VALUEGOLDETF-R：UnauditedSemi-AnnualReportasat30September2023.pdf

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1、VALUE GOLD ETF2023SEMI-ANNUAL REPORTFor the six months ended30 September 2023Stock code:03081(HKD)|83081(RMB)|09081(USD)Sensible Asset Management Hong Kong Limited43rd Floor,The Center 99 Queens Road Central,Hong KongTel:(852)2880 9263 Fax:(852)2564 8487Email:infovalueETF.com.hkWebsite:www.valueETF.

2、com.hkVALUE GOLD ETF(A Hong Kong Unit Trust)SEMI-ANNUAL REPORT 2023For the six months ended 30 September 20231CONTENTSPagesGeneral information 2-3Managers report 4Statement of financial position(unaudited)5Statement of profit or loss and other comprehensive income(unaudited)6Statement of changes in

3、net assets attributable to unitholders(unaudited)7-8Statement of cash flows(unaudited)9Investment portfolio(unaudited)10Statement of movements in portfolio holdings(unaudited)11Performance record(unaudited)12VALUE GOLD ETF(A Hong Kong Unit Trust)SEMI-ANNUAL REPORT 2023For the six months ended 30 Sep

4、tember 20232GENERAL INFORMATIONManagerSensible Asset Management Hong Kong Limited43rd Floor,The Center99 Queens Road CentralHong KongSub-ManagerValue Partners Hong Kong Limited43rd Floor,The Center99 Queens Road CentralHong KongDirector of the ManagerMr.So Chun Ki LouisTrustee and RegistrarHSBC Inst

5、itutional Trust Services(Asia)Limited1 Queens Road CentralHong KongCustodianHKIA Precious Metals Depository LimitedHKIA Tower1 Sky Plaza RoadHong Kong International AirportLantauHong KongLegal Counsel to the ManagerSimmons&Simmons30/F,One Taikoo Place979 Kings RoadHong KongAuditorsErnst&YoungCertifi

6、ed Public AccountantsRegistered Public Interest Entity Auditor27/F,One Taikoo Place979 Kings RoadQuarry BayHong KongInformation available from:Sensible Asset Management Hong Kong Limited43rd Floor,The Center99 Queens Road CentralHong KongTelephone:(852)2880 9263Fax :(852)2564 8487Email :infovalueETF

7、.com.hkWebsite:www.valueETF.com.hkVALUE GOLD ETF(A Hong Kong Unit Trust)SEMI-ANNUAL REPORT 2023For the six months ended 30 September 20233GENERAL INFORMATION(Continued)Main awards and achievementsCorporate awards(ETF)2018 Benchmark Fund of the Year Awards 2018,Hong Kong Commodity ETF House:Best-In-C

8、lass Benchmark2017 Benchmark Fund of the Year Awards 2017,Hong Kong House Award(ETF)Commodity ETF(Outstanding Achiever)Benchmark2016 ETF and Indexing Awards 2016 Best ETF Launch Best Commodity ETF Best Smart Beta ETF Asia Asset Management&ETFI AsiaValue Gold ETF2019 Benchmark Fund of the Year Awards

9、 2019,Hong Kong Quantitative Top Fund Precious Metals Commodity Category(Best-in-Class)Benchmark 2018 Best ETF Commodities and Specialty Category(Outstanding Performer),based on NAV tracking error Bloomberg Businessweek 2017 Best ETF Commodities and Specialty Category(Outstanding Performer),based on

10、 NAV tracking error Bloomberg Businessweek 2016 Benchmark Fund of the Year Awards 2016,Hong Kong Top ETF(Commodities)Precious Metals(Best-in-Class)Benchmark Best ETF Commodities and Specialty Category(Best Performer),based on NAV tracking error Benchmark Best ETF Commodities and Specialty Category(O

11、utstanding Performer),based on NAV total return BenchmarkVALUE GOLD ETF(A Hong Kong Unit Trust)SEMI-ANNUAL REPORT 2023For the six months ended 30 September 20234MANAGERS REPORTValue Gold ETF(“the Fund”)is a fund constituted in the form of a unit trust established under Hong Kong law.The Fund is a“ph

12、ysical”ETF,meaning it will hold actual gold.Units in the listed class are listed on The Stock Exchange of Hong Kong Limited(“SEHK”).The Fund seeks to provide investment results,before fees and expenses that closely correspond to the performance of the London Bullion Markets Association(“LBMA”)GoldPr

13、ice(“Benchmark”).As at 30 September 2023,the Net Asset Value(“NAV”)per unit of the listed class was HK$44.5837,and 37,500,000 units were outstanding.The NAV per unit of the unlisted Class A USD Unhedged Acc and Class A HKD Unhedged Acc was US$10.6876 and HK$10.7749,respectively,and 3,029,489.13 unit

14、s were outstanding.The total size of the Fund was approximately HK$1,743 million.A summary of the performance of the Benchmark and the listed class is given below.From 1 Apr 2023to30 September 20232023 YTD(as at30 September)Since inceptionLBMA Gold Price-5.7%+3.7%+42.4%Value Gold ETF-5.9%+3.4%+34.7%

15、A summary of the performance of the unlisted classes is given below.From 1 Apr 2023to30 September 20232023 YTD(as at30 September)Since inceptionValue Gold ETF Unlisted Class A Acc USD-5.6%+3.0%+6.9%Value Gold ETF Unlisted Class A Acc HKD-5.9%+3.4%+7.8%The difference in performance between the LBMA G

16、old Price and the Value Gold ETF is mainly attributed to fees and expenses.The historical tracking error for the NAV of the Fund against the LBMA Gold Price was at 2 basis points on an annualised basis since its inception on 29 October 2010.All performance figures are sourced from HSBC Institutional

17、 Trust Services(Asia)Limited and Bloomberg,in HKD,NAV to NAV with dividends reinvested,as at 30 September 2023.Performance data is net of all fees.Investors should note that investment involve risk.The price of units may go down as well as up and past performance is not indicative of future results.

18、VALUE GOLD ETF(A Hong Kong Unit Trust)SEMI-ANNUAL REPORT 2023For the six months ended 30 September 20235STATEMENT OF FINANCIAL POSITION(UNAUDITED)AS AT 30 SEPTEMBER 2023 30.9.2023 31.3.2023 HK$HK$ASSETSCommodities 1,741,908,253 1,862,124,973Other receivables 2,477Cash and cash equivalents 2,131,252

19、4,008,926 TOTAL ASSETS 1,744,039,505 1,866,136,376 LIABILITIES Amounts due to unitholders 421Management fees payable 1,184,933 605,971 TOTAL LIABILITIES(EXCLUDING NET ASSETS ATTRIBUTABLE TO UNITHOLDERS)1,184,933 606,392 NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 1,742,854,572 1,865,529,984 30.9.2023 31.

20、3.2023Listed Class of Units:Net asset value per unit based on 37,500,000 (31.3.2023:37,800,000)units outstanding HK$44.5837 HK$47.3584 Unlisted Class of Units:Net asset value per unit based on Class A HKD Acc Units 2,503,761 (31.3.2023:2,503,761)units outstanding HK$10.7749 HK$11.4455 Class A USD Ac

21、c Units 525,728 (31.3.2023:525,717)units outstanding US$10.6876 US$11.3223 Note:The semi-annual report has applied the same accounting policies and methods of computation as are applied in the annual report of the Fund for the year ended 31 March 2023.VALUE GOLD ETF(A Hong Kong Unit Trust)SEMI-ANNUA

22、L REPORT 2023For the six months ended 30 September 20236STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME(UNAUDITED)FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023 30.9.2023 30.9.2022 HK$HK$Interest income 19,672 1,875Net losses from commodities(106,171,623)(241,786,396)Other income 128,561 27,0

23、27 Net investment losses(106,023,390)(241,757,494)Management fees Note 1 3,673,442 3,547,233Transaction fees 75,065 7,571Net foreign exchange losses 12,093 1,914 Operating expenses 3,760,600 3,556,718 DECREASE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FROM OPERATIONS(109,783,990)(245,314,212)Note 1

24、During the periods ended 30 September 2023 and 2022,other than management fees that paid to Manager,no other amounts paid to the Manager or their connected persons.VALUE GOLD ETF(A Hong Kong Unit Trust)SEMI-ANNUAL REPORT 2023For the six months ended 30 September 20237STATEMENT OF CHANGES IN NET ASSE

25、TS ATTRIBUTABLE TO UNITHOLDERS(UNAUDITED)FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023 30.9.2023 HK$AT 1 APRIL 2023 1,865,529,984 Issue of redeemable units 28,191,388 Redemption of redeemable units (41,082,810)Net decrease from unit transactions (12,891,422)DECREASE IN NET ASSETS ATTRIBUTABLE TO UNITHO

26、LDERS (109,783,990)AT 30 SEPTEMBER 2023 1,742,854,572 The movement of number of units in issue during the period was as follows:Number of units 30.9.2023Listed Class of Units:At the beginning of the period 37,800,000Issue of redeemable units 600,000Redemption of redeemable units (900,000)At the end

27、of the period 37,500,000 Unlisted Class of Units:Class A HKD Acc Units At the beginning of the period 2,503,761 At the end of the period 2,503,761 Class A USD Acc Units At the beginning of the period 525,717Issue of redeemable units 11 At the end of the period 525,728 VALUE GOLD ETF(A Hong Kong Unit

28、 Trust)SEMI-ANNUAL REPORT 2023For the six months ended 30 September 20238STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS(UNAUDITED)(Continued)FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023 30.9.2022 HK$AT 1 APRIL 2022 1,885,781,195 Issue of redeemable units 4,046Redemption of redeemable u

29、nits (12,048,270)Net decrease from unit transactions (12,044,224)DECREASE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (245,314,212)AT 30 SEPTEMBER 2022 1,628,422,759 The movement of number of units in issue during the period was as follows:Number of units 30.9.2022Listed Class of Units:At the beginnin

30、g of the period 39,300,000Redemption of redeemable units (300,000)At the end of the period 39,000,000 Unlisted Class of Units:Class A HKD Acc Units At the beginning of the period 2,503,761 At the end of the period 2,503,761 Class A USD Acc Units At the beginning of the period 525,687Issue of redeema

31、ble units 46 At the end of the period 525,733 VALUE GOLD ETF(A Hong Kong Unit Trust)SEMI-ANNUAL REPORT 2023For the six months ended 30 September 20239STATEMENT OF CASH FLOWS(UNAUDITED)FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023 30.9.2023 30.9.2022 HK$HK$OPERATING ACTIVITIESInterest income received 22

32、,149 1,420Proceeds from sales of commodities 42,920,498 15,363,288Purchase of commodities(28,875,401)Operating expenses paid(3,053,077)(4,838,827)CASH FLOWS GENERATED FROM OPERATING ACTIVITIES 11,014,169 10,525,881 FINANCING ACTIVITIES Proceeds from issue of redeemable units 28,191,388 4,046Payment

33、on redemption of redeemable units(41,083,231)(12,048,270)CASH FLOWS USED IN FINANCING ACTIVITIES(12,891,843)(12,044,224)NET DECREASE IN CASH AND CASH EQUIVALENTS(1,877,674)(1,518,343)CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 4,008,926 2,782,130 CASH AND CASH EQUIVALENTS AT THE END OF

34、THE PERIOD 2,131,252 1,263,787 ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTSCash at bank 2,131,252 1,263,787 VALUE GOLD ETF(A Hong Kong Unit Trust)SEMI-ANNUAL REPORT 2023For the six months ended 30 September 202310INVESTMENT PORTFOLIO(UNAUDITED)AS AT 30 SEPTEMBER 2023%of net Holdings Fair value

35、assets Fine weight of grams HK$COMMODITIESGold bullion 3,697,630 1,741,908,253 99.95 Total commodities 1,741,908,253 99.95 Cash and cash equivalents 2,131,252 0.12Other net liabilities (1,184,933)(0.07)Total net assets 1,742,854,572 100.00 Total investments,at cost 1,437,850,179 VALUE GOLD ETF(A Hon

36、g Kong Unit Trust)SEMI-ANNUAL REPORT 2023For the six months ended 30 September 202311STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS(UNAUDITED)FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023%of net assets 30.9.2023 31.3.2023 COMMODITIESGold bullion 99.95 99.82 Total commodities 99.95 99.82 Cash and cash equ

37、ivalents 0.12 0.21Other net liabilities(0.07)(0.03)Total net assets 100.00 100.00 VALUE GOLD ETF(A Hong Kong Unit Trust)SEMI-ANNUAL REPORT 2023For the six months ended 30 September 202312PERFORMANCE RECORD(UNAUDITED)FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023Comparison of the scheme performance and t

38、he Benchmark performanceThe table below illustrates the comparison between the performance of the Benchmark and the listed class and unlisted classes during the following periods:From 1 April 2023 From 1 April 2022 to 30 September to 30 September 2023 2022LBMA Gold Price-5.7%-12.8%Value Gold ETF-Listed Class-5.9%-13.0%Value Gold ETF-Unlisted Class A HKD Acc-5.9%-13.0%Value Gold ETF-Unlisted Class A USD Acc-5.6%-13.2%