CGS Fullgoal Vietnam 30 Sector Cap ETF: FY2025 Financial Analysis
The CGS Fullgoal Vietnam 30 Sector Cap ETF, under the CGS SG ETF Series I, provides investors with exposure to the 30 largest and most liquid companies by market capitalization listed in Ho Chi Minh City, Vietnam. The ETF seeks to replicate the performance of the iEdge Vietnam 30 Sector Cap Index through direct investment in underlying index securities. This article analyzes the fund’s audited financial results for the year ended 31 December 2025, highlighting key performance metrics, trends, and relevant corporate developments.
Key Financial Metrics
| Metric |
FY2025 |
FY2024 |
YoY Change |
| Net Assets Attributable to Unitholders |
\$11,641,542 |
\$17,627,372 |
-33.9% |
| Total Return / (Deficit) after Income Tax |
\$8,519,595 |
(\$1,693,663) |
Significant positive swing |
| Dividends (Income) |
\$206,676 |
\$339,705 |
-39.2% |
| Net Gains/(Losses) on Investments |
\$8,724,487 |
(\$1,626,364) |
Major improvement |
| Total Expenses |
\$378,663 |
\$378,660 |
Flat |
| Expense Ratio |
2.11% |
1.79% |
+0.32pp |
| Turnover Ratio |
31.32% |
28.27% |
+3.05pp |
| Units in Issue (End of Period) |
8,396,000 |
20,536,000 |
-59.1% |
| Net Asset Value per Unit |
\$1.3866 |
\$0.8584 |
+61.6% |
| Proposed Dividends |
Not disclosed |
Not disclosed |
N/A |
Historical Performance Trends
The ETF experienced an exceptional turnaround in 2025. After recording a substantial deficit of \$1.7 million in 2024, the fund reported a robust total return of \$8.5 million in 2025. This improvement was driven by a strong recovery in the Vietnamese equity market, as reflected in the \$8.7 million net gain on investments, compared to a \$1.6 million loss the previous year. Despite the positive investment performance, the fund saw a significant decrease in dividends received (down 39%), likely attributable to portfolio rotation or changes in index constituents.
The number of units in issue dropped sharply by 59%, indicating substantial net redemptions. Nevertheless, the net asset value per unit surged by 61%, highlighting the strong price appreciation of the underlying portfolio.
Major Holdings and Portfolio Composition
As of 31 December 2025, the ETF’s top holdings included:
- Vingroup JSC: 20.96% of NAV
- Vinhomes JSC: 9.41% of NAV
- Vietnam Dairy Products JSC: 8.55% of NAV
- Hoa Phat Group JSC: 7.45% of NAV
- Masan Group Corporation: 6.74% of NAV
The portfolio is heavily weighted towards real estate (36.6%), food (15.3%), and diversified financial services (13.9%), with the remainder spread across banks, manufacturing, electronics, and other sectors. This reflects both the composition of the iEdge Vietnam 30 Sector Cap Index and the high concentration typical of emerging market ETFs.
Exceptional Items and Fund Flows
There were no unusual or exceptional earnings or expenses reported for FY2025. The most notable fund flow event was the large net outflow: \$250,030 of units were created while \$14,755,455 of units were cancelled, confirming significant redemptions during the period. Related party transactions were routine, with management and trustee fees disclosed in line with expectations.
Risk Factors and Other Notable Events
No material events such as legal disputes, policy changes, or macroeconomic shocks were disclosed in the audit period. The financials note the ETF’s exposure to market, liquidity, and currency risks, with price risk being the most significant due to the concentration in Vietnamese equities. The ETF’s assets are all held with A+ rated counterparties, and liquidity risk is mitigated by the liquid nature of the underlying securities.
There were no borrowings, derivatives exposures, securities lending, or repurchase transactions. The ETF did not invest in other unit trusts, mutual funds, or collective investment schemes.
Related Party Transactions and Expenses
Management fees were 0.99% per annum, and the total expense ratio increased to 2.11% from 1.79% the previous year. This increase is mainly due to a lower average net asset value as a result of heavy redemptions. The trustee fee remained minimal at \$15,001.
Chairman’s Statement
The report does not provide a Chairman’s Statement.
Conclusion and Investor Guidance
Overall Assessment: The CGS Fullgoal Vietnam 30 Sector Cap ETF delivered an outstanding investment performance in 2025, with NAV per unit soaring by 61.6% and a dramatic reversal from the prior year’s loss to a strong profit. However, the fund experienced heavy redemptions, resulting in a much smaller asset base and a higher expense ratio. The concentration in a relatively small number of Vietnamese companies and sectors increases both risk and potential reward.
Investor Recommendations
-
If you are currently holding this ETF:
The strong rebound in NAV and investment gains signal positive momentum. However, the dramatic reduction in fund size and increased expense ratio may be a concern. Investors may consider continuing to hold if they believe in the ongoing growth of the Vietnamese market, but should monitor liquidity and portfolio composition closely. Rebalancing or partial profit-taking could be prudent after such a strong performance year.
-
If you are not currently holding this ETF:
The fund’s recent outperformance makes it an attractive play on Vietnam’s equity market recovery. However, prospective investors should be mindful of risks including market concentration, liquidity, and the potential for volatility in emerging markets. Initiating a position may be justified for those seeking exposure to Vietnam within a diversified portfolio, but position sizing and close monitoring are recommended.
Disclaimer: This analysis is based strictly on the information contained in the FY2025 audited report and does not constitute investment advice. Investors should conduct their own due diligence and consider their own risk tolerance and investment objectives before making any investment decisions.
View CF VN 30 SC ETF SG$ Historical chart here
