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CSOP Hang Seng Index ETF (3037) Annual Report Summary (31 Dec 2024)

Financial Position

• NAV: HK$926.3 billion (End Dec 2024)
• Net Assets: Primarily composed of HK$925.5 billion financial assets at fair value through profit or loss, plus cash and cash equivalents.
• Total Expenses: $1.8 billion in operating expenses including management fees, brokerage fees and bank charges.

Performance

• Net Asset Growth: +$191.2 billion YoY (Increase of 18.9%), driven mainly by fund creation rather than market gains.
• Investment Performance: $189.6 billion net gain from fair value changes (+19.4% YoY), partially offset by $77.4 million realized losses from sales.
• Market Comparison: Outperformed benchmark index by approximately 5 distribution-adjusted percentage points in 2024.

Key Transactions

• Unit Flows: Net redemption of $640.9 billion units (34 million units), offset by $54.0 billion new issues.
• Distributions: HK$52.4 million distributed to unit holders (equivalent to HK$0.80 per unit).

Risk Management

• Market Risk: Highly concentrated in Hong Kong-listed equities (~99.9% of assets). Sensitivity analysis shows approximately HK$92.5 billion potential impact for a 10% index move.
• Credit Risk: Rated investment grade; assets denominated in HK with high counterparty quality.
• Liquidity: Maintains sufficient short-term liquidity to meet redemption requests.

Governance

• Independent Auditors: Reaffirmed adherence to HKFRS standards by Ernst & Young.
• Trustee: BOCI-Prudential Trustee Limited (Independent trust structure).