2025-04-29-港交所-Ａ南方港元_Ａ南方港元－Ｒ_截至二零二四年十二月三十一日止的经审核账目_41页_741kb

CSOP Hong Kong Dollar Money Market ETF Annual Report Summary for 2024

Fund Overview

The CSOP Hong Kong Dollar Money Market ETF is a sub-fund of the CSOP ETF Series, established in Hong Kong under the Securities and Futures Ordinance. It invests in HKD-denominated short-term deposits, money market instruments, and high-quality debt securities, aiming for returns aligned with HKD money market rates. Key dates include inception on July 12, 2018, and listing on The Stock Exchange of Hong Kong with stock codes 03053 (HKD) and 83053 (RMB). As of December 31, 2024, outstanding units total approximately 1.04 billion, with total assets of about HKD6.3 billion. The fund is governed by a Trust Deed and overseen by a manager and trustee.

Financial Performance

• Net Asset Value (NAV): Dealing NAV per unit for the listed class was HKD1,142.2794, and for unlisted classes A and P, were HKD11.4227 and HKD11.3693 respectively, showing growth of 4.35%, 4.35%, and 4.24% for the year. Total net assets increased from HKD5.25 billion to HKD6.26 billion, reflecting strong performance matching prevailing money market rates.
• Financial Statements: The annual report includes audited financial statements, showing consistent application of Hong Kong Financial Reporting Standards (HKFRS). Key highlights include significant assets in fixed deposits and bank interest, with operating profit of HKD255.63 million. The independent auditor opined that the statements provide a true and fair view.

Net Asset Changes

During the year, unit issuances increased net assets significantly, with net increases from transactions totaling HKD255.63 million, compared to HKD202.84 million in 2023. Redemption and issuance volumes were substantial, maintaining liquidity and fund size, with a total net asset increase of HKD1 billion from 2023.

Key Risks

The fund manages market risks, including interest rate, credit, and liquidity risks through diversification and monitoring. Interest rate risk sensitivity analysis shows potential impacts of interest rate changes, while credit risk is mitigated by investing only in investment-grade instruments. The fund adheres to SFC Code investment limits, avoiding excessive concentration in single issuers.

Manager and Trustee

• Manager: CSOP Asset Management Limited, responsible for fund operations and financial policies.
• Trustee: HSBC Institutional Trust Services (Asia) Limited, ensuring compliance with Trust Deed provisions and safeguarding assets.
• Key Personnel: Appointed directors and custodians ensure governance and oversight.

Investment Portfolio

The fund maintains a diversified portfolio focused on short-term deposits and money market investments, with holdings in reputable institutions like Agricultural Bank of China and Bank of China. Risks are assessed and controlled, ensuring portfolio liquidity and stability. As of December 2024, no significant holdings remained due to portfolio adjustments, emphasizing cash and liquid assets.

This summary highlights the fund's robust performance and risk management in 2024.