AMUNDI ETF Series 2022 Annual Financial Summary
Overview
This document provides the annual financial statements for two sub-funds under the AMUNDI ETF Series:
- AMUNDI Hang Seng HK 35 Index ETF (Stock code: 3012 (HKD)/83012 (RMB))
- AMUNDI FTSE China A50 Index ETF (Stock code: 2843 (HKD)/82843 (RMB))
The financial statements cover the year ended 30 September 2022.
Key Entities
- Manager: Amundi Hong Kong Limited
- Trustee: BOCI-Prudential Trustee Limited
- Custodians: Bank of China (Hong Kong) Limited and Bank of China Limited
- Registrar: Computershare Hong Kong Investor Services Limited
- Conversion Agent: HK Conversion Agency Services Limited
- Auditor: PricewaterhouseCoopers
- Legal Counsel: Simmons & Simmons
Market Environment
- Russia-Ukraine War: Escalated geopolitical tensions, impacted global equity markets, and increased prices for oil, gas, and gold.
- U.S. Federal Reserve: Raised interest rates throughout 2022, reaching 3%–3.25% by September, with a full percentage point increase from June projections.
- Inflation and Recession Concerns: The Fed's tightening cycle raised concerns about economic growth and recession risks.
- China Economic Impact: The lockdown in Shanghai due to the Omicron variant led to a weak 2Q GDP growth of 0.4%.
- U.S.-China Audit Agreement: A preliminary agreement was reached in July to address audit inspections for ADRs, reducing delisting risks.
- UK Mini-Budget: The announcement of Kwasi Kwarteng's mini-budget caused a sharp drop in the British pound and raised concerns about the UK's deficit and debt/GDP ratio.
Financial Statements Highlights
Statement of Financial Position (As at 30 September 2022)
| AMUNDI Hang Seng HK 35 Index ETF |
2022 |
2021 |
| Financial assets at fair value through profit or loss |
HK$7,304,417 |
HK$21,003,789 |
| Dividends receivable |
- |
HK$5,001 |
| Cash and cash equivalents |
HK$44,107 |
HK$144,054 |
| Total assets |
HK$7,687,811 |
HK$21,155,461 |
| Management fee payable |
HK$1,913 |
HK$4,936 |
| Amount due to broker |
- |
HK$96,371 |
| Other payables |
HK$24,915 |
HK$3,770 |
| Total liabilities |
HK$26,828 |
HK$105,077 |
| Net assets attributable to unitholders |
HK$7,660,983 |
HK$21,050,384 |
| AMUNDI FTSE China A50 Index ETF |
2022 |
2021 |
| Financial assets at fair value through profit or loss |
RMB76,894,319 |
RMB77,281,436 |
| Other receivables |
RMB7,153 |
RMB5,303 |
| Cash and cash equivalents |
RMB2,041,672 |
RMB151,788,682 |
| Total assets |
RMB78,943,144 |
RMB229,075,421 |
| Management fee payable |
RMB25,824 |
RMB86,682 |
| Distributions payable |
RMB1,800,000 |
RMB4,350,000 |
| Redemption payable |
- |
RMB146,933,969 |
| Other payables |
RMB18,655 |
RMB29,067 |
| Total liabilities |
RMB1,844,479 |
RMB151,399,718 |
| Net assets attributable to unitholders |
RMB77,098,665 |
RMB77,675,703 |
Statement of Comprehensive Income (Year ended 30 September 2022)
| AMUNDI Hang Seng HK 35 Index ETF |
2022 |
2021 |
| Dividend income |
HK$526,476 |
HK$1,034,210 |
| Interest income |
HK$1 |
HK$1 |
| Net (losses)/gains on financial assets at fair value through profit or loss |
(HK$4,102,649) |
HK$10,605,726 |
| Total net (loss)/income |
(HK$3,576,172) |
HK$11,639,937 |
| Management fee |
HK$50,542 |
HK$114,568 |
| Bank charges |
HK$300 |
HK$640 |
| Transaction costs |
HK$5,922 |
HK$14,438 |
| Transaction handling fees |
HK$16,965 |
HK$25,665 |
| Total operating expenses |
HK$73,729 |
HK$155,311 |
| (Decrease)/increase in net assets attributable to unitholders from operations |
(HK$3,649,901) |
HK$11,484,626 |
| AMUNDI FTSE China A50 Index ETF |
2022 |
2021 |
| Dividend income |
RMB2,264,354 |
RMB5,156,634 |
| Interest income |
RMB4,134 |
RMB4,187 |
| Net (losses)/gains on financial assets at fair value through profit or loss |
(RMB17,128,012) |
RMB3,232,128 |
| Total net (loss)/income |
(RMB14,859,524) |
RMB8,392,949 |
| Management fee |
RMB419,476 |
RMB1,209,723 |
| Bank charges |
RMB647 |
RMB580 |
| Transaction costs |
RMB72,811 |
RMB99,483 |
| Total operating expenses |
RMB492,934 |
RMB1,309,786 |
| (Loss)/profit before tax |
(RMB15,352,458) |
RMB7,083,163 |
| Withholding tax |
(RMB226,796) |
(RMB517,991) |
| (Decrease)/increase in net assets attributable to unitholders from operations |
(RMB15,579,254) |
RMB6,565,172 |
Statement of Changes in Net Assets Attributable to Unitholders (Year ended 30 September 2022)
| AMUNDI Hang Seng HK 35 Index ETF |
2022 |
2021 |
| Net assets attributable to unitholders at the beginning of the year |
HK$21,050,384 |
HK$44,730,808 |
| Redemption of units |
(HK$9,109,089) |
(HK$33,703,099) |
| - Cash redemption |
(HK$30,411) |
(HK$186,951) |
| Net redemptions of units |
(HK$9,139,500) |
(HK$33,890,050) |
| Distributions to unitholders |
(HK$600,000) |
(HK$1,275,000) |
| (Decrease)/increase in net assets attributable to unitholders from operations |
(HK$3,649,901) |
HK$11,484,626 |
| Net assets attributable to unitholders at the end of the year |
HK$7,660,983 |
HK$21,050,384 |
| AMUNDI FTSE China A50 Index ETF |
2022 |
2021 |
| Net assets attributable to unitholders at the beginning of the year |
RMB77,675,703 |
RMB230,238,630 |
| Creation of units - cash creation |
RMB23,571,066 |
RMB26,894,692 |
| Redemption of units - cash redemption |
(RMB6,768,850) |
(RMB181,672,791) |
| Net creations/(redemptions) of units |
RMB16,802,216 |
(RMB154,778,099) |
| Distributions to unitholders |
(RMB1,800,000) |
(RMB4,350,000) |
| (Decrease)/increase in net assets attributable to unitholders from operations |
(RMB15,579,254) |
RMB6,565,172 |
| Net assets attributable to unitholders at the end of the year |
RMB77,098,665 |
RMB77,675,703 |
Statement of Cash Flows (Year ended 30 September 2022)
| AMUNDI Hang Seng HK 35 Index ETF |
2022 |
2021 |
| Net cash generated from operating activities |
HK$530,464 |
HK$1,343,990 |
| Cash paid on redemption of units |
(HK$30,411) |
(HK$186,951) |
| Distributions paid to unitholders |
(HK$600,000) |
(HK$1,275,000) |
| Net cash used in financing activities |
(HK$630,411) |
(HK$1,461,951) |
| Net decrease in cash and cash equivalents |
(HK$99,947) |
(HK$117,961) |
| Cash and cash equivalents at the beginning of the year |
HK$144,054 |
HK$262,015 |
| Cash and cash equivalents at the end of the year |
HK$44,107 |
HK$144,054 |
| AMUNDI FTSE China A50 Index ETF |
2022 |
2021 |
| Net cash generated from operating activities |
RMB530,464 |
RMB1,343,990 |
| Cash paid on redemption of units |
(RMB6,768,850) |
(RMB181,672,791) |
| Distributions paid to unitholders |
(RMB1,800,000) |
(RMB4,350,000) |
| Net cash used in financing activities |
(RMB15,579,254) |
RMB6,565,172 |
| Net decrease in cash and cash equivalents |
(RMB15,579,254) |
RMB6,565,172 |
| Cash and cash equivalents at the beginning of the year |
RMB2,041,672 |
RMB151,788,682 |
| Cash and cash equivalents at the end of the year |
RMB144,054 |
RMB2,041,672 |
Key Audit Matters
- Existence and valuation of financial assets at fair value through profit or loss:
The audit focused on the valuation of financial assets, comparing pricing used by the Sub-Funds to external sources. No material exceptions were found.
- AMUNDI Hang Seng HK 35 Index ETF: Listed equities: HK$7,304,417; Real estate investment trust: HK$334,286
- AMUNDI FTSE China A50 Index ETF: Listed equities: RMB76,894,319
Auditor's Responsibilities
- The audit was conducted in accordance with International Standards on Auditing (ISAs).
- The auditor provided reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error.
- The auditor confirmed that the financial statements are prepared in accordance with the Trust Deed and the SFC Code.
- The auditor exercised professional judgment and maintained professional scepticism throughout the audit process.
Conclusion
The independent auditor's report concluded that the financial statements of both sub-funds give a true and fair view of their financial position and performance for the year ended 30 September 2022. No material misstatements were identified, and the financial statements were found to be in compliance with applicable accounting standards and disclosure requirements.
