2023-07-27-港交所-价值黄金_价值黄金－Ｕ_价值黄金－Ｒ_2023年度财务报告_40页_843kb

Annual Report Summary: VALUE GOLD ETF (HK03081)

Overview:

• A physical gold ETF tracking the LBMA Gold Price (Benchmark), listed on the SEHK.
• Key Awards (2016–2019): Benchmark/Best ETF/Smart Beta awards (commodity-focused).
• 2023 Performance:
  • Listed Class: NAV at HK$47.3584 (up +0.45%). Tracking error against Benchmark ~2 bps.
  • Unlisted Classes (Accruals): +2.4% (USD Acc) vs +2.69% (HKD Acc).
  • Performance gap mainly due to management fees (e.g., 0.4% annual fee).

Financial Highlights (31 March 2023):

• Assets: ~HK$1.866B in assets, predominantly gold bullion.
• Profit: FY2023 realized HK$42.344B profit from operations.
• Funding: HK$70.3M in redemption/redemption payments.
• Cash Flow:
  • Operating: HK$63.8B generated.
  • Financing: HK$62.6M outflows from unit transactions.
  • Ending Cash: ~HK$401M.

Investment Portfolio:

• Commodity holdings ~99.8% ($1.8B total), primarily gold bullion.
• Small cash/cash equivalents, no other liabilities material.

Key Details:

• Compliance: IFRS-compliant reporting, audited by Ernst & Young, acted as the independent auditor.
• Expense Setup: Single management fee of ~0.4% per annum.
• Liquidity & Risk Profile: Low foreign exchange, interest rate or credit risk.

Important Notes:

• Past Performance Not indicative of future results.
• All figures reflect performance net of fees.

This report covers financial operations, investment strategy, and risk management details. For full details, refer to the annual report.