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FUBON ETF SERIES OFC 2023 Annual Summary

Company Overview

FUBON ETF Series OFC is a Hong Kong public umbrella open-ended fund company with variable capital, limited liability, and segregated liability between sub-funds. It is authorized under Section 104 of the Securities and Futures Ordinance (Cap. 571). The company manages three sub-funds:

• Fubon ICE FactSet Taiwan Core Semiconductor Index ETF (Stock Code: 3076)
• Fubon FTSE Taiwan RIC Capped Index ETF (Stock Code: 3021)
• Fubon Hang Seng Shanghai-Shenzhen-Hong Kong (Selected Corporations) High Dividend Yield Index ETF (Stock Code: 3190)

The principal activity of the company is to track the performance of specific indices, including the ICE® FactSet® Taiwan Core Semiconductor Index (Gross Total Return), FTSE Taiwan RIC Capped Index, and Hang Seng Shanghai-Shenzhen-Hong Kong (Selected Corporations) High Dividend Yield Index (price return).

Key Personnel and Changes

• Directors of the Company:

  • Ng Fong Chun
  • Chan Yue Yuen (resigned on 24 Nov 2023)
  • Mok Wai Man, Derek (appointed on 5 Jan 2024)

• Directors of the Manager:

  • Shyy Gang
  • Harn Wey Ting
  • Lin Hsin Yi
  • Ng Fong Chun
  • Chen Shih Tsung (appointed on 5 Jan 2024)

Financial Statements and Audit

The financial statements for the year ended 31 December 2023 were audited by PricewaterhouseCoopers, and the audit was conducted in accordance with International Standards on Auditing (ISAs). The auditors confirmed that the financial statements present a true and fair view of the financial position, performance, and cash flows of the Company and its sub-funds in accordance with IFRS Accounting Standards.

Key Audit Matters

• The auditors focused on the existence and valuation of financial assets at fair value through profit or loss and derivative financial instruments.
• They confirmed that the valuations of these assets and instruments were consistent with external pricing sources and found no material exceptions during testing.

Financial Highlights (Year ended 31 December 2023)

Statement of Financial Position

• Total Assets:

  • Fubon ETF Series OFC: US$-
  • Fubon ICE FactSet Taiwan Core Semiconductor Index ETF: US$1,902,922
  • Fubon FTSE Taiwan RIC Capped Index ETF: US$856,970
  • Fubon Hang Seng ETF: HK$94,790,095

• Total Liabilities:

  • Fubon ETF Series OFC: US$-
  • Fubon ICE FactSet ETF: US$26,210
  • Fubon FTSE Taiwan RIC ETF: US$25,570
  • Fubon Hang Seng ETF: HK$683,184

• Net Assets Attributable to Shareholders:

  • Fubon ICE FactSet ETF: US$1,876,712
  • Fubon FTSE Taiwan RIC ETF: US$831,400
  • Fubon Hang Seng ETF: HK$94,106,911

Statement of Comprehensive Income

• Total Income:

  • Fubon ICE FactSet ETF: US$633,020
  • Fubon FTSE Taiwan RIC ETF: US$421,903
  • Fubon Hang Seng ETF: HK$6,223,086

• Total Expenses:

  • Fubon ICE FactSet ETF: US$31,331
  • Fubon FTSE Taiwan RIC ETF: US$32,601
  • Fubon Hang Seng ETF: HK$661,149

• Profit After Tax and Total Comprehensive Income:

  • Fubon ICE FactSet ETF: US$588,778
  • Fubon FTSE Taiwan RIC ETF: US$382,222
  • Fubon Hang Seng ETF: HK$5,123,281

Sub-Fund Financial Assets and Derivatives

• Financial Assets at Fair Value Through Profit or Loss:

  • Fubon ICE FactSet ETF: US$1,850,005
  • Fubon FTSE Taiwan RIC ETF: US$795,569
  • Fubon Hang Seng ETF: HK$93,813,066

• Derivative Financial Instruments (Futures Contracts):

  • Fubon ICE FactSet ETF: US$650
  • Fubon FTSE Taiwan RIC ETF: US$357

Other Key Information

• The Custodian, HSBC Institutional Trust Services (Asia) Limited, confirmed that the Sub-Funds were managed in accordance with the OFC's Instrument of Incorporation.
• The directors and manager are responsible for the preparation of the financial statements and ensuring compliance with the relevant disclosure provisions.
• The audit was conducted with independence, in accordance with the IESBA Code, and the auditors did not identify any material misstatements or uncertainties regarding the going concern basis.

Summary of Key Financial Figures

Conclusion

The financial statements for the year ended 31 December 2023 reflect a true and fair view of the Company and its sub-funds' financial position and performance. The auditors confirmed compliance with IFRS and the relevant regulatory requirements, and no material issues were identified. The Sub-Funds continue to operate under the going concern basis, with proper management and control over financial assets and derivatives.