2025-03-31-港交所-南方沙特_南方沙特－Ｒ_截至二零二四年十二月三十一日止的经审核账目_55页_800kb

CSOP Saudi Arabia ETF Summary

• CSOP Saudi Arabia ETF is a sub-fund of the CSOP ETF Series, an umbrella unit trust established in Hong Kong.
• Objective: To replicate, before fees and expenses, the performance of the FTSE Saudi Arabia Index (net total return version) using a combination of physical and synthetic strategies.
• Structure: Launched in November 2023 (inception October 2024), listed on the SEHK with dual RMB/HKD listings.
• Assets: As of December 31, 2024, assets peaked at SAR ~4.22 billion, invested primarily in Saudi equities and unlisted funded total return swaps.
• Operations:
  • Listed class units total ~106 million; unlisted class A fixed at 1,000 units.
  • Listing fee is 0.99% annually net asset value; Trustee fee capped at 0.20% annually.
• Performance: From Nov 28, 2023, to Dec 31, 2024, the ETF's net asset value (NAV) in SAR terms grew by ~6.92%, slightly trailing the index. Unlisted Class A grew by a mere ~2.36% during the July-December period.
• Investment: Adopts a hybrid approach; >99% invested in synthetic swaps and equities aligned with the index.
• Financial Health:
  • Managed expenses including distribution costs, transaction costs, and establishment costs.
  • Audit confirms the financial statements provide a true and fair view.
  • Statement of financial position indicates strong asset backing (investments, swaps).
• Compliance & Risk: Adheres to Hong Kong regulations (SFC Code). Manages market, credit, counterparty, liquidity, and potential margin call risks.
• Custodians & Agents: Primarily uses The Hongkong & Shanghai Banking Corporation as custodian and HSBC/JP Morgan as derivative counterparties.
• Scale: As of December 2024, the fund holds significant exposure, leveraging its position for performance tracking.
• Expansion: Part of a growing suite of 15 CSOP ETF Sub-funds.