Link: https://links.sgx.com/1.0.0/corporate-announcements/TCCNI90B8P1IYA99/51bcf5538212149b60bd78256213257805de3c8c5e86ad867ccce652757bcf5c

Summary:

• NAV per share rose to S$1.1065, delivering cumulative returns of 23.71% over six months and 17.14% over one year, though trailing the MSCI China A 50 Connect Index benchmark by 47 and 211 basis points respectively

• Fund generated total return of S$8.14 million after tax for the six-month period ended September 30, 2025, driven primarily by S$7.94 million in net investment gains and S$305,793 in derivatives profits

• Net assets declined marginally to S$40.0 million from S$40.0 million as unit redemptions totaling S$8.09 million offset investment gains, with no new unit creations during the period

• Portfolio remains concentrated with 96.81% invested in single underlying CUAM MSCI China A50 Connect ETF, which holds top positions in Contemporary Amperex Technology (8.15%), Zijin Mining (7.47%), and Foxconn Industrial Internet (6.75%)

• Expense ratio of 1.13% includes 0.63% from underlying fund fees, with total operating expenses of S$197,886 covering management, custody, trustee and transaction costs

• Fund utilized futures contracts for portfolio management with unrealized gains of S$21,494 and realized gains of S$284,299, maintaining margin accounts of S$836,582

• Cash position strengthened to S$1.41 million from S$708,120 previously, with zero borrowings and liquid reserves representing 3.19% of net assets

• Since March 2024 inception, fund has delivered annualized returns of 22.73% versus benchmark of 24.10%, with cumulative performance of 36.84%