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CSOP ETF Series OFC Semi-Annual Report Summary (30 June 2022)

Overview

The report covers seven CSOP ETFs as of 30 June 2022, providing condensed financial statements and portfolio details. These include CSOP STAR 50 Index ETF (RMB), CSOP Global Cloud Computing ETF (USD), CSOP Huatai-PineBridge CSI Photovoltaic ETF (RMB), CSOP China Healthcare Disruption ETF (HKD), CSOP Global Smart Driving ETF (USD), CSOP MSCI China A 50 Connect ETF (RMB), and CSOP Metaverse Concept ETF (USD).

Financial Position Summary

For the period ended 30 June 2022:

• Net Assets: The majority of the funds (STAR 50, Cloud, Photovoltaic, Healthcare, MSCI A50 Connect) showed a decline in net assets, while the Smart Driving ETF experienced a slight increase from inception.

• Key Performance Metrics:

  • The STAR 50 Index ETF decreased by 21.62% in NAV per share during Q2 2022.
  • Cloud Computing ETF saw a 36.34% drop in its USDNAV, likely due to broad market declines.
  • Healthcare Disruption ETF had the largest negative return at 26.72%.
  • MSCI China A50 Connect ETF declined 9.37%, slightly outperforming its index (-8.73%).

Portfolio Highlights

• Index Funds: The STAR 50, Cloud, Photovoltaic, Global Smart Driving, and MSCI A50 Connect ETFs tracked specific indices but underperformed them in some periods, indicating tracking error or broader market issues.
• China Healthcare Disruption ETF and Metaverse Concept ETF did not track any index, using active management or thematic investing, respectively.

Net Asset Value (NAV) Trends

• The CSOP MSCI China A 50 Connect ETF showed resilience, with net assets increasing from RMB 285 million at inception to approximately RMB 468 million by June 30, 2022.

Key Risks and Observations

• Several ETFs (e.g., Healthcare, Cloud Computing) experienced significant declines, likely reflecting broader market corrections and sector-specific challenges.
• The complex financial structures of some funds, such as those using derivatives or feeder arrangements, carry additional counterparty and liquidity risks.
• Delays in redemption (e.g., the Metaverse ETF's 10 business day period) can exacerbate investor dissatisfaction during market stress.

Regulatory and Structural Highlights

• All ETFs are registered under Hong Kong SFC regulations, ensuring compliance with local investment mandates.
• The CSOP ETF Series OFC operates as an umbrella fund with multiple sub-funds, managed by CSOP Asset Management Limited.

Conclusion

The period reflects substantial churn across thematic and index-linked markets, with healthcare and technology funds leading in volatility. The MSCI A50 Connect ETF stands out with a relatively stable and growing asset base, while active and thematic ETFs like Metaverse may offer diversification but carry higher unsystematic risks.