> **来源：[研报客](https://pc.yanbaoke.cn)** # ChinaAMC Hang Seng Stock Connect Hong Kong SmallCap Index ETF: Annual Report Summary ## Fund Overview - **Name and Structure**: ChinaAMC Hang Seng Stock Connect Hong Kong SmallCap Index ETF is a sub-fund of the ChinaAMC Global ETF Series, established on October 23, 2015. It is an exchange-traded fund (ETF) that tracks the Hang Seng Stock Connect Hong Kong SmallCap Index. - **Management**: Managed by China Asset Management (Hong Kong) Limited, with HSBC as the trustee. The ETF uses a full replication or representative sampling strategy to mirror the index. - **Listing**: HK stock code: 03157, listed on October 26, 2015, primarily trading in Hong Kong Dollars (HKD). ## Financial Performance - **Key Metrics**: As of December 31, 2021, net assets attributable to unitholders totaled HKD 50,938,019, up from HKD 55,027,557 in 2020. - **Index Tracking**: The fund aims to closely mirror the Hang Seng Stock Connect Hong Kong SmallCap Index before fees and expenses. In 2021, the index decreased by 6.54%, while the fund's net asset value (NAV) declined by approximately 9.37% on a market-to-market basis. - **Past Performance**: Provides summary statistics for various time periods, showing volatility and correlation with the index. - **Audited Financial Statements**: Confirms fair valuation and no material misstatements, adhering to IFRS standards. ## Investment Portfolio - **Composition**: Primarily consists of Hong Kong-listed equities, with significant exposure to small-cap stocks as of December 31, 2021, totaling HKD 50,401,322. - **Sector Allocation**: Concentrated in sectors like financials, industrial, consumer, and communication, with substantial holdings in companies such as China Zhongwang Holdings Ltd and Tencent-related entities. - **Fair Value Measurement**: Utilizes fair value hierarchy (Level 1: quoted prices, Level 3: unobservable inputs), with adjustments for liquidity discounts and adjusted net asset values, classified under risk management. ## Risk Management and Operations - **Risk Assessment**: Exposed to market risk (equity, interest, and currency), credit risk, and liquidity risk. Currency risk is minimal as transactions and holdings are denominated in HKD. - **Controls**: Includes robust internal controls, segregation of duties, and regular monitoring by the manager. - **Related Party Transactions**: Involves management fees (up to 0.5% annually), trustee fees (up to 1% annually), and accounting services, all subject to normal commercial terms and regulatory compliance. ## Statement of Responsibility - **Manager**: Responsible for management in accordance with trust deed provisions, including portfolio management and financial reporting. - **Trustee**: Opts to safeguard fund property and report on manager's performance, with confirmation of compliance in the trustee's report. This summary captures the essential elements of the annual report, focusing on fund structure, financial health, performance, and operational aspects.