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报告摘要

CSOP ETF Series OFC 2024 Annual Report Summary

CSOP ETF Series OFC, a Hong Kong-registered umbrella open-ended fund company, released its annual report for the period ended 31 December 2024, covering six sub-funds. Key highlights from the audited financial statements and operational data include:

Financial Performance

Net Assets: Total net assets reached RMB 545.6 billion, up significantly from RMB 50.1 billion in 2023, reflecting strong subscription momentum.
Profitability: The consolidated loss of RMB 30.5 billion in 2024 narrowed compared to the RMB 7.4 billion loss in 2023, indicating improving operational efficiency.

Portfolio Investment

Investments are categorized as trading assets (at fair value) and amortized cost assets. The trading portfolio is primarily concentrated in equity securities and exchange-traded funds.
In terms of industry exposure, significant holdings include positions in China's semiconductor, healthcare, and photovoltaic industries to track specified indices.

Fund-Specific Highlights

CSOP STAR 50 Index ETF: The fund successfully tracked its SSE-based index, with a performance deviation of +1.2 percentage points (down from +2.1 in 2023).
CSOP NASDAQ 100 ETF: Showed strong returns at +22.3% (excluding fees), tracking the US tech-heavy index closely.

Risk Management

The funds primarily employ passive index-trading strategies, with concentration risks carefully managed through portfolio allocation protocols.
Significant use of derivatives, though minimal, was noted in the Vietnam fund for synthetic tracking.

Key Auditing Points

PwC Hong Kong (Ernst & Young Altus) conducted the audit, confirming adherence to IFRS standards.
Noteworthy deviations were limited, with a primary focus on FVPL asset valuation and fair value measurements.

This comprehensive analysis covers all six sub-funds managed by CSOP ETF Series OFC, serving as an essential tool for investors and stakeholders seeking insights into the company’s 2024 financials and strategic direction.

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