2024-10-16-港交所-惠理ＥＭＱＱ_2024年度财务报告_55页_428kb

Value Partners EMQQ Emerging Markets Internet & Ecommerce ETF Annual Report Summary (Jan 2024 - July 2024)

Financial Highlights

• Latest Valuation: 17 July 2024
• Net Assets: HKD 9.4 million (from HKD 81.3 million on 31 Dec 2023)
• Financial Performance: Net assets decreased significantly due to mandatory redemption and market conditions.
• Management Fee: Single management fee structure at 0.99% per annum, regulated to keep total costs below 1.49% of NAV.
• Termination: Fund is scheduled to terminate on 7 November 2024 following low NAV (HKD 91 million on 28 May 2024) and regulatory conditions; final distributions have been paid.

Fund Manager & Operation

• Manager: Sensible Asset Management Hong Kong Limited
• Manager's Role: Implements replication strategy tracking the EMQQ Emerging Markets Internet & Ecommerce Index using full replication, representative sampling, and limited derivatives/other investments.
• Single Management Fee: Adopted to closely control total charges.

Key Risks & Governance

• Market Risk: High concentration in Internet & Ecommerce sectors in Emerging Markets.
• Credit Risk: Primarily managed through diversification and quality counterparties.
• Liquidity Risk: Managed by holding substantial cash equivalents and short-term assets.
• Governance: External auditors (Ernst & Young) performed audit under IFRS standards.

Final Notes

• The fund's operations will conclude per regulatory requirements, with distributions made to unitholders as of 17 July 2024.