April 2022 Returns: -2.91% Year to Date Returns: -6.29% Since Inception (9 Sept 2020) Returns: 59.71% Most counters on the list detracted. It has been a bad April as well for the index. In my opinion the key development was that the covid situation in china has gotten worse and there might be a need to relook at positions held in the list. In terms of results, iFast has reported its 1st quarter of results and it looks bad which might have been more than expected given the poor market conditions would have affected the AUM amount and AUM Mix. With the news of not securing a Malaysia License, it seems like there will be head winds further and the guidance for the HK business in 2023 seems to have been slightly revised lower. However with the low weightage of iFast in the portfolio (<4%), I am not really worried about it....