Custodian: The Hongkong and Shanghai Banking Corporation Limited
Service Agent: HK Conversion Agency Services Limited
Listing Agent: Altus Capital Limited
Investment Strategy
The ETF does not directly invest in bitcoin and does not aim to replicate the spot price of bitcoin.
It primarily invests in standardised, cash-settled bitcoin futures contracts and micro bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME).
The Manager intends to roll the CME Bitcoin Futures prior to expiration, based on liquidity, roll spread level, bid-offer spread, and market conditions.
The fund may also hold listed investment funds and futures contracts.
Financial Overview (As of 30 June 2025)
Condensed Statement of Financial Position
Item
30 June 2025 (Unaudited) USD
31 December 2024 (Audited) USD
Total Assets
65,209,327
127,100,484
Net Assets Attributable to Unitholders
65,035,867
110,541,271
Liabilities (excluding net assets)
173,460
16,559,213
Condensed Statement of Comprehensive Income
Item
1 Jan – 30 Jun 2025 (Unaudited) USD
1 Jan – 30 Jun 2024 (Unaudited) USD
Total Net Income
2,768,431
23,042,085
Total Operating Expenses
(839,334)
(901,283)
Operating Profit
1,929,097
22,140,802
Increase in Net Assets Attributable to Unitholders
1,892,347
22,083,258
Condensed Statement of Changes in Net Assets
Item
1 Jan – 30 Jun 2025 (Unaudited) USD
1 Jan – 30 Jun 2024 (Unaudited) USD
Net Assets at Beginning
110,541,271
29,246,395
Issue of Units
73,576,952
132,726,669
Redemption of Units
(120,974,703)
(129,082,770)
Net Increase from Unit Transactions
(47,397,751)
3,643,899
Increase in Net Assets
1,892,347
22,083,258
Net Assets at End
65,035,867
54,973,552
Condensed Statement of Cash Flows
Item
1 Jan – 30 Jun 2025 (Unaudited) USD
1 Jan – 30 Jun 2024 (Unaudited) USD
Net Cash Generated from Operating Activities
15,912,692
13,186,770
Net Cash (Used in)/Generated from Financing Activities
(58,111,469)
3,643,899
Net (Decrease)/Increase in Cash and Cash Equivalents
(42,198,777)
16,830,669
Cash and Cash Equivalents at Beginning
71,327,136
11,685,217
Cash and Cash Equivalents at End
29,128,359
28,515,886
Investment Portfolio
As of 30 June 2025
Item
Holdings
Fair Value USD
% of Net Assets
Listed Investment Fund (11.66%)
CSOP US DOLLAR MONEY MARKET ETF
7,580,755
11.66
Listed Futures Contracts (1.18%)
CME Bitcoin Futures (25 July 2025)
767,165
1.18
Other Net Assets
-
56,687,947
87.16
Total Net Assets
-
65,035,867
100.00
Performance Record
Dealing NAV per unit (Listed Class): USD4.6874
Dealing NAV per unit (Unlisted Class A): USD14.1212
Performance (1 Jan – 30 Jun 2025):
Listed Class: 9.70% increase
Unlisted Class A: 9.70% increase
Total Assets Under Management: Approximately USD65.1 million
S&P Bitcoin Futures Index (2024: CME CF Bitcoin Reference Rate):
Increased by 13.90% (1 Jan – 30 Jun 2025)
Increased by 123.43% (31 Dec 2024)
Key Information
The fund operates under Section 104 of the Securities and Futures Ordinance (Cap. 571) in Hong Kong.
It is subject to investment limitations and prohibitions under the SFC Code, including a maximum of 10% to 30% of net assets in any single security.
The fund holds CME Bitcoin Futures with Macquarie Bank, Marex Group Plc, and Philip Nova Pte. as counterparties.
The fund has 13,890,300 units outstanding as of 30 June 2025.
The unlisted class A has 1,000 units outstanding.
Legal and Administrative Details
Legal Advisor: Simmons & Simmons
Auditor: PricewaterhouseCoopers
Directors of the Manager: Chen Ding, Huachen Zhang, Li Chen, Qin Wang, Xiaosong Yang, Yi Zhou, Zhongping Cai
Contact Details:
Manager: CSOP Asset Management Limited
Address: Suite 2801-2803, Two Exchange Square, 8 Connaught Place, Central, Hong Kong
