I. Introduction
An Exchange Traded Fund, "ETF" in short, refers to an "open-ended index fund traded on stock exchanges". ETFs can be bought and sold throughout the day on exchanges in the secondary market; they can also be purchased and redeemed at any time in the primary market. An ETF tracks a benchmark index and seeks to follow the combination of the constituent underlying assets of that particular index, with the aim of replicating the performance of the benchmark overtime. The underlying assets of an ETF are a combination of various assets such as a collection of stocks or bonds. Typically, the types of constituents in this combination are the same as the components contained in the benchmark index with the same combination ratio. The trading price of an ETF depends on the value of the basket of securities it owns, that is, the Net Asset Value ("NAV") per unit. The ETF's portfolio usually fully replicates the benchmark index, and its NAV performance is highly consistent with that of the index.

Being Participating Dealer for ETF products, ICBC Singapore Branch assists investors in subscribing and redeeming ETFs in the primary market, and offers a full suite of financial services to give investors "one-stop" financial solutions.

II. Features of ETFs
1. Low costs: ETFs are passively managed index funds with relatively low transaction fees and management fees. 
2. High liquidity: ETF products can be bought and sold in the secondary market on the exchange, and can also be purchased and redeemed in the primary market through participating dealers such as ICBC Singapore Branch. 　　
3. High transparency: Daily investment holding disclosure.　　
4. Diversification: Given the underlying asset of an ETF is a portfolio of securities, it has diversified risks and provides broadly diversified investments with minimum threshold.

III. Contact Us
Please contact us with the details below if you want to know more:
Tel：+65 6709 1327
Fax：+65 6538 1370
E-mail：capital_market@sg.icbc.com.cn
Bloomberg:Lena Liang

Appendix:NikkoAM-ICBCSG China Bond ETF  Click Here