1.Range of investments, trading rules & charging policy
1.1 Range of investments：
Currently, the auto-invest plan is available for the most popular US and HK shares. Please look for the auto-invest icon on each stock and ETF's profile page to confirm the availability. TBAU may update the list of auto-invest enabled shares and ETFs from time to time without prior notice. If the auto-invest plan is set and the selected company or ETF is moved out of the stock pool for reasons including delisting, the transaction of the auto-invest plan will fail.
1.2 User rights:
Auto-invest now only supports buying in amount.
For US stocks' auto-invest, it is based on the ability of US fractional shares. To participate, users must open the fractional shares trading function.
1.3 Trading rules:
1.3.1 What is the threshold for investment?
The minimum for users to participate in auto-invest is USD 2 for US stocks and HKD 500 for HK stocks. However, auto-FX conversion is not available. Clients need to ensure there is sufficient balance in their Tiger Trade accounts to cover the transactions and associated fees.
1.3.2 Can I use my bank account to pay for auto-invest?
No, currently the auto-invest only supports debiting from the Tiger Prime account. In order to ensure the success of the auto-invest, the user can manually set up recurring deposit from their bank account to their Tiger account. If you set the recurring deposit from your bank account to your Tiger account, you'll need to manually modify or cancelling it after modifying or canceling the auto-invest plan. Otherwise, the recurring deposit will continue to be implemented according to the original plan after the auto-invest plan is revised.
1.3.3 Can I use vouchers or commission-free cards for auto-invest?
Auto-invest support the use of vouchers.
1.3.4 At what price will the investment be filled?
For US stocks auto-investment, the order will be placed as a market order on the date specified by you at around 13.30 pm EST. If the market closes early in the day, the order time will be advanced to around 10.30 am EST.
For HK stocks auto-investment, the system will start to execute the plan on the date specified by you at 9:00 am HKT.
For both markets, if the day is non-trading day (that is Saturday, Sunday, or a legal holiday), the order time will be postponed to around 13.30 pm EST (or 10.30 am) or 9:00 am HKT on the next trading day. If the extreme weather conditions caused the temporary closure of the exchange, auto-investment will be failed on the day.
1.3.5 What is the frequency of execution?
The execution frequency of the auto-invest will be executed at the corresponding time of each investment's exchange. If you set up an auto-invest of US stocks every week on Monday, the execution time will be every Monday Eastern Time.
1.3.6 In what order will my auto-invest be placed on the market if I have more than one order on the same day?
If a user has multiple auto-invest plans to execute on the same day, they will be executed according to the creation time (in ascending order) of the auto-invest plans, that is, the auto-invest plan created by the user first will be executed first.
1.3.7 Can the auto-invest order be modified or cancelled?
If you want to modify or cancel an auto-invest order, you can do it through the details page of the auto-invest plan (Position-Securities-Auto-invest -My Auto-invest Plan). The modification and cancellation of the auto-invest plan is not supported half an hour before the execution of the auto-invest order.
1.3.8 Can I resume my plan after cancellation?
Yes, you can resume your canceled investment plan on the auto-invest plan details page (Position - Securities - Investment - My Auto-invest Plan).
1.3.9 Can I cancel my order manually after I submit it?
Auto-invest orders cannot be modified or canceled after the orders are placed.
1.3.10 Under what circumstances would the system skip the current investment cycle?
The auto-invest plan will skip the current investment cycle under following circumstances and orders of the auto-invest plan will not display on the transaction record.:
If the ETF or stock cannot be traded on that day
A circuit breaker is encountered when placing an order
Your securities account currently has trading restrictions
1.3.11 Will there be a reminder before the execution?
We will send you a push and in-app notification 2 calendar days (EST/HKT) before the execution of each auto-invest plan. At the same time, we will also send you a corresponding push or message reminder if the orders of auto-invest are filled or canceled. The failure of the scheduled order will not affect the implementation of the subsequent scheduled investment plan.
1.3.12 Where can I check my order?
Orders are shown in the position - securities - orders. Orders with AIP labels are auto-invest orders. You can also click on the corresponding auto-invest plan in the position - more - auto-invest - my auto-invest plan to query.
1.4 What fees are charged for auto-invest?
The plan itself does not charge any management fee. Orders placed under the plan will be charged as follows:
For US stocks, when the number of stocks filled is less than 1 share, we will charge a fee of 1% of the transaction amount, up to a maximum of $1 US dollar. When the number of stocks filled is greater than or equal to 1 share, standard US stocks and ETFs trading fees apply.
For HK stocks, it is consistent with the current fee schedule.
1.5 What is the difference between the average cost in the auto-invest plan's details page and the average cost of the position?
The average cost in the auto-invest plan's detail page = accumulated auto-invest amount / auto-invest quantity, The accumulated auto-invest amount includes transaction fees. The average cost of auto-invest does not consider dividends, etc., for reference only. For more accurate holding costs, please refer to the position's cost methods.
1.6 Other things you may need to know about auto-invest in HK market
If the investment amount you set is not enough to buy one board lot of stock, it may be purchased in an odd lot. Since the transaction price for odd lots may be inferior to the transaction price for board lot shares, it is possible to have a filled price higher than the market high displayed on the stock detail page or to have a filled quantity for 0 shares.
Some customers may experience a filled quantity for 0 shares, including but not limited to:
The system has insufficient auto-invest funds to buy 1 board lot of stock after deducting the estimated fees.
Poor market liquidity or extreme weather conditions cause relatively low overall purchase volume.
Tiger will decide on the specific purchase volume based on its own risk control rules and the market situation on that day. If the overall purchase volume is relatively low, it is possible to have a filled quantity of 0 shares.
Please also note, when you sell the odd lot shares, TBAU will be dealing with you as principal(ie as the counterparty on the trade).
2.Auto-invest rate of return and calculator formula description
2.1 Auto-invest rate of return:
2.1.1 What is the auto-invest rate of return?
The auto-invest rate of return is a historical back-test rate of return, which is calculated based on the historical price of stocks and ETFs, assumptions including the system set auto-invest period and auto-invest duration, and etc. The calculation result of auto-invest rate of return is for reference only, and does not represent a prediction or guarantee of future returns, nor does it constitute any investment advice. Tiger cannot guarantee the accuracy of the calculation result. Investors need to independently evaluate the risk and make their own investment decisions.
2.1.2 How to calculate the back-test return rate of auto-invest
The auto-invest rate of return adopts a simple yield calculation formula: that is, the auto-invest yield = the cumulative return in the auto-invest cycle/the cumulative auto-invest amount in the auto-invest cycle * 100%
Accumulated Return = (Current Price * Accumulated Auto-invest Quantity) - Accumulated Auto-invest Amount
Cumulative auto-invest amount = auto-invest amount per period * auto-invest period
2.1.3 The relevant assumptions of the auto-invest rate of return formula
Auto-invest frequency: when calculating auto-invest rate of return, the frequency of auto-invest is set default to a every week Monday. If Monday of the auto-invest cycle is a non-trading day, the system would then skip this cycle.
Auto-invest cycle: Take the last calendar day as the starting point, and every 365 calendar days in history as 1 year, and so on. If the listed time of the investment is less than a whole year(or 365 days), only the remaining actual days are calculated in that year.
Auto-invest price: The auto-invest transaction price and the current price are calculated from stock split price . If there is a corporate action such as a stock split, the calculator will generate the results by using the split-adjusted prices. Dividends, commissions and other transaction fees (such as foreign exchange fees) are not included in the calculation of historical back-testing yields.
2.1.4 How often is the auto-invest yield updated?
The auto-invest yield is updated on a daily basis based on the closing price of the most recent trading day. The price of the actual order may fluctuate from this price, so the reference value of the results displayed in this calculator may be limited and investors should not rely entirely on this calculation.
2.2 Auto-invest Calculator
2.2.1 What is a fixed cast calculator?
The Auto-invest Calculator is a visual tool to back test historical return rate of auto-invest plans. Based on the historical prices of stocks and ETFs, the historical rate of return can be computed by setting parameters such as the fixed investing amounts, investing frequencies, and investing length. The calculation result of auto-invest rate of return is for reference only, and does not represent a prediction or guarantee of future returns, nor does it constitute any investment advice. Tiger cannot guarantee the accuracy of the calculation result. Investors need to independently evaluate the risk well to make investment decisions.
2.2.2 How do you calculate the back-test return rate of auto-invest calculator?
The back-test return rate of auto-invest calculator is the same as the back-test return rate of auto-invest. It adopts a simple yield calculation formula: that is, the auto-invest yield = the cumulative return in the auto-invest cycle/the cumulative auto-invest amount in the auto-invest cycle * 100%
Accumulated Return = (Current Price * Accumulated Auto-invest Quantity) - Accumulated Auto-invest Amount
Cumulative Auto-invest amount = auto-invest amount per period * auto-invest period
2.2.3 What assumptions is the calculator based on?
The back-testing historical return of the calculator is based on the closing price of the relevant auto-invest date, however, the price at the time of placing actual auto-invest orders may fluctuate from the closing price. Therefore, the results shown on the calculator may have limited reference value and investors should not rely solely on those calculation results.
If there is a corporate action such as a stock split, the calculator will generate the results by using the split-adjusted prices.
The results do not take into account the impact of dividends, commissions and other transaction fees (e.g.: foreign exchange conversion fees).
The auto-invest period takes the latest trading day as the starting date and traces back to 365 days to the historical date as 1 year, 730 (365+365) days as 2 years, and so on. If the stock or ETF listing time is less than a whole year (for example, less than 365 days, 730 days, etc.), the auto-invest period is based on the actual days.
If during the back-test period, the auto-invest implementation day happens to be a non-trading day or the underlying stock or ETF does not support trading, the test will skip this trade and does not count it in the calculation.
2.2.4 What can investors get from the auto-invest calculator?
Comparing the historical returns on auto-invest of different stocks or ETFs within the same period.
Comparing the historical returns on auto-invest of the same stock or ETF investment within different periods or with different investing frequencies.
3. Screening criteria for the most popular investments
3.1 What are the screening criteria for the most popular investments ?
"Most popular investments" display those stocks/ETFs available for auto-invest with the highest trading volume and positive back-testing returns of auto-invest during the recent 3 calendar months.
3.2 How often are the above investments updated?
They are updated every second week of the month.
4.Featured Tag Filter Logic
4.1 What is the screening criteria for the four popular tags?
High-Yield Dividend：1. Dividend Yield >=4%，2. Price >=$5
Warren Buffet：1. Float market cap >=$0.5B，2. Net Income YoY >=6%, 3. Growth Margin >=30%, 4. Op Income/EBT >=70%, 5. ROE Growth% >=10%, 6. Price >=$1
High Quality：1. PE (TTM) 0-30，2. Market Cap >=$50B, 3. ROE >=20%, 4. Net Income YoY >=5%, 5. Revenue Growth % >=20%, 6. Price>= $1
Undervalued：1. Float market cap>=$0.5B，2. Growth margin >=30%, 3. PE (TTM) <=15, 4. Price>$1
4.2 How often are the above tags updated?
Among the above indicators, the stock price & dividend yield are the latest price & ratio, and the float market cap , total market value and Price-To-Earnings Ratio refer to the data of the most recent trading day.