UOBAM FTSE China A50 Index ETF: Semi-Annual Financial Analysis (Half Year Ended 31 December 2025)
The UOBAM FTSE China A50 Index ETF, managed by UOB Asset Management Ltd, offers investors exposure to the top 50 A-share companies in China, mirroring the FTSE China A50 Index. This article reviews the fund’s semi-annual financial performance, portfolio allocation, and market outlook, providing actionable insights for investors.
Key Financial Metrics
| Metric |
Half Year Ended 31 Dec 2025 |
Half Year Ended 31 Dec 2024 |
YoY Change |
QoQ Change (vs 30 Jun 2025) |
| Net Asset Value (NAV) |
\$24,324,992 |
N/A |
N/A |
+12.6% (from \$21,592,297 at 30 Jun 2025) |
| Total Return (before tax) |
\$4,021,187 |
\$2,610,349 |
+54% |
N/A |
| Total Return (after tax) |
\$3,975,345 |
\$2,561,271 |
+55% |
N/A |
| Dividends/Distributions |
\$549,994 |
N/A |
N/A |
N/A |
| Expense Ratio |
0.96% |
0.93% |
+0.03pp |
+0.03pp |
| Turnover Ratio |
13.28% |
8.99% |
+4.29pp |
N/A |
Historical Performance Trends
| Period |
Fund Return (%) |
Benchmark Return (%) |
| 3 months |
3.04 |
3.37 |
| 6 months |
18.62 |
19.09 |
| 1 year |
14.79 |
16.03 |
| 3 years (Ann.) |
5.54 |
7.09 |
| 5 years (Ann.) |
-3.62 |
-2.23 |
| 10 years (Ann.) |
0.61 |
3.61 |
| Since Inception (Ann.) |
0.19 |
3.39 |
Portfolio Composition
As at 31 December 2025, the ETF maintained a highly diversified portfolio, with the bulk of its holdings in China (99.67% of NAV). The sector breakdown was as follows:
- Financials: 32.59%
- Information Technology: 18.00%
- Consumer Staples: 13.87%
- Industrials: 13.62%
- Energy: 4.76%
- Health Care: 4.27%
- Materials: 5.22%
- Consumer Discretionary: 4.22%
- Utilities: 3.27%
The top ten holdings, accounting for a significant proportion of the portfolio, include Kweichow Moutai, Contemporary Amperex Technology, China Merchants Bank, Ping An Insurance, and several others from high-growth and innovation-driven sectors.
Exceptional Items and Related-Party Transactions
- Derivatives: The fund recorded a small net realized gain of SGD 1,927 on derivative contracts during the half-year. No outstanding derivative positions were noted at period-end.
- Fund Flows: The ETF saw net redemptions (SGD 1,204,720 redeemed vs. SGD 512,064 subscribed), indicating outflows over the period.
- Related-Party Transactions: The fund maintained a current account with State Street Bank and Trust Company, Singapore Branch, with a balance of SGD 93,090. No investments in IPOs managed by UOB Group or brokerage income from UOB Kay Hian Pte Ltd were reported.
Macroeconomic Environment and Outlook
China’s A-share market demonstrated resilience despite volatility, supported by structural themes such as innovation, renewable energy, AI, and industrial upgrading. However, the economy faced persistent deflationary pressures, a weakening property market, and subdued domestic consumption. Exports were a bright spot, but their sustainability remains a concern given global trade tensions.
Policy remains supportive, with a focus on AI, energy storage, and “hard-tech” self-sufficiency. However, the outlook is cautious due to slowing growth in major global economies, elevated valuations in the technology sector, and potential escalation in U.S.–China trade tensions.
Expense and Turnover Ratios
- Expense Ratio: Rose slightly to 0.96% from 0.93% a year prior, reflecting higher operating expenses.
- Turnover Ratio: Increased to 13.28% from 8.99%, indicating higher portfolio activity.
Conclusion & Recommendations
Overall Assessment: The UOBAM FTSE China A50 Index ETF delivered a strong half-year performance, with a notable rise in NAV and total returns. The fund benefited from policy support and a revival of investor interest in China’s high-growth sectors, particularly technology and innovation. However, risks remain due to macroeconomic headwinds, policy uncertainties, and global trade dynamics.
- If You Currently Hold the ETF: Consider maintaining your position but remain vigilant. The fund is well-positioned for exposure to China’s long-term growth themes, but expect higher volatility ahead. Review your portfolio’s overall exposure to China and rebalance if necessary, especially if risk appetite is moderate or low.
- If You Are Not Currently Invested: The ETF presents a reasonable entry point for investors seeking diversified exposure to China’s largest and most innovative companies. However, staggered or phased entry strategies are advisable given the anticipated volatility and lingering macro risks.
Disclaimer: This analysis is based solely on data and commentary from the UOBAM FTSE China A50 Index ETF semi-annual report for the half year ended 31 December 2025. It does not constitute investment advice. Investors should consider their own risk tolerance and investment objectives before making any decisions.
View UOBAM FTSE CN A50 US$ Historical chart here
