1576 南方Ａ５０ 2019-09-13 15:00:00
2019年12月期南方 FTSE 中国A株50ETF中間決算短信 [pdf]
2019 年 12 月期 中間決算短信（2019 年 1 月 1 日～2019 年 6 月 30 日）
Interim Earnings Report for Fiscal Year ending December 2019 (January 1, 2019 – June 30, 2019)
2019 年 9 月 13 日
September 13, 2019
フ ァ ン ド 名 南方 FTSE 中国 A 株 50 ETF 上場取引所 東
コ ー ド 番 号 1576 売買単位 10 口
連 動 対 象 指 標 FTSE 中国 A50 インデックス
主 要 投 資 資 産 株式
管 理 会 社 中国南方アセット・マネジメント・リミテッド
Ｕ Ｒ Ｌ http://www.csopasset.com/en/home/index.php
代 表 者 (役職名) 最高経営責任者 (氏名) 丁 晨
アンダーソン・毛利・友
問合せ先責任者 (役職名) (氏名) 飛岡 和明 (TEL)03(6775)1000
常法律事務所 弁護士
Fund name: CSOP FTSE China A50 ETF Listed Exchange: TSE
Code: 1576 Trading unit: 10 units
Underlying indicator: FTSE China A50 Index
Primary invested assets: Shares
Management co.: CSOP Asset Management Limited
URL: http://www.csopasset.com/en/home/index.php
Representative: (Title) Chief Executive Officer (Name) Ding Chen
Contact person: (Title) Anderson Mori & Tomotsune, (Name) Kazuaki Tobioka (TEL)03(6775)1000
Attorney-at-law
半期報告書提出予定日 2019 年 9 月
Scheduled submission date of Semi-annual Report: September 2019
Ⅰ ファンドの運用状況
I Fund Management
１． 2019 年 6 月中間期の運用状況（2019 年 1 月 1 日～2019 年 6 月 30 日）
1. Management Status for Half-Year ended June 2019 (from January 1, 2019 to June 30, 2019)
（１）信託財産である外国 ETF の資産内訳 （百万円未満切捨て）
(1) Assets of Trust Asset Foreign ETF (amounts below 1 mil. yen are discarded)
主要投資資産 現金・預金・その他の資産（負債控除後） 合計（純資産）
Primary Invested Assets Cash/Deposits/Other Assets (excluding liabilities) Total (Net Assets)
金額 構成比 金額 構成比 金額 構成比
Amount ratio Amount ratio Amount ratio
百万円 ％ 百万円 ％ 百万円 ％
JPY mil. % JPY mil. % JPY mil. %
2019 年 6 月中間
期 223,564 98.77 2,776 1.23 226,340 100
SAN ended June
2019
2018 年 12 月期
FY ended 232,332 99.26 1,727 0.74 234,059 100
December 2018
（２）信託財産である外国 ETF の設定・交換実績
(2) Creation and Redemption of Trust Asset Foreign ETF
前計算期間末発行済口数 設定口数 交換口数
当中間計算期間末発行済口数
No. of Issued Units at End of No. of Units No. of Units
No. of Units in Issue at End of Semi-annual Period
Previous Calculation Period Created Redeemed
(①＋②－③)
(①) (②) (③)
千口 千口 千口 千口
‘000 units ‘000 units ‘000 units ‘000 units
2019 年 6 月中間
期
SAN ended June 1,564,000 36,000 448,000 1,152,000
2019
2018 年 12 月期
FY ended 1,495,000 424,500 355,500 1,564,000
December 2018
（３）信託財産である外国 ETF の基準価額
(3) Net Asset Value of Trust Asset Foreign ETF
1 口当たり基準価額
((③/当中間計算期間末（前計算期間
総資産 負債 純資産
末）発行済口数)×1)
Total Assets Liabilities Net Assets
Net Asset Value per 1 unit
(①) (②) (③(①－②))
((③/No. of Units in Issue at End of Semi-annual
Period (Previous Calculation Period))×1)
百万円 百万円 百万円 円
JPY mil. JPY mil. JPY mil. JPY
2019 年 6 月中間
期 226,597 257 226,340 196
SAN ended June
2019
2018 年 12 月期
FY ended 234,384 324 234,059 149
December 2018
（４）上場外国 ETF 信託受益証券に係る設定・交換実績
(4) Creation and Redemption of Listed Foreign ETF Trust Beneficiary Certificates (JDR)
前計算期間末発行済口数 設定口数 交換口数
当中間計算期間末発行済口数
No. of Issued Units at End of No. of Units No. of Units
No. of Issued Units at End of Semi-annual Period
Previous Calculation Period Created Redeemed
(①＋②－③)
(①) (②) (③)
千口 千口 千口 千口
‘000 units ‘000 units ‘000 units ‘000 units
2019 年 6 月中間
期 53 0 0 53
SAN ended June
2019
2018 年 12 月期
FY ended 53 0 0 53
December 2018
（５）上場外国 ETF 信託受益証券の分配金
(5) Dividend Payment of Listed Foreign ETF Trust Beneficiary Certificates (JDR)
1 口当たり分配金
Dividend per 1 unit
円
JPY
2019 年 6 月中間期
SAN ended June 2019 0
2018 年 12 月期
FY ended December 12
2018
注） 日本円への換算は、1 人民元 = 14.91 円（2019 年 8 月 30 日東京時間午後 5 時現在のブルームバーグに
よる米国ドル/人民元（CNH）及び米国ドル/日本円の仲値）により計算されています。
Note: Conversion into Japanese yen has been calculated at the exchange rate of RMB 1.00 = JPY 14.91, which represents
the middle rates for USD-RMB and USD-JPY as of 17:00 Tokyo time on August 30, 2019 as published by
Bloomberg.
２． 信託財産である外国 ETF の会計方針の変更
2. Change in Accounting Policies of Trust Asset Foreign ETF
（１）会計基準等の改正に伴う会計方針の変更 ：無
(1)Changes accompanying revision to accounting standards, etc. ：No
（２）
（１）以外の会計方針の変更 ：無
(2)Changes other than those in (1) ：No
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
CONTENTS
Page
Report of the Manager to the Unitholders 1-2
Condensed Statement of Financial Position 3
Condensed Statement of Comprehensive Income 4
Condensed Statement of Changes in Net Assets Attributable to Unitholders 5
Condensed Statement of Cash Flows 6
Notes to the Unaudited Condensed Financial Statements 7 - 19
Investment Portfolio (Unaudited) 20 - 21
Statement of Movements in Investment Portfolio (Unaudited) 22 - 25
Performance Record (Unaudited) 26
Management and Administration 27
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
REPORT OF THE MANAGER TO THE UNITHOLDERS
Introduction
The CSOP FTSE China A50 ETF (the “CSOP A50 ETF” or the “Sub-Fund”), a sub-fund of the CSOP ETF Series, is a
unit trust authorized under the Securities and Futures Ordinance (Cap. 571) of Hong Kong. It was launched on 23
August 2012 and commenced trading in RMB under the stock code 82822 on The Stock Exchange of Hong Kong
Limited (the “SEHK”) on 28 August 2012; following the SEHK’s dual counter model, the CSOP A50 ETF started
trading in HKD under the stock code 02822 on the SEHK on 8 November 2012. The CSOP A50 ETF is benchmarked
against the FTSE China A50 Index (the “A50 Index”) and adopts the full-replication strategy. The Manager and
RQFII Holder of the CSOP A50 ETF is CSOP Asset Management Limited (the “Manager”). The trustee is HSBC
Institutional Trust Services (Asia) Limited (the “Trustee”).
The CSOP A50 ETF is a physical ETF which invests directly in the A50 Index securities through the RQFII quotas of
the Manager, Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. Under current
regulations in the People's Republic of China (“PRC”), foreign investors can invest in the domestic securities market
through certain qualified foreign institutional investors that have obtained status as a QFII or a RQFII from the China
Securities Regulatory Commission (“CSRC”) and have been granted quota(s) by the State Administration of Foreign
Exchange (“SAFE”) to remit foreign freely convertible currencies (in the case of a QFII) and RMB (in the case of a
RQFII) into the PRC for the purpose of investing in the PRC’s domestic securities markets. Meanwhile, from
November 17, 2014, foreign investors can trade eligible stocks listed in Shanghai Stock Exchange through Shanghai-
Hong Kong Stock Connect. And from 5 December 2016, foreign investors can trade eligible stocks listed in Shenzhen
Stock Exchange through Shenzhen-Hong Kong Stock Connect. The Manager has obtained RQFII status and the total
RQFII quotas obtained by the Manager amount to RMB 46.1 billion as of 30 June 2019.
The FTSE China A50 Index (the “Index”) is compiled and published by FTSE International Limited. It comprises the
top 50 A-Share companies from both the Shanghai and Shenzhen markets by market capitalisation. The Index operates
under clearly defined rules published by the index provider and is a tradable index.
Capital Gains Tax (“CGT”) Treatment
Rules governing taxes on capital gains derived by QFIIs or RQFIIs from the trading of PRC Securities (including
China A-Shares) was announced on 14 November 2014. According to the rules, investors are not required to pay
capital gain tax from 17 November 2014. Therefore, the Manager did not provision any withholding tax after
November 17, 2014.
Change to the type of the Underlying Index
The Sub-Fund has been using FTSE China A50 price return index as its Underlying Index since its inception in
August 2012. Price return index does not include the reinvestment of dividends from the constituent securities of the
index. Price return index only considers price movements of the constituent securities of the index but the net total
return index assumes that dividends paid by the constituent securities of the index, net of any withholding taxes, are
reinvested in additional shares of such index’s constituents. As such, an index’s net total return is usually considered
to be a more accurate measurement of the actual investment return and performance. Therefore, it is proposed that the
type of the Underlying Index of the Sub-Fund will change from price return index to net total return index with effect
from 27 February 2015.
The Manager believes that the change to the type of the Underlying Index will not only reduce the cash dragging but
also its tracking error of the Sub-Fund. The Manager considers that the change made to the type of the Sub-Fund’s
Underlying Index would not materially prejudice unitholders’ rights or interests and does not anticipate adverse
impact to the operation of the Sub-Fund.
1
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
REPORT OF THE MANAGER TO THE UNITHOLDERS (CONTINUED)
The Sub-Fund Performance
The CSOP A50 ETF seeks to provide investment results, before fees and expenses, which closely correspond to the
performance of the Index. As of 28 June 2019, the dealing Net Asset Value (“NAV”) per unit of the CSOP A50 ETF
was RMB 13.1783 and there were 1,152,000,000 units outstanding. The total asset under management was
approximately RMB 15.2 billion.
For the period ended 28 June 2019, the FTSE China A50 net return index increased by 32.56% while the dealing NAV
increased by 31.28%. The difference in performance between the NAV of the CSOP A50 ETF and the Index is mainly
attributed to dividends, fees and expenses including tax on dividends. YTD Net total return of the RMB counter (stock
code 82822) was 32.20%.
Exchange Liquidity
Since inception, the CSOP A50 ETF has attracted great investor attention from investors across the globe. The trading
value of the RMB counter (stock code: 82822) remained steadily at an average daily turnover of RMB 18.0 million in
June 2019. The trading value of the HKD counter (stock code: 02822) remained steadily at an average daily turnover
of HKD 738.5 million in June 2019. The Sub-Fund’s high liquidity often placed it in the most actively traded ETFs on
the HKEx. The trading volume for the CSOP A50 ETF reflected strong interest in the CSOP A50 ETF.
Portfolio Rebalance
The CSOP A50 ETF adopts full-replication strategy to track the Index. Since inception, the Sub-Fund has experienced
twenty eight quarterly index rebalances.
2
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
CONDENSED STATEMENT OF FINANCIAL POSITION
As at 30 June 2019
30 June 2019 31 December 2018
(Unaudited) (Audited)
Notes RMB RMB
ASSETS
NON-CURRENT ASSETS
Deposit reserve 1,383,200 1,383,200
----------------------- -----------------------
CURRENT ASSETS
Investments 7(c),8(a) 14,994,233,677 15,582,325,704
Interest receivable 8,137 6,787
Bank balances 7(c) 202,064,482 136,222,741
───────────── ─────────────
15,196,306,296 15,718,555,232
----------------------- -----------------------
Total assets 15,197,689,496 15,719,938,432
----------------------- -----------------------
LIABILITIES
CURRENT LIABILITIES
Management fee payable 7(a) 12,030,137 13,383,339
Trustee fee payable 7(b) 486,066 540,741
License fee payable 4,336,547 7,108,826
Other accounts payable 400,576 726,804
───────────── ─────────────
Total liabilities 17,253,326 21,759,710
----------------------- -----------------------
EQUITY
Net assets attributable to unitholders 4 15,180,436,170 15,698,178,722
═════════════ ═════════════
The accompanying notes form an integral part of these unaudited condensed financial statements.
3
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
For the period ended 30 June 2019
Period from Period from
1 January 2019 1 January 2018
to 30 June 2019 to 30 June 2018
(Unaudited) (Unaudited)
Notes RMB RMB
INCOME
Dividend income 219,708,749 178,737,705
Interest income 7(c) 413,280 275,987
Net gain/(loss) on investments 5 4,563,193,921 (1,826,674,218)
Other income 7,977,944 16,563,831
────────────── ──────────────
Total net income/(loss) 4,791,293,894 (1,631,096,695)
------------------------- -------------------------
EXPENSES
Management fee 7(a) (86,707,376) (80,496,659)
Trustee fee 7(b) (3,503,329) (7,179,192)
Transaction costs of investments (18,372,883) (12,138,235)
Audit fee (510,760) (375,524)
Safe custody and bank charges (2,485,480) (636,882)
Legal and other professional fee (149,766) -
License fee (8,695,701) (8,072,640)
Other operating expenses (439,271) (231,562)
────────────── ──────────────
Total operating expenses (120,864,566) (109,130,694)
------------------------- -------------------------
Operating profit/(loss) 4,670,429,328 (1,740,227,389)
------------------------- -------------------------
Taxation 6 (22,111,280) (17,953,625)
------------------------- -------------------------
Total comprehensive income 4,648,318,048 (1,758,181,014)
══════════════ ══════════════
The accompanying notes form an integral part of these unaudited condensed financial statements.
4
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS
For the period ended 30 June 2019
Period from Period from
1 January 2019 1 January 2018
to 30 June 2019 to 30 June 2018
(Unaudited) (Unaudited)
RMB RMB
Net assets attributable to unitholders at the beginning
of the period 15,698,178,722 19,305,132,834
------------------------- -------------------------
Proceeds on issue of units 449,936,900 352,275,600
Payments on redemption of units (5,615,997,500) (4,131,042,600)
────────────── ──────────────
Net decrease from unit transactions (5,166,060,600) (3,778,767,000)
------------------------- -------------------------
Total comprehensive income for the period 4,648,318,048 (1,758,181,014)
------------------------- -------------------------
Net assets attributable to unitholders at the end of
the period 15,180,436,170 13,768,184,820
══════════════ ══════════════
The accompanying notes form an integral part of these unaudited condensed financial statements.
5
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
CONDENSED STATEMENT OF CASH FLOWS
For the period ended 30 June 2019
Period from Period from
1 January 2019 1 January 2018
to 30 June 2019 to 30 June 2018
(Unaudited) (Unaudited)
RMB RMB
OPERATING ACTIVITIES
Payments for purchase of investments (3,225,292,022) (1,684,671,551)
Proceeds from sale of investments 8,376,577,970 5,546,927,700
Dividend received 219,708,749 178,737,705
Interest received 411,930 270,581
Other income received 7,977,944 16,563,831
Management fee paid (88,060,578) (85,395,277)
Trustee fee paid (3,558,004) (7,578,038)
Transaction costs paid (18,372,883) (12,138,235)
Taxation paid (22,111,280) (17,953,625)
Other operating expenses paid (15,379,485) (10,736,960)
─────────────── ───────────────
Net cash generated from operating activities 5,231,902,341 3,924,026,131
--------------------------- ---------------------------
FINANCING ACTIVITIES
Proceeds on issue of units 449,936,900 352,275,600
Payments on redemption of units (5,615,997,500) (4,156,808,666)
─────────────── ───────────────
Net cash used in financing activities (5,166,060,600) (3,804,533,066)
--------------------------- ---------------------------
Net increase in cash and cash equivalents 65,841,741 119,493,065
Cash and cash equivalents at the beginning of the period 136,222,741 36,602,445
─────────────── ───────────────
Cash and cash equivalents at the end of the period 202,064,482 156,095,510
═══════════════ ═══════════════
Analysis of balances of cash and cash equivalents
Bank balances 202,064,482 156,095,510
═══════════════ ═══════════════
The accompanying notes form an integral part of these unaudited condensed financial statements.
6
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
1. GENERAL INFORMATION
CSOP ETF Series (the “Trust”) is an umbrella unit trust governed by its trust deed dated 25 July 2012, as
amended, (the “Trust Deed”) and authorised by the Securities and Futures Commission of Hong Kong (the
“SFC”) pursuant to Section 104(1) of the Securities and Futures Ordinance. The terms of the Trust Deed are
governed by the laws of Hong Kong. As at 30 June 2019, the Trust has seven sub-funds which are CSOP
FTSE China A50 ETF (the “Sub-Fund”), CSOP SZSE ChiNext ETF, CSOP China CSI 300 Smart ETF, CSOP
MSCI China A Inclusion Index ETF, ICBC CSOP S&P New China Sectors ETF, CSOP Hong Kong Dollar
Money Market ETF and CSOP US Dollar Money Market ETF. The Sub-Funds of the Trust, CSOP CES China
A80 ETF was terminated on 31 May 2019 and CSOP US Dollar Money Market ETF was launched on 23
January 2019. The date of inception of the Sub-Fund was 23 August 2012. The Sub-Fund is listed on The
Stock Exchange of Hong Kong Limited. CSOP Asset Management Limited, the manager of the Sub-Fund,
applied and obtained approval to list Japan Depository Receipt (“JDR”) which represents units of the Sub-
Fund on the Tokyo Stock Exchange (“TSE”). The JDR which represents units of the Sub-Fund was listed on
the TSE on 27 February 2013.
The manager and the trustee of the Sub-Fund are CSOP Asset Management Limited (the “Manager”) and
HSBC Institutional Trust Services (Asia) Limited (the “Trustee”) respectively.
The investment objective of the Sub-Fund is to provide investment results that, before deduction of fees and
expenses, closely correspond to the performance of the Underlying Index, namely, FTSE China A50 Index
(the “Underlying Index”). In order to achieve the investment objective of the Sub-Fund, the Manager will
adopt a full replication strategy by directly investing all, or substantially all, of the assets of the Sub-Fund in
index securities constituting the Underlying Index in substantially the same weightings (i.e. proportions) as
these index securities have in the Underlying Index. The Manager may also use a representative sampling
strategy in exceptional circumstances.
The Sub-Fund has been using FTSE China A50 net total return index as its underlying index.
Under current regulations in the People’s Republic of China (“PRC”), generally foreign investors can invest in
the domestic securities market through certain qualified foreign institutional investors that have obtained
status as a Qualified Foreign Institutional Investor (“QFII”) or a Renminbi Qualified Foreign Institutional
Investor (“RQFII”) from the China Securities Regulatory Commission (“CSRC”) and have been granted
quota(s) by the State Administration of Foreign Exchange (“SAFE”) of the PRC to remit foreign freely
convertible currencies (in the case of a QFII) and Chinese Renminbi (“RMB”) (in the case of a RQFII) into
the PRC for the purpose of investing in the PRC’s domestic securities markets. Foreign investors can also
invest in the domestic securities market through Shanghai/Shenzhen – Hong Kong Stock Connect Program
(“Stock Connect”).
The Sub-Fund obtains exposure to securities issued within the PRC through the RQFII quotas of the Manager
and the Stock Connect. The Manager has obtained RQFII status in the PRC and the RQFII quotas have been
granted, on behalf of the Sub-Fund. To the extent that the Manager has, on behalf of the Sub-Fund, utilised its
entire RQFII quota, the Manager may, subject to any applicable requirements, apply for an increase of the
RQFII quota. On the other hand, the Manager actively manages the RQFII quota obtained and may impose
limits on creation applications as it considers appropriate.
These condensed semi-annual financial statements are prepared for the Sub-Fund only. The condensed
financial statements for CSOP SZSE ChiNext ETF, CSOP China CSI 300 Smart ETF, CSOP MSCI China A
Inclusion Index ETF, ICBC CSOP S&P New China Sectors ETF, CSOP Hong Kong Dollar Money Market
ETF and CSOP US Dollar Money Market ETF have been prepared separately.
7
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these condensed financial statements are set out
below. These policies have been consistently applied to all the periods presented, unless otherwise stated.
These condensed semi-annual financial statements for the six months ended 30 June 2019 have been prepared
in accordance with Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting”. The
condensed semi-annual financial statements should be read in conjunction with the annual financial statements
for the year ended 31 December 2018, which have been prepared in accordance with Hong Kong Financial
Reporting Standards (“HKFRS”).
The accounting policies applied are consistent with those of the annual financial statements for the year ended
31 December 2018, as described in the annual financial statements.
Standards and amendments to existing standards effective 1 January 2019
There are no standards, amendments to standards or interpretations that are effective for annual periods
beginning on 1 January 2019 that have a material effect on the financial statements of the Sub-Fund.
New standards and amendments to standards effective after 1 January 2019 that are relevant to the Sub-Fund
but are not yet effective and have not been early adopted by the Sub-Fund
A number of new standards, amendments to standards and interpretations are effective for annual periods
beginning after 1 January 2019, and have not been applied in preparing these financial statements. None of
these are expected to have a material effect on the financial statements of the Sub-Fund.
8
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
3. CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS
The Manager makes estimates and assumptions concerning the future. The resulting accounting estimates will,
by definition, seldom equal the related actual results. Estimates are continually evaluated and are based on
historical experience and other factors, including expectations of future events that are believed to be
reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined
below.
In preparing these financial statements, the Manager has made certain assumptions and used various estimates
concerning the fair value of the securities that are suspended from trading which is dependent on what might
happen in the future. The resulting accounting estimates may not equal the related actual results.
Fair value of securities that are suspended from trading
As at 31 December 2018, there were listed equities which have been suspended for trading mainly due to
business restructuring. Management made its judgement in determining the fair values of these investments
and involved a higher degree of subjectivity. Management judgement in determining the fair values of the
suspended investments includes factors such as the duration of suspension period, the relevant market
information and news of the suspended listed equities, the price movement of comparable listed equities/index
during the suspension period and, if applicable, the market prices of the suspended listed equities upon
resumption of trading after year end.
As at 30 June 2019, there was no investment held by the Sub-Fund which has been suspended for trading.
As at 31 December 2018, the Sub-Fund held one listed equity of RMB448,585,791, represented 2.86% of the
net asset value of the Sub-Fund, was suspended for trading and it was classified as level 2. Such suspended
investment held by the Sub-Fund has resumed trading subsequent to the year ended 31 December 2018.
Having considered the factors above, Management has based on their best estimation and concluded using the
latest available price before suspension as the fair value of such suspended investment as at 31 December 2018.
Refer to Note 8(d).
4. NUMBER OF UNITS IN ISSUE AND NET ASSETS ATTRIBUTABLE TO UNITHOLDERS PER
UNIT
The Sub Fund’s capital is represented by the units in the Sub-Fund, and shown as “net assets attributable to
unitholders” in the condensed statement of financial position. Subscriptions and redemptions of units during
the period are shown in the condensed statement of changes in net assets attributable to unitholders. In order to
achieve the investment objectives, the Sub-Fund endeavors to invest its capital in accordance with the
investment policies, whilst maintaining sufficient liquidity to meet redemption requests.
In accordance with the provisions of the Trust Deed dated 25 July 2012, as amended, and the Prospectus of the
Sub-Fund, investments are stated at the last traded price on the valuation day for the purpose of determining
net asset value per unit for subscriptions and redemptions and for various fee calculations.
Redeemable units of the Sub-Fund are classified as equity and they are carried at the redemption amount that
would be payable at the reporting date if the unitholder exercised the right to redeem the units in the Sub-Fund.
9
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
4. NUMBER OF UNITS IN ISSUE AND NET ASSETS ATTRIBUTABLE TO UNITHOLDERS PER
UNIT (Continued)
The movements of the redeemable units for the period ended 30 June 2019 and 30 June 2018 are as follows:
Period from Period from
1 January 2019 1 January 2018
to 30 June 2019 to 30 June 2018
(Unaudited) (Unaudited)
units units
Number of units in issue at the beginning of the period 1,564,000,000 1,495,000,000
Units issued 36,000,000 28,000,000
Units redeemed (448,000,000) (316,500,000)
───────────── ─────────────
Number of units in issue at the end of the period 1,152,000,000 1,206,500,000
═════════════ ═════════════
As at As at
30 June 2019 31 December 2018
(Unaudited) (Audited)
RMB RMB
Net assets attributable to unitholders per unit
(per statement of financial position) 13.1775 10.0372
══════════════ ══════════════
5. NET GAIN/(LOSS) ON INVESTMENTS
Period from Period from
1 January 2019 1 January 2018
to 30 June 2019 to 30 June 2018
(Unaudited) (Unaudited)
RMB RMB
Net fair value change in unrealised gain/loss in value of
investments 3,346,146,231 (2,679,641,326)
Net realised gain on sale of investments 1,217,047,690 852,967,108
───────────── ─────────────
4,563,193,921 (1,826,674,218)
═════════════ ═════════════
6. TAXATION
No provision for Hong Kong profits tax has been made for the Sub-Fund as it was authorised as a collective
investment scheme under Section 104 of the Hong Kong Securities and Futures Ordinance and is therefore
exempt from profits tax under Section 26A(1A) of the Hong Kong Inland Revenue Ordinance.
PRC tax
The Sub-Fund invests in A-Shares listed in the PRC and is subjected to 10% withholding tax on dividend
income derived from A-Shares. Withholding tax was charged on dividend income received from A-Shares
during the period.
10
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
6. TAXATION (Continued)
The taxation of the Sub-Fund for the period ended 30 June 2019 and 30 June 2018 represents:
Period from Period from
1 January 2019 1 January 2018
to 30 June 2019 to 30 June 2018
(Unaudited) (Unaudited)
RMB RMB
Withholding tax on dividend income 22,095,851 17,945,607
Withholding tax on interest income 15,429 8,018
────────────── ──────────────
Taxation 22,111,280 17,953,625
------------------------- -------------------------
7. TRANSACTIONS WITH THE TRUSTEE, MANAGER AND CONNECTED PERSONS
The following is a summary of significant related party transactions/transactions entered into during the period
between the Sub-Fund and the Trustee, the Manager and the Connected Persons of the Manager. Connected
Persons of the Manager are those as defined in the Code on Unit Trusts and Mutual Funds established by the
Securities & Futures Commission of Hong Kong (the “SFC Code”). All transactions entered into during the
period from 1 January 2019 to 30 June 2019, between the Sub-Fund and the Manager and its Connected
Persons were carried out in the normal course of business and on normal commercial terms. To the best of the
Manager’s knowledge, the Sub-Fund does not have any other transactions with the Connected Persons of the
Manager except for those disclosed below.
(a) Management fee
The Manager is entitled to receive a management fee, currently at the rate of 0.99% per annum of the
net asset value of the Sub-Fund, accrued daily and calculated as at each dealing day and payable
monthly in arrears.
(b) Trustee fee and Registrar’s fee
The Trustee is entitled to receive a trustee fee of up to 1% per annum of the net asset value of the Sub-
Fund, which accrued daily and calculated as at each dealing day and payable monthly in arrears. Prior
to 1 December 2018, the trustee fee is calculated as a percentage per annum of the net asset value of
the Sub-Fund at the rate as follows, subject to a monthly minimum of RMB40,000:
Prior to 1 December 2018:
Trustee fee percentage per annum
For first RMB200 million 0.16%
For next RMB1,000 million 0.14%
For next RMB1,000 million 0.12%
For next RMB1,000 million 0.10%
Thereafter 0.08%
Effective from 1 December 2018, the trustee fee is calculated at the rate up to 0.08% per annum of the
net asset value of the Sub-Fund.
11
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
7. TRANSACTIONS WITH THE TRUSTEE, MANAGER AND CONNECTED PERSONS (Continued)
(b) Trustee fee and Registrar’s fee (Continued)
The Trustee fee is inclusive of fees payable to The Hongkong and Shanghai Banking Corporation
Limited (the “Custodian”) and HSBC Bank (China) Company Limited (the “PRC Custodian”).
The Trustee, acting as the Registrar, is also entitled to a fee of RMB100 per participating dealer per
transaction. Prior to 1 December 2018, the Trustee is entitled to a fee of RMB120 per participating
dealer per transaction.
The Trustee shall also be entitled to be reimbursed from the Sub-Fund for all out-of-pocket expenses
incurred.
(c) Financial assets
The investments and bank balances of the Sub-Fund held with related parties of the Trustee are:
As at As at
30 June 2019 31 December 2018
(Unaudited) (Audited)
RMB RMB
Investments
The Hongkong and Shanghai Banking Corporation Limited 12,656,869,096 13,147,055,563
HSBC Bank (China) Company Limited 2,337,364,581 2,435,270,141
─────────── ───────────
14,994,233,677 15,582,325,704
═══════════ ═══════════
Bank balances
The Hongkong and Shanghai Banking Corporation Limited 195,035,985 86,356,792
HSBC Bank (China) Company Limited 7,028,497 49,865,949
─────────── ───────────
202,064,482 136,222,741
═══════════ ═══════════
Interest income amounting to RMB413,280 (for the period from 1 January 2018 to 30 June 2018:
RMB275,987) was earned on these bank balances for the period ended 30 June 2019.
12
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
8. FINANCIAL RISK MANAGEMENT
The objective of the Sub-Fund is to provide investment results that, before deduction of fees and expenses,
closely correspond to the performance of the FTSE China A50 Index. The Sub-Fund’s activities may expose it
to a variety of risks including but not limited to: market risk (including market price risk, interest rate risk and
currency risk), credit and counterparty risk and liquidity risk which are associated with the markets in which
the Sub-Fund invests.
The following is a summary of the main risks and risk management policies.
(a) Market risk
(i) Market price risk
Market price risk is the risk that the value of a financial instrument will fluctuate as a result of
changes in market prices (other than those arising from interest rate risk or currency risk), whether
those changes are caused by factors specific to the individual instrument or factors affecting all
instruments in the market.
The Sub-Fund is designated to track the performance of the FTSE China A50 Index, therefore the
exposures to market risk in the Sub-Fund will be substantially the same as the tracked index. The
Manager manages the Sub-Fund’s exposures to market risk by ensuring that the key characteristics
of the portfolio, such as security weight and industry weight, are closely aligned with the
characteristics of the tracked index.
As at 30 June 2019 and 31 December 2018, the Sub-Fund’s investments were concentrated in the
following industries:
30 June 2019 (Unaudited) 31 December 2018 (Audited)
───────────────────── ────────────────────
Fair value % of net Fair value % of net
RMB asset value RMB asset value
Listed equities in PRC – by
industry
Basic materials 201,407,089 1.33 251,191,126 1.60
Consumer goods 3,748,325,558 24.69 3,279,491,218 20.89
Financials 8,938,077,107 58.88 9,501,148,790 60.52
Health Care 416,688,076 2.74 322,042,179 2.05
Industrials 1,118,186,352 7.37 1,534,072,192 9.77
Oil & gas 216,654,161 1.43 279,175,429 1.78
Technology 36,425,547 0.24 46,706,158 0.30
Telecommunications 126,792,309 0.83 141,804,657 0.90
Utilities 191,677,478 1.26 226,693,955 1.45
─────────── ────── ─────────── ──────
14,994,233,677 98.77 15,582,325,704 99.26
═══════════ ══════ ═══════════ ══════
The Sub-Fund held 50 out of 50 (31 December 2018: 50 out of 50) constituent securities
comprising the FTSE China A50 Index. The Sub-Fund is therefore exposed to substantially the
same market price risk as the FTSE China A50 Index.
13
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
8. FINANCIAL RISK MANAGEMENT (Continued)
(a) Market risk (Continued)
(i) Market price risk (Continued)
Sensitivity analysis in the event of a possible change in the index by 10% as estimated by the
Manager
As at 30 June 2019, if the FTSE China A50 Index were to increase by 10% (31 December 2018:
10%) with all other variables held constant, this would increase the operating profit for the
period/year by approximately RMB1,499,423,368 (31 December 2018: RMB1,588,417,089).
Conversely, if the FTSE China A50 Index were to decrease by 10% (31 December 2018: 10%),
this would decrease the operating profit for the period/year by an equal amount.
(ii) Interest rate risk
Interest rate risk arises from the effects of fluctuations in the prevailing levels of market interest
rates on the fair value of financial assets and liabilities and future cash flow.
As at 30 June 2019 and 31 December 2018, interest rate risk arises only from bank balances. As
the bank balances held by the Sub-Fund is short term in nature and the interest arising from these
interest bearing assets are immaterial, the Manager considers that changes in their fair value and
future cash flows in the event of a change in market interest rates will not be material. As a result,
the Manager considers sensitivity analysis of interest rate risk is not necessary to be presented.
(iii) Currency risk
Currency risk is the risk that the value of financial instruments will fluctuate due to changes in
foreign exchange rates. The Sub-Fund is not exposed to currency risk arising from balances and
transactions in foreign currencies as the majority of its assets and liabilities are denominated in
RMB, the Sub-Fund’s functional and presentation currency. As a result, Managers considers
sensitivity analysis of currency risk is not necessary to be presented.
(b) Credit and counterparty risk
Credit and counterparty risk is the risk that an issuer or counterparty will be unable or unwilling to
meet a commitment that it has entered into with the Sub-Fund.
The Sub-Fund limits its exposure to credit and counterparty risk by carrying out the majority of its
investment transactions and contractual commitment activities with well-established broker-dealers,
banks and regulated exchanges with high credit ratings.
All transactions in listed securities are settled or paid for upon delivery using approved and reputable
brokers. In addition, the Sub-Fund places bank balances with reputable financial institutions. As such,
the Manager does not consider the Sub-Fund to be exposed to significant credit and counterparty risk.
As at 30 June 2019, the Sub-Fund placed bank balances of RMB195,035,985 (31 December 2018:
RMB86,356,792) and investments of RMB12,656,869,096 (31 December 2018: RMB13,147,055,563)
with The Hong Kong and Shanghai Banking Corporation Limited (“HSBC”), which is the custodian of
the Sub-Fund. The S&P credit rating of HSBC is A (31 December 2018: A).
As at 30 June 2019, the Sub-Fund placed bank balances of RMB7,028,497 (31 December 2018:
RMB49,865,949) and investments of RMB2,337,364,581(31 December 2018: RMB2,435,270,141)
with HSBC Bank (China) Company Limited (“HSBC China”), which is the PRC custodian of the Sub-
Fund. The Moody’s credit rating of HSBC China is A1 (31 December 2018: A1).
14
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
8. FINANCIAL RISK MANAGEMENT (Continued)
(b) Credit and counterparty risk (Continued)
The Sub-Fund measures credit risk and expected credit losses using probability of default, exposure at
default and loss given default. Management consider both historical analysis and forward looking
information in determining any expected credit loss. At 30 June 2019 and 31 December 2018, deposit
reserve, interest receivables, amounts due from brokers and bank balances are held with counterparties
with high credit ratings and are due to be settled within 1 month. Management consider the probability
of default to be close to zero as the counterparties have a strong capacity to meet their contractual
obligations in the near term. As a result, no loss allowance has been recognised based on 12-month
expected credit losses as any such impairment would be wholly insignificant to the Sub-Fund.
The maximum exposure to credit risk as at 30 June 2019 and 31 December 2018 is the carrying
amount of the financial assets as shown on the condensed statement of financial position.
(c) Liquidity risk
Liquidity risk is the risk that the Sub-Fund may not be able to generate sufficient cash resources to
settle its obligations in full as they fall due or can only do so on terms that are materially
disadvantageous.
The Sub-Fund is exposed to daily redemptions of units in the Sub-Fund. The Sub-Fund invests the
majority of its assets in securities that are traded in an active market which can be readily disposed of.
The table below analyses the Sub-Fund’s financial liabilities into relevant maturity groupings based on
the remaining period at the reporting date to the contractual maturity date. The amounts in the table are
the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances,
as the impact of discounting is not significant.
Less than 1 month to less Over
1 month than 3 months 3 months Total
RMB RMB RMB RMB
As at 30 June 2019
Management fee payable 12,030,137 - - 12,030,137
Trustee fee payable 486,066 - - 486,066
License fee payable - 4,336,547 - 4,336,547
Other accounts payable 44,530 500 355,546 400,576
────────── ───────── ─────── ──────────
Contractual cash outflow 12,560,733 4,337,047 355,546 17,253,326
══════════ ═════════ ═══════ ══════════
As at 31 December 2018
Management fee payable 13,383,339 - - 13,383,339
Trustee fee payable 540,741 - - 540,741
License fee payable - 7,108,826 - 7,108,826
Other accounts payable - 87,980 638,824 726,804
────────── ───────── ─────── ──────────
Contractual cash outflow 13,924,080 7,196,806 638,824 21,759,710
══════════ ═════════ ═══════ ══════════
15
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
8. FINANCIAL RISK MANAGEMENT (Continued)
(c) Liquidity risk (Continued)
Units are redeemed on demand at the unitholder’s option. As at 30 June 2019, there was one (31
December 2018: 1) unitholder holding more than 10% of the Sub-Fund’s units.
The Sub-Fund manages its liquidity risk by investing in securities that it expects to be able to liquidate
within 7 days or less. The following table illustrates the expected liquidity of assets held:
Less than 1 to 12 No stated
1 month months maturity Total
RMB RMB RMB RMB
As at 30 June 2019
Total assets 15,196,298,159 8,137 1,383,200 15,197,689,496
═══════════ ═══════ ════════ ═══════════
As at 31 December 2018
Total assets 15,718,548,445 6,787 1,383,200 15,719,938,432
═══════════ ═══════ ════════ ═══════════
(d) Fair value estimation
The Sub-Fund classifies fair value measurements using a fair value hierarchy that reflects the
significance of the inputs used in making the measurements. The fair value hierarchy has the following
levels:
Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Sub-Fund
can access at the measurement date (level 1).
Inputs other than quoted prices included within level 1 that are observable for the asset or liability,
either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).
Inputs for the asset or liability that are not based on observable market data (that is, unobservable
inputs) (level 3).
The level in the fair value hierarchy within which the fair value measurement is categorised in its
entirety is determined on the basis of the lowest level input that is significant to the fair value
measurement in its entirety. For this purpose, the significance of an input is assessed against the fair
value measurement in its entirety. If a fair value measurement uses observable inputs that require
significant adjustment based on unobservable inputs, that measurement is a level 3 measurement.
Assessing the significance of a particular input to the fair value measurement in its entirety requires
judgment, considering factors specific to the asset or liability.
The determination of what constitutes “observable” requires significant judgment by the Sub-Fund.
The Sub-Fund considers observable data to be that market data that is readily available, regularly
distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources
that are actively involved in the relevant market.
16
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
8. FINANCIAL RISK MANAGEMENT (Continued)
(d) Fair value estimation (Continued)
The following table analyses within the fair value hierarchy the Sub-Fund’s financial assets (by class)
measured at fair value at 30 June 2019 and 31 December 2018:
Level 1 Level 2 Level 3 Total
RMB RMB RMB RMB
As at 30 June 2019
Assets
Investment
- Equity securities 14,994,233,677 - - 14,994,233,677
─────────── ───────── ───────── ───────────
Total assets 14,994,233,677 - - 14,994,233,677
═══════════ ═════════ ═════════ ═══════════
As at 31 December 2018
Assets
Investment
- Equity securities 15,133,739,913 448,585,791 - 15,582,325,704
─────────── ───────── ───────── ───────────
Total assets 15,133,739,913 448,585,791 - 15,582,325,704
═══════════ ═════════ ═════════ ═══════════
Investments whose values are based on quoted market prices in active markets, and therefore classified
within level 1, include active listed equities. The Sub-Fund does not adjust the quoted price for these
instruments.
Financial instruments that trade in markets that are not considered to be active but are valued based on
quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs
are classified within level 2. Management has used best estimation and assessed all available
information and considers that the last traded price is the best estimation of the fair value of level 2
investments as at 31 December 2018.
As at 30 June 2019, there was no investment held by the Sub-Fund which has been suspended for
trading.
As at 31 December 2018, one listed equity investment held by the Sub-Fund amounted to
RMB448,585,791, represented 2.86% of the net asset value of the Sub-Fund, was suspended for
trading due to business restructuring and was classified as level 2. Such investment has resumed
trading subsequent to the year ended 31 December 2018.
Investments classified within level 3 have significant unobservable inputs, as they trade infrequently
or do not trade. As at 30 June 2019 and 31 December 2018, the sub fund did not hold any investments
classified in level 3.
During the period ended 30 June 2019, the suspended equity investment of RMB448,585,791 has been
transferred from level 2 to level 1 and classified as level 1 investments.
During the year ended 31 December 2018, the suspended equity investment of RMB448,585,791 has
been transferred from level 1 to level 2 and classified as level 2 investments.
17
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
8. FINANCIAL RISK MANAGEMENT (Continued)
(d) Fair value estimation (Continued)
Transfer between levels of the fair value hierarchy are deemed to have occurred at the beginning of the
reporting period.
The assets and liabilities included in the condensed statement of financial position, other than
investments, are carried at amortised cost; their carrying value are approximation of fair value. There
are no other assets and liabilities not carried at fair value but for which fair value is disclosed.
(e) Capital risk management
The Sub-Fund’s capital is represented by the redeemable units outstanding. The Sub-Fund’s objective
is to provide investment results that correspond generally to the performance of the respective index.
The Manager may:
Redeem and issue new units on a daily basis in accordance with the constitutive documents of the
Sub-Fund;
Exercise discretion when determining the amount of distributions of the Sub-Fund to the
unitholders; and
Suspend the creation and redemption of units under certain circumstance as currently disclosed in
the Prospectus of the Sub-Fund.
9. DISTRIBUTION
There was no distribution during the period ended 30 June 2019 and 30 June 2018.
10. FINANCIAL INSTRUMENTS BY CATEGORY
As of 30 June 2019 and 31 December 2018, other than investments as disclosed in the financial statements
which are classified as financial assets at fair value through profit or loss, all financial assets including deposit
reserve, interest receivable and bank balances are categorised as per IFRS 9 and carried at amortised cost. All
the financial liabilities of the Sub-Fund are carried at amortised cost.
The carrying value of the financial assets and liabilities are considered by the Manager to approximate their
fair value as they are short term in nature and the effect of discounting is immaterial.
11. INVESTMENT LIMITATION AND PROHIBITIONS UNDER THE SFC CODE
The SFC Code allows the Sub-Fund to invest in constituent securities issued by a single issuer for more than 10%
of the Sub-Fund's net asset value provided that the investment is limited to any constituent securities that each
accounts for more than 10% of the weighting of the Index and the Sub-Fund's holding of any such constituent
securities may not exceed their respective weightings in the Index (except as a result of changes in the composition
of the Index and the excess is transitional and temporary in nature).
The Manager and the Trustee have confirmed that the Sub-Fund has complied with this limit during the
period/year ended 30 June 2019 and 31 December 2018.
There was one constituent security (31 December 2018: 1) that individually accounted for more than 10% of
the net asset value of the Sub-Fund and their respective weightings of the FTSE China A50 Index as at 30 June
2019.
18
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
11. INVESTMENT LIMITATION AND PROHIBITIONS UNDER THE SFC CODE (Continued)
As at 30 June 2019
Weighting % of net asset
in the Index (%) value
PING AN INSURANCE (GROUP) CO OF CHINA LTD A SHR
ORD CNY1 14.63 13.95
As at 31 December 2018
Weighting % of net asset
in the Index (%) value
PING AN INSURANCE (GROUP) CO OF CHINA LTD A SHR
ORD CNY1 11.91 11.50
During the period ended 30 June 2019, the FTSE China A50 Net Total Return index increased by 32.56% (31
December 2018: decreased by 19.36%) while the net asset value per unit of the Sub-Fund increased by 31.29%
(31 December 2018: decreased by 22.27%).
12. SOFT COMMISSION ARRANGEMENT
The Manager has entered into soft commission arrangements for the period/year ended 30 June 2019 and 31
December 2018 with some brokers under which certain goods and services used to support investment decision
making are obtained from third parties and are paid for by the brokers in consideration of transactions of the
Sub-Fund directed to the brokers. These may include, for example, research and advisory services; economic
and political analysis; portfolio analysis, including valuation and performance measurement; market analysis,
data and quotation services; clearing, registrar and custodial services and investment-related publication;
computer hardware and software incidental to the above goods and services.
13. SEGMENT INFORMATION
The Manager makes the strategic resource allocations on behalf of the Sub-Fund and has determined the
operating segments based on the reports reviewed which are used to make strategic decisions.
The Manager considers that the Sub-Fund has a single operating segment which is investing in securities. The
objectives of the Sub-Fund are to track the performance of the FTSE China A50 Index and invest in
substantially all the index constituents with security weight and industry weight that are closely aligned with
the characteristics of the tracked index.
The internal financial information used by the Manager for the Sub-Fund’s assets, liabilities and performance
is the same as that disclosed in the condensed statement of financial position and condensed statement of
comprehensive income.
The Sub-Fund is domiciled in Hong Kong. The Sub-Fund’s income is derived from investments in PRC
securities which constitute FTSE China A50 Index, the tracked index.
The total of non-current assets of the Sub-Fund located in PRC is RMB1,383,200 (31 December 2018:
RMB1,383,200). The Sub-Fund has no other assets classified as non-current assets. As at 30 June 2019 and 31
December 2018, the Sub-Fund has a diversified portfolio of investments and one investment accounts for more
than 10% of the Sub-Fund’s net asset value.
19
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
INVESTMENT PORTFOLIO (Unaudited)
As at 30 June 2019
Fair value % of net
Holdings RMB assets
Investments (98.77%)
Listed equities (98.77%)
China (98.77%)
360 SECURITY TECHNOLOGY INC A SHRS ORD CNY1 1,074,050 22,963,189 0.15
AGRICULTURAL BANK OF CHINA A SHS ORD CNY1 103,592,103 372,931,571 2.46
ANHUI CONCH CEMENT COMPANY LTD SHS A ORD
CNY1 4,672,356 193,902,774 1.28
BANK OF BEIJING CO LTD ORD CNY1 CL A 34,344,781 202,977,656 1.34
BANK OF CHINA LTD A SHS ORD CNY1 56,993,087 213,154,145 1.40
BANK OF COMMUNICATIONS LTD A SHRS ORD CNY1 54,130,459 331,278,409 2.18
BAOSHAN IRON & STEEL CO LTD CL A ORD CNY1 14,207,523 92,348,899 0.61
CHINA CITIC BANK CORP A SHRS ORD CNY1 7,366,480 43,977,886 0.29
CHINA COMMUNICATIONS CONSTRUCTION CO LTD A
SHS ORD NPV 3,811,917 43,150,900 0.28
CHINA CONSTRUCTION BANK A SHS ORD CNY1 24,341,507 181,100,812 1.19
CHINA EVERBRIGHT BANK CO LTD A ORD CNY1 37,678,041 143,553,336 0.95
CHINA LIFE INSURANCE CO A SHS ORD NPV 3,941,623 111,626,763 0.74
CHINA MERCHANTS BANK A SHR ORD CNY1 31,796,035 1,144,021,339 7.54
CHINA MERCHANTS SHEKOU INDUSTRIAL ZONE CO LTD
ORD CNY1 5,557,032 116,141,969 0.76
CHINA MINSHENG BANKING CO LTD A SHR ORD CNY1 74,777,416 474,836,592 3.13
CHINA PACIFIC INSURANCE GROUP A SHR ORD CNY1 6,799,934 248,265,590 1.64
CHINA PETROLEUM & CHEMICAL CORP CL A ORD CNY1 25,839,736 141,343,356 0.93
CHINA RAILWAYS CONSTRUCTION CORP A SHS ORD
CNY1 10,264,976 102,136,511 0.67
CHINA SHENHUA ENERGY CO LTD A SHS ORD CNY1 5,351,236 109,058,190 0.72
CHINA STATE CONSTRUCTION ENGINEERING CORP LTD
A SHR ORD CNY1 45,408,577 261,099,318 1.72
CHINA UNITED NETWORK COMMUNICATIONS LTD A
SHRS ORD CNY1 20,583,167 126,792,309 0.84
CHINA VANKE CO LTD A SHR ORD CNY1 17,485,415 486,269,391 3.20
CHINA YANGTZE POWER CO LTD CL A ORD CNY1 10,708,239 191,677,478 1.26
CITIC SECURITIES CO LTD A SHR ORD CNY1 21,017,566 500,428,246 3.30
CONTEMPORARY AMPEREX TECHNOLOGY CO LTD A
SHS ORD CNY1 593,601 40,887,237 0.27
CRRC CORP LTD A SHR ORD CNY1 20,136,598 162,905,078 1.07
FOSHAN HAITIAN FLAVOURING & FOOD COMPANY LTD
A SHS ORD CNY1 730,167 76,667,535 0.50
FOXCONN INDUSTRIAL INTERNET CO LTD A SHRS ORD
CNY1 3,022,867 36,425,547 0.24
GREE ELECTRIC APPLIANCES INC OF ZHUHAI A SHS
ORD CNY1 11,504,468 632,745,740 4.17
GUOTAI JUNAN SECURITIES CO LTD A SHRS ORD NPV 8,942,557 164,095,921 1.08
20
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
INVESTMENT PORTFOLIO (Unaudited) (Continued)
As at 30 June 2019
Fair value % of net
Holdings RMB assets
Investments (98.77%) (continued)
Listed equities (98.77%) (continued)
China (98.77%) (continued)
HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO LTD
A SHS ORD NPV 7,653,723 211,089,680 1.39
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD A
SHS ORD CNY1 58,324,583 343,531,794 2.26
INDUSTRIAL BANK CO LTD A SHR ORD CNY1 37,464,198 685,220,181 4.51
INNER MONGILIA YILI INDUSTRIAL GROUP CO LTD A
SHS ORD CNY1 13,518,472 451,652,150 2.98
JIANGSU HENGRUI MEDICINE CO LTD A SHR ORD CNY1 5,500,465 363,030,690 2.39
JIANGSU YANGHE BREWERY JOINT-STOCK CO LTD A
SHS ORD CNY1 1,191,487 144,837,160 0.95
KWEICHOW MOUTAI CO LTD A SHR ORD CNY1 1,195,364 1,176,238,176 7.75
MIDEA GROUP CO LIMITED A SHR ORD NPV 8,403,295 435,794,879 2.87
NEW CHINA LIFE INSURANCE CO LTD A SHRS ORD NPV 1,772,758 97,554,873 0.64
PETROCHINA CO LTD A SHRS CNY1 10,946,338 75,310,805 0.50
PING AN BANK CO LTD A SHR ORD CNY1 19,500,766 268,720,555 1.77
PING AN INSURANCE (GROUP) CO OF CHINA LTD A SHR
ORD CNY1 23,898,690 2,117,662,921 13.95
POLY DEVELOPMENTS AND HOLDINGS GROUP CO LTD A
SHR ORD CNY1 18,532,310 236,472,276 1.56
S F HOLDING CO LTD A SHRS ORD CNY1 1,923,983 65,338,463 0.43
SAIC MOTOR CORP LTD A SHR ORD CNY1 7,326,975 186,837,862 1.23
SHANGHAI INTERNATIONAL PORT GR LTD A SHR ORD
CNY1 8,152,557 55,600,439 0.37
SHANGHAI PUDONG DEVELOPMENT BANK CO LTD A
SHR ORD CNY1 38,891,685 454,254,881 2.99
SHENZHEN MINDRAY BIO MEDICAL ELECTRONICS CO
LTD A SHS ORD CNY1 328,783 53,657,386 0.35
WENS FOODSTUFF GROUP CO LTD A SHRS ORD CNY1 1,149,358 41,215,978 0.27
WULIANGYE YIBIN CO LTD A SHS ORD CNY1 4,760,058 561,448,841 3.70
─────────── ─────
Total investments 14,994,233,677 98.77
Other net assets 186,202,493 1.23
─────────── ─────
Net assets attributable to unitholders at 30 June 2019 15,180,436,170 100.00
═══════════ ═════
Total investments, at cost 11,987,073,952
═══════════
21
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited)
For the period ended 30 June 2019
Holdings
Corporate
1 January 2019 Additions actions Disposals 30 June 2019
Investments
Listed equities
360 SECURITY
TECHNOLOGY INC A
SHRS ORD CNY1 1,431,850 300,200 - 658,000 1,074,050
AGRICULTURAL BANK
OF CHINA A SHS ORD
CNY1 138,101,703 22,789,600 - 57,299,200 103,592,103
ANHUI CONCH CEMENT
COMPANY LTD SHS A
ORD CNY1 6,228,856 925,500 - 2,482,000 4,672,356
BANK OF BEIJING CO
LTD ORD CNY1 CL A 45,786,026 7,735,755 - 19,177,000 34,344,781
BANK OF CHINA LTD A
SHS ORD CNY1 75,979,087 7,898,600 - 26,884,600 56,993,087
BANK OF
COMMUNICATIONS
LTD A SHRS ORD
CNY1 72,162,959 15,660,500 - 33,693,000 54,130,459
BANK OF SHANGHAI CO
LTD A SHS ORD CNY1 16,439,426 11,771,600 - 28,211,026 -
BAOSHAN IRON &
STEEL CO LTD CL A
ORD CNY1 18,933,451 739,672 - 5,465,600 14,207,523
BOE TECHNOLOGY
GROUP CO LT ORD
CNY1 - 139,000 - 139,000 -
BYD CO LTD ORD CNY1 - 5,400 - 5,400 -
CHINA CITIC BANK
CORP A SHRS ORD
CNY1 9,820,542 1,713,138 - 4,167,200 7,366,480
CHAINA CITIC BANK
CORP NIL PAID RTS
04/03/2019 - - 1,510,000 1,510,000 -
CHINA
COMMUNICATIONS
CONSTRUCTION CO
LTD A SHS ORD NPV 5,081,717 1,023,800 - 2,293,600 3,811,917
CHINA CONSTRUCTION
BANK A SHS ORD
CNY1 32,450,407 4,517,700 - 12,626,600 24,341,507
CHINA EVERBRIGHT
BANK CO LTD A ORD
CNY1 50,229,641 7,798,100 - 20,349,700 37,678,041
CHINA LIFE INSURANCE
CO A SHS ORD NPV 5,254,723 910,100 - 2,223,200 3,941,623
CHINA MERCHANTS
BANK A SHR ORD
CNY1 42,388,303 7,701,532 - 18,293,800 31,796,035
22
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued)
For the period ended 30 June 2019
Holdings
Corporate
1 January 2019 Additions actions Disposals 30 June 2019
Investments (Continued)
Listed equities (Continued)
CHINA MERCHANTS
SHEKOU INDUSTRIAL
ZONE CO LTD ORD
CNY1 7,408,313 1,169,119 - 3,020,400 5,557,032
CHINA MINSHENG
BANKING CO LTD A
SHR ORD CNY1 99,687,916 14,789,600 - 39,700,100 74,777,416
CHINA PACIFIC
INSURANCE GROUP A
SHR ORD CNY1 9,065,234 1,913,100 - 4,178,400 6,799,934
CHINA PETROLEUM &
CHEMICAL CORP CL A
ORD CNY1 34,447,736 1,337,600 - 9,945,600 25,839,736
CHINA RAILWAY GROUP
LTD A ORD CNY1 18,536,147 17,259,600 - 35,795,747 -
CHINA RAILWAYS
CONSTRUCTION CORP
A SHS ORD CNY1 13,684,401 7,722,975 - 11,142,400 10,264,976
CHINA SHENHUA
ENERGY CO LTD A SHS
ORD CNY1 7,133,836 1,178,200 - 2,960,800 5,351,236
CHINA STATE
CONSTRUCTION
ENGINEERING CORP
LTD A SHR ORD CNY1 60,562,477 7,121,500 - 22,275,400 45,408,577
CHINA UNITED
NETWORK
COMMUNICATIONS
LTD A SHRS ORD CNY1 27,428,367 3,043,600 - 9,888,800 20,583,167
CHINA VANKE CO LTD A
SHR ORD CNY1 23,310,319 895,096 - 6,720,000 17,485,415
CHINA YANGTZE POWER
CO LTD CL A ORD CNY1 14,275,438 554,401 - 4,121,600 10,708,239
CITIC SECURITIES CO
LTD A SHR ORD CNY1 28,019,100 4,762,466 - 11,764,000 21,017,566
CONTEMPORARY
AMPEREX
TECHNOLOGY CO LTD
A SHS ORD CNY1 791,295 723,106 - 920,800 593,601
CRRC CORP LTD A SHR
ORD CNY1 26,844,690 4,303,308 - 11,011,400 20,136,598
FOCUS MEDIA
INFORMATION TE ORD
CNY1 - 37,900 - 37,900 -
23
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued)
For the period ended 30 June 2019
Holdings
Corporate
1 January 2019 Additions actions Disposals 30 June 2019
Investments (Continued)
Listed equities (Continued)
FOSHAN HAITIAN
FLAVOURING & FOOD
COMPANY LTD A SHS
ORD CNY1 973,767 136,000 - 379,600 730,167
FOXCONN INDUSTRIAL
INTERNET CO LTD A
SHRS ORD CNY1 4,029,867 157,800 - 1,164,800 3,022,867
GF SECURITIES CO LTD
ORD CNY1 - 21,000 - 21,000 -
GREE ELECTRIC
APPLIANCES INC OF
ZHUHAI A SHS ORD
CNY1 15,337,012 2,161,856 - 5,994,400 11,504,468
GUANGZHOU
AUTOMOBILE GROUP
ORD CNY1 - 3,400 - 3,400 -
GUOTAI JUNAN
SECURITIES CO LTD A
SHRS ORD NPV 11,921,756 1,629,001 - 4,608,200 8,942,557
HAITONG SECURITIES CO
LTD ORD CNY1 - 45,100 - 45,100 -
HANGZHOU HIKVISION
DIGITAL TECHNOLOGY
CO LTD A SHS ORD NPV 10,071,162 1,589,361 - 4,006,800 7,653,723
HUATAI SECURITIES CO
LTD ORD CNY1 - 22,400 - 22,400 -
INDUSTRIAL AND
COMMERCIAL BANK OF
CHINA LTD A SHS ORD
CNY1 77,754,283 11,276,100 - 30,705,800 58,324,583
INDUSTRIAL BANK CO
LTD A SHR ORD CNY1 49,944,618 7,879,680 - 20,360,100 37,464,198
INNER MONGILIA YILI
INDUSTRIAL GROUP CO
LTD A SHS ORD CNY1 17,968,172 747,100 - 5,196,800 13,518,472
JIANGSU HENGRUI
MEDICINE CO LTD A
SHR ORD CNY1 6,105,065 1,095,932 1,249,868 2,950,400 5,500,465
JIANGSU YANGHE
BREWERY JOINT-STOCK
CO LTD A SHS ORD
CNY1 1,588,585 50,902 - 448,000 1,191,487
KWEICHOW MOUTAI CO
LTD A SHR ORD CNY1 1,593,582 159,782 - 558,000 1,195,364
24
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued)
For the period ended 30 June 2019
Holdings
Corporate
1 January 2019 Additions actions Disposals 30 June 2019
Investments (Continued)
Listed equities (Continued)
MIDEA GROUP COMPANY
LIMITED A SHR ORD
NPV 14,148,895 3,102,000 - 8,847,600 8,403,295
NEW CHINA LIFE
INSURANCE CO LTD A
SHRS ORD NPV 2,363,258 126,300 - 716,800 1,772,758
PETROCHINA CO LTD A
SHRS CNY1 14,592,838 2,414,700 - 6,061,200 10,946,338
PING AN BANK CO LTD
NIL PAID RTS 21/01/2019 - - 6,917,900 6,917,900 -
PING AN BANK CO LTD A
SHR ORD CNY1 25,997,087 1,779,779 - 8,276,100 19,500,766
PING AN INSURANCE
(GROUP) CO OF CHINA
LTD A SHR ORD CNY1 32,193,144 6,212,746 - 14,507,200 23,898,690
POLY DEVELOPMENTS
AND HOLDINGS GROUP
CO LTD A SHR ORD
CNY1 24,629,910 984,800 - 7,082,400 18,532,310
S F HOLDING CO LTD A
SHRS ORD CNY1 2,562,143 558,640 - 1,196,800 1,923,983
SAIC MOTOR CORP LTD A
SHR ORD CNY1 9,767,843 340,732 - 2,781,600 7,326,975
SHANGHAI
INTERNATIONAL PORT
GR LTD A SHR ORD
CNY1 10,868,480 2,020,077 - 4,736,000 8,152,557
SHANGHAI PUDONG
DEVELOPMENT BANK
CO LTD A SHR ORD
CNY1 51,847,667 7,307,218 - 20,263,200 38,891,685
SHENZHEN MINDRAY BIO
MEDICAL
ELECTRONICS CO LTD
A SHS ORD CNY1 - 593,783 - 265,000 328,783
WENS FOODSTUFF
GROUP CO LTD A SHRS
ORD CNY1 - 2,847,358 - 1,698,000 1,149,358
WULIANGYE YIBIN CO
LTD A SHS ORD CNY1 6,345,755 206,303 - 1,792,000 4,760,058
25
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
PERFORMANCE RECORD (Unaudited)
Net asset value
Dealing net asset value Dealing net asset value
of the Sub-Fund per unit
RMB RMB
At the end of financial period/year dated
30 June 2019 15,180,436,170 13.1775
31 December 2018 15,698,178,722 10.0372
31 December 2017 19,305,132,834 12.9131
Highest and lowest net asset value per unit
Highest net asset value Lowest net asset value
per unit per unit
RMB RMB
Financial period/year ended
30 June 2019 13.4874 9.9063
31 December 2018 14.5348 9.9521
31 December 2017 13.9003 9.9773
31 December 2016 10.8850 8.5007
31 December 2015 15.0028 8.6763
31 December 2014 11.3976 6.3961
31 December 2013 9.1469 6.8307
31 December 2012 (since 23 August 2012 (date of
inception)) 8.2890 6.9571
26
CSOP FTSE CHINA A50 ETF
(A SUB-FUND OF CSOP ETF SERIES)
MANAGEMENT AND ADMINISTRATION
Manager and RQFII Holder Directors of the Manager
CSOP Asset Management Limited Chen Ding
Suite 2801 - 2803, Two Exchange Square Gaobo Zhang
8 Connaught Place Xiaosong Yang
Central Xiuyan Liu
Hong Kong Yi Zhou
Zhiwei Liu
Trustee and Registrar Zhongping Cai
HSBC Institutional Trust Services (Asia) Limited
1 Queen’s Road Central Legal Adviser to the Manager
Hong Kong Simmons & Simmons
13th Floor, One Pacific Place
Adviser 88 Queensway
China Southern Fund Management Co. Limited Hong Kong
33rd Floor, Duty-Free Business Building,
6 Fuhua 1st Rd, Futian CBD, Auditor
Shenzhen, China 518048 PricewaterhouseCoopers
21st Floor, Edinburgh Tower
Custodian 15 Queen’s Road Central
The Hongkong and Shanghai Banking Corporation Hong Kong
Limited
1 Queen’s Road Central
Hong Kong
PRC Custodian
HSBC Bank (China) Company Limited
33rd Floor, HSBC Building,
Shanghai ifc, 8 Century Avenue,
Pudong, Shanghai, China 200120
Service Agent
HK Conversion Agency Services Limited
1st Floor, One & Two Exchange Square
8 Connaught Place
Central, Hong Kong
Listing Agent
Oriental Patron Asia Limited
27th Floor, Two Exchange Square
8 Connaught Place
Central, Hong Kong
27
www.csopasset.com
Telephone: (852) 3406 5688
2801-2803, Two Exchange Square, 8 Connaught Place, Central, Hong Kong