2023-11-30-港交所-ＦＡ三星比特币_中期_半年度报告_2023_24页_203kb

Summary of Samsung Bitcoin Futures Active ETF (Sub-Fund of Samsung ETFs Trust III)

Core Content

The Samsung Bitcoin Futures Active ETF is a sub-fund of Samsung ETFs Trust III, an umbrella unit trust under Hong Kong law. It is an actively managed exchange-traded fund (ETF) that seeks to provide economic exposure to the value of bitcoin by investing in CME Bitcoin Futures and Micro Bitcoin Futures contracts. The ETF is listed on the Stock Exchange of Hong Kong Limited (SEHK) and operates from 10 January 2023 to 30 September 2023.

The financial statements are presented in US dollars and are unaudited. The ETF is managed by Samsung Asset Management (Hong Kong) Limited and the Trustee is HSBC Institutional Trust Services (Asia) Limited.

Main Investment Portfolio

As of 30 September 2023

• Money Market Fixed Deposits:

  • Hongkong and Shanghai Banking Corporation Limited: US$600,000 (13.00% of net assets)
  • CMB Wing Lung Bank Limited: US$770,000 (16.67% of net assets)
  • Total: US$1,370,000 (29.67% of net assets)

• Futures Contracts:

  • CME BITCOIN FUTURE October 2023: US$27,115 (0.59%)
  • CME BITCOIN FUTURE October 2023 (SinoPac Securities): US$65,020 (1.41%)
  • CME BITCOIN FUTURE October 2023 (China Merchants Futures): US$12,475 (0.27%)
  • Total: US$104,610 (2.27%)

• Other Net Assets: US$3,141,613 (68.06% of net assets)

• Total Net Assets Attributable to Unitholders: US$4,616,223 (100.00%)

Key Financial Statements

Statement of Comprehensive Income (Unaudited)

• Total Income: US$924,338

  • Bank Interest Income: US$29,893
  • Net Gain on Derivative Financial Instruments: US$887,653
  • Other Income: US$6,792

• Total Expenses: US$44,190

  • Management Fee: US$25,835
  • Trustee Fee: US$6,486
  • Safe Custody and Bank Charges: US$820
  • Transaction Costs: US$10,899
  • Other Operating Expenses: US$150

• Net Gain and Comprehensive Income: US$880,148

Statement of Changes in Net Assets (Unaudited)

• Net Assets Attributable to Unitholders:
  • Balance at 10 January 2023: -
  • Profit and Comprehensive Income for the Period: US$880,148
  • Subscription of Units: US$4,961,575
  • Redemption of Units: (US$1,225,500)
  • Net Increase in Net Assets: US$3,736,075
  • Balance at 30 September 2023: US$4,616,223

Statement of Cash Flows (Unaudited)

• Cash Used in Operating Activities: (US$591,861)
• Net Cash from Financing Activities: US$3,736,075
• Net Increase in Cash and Cash Equivalents: US$3,144,214
• Cash and Cash Equivalents at the End of the Period: US$3,144,214

Key Accounting Policies

Investment Objective

• The ETF invests predominately in front-month and micro Bitcoin futures contracts on the CME.
• No more than 80% of the net asset value is used as margin for futures contracts.
• No less than 20% is invested in US dollar denominated cash, bank deposits, and high-quality money market instruments.

Fair Value Measurement

• Level 1 Inputs: Quoted prices in active markets for identical assets or liabilities.
• Level 2 Inputs: Observable inputs other than quoted prices.
• Level 3 Inputs: Unobservable inputs for the asset or liability.

Financial Instruments

• Amortised Cost: Applied to financial assets where the objective is to collect contractual cash flows, and the cash flows are solely payments of principal and interest.
• Fair Value Through Profit or Loss (FVTPL): Applied to all other financial assets, with gains and losses recognised in profit or loss.
• Impairment Assessment: Based on expected credit loss (ECL), which includes:
  • 12-month ECL: Expected losses within 12 months after the reporting date.
  • Lifetime ECL: Expected losses over the entire life of the financial instrument.
  • Credit Impairment: Triggered by events such as default, severe financial difficulty, or bankruptcy.

Derecognition of Financial Assets

• A financial asset is derecognised when:
  • The contractual rights to cash flows expire, or
  • The risks and rewards of ownership are transferred to another entity.
• The difference between the carrying amount and the consideration received is recognised in profit or loss.

Performance Overview

• The ETF's performance is based on multiple contract months of Bitcoin Futures.
• The net assets value per unit at the end of the period is US$1.4204.
• The total number of units in issue at the end of the period is 3,250,000.

Conclusion

The Samsung Bitcoin Futures Active ETF is a short-term investment vehicle that uses bitcoin futures contracts to gain exposure to the cryptocurrency market. It follows IFRS accounting standards and has a clear investment objective and risk management approach, with a minimum 20% cash reserve to support operations. The ETF is actively managed, and its performance is closely tied to the CME Bitcoin Futures market.