2022-08-16-港交所-华夏政银国债_华夏政银国债－Ｕ_华夏政银国债－Ｒ_2022_半年度未经审核报告_19页_603kb

ChinaAMC Bloomberg China Treasury + Policy Bank Bond Index ETF Semi-Annual Report Summary

1. Fund Overview

The Sub-Fund is an ETF sub-fund within the ChinaAMC Global ETF Series, tracking the Bloomberg China Treasury + Policy Bank Bond Index. It employs a passive representative sampling strategy, investing in bonds that reflect the Index's characteristics. Units trade on the SEHK, with RMB, HKD, and USD counters available. The Manager is China Asset Management (Hong Kong) Limited, and the Trustee is HSBC Institutional Trust Services (Asia) Limited. Prior approval from the SFC is sought for investment strategies deviating from the representative sampling approach.

2. Performance (1 January - 30 June 2022)

• Investment objective: To replicate the performance of the Bloomberg China Treasury + Policy Bank Bond Index.
• Key performance metrics:
  • Index performance: 1.56% increase over the period.
  • RMB Counter (NAV-to-NAV): 0.54% increase.
  • RMB Counter (Mark-to-Market): 0.56% increase.
  • HKD Counter (NAV-to-NAV): -4.57% decrease.
  • HKD Counter (Mark-to-Market): -4.67% decrease.
  • USD Counter (NAV-to-NAV): -4.57% decrease.
  • USD Counter (Mark-to-Market): -4.67% decrease.
• Past performance is not indicative of future results.

3. Portfolio Highlights

• As of 30 June 2022, holdings included various Treasury and Policy Bank Bonds, with a total fair value of RMB 30,669,822, making up ~95.47% of net assets.
• Portfolio movements show additions and disposals, with total bond investments increasing by RMB 30 million during the period.
• Compliance: The Sub-Fund complied with investment limits, and no individual issuer holding exceeded 10% of net asset value except temporarily due to Index composition changes.

4. Financial Position (as of 30 June 2022)

• Total Assets: RMB 32,465,050
• Net Assets Attributable to Unitholders: RMB 32,125,472
• Net Asset Value per Unit: RMB 107.0849
• Key financials include revenue from interest, expenses, and net assets at both 30 June 2022 and 31 December 2021.

5. Management and Administration

• Manager: China Asset Management (Hong Kong) Limited.
• Trustee: HSBC Institutional Trust Services (Asia) Limited.
• Service Agents: HK Conversion Agency Services Limited; Custodian: HSBC Bank (China) Company Limited.
• Advisers: Legal and investment advisers listed in the report ensure regulatory compliance.

6. Investment Limitations and Compliance

• The Sub-Fund adhered to SFC Code investments limits, which permit up to 100% exposure to Treasury and Policy Bank Bonds under specific conditions.
• Overweighting of index constituents is allowed, subject to SFC approval.
• No major violations reported, and transitional exceptions for investments are noted.

7. Performance Attribution

• The Sub-Fund underperformed the Index slightly for some currency counters, attributed to factors like interest rates and market conditions. Disclaimers highlight that performance may vary.

8. Disclaimers

• This report is unaudited; information is based on regulatory guidelines. Investors should not rely on it for investment decisions; refer to the prospectus for comprehensive details.
• The management company aims to remedy any potential breaches of investment limits within a reasonable timeframe.