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 3406-5688
Date of fiscal year end: September 30
Date of reporting period: March 31, 2018
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
CSOP CHINA CSI 300 A-H DYNAMIC ETF
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DISCLOSURE OF FUND EXPENSES
March 31, 2018
(unaudited)
Fund | | | Beginning Account Value 10/1/2017 | | | Actual Ending Value 3/31/2018 | | | Hypothetical Ending Account Value 3/31/2018 | | | 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 | | | | | $ | 1,115.80 | | | | | $ | 1,021.44 | | | | | $ | 3.69 | | | | | $ | 3.53 | | | | | | 0.70% | | |
CSOP MSCI China A International Hedged ETF | | | | $ | 1,000.00 | | | | | $ | 990.30 | | | | | $ | 1,020.99 | | | | | $ | 3.92 | | | | | $ | 3.98 | | | | | | 0.79% | | |
CSOP China CSI 300 A-H Dynamic ETF | | | | $ | 1,000.00 | | | | | $ | 1,082.00 | | | | | $ | 1,021.19 | | | | | $ | 3.89 | | | | | $ | 3.78 | | | | | | 0.75% | | |
CSOP FTSE CHINA A50 ETF
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2018
| | | Shares | | | Market Value | |||||
Common Stocks – 99.7% | | | | | | | | | | | |
China – 99.7% | | | | | | | | | | | |
Advertising – 1.4% | | | | | | | | | | | |
Focus Media Information Technology Co. Ltd. Class A | | | | | 58,100 | | | | | $ | 119,242 |
Auto Manufacturers – 2.8% | | | | | | | | | | | |
BYD Co. Ltd. Class A | | | | | 7,900 | | | | | | 70,817 |
Guangzhou Automobile Group Co. Ltd. Class A | | | | | 6,500 | | | | | | 22,996 |
SAIC Motor Corp. Ltd. Class A | | | | | 28,089 | | | | | | 152,104 |
| | | | | | | | | | | 245,917 |
Banks – 32.8% | | | | | | | | | | | |
Agricultural Bank of China Ltd. Class A | | | | | 365,700 | | | | | | 227,667 |
Bank of Beijing Co. Ltd. Class A | | | | | 131,672 | | | | | | 144,238 |
Bank of China Ltd. Class A | | | | | 218,500 | | | | | | 136,724 |
Bank of Communications Co. Ltd. Class A | | | | | 207,500 | | | | | | 204,176 |
Bank of Shanghai Co. Ltd. Class A | | | | | 33,790 | | | | | | 79,625 |
China CITIC Bank Corp. Ltd. Class A | | | | | 28,238 | | | | | | 29,000 |
China Construction Bank Corp. Class A | | | | | 93,300 | | | | | | 115,128 |
China Everbright Bank Co. Ltd. Class A | | | | | 144,400 | | | | | | 93,805 |
China Merchants Bank Co. Ltd. Class A | | | | | 121,828 | | | | | | 564,274 |
China Minsheng Banking Corp. Ltd. Class A | | | | | 238,820 | | | | | | 303,820 |
Industrial & Commercial Bank of China Ltd. Class A | | | | | 223,600 | | | | | | 216,814 |
Industrial Bank Co. Ltd. Class A | | | | | 143,632 | | | | | | 381,686 |
Ping An Bank Co. Ltd. Class A | | | | | 74,724 | | | | | | 129,684 |
Shanghai Pudong Development Bank Co. Ltd. Class A | | | | | 149,081 | | | | | | 276,533 |
| | | | | | | | | | | 2,903,174 |
Beverages – 8.6% | | | | | | | | | | | |
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | | | | | 4,600 | | | | | | 79,093 |
Kweichow Moutai Co. Ltd. Class A | | | | | 4,547 | | | | | | 494,924 |
Wuliangye Yibin Co. Ltd. Class A | | | | | 17,800 | | | | | | 188,073 |
| | | | | | | | | | | 762,090 |
Building Materials – 1.0% | | | | | | | | | | | |
Anhui Conch Cement Co. Ltd. Class A | | | | | 17,900 | | | | | | 91,686 |
Coal – 0.8% | | | | | | | | | | | |
China Shenhua Energy Co. Ltd. Class A | | | | | 20,467 | | | | | | 67,945 |
Commercial Services – 0.4% | | | | | | | | | | | |
Shanghai International Port Group Co. Ltd. Class A | | | | | 31,200 | | | | | | 35,022 |
Computers – 2.1% | | | | | | | | | | | |
BOE Technology Group Co. Ltd. Class A | | | | | 214,700 | | | | | | 181,862 |
|
CSOP FTSE CHINA A50 ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | |||||
Diversified Financial Services – 5.1% | | | | | | | | | | | |
CITIC Securities Co. Ltd. Class A | | | | | 80,546 | | | | | $ | 238,281 |
Guotai Junan Securities Co. Ltd. Class A(a) | | | | | 34,300 | | | | | | 93,169 |
Haitong Securities Co. Ltd. Class A | | | | | 62,100 | | | | | | 113,608 |
| | | | | | | | | | | 445,058 |
Electric – 1.2% | | | | | | | | | | | |
China Yangtze Power Co. Ltd. Class A | | | | | 41,000 | | | | | | 104,579 |
Electronics – 2.1% | | | | | | | | | | | |
Hangzhou Hikvision Digital Technology Co. Ltd. Class A | | | | | 28,763 | | | | | | 189,140 |
Engineering & Construction – 3.6% | | | | | | | | | | | |
China Communications Construction Co. Ltd. Class A | | | | | 14,600 | | | | | | 29,871 |
China Railway Construction Corp. Ltd. Class A | | | | | 39,300 | | | | | | 61,197 |
China Railway Group Ltd. Class A | | | | | 53,300 | | | | | | 62,545 |
China State Construction Engineering Corp. Ltd. Class A | | | | | 124,400 | | | | | | 171,529 |
| | | | | | | | | | | 325,142 |
Food – 2.7% | | | | | | | | | | | |
Inner Mongolia Yili Industrial Group Co. Ltd. Class A | | | | | 51,700 | | | | | | 234,521 |
Home Furnishings – 7.7% | | | | | | | | | | | |
Gree Electric Appliances, Inc. of Zhuhai Class A | | | | | 44,100 | | | | | | 329,314 |
Midea Group Co. Ltd. Class A | | | | | 40,690 | | | | | | 353,282 |
| | | | | | | | | | | 682,596 |
Insurance – 14.1% | | | | | | | | | | | |
China Life Insurance Co. Ltd. Class A | | | | | 15,145 | | | | | | 61,274 |
China Pacific Insurance Group Co. Ltd. Class A | | | | | 26,017 | | | | | | 140,553 |
New China Life Insurance Co. Ltd. Class A | | | | | 6,746 | | | | | | 49,430 |
Ping An Insurance Group Co. of China Ltd. Class A | | | | | 95,436 | | | | | | 992,409 |
| | | | | | | | | | | 1,243,666 |
Iron/Steel – 0.8% | | | | | | | | | | | |
Baoshan Iron & Steel Co. Ltd. Class A | | | | | 54,000 | | | | | | 73,254 |
Miscellaneous Manufacturer – 1.4% | | | | | | | | | | | |
CRRC Corp. Ltd. Class A | | | | | 77,230 | | | | | | 123,581 |
Oil & Gas – 1.7% | | | | | | | | | | | |
China Petroleum & Chemical Corp. Class A | | | | | 99,000 | | | | | | 102,143 |
PetroChina Co. Ltd. Class A | | | | | 42,000 | | | | | | 51,091 |
| | | | | | | | | | | 153,234 |
Pharmaceuticals – 2.1% | | | | | | | | | | | |
Jiangsu Hengrui Medicine Co. Ltd. Class A | | | | | 13,400 | | | | | | 185,641 |
|
CSOP FTSE CHINA A50 ETF
SCHEDULE OF INVESTMENTS (unaudited) – (concluded)
March 31, 2018
| | | Shares | | | Market Value | |||||
Real Estate – 6.5% | | | | | | | | | | | |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | | | | | 21,300 | | | | | $ | 73,932 |
China Vanke Co. Ltd. Class A | | | | | 67,000 | | | | | | 355,130 |
Poly Real Estate Group Co. Ltd. Class A | | | | | 70,800 | | | | | | 151,845 |
| | | | | | | | | | | 580,907 |
Telecommunications – 0.8% | | | | | | | | | | | |
China United Network Communications Ltd. Class A(a) | | | | | 78,900 | | | | | | 72,486 |
Total Common Stocks (Cost $7,071,119) | | | | | | | | | | | 8,820,743 |
Total Investments – 99.7% (Cost $7,071,119)# | | | | | | | | | | | 8,820,743 |
Other assets in excess of liabilities – 0.3% | | | | | | | | | | | 22,988 |
Net Assets – 100.0% | | | | | | | | | | $ | 8,843,731 |
|
| Gross unrealized appreciation | | | | $ | 1,916,677 | | |
| Gross unrealized depreciation | | | | | (167,053) | | |
| Net unrealized appreciation | | | | $ | 1,749,624 | | |
|
| Summary of Investments by Sector^ | | | | | | | |
| Financials | | | | | 51.9% | | |
| Consumer Staples | | | | | 11.3 | | |
| Consumer Discretionary | | | | | 10.5 | | |
| Real Estate | | | | | 6.5 | | |
| Information Technology | | | | | 5.5 | | |
| Industrials | | | | | 5.5 | | |
| Energy | | | | | 2.5 | | |
| Health Care | | | | | 2.1 | | |
| Materials | | | | | 1.9 | | |
| Utilities | | | | | 1.2 | | |
| Telecommunication Services | | | | | 0.8 | | |
| Other assets in excess of liabilities | | | | | 0.3 | | |
| | | | | | 100.0% | | |
|
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2018
| | | Shares | | | Market Value | | ||||||
Common Stocks – 99.6% | | | | | | | | | | | | | |
China – 99.6% | | | | | | | | | | | | | |
Advertising – 0.7% | | | | | | | | | | | | | |
Focus Media Information Technology Co. Ltd. Class A | | | | | 3,700 | | | | | $ | 7,594 | | |
Leo Group Co. Ltd. Class A | | | | | 4,920 | | | | | | 2,209 | | |
| | | | | | | | | | | 9,803 | | |
Aerospace/Defense – 0.8% | | | | | | | | | | | | | |
AECC Aviation Power Co. Ltd. Class A | | | | | 700 | | | | | | 3,150 | | |
AVIC Aircraft Co. Ltd. Class A | | | | | 1,400 | | | | | | 3,830 | | |
AVIC Helicopter Co. Ltd. Class A | | | | | 300 | | | | | | 2,309 | | |
Jihua Group Corp. Ltd. Class A | | | | | 2,100 | | | | | | 1,869 | | |
| | | | | | | | | | | 11,158 | | |
Agriculture – 0.7% | | | | | | | | | | | | | |
Beijing Dabeinong Technology Group Co. Ltd. Class A | | | | | 1,800 | | | | | | 1,648 | | |
Heilongjiang Agriculture Co. Ltd. Class A | | | | | 900 | | | | | | 1,585 | | |
Muyuan Foodstuff Co. Ltd. Class A | | | | | 600 | | | | | | 4,326 | | |
Tongwei Co. Ltd. Class A | | | | | 1,800 | | | | | | 3,044 | | |
| | | | | | | | | | | 10,603 | | |
Airlines – 1.2% | | | | | | | | | | | | | |
Air China Ltd. Class A | | | | | 1,600 | | | | | | 3,019 | | |
China Eastern Airlines Corp. Ltd. Class A | | | | | 3,700 | | | | | | 4,248 | | |
China Southern Airlines Co. Ltd. Class A | | | | | 3,800 | | | | | | 6,298 | | |
Hainan Airlines Holding Co. Ltd. Class A(c)(d) | | | | | 6,400 | | | | | | 3,312 | | |
| | | | | | | | | | | 16,877 | | |
Auto Manufacturers – 2.4% | | | | | | | | | | | | | |
BYD Co. Ltd. Class A | | | | | 700 | | | | | | 6,275 | | |
Chongqing Changan Automobile Co. Ltd. Class A | | | | | 2,000 | | | | | | 3,573 | | |
Hubei Energy Group Co. Ltd. Class A | | | | | 2,900 | | | | | | 2,004 | | |
SAIC Motor Corp. Ltd. Class A | | | | | 3,500 | | | | | | 18,953 | | |
Zhengzhou Yutong Bus Co. Ltd. Class A | | | | | 1,200 | | | | | | 4,272 | | |
| | | | | | | | | | | 35,077 | | |
Auto Parts & Equipment – 1.2% | | | | | | | | | | | | | |
Fuyao Glass Industry Group Co. Ltd. Class A | | | | | 1,100 | | | | | | 4,338 | | |
Huayu Automotive Systems Co. Ltd. Class A | | | | | 1,100 | | | | | | 4,244 | | |
Wanxiang Qianchao Co. Ltd. Class A | | | | | 1,440 | | | | | | 1,997 | | |
Weichai Power Co. Ltd. Class A | | | | | 3,200 | | | | | | 4,208 | | |
Zhejiang Wanfeng Auto Wheel Co. Ltd. Class A(c)(d) | | | | | 840 | | | | | | 1,660 | | |
| | | | | | | | | | | 16,447 | | |
|
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | | ||||||
Banks – 17.3% | | | | | | | | | | | | | |
Agricultural Bank of China Ltd. Class A | | | | | 26,500 | | | | | $ | 16,498 | | |
Bank of Beijing Co. Ltd. Class A | | | | | 8,640 | | | | | | 9,465 | | |
Bank of China Ltd. Class A | | | | | 21,200 | | | | | | 13,266 | | |
Bank of Communications Co. Ltd. Class A | | | | | 18,700 | | | | | | 18,400 | | |
Bank of Jiangsu Co. Ltd. Class A | | | | | 5,200 | | | | | | 6,061 | | |
Bank of Nanjing Co. Ltd. Class A | | | | | 4,536 | | | | | | 5,900 | | |
Bank of Ningbo Co. Ltd. Class A | | | | | 2,730 | | | | | | 8,272 | | |
Bank of Shanghai Co. Ltd. Class A | | | | | 1,200 | | | | | | 2,828 | | |
China CITIC Bank Corp. Ltd. Class A | | | | | 2,600 | | | | | | 2,670 | | |
China Construction Bank Corp. Class A | | | | | 5,100 | | | | | | 6,293 | | |
China Everbright Bank Co. Ltd. Class A | | | | | 18,900 | | | | | | 12,278 | | |
China Merchants Bank Co. Ltd. Class A | | | | | 8,300 | | | | | | 38,443 | | |
China Minsheng Banking Corp. Ltd. Class A | | | | | 13,300 | | | | | | 16,920 | | |
Huaxia Bank Co. Ltd. Class A | | | | | 5,040 | | | | | | 7,150 | | |
Industrial & Commercial Bank of China Ltd. Class A | | | | | 23,200 | | | | | | 22,496 | | |
Industrial Bank Co. Ltd. Class A | | | | | 8,400 | | | | | | 22,322 | | |
Ping An Bank Co. Ltd. Class A | | | | | 8,160 | | | | | | 14,162 | | |
Shanghai Pudong Development Bank Co. Ltd. Class A | | | | | 12,584 | | | | | | 23,342 | | |
| | | | | | | | | | | 246,766 | | |
Beverages – 6.9% | | | | | | | | | | | | | |
Beijing Yanjing Brewery Co. Ltd. Class A | | | | | 1,500 | | | | | | 1,822 | | |
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | | | | | 700 | | | | | | 12,036 | | |
Kweichow Moutai Co. Ltd. Class A | | | | | 500 | | | | | | 54,423 | | |
Luzhou Laojiao Co. Ltd. Class A | | | | | 600 | | | | | | 5,421 | | |
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. Class A | | | | | 400 | | | | | | 3,501 | | |
Tsingtao Brewery Co. Ltd. Class A | | | | | 400 | | | | | | 2,575 | | |
Wuliangye Yibin Co. Ltd. Class A | | | | | 1,700 | | | | | | 17,962 | | |
| | | | | | | | | | | 97,740 | | |
Biotechnology – 0.2% | | | | | | | | | | | | | |
Hualan Biological Engineering, Inc. Class A | | | | | 480 | | | | | | 2,298 | | |
Building Materials – 1.6% | | | | | | | | | | | | | |
Anhui Conch Cement Co. Ltd. Class A | | | | | 2,100 | | | | | | 10,756 | | |
BBMG Corp. Class A | | | | | 3,800 | | | | | | 3,025 | | |
Beijing New Building Materials PLC Class A | | | | | 800 | | | | | | 3,207 | | |
China Jushi Co. Ltd. Class A | | | | | 1,300 | | | | | | 3,217 | | |
Suzhou Gold Mantis Construction Decoration Co. Ltd. Class A | | | | | 1,500 | | | | | | 3,100 | | |
| | | | | | | | | | | 23,305 | | |
|
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | | ||||||
Chemicals – 1.9% | | | | | | | | | | | | | |
China Hainan Rubber Industry Group Co. Ltd. Class A(a) | | | | | 2,200 | | | | | $ | 2,179 | | |
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. Class A(c)(d) | | | | | 4,000 | | | | | | 3,000 | | |
Qinghai Salt Lake Industry Co. Ltd. Class A | | | | | 900 | | | | | | 1,850 | | |
Sinopec Shanghai Petrochemical Co. Ltd. Class A | | | | | 3,200 | | | | | | 3,042 | | |
Tianqi Lithium Corp. Class A | | | | | 500 | | | | | | 4,689 | | |
Wanhua Chemical Group Co. Ltd. Class A(c)(d) | | | | | 1,440 | | | | | | 8,355 | | |
Zhejiang Longsheng Group Co. Ltd. Class A | | | | | 1,800 | | | | | | 3,198 | | |
| | | | | | | | | | | 26,313 | | |
Coal – 0.6% | | | | | | | | | | | | | |
Jizhong Energy Resources Co. Ltd. Class A | | | | | 1,900 | | | | | | 1,549 | | |
Shaanxi Coal Industry Co. Ltd. Class A | | | | | 2,300 | | | | | | 2,823 | | |
Shanxi Lu’an Environmental Energy Development Co. Ltd. Class A | | | | | 1,600 | | | | | | 2,706 | | |
Shanxi Xishan Coal & Electricity Power Co. Ltd. Class A | | | | | 1,700 | | | | | | 2,122 | | |
| | | | | | | | | | | 9,200 | | |
Commercial Services – 0.6% | | | | | | | | | | | | | |
Dalian Port PDA Co. Ltd. Class A | | | | | 4,140 | | | | | | 1,668 | | |
Ningbo Zhoushan Port Co. Ltd. Class A | | | | | 4,100 | | | | | | 3,473 | | |
Shanghai International Port Group Co. Ltd. Class A | | | | | 3,300 | | | | | | 3,704 | | |
| | | | | | | | | | | 8,845 | | |
Computers – 2.2% | | | | | | | | | | | | | |
Aisino Corp. Class A | | | | | 1,000 | | | | | | 4,027 | | |
BOE Technology Group Co. Ltd. Class A | | | | | 16,100 | | | | | | 13,638 | | |
Chengdu Santai Holding Group Co. Ltd. Class A(a)(c)(d) | | | | | 750 | | | | | | 811 | | |
Dawning Information Industry Co. Ltd. Class A | | | | | 300 | | | | | | 2,613 | | |
DHC Software Co. Ltd. Class A | | | | | 1,400 | | | | | | 1,850 | | |
Fujian Newland Computer Co. Ltd. Class A | | | | | 900 | | | | | | 2,975 | | |
Inspur Electronic Information Industry Co. Ltd. Class A | | | | | 650 | | | | | | 2,549 | | |
Venustech Group, Inc. Class A | | | | | 800 | | | | | | 3,485 | | |
| | | | | | | | | | | 31,948 | | |
Distribution/Wholesale – 0.3% | | | | | | | | | | | | | |
Liaoning Cheng Da Co. Ltd. Class A(a) | | | | | 800 | | | | | | 2,298 | | |
Shanghai Jahwa United Co. Ltd. Class A | | | | | 400 | | | | | | 2,551 | | |
| | | | | | | | | | | 4,849 | | |
Diversified Financial Services – 7.6% | | | | | | | | | | | | | |
Anxin Trust Co. Ltd. Class A(a) | | | | | 1,980 | | | | | | 3,698 | | |
Changjiang Securities Co. Ltd. Class A | | | | | 2,600 | | | | | | 2,997 | | |
China Merchants Securities Co. Ltd. Class A | | | | | 2,800 | | | | | | 7,739 | | |
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | | ||||||
Diversified Financial Services – 7.6% (continued) | | | | | | | | | | | | | |
CITIC Securities Co. Ltd. Class A | | | | | 4,700 | | | | | $ | 13,904 | | |
Dongxing Securities Co. Ltd. Class A | | | | | 900 | | | | | | 2,036 | | |
Everbright Securities Co. Ltd. Class A | | | | | 1,600 | | | | | | 3,138 | | |
Founder Securities Co. Ltd. Class A(a) | | | | | 4,400 | | | | | | 4,344 | | |
GF Securities Co. Ltd. Class A | | | | | 2,800 | | | | | | 7,347 | | |
Guosen Securities Co. Ltd. Class A | | | | | 2,200 | | | | | | 3,808 | | |
Guotai Junan Securities Co. Ltd. Class A(a) | | | | | 3,400 | | | | | | 9,235 | | |
Guoyuan Securities Co. Ltd. Class A | | | | | 1,650 | | | | | | 2,406 | | |
Haitong Securities Co. Ltd. Class A | | | | | 3,900 | | | | | | 7,135 | | |
Huatai Securities Co. Ltd. Class A | | | | | 2,600 | | | | | | 7,137 | | |
Industrial Securities Co. Ltd. Class A | | | | | 3,560 | | | | | | 3,730 | | |
Northeast Securities Co. Ltd. Class A | | | | | 1,300 | | | | | | 1,627 | | |
Orient Securities Co. Ltd. Class A | | | | | 2,700 | | | | | | 5,335 | | |
Pacific Securities Co. Ltd. Class A | | | | | 3,525 | | | | | | 1,616 | | |
SDIC Capital Co. Ltd. Class A | | | | | 1,300 | | | | | | 2,633 | | |
Sealand Securities Co. Ltd. Class A | | | | | 2,250 | | | | | | 1,558 | | |
Shanxi Securities Co. Ltd. Class A | | | | | 1,200 | | | | | | 1,479 | | |
Shenwan Hongyuan Group Co. Ltd. Class A | | | | | 8,910 | | | | | | 7,051 | | |
Sinolink Securities Co. Ltd. Class A | | | | | 1,600 | | | | | | 2,148 | | |
SooChow Securities Co. Ltd. Class A | | | | | 1,300 | | | | | | 1,708 | | |
Southwest Securities Co. Ltd. Class A | | | | | 3,000 | | | | | | 2,083 | | |
Western Securities Co. Ltd. Class A | | | | | 1,600 | | | | | | 2,466 | | |
| | | | | | | | | | | 108,358 | | |
Electric – 3.1% | | | | | | | | | | | | | |
China National Nuclear Power Co. Ltd. Class A | | | | | 6,200 | | | | | | 6,634 | | |
China Yangtze Power Co. Ltd. Class A | | | | | 5,900 | | | | | | 15,049 | | |
Huadian Power International Corp. Ltd. Class A | | | | | 4,400 | | | | | | 2,662 | | |
Huaneng Power International, Inc. Class A | | | | | 3,700 | | | | | | 4,047 | | |
SDIC Power Holdings Co. Ltd. Class A | | | | | 3,600 | | | | | | 4,076 | | |
Shenergy Co. Ltd. Class A | | | | | 2,500 | | | | | | 2,293 | | |
Shenzhen Energy Group Co. Ltd. Class A | | | | | 2,100 | | | | | | 1,953 | | |
Sichuan Chuantou Energy Co. Ltd. Class A | | | | | 2,300 | | | | | | 3,332 | | |
Zhejiang Zheneng Electric Power Co. Ltd. Class A | | | | | 4,700 | | | | | | 4,138 | | |
| | | | | | | | | | | 44,184 | | |
Electrical Components & Equipment – 1.2% | | | | | | | | | | | | | |
AVIC Jonhon OptronicTechnology Co. Ltd. Class A | | | | | 390 | | | | | | 2,689 | | |
China XD Electric Co. Ltd. Class A | | | | | 2,800 | | | | | | 1,859 | | |
Chinese Universe Publishing & Media Co. Ltd. Class A | | | | | 800 | | | | | | 1,965 | | |
Fangda Carbon New Material Co. Ltd. Class A | | | | | 800 | | | | | | 3,375 | | |
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | | ||||||
Electrical Components & Equipment – 1.2% (continued) | | | | | | | | | | | | | |
Xinjiang Goldwind Science & Technology Co. Ltd. Class A | | | | | 1,430 | | | | | $ | 4,126 | | |
Zhejiang Chint Electrics Co. Ltd. Class A | | | | | 600 | | | | | | 2,515 | | |
| | | | | | | | | | | 16,529 | | |
Electronics – 3.6% | | | | | | | | | | | | | |
Dongxu Optoelectronic Technology Co. Ltd. Class A | | | | | 1,800 | | | | | | 2,218 | | |
GoerTek, Inc. Class A | | | | | 1,600 | | | | | | 3,419 | | |
Hangzhou Hikvision Digital Technology Co. Ltd. Class A | | | | | 4,150 | | | | | | 27,290 | | |
Han’s Laser Technology Industry Group Co. Ltd. Class A | | | | | 600 | | | | | | 5,226 | | |
Luxshare Precision Industry Co. Ltd. Class A | | | | | 1,575 | | | | | | 6,064 | | |
O-film Tech Co. Ltd. Class A | | | | | 1,250 | | | | | | 4,032 | | |
Unigroup Guoxin Co. Ltd. Class A | | | | | 300 | | | | | | 2,482 | | |
| | | | | | | | | | | 50,731 | | |
Energy-Alternate Sources – 0.4% | | | | | | | | | | | | | |
LONGi Green Energy Technology Co. Ltd. Class A | | | | | 1,000 | | | | | | 5,456 | | |
Engineering & Construction – 4.4% | | | | | | | | | | | | | |
Beijing Orient Landscape & Environment Co. Ltd. Class A | | | | | 1,250 | | | | | | 4,124 | | |
China Communications Construction Co. Ltd. Class A | | | | | 1,200 | | | | | | 2,455 | | |
China Gezhouba Group Co. Ltd. Class A | | | | | 2,400 | | | | | | 3,351 | | |
China National Chemical Engineering Co. Ltd. Class A | | | | | 2,700 | | | | | | 3,168 | | |
China Railway Construction Corp. Ltd. Class A | | | | | 5,200 | | | | | | 8,097 | | |
China Railway Group Ltd. Class A | | | | | 7,400 | | | | | | 8,684 | | |
China State Construction Engineering Corp. Ltd. Class A | | | | | 12,100 | | | | | | 16,684 | | |
Metallurgical Corp. of China Ltd. Class A | | | | | 6,700 | | | | | | 4,054 | | |
Power Construction Corp. of China Ltd. Class A | | | | | 4,000 | | | | | | 4,273 | | |
Shanghai Construction Group Co. Ltd. Class A | | | | | 3,142 | | | | | | 1,871 | | |
Shanghai International Airport Co. Ltd. Class A | | | | | 500 | | | | | | 3,888 | | |
Shanghai Tunnel Engineering Co. Ltd. Class A | | | | | 1,700 | | | | | | 1,960 | | |
| | | | | | | | | | | 62,609 | | |
Entertainment – 0.6% | | | | | | | | | | | | | |
Shenzhen Overseas Chinese Town Co. Ltd. Class A | | | | | 3,400 | | | | | | 4,461 | | |
Wanda Film Holding Co. Ltd. Class A(c)(d) | | | | | 500 | | | | | | 4,143 | | |
| | | | | | | | | | | 8,604 | | |
Environmental Control – 0.3% | | | | | | | | | | | | | |
Beijing Capital Co. Ltd. Class A | | | | | 2,600 | | | | | | 2,215 | | |
Tus-Sound Environmental Resources Co. Ltd. Class A | | | | | 400 | | | | | | 1,812 | | |
| | | | | | | | | | | 4,027 | | |
|
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | | ||||||
Food – 2.5% | | | | | | | | | | | | | |
Foshan Haitian Flavouring & Food Co. Ltd. Class A | | | | | 1,000 | | | | | $ | 9,037 | | |
Henan Shuanghui Investment & Development Co. Ltd. Class A | | | | | 1,200 | | | | | | 4,891 | | |
Inner Mongolia Yili Industrial Group Co. Ltd. Class A | | | | | 3,000 | | | | | | 13,609 | | |
Shanghai Bailian Group Co. Ltd. Class A | | | | | 900 | | | | | | 1,560 | | |
Yonghui Superstores Co. Ltd. Class A | | | | | 4,400 | | | | | | 6,894 | | |
| | | | | | | | | | | 35,991 | | |
Healthcare-Services – 0.3% | | | | | | | | | | | | | |
Meinian Onehealth Healthcare Holdings Co. Ltd. Class A | | | | | 1,100 | | | | | | 4,759 | | |
Holding Companies-Diversified – 0.5% | | | | | | | | | | | | | |
Avic Capital Co. Ltd. Class A | | | | | 3,400 | | | | | | 2,907 | | |
Humanwell Healthcare Group Co. Ltd. Class A | | | | | 700 | | | | | | 1,734 | | |
Zhejiang China Commodities City Group Co. Ltd. Class A | | | | | 2,900 | | | | | | 2,470 | | |
| | | | | | | | | | | 7,111 | | |
Home Furnishings – 3.1% | | | | | | | | | | | | | |
Gree Electric Appliances, Inc. of Zhuhai Class A | | | | | 1,200 | | | | | | 8,961 | | |
Hisense Electric Co. Ltd. Class A | | | | | 700 | | | | | | 1,724 | | |
Midea Group Co. Ltd. Class A | | | | | 2,900 | | | | | | 25,178 | | |
Qingdao Haier Co. Ltd. Class A | | | | | 2,900 | | | | | | 8,136 | | |
| | | | | | | | | | | 43,999 | | |
Insurance – 4.9% | | | | | | | | | | | | | |
China Life Insurance Co. Ltd. Class A | | | | | 1,300 | | | | | | 5,259 | | |
China Pacific Insurance Group Co. Ltd. Class A | | | | | 2,500 | | | | | | 13,506 | | |
New China Life Insurance Co. Ltd. Class A | | | | | 700 | | | | | | 5,129 | | |
Ping An Insurance Group Co. of China Ltd. Class A | | | | | 4,400 | | | | | | 45,754 | | |
| | | | | | | | | | | 69,648 | | |
Iron/Steel – 1.9% | | | | | | | | | | | | | |
Angang Steel Co. Ltd. Class A | | | | | 2,700 | | | | | | 2,571 | | |
Baoshan Iron & Steel Co. Ltd. Class A | | | | | 8,824 | | | | | | 11,970 | | |
Hesteel Co. Ltd. Class A | | | | | 5,700 | | | | | | 3,185 | | |
Inner Mongolia BaoTou Steel Union Co. Ltd. Class A(a) | | | | | 18,060 | | | | | | 6,269 | | |
Shanxi Taigang Stainless Steel Co. Ltd. Class A | | | | | 3,000 | | | | | | 2,742 | | |
| | | | | | | | | | | 26,737 | | |
Leisure Time – 0.6% | | | | | | | | | | | | | |
China International Travel Service Corp. Ltd. Class A | | | | | 1,000 | | | | | | 8,424 | | |
|
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | | ||||||
Machinery-Construction & Mining – 0.7% | | | | | | | | | | | | | |
Sany Heavy Industry Co. Ltd. Class A | | | | | 4,100 | | | | | $ | 5,131 | | |
XCMG Construction Machinery Co. Ltd. Class A | | | | | 3,800 | | | | | | 2,360 | | |
Zoomlion Heavy Industry Science & Technology Co. Ltd. Class A | | | | | 3,400 | | | | | | 2,279 | | |
| | | | | | | | | | | 9,770 | | |
Machinery-Diversified – 0.2% | | | | | | | | | | | | | |
China Shipbuilding Industry Group Power Co. Ltd. Class A | | | | | 600 | | | | | | 2,386 | | |
Media – 0.7% | | | | | | | | | | | | | |
China Media Group Class A(c)(d) | | | | | 1,100 | | | | | | 1,471 | | |
China South Publishing & Media Group Co. Ltd. Class A | | | | | 1,000 | | | | | | 2,032 | | |
CITIC Guoan Information Industry Co. Ltd. Class A | | | | | 2,000 | | | | | | 2,277 | | |
Shanghai Oriental Pearl Group Co. Ltd. Class A | | | | | 1,400 | | | | | | 3,647 | | |
| | | | | | | | | | | 9,427 | | |
Metal Fabricate/Hardware – 0.1% | | | | | | | | | | | | | |
Jiangsu Shagang Co. Ltd. Class A(a)(c)(d) | | | | | 800 | | | | | | 2,053 | | |
Mining – 2.7% | | | | | | | | | | | | | |
China Molybdenum Co. Ltd. Class A | | | | | 3,200 | | | | | | 4,321 | | |
China Northern Rare Earth Group High-Tech Co. Ltd. Class A | | | | | 1,700 | | | | | | 3,522 | | |
Jiangxi Copper Co. Ltd. Class A | | | | | 1,100 | | | | | | 3,028 | | |
Jiangxi Ganfeng Lithium Co. Ltd. Class A | | | | | 300 | | | | | | 3,696 | | |
Shandong Gold Mining Co. Ltd. Class A | | | | | 700 | | | | | | 3,237 | | |
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. Class A | | | | | 1,200 | | | | | | 1,790 | | |
Tongling Nonferrous Metals Group Co. Ltd. Class A(a) | | | | | 4,700 | | | | | | 1,968 | | |
Xiamen Tungsten Co. Ltd. Class A | | | | | 600 | | | | | | 2,524 | | |
Zhejiang Huayou Cobalt Co. Ltd. Class A(a) | | | | | 300 | | | | | | 5,662 | | |
Zhongjin Gold Corp. Ltd. Class A | | | | | 1,888 | | | | | | 2,790 | | |
Zijin Mining Group Co. Ltd. Class A | | | | | 7,500 | | | | | | 5,194 | | |
| | | | | | | | | | | 37,732 | | |
Miscellaneous Manufacturer – 1.5% | | | | | | | | | | | | | |
CRRC Corp. Ltd. Class A | | | | | 10,900 | | | | | | 17,442 | | |
Kangde Xin Composite Material Group Co. Ltd. Class A(c)(d) | | | | | 1,199 | | | | | | 3,776 | | |
| | | | | | | | | | | 21,218 | | |
Oil & Gas – 1.6% | | | | | | | | | | | | | |
China Petroleum & Chemical Corp. Class A | | | | | 13,100 | | | | | | 13,516 | | |
PetroChina Co. Ltd. Class A | | | | | 5,100 | | | | | | 6,204 | | |
Wintime Energy Co. Ltd. Class A(c)(d) | | | | | 5,000 | | | | | | 2,675 | | |
| | | | | | | | | | | 22,395 | | |
|
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | | ||||||
Oil & Gas Services – 0.2% | | | | | | | | | | | | | |
Offshore Oil Engineering Co. Ltd. Class A | | | | | 2,300 | | | | | $ | 2,263 | | |
Pharmaceuticals – 5.6% | | | | | | | | | | | | | |
Beijing SL Pharmaceutical Co. Ltd. Class A | | | | | 400 | | | | | | 2,438 | | |
Beijing Tongrentang Co. Ltd. Class A | | | | | 800 | | | | | | 4,415 | | |
China National Accord Medicines Corp. Ltd. Class A | | | | | 200 | | | | | | 1,894 | | |
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A | | | | | 500 | | | | | | 2,193 | | |
Dong-E-E-Jiao Co. Ltd. Class A | | | | | 400 | | | | | | 3,926 | | |
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A | | | | | 600 | | | | | | 2,898 | | |
Huadong Medicine Co. Ltd. Class A | | | | | 400 | | | | | | 4,172 | | |
Jiangsu Hengrui Medicine Co. Ltd. Class A | | | | | 1,284 | | | | | | 17,788 | | |
Jilin Aodong Pharmaceutical Group Co. Ltd. Class A | | | | | 650 | | | | | | 2,132 | | |
Kangmei Pharmaceutical Co. Ltd. Class A | | | | | 2,300 | | | | | | 8,229 | | |
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class A | | | | | 1,000 | | | | | | 7,084 | | |
Shenzhen Salubris Pharmaceuticals Co. Ltd. Class A | | | | | 500 | | | | | | 3,447 | | |
Sichuan Kelun Pharmaceutical Co. Ltd. Class A | | | | | 700 | | | | | | 3,544 | | |
Tasly Pharmaceutical Group Co. Ltd. Class A | | | | | 600 | | | | | | 4,349 | | |
Tonghua Dongbao Pharmaceutical Co. Ltd. Class A | | | | | 864 | | | | | | 3,678 | | |
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A | | | | | 300 | | | | | | 3,964 | | |
Zhejiang NHU Co. Ltd. Class A | | | | | 600 | | | | | | 3,191 | | |
| | | | | | | | | | | 79,342 | | |
Pipelines – 0.1% | | | | | | | | | | | | | |
Guanghui Energy Co. Ltd. Class A(b)(d) | | | | | 2,700 | | | | | | 1,639 | | |
Real Estate – 6.2% | | | | | | | | | | | | | |
Beijing Capital Development Co. Ltd. Class A | | | | | 1,200 | | | | | | 1,620 | | |
Beijing Urban Construction Investment & Development Co. Ltd. Class A | | | | | 900 | | | | | | 1,678 | | |
China Fortune Land Development Co. Ltd. Class A | | | | | 1,100 | | | | | | 5,746 | | |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | | | | | 3,162 | | | | | | 10,976 | | |
China Vanke Co. Ltd. Class A | | | | | 4,400 | | | | | | 23,322 | | |
Financial Street Holdings Co. Ltd. Class A | | | | | 1,600 | | | | | | 2,497 | | |
Future Land Holdings Co. Ltd. Class A | | | | | 1,000 | | | | | | 5,601 | | |
Gemdale Corp. Class A | | | | | 2,400 | | | | | | 4,456 | | |
Oceanwide Holdings Co. Ltd. Class A(c)(d) | | | | | 1,700 | | | | | | 2,144 | | |
Poly Real Estate Group Co. Ltd. Class A | | | | | 5,700 | | | | | | 12,225 | | |
RiseSun Real Estate Development Co. Ltd. Class A | | | | | 1,800 | | | | | | 2,872 | | |
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | | | | | 780 | | | | | | 2,345 | | |
Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A | | | | | 900 | | | | | | 1,930 | | |
Suning Universal Co. Ltd. Class A | | | | | 2,500 | | | | | | 1,620 | | |
Tahoe Group Co. Ltd. Class A | | | | | 500 | | | | | | 2,204 | | |
Xinhu Zhongbao Co. Ltd. Class A(a) | | | | | 3,200 | | | | | | 2,369 | | |
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | |||||
Real Estate – 6.2% (continued) | | | | | | | | | | | |
Youngor Group Co. Ltd. Class A | | | | | 1,400 | | | | | $ | 1,888 |
Zhongtian Financial Group Co. Ltd. Class A(c)(d) | | | | | 2,100 | | | | | | 2,457 |
| | | | | | | | | | | 87,950 |
Retail – 1.1% | | | | | | | | | | | |
China Grand Automotive Services Co. Ltd. Class A | | | | | 2,700 | | | | | | 3,164 |
Shanghai Pharmaceuticals Holding Co. Ltd. Class A | | | | | 1,000 | | | | | | 3,926 |
Suning.com Co. Ltd. Class A | | | | | 3,900 | | | | | | 8,737 |
| | | | | | | | | | | 15,827 |
Semiconductors – 0.5% | | | | | | | | | | | |
Sanan Optoelectronics Co. Ltd. Class A | | | | | 1,920 | | | | | | 7,132 |
Software – 2.1% | | | | | | | | | | | |
Beijing Shiji Information Technology Co. Ltd. Class A | | | | | 600 | | | | | | 2,563 |
Giant Network Group Co. Ltd. Class A | | | | | 600 | | | | | | 3,048 |
Hangzhou Lianluo Interactive Information Technology Co. Ltd. Class A | | | | | 1,500 | | | | | | 1,674 |
Hundsun Technologies, Inc. Class A | | | | | 300 | | | | | | 2,855 |
Iflytek Co. Ltd. Class A | | | | | 500 | | | | | | 4,843 |
NavInfo Co. Ltd. Class A | | | | | 550 | | | | | | 2,259 |
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd. Class A | | | | | 600 | | | | | | 1,781 |
Yonyou Network Technology Co. Ltd. Class A | | | | | 700 | | | | | | 4,257 |
Zhejiang Dahua Technology Co. Ltd. Class A | | | | | 1,600 | | | | | | 6,527 |
| | | | | | | | | | | 29,807 |
Telecommunications – 1.5% | | | | | | | | | | | |
Addsino Co. Ltd. Class A | | | | | 1,400 | | | | | | 2,374 |
China Spacesat Co. Ltd. Class A | | | | | 600 | | | | | | 2,202 |
Dr Peng Telecom & Media Group Co. Ltd. Class A | | | | | 700 | | | | | | 1,676 |
Fiberhome Telecommunication Technologies Co. Ltd. Class A | | | | | 500 | | | | | | 2,286 |
Guangzhou Haige Communications Group, Inc. Co. Class A | | | | | 1,200 | | | | | | 2,016 |
Jiangsu Zhongtian Technology Co. Ltd. Class A | | | | | 1,400 | | | | | | 2,737 |
ZTE Corp. Class A(a) | | | | | 1,800 | | | | | | 8,641 |
| | | | | | | | | | | 21,932 |
Transportation – 1.2% | | | | | | | | | | | |
COSCO Shipping Development Co. Ltd. Class A(a) | | | | | 4,000 | | | | | | 1,936 |
COSCO Shipping Holdings Co. Ltd. Class A(a) | | | | | 3,800 | | | | | | 3,564 |
Daqin Railway Co. Ltd. Class A | | | | | 7,100 | | | | | | 9,360 |
Guangshen Railway Co. Ltd. Class A | | | | | 3,000 | | | | | | 2,192 |
| | | | | | | | | | | 17,052 |
Total Common Stocks (Cost $1,221,978) | | | | | | | | | | | 1,416,321 |
|
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | |||||
Rights – 0.0%(e) | | | | | | | | | | | |
China – 0.0%(e) | | | | | | | | | | | |
Pipelines – 0.0%(e) | | | | | | | | | | | |
Guanghui Energy Co. Ltd. (exp. 12/31/2049)(a)(b)(d) | | | | | 810 | | | | | $ | 492 |
Total Rights (Cost $0) | | | | | | | | | | | 492 |
Total Investments – 99.6% (Cost $1,221,978)# | | | | | | | | | | | 1,416,813 |
Other assets in excess of liabilities – 0.4% | | | | | | | | | | | 5,427 |
Net Assets – 100.0% | | | | | | | | | | $ | 1,422,240 |
|
| Gross unrealized appreciation | | | | $ | 337,348 | | |
| Gross unrealized depreciation | | | | | (157,252) | | |
| Net unrealized appreciation | | | | $ | 180,096 | | |
|
| Summary of Investments by Sector^ | | | | | | | |
| Financials | | | | | 30.1% | | |
| Industrials | | | | | 13.3 | | |
| Consumer Staples | | | | | 10.3 | | |
| Consumer Discretionary | | | | | 9.6 | | |
| Information Technology | | | | | 9.5 | | |
| Materials | | | | | 8.0 | | |
| Health Care | | | | | 6.5 | | |
| Real Estate | | | | | 6.3 | | |
| Utilities | | | | | 3.4 | | |
| Energy | | | | | 2.5 | | |
| Telecommunication Services | | | | | 0.1 | | |
| Other assets in excess of liabilities | | | | | 0.4 | | |
| | | | | | 100.0% | | |
|
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
SCHEDULE OF INVESTMENTS (unaudited) – (concluded)
March 31, 2018
Open Forward Currency Exchange Contracts
Currency | | | Buy Amount | | | Currency | | | (Sell) Amount | | | Counterparty | | | Settlement Date | | | Unrealized Appreciation | | | Unrealized (Depreciation) | | |||||||||||||||
RMB | | | | | 331,647 | | | | | | USD | | | | | | (52,551) | | | | Brown Brothers Harriman & Co. | | | 4/4/2018 | | | | $ | 252 | | | | | $ | — | | |
RMB | | | | | 123,625 | | | | | | USD | | | | | | (19,518) | | | | Brown Brothers Harriman & Co. | | | 4/4/2018 | | | | | 165 | | | | | | — | | |
RMB | | | | | 134,864 | | | | | | USD | | | | | | (21,481) | | | | Brown Brothers Harriman & Co. | | | 4/4/2018 | | | | | — | | | | | | (9) | | |
USD | | | | | 22,735 | | | | | | RMB | | | | | | (143,989) | | | | Brown Brothers Harriman & Co. | | | 4/4/2018 | | | | | — | | | | | | (190) | | |
USD | | | | | 1,412,415 | | | | | | RMB | | | | | | (8,888,848) | | | | Brown Brothers Harriman & Co. | | | 5/3/2018 | | | | | — | | | | | | (891) | | |
USD | | | | | 1,472,192 | | | | | | RMB | | | | | | (9,334,995) | | | | Brown Brothers Harriman & Co. | | | 4/4/2018 | | | | | — | | | | | | (14,066) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 417 | | | | | $ | (15,156) | | |
Net Unrealized (Depreciation) on Open Forward Foreign Currency Contracts | | | | | | | | | | | | | $ | (14,739) | | | |||||||||||||||||||||
|
RMB — Chinese Renminbi
USD — United States Dollar
CSOP CHINA CSI 300 A-H DYNAMIC ETF
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2018
| | | Shares | | | Market Value | | ||||||
Common Stocks – 99.5% | | | | | | | | | | | | | |
China – 99.5% | | | | | | | | | | | | | |
Advertising – 0.5% | | | | | | | | | | | | | |
Focus Media Information Technology Co. Ltd. Class A | | | | | 4,300 | | | | | $ | 8,825 | | |
Aerospace/Defense – 0.7% | | | | | | | | | | | | | |
AECC Aero-Engine Control Co. Ltd. Class A | | | | | 300 | | | | | | 801 | | |
AECC Aviation Power Co. Ltd. Class A | | | | | 700 | | | | | | 3,150 | | |
AVIC Aircraft Co. Ltd. Class A | | | | | 1,100 | | | | | | 3,009 | | |
AVIC Helicopter Co. Ltd. Class A | | | | | 300 | | | | | | 2,309 | | |
Jihua Group Corp. Ltd. Class A | | | | | 1,600 | | | | | | 1,424 | | |
| | | | | | | | | | | 10,693 | | |
Agriculture – 0.4% | | | | | | | | | | | | | |
Beijing Dabeinong Technology Group Co. Ltd. Class A | | | | | 1,800 | | | | | | 1,648 | | |
Muyuan Foodstuff Co. Ltd. Class A | | | | | 300 | | | | | | 2,163 | | |
New Hope Liuhe Co. Ltd. Class A | | | | | 2,100 | | | | | | 2,434 | | |
| | | | | | | | | | | 6,245 | | |
Airlines – 1.2% | | | | | | | | | | | | | |
Air China Ltd. Class H | | | | | 2,000 | | | | | | 2,548 | | |
China Eastern Airlines Corp. Ltd. Class H | | | | | 6,000 | | | | | | 4,358 | | |
China Southern Airlines Co. Ltd. Class H | | | | | 6,000 | | | | | | 6,192 | | |
Hainan Airlines Holding Co. Ltd. Class A(b)(c) | | | | | 10,200 | | | | | | 5,278 | | |
Spring Airlines Co. Ltd. Class A | | | | | 200 | | | | | | 972 | | |
| | | | | | | | | | | 19,348 | | |
Auto Manufacturers – 2.2% | | | | | | | | | | | | | |
BYD Co. Ltd. Class H | | | | | 1,000 | | | | | | 7,798 | | |
China Avionics Systems Co. Ltd. Class A | | | | | 500 | | | | | | 1,242 | | |
Chongqing Changan Automobile Co. Ltd. Class A | | | | | 2,200 | | | | | | 3,930 | | |
Great Wall Motor Co. Ltd. Class H | | | | | 1,500 | | | | | | 1,504 | | |
SAIC Motor Corp. Ltd. Class A | | | | | 3,100 | | | | | | 16,787 | | |
Zhengzhou Yutong Bus Co. Ltd. Class A | | | | | 1,300 | | | | | | 4,628 | | |
| | | | | | | | | | | 35,889 | | |
Auto Parts & Equipment – 1.1% | | | | | | | | | | | | | |
Fuyao Glass Industry Group Co. Ltd. Class A | | | | | 1,400 | | | | | | 5,521 | | |
Huayu Automotive Systems Co. Ltd. Class A | | | | | 1,300 | | | | | | 5,015 | | |
Wanxiang Qianchao Co. Ltd. Class A | | | | | 1,320 | | | | | | 1,831 | | |
Weichai Power Co. Ltd. Class H | | | | | 5,000 | | | | | | 5,606 | | |
| | | | | | | | | | | 17,973 | | |
|
CSOP CHINA CSI 300 A-H DYNAMIC ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | | ||||||
Banks – 17.5% | | | | | | | | | | | | | |
Agricultural Bank of China Ltd. Class H | | | | | 42,000 | | | | | $ | 23,868 | | |
Bank of Beijing Co. Ltd. Class A | | | | | 14,256 | | | | | | 15,617 | | |
Bank of China Ltd. Class H | | | | | 26,000 | | | | | | 13,980 | | |
Bank of Communications Co. Ltd. Class H | | | | | 33,000 | | | | | | 25,859 | | |
Bank of Guiyang Co. Ltd. Class A | | | | | 700 | | | | | | 1,602 | | |
Bank of Jiangsu Co. Ltd. Class A | | | | | 6,100 | | | | | | 7,109 | | |
Bank of Nanjing Co. Ltd. Class A | | | | | 5,040 | | | | | | 6,556 | | |
Bank of Ningbo Co. Ltd. Class A | | | | | 2,470 | | | | | | 7,484 | | |
Bank of Shanghai Co. Ltd. Class A | | | | | 800 | | | | | | 1,885 | | |
China CITIC Bank Corp. Ltd. Class H | | | | | 4,000 | | | | | | 2,732 | | |
China Construction Bank Corp. Class H | | | | | 9,000 | | | | | | 9,243 | | |
China Everbright Bank Co. Ltd. Class H | | | | | 21,000 | | | | | | 10,088 | | |
China Merchants Bank Co. Ltd. Class H | | | | | 10,500 | | | | | | 43,012 | | |
China Minsheng Banking Corp. Ltd. Class H | | | | | 29,000 | | | | | | 28,193 | | |
Huaxia Bank Co. Ltd. Class A | | | | | 6,120 | | | | | | 8,682 | | |
Industrial & Commercial Bank of China Ltd. Class H | | | | | 23,000 | | | | | | 19,723 | | |
Industrial Bank Co. Ltd. Class A | | | | | 11,100 | | | | | | 29,497 | | |
Ping An Bank Co. Ltd. Class A | | | | | 7,600 | | | | | | 13,190 | | |
Shanghai Pudong Development Bank Co. Ltd. Class A | | | | | 10,725 | | | | | | 19,894 | | |
| | | | | | | | | | | 288,214 | | |
Beverages – 4.7% | | | | | | | | | | | | | |
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | | | | | 500 | | | | | | 8,597 | | |
Kweichow Moutai Co. Ltd. Class A | | | | | 400 | | | | | | 43,538 | | |
Luzhou Laojiao Co. Ltd. Class A | | | | | 700 | | | | | | 6,325 | | |
Wuliangye Yibin Co. Ltd. Class A | | | | | 1,800 | | | | | | 19,019 | | |
| | | | | | | | | | | 77,479 | | |
Biotechnology – 0.1% | | | | | | | | | | | | | |
Hualan Biological Engineering, Inc. Class A | | | | | 480 | | | | | | 2,298 | | |
Building Materials – 0.9% | | | | | | | | | | | | | |
Anhui Conch Cement Co. Ltd. Class A | | | | | 1,900 | | | | | | 9,732 | | |
BBMG Corp. Class H | | | | | 6,000 | | | | | | 2,706 | | |
Suzhou Gold Mantis Construction Decoration Co. Ltd. Class A | | | | | 1,200 | | | | | | 2,480 | | |
| | | | | | | | | | | 14,918 | | |
Chemicals – 1.5% | | | | | | | | | | | | | |
Beijing Sanju Environmental Protection & New Material Co. Ltd. Class A | | | | | 900 | | | | | | 4,643 | | |
China Hainan Rubber Industry Group Co. Ltd. Class A(a) | | | | | 1,000 | | | | | | 990 | | |
Hubei Biocause Pharmaceutical Co. Ltd. Class A | | | | | 1,300 | | | | | | 1,598 | | |
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. Class A(b)(c) | | | | | 2,500 | | | | | | 1,875 | | |
CSOP CHINA CSI 300 A-H DYNAMIC ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | |||||
Chemicals – 1.5% (continued) | | | | | | | | | | | |
Qinghai Salt Lake Industry Co. Ltd. Class A | | | | | 1,400 | | | | | $ | 2,878 |
Sinopec Shanghai Petrochemical Co. Ltd. Class H | | | | | 4,000 | | | | | | 2,431 |
Wanhua Chemical Group Co. Ltd. Class A(b)(c) | | | | | 1,200 | | | | | | 6,962 |
Zhejiang Longsheng Group Co. Ltd. Class A | | | | | 2,100 | | | | | | 3,732 |
| | | | | | | | | | | 25,109 |
Coal – 0.9% | | | | | | | | | | | |
China Coal Energy Co. Ltd. Class H | | | | | 3,000 | | | | | | 1,200 |
China Shenhua Energy Co. Ltd. Class H | | | | | 2,000 | | | | | | 4,969 |
Shaanxi Coal Industry Co. Ltd. Class A | | | | | 3,000 | | | | | | 3,683 |
Shanxi Xishan Coal & Electricity Power Co. Ltd. Class A | | | | | 1,600 | | | | | | 1,997 |
Yanzhou Coal Mining Co. Ltd. Class H | | | | | 2,000 | | | | | | 2,549 |
| | | | | | | | | | | 14,398 |
Commercial Services – 0.4% | | | | | | | | | | | |
Ningbo Zhoushan Port Co. Ltd. Class A | | | | | 3,700 | | | | | | 3,134 |
Shanghai International Port Group Co. Ltd. Class A | | | | | 3,300 | | | | | | 3,704 |
| | | | | | | | | | | 6,838 |
Computers – 1.6% | | | | | | | | | | | |
Aisino Corp. Class A | | | | | 1,100 | | | | | | 4,429 |
BOE Technology Group Co. Ltd. Class A | | | | | 21,000 | | | | | | 17,788 |
DHC Software Co. Ltd. Class A | | | | | 1,600 | | | | | | 2,114 |
Tsinghua Tongfang Co. Ltd. Class A | | | | | 1,600 | | | | | | 2,660 |
| | | | | | | | | | | 26,991 |
Distribution/Wholesale – 0.5% | | | | | | | | | | | |
Liaoning Cheng Da Co. Ltd. Class A(a) | | | | | 1,200 | | | | | | 3,447 |
Wuchan Zhongda Group Co. Ltd. Class A | | | | | 1,755 | | | | | | 1,861 |
Xiamen C & D, Inc. Class A | | | | | 1,700 | | | | | | 3,029 |
| | | | | | | | | | | 8,337 |
Diversified Financial Services – 8.0% | | | | | | | | | | | |
Anxin Trust Co. Ltd. Class A(a) | | | | | 1,980 | | | | | | 3,698 |
Bohai Capital Holding Co. Ltd. Class A(b)(c) | | | | | 1,800 | | | | | | 1,674 |
Changjiang Securities Co. Ltd. Class A | | | | | 3,100 | | | | | | 3,574 |
China Merchants Securities Co. Ltd. Class H | | | | | 3,600 | | | | | | 5,156 |
CITIC Securities Co. Ltd. Class H | | | | | 9,000 | | | | | | 20,596 |
Dongxing Securities Co. Ltd. Class A | | | | | 1,100 | | | | | | 2,489 |
Everbright Securities Co. Ltd. Class H | | | | | 3,400 | | | | | | 3,942 |
First Capital Securities Co. Ltd. Class A | | | | | 1,900 | | | | | | 2,447 |
Founder Securities Co. Ltd. Class A(a) | | | | | 3,900 | | | | | | 3,850 |
CSOP CHINA CSI 300 A-H DYNAMIC ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | | ||||||
Diversified Financial Services – 8.0% (continued) | | | | | | | | | | | | | |
GF Securities Co. Ltd. Class H | | | | | 3,200 | | | | | $ | 5,880 | | |
Guosen Securities Co. Ltd. Class A | | | | | 2,400 | | | | | | 4,154 | | |
Guotai Junan Securities Co. Ltd. Class H(a) | | | | | 4,600 | | | | | | 9,987 | | |
Guoyuan Securities Co. Ltd. Class A | | | | | 1,500 | | | | | | 2,188 | | |
Haitong Securities Co. Ltd. Class H | | | | | 11,600 | | | | | | 15,342 | | |
Huaan Securities Co. Ltd. Class A | | | | | 1,100 | | | | | | 1,229 | | |
Huatai Securities Co. Ltd. Class H | | | | | 4,400 | | | | | | 8,465 | | |
Industrial Securities Co. Ltd. Class A | | | | | 5,190 | | | | | | 5,437 | | |
Northeast Securities Co. Ltd. Class A | | | | | 1,280 | | | | | | 1,602 | | |
Orient Securities Co. Ltd. Class H | | | | | 8,000 | | | | | | 7,441 | | |
Pacific Securities Co. Ltd. Class A | | | | | 6,870 | | | | | | 3,150 | | |
SDIC Capital Co. Ltd. Class A | | | | | 1,100 | | | | | | 2,228 | | |
Sealand Securities Co. Ltd. Class A | | | | | 2,100 | | | | | | 1,454 | | |
Shanxi Securities Co. Ltd. Class A | | | | | 1,500 | | | | | | 1,849 | | |
Shenwan Hongyuan Group Co. Ltd. Class A | | | | | 5,805 | | | | | | 4,594 | | |
Sinolink Securities Co. Ltd. Class A | | | | | 1,800 | | | | | | 2,416 | | |
SooChow Securities Co. Ltd. Class A | | | | | 2,300 | | | | | | 3,021 | | |
Southwest Securities Co. Ltd. Class A | | | | | 2,700 | | | | | | 1,874 | | |
Western Securities Co. Ltd. Class A | | | | | 1,700 | | | | | | 2,620 | | |
| | | | | | | | | | | 132,357 | | |
Electric – 2.6% | | | | | | | | | | | | | |
China National Nuclear Power Co. Ltd. Class A | | | | | 4,700 | | | | | | 5,029 | | |
China Yangtze Power Co. Ltd. Class A | | | | | 6,300 | | | | | | 16,069 | | |
Datang International Power Generation Co. Ltd. Class H(a) | | | | | 6,000 | | | | | | 1,797 | | |
GD Power Development Co. Ltd. Class A | | | | | 11,300 | | | | | | 5,343 | | |
Huaneng Power International, Inc. Class H | | | | | 6,000 | | | | | | 4,029 | | |
SDIC Power Holdings Co. Ltd. Class A | | | | | 3,200 | | | | | | 3,623 | | |
Shanghai Electric Power Co. Ltd. Class A | | | | | 1,000 | | | | | | 1,399 | | |
Sichuan Chuantou Energy Co. Ltd. Class A | | | | | 2,100 | | | | | | 3,043 | | |
Zhejiang Zheneng Electric Power Co. Ltd. Class A | | | | | 3,900 | | | | | | 3,434 | | |
| | | | | | | | | | | 43,766 | | |
Electrical Components & Equipment – 0.7% | | | | | | | | | | | | | |
Chinese Universe Publishing & Media Co. Ltd. Class A | | | | | 600 | | | | | | 1,474 | | |
TBEA Co. Ltd. Class A | | | | | 3,700 | | | | | | 5,196 | | |
Xinjiang Goldwind Science & Technology Co. Ltd. Class H | | | | | 3,340 | | | | | | 5,354 | | |
| | | | | | | | | | | 12,024 | | |
|
CSOP CHINA CSI 300 A-H DYNAMIC ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | | ||||||
Electronics – 3.2% | | | | | | | | | | | | | |
Dongxu Optoelectronic Technology Co. Ltd. Class A | | | | | 3,600 | | | | | $ | 4,437 | | |
GoerTek, Inc. Class A | | | | | 1,900 | | | | | | 4,060 | | |
Hangzhou Hikvision Digital Technology Co. Ltd. Class A | | | | | 3,300 | | | | | | 21,700 | | |
Han’s Laser Technology Industry Group Co. Ltd. Class A | | | | | 900 | | | | | | 7,838 | | |
Luxshare Precision Industry Co. Ltd. Class A | | | | | 1,125 | | | | | | 4,331 | | |
O-film Tech Co. Ltd. Class A | | | | | 2,000 | | | | | | 6,452 | | |
Shenzhen Inovance Technology Co. Ltd. Class A | | | | | 800 | | | | | | 4,504 | | |
| | | | | | | | | | | 53,322 | | |
Energy-Alternate Sources – 0.4% | | | | | | | | | | | | | |
LONGi Green Energy Technology Co. Ltd. Class A | | | | | 1,200 | | | | | | 6,548 | | |
Engineering & Construction – 3.6% | | | | | | | | | | | | | |
Beijing Orient Landscape & Environment Co. Ltd. Class A | | | | | 1,100 | | | | | | 3,629 | | |
China Communications Construction Co. Ltd. Class H | | | | | 2,000 | | | | | | 2,054 | | |
China Gezhouba Group Co. Ltd. Class A | | | | | 2,700 | | | | | | 3,770 | | |
China National Chemical Engineering Co. Ltd. Class A | | | | | 2,000 | | | | | | 2,347 | | |
China Railway Construction Corp. Ltd. Class H | | | | | 6,500 | | | | | | 6,510 | | |
China Railway Group Ltd. Class H | | | | | 8,000 | | | | | | 5,545 | | |
China State Construction Engineering Corp. Ltd. Class A | | | | | 13,300 | | | | | | 18,339 | | |
Metallurgical Corp. of China Ltd. Class H | | | | | 13,000 | | | | | | 3,710 | | |
Power Construction Corp. of China Ltd. Class A | | | | | 4,000 | | | | | | 4,274 | | |
Shanghai Construction Group Co. Ltd. Class A | | | | | 2,285 | | | | | | 1,361 | | |
Shanghai International Airport Co. Ltd. Class A | | | | | 800 | | | | | | 6,221 | | |
Shanghai Tunnel Engineering Co. Ltd. Class A | | | | | 1,500 | | | | | | 1,729 | | |
| | | | | | | | | | | 59,489 | | |
Entertainment – 1.2% | | | | | | | | | | | | | |
Beijing Enlight Media Co. Ltd. Class A | | | | | 800 | | | | | | 1,638 | | |
China Film Co. Ltd. Class A | | | | | 600 | | | | | | 1,611 | | |
Huayi Brothers Media Corp. Class A | | | | | 1,798 | | | | | | 2,737 | | |
Perfect World Co. Ltd. Class A | | | | | 400 | | | | | | 2,132 | | |
Shenzhen Overseas Chinese Town Co. Ltd. Class A | | | | | 4,000 | | | | | | 5,248 | | |
Songcheng Performance Development Co. Ltd. Class A | | | | | 500 | | | | | | 1,663 | | |
Wanda Film Holding Co. Ltd. Class A(b)(c) | | | | | 500 | | | | | | 4,143 | | |
| | | | | | | | | | | 19,172 | | |
Environmental Control – 0.5% | | | | | | | | | | | | | |
Beijing Capital Co. Ltd. Class A | | | | | 1,600 | | | | | | 1,363 | | |
Beijing Originwater Technology Co. Ltd. Class A | | | | | 1,479 | | | | | | 4,267 | | |
Tus-Sound Environmental Resources Co. Ltd. Class A | | | | | 500 | | | | | | 2,265 | | |
| | | | | | | | | | | 7,895 | | |
|
CSOP CHINA CSI 300 A-H DYNAMIC ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | | ||||||
Food – 2.2% | | | | | | | | | | | | | |
Henan Shuanghui Investment & Development Co. Ltd. Class A | | | | | 900 | | | | | $ | 3,668 | | |
Inner Mongolia Yili Industrial Group Co. Ltd. Class A | | | | | 5,400 | | | | | | 24,495 | | |
Shanghai Bailian Group Co. Ltd. Class A | | | | | 700 | | | | | | 1,214 | | |
Yonghui Superstores Co. Ltd. Class A | | | | | 4,000 | | | | | | 6,267 | | |
| | | | | | | | | | | 35,644 | | |
Healthcare-Products – 0.3% | | | | | | | | | | | | | |
Lepu Medical Technology Beijing Co. Ltd. Class A | | | | | 900 | | | | | | 4,832 | | |
Healthcare-Services – 0.5% | | | | | | | | | | | | | |
Meinian Onehealth Healthcare Holdings Co. Ltd. Class A | | | | | 1,200 | | | | | | 5,191 | | |
Shanghai RAAS Blood Products Co. Ltd. Class A(b)(c) | | | | | 1,080 | | | | | | 3,360 | | |
| | | | | | | | | | | 8,551 | | |
Holding Companies-Diversified – 0.4% | | | | | | | | | | | | | |
Avic Capital Co. Ltd. Class A | | | | | 4,800 | | | | | | 4,104 | | |
Zhejiang China Commodities City Group Co. Ltd. Class A | | | | | 2,600 | | | | | | 2,215 | | |
| | | | | | | | | | | 6,319 | | |
Home Furnishings – 5.2% | | | | | | | | | | | | | |
Gree Electric Appliances, Inc. of Zhuhai Class A | | | | | 4,300 | | | | | | 32,110 | | |
Hangzhou Robam Appliances Co. Ltd. Class A | | | | | 500 | | | | | | 2,917 | | |
Midea Group Co. Ltd. Class A | | | | | 4,050 | | | | | | 35,163 | | |
Qingdao Haier Co. Ltd. Class A | | | | | 2,900 | | | | | | 8,136 | | |
Suofeiya Home Collection Co. Ltd. Class A | | | | | 500 | | | | | | 2,728 | | |
TCL Corp. Class A | | | | | 7,000 | | | | | | 3,867 | | |
| | | | | | | | | | | 84,921 | | |
Insurance – 8.5% | | | | | | | | | | | | | |
China Life Insurance Co. Ltd. Class H | | | | | 2,000 | | | | | | 5,504 | | |
China Pacific Insurance Group Co. Ltd. Class H | | | | | 3,800 | | | | | | 17,019 | | |
New China Life Insurance Co. Ltd. Class H | | | | | 1,200 | | | | | | 5,589 | | |
Ping An Insurance Group Co. of China Ltd. Class H | | | | | 11,000 | | | | | | 111,846 | | |
| | | | | | | | | | | 139,958 | | |
Internet – 0.8% | | | | | | | | | | | | | |
East Money Information Co. Ltd. Class A | | | | | 2,760 | | | | | | 7,440 | | |
Hithink RoyalFlush Information Network Co. Ltd. Class A | | | | | 200 | | | | | | 1,653 | | |
Wangsu Science & Technology Co. Ltd. Class A | | | | | 1,498 | | | | | | 3,566 | | |
| | | | | | | | | | | 12,659 | | |
|
CSOP CHINA CSI 300 A-H DYNAMIC ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | |||||
Iron/Steel – 1.3% | | | | | | | | | | | |
Angang Steel Co. Ltd. Class A | | | | | 1,600 | | | | | $ | 1,523 |
Baoshan Iron & Steel Co. Ltd. Class A | | | | | 8,728 | | | | | | 11,840 |
Beijing Shougang Co. Ltd. Class A(a) | | | | | 1,600 | | | | | | 1,259 |
Hesteel Co. Ltd. Class A | | | | | 4,000 | | | | | | 2,236 |
Inner Mongolia BaoTou Steel Union Co. Ltd. Class A(a) | | | | | 13,020 | | | | | | 4,519 |
| | | | | | | | | | | 21,377 |
Leisure Time – 0.4% | | | | | | | | | | | |
China International Travel Service Corp. Ltd. Class A | | | | | 800 | | | | | | 6,739 |
Machinery-Construction & Mining – 0.6% | | | | | | | | | | | |
Sany Heavy Industry Co. Ltd. Class A | | | | | 3,600 | | | | | | 4,505 |
XCMG Construction Machinery Co. Ltd. Class A | | | | | 4,200 | | | | | | 2,608 |
Zoomlion Heavy Industry Science & Technology Co. Ltd. Class H | | | | | 6,600 | | | | | | 2,523 |
| | | | | | | | | | | 9,636 |
Machinery-Diversified – 0.7% | | | | | | | | | | | |
China Shipbuilding Industry Group Power Co. Ltd. Class A | | | | | 800 | | | | | | 3,182 |
CITIC Heavy Industries Co. Ltd. Class A(a) | | | | | 1,100 | | | | | | 620 |
NARI Technology Co. Ltd. Class A | | | | | 1,500 | | | | | | 4,015 |
Shanghai Electric Group Co. Ltd. Class H(a) | | | | | 6,000 | | | | | | 2,079 |
Siasun Robot & Automation Co. Ltd. Class A(a) | | | | | 660 | | | | | | 2,195 |
| | | | | | | | | | | 12,091 |
Media – 0.4% | | | | | | | | | | | |
CITIC Guoan Information Industry Co. Ltd. Class A | | | | | 2,750 | | | | | | 3,131 |
Jiangsu Broadcasting Cable Information Network Corp. Ltd. Class A | | | | | 780 | | | | | | 889 |
Shanghai Oriental Pearl Group Co. Ltd. Class A | | | | | 1,200 | | | | | | 3,126 |
| | | | | | | | | | | 7,146 |
Mining – 3.0% | | | | | | | | | | | |
Aluminum Corp. of China Ltd. Class H(a) | | | | | 12,000 | | | | | | 6,651 |
China Molybdenum Co. Ltd. Class H | | | | | 3,000 | | | | | | 2,263 |
China Northern Rare Earth Group High-Tech Co. Ltd. Class A | | | | | 2,000 | | | | | | 4,143 |
Jiangxi Copper Co. Ltd. Class H | | | | | 2,000 | | | | | | 2,854 |
Jiangxi Ganfeng Lithium Co. Ltd. Class A | | | | | 500 | | | | | | 6,160 |
Jinduicheng Molybdenum Co. Ltd. Class A(a) | | | | | 800 | | | | | | 873 |
Shandong Gold Mining Co. Ltd. Class A | | | | | 700 | | | | | | 3,237 |
Shandong Nanshan Aluminum Co. Ltd. Class A | | | | | 4,900 | | | | | | 2,481 |
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. Class A | | | | | 1,300 | | | | | | 1,939 |
Tongling Nonferrous Metals Group Co. Ltd. Class A(a) | | | | | 6,400 | | | | | | 2,680 |
Xiamen Tungsten Co. Ltd. Class A | | | | | 400 | | | | | | 1,683 |
Zhejiang Huayou Cobalt Co. Ltd. Class A(a) | | | | | 300 | | | | | | 5,662 |
CSOP CHINA CSI 300 A-H DYNAMIC ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | |||||
Mining – 3.0% (continued) | | | | | | | | | | | |
Zhongjin Gold Corp. Ltd. Class A | | | | | 1,534 | | | | | $ | 2,266 |
Zijin Mining Group Co. Ltd. Class H | | | | | 16,000 | | | | | | 7,156 |
| | | | | | | | | | | 50,048 |
Miscellaneous Manufacturer – 1.2% | | | | | | | | | | | |
CRRC Corp. Ltd. Class H | | | | | 14,000 | | | | | | 11,934 |
Kangde Xin Composite Material Group Co. Ltd. Class A(b)(c) | | | | | 1,898 | | | | | | 5,978 |
Suzhou Victory Precision Manufacture Co. Ltd. Class A | | | | | 1,700 | | | | | | 1,402 |
| | | | | | | | | | | 19,314 |
Oil & Gas – 1.2% | | | | | | | | | | | |
China Petroleum & Chemical Corp. Class H | | | | | 12,000 | | | | | | 10,535 |
PetroChina Co. Ltd. Class H | | | | | 10,000 | | | | | | 6,868 |
Wintime Energy Co. Ltd. Class A(b)(c) | | | | | 3,300 | | | | | | 1,765 |
| | | | | | | | | | | 19,168 |
Oil & Gas Services – 0.2% | | | | | | | | | | | |
Offshore Oil Engineering Co. Ltd. Class A | | | | | 2,100 | | | | | | 2,066 |
Sinopec Oilfield Service Corp. Class H(a) | | | | | 4,000 | | | | | | 602 |
| | | | | | | | | | | 2,668 |
Pharmaceuticals – 4.9% | | | | | | | | | | | |
Aurora Optoelectronics Co. Ltd. Class A(a)(b)(c) | | | | | 800 | | | | | | 2,216 |
Beijing Tongrentang Co. Ltd. Class A | | | | | 700 | | | | | | 3,863 |
Chongqing Zhifei Biological Products Co. Ltd. Class A | | | | | 400 | | | | | | 2,164 |
Dong-E-E-Jiao Co. Ltd. Class A | | | | | 500 | | | | | | 4,908 |
Huadong Medicine Co. Ltd. Class A | | | | | 400 | | | | | | 4,172 |
Jiangsu Bicon Pharmaceutical Listed Co. Class A | | | | | 500 | | | | | | 2,064 |
Jiangsu Hengrui Medicine Co. Ltd. Class A | | | | | 1,640 | | | | | | 22,720 |
Jilin Aodong Pharmaceutical Group Co. Ltd. Class A | | | | | 910 | | | | | | 2,985 |
Kangmei Pharmaceutical Co. Ltd. Class A | | | | | 2,900 | | | | | | 10,375 |
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H | | | | | 1,000 | | | | | | 6,142 |
Shenzhen Salubris Pharmaceuticals Co. Ltd. Class A | | | | | 400 | | | | | | 2,758 |
Tasly Pharmaceutical Group Co. Ltd. Class A | | | | | 700 | | | | | | 5,073 |
Yunnan Baiyao Group Co. Ltd. Class A | | | | | 500 | | | | | | 7,881 |
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class A | | | | | 300 | | | | | | 3,964 |
| | | | | | | | | | | 81,285 |
Real Estate – 5.4% | | | | | | | | | | | |
Beijing Capital Development Co. Ltd. Class A | | | | | 1,100 | | | | | | 1,485 |
China Fortune Land Development Co. Ltd. Class A | | | | | 1,300 | | | | | | 6,791 |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | | | | | 2,302 | | | | | | 7,990 |
CSOP CHINA CSI 300 A-H DYNAMIC ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | |||||
Real Estate – 5.4% (continued) | | | | | | | | | | | |
China Vanke Co. Ltd. Class H | | | | | 5,600 | | | | | $ | 25,545 |
Financial Street Holdings Co. Ltd. Class A | | | | | 1,500 | | | | | | 2,341 |
Future Land Holdings Co. Ltd. Class A | | | | | 900 | | | | | | 5,041 |
Gemdale Corp. Class A | | | | | 2,200 | | | | | | 4,084 |
Greenland Holdings Corp. Ltd. Class A | | | | | 2,400 | | | | | | 2,832 |
Poly Real Estate Group Co. Ltd. Class A | | | | | 6,300 | | | | | | 13,512 |
RiseSun Real Estate Development Co. Ltd. Class A | | | | | 1,900 | | | | | | 3,031 |
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | | | | | 720 | | | | | | 2,164 |
Shanghai SMI Holding Co. Ltd. Class A(a) | | | | | 1,096 | | | | | | 1,394 |
Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A | | | | | 700 | | | | | | 1,501 |
Xinhu Zhongbao Co. Ltd. Class A(a) | | | | | 3,400 | | | | | | 2,517 |
Yango Group Co. Ltd. Class A | | | | | 1,600 | | | | | | 1,962 |
Youngor Group Co. Ltd. Class A | | | | | 2,240 | | | | | | 3,021 |
Zhongtian Financial Group Co. Ltd. Class A(b)(c) | | | | | 2,700 | | | | | | 3,160 |
| | | | | | | | | | | 88,371 |
Retail – 1.2% | | | | | | | | | | | |
China Grand Automotive Services Co. Ltd. Class A | | | | | 2,080 | | | | | | 2,437 |
Nanjing Xinjiekou Department Store Co. Ltd. Class A(b)(c) | | | | | 400 | | | | | | 2,119 |
Searainbow Holding Corp. Class A(a) | | | | | 700 | | | | | | 4,397 |
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | | | | | 1,200 | | | | | | 3,211 |
Suning.com Co. Ltd. Class A | | | | | 3,300 | | | | | | 7,393 |
| | | | | | | | | | | 19,557 |
Semiconductors – 0.5% | | | | | | | | | | | |
Sanan Optoelectronics Co. Ltd. Class A | | | | | 2,160 | | | | | | 8,024 |
Shipbuilding – 0.5% | | | | | | | | | | | |
China Shipbuilding Industry Co. Ltd. Class A(a) | | | | | 8,800 | | | | | | 7,608 |
Software – 1.9% | | | | | | | | | | | |
Beijing Shiji Information Technology Co. Ltd. Class A | | | | | 300 | | | | | | 1,282 |
Giant Network Group Co. Ltd. Class A | | | | | 500 | | | | | | 2,540 |
Hundsun Technologies, Inc. Class A | | | | | 500 | | | | | | 4,759 |
Iflytek Co. Ltd. Class A | | | | | 900 | | | | | | 8,717 |
Ourpalm Co. Ltd. Class A | | | | | 1,900 | | | | | | 2,096 |
Yonyou Network Technology Co. Ltd. Class A | | | | | 900 | | | | | | 5,472 |
Zhejiang Dahua Technology Co. Ltd. Class A | | | | | 1,450 | | | | | | 5,915 |
| | | | | | | | | | | 30,781 |
|
CSOP CHINA CSI 300 A-H DYNAMIC ETF
SCHEDULE OF INVESTMENTS (unaudited) – (continued)
March 31, 2018
| | | Shares | | | Market Value | |||||
Telecommunications – 2.5% | | | | | | | | | | | |
Beijing Xinwei Technology Group Co. Ltd. Class A(b)(c) | | | | | 1,100 | | | | | $ | 2,044 |
China Spacesat Co. Ltd. Class A | | | | | 600 | | | | | | 2,202 |
China United Network Communications Ltd. Class A(a) | | | | | 8,100 | | | | | | 7,441 |
Dr Peng Telecom & Media Group Co. Ltd. Class A | | | | | 1,100 | | | | | | 2,634 |
Fiberhome Telecommunication Technologies Co. Ltd. Class A | | | | | 600 | | | | | | 2,744 |
Guangzhou Haige Communications Group, Inc. Co. Class A | | | | | 1,700 | | | | | | 2,855 |
Guoxuan High-Tech Co. Ltd. Class A | | | | | 650 | | | | | | 2,278 |
Jiangsu Zhongtian Technology Co. Ltd. Class A | | | | | 2,100 | | | | | | 4,106 |
Shenzhen Sunway Communication Co. Ltd. Class A | | | | | 700 | | | | | | 4,158 |
ZTE Corp. Class H(a) | | | | | 3,400 | | | | | | 11,069 |
| | | | | | | | | | | 41,531 |
Toys/Games/Hobbies – 0.1% | | | | | | | | | | | |
Alpha Group Class A | | | | | 500 | | | | | | 996 |
Transportation – 1.2% | | | | | | | | | | | |
China High-Speed Railway Technology Co. Ltd. Class A | | | | | 1,700 | | | | | | 1,851 |
China Merchants Energy Shipping Co. Ltd. Class A | | | | | 2,100 | | | | | | 1,244 |
COSCO Shipping Development Co. Ltd. Class H(a) | | | | | 8,000 | | | | | | 1,488 |
COSCO Shipping Holdings Co. Ltd. Class H(a) | | | | | 7,000 | | | | | | 3,470 |
Daqin Railway Co. Ltd. Class A | | | | | 5,700 | | | | | | 7,515 |
Guangshen Railway Co. Ltd. Class H | | | | | 4,000 | | | | | | 2,365 |
SF Holding Co. Ltd. Class A | | | | | 200 | | | | | | 1,581 |
| | | | | | | | | | | 19,514 |
Total Common Stocks (Cost $1,431,618) | | | | | | | | | | | 1,636,866 |
Total Investments – 99.5% (Cost $1,431,618)# | | | | | | | | | | | 1,636,866 |
Other assets in excess of liabilities – 0.5% | | | | | | | | | | | 7,973 |
Net Assets – 100.0% | | | | | | | | | | $ | 1,644,839 |
|
| Gross unrealized appreciation | | | | $ | 346,586 | | |
| Gross unrealized depreciation | | | | | (141,338) | | |
| Net unrealized appreciation | | | | $ | 205,248 | | |
|
CSOP CHINA CSI 300 A-H DYNAMIC ETF
SCHEDULE OF INVESTMENTS (unaudited) – (concluded)
March 31, 2018
| Summary of Investments by Sector^ | | | | | | | |
| Financials | | | | | 34.8% | | |
| Industrials | | | | | 13.2 | | |
| Consumer Discretionary | | | | | 10.9 | | |
| Information Technology | | | | | 9.4 | | |
| Consumer Staples | | | | | 7.3 | | |
| Materials | | | | | 6.9 | | |
| Health Care | | | | | 6.2 | | |
| Real Estate | | | | | 5.2 | | |
| Utilities | | | | | 2.7 | | |
| Energy | | | | | 2.3 | | |
| Telecommunication Services | | | | | 0.6 | | |
| Other assets in excess of liabilities | | | | | 0.5 | | |
| | | | | | 100.0% | | |
|
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2018 (unaudited)
| | | CSOP FTSE China A50 ETF | | | CSOP MSCI China A International Hedged ETF | | | CSOP China CSI 300 A-H Dynamic ETF | | |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities, at value | | | | $ | 8,820,743 | | | | | $ | 1,416,813 | | | | | $ | 1,636,866 | | |
Cash | | | | | 7,519 | | | | | | 6,713 | | | | | | 1,432 | | |
Foreign currency, at value* | | | | | 20,943 | | | | | | 13,653 | | | | | | 7,617 | | |
Unrealized appreciation of forward foreign currency exchange contracts | | | | | — | | | | | | 417 | | | | | | — | | |
Receivables: | | | | | | | | | | | | | | | | | | | |
Investments sold | | | | | — | | | | | | 782 | | | | | | — | | |
TOTAL ASSETS | | | | | 8,849,205 | | | | | | 1,438,378 | | | | | | 1,645,915 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | |
Unrealized depreciation of forward foreign exchange currency contracts | | | | | — | | | | | | 15,156 | | | | | | — | | |
Payables: | | | | | | | | | | | | | | | | | | | |
Management fees | | | | | 5,474 | | | | | | 982 | | | | | | 1,076 | | |
TOTAL LIABILITIES | | | | | 5,474 | | | | | | 16,138 | | | | | | 1,076 | | |
NET ASSETS | | | | $ | 8,843,731 | | | | | $ | 1,422,240 | | | | | $ | 1,644,839 | | |
COMPONENTS OF NET ASSETS | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | | | $ | 10,431,947 | | | | | $ | 1,714,239 | | | | | $ | 1,904,788 | | |
Accumulated net investment income (loss) | | | | | (371,069) | | | | | | (70,198) | | | | | | (67,456) | | |
Accumulated net realized gain (loss) on investments and foreign currency transactions | | | | | (2,967,193) | | | | | | (402,812) | | | | | | (397,857) | | |
Net unrealized appreciation (depreciation) on investments and foreign currency translations | | | | | 1,750,046 | | | | | | 181,011 | | | | | | 205,364 | | |
NET ASSETS | | | | $ | 8,843,731 | | | | | $ | 1,422,240 | | | | | $ | 1,644,839 | | |
NET ASSET VALUE PER SHARE | | | | | | | | | | | | | | | | | | | |
Net Asset Value | | | | $ | 17.48 | | | | | $ | 28.44 | | | | | $ | 32.90 | | |
Shares of beneficial interest outstanding (unlimited number of Shares authorized, no par value) | | | | | 505,882 | | | | | | 50,002 | | | | | | 50,002 | | |
COST OF INVESTMENTS | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities, at cost | | | | $ | 7,071,119 | | | | | $ | 1,221,978 | | | | | $ | 1,431,618 | | |
Foreign currency, at cost | | | | $ | 20,522 | | | | | $ | 13,519 | | | | | $ | 7,501 | | |
|
STATEMENTS OF OPERATIONS
For the Period Ended March 31, 2018 (unaudited)
| | | CSOP FTSE China A50 ETF | | | CSOP MSCI China A International Hedged ETF | | | CSOP China CSI 300 A-H Dynamic ETF | | |||||||||
INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | |
Dividends from unaffiliated investments | | | | $ | — | | | | | $ | 448 | | | | | $ | 434 | | |
Interest income | | | | | 157 | | | | | | — | | | | | | — | | |
Other income | | | | | 140 | | | | | | 18 | | | | | | 33 | | |
Less: Foreign taxes withheld | | | | | — | | | | | | (45) | | | | | | (43) | | |
Total Investment Income | | | | | 297 | | | | | | 421 | | | | | | 424 | | |
EXPENSES: | | | | | | | | | | | | | | | | | | | |
Management fees (See Note 3) | | | | | 27,795 | | | | | | 5,873 | | | | | | 6,318 | | |
Total Expenses | | | | | 27,795 | | | | | | 5,873 | | | | | | 6,318 | | |
NET INVESTMENT INCOME (LOSS) | | | | | (27,498) | | | | | | (5,452) | | | | | | (5,894) | | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | ��� | | | | |
Investments in unaffiliated securities | | | | | (70,281) | | | | | | (57,029) | | | | | | 60,455 | | |
Forward foreign currency contracts | | | | | — | | | | | | (81,021) | | | | | | — | | |
Foreign currency transactions | | | | | 206 | | | | | | (1,172) | | | | | | 1,381 | | |
Net realized gain (loss) | | | | | (70,075) | | | | | | (139,222) | | | | | | 61,836 | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities | | | | | 708,390 | | | | | | 156,330 | | | | | | 72,298 | | |
Forward foreign currency contracts | | | | | — | | | | | | (26,509) | | | | | | — | | |
Foreign currency translations | | | | | 573 | | | | | | 973 | | | | | | (580) | | |
Net change in unrealized appreciation (depreciation) | | | | | 708,963 | | | | | | 130,794 | | | | | | 71,718 | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | 638,888 | | | | | | (8,428) | | | | | | 133,554 | | |
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | | | $ | 611,390 | | | | | $ | (13,880) | | | | | $ | 127,660 | | |
|
STATEMENTS OF CHANGES IN NET ASSETS
| | | CSOP FTSE CHINA A50 ETF | | |||||||||
| | | For the Period Ended March 31, 2018 (unaudited) | | | For the Year Ended September 30, 2017 | | ||||||
OPERATIONS: | | | | | | | | | | | | | |
Net investment income (loss) | | | | $ | (27,498) | | | | | $ | 91,661 | | |
Net realized gain (loss) on investments and foreign currency transactions | | | | | (70,075) | | | | | | (41,029) | | |
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | | | | | 708,963 | | | | | | 1,293,521 | | |
Net increase (decrease) in net assets resulting from operations | | | | | 611,390 | | | | | | 1,344,153 | | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | | | | | | | | | |
Net investment income | | | | | (472,784) | | | | | | (70,343) | | |
Total distributions to shareholders | | | | | (472,784) | | | | | | (70,343) | | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | |
Proceeds from Shares issued | | | | | 1,912,248 | | | | | | 852,166 | | |
Cost of Shares redeemed | | | | | — | | | | | | (1,415,479) | | |
Net increase (decrease) in net assets from Capital Transactions | | | | | 1,912,248 | | | | | | (563,313) | | |
Net increase (decrease) in net assets | | | | | 2,050,854 | | | | | | 710,497 | | |
NET ASSETS | | | | | | | | | | | | | |
Beginning of period | | | | | 6,792,877 | | | | | | 6,082,380 | | |
End of period | | | | $ | 8,843,731 | | | | | $ | 6,792,877 | | |
Includes accumulated net investment income (loss) of: | | | | $ | (371,069) | | | | | $ | 129,213 | | |
CHANGES IN SHARES OUTSTANDING | | | | | | | | | | | | | |
Shares issued | | | | | 100,000 | | | | | | 50,000 | | |
Shares redeemed | | | | | — | | | | | | (100,000) | | |
Net increase (decrease) in Shares outstanding | | | | | 100,000 | | | | | | (50,000) | | |
Shares Outstanding, Beginning of Period | | | | | 405,882 | | | | | | 455,882 | | |
Shares Outstanding, End of Period | | | | | 505,882 | | | | | | 405,882 | | |
|
STATEMENTS OF CHANGES IN NET ASSETS
| | | CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF | | |||||||||
| | | For the Period Ended March 31, 2018 (unaudited) | | | For the Year Ended September 30, 2017 | | ||||||
OPERATIONS: | | | | | | | | | | | | | |
Net investment income (loss) | | | | $ | (5,452) | | | | | $ | 12,783 | | |
Net realized gain (loss) on investments and foreign currency transactions | | | | | (139,222) | | | | | | (80,401) | | |
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | | | | | 130,794 | | | | | | 246,581 | | |
Net increase (decrease) in net assets resulting from operations | | | | | (13,880) | | | | | | 178,963 | | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | | | | | | | | | |
Net investment income | | | | | — | | | | | | (63,186) | | |
Total distributions to shareholders | | | | | — | | | | | | (63,186) | | |
Net increase (decrease) in net assets | | | | | (13,880) | | | | | | 115,777 | | |
NET ASSETS | | | | | | | | | | | | | |
Beginning of period | | | | | 1,436,120 | | | | | | 1,320,343 | | |
End of period | | | | $ | 1,422,240 | | | | | $ | 1,436,120 | | |
Includes accumulated net investment income (loss) of: | | | | $ | (70,198) | | | | | $ | (64,746) | | |
Shares Outstanding, Beginning of Period | | | | | 50,002 | | | | | | 50,002 | | |
Shares Outstanding, End of Period | | | | | 50,002 | | | | | | 50,002 | | |
|
STATEMENTS OF CHANGES IN NET ASSETS
| | | CSOP CHINA CSI 300 A-H DYNAMIC ETF | | |||||||||
| | | For the Period Ended March 31, 2018 (unaudited) | | | For the Year Ended September 30, 2017 | | ||||||
OPERATIONS: | | | | | | | | | | | | | |
Net investment income (loss) | | | | $ | (5,894) | | | | | $ | 18,789 | | |
Net realized gain (loss) on investments and foreign currency transactions | | | | | 61,836 | | | | | | (14,513) | | |
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | | | | | 71,718 | | | | | | 251,327 | | |
Net increase (decrease) in net assets resulting from operations | | | | | 127,660 | | | | | | 255,603 | | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | | | | | | | | | |
Net investment income | | | | | (75,924) | | | | | | (23,896) | | |
Total distributions to shareholders | | | | | (75,924) | | | | | | (23,896) | | |
Net increase (decrease) in net assets | | | | | 51,736 | | | | | | 231,707 | | |
NET ASSETS | | | | | | | | | | | | | |
Beginning of period | | | | | 1,593,103 | | | | | | 1,361,396 | | |
End of period | | | | $ | 1,644,839 | | | | | $ | 1,593,103 | | |
Includes accumulated net investment income (loss) of: | | | | $ | (67,456) | | | | | $ | 14,362 | | |
Shares Outstanding, Beginning of Period | | | | | 50,002 | | | | | | 50,002 | | |
Shares Outstanding, End of Period | | | | | 50,002 | | | | | | 50,002 | | |
|
CSOP FTSE CHINA A50 ETF
FINANCIAL HIGHLIGHTS
| | | For the Period Ended March 31, 2018 (unaudited) | | | 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 | | | | $ | 16.74 | | | | | $ | 13.34 | | | | | $ | 15.09 | | | | | $ | 17.00 | | |
Income (loss) from operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a) | | | | | (0.06) | | | | | | 0.23 | | | | | | 0.13 | | | | | | 0.17 | | |
Net realized and unrealized gain (loss) | | | | | 1.96 | | | | | | 3.32 | | | | | | 0.50(b) | | | | | | (2.08)(b) | | |
Total income (loss) from operations | | | | | 1.90 | | | | | | 3.55 | | | | | | 0.63 | | | | | | (1.91) | | |
Less Distributions From: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (1.16) | | | | | | (0.15) | | | | | | (2.38) | | | | | | — | | |
Total distributions | | | | | (1.16) | | | | | | (0.15) | | | | | | (2.38) | | | | | | — | | |
NET ASSET VALUE, End of Period | | | | $ | 17.48 | | | | | $ | 16.74 | | | | | $ | 13.34 | | | | | $ | 15.09 | | |
MARKET VALUE, End of Period | | | | $ | 17.61 | | | | | $ | 16.81 | | | | | $ | 13.52 | | | | | $ | 14.93 | | |
NET ASSET VALUE, Total Return(c) | | | | | 11.58% | | | | | | 26.94% | | | | | | 3.07% | | | | | | (11.24)% | | |
MARKET PRICE, Total Return(d) | | | | | 9.59% | | | | | | 25.80% | | | | | | 5.58% | | | | | | (12.18)% | | |
Net Assets, End of Period (thousands) | | | | $ | 8,844 | | | | | $ | 6,793 | | | | | $ | 6,082 | | | | | $ | 6,880 | | |
Ratios of Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Expenses | | | | | 0.70%** | | | | | | 0.70% | | | | | | 0.70% | | | | | | 0.99%** | | |
Net Expenses | | | | | 0.70%** | | | | | | 0.70% | | | | | | 0.69% | | | | | | 0.99%** | | |
Net Investment Income (Loss) | | | | | (0.69)%** | | | | | | 1.57% | | | | | | 0.95% | | | | | | 1.44%** | | |
Portfolio Turnover Rate(e) | | | | | 17% | | | | | | 34% | | | | | | 410% | | | | | | 266% | | |
CSOP MSCI CHINA A INTERNATIONAL HEDGED ETF
FINANCIAL HIGHLIGHTS
| | | For the Period Ended March 31, 2018 (unaudited) | | | For the Year Ended September 30, 2017 | | | For the Period Ended September 30, 2016* | | |||||||||
NET ASSET VALUE, Beginning of Period | | | | $ | 28.72 | | | | | $ | 26.41 | | | | | $ | 30.00 | | |
Income (loss) from operations: | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a) | | | | | (0.11) | | | | | | 0.26 | | | | | | 0.13 | | |
Net realized and unrealized gain (loss) | | | | | (0.17) | | | | | | 3.31 | | | | | | (3.72) | | |
Total income (loss) from operations | | | | | (0.28) | | | | | | 3.57 | | | | | | (3.59) | | |
Less Distributions From: | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | — | | | | | | (1.26) | | | | | | — | | |
Total distributions | | | | | — | | | | | | (1.26) | | | | | | — | | |
NET ASSET VALUE, End of Period | | | | $ | 28.44 | | | | | $ | 28.72 | | | | | $ | 26.41 | | |
MARKET VALUE, End of Period | | | | $ | 28.40 | | | | | $ | 28.51 | | | | | $ | 26.37 | | |
NET ASSET VALUE, Total Return(b) | | | | | (0.97)% | | | | | | 14.08% | | | | | | (11.97)% | | |
MARKET PRICE, Total Return(c) | | | | | 4.42% | | | | | | 13.01% | | | | | | (12.10)% | | |
Net Assets, End of Period (thousands) | | | | $ | 1,422 | | | | | $ | 1,436 | | | | | $ | 1,320 | | |
Ratios of Average Net Assets: | | | | | | | | | | | | | | | | | | | |
Net Expenses | | | | | 0.79%** | | | | | | 0.79% | | | | | | 0.79%** | | |
Net Investment Income (Loss) | | | | | (0.73)%** | | | | | | 0.95% | | | | | | 0.49%** | | |
Portfolio Turnover Rate(d) | | | | | 8% | | | | | | 1% | | | | | | 70% | | |
CSOP CHINA CSI 300 A-H DYNAMIC ETF
FINANCIAL HIGHLIGHTS
| | | For the Period Ended March 31, 2018 (unaudited) | | | For the Year Ended September 30, 2017 | | | For the Period Ended September 30, 2016* | | |||||||||
NET ASSET VALUE, Beginning of Period | | | | $ | 31.86 | | | | | $ | 27.23 | | | | | $ | 30.00 | | |
Income (loss) from operations: | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a) | | | | | (0.12) | | | | | | 0.38 | | | | | | 0.14 | | |
Net realized and unrealized gain (loss) | | | | | 2.68 | | | | | | 4.73 | | | | | | (2.91) | | |
Total income (loss) from operations | | | | | 2.56 | | | | | | 5.11 | | | | | | (2.77) | | |
Less Distributions From: | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (1.52) | | | | | | (0.48) | | | | | | — | | |
Total distributions | | | | | (1.52) | | | | | | (0.48) | | | | | | — | | |
NET ASSET VALUE, End of Period | | | | $ | 32.90 | | | | | $ | 31.86 | | | | | $ | 27.23 | | |
MARKET VALUE, End of Period | | | | $ | 32.80 | | | | | $ | 31.62 | | | | | $ | 27.14 | | |
NET ASSET VALUE, Total Return(b) | | | | | 8.20% | | | | | | 19.10% | | | | | | (9.23)% | | |
MARKET PRICE, Total Return(c) | | | | | 9.18% | | | | | | 18.51% | | | | | | (9.53)% | | |
Net Assets, End of Period (thousands) | | | | $ | 1,645 | | | | | $ | 1,593 | | | | | $ | 1,361 | | |
Ratios of Average Net Assets: | | | | | | | | | | | | | | | | | | | |
Net Expenses | | | | | 0.75%** | | | | | | 0.75% | | | | | | 0.75%** | | |
Net Investment Income (Loss) | | | | | (0.70)%** | | | | | | 1.31% | | | | | | 0.53%** | | |
Portfolio Turnover Rate(d). | | | | | 14% | | | | | | 10% | | | | | | 111% | | |
NOTES TO FINANCIAL STATEMENTS (unaudited)
March 31, 2018
NOTES TO FINANCIAL STATEMENTS (unaudited)
March 31, 2018
NOTES TO FINANCIAL STATEMENTS (unaudited)
March 31, 2018
At March 31, 2018 | | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
Common Stocks | | | | $ | 8,820,743 | | | | | $ | 8,820,743 | | | | | $ | — | | | | | $ | — | | |
Total Investments, at value | | | | $ | 8,820,743 | | | | | $ | 8,820,743 | | | | | $ | — | | | | | $ | — | | |
|
At March 31, 2018 | | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
Common Stocks | | | | $ | 1,416,813 | | | | | $ | 1,378,825 | | | | | $ | 2,131 | | | | | $ | 35,857 | | |
Total Investments, at value | | | | $ | 1,416,813 | | | | | $ | 1,378,825 | | | | | $ | 2,131 | | | | | $ | 35,857 | | |
Other Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | | | $ | 417 | | | | | $ | — | | | | | $ | 417 | | | | | $ | — | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts | | | | | (15,156) | | | | | | — | | | | | | (15,156) | | | | | | — | | |
Total Other Financial Instruments | | | | $ | (14,739) | | | | | $ | — | | | | | $ | (14,739) | | | | | $ | — | | |
|
At March 31, 2018 | | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
Common Stocks | | | | $ | 1,636,866 | | | | | $ | 1,596,292 | | | | | $ | — | | | | | $ | 40,574 | | |
Total Investments, at value | | | | $ | 1,636,866 | | | | | $ | 1,596,292 | | | | | $ | — | | | | | $ | 40,574 | | |
|
NOTES TO FINANCIAL STATEMENTS (unaudited)
March 31, 2018
| | | Common Stocks | | |||
Balance as of September 30, 2017 | | | | $ | 83,354 | | |
Total realized gain (loss) | | | | | (35,902) | | |
Change in unrealized appreciation (depreciation) | | | | | 33,614 | | |
Purchases | | | | | — | | |
(Sales) | | | | | (81,066) | | |
Transfer In | | | | | — | | |
Transfer Out | | | | | — | | |
Balance as of March 31, 2018 | | | | $ | — | | |
Change in unrealized appreciation (depreciation) from investments held as of March 31, 2018* | | | | $ | — | | |
|
| | | Common Stocks | | |||
Balance as of September 30, 2017 | | | | $ | 34,069 | | |
Total realized gain (loss) | | | | | (12,298) | | |
Change in unrealized appreciation (depreciation) | | | | | 10,095 | | |
Purchases | | | | | — | | |
(Sales) | | | | | (23,212) | | |
Transfer In | | | | | 27,203 | | |
Transfer Out | | | | | — | | |
Balance as of March 31, 2018 | | | | $ | 35,857 | | |
Change in unrealized appreciation (depreciation) from investments held as of March 31, 2018* | | | | $ | 494 | | |
|
| | | Common Stocks | | |||
Balance as of September 30, 2017 | | | | $ | 37,225 | | |
Total realized gain (loss) | | | | | (9,866) | | |
Change in unrealized appreciation (depreciation) | | | | | 8,448 | | |
Purchases | | | | | — | | |
(Sales) | | | | | (7,829) | | |
Transfer In | | | | | 26,892 | | |
Transfer Out | | | | | (14,296) | | |
Balance as of March 31, 2018 | | | | $ | 40,574 | | |
Change in unrealized appreciation (depreciation) from investments held as of March 31, 2018* | | | | $ | (18) | | |
|
NOTES TO FINANCIAL STATEMENTS (unaudited)
March 31, 2018
| | | Fair Value at March 31, 2018 | | | Valuation Technique | | | Significant Unobservable Inputs | | | Input/Range | | |||
Common Stocks | | | | $ | 35,857 | | | | Market Approach | | | Adjustments to prior transactions | | | Low – 0% (9/30/2017) High – 0% (3/31/2018) | |
| | | Fair Value at March 31, 2018 | | | Valuation Technique | | | Significant Unobservable Inputs | | | Input/Range | | |||
Common Stocks | | | | $ | 40,574 | | | | Market Approach | | | Adjustments to prior transactions | | | Low – 0% (9/30/2017) High – 0% (3/31/2018) | |
Unobservable Input | | | Impact to Valuation if input increases | | | Impact to Valuation if input decreases | |
Adjustments to prior transactions | | | Increase | | | Decrease | |
| | | 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 | | | | $ | 417 | | | | Unrealized depreciation of forward foreign currency contracts | | | | $ | 15,156 | | |
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 | | | | $ | (81,021) | | | | | | — | | |
| | | Net change in unrealized appreciation (depreciation) on Forward foreign currency contracts | | | | | — | | | | | $ | (26,509) | | |
NOTES TO FINANCIAL STATEMENTS (unaudited)
March 31, 2018
| | | Notional Amount | | |||
Foreign Exchange Risk Exposure: | | | | | | | |
Forward Foreign Currency Contracts | | | | $ | 2,663,920 | | |
NOTES TO FINANCIAL STATEMENTS (unaudited)
March 31, 2018
NOTES TO FINANCIAL STATEMENTS (unaudited)
March 31, 2018
NOTES TO FINANCIAL STATEMENTS (unaudited)
March 31, 2018
Fund | | | Purchases | | | Sales | | ||||||
CSOP FTSE China A50 ETF | | | | $ | 2,786,566 | | | | | $ | 1,376,310 | | |
CSOP MSCI China A International Hedged ETF | | | | | 118,766 | | | | | | 217,324 | | |
CSOP China CSI 300 A-H Dynamic ETF | | | | | 230,992 | | | | | | 256,904 | | |
NOTES TO FINANCIAL STATEMENTS (unaudited)
March 31, 2018
NOTES TO FINANCIAL STATEMENTS (unaudited)
March 31, 2018
NOTES TO FINANCIAL STATEMENTS (unaudited)
March 31, 2018
NOTES TO FINANCIAL STATEMENTS (unaudited)
March 31, 2018
NOTES TO FINANCIAL STATEMENTS (unaudited)
March 31, 2018
Period Covered: October 1, 2017 through March 31, 2018
Premium/Discount Range | | | Number of Days | | | Percentage of Total Days | | ||||||
Greater than 2.0% | | | | | 3 | | | | | | 1.97% | | |
Greater than 1.5% and Less than 2.0% | | | | | 5 | | | | | | 3.29% | | |
Greater than 1.0% and Less than 1.5% | | | | | 6 | | | | | | 3.95% | | |
Greater than 0.5% and Less than 1.0% | | | | | 30 | | | | | | 19.74% | | |
Between 0.5% and -0.5% | | | | | 67 | | | | | | 44.08% | | |
Less than -0.5% | | | | | 41 | | | | | | 26.97% | | |
Total | | | | | 152 | | | | | | 100.00% | | |
|
Period Covered: October 1, 2017 through March 31, 2018
Premium/Discount Range | | | Number of Days | | | Percentage of Total Days | | ||||||
Greater than 2.0% | | | | | 2 | | | | | | 8.00% | | |
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% | | | | | 1 | | | | | | 4.00% | | |
Between 0.5% and -0.5% | | | | | 5 | | | | | | 20.00% | | |
Less than -0.5% | | | | | 17 | | | | | | 68.00% | | |
Total | | | | | 25 | | | | | | 100.00% | | |
|
Period Covered: October 1, 2017 through March 31, 2018
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% | | | | | 1 | | | | | | 4.00% | | |
Greater than 1.0% and Less than 1.5% | | | | | 1 | | | | | | 4.00% | | |
Greater than 0.5% and Less than 1.0% | | | | | 1 | | | | | | 4.00% | | |
Between 0.5% and -0.5% | | | | | 15 | | | | | | 60.00% | | |
Less than -0.5% | | | | | 7 | | | | | | 28.00% | | |
Total | | | | | 25 | | | | | | 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) | | | 3 | | | 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). | |
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 professor at Suffolk University School of Law (2007 – present) | | | 3 | | | Horizons ETF Trust (2014 – 2017). | |
Chia Ling Chen (Born: 1970) | | | Trustee (since 2015) | | | CEO of China Asset Management (Hong Kong) Limited (2009 – 2014) | | | 3 | | | 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); Principal/Assistant Vice President, State Street Global Advisors (2012 – 2014) | |
Patrick J. Keniston, Esq. (Born: 1964) | | | Chief Compliance Officer (since 2015) | | | Managing Director of 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-CSRS/0001144204-18-033225/logo_csop-assetmgmt4c.jpg)
Item 2. Code of Ethics.
Not required for this semi-annual report on Form N-CSR.
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Item 3. Audit Committee Financial Expert.
Not required for this semi-annual report on Form N-CSR.
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Item 4. Principal Accountant Fees and Services.
Not required for this semi-annual report on Form N-CSR.
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Item 5. Audit Committee of Listed Registrants.
(a) | Not required for this semi-annual report on Form N-CSR.
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(b) | Not required. |
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. |
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.
Not applicable. |
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) | Not required for this semi-annual report on Form N-CSR.
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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: President (Principal Executive Officer)
Date: June 7, 2018
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: President (Principal Executive Officer)
Date: June 7, 2018
By: (Signature and Title)
/s/ Monique Labbe
Monique Labbe
Title: Treasurer (Principal Financial Officer)
Date: June 7, 2018