2025-11-28-港交所-潘渡比特币_2025年中期业绩报告_只有英文版本_29页_407kb

报告摘要

Name and Structure: Pando Bitcoin ETF is a sub-fund under Pando Virtual Assets ETF Series OFC, established on July 18, 2025, as a passively managed exchange-traded fund listed on the Hong Kong Stock Exchange (Stock code: 2818).
Investment Objective: Aims to track the performance of bitcoin as reflected by the CME CF Bitcoin Reference Rate - Asia Pacific Variant, focusing on providing bitcoin exposure through up to 100% investment in bitcoin via SFC-licensed platforms.
Listing and Operation: Shares began trading on Hong Kong Stock Exchange on July 18, 2025; the fund is newly established with limited historical data.

Net Assets: As of September 30, 2025, net assets attributable to shareholders were $34,613,379 (equivalent to HKD 269,302,473), with a unit net asset value of $0.9535 per unit and 36.3 million units outstanding.
Profit/Loss: The fund incurred a net loss of US$1,678,771 (HKD 12,952,000) for the period, due to negative performance in financial assets at fair value through profit or loss.
Cash Flow: Net cash used in operations was US$36,271,981, primarily from financing activities related to subscription proceeds.

Holdings: Primarily invested in OSL DIGITAL SECURITIES LIMITED's BRRAP securities, totaling 307 shares with a fair value of US$34,885,696 (100.79% of net assets). Total cost of investments was higher, resulting in unrealized losses.
Other Assets: Cash and cash equivalents accounted for US$20,169; other changes impacted the net asset value slightly.

The fund is passively managed with no guarantee to achieve its objective; insufficient data for meaningful performance analysis since inception.
Subject to risks including market volatility, regulatory changes in virtual assets, and potential liquidity issues.
Management and custodian fees are in place, totaling approximately $68,754 for the period, payable monthly.

Manager: Pando Finance Limited.
Custodian: BOCI-Prudential Trustee Limited.
Audit: Conducted by KPMG.
Regulatory Compliance: Operates under Hong Kong securities laws with segregated liability and adherence to IFRS standards.

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