2022-04-28-港交所-嘉实ＥＳＧ领_嘉实ＥＳＧ领－Ｒ_嘉实基金系列（香港）ETF经审核年度报告2021（只备英文版本）_40页_422kb

报告摘要

Summary of Harvest CSI 300 ESG Leaders Index ETF Report and Financial Statements

Period: 10 March 2021 to 31 December 2021

Fund Overview

This ETF is an umbrella unit trust established in Hong Kong under Harvest Funds Series (Hong Kong) ETF.
Investment objective: To track the performance of the CSI 300 Harvest ESG Leaders Index, focusing on China A-shares with strong ESG profiles.
Manager: Harvest Global Investments Limited.
Key markets: China A-shares traded on Shanghai or Shenzhen stock exchanges.
Sub-fund status: Established in January 2021, with one sub-fund operational.

Market Performance and Investment Strategy

Since inception, the ETF outperformed broad China A-share indices amid regulatory tightening and economic uncertainties in early 2021.
Primary strategy: Full replication of the CSI 300 Harvest ESG Leaders Index through QFII/RQFII or Stock Connect mechanisms, targeting companies with leading ESG factors.
YTD performance: As of 31 December 2021, the fund's net asset value per unit was RMB 9.36, while the index increased by 3.85%. Export Growth: Supported by policy adjustments in China, including reserve requirement cuts and tax rate changes elsewhere.

Financial Performance

Assets: Total assets at year-end: RMB 64.38 billion, with RMB 63.48 million invested in listed equity securities.
Liabilities: Total liabilities: RMB 2.58 million, including management and trustee fees.
Net Assets: Net assets attributable to unitholders: RMB 61.80 billion (post-adjustments).
Income Statement: Comprehensive loss for the period: RMB -3.99 million, affected by negative net losses before tax.
Financial statements compliant with IFRS, audited by PricewaterhouseCoopers.

Risk Management

Market Risk: High exposure due to index tracking; a 1% index change could affect net assets by approx. RMB 1.256 million.
Other Risks: Minimal interest, currency, or credit risk; liquidity managed via holdings of highly liquid securities.
Holdings: 99 out of 99 CSI 300 ESG Leaders Index constituents as of 31 Dec 2021.

Key Metrics

Units Issued: 6.6 million units outstanding.
Performance Benchmarks: Underperformed the index slightly (-2.79% YTD vs index +34.40%).
Regulatory Compliance: Fund adheres to SFC Code and ETF Guidelines, with no material breaches reported.

Summary Analysis

Harvest CSI 300 ESG Leaders Index ETF demonstrated resilience in China's fluctuating market during its first year, capitalizing on ESG-focused investments. Strong asset growth from ETF subscriptions contrasts with modest net losses due to expenses, but overall liquidity and performance align with index tracking. Future risks include macroeconomic variability and regulatory oversight.

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