mobile search

Hang Seng China Enterprises Total Return Index

(Launch Date: 5 November 2018)

Introduction

In stock investing, the return and risk profile for shareholders has two components: stock price appreciation and dividend.   The conventional stock Index futures such as the Hang Seng Index (HSI) futures and Hang Seng China Enterprises Index (HSCEI) futures are risk management tools based on index calculated from prices of constituent stocks only.    The introduction of total return index (TRI) futures aims to meet the trading and risk management needs of investors who adopt an investment strategy on a total return basis, i.e. the cash dividends of index constituent stocks are re-invested into the index stock portfolio according to their respective market capitalisation weightings. 

There are four TRI futures contracts to be listed in the Hong Kong Futures Exchange Limited (HKFE):

  • Hang Seng Index (Gross Total Return Index) Futures (“HSIGTRI Futures”)

  • Hang Seng Index (Net Total Return Index) Futures (“HSINTRI Futures”)

  • Hang Seng China Enterprises Index (Gross Total Return Index) Futures (“HSCEIGTRI Futures”)

  • Hang Seng China Enterprises Index (Net Total Return Index) Futures (“HSCEINTRI Futures”)

Gross TRI replicates the index portfolio performance that all announced dividends available on the ex-dividend day will be re-invested into the constituent stocks portfolio.  The net TRI replicates the index portfolio performance with dividend re-investment on after dividend tax basis.  In Hong Kong, all H-shares are subject to dividend withholding tax.



Updated 07 Nov 2018


()
-

Contract Summary

Contract Summary

Items Key Contract Terms
Underlying Index HSCEI Gross Total Return Index HSCEI Net Total Return Index
 HKATS Code  HHT HHN 
Contract Multiplier HK$50 per Index point
 Minimum Fluctuation  0.01 Index point
 Contract Months Short-dated Index Futures

Spot, next calendar month and next 2 quarter months; and

Long-dated Index Futures

The following 2 December months
 Trading Hours Day Session: 9:15 am – 12:00 noon; and 1:00 pm – 4:30 pm; 

After-hours Session: 5:15 pm – 3:00 am (next day)

(Close at 4:00 pm on Last Trading Day) 
 Last Trading Day  The second last business day of the calendar month
 Final Settlement Price  5-minute average of the underlying index on the Last Trading Day
 Final Settlement Day  The first Business Day after the Last Trading Day of the Contract Month
 Transaction Costs  Exchange Fee:        HK$10
 Comission Levy:    HK$0.54
 Commission Rate:  Negotiable  
Items Key Contract Terms

 

Updated 17 Jun 2019

Trading Fees and Commission

Hang Seng China Enterprises Index Total Return Index Futures

Exchange Fee HK$10 per contract
Commission Levy HK$0.54 per contract per dise
Investor Compensation Levy* HK$0.00 per contract per side
 Total  HK$ 10.54
 Commsiion Negotiable 

*The amount indicated above is subject to change from time to time

Updated 28 Sep 2018

Loading