2025-07-31-港交所-Ａ潘渡招商创新_Ａ潘渡招商区块链_二零二五年年报〈只有英文版本〉页_59页_1mb

报告摘要

Pando ETF Series OFC Summary

Overview

Pando ETF Series OFC is an umbrella open-ended fund company established under Hong Kong law. It operates two sub-funds:

Pando CMS Innovation ETF (Stock code: 3056)
Pando CMS Blockchain ETF (Stock code: 3112)

Both sub-funds are actively managed exchange-traded funds (ETFs) authorized under Chapter 8.10 of the Code on Unit Trusts and Mutual Funds. The shares of both ETFs were listed on The Stock Exchange of Hong Kong Limited (SEHK) on 8 December 2022.

Investment Objectives

Pando CMS Innovation ETF

Aims to achieve long-term capital growth by primarily investing in equities of companies involved in Innovative Business—those that leverage new technologies and address emerging market needs.

Pando CMS Blockchain ETF

Aims to achieve long-term capital growth by primarily investing in equities of companies engaged in Blockchain Business—those that develop, operate, or benefit from blockchain technologies.

Performance Highlights

Pando CMS Innovation ETF

3-month return: -11.70%
6-month return: 5.92%
1-year return: 22.66%
Since inception (8 Dec 2022): 112.88%

Calendar Year Performance:

2022 (from inception): -3.32%
2023 (full year): 41.87%
2024 (full year): 75.78%
2025 (up to 31 Mar 2025): -11.70%

Pando CMS Blockchain ETF

3-month return: -21.63%
6-month return: -7.46%
1-year return: -6.85%
Since inception (8 Dec 2022): 71.89%

Calendar Year Performance:

2022 (from inception): -5.08%
2023 (full year): 71.95%
2024 (full year): 34.40%
2025 (up to 31 Mar 2025): -21.63%

Financial Position as of 31 March 2025

Pando CMS Innovation ETF

Net asset value per unit: USD 2.1520 (HKD 16.7432)
Units outstanding: 5.5 million
Total net assets: USD 11,835,970 (HKD 92,087,397)

Pando CMS Blockchain ETF

Net asset value per unit: USD 1.7242 (HKD 13.4148)
Units outstanding: 4.0 million
Total net assets: USD 6,896,689 (HKD 53,658,309)

Key Financial Statements

Statement of Assets and Liabilities

Total assets (31 Mar 2025): USD 12,074,023 (Innovation ETF) and USD 7,073,171 (Blockchain ETF)
Total liabilities (31 Mar 2025): USD 238,053 (Innovation ETF) and USD 176,482 (Blockchain ETF)

Statement of Comprehensive Income

Net profit/(loss) for the year ended 31 Mar 2025:
- Innovation ETF: USD 454,415
- Blockchain ETF: USD -960,606

Key Audit Matters

The existence and valuation of investments were identified as key audit matters due to their significant impact on the Sub-funds' financial performance.
The audit procedures included:
- Reviewing internal controls provided by the administrator and custodian.
- Confirming the valuation of the investment portfolio with independent pricing sources.
- Assessing the accuracy of the Sub-funds' holdings against confirmations.

Auditor's Opinion

The independent auditor confirmed that the financial statements give a true and fair view of the financial position and performance of Pando ETF Series OFC and its sub-funds as of 31 March 2025, in accordance with International Financial Reporting Standards (IFRSs).

The auditor also confirmed that the financial statements were prepared in compliance with the relevant disclosure provisions of the Company's Instrument of Incorporation, OFC Rules, UT Code, and OFC Code.

Notes to Financial Statements

The financial statements include detailed notes on accounting policies, audit procedures, and other disclosures.
The notes cover:
- Investment valuation (Note 10)
- Accounting policies (Note 2(d)(v))
- Expenses (Note 6(a))
- Taxation (Note 4)

Portfolio and Holdings

Portfolio statements (Unaudited) and statements of movements in portfolio holdings (Unaudited) are provided, offering insights into the composition and changes in the investment portfolios of both ETFs.
The investment portfolio constitutes a major portion of the Sub-funds' assets, with 94% and 92% of total assets for the Innovation ETF and Blockchain ETF respectively as of 31 March 2025.

Performance and Market Factors

Both ETFs benefited from the strong performance of US technology stocks, particularly in the Innovation ETF.
The Blockchain ETF also benefited from Blockchain-related companies, but experienced a decline in performance in the most recent quarter, likely due to market volatility or sector-specific challenges.

Management and Governance

The Manager and Directors are responsible for the preparation of financial statements and ensuring compliance with legal and regulatory requirements.
The Custodian confirmed that the Sub-funds were managed in accordance with the provisions of the Instrument of Incorporation.