2021-07-30-港交所-Ｆ三星原油期_年度报告_2020_49页_288kb

Samsung S&P GSCI Crude Oil ER Futures ETF Summary

Core Information

• Stock Code: 3175
• Sub-Fund of: Samsung ETFs Trust
• Established: 27 April 2016
• Listed on: The Stock Exchange of Hong Kong Limited (HKEX)
• Underlying Index: Changed from the S&P GSCI Crude Oil Index Excess Return (Existing Index) to the S&P GSCI Crude Oil Multiple Contract 55/30/15 1M/2M/3M (USD) ER Index (New Index) on 7 August 2020
• Type of Fund: Exchange Traded Fund (ETF) based on futures contracts
• Management and Trustee:
  • Manager: Samsung Asset Management (Hong Kong) Limited
  • Trustee: HSBC Institutional Trust Services (Asia) Limited
• Auditor: Deloitte Touche Tohmatsu
• Reporting Period: Year ended 31 March 2021
• Net Asset Value (NAV) per Unit (31 March 2021): HK$3.9151
• Units Outstanding (31 March 2021): 619,000,000
• Total Net Assets (31 March 2021): HK$2,423,450,384

Key Points of the Report

1. Fund Structure and Operations

• The fund is a passively managed ETF tracking the performance of the S&P GSCI Crude Oil ER Index.
• It is governed by the Hong Kong Securities and Futures Commission (SFC) under Chapter 8.6 and 8.8 of the SFC Code.
• The fund invests directly in WTI Futures Contracts on the New York Mercantile Exchange (NYMEX).
• The fund uses futures-based strategies to replicate the performance of the underlying index, before fees and expenses.
• The fund maintains a minimum of 50% of its net asset value in HKD-denominated investment products, such as bank deposits and SFC-authorized money market funds, to ensure liquidity and stability.

2. Financial Highlights

• Net Assets at 31 March 2021: HK$2,423,450,384
• Net Assets at 31 March 2020: HK$1,480,509,630
• Net Loss for 2021: HK$677,038,099
• Net Loss for 2020: HK$241,576,449
• Cash and Cash Equivalents at End of Year: HK$1,016,395,192
• Cash and Cash Equivalents at Beginning of Year: HK$243,590,999
• Net Increase in Cash and Cash Equivalents for 2021: HK$772,804,193

3. Financial Statements

• The financial statements were prepared in HKD, the functional currency of the fund.
• The financial statements were approved by the Manager and Trustee on 30 July 2021.
• The financial statements include:
  • Statement of Financial Position
  • Statement of Comprehensive Income
  • Statement of Changes in Net Assets Attributable to Unitholders
  • Statement of Cash Flows
  • Notes to the Financial Statements (Notes 1 to 12)

Key Audit Matters

• The independence of the auditor was confirmed, and the audit was conducted in accordance with International Standards on Auditing (ISAs).
• The auditor emphasized the importance of internal controls and the fair presentation of financial statements.
• The valuation and existence of derivative financial assets and liabilities were identified as key audit matters due to their significant impact on the financial position and performance of the fund.
• Procedures included:
  • Checking against independent confirmations from brokers
  • Verifying fair values through public pricing sources

Financial Statements Overview

Statement of Financial Position (31 March 2021)

• Total Assets: HK$2,540,489,193
• Total Liabilities: HK$117,038,809
• Net Assets Attributable to Unitholders: HK$2,423,450,384

Statement of Comprehensive Income (Year ended 31 March 2021)

• Net Loss: HK$677,038,099
• Expenses: HK$38,991,647
• Income: HK$3,876,884 (Bank interest income)

Statement of Changes in Net Assets Attributable to Unitholders

• Net Loss for the Year: HK$716,029,746
• Subscription of Units: HK$6,560,677,100
• Redemption of Units: HK$4,901,706,600
• Net Increase in Net Assets: HK$1,658,970,500
• Units Outstanding at End of Year: 619,000,000

Statement of Cash Flows

• Net Cash Used in Operating Activities: HK$1,479,139,927
• Net Cash from Financing Activities: HK$2,251,944,120
• Net Increase in Cash and Cash Equivalents: HK$772,804,193

Notes to the Financial Statements

• The fund's investment strategy is to replicate the performance of the underlying index, with the underlying index change on 7 August 2020.
• The fund's financial statements are prepared in accordance with International Financial Reporting Standards (IFRSs).
• The application of new and amended IFRSs in the current year had no material impact on the financial statements.
• The auditor’s report confirms the true and fair view of the financial statements and no material misstatements were found.
• The manager and trustee are responsible for the preparation and disclosure of the financial statements and ensuring compliance with the Trust Deed and SFC Code.

Conclusion

• The Samsung S&P GSCI Crude Oil ER Futures ETF is a passively managed futures-based ETF that aims to closely mirror the performance of the S&P GSCI Crude Oil Multiple Contract 55/30/15 1M/2M/3M (USD) ER Index.
• The fund’s financial statements for the year ended 31 March 2021 were audited and approved by the Manager and Trustee.
• The net asset value increased significantly, and the auditor confirmed the accuracy and fairness of the financial statements.
• The underlying index change on 7 August 2020 introduced a more diversified approach to tracking WTI Futures Contracts, with the fund now tracking multiple contract months.
• The audit process focused on derivative financial instruments, internal controls, and compliance with IFRSs.