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Q1： How can ETFs be traded?
Ans：

The trading of ETFs in Taiwan can be made through the following two ways:
1.Primary market: Investors may apply for In-Kind Creation/Redemption via a Participating Dealer     to the Manager. In-Kind Creation refers to a Participating Dealer for itself or on behalf of     investors delivering a portfolio of stocks and the cash component per basket for one creation     unit or their integer multiples to the Manager in exchange for ETF beneficiary certificates. In-Kind     Redemption refers to a Participating Dealer for itself or on behalf of investors delivering ETF     beneficiary certificates to the Manager in exchange for a portfolio of stocks and the cash     component per basket or their integer multiples.
2.Secondary market: Once the ETF is listed at TSEC, investors can buy/sell the ETF during trading     hours of TSEC.
  ※The Portfolio Composition File will be posted by 8 p.m. for details every trading day. Investors     can acquire such information on the website at http://www.fubonetf.com.tw or     http://www.tse.com.tw for details.
 
 
Q2： What is the Participating Dealer (PD) meant for?
Ans：

The Participating Dealer refers to a securities firm that has signed a participant agreement with the Manager for the operation of In-Kind Creation/Redemption of a certain ETF. The Participating Dealers appointed for each ETF may be different and also changeable from time to time. The latest information about PD can be checked by visiting the following website: www.fubonetf.com
 
Q3： Do I need an additional account to trade ETFs in Taiwan?
Ans：

Investors are able to trade ETFs by their securities trading accounts with a brokerage house, with no additional accounts required.
 
Q4： What is the trading time of TSEC for ETFs?
Ans：

It is exactly the same with that for the general stocks, from 9:00am to 1:30pm. The off-days shall be identical with those of banks in Taiwan.
 
Q5： Where can I trade ETFs through the centralized securities exchange market?
Ans：

ETFs, like general stocks, need to be traded at the licensed securities broker.
 
Q6： Are ETFs allowed to be traded in margin?
Ans：

For the listed ETF, you can trade it in margin. Further, short selling of the ETF under margin trading is exempted from the tick rule, which requires short sales not to take place at a lower price than the previous day's closing price. However, before conducting short selling, please check the brokers to see whether there is any quota still available.
 
Q7： Is there the daily price up/down limit of ETFs?
Ans：

Like general stocks, the daily price up/down limit of ETFs is 7%.
 
Q8： What is the bid/ask spread of ETFs?
Ans：

The bid/ask spread of ETFs per unit is NT$0.01 when the trading price of the unit is below NT$50; NT$0.05 when the unit price is above NT$50.
 
Q9： What is the cost of ETFs trading?
Ans：

The cost of ETFs trading includes the processing fee and securities transaction tax. The processing fee is the same as that of general stock trading, varying according to different brokers but no higher than 0.1425% of the consideration. Securities transaction tax of ETFs is 0.1% levied on the sales of the units, one third of that of stocks, levied at 0.3%.
 
Q10： What is the minimum board lot of ETFs in TSEC?
Ans：

The minimum board lot is 1,000 beneficiary units in the stock market, and also applicable to the regulation of block or odd-lot trading.
 
Q11： Will the market prices of ETFs be close to the NAV? Will there be big discounts or premiums ?
Ans：

Due to the unique in kind Creation/Redemption mechanism of ETF, there exists the phenomenon of appreciation and depreciation. When the market price of ETF is above its net assets value(NAV), there is an appreciation; on the contrary, an depreciation occurs. However , the fact that institutional investors sell ( when appreciation exists and , at the same time, exchanging the index basket for the ETF )/ buy (when depreciation exists and , at the same time, exchanging the ETF for index basket )the ETF in the secondary market lowers/improves the market price of the ETF and eventually minimizes the gap between the market price and the NAV of the ETF.

 
Q12： Will the TSEC Taiwan Index Series constituents be periodically updated?
Ans：

Yes. The TSEC Taiwan Index Series constituents will be periodically upedated. The TSEC Taiwan Index Series constituents are quarterly reviewed on the third Friday in January, April, July and October. Any constituent changes will be implemented on the next trading day following the third Friday of the same month of the review meeting.
 
Q13： What are the benefits of ETFs? How do investors profit from ETFs?
Ans：

ETF offers several benefits to ETF investors:
> Simplicity　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　
> Get exposure to a portfolio of stocks or bonds
> Buying and selling flexibility
> Transparency
> Diversification
> Cost efficiency
> Tax efficiencies

Since ETF possesses above-mentioned several advantages – it offers the same flexibility as stocks in the transaction process and good portfolio diversification. Therefore, most investors choose to use ETF as a core, long-term investment vehicle, so as to reduce individual stock’s fluctuations.
 

【Independently Operated by Fubon Asset Management Co., Ltd.】
  • This fund has been approved or agreed to be effective by FSC. However, there is no guarantee that it is risk-free. The past performance of a fund manager does not guarantee a minimum investment return. Apart from exercising the duty of care of a prudent administrator, the fund manager will not be responsible for the profit or loss of the fund, nor guarantee a minimum return. Investors should read the prospectus carefully before subscription.
  • This Fund has been approved by the Financial Supervisory Commission of the Executive Yuen of the ROC. ("FSC"); however, it does not mean that this Fund involves absolutely no risks. Past management Performance of Fubon Asset Management Co., Ltd., (the Manager) is no guarantee of this Fund’s minimum return. The Manager shall manage the Fund with the care of a good administrator. The Manager shall not be responsible for the profits and losses of the Fund, nor the guarantee of a minimum return.
  • If there is any false or concealment of information in this prospectus, the Manager, it’s Chairman and other signatories to this prospectus will bear legal responsibility accordingly.
  • Fubon MSCI Taiwan Fund described herein is indexed to an MSCI index.
  • This fund is not sponsored, endorsed, sold or promoted by Morgan Stanley Capital International inc. (“MSCI”), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index (collectively, the “MSCI parties”). The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by [licensee]. None of the MSCI parties makes any representation or warranty, express or implied, to the issuer or owners of this fund or any other person or entity regarding the advisability of investing in funds generally or in this fund particularly or the ability of any MSCI index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI indexes which are determined, composed and calculated by MSCI without regard to this fund or the issuer or owners of this fund or any other person or entity. None of the MSCI parties has any obligation to take the needs of the issuer or owners of this fund or any other person or entity into consideration in determining, composing or calculating the MSCI indexes. None of the MSCI parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of this fund to be issued or in the determination or calculation of the equation by or the consideration into which this fund is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of this fund or any other person or entity in connection with the administration, marketing or offering of this fund. Although MSCI shall obtain information for inclusion in or for use in the calculation of the MSCI indexes from sources that MSCI considers reliable, none of the MSCI parties warrants or guarantees the originality, accuracy and/or the completeness of any MSCI index or any data included therein. None of the MSCI parties makes any warranty, express or implied, as to results to be obtained by the issuer of the fund, owners of the fund, or any other person or entity, from the use of any MSCI index or any data included therein. None of the MSCI parties shall have any liability for any errors, omissions or interruptions of or in connection with any MSCI index or any data included therein. Further, none of the MSCI parties makes any express or implied warranties of any kind, and the MSCI parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to each MSCI index and any data included therein. Without limiting any of the foregoing, in no event shall any of the MSCI parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
  • "The shares/units in the Fubon Taiwan Eight Industries ETF are not in any way sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or by the London Stock Exchange Plc (the "Exchange") or by The Financial Times Limited ("FT") or by Taiwan Stock Exchange Corporation (“TWSE”) and neither FTSE nor Exchange nor FT nor TWSE makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the " FTSE TWSE Taiwan Eight Industries Index” ("the Index") and/or the figure at which the said Index stands at any particular time on any particular day or otherwise.? The Index is calculated by TWSE with the assistance of FTSE.? The name of the Index is jointly owned by FTSE and TWSE.? However, neither FTSE nor Exchange nor FT nor TWSE shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE or Exchange or FT nor TWSE shall be under any obligation to advise any person of any error therein.”
  • "The FTSE TWSE Taiwan Eight Industries Index is calculated by the Taiwan Stock Exchange Corporation with the assistance of FTSE International Limited. Neither FTSE International Limited nor Taiwan Stock Exchange Corporation sponsors, endorses or promotes this product.“
  • "All copyright in the index values and constituent list vests in FTSE International Limited and Taiwan Stock Exchange Corporation. Fubon Asset Management Co. has obtained full licence from FTSE International Limited and Taiwan Stock Exchange Corporation to use such copyright in the creation of this product".
  • Fubon Asset Management Co. has been licensed by FTSE International Limited and Taiwan Stock Exchange Corporation to use the name “FTSE TWSE Taiwan Eight Industries Index”.
  • "The shares/units in the Fubon Taiwan Finance ETF are not in any way sponsored, endorsed, sold or promoted by Taiwan Stock Exchange Corporation (“TWSE”) and TWSE does not make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the " Taiwan Financial and Insurance Index”("the Index") and/or the figure at which the said Index stands at any particular time on any particular day or otherwise.? The Index is calculated by TWSE. The name of the Index is jointly owned by TWSE. However, TWSE shall not be liable (whether in negligence or otherwise) to any person for any error in the Index and TWSE shall not be under any obligation to advise any person of any error therein.”
  • "The Taiwan Financial and Insurance Index is calculated by the Taiwan Stock Exchange Corporation. Taiwan Stock Exchange Corporation does? not sponsors, endorses or promotes this product.“
  • "All copyright in the index values and constituent list vests in Taiwan Stock Exchange Corporation. Fubon Asset Management Co. has obtained full licence from Taiwan Stock Exchange Corporation to use such copyright in the creation of this product".
  • Fubon Asset Management Co. has been licensed by Taiwan Stock Exchange Corporation to use the name“Taiwan Financial and Insurance Index”.
  • This Prospectus may be viewed at the following websites: Fubon Asset Management Co., Ltd. (http:/www.fsit.com.tw) Market Observation Post System (http:/newmops.tse.com.tw)
  • PRIVACY POLICY。