2025-08-29-港交所-南方美股七巨头_截至二零二五年六月三十日止的未经审核中期报告页_18页_572kb

CSOP MAG SEVEN ETF Summary

Core Content

The CSOP MAG SEVEN ETF is a sub-fund of the CSOP ETF Series, an unaudited semi-annual report for the period from 5 November 2024 (inception) to 30 June 2025. The ETF is benchmarked against the Solactive Magnificent Seven Index, which consists of seven major technology stocks: Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla. The ETF uses a full-replication strategy and is traded on the Stock Exchange of Hong Kong Limited (SEHK) under the stock code 3454.

The Manager is CSOP Asset Management Limited, and the Trustee is HSBC Institutional Trust Services (Asia) Limited. The ETF's net assets attributable to unitholders at the end of the period were USD7,051,643, with 6,200,000 units outstanding and a dealing NAV per unit of USD1.1473.

Main Points

1. Fund Performance

• The ETF's dealing NAV increased by 14.81% over the period.
• The Index increased by 15.63%, resulting in a performance gap of 0.82%.
• The difference is attributed to dividends, fees, and expenses, including foreign withholding taxes.

2. Financial Position

• Total assets: USD7,128,261
• Total liabilities: USD76,618
• Net assets attributable to unitholders: USD7,051,643
• Cash and cash equivalents: USD10,337

3. Statement of Comprehensive Income

• Total net income: USD1,074,586
• Total operating expenses: USD(128,630)
• Operating profit: USD945,956
• Taxation: USD(4,253)
• Increase in net assets: USD941,703

4. Cash Flow

• Net cash used in operating activities: USD(6,099,599)
• Net cash generated from financing activities: USD6,109,940
• Net increase in cash and cash equivalents: USD10,341

5. Investment Portfolio

• The ETF holds 100.80% of its net assets in listed equities, all of which are part of the Magnificent Seven Index.
• Investment breakdown (as of 30 June 2025):
  • Alphabet Inc A: 13.85% of net assets (Fair value: USD977,019)
  • Amazon.com Inc: 14.45% of net assets (Fair value: USD1,019,286)
  • Apple Inc: 13.92% of net assets (Fair value: USD981,533)
  • Meta Platforms Inc-Class A: 15.60% of net assets (Fair value: USD1,099,754)
  • Microsoft Corp: 14.64% of net assets (Fair value: USD1,032,126)
  • NVIDIA Corp: 15.94% of net assets (Fair value: USD1,123,941)
  • Tesla Inc: 12.40% of net assets (Fair value: USD874,200)
• Total investments at fair value: USD7,107,859
• Total investments at cost: USD6,313,394

6. Performance Record

• The ETF's net asset value (NAV) increased by 13.74% over the period.
• The highest NAV per unit: USD1.1982
• The lowest NAV per unit: USD0.8389

7. Investment Strategy and Compliance

• The ETF is allowed to overweight individual constituent stocks up to a maximum limit reasonably determined by the fund and approved by the SFC.
• The ETF has complied with the overweighting limit during the reporting period.
• The weighting of constituent stocks in the ETF closely mirrors the Solactive Magnificent Seven Index, with minor deviations due to market conditions.

8. Accounting Policies

• The financial statements are prepared in accordance with HKFRS Accounting Standards.
• Investments are measured at fair value through profit or loss.
• Dividend income is recorded on the ex-dividend date, with foreign withholding taxes recorded as an expense.
• Interest income is recognized using the effective interest method.
• Redeemable units are classified as equity and are redeemable at the holder’s option based on the NAV.
• Cash and cash equivalents include bank deposits with original maturities of three months or less.

9. Taxation

• The ETF is subject to withholding taxes on dividend income by the United States of America.
• The ETF is exempt from Hong Kong profits tax under Section 104 of the Securities and Futures Ordinance.

10. Key Parties Involved

• Manager: CSOP Asset Management Limited
• Trustee: HSBC Institutional Trust Services (Asia) Limited
• Custodian: The Hongkong and Shanghai Banking Corporation Limited
• Service Agent: HK Conversion Agency Services Limited
• Listing Agent: Altus Capital Limited
• Legal Adviser: Simmons & Simmons
• Auditors: PricewaterhouseCoopers (Certified Public Accountants)

Key Information

• The ETF was launched on 5 November 2024 and began trading on 6 November 2024.
• The total assets under management were approximately USD7.1 million.
• The performance gap between the ETF and the Index was due to dividends, fees, and expenses.
• The investment portfolio is fully allocated to the Magnificent Seven stocks, with no synthetic components.
• The net asset value per unit at the end of the period was USD1.1473.
• The ETF complies with the SFC's overweighting limits for constituent stocks.
• Cash and cash equivalents amounted to USD10,337 at the end of the period.
• Operating profit was USD945,956, with total expenses of USD128,630.
• The ETF is structured as an umbrella unit trust in Hong Kong, with no synthetic components.

Conclusion

The CSOP MAG Seven ETF has shown positive performance in its first six months of operation, closely tracking the Solactive Magnificent Seven Index. It is fully invested in the seven constituent stocks, with no synthetic elements. The fund operates under clear accounting and compliance policies, and its financial position remains stable with a net asset value of USD1.1473 per unit as of 30 June 2025.