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Summary of CHINAAMC SELECT OFC Unaudited Semi-Annual Report (1 January 2025 to 30 June 2025)

Core Content

The CHINAAMC SELECT OFC is a Hong Kong public umbrella open-ended fund company with variable capital, limited liability, and segregated liability between sub-funds. It is authorized under Section 104 of the Securities and Futures Ordinance (Cap. 571) of Hong Kong. The company offers two sub-funds: ChinaAMC Bitcoin ETF and ChinaAMC Ether ETF, both of which are passively managed ETFs designed to track specific cryptocurrency indices.

Key Information

• ChinaAMC Bitcoin ETF:

  • HKD Stock Code: 3042
  • RMB Stock Code: 83042
  • USD Stock Code: 9042
  • Trading commenced on 30 April 2024
  • Tracks the CME CF Bitcoin Reference Rate (APAC Variant)

• ChinaAMC Ether ETF:

  • HKD Stock Code: 3046
  • RMB Stock Code: 83046
  • USD Stock Code: 9046
  • Trading commenced on 30 April 2024
  • Tracks the CME CF Ether-Dollar Reference Rate (APAC Variant)

Main Points

1. Fund Structure and Operations

• The company is structured as a public umbrella open-ended fund company, with segregated liability between sub-funds.
• Sub-funds are managed passively and are subject to the Code on Unit Trusts and Mutual Funds (Chapter 8.6) issued by the SFC.
• Units are traded on the SEHK like stocks.
• Both sub-funds acquire and hold the respective cryptocurrency (Bitcoin or Ether) directly, with up to 100% of their assets invested in the underlying asset.
• Transactions are conducted via SFC-licensed virtual asset trading platforms.

2. Performance of the Sub-Funds

• Performance Overview (Total Returns):

  • Bitcoin ETF:
    • 1-Month: 2.12% (NAV-to-NAV), 2.61% (Market-to-Market)
    • 3-Month: 32.08% (NAV-to-NAV), 32.57% (Market-to-Market)
    • Since Launch: 67.79% (NAV-to-NAV), 67.92% (Market-to-Market)
  • Ether ETF:
    • 1-Month: -5.85% (NAV-to-NAV), -5.31% (Market-to-Market)
    • 3-Month: 38.17% (NAV-to-NAV), 38.95% (Market-to-Market)
    • Since Launch: -23.38% (NAV-to-NAV), -23.10% (Market-to-Market)

• The Index performance is used as a benchmark for both ETFs, with the ETFs' returns closely tracking the Index, although there may be slight discrepancies due to valuation methods.

3. Trading Activity

• Bitcoin ETF:

  • Average daily trading volume: 1,902,278 units
  • Outstanding units as of 30 June 2025: 141,200,000 units

• Ether ETF:

  • Average daily trading volume: 561,922 units
  • Outstanding units as of 30 June 2025: 38,700,000 units

4. Financial Statements

• Statement of Assets and Liabilities:

  • Bitcoin ETF:
    • Total assets as of 30 June 2025: US$240,399,427
    • Total liabilities: US$337,666
    • Net assets attributable to shareholders: US$240,061,761
  • Ether ETF:
    • Total assets as of 30 June 2025: US$29,423,177
    • Total liabilities: US$85,929
    • Net assets attributable to shareholders: US$29,337,248

• Statement of Comprehensive Income:

  • Bitcoin ETF:
    • Profit from operations: US$18,769,593
  • Ether ETF:
    • Loss from operations: US$9,747,705

5. Valuation Methodology

• Virtual assets are valued using an indexing approach based on the CME CF Bitcoin Reference Rate (APAC Variant) and CME CF Ether-Dollar Reference Rate (APAC Variant).
• These indices reflect the time-weighted average price derived from aggregated trade data between 3:00pm and 4:00pm HK time from multiple cryptocurrency exchanges.

6. Key Parties

• Manager: China Asset Management (Hong Kong) Limited
• Custodian, Administrator, and Registrar: BOCI-Prudential Trustee Limited
• Virtual Asset Sub-Custodian: OSL Digital Securities Limited, via its associated entity BC Business Management Services (HK) Limited
• Virtual Asset Trading Platform: OSL Exchange
• Legal Counsel: Simmons & Simmons
• Auditor: KPMG
• Listing Agent: Altus Capital Limited
• Service Agent: HK Conversion Agency Services Limited

Key Notes

• The Bitcoin ETF has shown positive returns over the reporting period, with performance closely aligned to the Index.
• The Ether ETF has experienced a decline in value, indicating a negative performance trend.
• The company's financials are expressed in US dollars.
• The semi-annual report is unaudited, and the sub-funds are valued using the indexing approach.
• Investors are advised not to rely solely on the report for investment decisions. For more information, refer to the prospectus available at the company’s website.