UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:811-22998
CSOP ETF TRUST
(Exact name of registrant as specified in charter)
2801 – 2803, Two Exchange Square,
8 Connaught Place,
Central, Hong Kong
(Address of principal executive offices) (Zip Code)
The Corporation Trust Company
1209 Orange Street
Wilmington, DE 19801
(Name and address of agent for service)
Registrant's telephone number, including area code:852 3406-5628
Date of fiscal year end:September 30
Date of reporting period:September 30, 2019
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking rules.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under clearance requirements of 44 U.S.C. § 3507.
Item 1. Report to Stockholders.
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CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
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Letter to Shareholders (unaudited)
Dear Shareholder,
LETTER TO SHAREHOLDERS (unaudited) (concluded)
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Trustee and Chairman
CSOP ETF Trust
CSOP FTSE CHINA A50 ETF
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (unaudited)
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| | | 1 Year Return | | | Annualized 3 Years Return | | | Annualized Since Inception Return | | | Since Inception Date | | ||||||||||||
CSOP FTSE China A50 ETF (NAV) | | | | | 12.05% | | | | | | 11.58% | | | | | | 5.40% | | | | | | 3/10/2015 | | |
CSOP FTSE China A50 ETF (Market) | | | | | 10.79% | | | | | | 10.91% | | | | | | 5.29% | | | | | | 3/10/2015 | | |
FTSE China A50 Net Total Return Index®(1) | | | | | 13.24% | | | | | | 12.45% | | | | | | 5.50% | | | | | | 3/10/2015 | | |
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (unaudited) (concluded)
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| | | 1 Year Return | | | Annualized 3 Years Return | | | Annualized Since Inception Return | | | Since Inception Date | | ||||||||||||
CSOP MSCI China A International Hedged ETF (NAV) | | | | | 11.95% | | | | | | 4.86% | | | | | | 0.37% | | | | | | 10/20/2015 | | |
CSOP MSCI China A International Hedged ETF (Market) | | | | | 12.53% | | | | | | 4.58% | | | | | | 0.13% | | | | | | 10/20/2015 | | |
MSCI China A International with CNH 100% Hedged to USD Index®(1) | | | | | 12.87% | | | | | | 1.82% | | | | | | (2.37)% | | | | | | 10/20/2015 | | |
DISCLOSURE OF FUND EXPENSES
September 30, 2019
(unaudited)
Fund | | | Beginning Account Value 4/1/2019 | | | Actual Ending Value 9/30/2019 | | | Hypothetical Ending Account Value 9/30/2019 | | | Actual Expenses Paid During the Period(a) | | | Hypothetical Expenses Paid During the Period(a) | | | Annualized Expense Ratio | | ||||||||||||||||||
CSOP FTSE China A50 ETF | | | | $ | 1,000.00 | | | | | $ | 997.00 | | | | | $ | 1,021.56 | | | | | $ | 3.50 | | | | | $ | 3.55 | | | | | | 0.70% | | |
CSOP MSCI China A International Hedged ETF | | | | | 1,000.00 | | | | | | 1,005.70 | | | | | | 1,021.11 | | | | | | 3.97 | | | | | | 4.00 | | | | | | 0.79% | | |
CSOP FTSE CHINA A50 ETF
SCHEDULE OF INVESTMENTS
September 30, 2019
| | | Shares | | | Market Value | | ||||||
Common Stocks – 99.5% | | | | | | | | | | | | | |
China – 99.5% | | | | | | | | | | | | | |
Agriculture – 0.3% | | | | | | | | | | | | | |
Wens Foodstuffs Group Co. Ltd. Class A | | | | | 6,900 | | | | | $ | 35,969 | | |
Auto Manufacturers – 1.2% | | | | | | | | | | | | | |
SAIC Motor Corp. Ltd. Class A | | | | | 44,089 | | | | | | 146,997 | | |
Banks – 29.9% | | | | | | | | | | | | | |
Agricultural Bank of China Ltd. Class A | | | | | 623,300 | | | | | | 302,371 | | |
Bank of China Ltd. Class A | | | | | 342,900 | | | | | | 172,115 | | |
Bank of Communications Co. Ltd. Class A | | | | | 325,700 | | | | | | 248,875 | | |
China CITIC Bank Corp. Ltd. Class A | | | | | 44,338 | | | | | | 35,061 | | |
China Construction Bank Corp. Class A | | | | | 146,500 | | | | | | 143,576 | | |
China Everbright Bank Co. Ltd. Class A | | | | | 226,700 | | | | | | 125,232 | | |
China Merchants Bank Co. Ltd. Class A | | | | | 191,310 | | | | | | 932,094 | | |
China Minsheng Banking Corp. Ltd. Class A | | | | | 449,884 | | | | | | 379,721 | | |
Industrial & Commercial Bank of China Ltd. Class A | | | | | 350,900 | | | | | | 272,067 | | |
Industrial Bank Co. Ltd. Class A | | | | | 225,432 | | | | | | 554,070 | | |
Ping An Bank Co. Ltd. Class A | | | | | 117,324 | | | | | | 256,449 | | |
Shanghai Pudong Development Bank Co. Ltd. Class A | | | | | 233,981 | | | | | | 388,418 | | |
| | | | | | | | | | | 3,810,049 | | |
Beverages – 14.0% | | | | | | | | | | | | | |
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | | | | | 7,200 | | | | | | 104,987 | | |
Kweichow Moutai Co. Ltd. Class A | | | | | 7,211 | | | | | | 1,162,681 | | |
Wuliangye Yibin Co. Ltd. Class A | | | | | 28,600 | | | | | | 520,485 | | |
| | | | | | | | | | | 1,788,153 | | |
Building Materials – 1.3% | | | | | ��� | | | | | | | | |
Anhui Conch Cement Co. Ltd. Class A | | | | | 28,100 | | | | | | 162,871 | | |
Coal – 0.7% | | | | | | | | | | | | | |
China Shenhua Energy Co. Ltd. Class A | | | | | 32,167 | | | | | | 84,698 | | |
Commercial Services – 0.3% | | | | | | | | | | | | | |
Shanghai International Port Group Co. Ltd. Class A | | | | | 49,100 | | | | | | 39,171 | | |
Diversified Financial Services – 4.1% | | | | | | | | | | | | | |
CITIC Securities Co. Ltd. Class A | | | | | 126,446 | | | | | | 398,537 | | |
Guotai Junan Securities Co. Ltd. Class A | | | | | 53,800 | | | | | | 132,532 | | |
| | | | | | | | | | | 531,069 | | |
Electric – 1.3% | | | | | | | | | | | | | |
China Yangtze Power Co. Ltd. Class A | | | | | 64,400 | | | | | | 164,604 | | |
Electrical Components & Equipment – 0.3% | | | | | | | | | | | | | |
Contemporary Amperex Technology Co. Ltd. Class A | | | | | 3,600 | | | | | | 36,089 | | |
|
CSOP FTSE CHINA A50 ETF
SCHEDULE OF INVESTMENTS – (continued)
September 30, 2019
| | | Shares | | | Market Value | | ||||||
Electronics – 1.6% | | | | | | | | | | | | | |
Hangzhou Hikvision Digital Technology Co. Ltd. Class A | | | | | 46,063 | | | | | $ | 208,604 | | |
Engineering & Construction – 2.7% | | | | | | | | | | | | | |
China Communications Construction Co. Ltd. Class A | | | | | 22,900 | | | | | | 32,460 | | |
China State Construction Engineering Corp. Ltd. Class A | | | | | 273,260 | | | | | | 208,038 | | |
Shanghai International Airport Co. Ltd. Class A | | | | | 9,400 | | | | | | 105,145 | | |
| | | | | | | | | | | 345,643 | | |
Food – 3.1% | | | | | | | | | | | | | |
Foshan Haitian Flavouring & Food Co. Ltd. Class A | | | | | 4,400 | | | | | | 67,804 | | |
Inner Mongolia Yili Industrial Group Co. Ltd. Class A | | | | | 81,300 | | | | | | 325,093 | | |
| | | | | | | | | | | 392,897 | | |
Healthcare-Products – 0.4% | | | | | | | | | | | | | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A | | | | | 2,000 | | | | | | 51,725 | | |
Home Furnishings – 6.7% | | | | | | | | | | | | | |
Gree Electric Appliances, Inc. of Zhuhai Class A | | | | | 69,200 | | | | | | 555,940 | | |
Midea Group Co. Ltd. Class A | | | | | 42,190 | | | | | | 302,272 | | |
| | | | | | | | | | | 858,212 | | |
Insurance – 17.2% | | | | | | | | | | | | | |
China Life Insurance Co. Ltd. Class A | | | | | 23,745 | | | | | | 91,486 | | |
China Pacific Insurance Group Co. Ltd. Class A | | | | | 40,917 | | | | | | 200,043 | | |
New China Life Insurance Co. Ltd. Class A | | | | | 10,646 | | | | | | 72,647 | | |
Ping An Insurance Group Co. of China Ltd. Class A | | | | | 149,825 | | | | | | 1,828,397 | | |
| | | | | | | | | | | 2,192,573 | | |
Internet – 0.2% | | | | | | | | | | | | | |
360 Security Technology, Inc. Class A | | | | | 6,500 | | | | | | 21,398 | | |
Iron/Steel – 0.6% | | | | | | | | | | | | | |
Baoshan Iron & Steel Co. Ltd. Class A | | | | | 85,500 | | | | | | 70,847 | | |
Leisure Time – 1.3% | | | | | | | | | | | | | |
China International Travel Service Corp. Ltd. Class A | | | | | 12,700 | | | | | | 165,705 | | |
Miscellaneous Manufacturer – 1.0% | | | | | | | | | | | | | |
CRRC Corp. Ltd. Class A | | | | | 121,130 | | | | | | 124,317 | | |
Oil & Gas – 1.3% | | | | | | | | | | | | | |
China Petroleum & Chemical Corp. Class A | | | | | 155,500 | | | | | | 109,447 | | |
PetroChina Co. Ltd. Class A | | | | | 65,900 | | | | | | 57,193 | | |
| | | | | | | | | | | 166,640 | | |
Pharmaceuticals – 2.9% | | | | | | | | | | | | | |
Jiangsu Hengrui Medicine Co. Ltd. Class A | | | | | 33,052 | | | | | | 373,879 | | |
|
CSOP FTSE CHINA A50 ETF
SCHEDULE OF INVESTMENTS – (concluded)
September 30, 2019
| | | Shares | | | Market Value | | ||||||
Real Estate – 5.5% | | | | | | | | | | | | | |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | | | | | 33,400 | | | | | $ | 88,928 | | |
China Vanke Co. Ltd. Class A | | | | | 105,249 | | | | | | 382,195 | | |
Poly Developments & Holdings Group Co. Ltd. Class A | | | | | 111,500 | | | | | | 223,552 | | |
| | | | | | | | | | | 694,675 | | |
Telecommunications – 1.1% | | | | | | | | | | | | | |
China United Network Communications Ltd. Class A | | | | | 123,800 | | | | | | 104,319 | | |
Foxconn Industrial Internet Co. Ltd. Class A | | | | | 18,200 | | | | | | 36,745 | | |
| | | | | | | | | | | 141,064 | | |
Transportation – 0.5% | | | | | | | | | | | | | |
SF Holding Co. Ltd. Class A | | | | | 11,586 | | | | | | 64,035 | | |
Total Common Stocks (Cost $10,384,694) | | | | | | | | | | | 12,671,884 | | |
Total Investments – 99.5% (Cost $10,384,694)# | | | | | | | | | | | 12,671,884 | | |
Other assets in excess of liabilities – 0.5% | | | | | | | | | | | 68,159 | | |
Net Assets – 100.0% | | | | | | | | | | $ | 12,740,043 | | |
|
| Gross unrealized appreciation | | | | $ | 2,627,024 | | |
| Gross unrealized depreciation | | | | | (1,693,995) | | |
| Net unrealized appreciation | | | | $ | 933,029 | | |
|
| Summary of Investments by Sector^ (unaudited) | | | | | | | |
| Financials | | | | | 51.3% | | |
| Consumer Staples | | | | | 17.4 | | |
| Consumer Discretionary | | | | | 9.2 | | |
| Real Estate | | | | | 5.5 | | |
| Industrials | | | | | 4.8 | | |
| Health Care | | | | | 3.3 | | |
| Information Technology | | | | | 2.1 | | |
| Energy | | | | | 2.0 | | |
| Materials | | | | | 1.8 | | |
| Utilities | | | | | 1.3 | | |
| Communication Services | | | | | 0.8 | | |
| Other assets in excess of liabilities | | | | | 0.5 | | |
| | | | | | 100.0% | | |
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS
September 30, 2019
| | | Shares | | | Market Value | | ||||||
Common Stocks – 89.2% | | | | | | | | | | | | | |
China – 89.2% | | | | | | | | | | | | | |
Advertising – 0.2% | | | | | | | | | | | | | |
Focus Media Information Technology Co. Ltd. Class A | | | | | 4,440 | | | | | $ | 3,268 | | |
Aerospace/Defense – 0.4% | | | | | | | | | | | | | |
AECC Aviation Power Co. Ltd. Class A | | | | | 700 | | | | | | 2,147 | | |
AVIC Aircraft Co. Ltd. Class A | | | | | 1,400 | | | | | | 3,052 | | |
| | | | | | | | | | | 5,199 | | |
Agriculture – 1.4% | | | | | | | | | | | | | |
Beijing Dabeinong Technology Group Co. Ltd. Class A | | | | | 1,800 | | | | | | 1,153 | | |
Muyuan Foodstuff Co. Ltd. Class A | | | | | 1,080 | | | | | | 10,675 | | |
New Hope Liuhe Co. Ltd. Class A | | | | | 2,100 | | | | | | 5,056 | | |
Tongwei Co. Ltd. Class A | | | | | 1,800 | | | | | | 3,215 | | |
| | | | | | | | | | | 20,099 | | |
Airlines – 0.7% | | | | | | | | | | | | | |
Air China Ltd. Class A | | | | | 1,600 | | | | | | 1,795 | | |
China Eastern Airlines Corp. Ltd. Class A(a) | | | | | 3,700 | | | | | | 2,687 | | |
China Southern Airlines Co. Ltd. Class A | | | | | 3,800 | | | | | | 3,532 | | |
Spring Airlines Co. Ltd. Class A | | | | | 400 | | | | | | 2,386 | | |
| | | | | | | | | | | 10,400 | | |
Auto Manufacturers – 1.5% | | | | | | | | | | | | | |
BYD Co. Ltd. Class A | | | | | 700 | | | | | | 4,788 | | |
Chongqing Changan Automobile Co. Ltd. Class A | | | | | 2,000 | | | | | | 2,078 | | |
SAIC Motor Corp. Ltd. Class A | | | | | 3,500 | | | | | | 11,669 | | |
Zhengzhou Yutong Bus Co. Ltd. Class A | | | | | 1,200 | | | | | | 2,339 | | |
| | | | | | | | | | | 20,874 | | |
Auto Parts & Equipment – 0.9% | | | | | | | | | | | | | |
Fuyao Glass Industry Group Co. Ltd. Class A | | | | | 1,100 | | | | | | 3,313 | | |
Huayu Automotive Systems Co. Ltd. Class A | | | | | 1,100 | | | | | | 3,624 | | |
Wanxiang Qianchao Co. Ltd. Class A | | | | | 1,440 | | | | | | 1,046 | | |
Weichai Power Co. Ltd. Class A | | | | | 3,200 | | | | | | 5,034 | | |
| | | | | | | | | | | 13,017 | | |
Banks – 17.5% | | | | | | | | | | | | | |
Agricultural Bank of China Ltd. Class A | | | | | 32,400 | | | | | | 15,718 | | |
Bank of Beijing Co. Ltd. Class A | | | | | 8,640 | | | | | | 6,493 | | |
Bank of China Ltd. Class A | | | | | 21,200 | | | | | | 10,641 | | |
Bank of Communications Co. Ltd. Class A | | | | | 18,700 | | | | | | 14,289 | | |
Bank of Guiyang Co. Ltd. Class A | | | | | 1,680 | | | | | | 2,005 | | |
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS – (continued)
September 30, 2019
| | | Shares | | | Market Value | | ||||||
Banks – 17.5% (continued) | | | | ||||||||||
Bank of Jiangsu Co. Ltd. Class A | | | | | 5,200 | | | | | $ | 4,892 | | |
Bank of Nanjing Co. Ltd. Class A | | | | | 4,536 | | | | | | 5,463 | | |
Bank of Ningbo Co. Ltd. Class A | | | | | 2,730 | | | | | | 9,649 | | |
Bank of Shanghai Co. Ltd. Class A | | | | | 6,214 | | | | | | 8,146 | | |
China CITIC Bank Corp. Ltd. Class A | | | | | 2,600 | | | | | | 2,056 | | |
China Construction Bank Corp. Class A | | | | | 5,100 | | | | | | 4,998 | | |
China Everbright Bank Co. Ltd. Class A | | | | | 18,900 | | | | | | 10,440 | | |
China Merchants Bank Co. Ltd. Class A | | | | | 10,500 | | | | | | 51,158 | | |
China Minsheng Banking Corp. Ltd. Class A | | | | | 15,960 | | | | | | 13,471 | | |
Huaxia Bank Co. Ltd. Class A | | | | | 5,040 | | | | | | 5,215 | | |
Industrial & Commercial Bank of China Ltd. Class A | | | | | 23,200 | | | | | | 17,988 | | |
Industrial Bank Co. Ltd. Class A | | | | | 10,600 | | | | | | 26,053 | | |
Ping An Bank Co. Ltd. Class A | | | | | 8,160 | | | | | | 17,836 | | |
Shanghai Pudong Development Bank Co. Ltd. Class A | | | | | 12,584 | | | | | | 20,890 | | |
| | | | | | | | | | | 247,401 | | |
Beverages – 10.8% | | | | | | | | | | | | | |
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | | | | | 700 | | | | | | 10,207 | | |
Kweichow Moutai Co. Ltd. Class A | | | | | 600 | | | | | | 96,742 | | |
Luzhou Laojiao Co. Ltd. Class A | | | | | 600 | | | | | | 7,169 | | |
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. Class A | | | | | 400 | | | | | | 4,336 | | |
Tsingtao Brewery Co. Ltd. Class A | | | | | 400 | | | | | | 2,720 | | |
Wuliangye Yibin Co. Ltd. Class A | | | | | 1,700 | | | | | | 30,938 | | |
| | | | | | | | | | | 152,112 | | |
Biotechnology – 0.2% | | | | | | | | | | | | | |
Hualan Biological Engineering, Inc. Class A | | | | | 720 | | | | | | 3,462 | | |
Building Materials – 1.3% | | | | | | | | | | | | | |
Anhui Conch Cement Co. Ltd. Class A | | | | | 2,100 | | | | | | 12,172 | | |
BBMG Corp. Class A | | | | | 3,800 | | | | | | 1,769 | | |
Beijing New Building Materials PLC Class A | | | | | 800 | | | | | | 2,019 | | |
Suzhou Gold Mantis Construction Decoration Co. Ltd. Class A | | | | | 1,500 | | | | | | 1,907 | | |
| | | | | | | | | | | 17,867 | | |
Chemicals – 1.1% | | | | | | | | | | | | | |
China Hainan Rubber Industry Group Co. Ltd. Class A | | | | | 2,200 | | | | | | 1,385 | | |
Qinghai Salt Lake Industry Co. Ltd. Class A(a) | | | | | 900 | | | | | | 967 | | |
Rongsheng Petro Chemical Co. Ltd. Class A | | | | | 1,500 | | | | | | 2,303 | | |
Sinopec Shanghai Petrochemical Co. Ltd. Class A | | | | | 3,200 | | | | | | 1,871 | | |
Tianqi Lithium Corp. Class A | | | | | 500 | | | | | | 1,907 | | |
Zhejiang Longsheng Group Co. Ltd. Class A | | | | | 1,800 | | | | | | 3,548 | | |
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS – (continued)
September 30, 2019
| | | Shares | | | Market Value | | ||||||
Chemicals – 1.1% (continued) | | | | ||||||||||
Zhejiang NHU Co. Ltd. Class A | | | | | 1,020 | | | | | $ | 3,059 | | |
| | | | | | | | | | | 15,040 | | |
Coal – 0.8% | | | | | | | | | | | | | |
China Shenhua Energy Co. Ltd. Class A | | | | | 2,200 | | | | | | 5,793 | | |
Shaanxi Coal Industry Co. Ltd. Class A | | | | | 2,300 | | | | | | 2,815 | | |
Shanxi Lu’an Environmental Energy Development Co. Ltd. Class A | | | | | 1,600 | | | | | | 1,624 | | |
Shanxi Xishan Coal & Electricity Power Co. Ltd. Class A | | | | | 1,700 | | | | | | 1,402 | | |
| | | | | | | | | | | 11,634 | | |
Commercial Services – 0.4% | | | | | | | | | | | | | |
Ningbo Zhoushan Port Co. Ltd. Class A | | | | | 4,100 | | | | | | 2,144 | | |
Shanghai International Port Group Co. Ltd. Class A | | | | | 3,300 | | | | | | 2,633 | | |
| | | | | | | | | | | 4,777 | | |
Computers – 1.7% | | | | | | | | | | | | | |
Aisino Corp. Class A | | | | | 1,000 | | | | | | 2,937 | | |
BOE Technology Group Co. Ltd. Class A | | | | | 16,100 | | | | | | 8,465 | | |
Dawning Information Industry Co. Ltd. Class A | | | | | 420 | | | | | | 2,021 | | |
DHC Software Co. Ltd. Class A | | | | | 1,400 | | | | | | 1,323 | | |
Inspur Electronic Information Industry Co. Ltd. Class A | | | | | 650 | | | | | | 2,342 | | |
Newland Digital Technology Co. Ltd. Class A | | | | | 900 | | | | | | 2,067 | | |
Unisplendour Corp. Ltd. Class A | | | | | 420 | | | | | | 1,854 | | |
Venustech Group, Inc. Class A | | | | | 800 | | | | | | 3,587 | | |
| | | | | | | | | | | 24,596 | | |
Distribution/Wholesale – 0.2% | | | | | | | | | | | | | |
Liaoning Cheng Da Co. Ltd. Class A(a) | | | | | 800 | | | | | | 1,484 | | |
Shanghai Jahwa United Co. Ltd. Class A | | | | | 400 | | | | | | 1,926 | | |
| | | | | | | | | | | 3,410 | | |
Diversified Financial Services – 6.2% | | | | | | | | | | | | | |
Anxin Trust Co. Ltd. Class A(a) | | | | | 2,376 | | | | | | 1,569 | | |
Changjiang Securities Co. Ltd. Class A | | | | | 2,600 | | | | | | 2,552 | | |
China Merchants Securities Co. Ltd. Class A | | | | | 2,800 | | | | | | 6,458 | | |
CITIC Securities Co. Ltd. Class A | | | | | 4,700 | | | | | | 14,814 | | |
Dongxing Securities Co. Ltd. Class A | | | | | 900 | | | | | | 1,382 | | |
Everbright Securities Co. Ltd. Class A | | | | | 1,600 | | | | | | 2,542 | | |
Founder Securities Co. Ltd. Class A | | | | | 4,400 | | | | | | 4,250 | | |
GF Securities Co. Ltd. Class A(a) | | | | | 2,800 | | | | | | 5,327 | | |
Guosen Securities Co. Ltd. Class A | | | | | 2,200 | | | | | | 3,788 | | |
Guotai Junan Securities Co. Ltd. Class A | | | | | 3,400 | | | | | | 8,376 | | |
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS – (continued)
September 30, 2019
| | | Shares | | | Market Value | | ||||||
Diversified Financial Services – 6.2% (continued) | | | | ||||||||||
Guoyuan Securities Co. Ltd. Class A | | | | | 1,650 | | | | | $ | 1,975 | | |
Haitong Securities Co. Ltd. Class A | | | | | 3,900 | | | | | | 7,819 | | |
Huatai Securities Co. Ltd. Class A | | | | | 2,600 | | | | | | 6,959 | | |
Industrial Securities Co. Ltd. Class A | | | | | 3,560 | | | | | | 3,105 | | |
Orient Securities Co. Ltd. Class A | | | | | 2,700 | | | | | | 3,861 | | |
Shanxi Securities Co. Ltd. Class A | | | | | 1,200 | | | | | | 1,321 | | |
Shenwan Hongyuan Group Co. Ltd. Class A | | | | | 8,910 | | | | | | 5,971 | | |
Sinolink Securities Co. Ltd. Class A | | | | | 1,600 | | | | | | 1,954 | | |
SooChow Securities Co. Ltd. Class A | | | | | 1,300 | | | | | | 1,686 | | |
Western Securities Co. Ltd. Class A | | | | | 1,600 | | | | | | 1,999 | | |
| | | | | | | | | | | 87,708 | | |
Electric – 2.9% | | | | | | | | | | | | | |
China National Nuclear Power Co. Ltd. Class A | | | | | 6,200 | | | | | | 4,598 | | |
China Yangtze Power Co. Ltd. Class A | | | | | 5,900 | | | | | | 15,080 | | |
GD Power Development Co. Ltd. Class A | | | | | 8,500 | | | | | | 2,848 | | |
Huadian Power International Corp. Ltd. Class A | | | | | 4,400 | | | | | | 2,208 | | |
Huaneng Power International, Inc. Class A | | | | | 2,500 | | | | | | 2,033 | | |
SDIC Power Holdings Co. Ltd. Class A | | | | | 3,600 | | | | | | 4,548 | | |
Shenergy Co. Ltd. Class A | | | | | 2,500 | | | | | | 1,946 | | |
Shenzhen Energy Group Co. Ltd. Class A | | | | | 2,100 | | | | | | 1,702 | | |
Sichuan Chuantou Energy Co. Ltd. Class A | | | | | 2,300 | | | | | | 3,218 | | |
Zhejiang Zheneng Electric Power Co. Ltd. Class A | | | | | 4,700 | | | | | | 2,570 | | |
| | | | | | | | | | | 40,751 | | |
Electrical Components & Equipment – 0.6% | | | | | | | | | | | | | |
AVIC Jonhon Optronic Technology Co. Ltd. Class A | | | | | 507 | | | | | | 2,927 | | |
Fangda Carbon New Material Co. Ltd. Class A(a) | | | | | 1,192 | | | | | | 1,942 | | |
TBEA Co. Ltd. Class A | | | | | 1,900 | | | | | | 1,732 | | |
Xinjiang Goldwind Science & Technology Co. Ltd. Class A | | | | | 1,430 | | | | | | 2,510 | | |
| | | | | | | | | | | 9,111 | | |
Electronics – 2.7% | | | | | | | | | | | | | |
GoerTek, Inc. Class A | | | | | 1,600 | | | | | | 3,944 | | |
Hangzhou Hikvision Digital Technology Co. Ltd. Class A | | | | | 4,150 | | | | | | 18,794 | | |
Luxshare Precision Industry Co. Ltd. Class A | | | | | 2,661 | | | | | | 9,984 | | |
O-film Group Co. Ltd. Class A(a) | | | | | 1,250 | | | | | | 2,086 | | |
Tunghsu Optoelectronic Technology Co. Ltd. Class A | | | | | 1,800 | | | | | | 1,433 | | |
Zhejiang Chint Electrics Co. Ltd. Class A | | | | | 600 | | | | | | 1,837 | | |
| | | | | | | | | | | 38,078 | | �� |
|
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS – (continued)
September 30, 2019
| | | Shares | | | Market Value | | ||||||
Energy-Alternate Sources – 0.6% | | | | | | | | | | | | | |
Hubei Energy Group Co. Ltd. Class A | | | | | 2,900 | | | | | $ | 1,655 | | |
LONGi Green Energy Technology Co. Ltd. Class A | | | | | 1,820 | | | | | | 6,693 | | |
| | | | | | | | | | | 8,348 | | |
Engineering & Construction – 2.7% | | | | | | | | | | | | | |
China Communications Construction Co. Ltd. Class A | | | | | 1,200 | | | | | | 1,701 | | |
China Gezhouba Group Co. Ltd. Class A | | | | | 2,400 | | | | | | 1,962 | | |
China National Chemical Engineering Co. Ltd. Class A | | | | | 2,700 | | | | | | 2,196 | | |
China Railway Construction Corp. Ltd. Class A | | | | | 5,200 | | | | | | 6,897 | | |
China State Construction Engineering Corp. Ltd. Class A | | | | | 16,940 | | | | | | 12,897 | | |
Metallurgical Corp. of China Ltd. Class A | | | | | 6,700 | | | | | | 2,621 | | |
Power Construction Corp. of China Ltd. Class A | | | | | 4,000 | | | | | | 2,596 | | |
Shanghai Construction Group Co. Ltd. Class A | | | | | 1 | | | | | | 0 | | |
Shanghai International Airport Co. Ltd. Class A | | | | | 500 | | | | | | 5,593 | | |
Shanghai Tunnel Engineering Co. Ltd. Class A | | | | | 1,700 | | | | | | 1,404 | | |
| | | | | | | | | | | 37,867 | | |
Environmental Control – 0.1% | | | | | | | | | | | | | |
Beijing Capital Co. Ltd. Class A | | | | | 2,600 | | | | | | 1,210 | | |
Tus Environmental Science And Technology Development Co. Ltd. Class A | | | | | 560 | | | | | | 741 | | |
| | | | | | | | | | | 1,951 | | |
Food – 2.6% | | | | | | | | | | | | | |
Foshan Haitian Flavouring & Food Co. Ltd. Class A | | | | | 1,000 | | | | | | 15,410 | | |
Henan Shuanghui Investment & Development Co. Ltd. Class A | | | | | 1,200 | | | | | | 4,156 | | |
Inner Mongolia Yili Industrial Group Co. Ltd. Class A | | | | | 3,000 | | | | | | 11,996 | | |
Yonghui Superstores Co. Ltd. Class A | | | | | 4,400 | | | | | | 5,484 | | |
| | | | | | | | | | | 37,046 | | |
Healthcare-Services – 0.2% | | | | | | | | | | | | | |
Meinian Onehealth Healthcare Holdings Co. Ltd. Class A | | | | | 1,584 | | | | | | 2,701 | | |
Holding Companies-Diversified – 0.3% | | | | | | | | | | | | | |
Avic Capital Co. Ltd. Class A | | | | | 3,400 | | | | | | 2,226 | | |
Zhejiang China Commodities City Group Co. Ltd. Class A | | | | | 2,900 | | | | | | 1,537 | | |
| | | | | | | | | | | 3,763 | | |
Home Furnishings – 2.8% | | | | | | | | | | | | | |
Gree Electric Appliances, Inc. of Zhuhai Class A | | | | | 1,200 | | | | | | 9,641 | | |
Haier Smart Home Co. Ltd. Class A | | | | | 2,900 | | | | | | 6,221 | | |
Midea Group Co. Ltd. Class A | | | | | 2,900 | | | | | | 20,777 | | |
TCL Corp. Class A | | | | | 5,900 | | | | | | 2,945 | | |
| | | | | | | | | | | 39,584 | | |
|
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS – (continued)
September 30, 2019
| | | Shares | | | Market Value | | ||||||
Insurance – 6.5% | | | | | | | | | | | | | |
China Life Insurance Co. Ltd. Class A | | | | | 1,300 | | | | | $ | 5,009 | | |
China Pacific Insurance Group Co. Ltd. Class A | | | | | 2,500 | | | | | | 12,222 | | |
Hubei Biocause Pharmaceutical Co. Ltd. Class A | | | | | 2,100 | | | | | | 2,076 | | |
New China Life Insurance Co. Ltd. Class A | | | | | 700 | | | | | | 4,777 | | |
Ping An Insurance Group Co. of China Ltd. Class A | | | | | 5,500 | | | | | | 67,120 | | |
| | | | | | | | | | | 91,204 | | |
Investment Companies – 0.2% | | | | | | | | | | | | | |
SDIC Capital Co. Ltd. Class A | | | | | 1,300 | | | | | | 2,271 | | |
Iron/Steel – 1.1% | | | | | | | | | | | | | |
Angang Steel Co. Ltd. Class A | | | | | 3,510 | | | | | | 1,521 | | |
Baoshan Iron & Steel Co. Ltd. Class A | | | | | 8,824 | | | | | | 7,312 | | |
Hesteel Co. Ltd. Class A | | | | | 5,700 | | | | | | 2,014 | | |
Inner Mongolia BaoTou Steel Union Co. Ltd. Class A | | | | | 18,060 | | | | | | 3,697 | | |
Maanshan Iron & Steel Co. Ltd. Class A | | | | | 3,000 | | | | | | 1,131 | | |
| | | | | | | | | | | 15,675 | | |
Leisure Time – 0.9% | | | | | | | | | | | | | |
China International Travel Service Corp. Ltd. Class A | | | | | 1,000 | | | | | | 13,048 | | |
Machinery-Construction & Mining – 1.1% | | | | | | | | | | | | | |
Sany Heavy Industry Co. Ltd. Class A | | | | | 4,100 | | | | | | 8,209 | | |
Shanghai Electric Group Co. Ltd. Class A | | | | | 4,000 | | | | | | 2,815 | | |
XCMG Construction Machinery Co. Ltd. Class A | | | | | 3,800 | | | | | | 2,360 | | |
Zoomlion Heavy Industry Science & Technology Co. Ltd. Class A | | | | | 3,400 | | | | | | 2,717 | | |
| | | | | | | | | | | 16,101 | | |
Machinery-Diversified – 0.6% | | | | | | | | | | | | | |
China Shipbuilding Industry Group Power Co. Ltd. Class A(a) | | | | | 600 | | | | | | 1,923 | | |
NARI Technology Co. Ltd. Class A | | | | | 2,300 | | | | | | 6,595 | | |
| | | | | | | | | | | 8,518 | | |
Media – 0.3% | | | | | | | | | | | | | |
China South Publishing & Media Group Co. Ltd. Class A | | | | | 1,000 | | | | | | 1,696 | | |
Chinese Universe Publishing & Media Group Co. Ltd. Class A | | | | | 800 | | | | | | 1,465 | | |
CITIC Guoan Information Industry Co. Ltd. Class A(a) | | | | | 2,000 | | | | | | 1,012 | | |
| | | | | | | | | | | 4,173 | | |
Mining – 1.6% | | | | | | | | | | | | | |
China Molybdenum Co. Ltd. Class A | | | | | 3,200 | | | | | | 1,633 | | |
China Northern Rare Earth Group High-Tech Co. Ltd. Class A | | | | | 1,700 | | | | | | 2,591 | | |
Ganfeng Lithium Co. Ltd. Class A | | | | | 450 | | | | | | 1,423 | | |
Jiangxi Copper Co. Ltd. Class A | | | | | 1,100 | | | | | | 2,216 | | |
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS – (continued)
September 30, 2019
| | | Shares | | | Market Value | | ||||||
Mining – 1.6% (continued) | | | | ||||||||||
Shandong Gold Mining Co. Ltd. Class A | | | | | 980 | | | | | $ | 4,656 | | |
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. Class A | | | | | 1,800 | | | | | | 1,019 | | |
Tongling Nonferrous Metals Group Co. Ltd. Class A | | | | | 4,700 | | | | | | 1,430 | | |
Zhejiang Huayou Cobalt Co. Ltd. Class A | | | | | 546 | | | | | | 2,060 | | |
Zhongjin Gold Corp. Ltd. Class A | | | | | 1,888 | | | | | | 2,298 | | |
Zijin Mining Group Co. Ltd. Class A | | | | | 7,500 | | | | | | 3,439 | | |
| | | | | | | | | | | 22,765 | | |
Miscellaneous Manufacturer – 1.0% | | | | | | | | | | | | | |
China Jushi Co. Ltd. Class A | | | | | 1,560 | | | | | | 1,776 | | |
CRRC Corp. Ltd. Class A | | | | | 10,900 | | | | | | 11,187 | | |
Jihua Group Corp. Ltd. Class A | | | | | 2,100 | | | | | | 1,048 | | |
| | | | | | | | | | | 14,011 | | |
Oil & Gas – 1.0% | | | | | | | | | | | | | |
China Petroleum & Chemical Corp. Class A | | | | | 13,100 | | | | | | 9,220 | | |
PetroChina Co. Ltd. Class A | | | | | 5,100 | | | | | | 4,426 | | |
| | | | | | | | | | | 13,646 | | |
Oil & Gas Services – 0.1% | | | | | | | | | | | | | |
Offshore Oil Engineering Co. Ltd. Class A | | | | | 2,300 | | | | | | 1,738 | | |
Pharmaceuticals – 3.9% | | | | | | | | | | | | | |
Beijing SL Pharmaceutical Co. Ltd. Class A | | | | | 600 | | | | | | 1,050 | | |
Beijing Tongrentang Co. Ltd. Class A | | | | | 800 | | | | | | 3,017 | | |
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A | | | | | 500 | | | | | | 2,042 | | |
Dong-E-E-Jiao Co. Ltd. Class A | | | | | 400 | | | | | | 1,710 | | |
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A | | | | | 600 | | | | | | 2,919 | | |
Huadong Medicine Co. Ltd. Class A | | | | | 720 | | | | | | 2,645 | | |
Jiangsu Hengrui Medicine Co. Ltd. Class A | | | | | 2,003 | | | | | | 22,658 | | |
Jointown Pharmaceutical Group Co. Ltd. Class A | | | | | 1,000 | | | | | | 2,001 | | |
Kangmei Pharmaceutical Co. Ltd. Class A | | | | | 2,300 | | | | | | 1,254 | | |
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class A | | | | | 1,000 | | | | | | 3,543 | | |
Shenzhen Salubris Pharmaceuticals Co. Ltd. Class A | | | | | 500 | | | | | | 1,311 | | |
Sichuan Kelun Pharmaceutical Co. Ltd. Class A | | | | | 700 | | | | | | 2,538 | | |
Tasly Pharmaceutical Group Co. Ltd. Class A | | | | | 840 | | | | | | 1,835 | | |
Tonghua Dongbao Pharmaceutical Co. Ltd. Class A | | | | | 1,037 | | | | | | 2,544 | | |
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A | | | | | 300 | | | | | | 4,285 | | |
| | | | | | | | | | | 55,352 | | |
Pipelines – 0.1% | | | | | | | | | | | | | |
Guanghui Energy Co. Ltd. Class A | | | | | 3,510 | | | | | | 1,634 | | |
|
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS – (continued)
September 30, 2019
| | | Shares | | | Market Value | | ||||||
Real Estate – 4.3% | | | | | | | | | | | | | |
China Fortune Land Development Co. Ltd. Class A | | | | | 1,100 | | | | | $ | 4,159 | | |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | | | | | 3,162 | | | | | | 8,419 | | |
China Vanke Co. Ltd. Class A | | | | | 4,400 | | | | | | 15,978 | | |
Financial Street Holdings Co. Ltd. Class A | | | | | 1,600 | | | | | | 1,727 | | |
Gemdale Corp. Class A | | | | | 2,400 | | | | | | 3,887 | | |
Jinke Properties Group Co. Ltd. Class A | | | | | 2,700 | | | | | | 2,483 | | |
Poly Developments & Holdings Group Co. Ltd. Class A | | | | | 5,700 | | | | | | 11,428 | | |
RiseSun Real Estate Development Co. Ltd. Class A | | | | | 1,800 | | | | | | 2,090 | | |
Seazen Holdings Co. Ltd. Class A | | | | | 1,000 | | | | | | 3,979 | | |
Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A | | | | | 900 | | | | | | 1,956 | | |
Shenzhen Overseas Chinese Town Co. Ltd. Class A | | | | | 3,400 | | | | | | 3,351 | | |
Xinhu Zhongbao Co. Ltd. Class A | | | | | 3,200 | | | | | | 1,297 | | |
| | | | | | | | | | | 60,754 | | |
Retail – 1.0% | | | | | | | | | | | | | |
China Grand Automotive Services Group Co. Ltd. Class A | | | | | 2,700 | | | | | | 1,457 | | |
Oriental Pearl Group Co. Ltd. Class A | | | | | 1,820 | | | | | | 2,335 | | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class A | | | | | 1,000 | | | | | | 2,552 | | |
Suning.com Co. Ltd. Class A | | | | | 3,900 | | | | | | 5,665 | | |
Youngor Group Co. Ltd. Class A | | | | | 1,960 | | | | | | 1,761 | | |
| | | | | | | | | | | 13,770 | | |
Semiconductors – 0.3% | | | | | | | | | | | | | |
Sanan Optoelectronics Co. Ltd. Class A | | | | | 1,920 | | | | | | 3,790 | | |
Software – 1.6% | | | | | | | | | | | | | |
Beijing Shiji Information Technology Co. Ltd. Class A | | | | | 600 | | | | | | 3,319 | | |
Giant Network Group Co. Ltd. Class A | | | | | 600 | | | | | | 1,590 | | |
Hundsun Technologies, Inc. Class A | | | | | 390 | | | | | | 4,043 | | |
Iflytek Co. Ltd. Class A(a) | | | | | 750 | | | | | | 3,350 | | |
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. Class A | | | | | 600 | | | | | | 1,517 | | |
Yonyou Network Technology Co. Ltd. Class A | | | | | 1,183 | | | | | | 5,123 | | |
Zhejiang Dahua Technology Co. Ltd. Class A | | | | | 1,600 | | | | | | 3,874 | | |
| | | | | | | | | | | 22,816 | | |
Telecommunications – 1.9% | | | | | | | | | | | | | |
China Spacesat Co. Ltd. Class A | | | | | 600 | | | | | | 1,823 | | |
China United Network Communications Ltd. Class A | | | | | 13,500 | | | | | | 11,376 | | |
Dr Peng Telecom & Media Group Co. Ltd. Class A(a) | | | | | 700 | | | | | | 654 | | |
Fiberhome Telecommunication Technologies Co. Ltd. Class A | | | | | 500 | | | | | | 1,918 | | |
Guangzhou Haige Communications Group, Inc. Co. Class A | | | | | 1,200 | | | | | | 1,649 | | |
Hengtong Optic-electric Co. Ltd. Class A | | | | | 1,000 | | | | ��� | | 2,182 | | |
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS – (continued)
September 30, 2019
| | | Shares | | | Market Value | | ||||||
Telecommunications – 1.9% (continued) | | | | ||||||||||
ZTE Corp. Class A(a) | | | | | 1,700 | | | | | $ | 7,629 | | |
| | | | | | | | | | | 27,231 | | |
Transportation – 0.9% | | | | | | | | | | | | | |
COSCO Shipping Development Co. Ltd. Class A | | | | | 4,000 | | | | | | 1,408 | | |
COSCO Shipping Holdings Co. Ltd. Class A(a) | | | | | 3,800 | | | | | | 2,536 | | |
Daqin Railway Co. Ltd. Class A | | | | | 7,100 | | | | | | 7,556 | | |
Guangshen Railway Co. Ltd. Class A | | | | | 3,000 | | | | | | 1,295 | | |
| | | | | | | | | | | 12,795 | | |
Total Common Stocks (Cost $1,186,740) | | | | | | | | | | | 1,261,356 | | |
Total Investments – 89.2% (Cost $1,186,740)# | | | | | | | | | | | 1,261,356 | | |
Other assets in excess of liabilities – 10.8% | | | | | | | | | | | 153,221 | | |
Net Assets – 100.0% | | | | | | | | | | $ | 1,414,577 | | |
|
| Gross unrealized appreciation | | | | $ | 372,743 | | |
| Gross unrealized depreciation | | | | | (421,420) | | |
| Net unrealized depreciation | | | | $ | (48,677) | | |
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS – (concluded)
September 30, 2019
| Summary of Investments by Sector^ (unaudited) | | | | | | | |
| Financials | | | | | 30.5% | | |
| Consumer Staples | | | | | 14.9 | | |
| Industrials | | | | | 9.0 | | |
| Information Technology | | | | | 7.6 | | |
| Consumer Discretionary | | | | | 6.6 | | |
| Health Care | | | | | 4.7 | | |
| Materials | | | | | 4.7 | | |
| Real Estate | | | | | 4.3 | | |
| Utilities | | | | | 3.1 | | |
| Energy | | | | | 2.0 | | |
| Communication Services | | | | | 1.8 | | |
| Other assets in excess of liabilities | | | | | 10.8 | | |
| | | | | | 100.0% | | |
Open Forward Foreign Currency Exchange Contracts
Currency | | | Buy Amount | | | Currency | | | (Sell) Amount | | | Counterparty | | | Settlement Date | | | Unrealized Appreciation | | | Unrealized (Depreciation) | | |||||||||||||||
RMB | | | | | 10,264,637 | | | | | | USD | | | | | | (1,437,469) | | | | Brown Brothers Harriman & Co. | | | 10/8/2019 | | | | $ | 1,481 | | | | | $ | — | | |
RMB | | | | | 163,764 | | | | | | USD | | | | | | (22,923) | | | | Brown Brothers Harriman & Co. | | | 11/4/2019 | | | | | 18 | | | | | | — | | |
RMB | | | | | 125,247 | | | | | | USD | | | | | | (17,575) | | | | Brown Brothers Harriman & Co. | | | 10/8/2019 | | | | | — | | | | | | (17) | | |
USD | | | | | 21,742 | | | | | | RMB | | | | | | (155,461) | | | | Brown Brothers Harriman & Co. | | | 10/8/2019 | | | | | — | | | | | | (51) | | |
USD | | | | | 15,311 | | | | | | RMB | | | | | | (110,128) | | | | Brown Brothers Harriman & Co. | | | 10/8/2019 | | | | | — | | | | | | (127) | | |
USD | | | | | 57,772 | | | | | | RMB | | | | | | (414,275) | | | | Brown Brothers Harriman & Co. | | | 10/8/2019 | | | | | — | | | | | | (304) | | |
USD | | | | | 1,436,231 | | | | | | RMB | | | | | | (10,264,637) | | | | Brown Brothers Harriman & Co. | | | 11/4/2019 | | | | | — | | | | | | (1,646) | | |
USD | | | | | 1,355,202 | | | | | | RMB | | | | | | (9,710,020) | | | | Brown Brothers Harriman & Co. | | | 10/8/2019 | | | | | — | | | | | | (5,999) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 1,499 | | | | | $ | (8,144) | | |
Net Unrealized (Depreciation) on Open Forward Foreign Currency Contracts | | | | $ | (6,645) | | |
RMB — Chinese Renminbi
USD — United States Dollar
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2019
| | | CSOP FTSE China A50 ETF | | | CSOP MSCI China A International Hedged ETF | | ||||||
ASSETS | | | | | | | | | | | | | |
Investments in unaffiliated securities, at value | | | | $ | 12,671,884 | | | | | $ | 1,261,356 | | |
Cash | | | | | 29,969 | | | | | | 121,890 | | |
Foreign currency, at value* | | | | | 45,833 | | | | | | 38,913 | | |
Unrealized appreciation of forward foreign currency exchange contracts | | | | | — | | | | | | 1,499 | | |
TOTAL ASSETS | | | | | 12,747,686 | | | | | | 1,423,658 | | |
LIABILITIES | | | | | | | | | | | | | |
Unrealized depreciation of forward foreign exchange currency contracts | | | | | — | | | | | | 8,144 | | |
Payables: | | | | | | | | | | | | | |
Management fees | | | | | 7,643 | | | | | | 937 | | |
TOTAL LIABILITIES | | | | | 7,643 | | | | | | 9,081 | | |
NET ASSETS | | | | $ | 12,740,043 | | | | | $ | 1,414,577 | | |
COMPONENTS OF NET ASSETS | | | | | | | | | | | | | |
Paid-in capital | | | | $ | 14,399,519 | | | | | $ | 1,714,240 | | |
Total distributable earnings (loss) | | | | | (1,659,476) | | | | | | (299,663) | | |
NET ASSETS | | | | $ | 12,740,043 | | | | | $ | 1,414,577 | | |
NET ASSET VALUE PER SHARE | | | | | | | | | | | | | |
Net Asset Value | | | | $ | 16.85 | | | | | $ | 28.29 | | |
Shares of beneficial interest outstanding (unlimited number of Shares authorized, no par value) | | | | | 755,882 | | | | | | 50,002 | | |
COST OF INVESTMENTS | | | | | | | | | | | | | |
Investments in unaffiliated securities, at cost | | | | $ | 10,384,694 | | | | | $ | 1,186,740 | | |
Foreign currency, at cost | | | | $ | 46,838 | | | | | $ | 40,305 | | |
STATEMENTS OF OPERATIONS
For the Year Ended September 30, 2019
| | | CSOP FTSE China A50 ETF | | | CSOP MSCI China A International Hedged ETF | | ||||||
INVESTMENT INCOME: | | | | | | | | | | | | | |
Dividends from unaffiliated investments | | | | $ | 335,233 | | | | | $ | 30,419 | | |
Interest income | | | | | 978 | | | | | | 76 | | |
Less: Foreign taxes withheld | | | | | (33,638) | | | | | | (3,058) | | |
Total Investment Income | | | | | 302,573 | | | | | | 27,437 | | |
EXPENSES: | | | | | | | | | | | | | |
Management fees (See Note 3) | | | | | 79,410 | | | | | | 10,394 | | |
Total Expenses | | | | | 79,410 | | | | | | 10,394 | | |
NET INVESTMENT INCOME (LOSS) | | | | | 223,163 | | | | | | 17,043 | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | |
Investments in unaffiliated securities | | | | | (714,900) | | | | | | (5,160) | | |
Forward foreign currency contracts | | | | | — | | | | | | 28,531 | | |
Foreign currency transactions | | | | | (6,443) | | | | | | 32,104 | | |
Net realized gain (loss) | | | | | (721,343) | | | | | | 55,475 | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | |
Investments in unaffiliated securities | | | | | 1,769,590 | | | | | | 91,531 | | |
Forward foreign currency contracts | | | | | — | | | | | | (15,332) | | |
Foreign currency translations | | | | | (406) | | | | | | (129) | | |
Net change in unrealized appreciation (depreciation) | | | | | 1,769,184 | | | | | | 76,070 | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | 1,047,841 | | | | | | 131,545 | | |
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | | | $ | 1,271,004 | | | | | $ | 148,588 | | |
STATEMENTS OF CHANGES IN NET ASSETS
| | | CSOP FTSE China A50 ETF | | |||||||||
| | | For the Year Ended September 30, 2019 | | | For the Year Ended September 30, 2018 | | ||||||
OPERATIONS: | | | | | | | | | | | | | |
Net investment income (loss) | | | | $ | 223,163 | | | | | $ | 152,694 | | |
Net realized gain (loss) on investments and foreign currency transactions | | | | | (721,343) | | | | | | (176,170) | | |
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | | | | | 1,769,184 | | | | | | (524,082) | | |
Net increase (decrease) in net assets resulting from operations | | | | | 1,271,004 | | | | | | (547,558) | | |
DISTRIBUTIONS TO SHAREHOLDERS | | | | | (183,318) | | | | | | (472,784) | | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | |
Proceeds from Shares issued | | | | | 6,544,377 | | | | | | 3,496,289 | | |
Cost of Shares redeemed | | | | | (4,160,844) | | | | | | — | | |
Net increase (decrease) in net assets from Capital Transactions | | | | | 2,383,533 | | | | | | 3,496,289 | | |
Net increase (decrease) in net assets | | | | | 3,471,219 | | | | | | 2,475,947 | | |
NET ASSETS | | | | | | | | | | | | | |
Beginning of year | | | | | 9,268,824 | | | | | | 6,792,877 | | |
End of year | | | | $ | 12,740,043 | | | | | $ | 9,268,824 | | |
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | |
Shares issued | | | | | 400,000 | | | | | | 200,000 | | |
Shares redeemed | | | | | (250,000) | | | | | | — | | |
Net increase (decrease) in Shares outstanding | | | | | 150,000 | | | | | | 200,000 | | |
Shares Outstanding, Beginning of Year | | | | | 605,882 | | | | | | 405,882 | | |
Shares Outstanding, End of Year | | | | | 755,882 | | | | | | 605,882 | | |
STATEMENTS OF CHANGES IN NET ASSETS
| | | CSOP MSCI China A International Hedged ETF | | |||||||||
| | | For the Year Ended September 30, 2019 | | | For the Year Ended September 30, 2018 | | ||||||
OPERATIONS: | | | | | | | | | | | | | |
Net investment income (loss) | | | | $ | 17,043 | | | | | $ | 14,693 | | |
Net realized gain (loss) on investments and foreign currency transactions | | | | | 55,475 | | | | | | (95,091) | | |
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | | | | | 76,070 | | | | | | (59,708) | | |
Net increase (decrease) in net assets resulting from operations | | | | | 148,588 | | | | | | (140,106) | | |
DISTRIBUTIONS TO SHAREHOLDERS | | | | | (30,025) | | | | | | — | | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | |
Proceeds from Shares issued | | | | | — | | | | | | — | | |
Cost of Shares redeemed | | | | | — | | | | | | — | | |
Net increase (decrease) in net assets from Capital Transactions | | | | | — | | | | | | — | | |
Net increase (decrease) in net assets | | | | | 118,563 | | | | | | (140,106) | | |
NET ASSETS | | | | | | | | | | | | | |
Beginning of year | | | | | 1,296,014 | | | | | | 1,436,120 | | |
End of year | | | | $ | 1,414,577 | | | | | $ | 1,296,014 | | |
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | |
Shares issued | | | | | — | | | | | | — | | |
Shares redeemed | | | | | — | | | | | | — | | |
Net increase (decrease) in Shares outstanding | | | | | — | | | | | | — | | |
Shares Outstanding, Beginning of Year | | | | | 50,002 | | | | | | 50,002 | | |
Shares Outstanding, End of Year | | | | | 50,002 | | | | | | 50,002 | | |
CSOP FTSE CHINA A50 ETF
FINANCIAL HIGHLIGHTS
| | | For the Year Ended September 30, 2019 | | | For the Year Ended September 30, 2018 | | | For the Year Ended September 30, 2017 | | | For the Year Ended September 30, 2016 | | | For the Period Ended September 30, 2015* | | |||||||||||||||
NET ASSET VALUE, Beginning of Period | | | | $ | 15.30 | | | | | $ | 16.74 | | | | | $ | 13.34 | | | | | $ | 15.09 | | | | | $ | 17.00 | | |
Income (loss) from operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a) | | | | | 0.31 | | | | | | 0.31 | | | | | | 0.23 | | | | | | 0.13 | | | | | | 0.17 | | |
Net realized and unrealized gain (loss) | | | | | 1.48 | | | | | | (0.59) | | | | | | 3.32 | | | | | | 0.50(b) | | | | | | (2.08)(b) | | |
Total income (loss) from operations | | | | | 1.79 | | | | | | (0.28) | | | | | | 3.55 | | | | | | 0.63 | | | | | | (1.91) | | |
Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.24) | | | | | | (1.16) | | | | | | (0.15) | | | | | | (2.38) | | | | | | — | | |
Total distributions | | | | | (0.24) | | | | | | (1.16) | | | | | | (0.15) | | | | | | (2.38) | | | | | | — | | |
NET ASSET VALUE, End of Period | | | | $ | 16.85 | | | | | $ | 15.30 | | | | | $ | 16.74 | | | | | $ | 13.34 | | | | | $ | 15.09 | | |
MARKET VALUE, End of Period | | | | $ | 16.76 | | | | | $ | 15.35 | | | | | $ | 16.81 | | | | | $ | 13.52 | | | | | $ | 14.93 | | |
NET ASSET VALUE, Total Return(c) | | | | | 12.05% | | | | | | (2.34)% | | | | | | 26.94% | | | | | | 3.07% | | | | | | (11.24)% | | |
MARKET PRICE, Total Return(d) | | | | | 10.79% | | | | | | (2.11)% | | | | | | 25.80% | | | | | | 5.58% | | | | | | (12.18)% | | |
Net Assets, End of Period (thousands) | | | | $ | 12,740 | | | | | $ | 9,269 | | | | | $ | 6,793 | | | | | $ | 6,082 | | | | | $ | 6,880 | | |
Ratios of Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Expenses | | | | | 0.70% | | | | | | 0.70% | | | | | | 0.70% | | | | | | 0.70% | | | | | | 0.99%** | | |
Net Expenses | | | | | 0.70% | | | | | | 0.70% | | | | | | 0.70% | | | | | | 0.69% | | | | | | 0.99%** | | |
Net Investment Income (Loss) | | | | | 1.97% | | | | | | 1.84% | | | | | | 1.57% | | | | | | 0.95% | | | | | | 1.44%** | | |
Portfolio Turnover Rate(e) | | | | | 45% | | | | | | 20% | | | | | | 34% | | | | | | 410% | | | | | | 266% | | |
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
FINANCIAL HIGHLIGHTS
| | | For the Year Ended September 30, 2019 | | | For the Year Ended September 30, 2018 | | | For the Year Ended September 30, 2017 | | | For the Period Ended September 30, 2016* | | ||||||||||||
NET ASSET VALUE, Beginning of Period | | | | $ | 25.92 | | | | | $ | 28.72 | | | | | $ | 26.41 | | | | | $ | 30.00 | | |
Income (loss) from operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a) | | | | | 0.34 | | | | | | 0.29 | | | | | | 0.26 | | | | | | 0.13 | | |
Net realized and unrealized gain (loss) | | | | | 2.63 | | | | | | (3.09) | | | | | | 3.31 | | | | | | (3.72) | | |
Total income (loss) from operations | | | | | 2.97 | | | | | | (2.80) | | | | | | 3.57 | | | | | | (3.59) | | |
Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.60) | | | | | | — | | | | | | (1.26) | | | | | | — | | |
Total distributions | | | | | (0.60) | | | | | | — | | | | | | (1.26) | | | | | | — | | |
NET ASSET VALUE, End of Period | | | | $ | 28.29 | | | | | $ | 25.92 | | | | | $ | 28.72 | | | | | $ | 26.41 | | |
MARKET VALUE, End of Period | | | | $ | 28.11 | | | | | $ | 25.59 | | | | | $ | 28.51 | | | | | $ | 26.37 | | |
NET ASSET VALUE, Total Return(b) | | | | | 11.95% | | | | | | (9.75)% | | | | | | 14.08% | | | | | | (11.97)% | | |
MARKET PRICE, Total Return(c) | | | | | 12.53% | | | | | | (10.07)% | | | | | | 13.01% | | | | | | (12.10)% | | |
Net Assets, End of Period (thousands) | | | | $ | 1,415 | | | | | $ | 1,296 | | | | | $ | 1,436 | | | | | $ | 1,320 | | |
Ratios of Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Expenses | | | | | 0.79% | | | | | | 0.79% | | | | | | 0.79% | | | | | | 0.79%** | | |
Net Investment Income (Loss) | | | | | 1.30% | | | | | | 1.04% | | | | | | 0.95% | | | | | | 0.49%** | | |
Portfolio Turnover Rate(d) | | | | | 0% | | | | | | 16% | | | | | | 1% | | | | | | 70% | | |
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
At September 30, 2019 | | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
Common Stocks | | | | $ | 12,671,884 | | | | | $ | 12,671,884 | | | | | $ | — | | | | | $ | — | | |
Total Investments, at value | | | | $ | 12,671,884 | | | | | $ | 12,671,884 | | | | | $ | — | | | | | $ | — | | |
At September 30, 2019 | | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
Common Stocks | | | | $ | 1,261,356 | | | | | $ | 1,261,356 | | | | | $ | — | | | | | $ | — | | |
Total Investments, at value | | | | $ | 1,261,356 | | | | | $ | 1,261,356 | | | | | $ | — | | | | | $ | — | | |
Other Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | | | $ | 1,499 | | | | | $ | — | | | | | $ | 1,499 | | | | | $ | — | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | | | $ | (8,144) | | | | | $ | — | | | | | $ | (8,144) | | | | | $ | — | | |
Total Other Financial Instruments | | | | $ | (6,645) | | | | | $ | — | | | | | $ | (6,645) | | | | | $ | — | | |
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
| | | Common Stocks | | |||
Beginning balance on October 1, 2018 | | | | $ | 265,192 | | |
Total realized gain (loss) | | | | | (21,096) | | |
Change in unrealized appreciation (depreciation) | | | | | 95,461 | | |
Purchases | | | | | 223,960 | | |
(Sales) | | | | | (261,245) | | |
Transfer In | | | | | — | | |
Transfer Out | | | | | (302,272) | | |
Balance as of September 30, 2019 | | | | $ | — | | |
Change in unrealized appreciation (depreciation) from investments held as of September 30, 2019* | | | | $ | — | | |
| | | Common Stocks | | |||
Beginning balance on October 1, 2018 | | | | $ | 31,580 | | |
Total realized gain (loss) | | | | | (6,761) | | |
Change in unrealized appreciation (depreciation) | | | | | 6,529 | | |
Purchases | | | | | — | | |
(Sales) | | | | | (7,596) | | |
Transfer In | | | | | — | | |
Transfer Out | | | | | (23,752) | | |
Balance as of September 30, 2019 | | | | $ | — | | |
Change in unrealized appreciation (depreciation) from investments held as of September 30, 2019* | | | | $ | — | | |
| | | Asset Derivatives | | | Liability Derivatives | | ||||||||||||
Derivatives Not Accounted For as Hedging Instruments Under ASC 815 | | | Statement of Assets and Liabilities Location | | | Fair Value | | | Statement of Assets and Liabilities Location | | | Fair Value | | ||||||
Foreign Exchange Risk Exposure: | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | | Unrealized appreciation of forward foreign currency contracts | | | | $ | 1,499 | | | | Unrealized depreciation of forward foreign currency contracts | | | | $ | 8,144 | | |
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
Derivatives Not Accounted For as Hedging Instruments Under ASC 815 | | | Location of Gain (Loss) On Derivatives | | | Net Realized Gain (Loss) | | | Net Increase (Decrease) In Unrealized Appreciation (Depreciation) | | ||||||
Foreign Exchange Risk Exposure: | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | | Net realized and unrealized gain (loss) on forward foreign currency contracts | | | | $ | 28,531 | | | | | $ | — | | |
| | | Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | | | | $ | — | | | | | $ | (15,332) | | |
| | | Notional Amount | | |||
Foreign Exchange Risk Exposure: | | | | | | | |
Forward Foreign Currency Contracts | | | | $ | 2,204,190 | | |
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
Fund | | | Purchases | | | Sales | | ||||||
CSOP FTSE China A50 ETF | | | | $ | 7,497,200 | | | | | $ | 5,026,779 | | |
CSOP MSCI China A International Hedged ETF | | | | | 674 | | | | | | 11,561 | | |
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
| | | Ordinary Income | | |||||||||
Fund | | | 2019 | | | 2018 | | ||||||
CSOP FTSE China A50 ETF | | | | $ | 183,318 | | | | | $ | 472,784 | | |
CSOP MSCI China A International Hedged ETF | | | | | 30,025 | | | | | | — | | |
NOTES TO FINANCIAL STATEMENTS
September 30, 2019
Fund | | | Undistributed Ordinary Income | | | Net Unrealized Appreciation (Depreciation) | | | Late Year Ordinary Loss Deferral | | | Capital Loss Carryforward | | | Total Accumulated Earning/(Losses) | | |||||||||||||||
CSOP FTSE China A50 ETF | | | | $ | 961,151 | | | | | $ | 932,024 | | | | | $ | — | | | | | $ | (3,552,651) | | | | | $ | (1,659,476) | | |
CSOP MSCI China A International Hedged ETF | | | | | 123,056 | | | | | | (50,069) | | | | | | — | | | | �� | | (372,650) | | | | | | (299,663) | | |
| | | Increase (Decrease) | | |||||||||
Fund | | | Total Distributable Earning (Loss) | | | Paid-in Capital | | ||||||
CSOP FTSE China A50 ETF | | | | $ | 2 | | | | | $ | (2) | | |
CSOP MSCI China A International Hedged ETF | | | | | (2) | | | | | | 2 | | |
| | | Capital Loss Carryforward | | |||||||||||||||
Fund | | | Short-Term | | | Long-Term | | | Total | | |||||||||
CSOP FTSE China A50 ETF | | | | $ | 2,261,546 | | | | | $ | 1,291,105 | | | | | $ | 3,552,651 | | |
CSOP MSCI China A International Hedged ETF | | | | | 259,053 | | | | | | 113,597 | | | | | | 372,650 | | |
and the Shareholders of CSOP FTSE China A50 ETF and
CSOP MSCI China A International Hedged ETF
Fund | | | Financial Highlights | |
CSOP FTSE China A50 ETF | | | For each of the years in the four-year period ended September 30, 2019. | |
CSOP MSCI China A International Hedged ETF | | | For each of the years in the three-year period ended September 30, 2019 and for the period from October 20, 2015 (commencement of operations) through September 30, 2016 | |
![[MISSING IMAGE: sig_bbdllpbk.jpg]](https://capedge.com/proxy/N-CSR/0001104659-19-070503/sig_bbdllpbk.jpg)
November 19, 2019
September 30, 2019 (unaudited)
| | | Qualified Dividend Income | | |||
CSOP FTSE China A50 ETF | | | | | 100.00% | | |
CSOP MSCI China A International Hedged ETF | | | | | 86.24% | | |
| | | Gross Foreign Income | | | Foreign Taxes Paid | | ||||||||||||||||||
| | | Amount | | | Per Share | | | Amount | | | Per Share | | ||||||||||||
CSOP FTSE China A50 ETF | | | | $ | 335,233 | | | | | $ | 0.44 | | | | | $ | 33,638 | | | | | $ | 0.04 | | |
Period Covered: October 1, 2018 through September 30, 2019
Premium/Discount Range | | | Number of Days | | | Percentage of Total Days | | ||||||
Greater than 2.0% | | | | | 9 | | | | | | 3.60% | | |
Greater than 1.5% and Less than 2.0% | | | | | 9 | | | | | | 3.60% | | |
Greater than 1.0% and Less than 1.5% | | | | | 24 | | | | | | 9.60% | | |
Greater than 0.5% and Less than 1.0% | | | | | 33 | | | | | | 13.20% | | |
Between 0.5% and -0.5% | | | | | 122 | | | | | | 48.80% | | |
Less than -0.5% | | | | | 53 | | | | | | 21.20% | | |
Total | | | | | 250 | | | | | | 100.00% | | |
Period Covered: October 1, 2018 through September 30, 2019
Premium/Discount Range | | | Number of Days | | | Percentage of Total Days | | ||||||
Greater than 2.0% | | | | | 0 | | | | | | 0.00% | | |
Greater than 1.5% and Less than 2.0% | | | | | 0 | | | | | | 0.00% | | |
Greater than 1.0% and Less than 1.5% | | | | | 0 | | | | | | 0.00% | | |
Greater than 0.5% and Less than 1.0% | | | | | 7 | | | | | | 3.30% | | |
Between 0.5% and -0.5% | | | | | 62 | | | | | | 29.25% | | |
Less than -0.5% | | | | | 143 | | | | | | 67.45% | | |
Total | | | | | 212 | | | | | | 100.00% | | |
Name, Address(1) and Age | | | Position with Trust and Length of Term(2) | | | Principal Occupations in the Past 5 Years | | | Number of Portfolios in Fund Complex(3) Overseen by Trustee | | | Other Directorships Held in the Past 5 Years | |
Interested Trustees | | | | | | | | | | | | | |
Chen Ding (Born: 1969) | | | Trustee (since 2015)(4) | | | CEO of CSOP Asset Management Limited (2008 – present) | | | 2 | | | CSOP Asset Management Limited (2008 – present); Chinese Asset Management Association of Hong Kong Limited (2013 – present); Chinese Securities Association of Hong Kong (2013 – present); Source CSOP Markets plc (2014 – 2017); CSOP Alternative Funds plc (2014 – 2016); CSOP Investment Funds plc (2014 – 2017); Alternative Value Investments Limited (2016 – present); Famous Dragon Capital Limited (2016 – present); The Hong Kong Chinese Enterprises Association (2015 – present); Chinese Financial Association of Hong Kong (2015 – present); CSOP Asset Management Pte. Ltd. (2018 – present). | |
Independent Trustees | | | | | | | | | | | | | |
Karl-Otto Hartmann (Born: 1955) | | | Trustee (since 2015) | | | Founder and CEO of IntelliMagic LLC consulting practice (2005 – present); CEO of 40Act.com, LLC (2012 – present); Adjunct Faculty at Suffolk University School of Law (2007 – present) | | | 2 | | | Horizons ETF Trust (2014 – 2017). | |
Chia Ling Chen (Born: 1970) | | | Trustee (since 2015) | | | CEO of China Asset Management (Hong Kong) Limited (2009 – 2014) | | | 2 | | | Chyang Sheng Dyeing & Finishing Co., Ltd. (2015 – present); China Aircraft Leasing Group Holdings Limited (2016 – 2018). | |
Name, Address(1) and Age | | | Position with Trust and Length of Term(2) | | | Principal Occupations in Past 5 Years | |
Chen Ding (Born: 1969) | | | President (since 2015); and Principal Executive Officer (since 2016) | | | CEO, CSOP Asset Management Limited (2008 – present) | |
Michelle Wong (Born: 1980) | | | Secretary (since 2015) | | | Senior Executive Director, General Counsel and CCO, CSOP Asset Management Ltd. (2017 – present); Director, China Southern Dragon Dynamic Multi Strategy Fund SPC (2017 – present); Director, China Southern Dragon Dynamic Fund (2016 – present); Director, CSOP Simpleway Multi Strategy Fund SPC (2016 – present); Executive Director, General Counsel and CCO, CSOP Asset Management Ltd. (2016 – 2017); Director, General Counsel and Head of Legal and Compliance, CSOP Asset Management Ltd. (2015 – 2016); Director, Legal Counsel, CSOP Asset Management Ltd. (2014 – 2015); Assistant Solicitor, Reed Smith Richards Butler (2009 – 2014). | |
Monique Labbe (Born: 1973) | | | Principal Financial Officer and Treasurer (since 2015) | | | Senior Director, Foreside Fund Management Services, LLC (2014 – present). | |
Patrick J. Keniston, Esq. (Born: 1964) | | | Chief Compliance Officer (since 2015) | | | Managing Director, Foreside Fund Officer Services, LLC (October 2008 – present). | |
CSOP FTSE China A50 ETF
Investment Adviser
2801-2803, Two Exchange Square, 8 Connaught Place
Central, Hong Kong
1290 Broadway, Suite 1100
Denver, CO 80203
1111 Pennsylvania Avenue NW
Washington, DC 20004-2541
![[MISSING IMAGE: logo_csop-assetmgmt4c.jpg]](https://capedge.com/proxy/N-CSR/0001104659-19-070503/logo_csop-assetmgmt4c.jpg)
Item 2. Code of Ethics.
As of the period ended September 30, 2015, the Registrant has adopted a code of ethics (“Code”) that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party. The Registrant has not amended any provision in its Code that relates to an element of the Code’s definitions enumerated in paragraph (b) of Item 2 of this Form N-CSR. A copy of this Code is filed as an Exhibit to this Form N-CSR pursuant to Item 12(a)(1). The Registrant has not granted any waiver, including any implicit waiver, from a provision of its Code to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party. |
Item 3. Audit Committee Financial Expert.
The Board of Trustees of the Registrant has determined that Karl-Otto Hartmann possesses the attributes identified in Instruction (b) of Item 3 to Form N-CSR to each qualify as an “audit committee financial expert,” and has designated Karl-Otto Hartmann as the Registrant’s audit committee financial expert. Mr. Karl-Otto Hartmann is an “independent” Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. |
Item 4. Principal Accountant Fees and Services.
(a) | Audit Fees |
The aggregate fees billed for the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $26,000 in 2018 and $26,000 in 2019.
(b) | Audit Related Fees |
The aggregate fees billed in each of the last two fiscal years for assurance and related services rendered to the Registrant by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 in 2018 and $0 in 2019.
(c) | Tax Fees |
The aggregate fees billed in each of the last two fiscal years for professional services rendered to the Registrant by the principal accountant for tax compliance, tax advice and tax planning were $8,000 in 2018 and $8,000 in 2019. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local entity tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification.
(d) | All Other Fees |
The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $0 in 2018 and $0 in 2019.
(e)(1) | Pursuant to the Registrant’s Audit Committee Charter that has been adopted by the audit committee, the audit committee shall approve all audit and permissible non-audit services to be provided to the Registrant and all permissible non-audit services to be provided to its investment adviser or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant if the engagement relates directly to the operations and financial reporting of the Registrant. |
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, with respect to: Audit-Related Fees were 0%; Tax Fees were 100%; and Other Fees were 0%. |
(f) | Not applicable. |
(g) | The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant for the last two fiscal years of the Registrant were $0 for 2018 and $0 for 2019. |
(h) | The Registrant’s audit committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
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Item 6. Investments.
(a) | This schedule is included as part of the report to shareholders filed under Item 1 of this Form N-CSR.
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(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
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Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable. |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable. |
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees by the Registrant’s Board of Trustees that would require disclosures herein. |
Item 11. Controls and Procedures.
(a) | The Registrant’s principal executive and financial officers have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective, as of a date within 90 days of the filing date of this Form N-CSR, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
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(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's last fiscal half-year that has materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities For Closed-End Management Investment Companies.
Not applicable. |
Item 13. Exhibits.
(a)(1) | Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.
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(a)(2) | Certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed as Exhibit 12(a)(2) to this Form N-CSR.
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(a)(3) | Not applicable. |
(b) | Certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are furnished as Exhibit 12(b) to this Form N-CSR. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) CSOP ETF Trust
By: (Signature and Title)
/s/Ding Chen_____________
Ding Chen
Title: Principal Executive Officer
Date: December 6, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: (Signature and Title)
/s/Ding Chen______________
Ding Chen
Title: Principal Executive Officer
Date: December 6, 2019
By: (Signature and Title)
/s/Monique Labbe___________
Monique Labbe
Title: Treasurer and Principal Financial Officer
Date: December 6, 2019