Sample Name
Sample Code
Sample Name
Sample Code
Sample Name
Sample Code
4
SINOPEC CORP
00386
5
SHANGHAI PECHEM
00338
How to use SmartSave
1. What is SmartSave?
SmartSave is an automated financial service provided by Futu Securities for managing idle funds. Once activated, any uninvested cash in your securities account will automatically be invested in Cash Plus (MMF) after the market closes each trading day. These money market funds are included in your buying power, allowing you to trade stocks, participate in IPO subscriptions (with zero financing interest), or invest in other mutual funds.
If your account has a deficit, an equivalent amount from your Cash Plus holdings in the same currency will be automatically redeemed to cover it. Additionally, if you hold short positions in Hong Kong stock options and your account's cash and collateral from long positions are insufficient to meet margin requirements, your Cash Plus (MMF) holdings will be automatically redeemed to cover the shortfall.
2. How to enable SmartSave
SmartSave supports both auto subscription (SmartSave-Buy) and auto redemption (SmartSave-Redeem). To enable auto subscription, simply open a cash account or margin account for the relevant market and activate fund trading permissions. Auto redemption requires a margin account for the corresponding market.
3. SmartSave
3.1 SmartSave-Buy
You only need to set up the auto subscription once. Once enabled, you will receive a notification between 07:00 AM and 07:30 AM, Monday to Friday, and the auto subscription will be executed between 08:30 AM and 09:00 AM. Any cash exceeding your retained amount will be automatically invested in Cash Plus (MMF).
Retained amount: You can set a retained amount for each account. Only funds exceeding this amount will be automatically subscribed to money market funds. For example, if you have HK$1,000 in your account and set the retained amount to HK$400, then HK$600 will be used for the next auto subscription.
3.2 SmartSave-Redeem
Once auto redemption is enabled for your margin account, your Cash Plus (MMF) holdings can be used directly for stock trading, IPO subscriptions, or investing in other types of mutual funds. No manual redemption is required.
Redemption amount:
An amount equivalent to your account deficit (including frozen funds for IPO subscriptions) will be automatically redeemed from your money market funds. Only funds in the relevant currency are redeemed to cover the deficit. If money market funds are used as margin for Hong Kong stock options, an equivalent amount will be redeemed, which may involve multiple currencies (e.g., USD or RMB money market funds).
Redemption schedule:
For all clients who have enabled auto redemption, two automatic redemptions are processed daily: from 6:00 AM to 6:40 AM and from 8:00 AM to 8:30 AM (Hong Kong Time). For clients holding short positions in Hong Kong stock options, an extra auto redemption occurs at 5:00 PM on each business day.
Redemption sequence:
If you hold multiple money market funds, the fund with the lowest current 7-day annualized return will be redeemed first. For example, if you have both Fund A and Fund B, and Fund B has a lower 7-day return, Fund B will be redeemed first. If Fund B's balance is insufficient, Fund A will be redeemed next. For funds used as margin for Hong Kong stock options, the redemption order is: HKD fund first, then USD fund, then RMB fund.
3.3 How to access SmartSave
Open the app and go to Wealth > Cash Plus > Manage SmartSave. You can enable or disable the auto subscription and auto redemption features as needed.
3.4 Zero subscription and redemption fees
There are no fees for auto subscription and redemption of your Cash Plus (MMF) holdings. However, when using auto redemption, the redeemed fund value may not fully cover the deficit amount. In rare cases, this may result in interest charges to your account. Please pay attention to the actual deficit amount and the amount received from redemption.
3.5 Hong Kong IPO subscriptions
HKD money market funds will be included in your buying power and can be used to participate in IPO subscriptions. If a negative balance results from participating in a Hong Kong IPO, an equivalent amount of HKD money market funds will be automatically redeemed to cover the deficit. If the redeemed HKD money market funds are insufficient to fully cover the shortfall, you will need to manually redeem USD money market funds and perform a currency exchange, or use cash to settle the remaining deficit.
Notes:
1. Currency exchange is available 24 hours a day, 5 days a week (24/5).
2. Manual redemption of money market funds typically takes 2 business days (T+2) for the funds to settle and arrive in your account. To avoid any interest charges resulting from Hong Kong IPO subscriptions, we suggest redeeming money market funds in currencies other than HKD in advance.
3.6 Buying power
When you activate SmartSave, your money market fund assets are included in your total buying power at a ratio of 1:0.95.
For example, if you are able to purchase 2 shares of Tencent using cash, you would be able to purchase 1.9 shares with the same value held in money market fund assets.
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