch of market-
makers
• Launched ICBCCS
S&P China 500 ETF
and was listed on
NYSE
• Launched 2
mutual
recognition
funds
approved by
HK SFC
2011 2012 2013 2015 2016 2017
• Launched
RQFII RMB
bond fund
• Set up
distribution
channel with
ICBC Asia、
BOCI、CS、
NOMURA, etc,.
2014
• Among the very
first to get the
qualification as
QFII investment
manager of
Chinese stocks
• Launched
ICBCCS S&P
China 500 ETF
in Canada
2018
• Launched the first RMB
cash management fund
using the amortized cost
method in HK
• Obtained investment
adviser license granted by
US SEC
• Launched the first UCITS
ETF tracking S&P China
500 Index, distributed in
Luxemburg etc.
• Got Type 1 (securities
trade) license by HK SFC
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S&P 500 China Index
Appendix B
20190903-EU-PI-F-02

Top 10 constituents of S&P China 500 vs. other China indices
“Total” China Onshore Onshore Offshore Offshore
S&P China 500 CSI 300 FTSE A50 HSCEI MSCI China
Tencent Ping An Insurance - A Ping An Insurance - A Pingan Insurance - H Tencent
Alibaba Kweichow Moutai China Merchants Bank CCB – H Alibaba
Ping An A China Merchants Bank Kweichow Moutai ICBC CCB-H
China Construction Bank Industrial Bank Industrial Bank Bank of China Baidu
China Merchants Bank Gree Electric Appliances China Minsheng Bank China Mobile China Mobile
Kweichow Moutai Midea Group Gree Electric Appliances
China Petroleum & Chemical
Corp
Ping An Insurance – H
Ping An Insurance H China Minsheng Bank Midea Group Tencent ICBC
ICBC Bank of Communications China Vanke Co. Ltd PetroChina CNOOC
China Mobile YILI SPDB Co. China Life Insurance Bank of China
Meituan Dianping
Agricultural Bank of China
Ltd
Agricultural Bank of China
Ltd
China Merchants Bank
China Petroleum & Chemical
Corp
Source: S&P Dow Jones Indices LLC, CSI, Hang Seng, Bloomberg as of September 30, 2018. | REFERENCES TO INDIVIDUAL STOCK NAMES ARE NOT TO BE TAKEN AS
RECOMMENDATION OR INVESTMENT ADVICE. NO REPRESENTATION IS MADE THAT STOCKS MENTIONED HERE WILL BE CONTAINED IN ANY PARTICULAR PORTFOLIO.
CHART IS PROVIDED FOR ILLUSTRATIVE PURPOSES.
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Index Methodology
Screening & selection, Weighting, Rebalancing
Index Universe: The index universe is defined as all constituents of the S&P Total China BMI (~3000 securities) that meet the following criteria as of the
rebalancing reference date:
 Float-adjusted market capitalization must be at least US$ 300 million (US$ 250 million for existing constituents).
 Six-month median daily value traded must be at least US$ 1 million (US$ 0.8 million for existing constituents).
 Annual trade turnover must be at least 60% (50% for existing constituents). Annual trade turnover is defined as the ratio of annual dollar value traded
to float-adjusted market capitalization.
Constituent Selection. Constituent selection is as follows:
1. Eligible stocks are ranked by total market capitalization within each GICS sector in descending order.
2. Select largest company based on total market capitalization within each sector, including all listings of the company.
3. Compare the sector breakdowns (by float-adjusted market capitalization) of the selected stocks to the index universe and find the most underweighted
sector. Add the next largest company (by total capitalization) in that sector, including all eligible listings of the company.
4. Repeat Step 3 until the number of selected companies reaches 350. All selected companies and their eligible listings are included in the index.
5. Repeat Step 3 to select 300 additional companies (including all eligible listings) to form a buffer zone.
6. Add the existing constituent companies in the buffer zone to the index by repeating Step 3 until they are all exhausted or the total number of selected
companies in the index reaches 500.
7. If after Step 6, the total number of selected companies is still less than 500, new candidate companies and all their eligible listings in the buffer zone
are added by repeating Step 3 until the total number of selected companies in the index reaches 500.
Weighting: The index is weighted by float-adjusted market capitalization.
Rebalance: Semi-annual - The indices are rebalanced semi-annually, effective at the close of trading on the third Friday of June and December. The
rebalancing reference dates are the last trading day of May and November, respectively.
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China Capital Market Access Guide
Appendix C
20190903-EU-PI-F-02

Foreign Investor Access to China
Chinese
Investors
Foreign
Investors
Qualified
Foreign
Investors
Foreign Listings
P Chips (HKD)
Red Chips (HKD)
H Shares (HKD)
B Shares (HKD/USD)
A Shares (CNY)
Non-state-owned Issuers
Incorporated Outside of China
State-owned Issuers
Incorporated Outside of China
Issuers Incorporated in China
Issuers Incorporated in China
or Outside of China
Shanghai and Shenzhen Exchanges Hong Kong Exchanges
Foreign Exchanges (Singapore, NY,
London Etc)
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20190903-EU-PI-F-02

Chinese Share Classes Definition
Listings Share Class Definition Example
Onshore
A Shares These are shares of companies incorporated in mainland China and traded on the
Shanghai or Shenzhen Stock Exchanges in Chinese renminbi.
ICBC Ltd. (China)
(601398 CH)
B Shares These are shares of Chinese companies that trade in U.S. dollars on the
Shanghai Stock Exchange and in Hong Kong dollars on the Shenzhen Stock
Exchange.
Chongqing Changan
Automobile Co.
(200625 CH)
Offshore
H Shares These are shares of companies that are incorporated in mainland China, but trade
on the Hong Kong Stock Exchange. They are traded in Hong Kong dollars and are
accessible to non-residents of China.
ICBC Ltd. (Hong Kong)
(1398 HK)
Red Chips These are shares of Chinese companies that are incorporated outside of
mainland China and listed on the Hong Kong Stock Exchange. Red Chips, which
are controlled by mainland Chinese entities, are traded in Hong Kong dollars and
are available to non-residents of China.
China Mobile Ltd.
(941 HK)
P Chips These are shares of non-state-owned Chinese companies that are incorporated
outside of the mainland in domiciles of convenience such as the Cayman Islands,
Bermuda, etc. and listed on the Hong Kong Stock Exchange.
Tencent Holdings Ltd.
(700 HK)
U.S.-Listed Chinese
Companies
U.S.-listed Chinese companies are defined as companies that primarily operate in
mainland China but whose primary listings are on a U.S. exchange.
Alibaba Group Holding
Ltd.
(BABA US)
Source: S&P China Indices Methodology | Disclaimers: References to individual stock names are not to be taken as recommendation or investment advice. No representation is made that
stocks mentioned here will be contained in any portfolio.
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Chinese Share Classes Definition
Share Class Country of
Incorporation
Country of Listing Trading Currency Available to mainland
Chinese investors
Available to Global investors
A People’s Republic
of China (PRC)
China CNY Yes Yes under QFII/ RQFII/
Stock Connect programs
B PRC China USD (Shanghai)
HKD (Shenzhen)
Yes (if they have
appropriate currency
accounts)
Yes
H PRC Hong Kong HKD Yes if Stock-connect or
QDII approved
Yes
Red Chip Non-PRC Hong Kong HKD Yes if Stock-connect or
QDII approved
Yes
P Chip Non-PRC Hong Kong HKD Yes if Stock-connect or
QDII approved
Yes
S Chip Non-PRC Singapore SGD Yes if Stock-connect or
QDII approved
Yes
N Chip Non-PRC United States USD Yes if QDII approved Yes
Source: FTSE Russell. Guide to Chinese Share Classes, v1.8.
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20190903-EU-PI-F-02

Access to China A shares via Stock Connect, QFII & RQFII
SH/SZ Northbound Stock Connect QFII RQFII
Clearing HKSCC (a.k.a. CCASS) CSDCC (a.k.a. ChinaClear)
ID & quota application No aggregate quota; Daily quota of RMB13
billion, calculate separately for SH and SZ
Connect
Subject to CSRC & SAFE approvals
Broker Origination Hong Kong China
Scope of investments  All constituent stocks of the SSE180 and
380, SZSE Component Index, SZSE
Small/Mid Cap Innovation Index with
market capitalization > RMB 6 billion
 All dual-listed shares i.e. SSE-SEHK A+H
and SZSE-SEHK A+H
 Exceptions: Shares that are not traded in
RMB, Shares under “risk alert”, IPOs
 All stocks in Shanghai and Shenzhen Stock Exchanges
 Fixed Income: Corporate, government, enterprise,
convertible and interbank bond market
 Securities investment funds including closed end, open-
ended and ETFs
 Others such as warrants, index futures, IPOs
Source: CSRC, SSE, HKEX, Goldman Sachs, Citi, ICBCCSI
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Access to China A shares via Stock Connect, QFII & RQFII (Cont’d)
SH/SZ Northbound Stock Connect QFII RQFII
Order types (Street side) Limited only (no amend) Market Order, Limit Order, Block Trade (no amend)
Pre-trade checks Broker/ SPSA level checks on Sells Client-Broker level checks on Buys and Sells
Inflow currency RMB (CNH) Flows should be in FX, need
FX accounts onshore; FX
conversion happens onshore
Flows in RMB (CNH), no need
to open FX account onshore
Repatriation and principal lockup No repatriation limit; No lockup Repatriations of principals no
longer deduct quotas
Repatriations of principals
deduct quotas
Minimum inflow amount No minimum amount No more minimum inflow amount; though note minimum quota
grants of US$20mn; Quotas are now counted on cumulative net
buy basis for all accounts.
Source: CSRC, SSE, HKEX, Goldman Sachs, Citi, ICBCCSI
66
20190903-EU-PI-F-02

INDEX PROVIDER DISCLAIMER
STANDARD & POOR’S® AND S&P® ARE REGISTERED TRADEMARKS OF STANDARD & POOR’S FINANCIAL SERVICES LLC (“S&P”) AND DOW JONES® IS A REGISTERED TRADEMARK OF DOW JONES
TRADEMARK HOLDINGS LLC (“DOW JONES”) AND HAVE BEEN LICENSED FOR USE BY S&P DOW JONES INDICES LLC AND SUBLICENSED FOR CERTAIN PURPOSES BY ICBC CREDIT SUISSE ASSET
MANAGEMENT (INTERNATIONAL) CO., LTD. ("ICBCCSI"). THE S&P CHINA 500 INDEX IS A PRODUCT OF S&P DOW JONES INDICES LLC OR ITS AFFILIATES (“SPDJI”), AND HAS BEEN LICENSED FOR USE
BY ICBCCSI. ICBCCS WISDOMTREE S&P CHINA 500 UCITS ETF (“ETF FUND”) IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY SPDJI, DOW JONES, S&P, OR ANY OF THEIR RESPECTIVE
AFFILIATES (COLLECTIVELY, “S&P DOW JONES INDICES”). S&P DOW JONES INDICES MAKE NO REPRESENTATION REGARDING THE ADVISABILITY OF INVESTING IN SUCH PRODUCT.
INDEX PERFORMANCE DISCLAIMER
THE S&P CHINA 500 WAS LAUNCHED ON AUGUST 28, 2015. ALL INFORMATION FOR AN INDEX PRIOR TO ITS LAUNCH DATE IS BACK-TESTED. BACK-TESTED PERFORMANCE IS NOT ACTUAL
PERFORMANCE, BUT IS HYPOTHETICAL. THE BACK-TEST CALCULATIONS ARE BASED ON THE SAME METHODOLOGY THAT WAS IN EFFECT ON THE LAUNCH DATE. COMPLETE INDEX METHODOLOGY
DETAILS ARE AVAILABLE AT WWW.SPDJI.COM. IT IS NOT POSSIBLE TO INVEST DIRECTLY IN AN INDEX.
S&P DOW JONES INDICES DEFINES VARIOUS DATES TO ASSIST OUR CLIENTS IN PROVIDING TRANSPARENCY ON THEIR PRODUCTS. THE FIRST VALUE DATE IS THE FIRST DAY FOR WHICH THERE IS
A CALCULATED VALUE (EITHER LIVE OR BACK-TESTED) FOR A GIVEN INDEX. THE BASE DATE IS THE DATE AT WHICH THE INDEX IS SET AT A FIXED VALUE FOR CALCULATION PURPOSES. THE
LAUNCH DATE DESIGNATES THE DATE UPON WHICH THE VALUES OF AN INDEX ARE FIRST CONSIDERED LIVE: INDEX VALUES PROVIDED FOR ANY DATE OR TIME PERIOD PRIOR TO THE INDEX’S
LAUNCH DATE ARE CONSIDERED BACK-TESTED. S&P DOW JONES INDICES DEFINES THE LAUNCH DATE AS THE DATE BY WHICH THE VALUES OF AN INDEX ARE KNOWN TO HAVE BEEN RELEASED
TO THE PUBLIC, FOR EXAMPLE VIA THE COMPANY’S PUBLIC WEBSITE OR ITS DATAFEED TO EXTERNAL PARTIES. FOR DOW JONES-BRANDED INDICATES INTRODUCED PRIOR TO MAY 31, 2013, THE
LAUNCH DATE (WHICH PRIOR TO MAY 31, 2013, WAS TERMED “DATE OF INTRODUCTION”) IS SET AT A DATE UPON WHICH NO FURTHER CHANGES WERE PERMITTED TO BE MADE TO THE INDEX
METHODOLOGY, BUT THAT MAY HAVE BEEN PRIOR TO THE INDEX’S PUBLIC RELEASE DATE.
PAST PERFORMANCE OF THE INDEX IS NOT AN INDICATION OF FUTURE RESULTS. PROSPECTIVE APPLICATION OF THE METHODOLOGY USED TO CONSTRUCT THE INDEX MAY NOT RESULT IN
PERFORMANCE COMMENSURATE WITH THE BACK-TEST RETURNS SHOWN. THE BACK-TEST PERIOD DOES NOT NECESSARILY CORRESPOND TO THE ENTIRE AVAILABLE HISTORY OF THE INDEX.
PLEASE REFER TO THE METHODOLOGY PAPER FOR THE INDEX, AVAILABLE AT WWW.SPDJI.COM FOR MORE DETAILS ABOUT THE INDEX, INCLUDING THE MANNER IN WHICH IT IS REBALANCED, THE
TIMING OF SUCH REBALANCING, CRITERIA FOR ADDITIONS AND DELETIONS, AS WELL AS ALL INDEX CALCULATIONS.
ANOTHER LIMITATION OF USING BACK-TESTED INFORMATION IS THAT THE BACK-TESTED CALCULATION IS PREPARED WITH THE BENEFIT OF HINDSIGHT. BACK-TESTED INFORMATION REFLECTS
THE APPLICATION OF THE INDEX METHODOLOGY AND SELECTION OF INDEX CONSTITUENTS IN HINDSIGHT. NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF
FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS RELATED TO THE EQUITIES, FIXED INCOME, OR COMMODITIES MARKETS IN GENERAL WHICH CANNOT BE,
AND HAVE NOT BEEN ACCOUNTED FOR IN THE PREPARATION OF THE INDEX INFORMATION SET FORTH, ALL OF WHICH CAN AFFECT ACTUAL PERFORMANCE.
THE INDEX RETURNS SHOWN DO NOT REPRESENT THE RESULTS OF ACTUAL TRADING OF INVESTABLE ASSETS/SECURITIES. S&P DOW JONES INDICES LLC MAINTAINS THE INDEX AND CALCULATES
THE INDEX LEVELS AND PERFORMANCE SHOWN OR DISCUSSED, BUT DOES NOT MANAGE ACTUAL ASSETS. INDEX RETURNS DO NOT REFLECT PAYMENT OF ANY SALES CHARGES OR FEES AN
INVESTOR MAY PAY TO PURCHASE THE SECURITIES UNDERLYING THE INDEX OR INVESTMENT FUNDS THAT ARE INTENDED TO TRACK THE PERFORMANCE OF THE INDEX. THE IMPOSITION OF
THESE FEES AND CHARGES WOULD CAUSE ACTUAL AND BACK-TESTED PERFORMANCE OF THE SECURITIES/FUND TO BE LOWER THAN THE INDEX PERFORMANCE SHOWN. AS A SIMPLE EXAMPLE,
IF AN INDEX RETURNED 10% ON A US $100,000 INVESTMENT FOR A 12-MONTH PERIOD (OR US $10,000) AND AN ACTUAL ASSET-BASED FEE OF 1.5% WAS IMPOSED AT THE END OF THE PERIOD ON
THE INVESTMENT PLUS ACCRUED INTEREST (OR US $1,650), THE NET RETURN WOULD BE 8.35% (OR US $8,350) FOR THE YEAR. OVER A THREE YEAR PERIOD, AN ANNUAL 1.5% FEE TAKEN AT YEAR
END WITH AN ASSUMED 10% RETURN PER YEAR WOULD RESULT IN A CUMULATIVE GROSS RETURN OF 33.10%, A TOTAL FEE OF US $5,375, AND A CUMULATIVE NET RETURN OF 27.2% (OR US
$27,200).
DISCLAIMER
67
20190903-EU-PI-F-02

ETF FUND DISCLAIMER
STANDARD & POOR’S® AND S&P® ARE REGISTERED TRADEMARKS OF STANDARD & POOR’S FINANCIAL SERVICES LLC (“S&P”) AND DOW JONES® IS A REGISTERED TRADEMARK OF DOW JONES
TRADEMARK HOLDINGS LLC (“DOW JONES”). THE TRADEMARKS HAVE BEEN LICENSED TO SPDJI AND HAVE BEEN SUBLICENSED FOR USE FOR CERTAIN PURPOSES BY ICBC CREDIT SUISSE ASSET
MANAGEMENT (INTERNATIONAL) CO., LTD. ("ICBCCSI"). THE S&P CHINA 500 INDEX IS A PRODUCT OF S&P DOW JONES INDICES LLC OR ITS AFFILIATES (“SPDJI”), AND HAS BEEN LICENSED FOR USE
BY ICBCCSI. ICBCCS WISDOMTREE S&P CHINA 500 UCITS ETF (“ETF FUND”) IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY SPDJI, DOW JONES, S&P, OR ANY OF THEIR RESPECTIVE
AFFILIATES (COLLECTIVELY, “S&P DOW JONES INDICES”). S&P DOW JONES INDICES MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OF THE ETF FUND OR ANY
MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN ETF FUND PARTICULARLY OR THE ABILITY OF THE S&P CHINA 500 INDEX TO TRACK
GENERAL MARKET PERFORMANCE. S&P DOW JONES INDICES' ONLY RELATIONSHIP TO ICBCCSI WITH RESPECT TO THE S&P CHINA 500 INDEX IS THE LICENSING OF THE INDEX AND CERTAIN
TRADEMARKS, SERVICE MARKS AND/OR TRADE NAMES OF S&P DOW JONES INDICES AND/OR ITS LICENSORS. THE S&P CHINA 500 INDEX IS DETERMINED, COMPOSED AND CALCULATED BY S&P
DOW JONES INDICES WITHOUT REGARD TO ICBCCSI OR THE ETF FUND. S&P DOW JONES INDICES HAVE NO OBLIGATION TO TAKE THE NEEDS OF ICBCCSI OR THE OWNERS OF ETF FUND INTO
CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE S&P CHINA 500 INDEX. S&P DOW JONES INDICES ARE NOT RESPONSIBLE FOR AND HAVE NOT PARTICIPATED IN THE
DETERMINATION OF THE PRICES, AND AMOUNT OF ETF FUND OR THE TIMING OF THE ISSUANCE OR SALE OF ETF FUND OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY WHICH
ETF FUND IS TO BE CONVERTED INTO CASH, SURRENDERED OR REDEEMED, AS THE CASE MAY BE. S&P DOW JONES INDICES HAVE NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE
ADMINISTRATION, MARKETING OR TRADING OF ETF FUND. THERE IS NO ASSURANCE THAT INVESTMENT PRODUCTS BASED ON THE S&P CHINA 500 INDEX WILL ACCURATELY TRACK INDEX
PERFORMANCE OR PROVIDE POSITIVE INVESTMENT RETURNS. S&P DOW JONES INDICES LLC IS NOT AN INVESTMENT ADVISOR. INCLUSION OF A SECURITY WITHIN AN INDEX IS NOT A
RECOMMENDATION BY S&P DOW JONES INDICES TO BUY, SELL, OR HOLD SUCH SECURITY, NOR IS IT CONSIDERED TO BE INVESTMENT ADVICE.
S&P DOW JONES INDICES DO NOT GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P CHINA 500 INDEX ("INDEX") OR ANY DATA RELATED THERETO
OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES
INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES,
AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ICBC CREDIT SUISSE ASSET
MANAGEMENT (INTERNATIONAL) COMPANY LIMITED ("ICBCCSI"), OWNERS OF THE ICBCCSI WISDOMTREE S&P CHINA 500 UCITS ETF (“ETF FUND”) , OR ANY OTHER PERSON OR ENTITY FROM THE
USE OF THE S&P CHINA 500 OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE
LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL,
EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF
ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND ICBCCSI, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
IN THIS DOCUMENT, ICBC CREDIT SUISSE REFERS TO ICBC CREDIT SUISSE ASSET MANAGEMENT COMPANY LIMITED AND ITS SUBSIDIARY, ICBC CREDIT SUISSE ASSET MANAGEMENT
(INTERNATIONAL) COMPANY LIMITED (“ICBCCSI”). ICBCCSI IS A REGULATED ENTITY UNDER THE HONG KONG SECURITIES AND FUTURES COMMISSION.
NO ACCOUNT HAS BEEN TAKEN OF ANY PERSON’S INVESTMENT OBJECTIVES, FINANCIAL SITUATION OR PARTICULAR NEEDS WHEN PREPARING THIS DOCUMENT. THIS IS NOT AN OFFER TO BUY OR
SELL, OR A SOLICITATION OR INCITEMENT OF OFFER TO BUY OR SELL, ANY PARTICULAR SECURITY, STRATEGY, INVESTMENT PRODUCT OR SERVICES NOR DOES THIS CONSTITUTE INVESTMENT
ADVICE OR RECOMMENDATION.
THE VIEWS AND OPINIONS EXPRESSED IN THIS DOCUMENT, WHICH ARE SUBJECT TO CHANGE WITHOUT NOTICE, ARE THOSE OF S&P DOW JONES INDICES LLC, ICBC CREDIT SUISSE AND/OR ITS
AFFILIATED COMPANIES AT THE TIME OF PUBLICATION. WHILE S&P DOW JONES INDICES LLC, ICBC CREDIT SUISSE AND/OR ITS AFFILIATED COMPANIES (COLLECTIVELY AS “WE” OR “US”) BELIEVE
THAT THE INFORMATION IS CORRECT AT THE DATE OF THIS PRESENTATION, NO WARRANTY OF REPRESENTATION IS GIVEN TO THIS EFFECT AND NO RESPONSIBILITY CAN BE ACCEPTED BY US TO
ANY INTERMEDIARIES OR END USERS FOR ANY ACTION TAKEN ON THE BASIS OF THIS INFORMATION. SOME OF THE INFORMATION CONTAINED HEREIN INCLUDING ANY EXPRESSION OF OPINION
OR FORECAST HAS BEEN OBTAINED FROM OR IS BASED ON SOURCES BELIEVED BY US TO BE RELIABLE AS AT THE DATE IT IS MADE, BUT IS NOT GUARANTEED AND WE DO NOT WARRANT NOR DO
WE ACCEPT LIABILITY AS TO ADEQUACY, ACCURACY, RELIABILITY OR COMPLETENESS OF SUCH INFORMATION. THE INFORMATION IS GIVEN ON THE UNDERSTANDING THAT ANY PERSON WHO
ACTS UPON IT OR OTHERWISE CHANGES HIS OR HER POSITION IN RELIANCE THEREON DOES SO ENTIRELY AT HIS OR HER OWN RISK WITHOUT LIABILITY ON OUR PART. THIS DOCUMENT SHALL BE
DISTRIBUTABLE IN COUNTRIES WHERE IT IS PERMITTED.
THIS MATERIAL HAS NOT BEEN REVIEWED BY THE HONG KONG SECURITIES AND FUTURES COMMISSION. ISSUER OF THIS MATERIAL: ICBC CREDIT SUISSE ASSET MANAGEMENT (INTERNATIONAL)
COMPANY LIMITED
DISCLAIMER (Con’t)
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20190903-EU-PI-F-02

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China ETF Investment Fund Raise Marketing