2025-08-29-港交所-ＦＡ南方以太币_截至二零二五年六月三十日止的未经审核中期报告页_15页_555kb

CSOP Ether Futures ETF Summary

Core Information

• Fund Name: CSOP Ether Futures ETF
• Fund Type: Sub-fund of the CSOP ETF Series, an umbrella unit trust established in Hong Kong
• Stock Code: 3068 (HKD counter)
• Launch Date: 15 December 2022
• Trading Commencement: 16 December 2022 on The Stock Exchange of Hong Kong Limited (SEHK)
• Investment Objective: Achieve long-term capital growth by primarily investing in CME Ether Futures using an active investment strategy
• Manager: CSOP Asset Management Limited
• Trustee: HSBC Institutional Trust Services (Asia) Limited
• Custodian: The Hongkong and Shanghai Banking Corporation Limited
• Registrar: HSBC Institutional Trust Services (Asia) Limited
• Listing Agent: Altus Capital Limited
• Service Agent: HK Conversion Agency Services Limited
• Legal Advisor: Simmons & Simmons
• Auditor: PricewaterhouseCoopers

Investment Strategy and Structure

• The fund does not directly invest in ether or seek to replicate the spot price of ether.
• It primarily invests in standardised, cash-settled ether futures contracts and micro ether futures contracts traded on the Chicago Mercantile Exchange (CME).
• The fund generally intends to roll its ether futures contracts before expiration, based on liquidity, roll spread, bid-offer spread, and market conditions.
• The fund has two classes of units:
  • Listed Class: Trading on the SEHK with a stock code of 3068
  • Unlisted Class A: Not listed on the SEHK

Financial Performance (as of 30 June 2025)

• Dealing NAV per unit (Listed Class): USD1.5397
• Dealing NAV per unit (Unlisted Class A): USD5.8715
• Total Units Outstanding: 11,239,500 (Listed Class) and 1,000 (Unlisted Class A)
• Total Assets Under Management (AUM): Approximately USD17.3 million
• Net Asset Value (NAV) Performance:
  • Listed Class: -28.72%
  • Unlisted Class A: -28.72%
• Net Assets Attributable to Unitholders: USD17,216,106 (as of 30 June 2025)
• Net Assets at the Beginning of the Period: USD25,254,805
• Net Decrease in Net Assets: USD6,932,555

Financial Statements Highlights

Condensed Statement of Financial Position (as of 30 June 2025)

• Total Assets: USD17,270,030
• Total Liabilities: USD53,924
• Net Assets Attributable to Unitholders: USD17,216,106
• Net Assets at Prospectus Value: USD17,312,695
• Adjustment for Establishment Costs: USD-96,589

Condensed Statement of Comprehensive Income (for the period ended 30 June 2025)

• Total Net Income: USD-6,681,355
• Total Operating Expenses: USD-242,480
• Operating (Loss)/Profit Before Taxation: USD-6,923,835
• Taxation Paid: USD-8,720
• Net (Decrease)/Increase in Net Assets: USD-6,932,555

Condensed Statement of Changes in Net Assets (for the period ended 30 June 2025)

• Net Assets at the Beginning of the Period: USD25,254,805
• Issue of Units: USD8,139,427
• Redemption of Units: USD-9,245,571
• Net (Decrease)/Increase from Unit Transactions: USD-1,106,144
• Net Assets at the End of the Period: USD17,216,106

Condensed Statement of Cash Flows (for the period ended 30 June 2025)

• Net Cash (Used In)/Generated from Operating Activities: USD-5,663,463
• Net Cash (Used In)/Generated from Financing Activities: USD-1,106,144
• Net (Decrease)/Increase in Cash and Cash Equivalents: USD-6,769,607
• Cash and Cash Equivalents at the Beginning of the Period: USD13,594,051
• Cash and Cash Equivalents at the End of the Period: USD6,824,444

Investment Portfolio (Unaudited)

• Total Investments and Derivative Financial Instruments: USD3,009,620 (17.48% of net assets)
• Listed Investment Fund: USD2,487,435 (14.45% of net assets)
  • CSOP US Dollar Money Market ETF: USD2,487,435 (14.45% of net assets)
• Listed Futures Contracts: USD522,185 (3.03% of net assets)
  • CME Ether Future 25 July 2025: 136 contracts, fair value USD522,185
• Other Net Assets: USD14,206,486 (82.52% of net assets)

Financial Derivative Instruments (Unaudited)

• The fund holds CME Ether Futures contracts, all of which are long positions.
• Counterparties: Macquarie Bank Ltd, Marex Group Plc, Phillip Nova Pte. Limited
• Total Fair Value of Futures Contracts: USD522,185

Performance Record (Unaudited)

• Net Asset Value (NAV):
  • Listed Class:
    • 30 June 2025: USD1.5397
    • 31 December 2024: USD2.1605
    • 31 December 2023: USD1.7078
  • Unlisted Class A:
    • 30 June 2025: USD5.8715
    • 31 December 2024: USD8.2394
    • 31 December 2023: USD10.2727
• Performance of CME CF Ether-Dollar Reference Rate:
  • 30 June 2025: -28.00%
  • 31 December 2024: +45.10%

Investment Limitations and Prohibitions (Unaudited)

• The fund may hold one security that individually accounts for more than 10% but less than 30% of its net asset value.
• As of 30 June 2025, the only such security is the CSOP US Dollar Money Market ETF at 14.45% of net assets.

Key Points

• The fund is structured as an unlisted ETF with a listed class and an unlisted class A.
• The fund's performance is closely tied to the CME Ether Futures and the CME CF Ether-Dollar Reference Rate.
• The fund's NAV has experienced a significant decline of 28.72% as of 30 June 2025.
• The fund has a net asset decrease of USD6,932,555 for the period ended 30 June 2025.
• The fund is subject to SFC regulations, including limitations on concentrated holdings.