Seize the new paradigm of digital finance! The E Fund Digital Technology ETF officially launched subscriptions on February 2.

Amid the convergence of 'technological maturity and regulatory implementation' in the digital technology industry, a pivotal turning point has emerged, offering significant opportunities. $EFUND DIGITAL ETF (03434.HK)$(Tightly tracks the Wind Digital Technology Index)Officially launched subscriptions on February 2, providing investors with an efficient tool for one-click exposure to core global digital technology assets, allowing them to share in the industry's explosive growth dividends.

I. Issuance Overview

II. Key Investment Highlights

2.1 Cutting-edge sector, index returns outpacing Hong Kong and US tech

Index coverageFull digital asset industrial chain, high return volatility, andone-year and three-year returns outperforming mainstream Hong Kong and US tech indices across the board, with significant excess returns.

2.2 Full-chain layout, effortless investment in the digital asset industry chain

E Fund Digital Technology ETF tracks the Wind Digital Technology Net Total Return Index. This index selects the 30 most relevant stocks from the four core digital technology industrial chains listed in Hong Kong and the United States, making it a convenienthigh-quality tool for deploying across the entire digital asset industry chain。

2.3 Index Compilation Methodology

III. Investment Value Analysis

The era's turning point has arrived, and digital technology is ushering in a new industrial cycle

The rise of the digital technology industry is not accidental but rather an inevitable result of technological iteration, policy support, and global demand convergence. From foundational technologies to ecosystem applications, from policy frameworks to market size, the entire chain has entered an accelerated development phase, becoming an irreversible trend of the times.

On the technical level, the three core technologies of blockchain—P2P networks, asymmetric encryption, and hash algorithms—have built a solid foundation, solving trust issues in traditional finance and significantly reducing credit costs. From the birth of Bitcoin to the implementation of Ethereum smart contracts, and then to the large-scale application of stablecoins, the digital asset ecosystem has continuously improved.

Today, the scale of stablecoins has exceeded 300 billion US dollars, with on-chain transfer volumes far surpassing the combined total of Visa and Mastercard, becoming an important supplement to the global payment system; the integration of Web3.0, decentralized finance (DeFi), and real-world asset tokenization (RWA) has further generated massive application scenarios such as supply chain finance, cross-border payments, and asset tokenization, injecting sustained momentum into industrial growth.

On the policy level, the global regulatory framework is gradually becoming clearer, providing protection and guidance for industrial development.

– The US passed the 'GENIUS Act' and the 'Clarity Act' to establish clear regulatory standards for stablecoins, allowing 401k funds to invest in cryptocurrencies and promoting 'the US as the global capital of cryptocurrency';

– Hong Kong implemented the 'Stablecoin Regulations', introducing a sandbox program that attracted participation from Standard Chartered Bank, JD Technology, and others, aiming to build a global offshore hub for stablecoins;

– Domestic policies have also sent positive signals, with the central bank mentioning stablecoins and local state-owned asset management companies studying industry strategies. The '15th Five-Year Plan Proposal' explicitly promotes the internationalization of the RMB and the construction of cross-border payment systems. RMB-backed stablecoins have become an important alternative to counter dollar hegemony.

The spiraling push of Eastern and Western policies has ushered in a golden age of standardized development for the digital technology industry.

In terms of market scale, the digital technology industry has shown astonishing growth potential. Bitcoin has risen over 300 times since 2015, while Ethereum has surged nearly a thousandfold since its crowdfunding. Institutional capital is accelerating its entry – after the approval of Bitcoin ETFs in the US in 2024, net inflows into spot ETFs exceeded tens of billions of dollars in 2025, with size and liquidity continuing to rise.

At the same time, the boundaries of the industry continue to expand, ranging from mining firms and exchanges to stablecoin issuers, from technical service providers to asset reserve enterprises, forming a complete industrial chain ecosystem that provides diverse investment targets.

IV. Risk Warnings

The issuer of this page is Futu Securities International (Hong Kong) Limited or its group companies. This page was compiled and published by Futu Securities and has not been reviewed by the Hong Kong Securities and Futures Commission. Information regarding financial products on this website or application does not constitute (i) an offer, solicitation, invitation, or recommendation to buy or sell such investment products or (ii) investment advice. However, if we have solicited you to purchase such an investment product or recommended it to you, we will assess whether the investment product is reasonably suitable for you based on your financial situation, investment experience, and investment objectives. In any jurisdiction where the distribution of the information contained herein is prohibited, the information contained herein does not constitute an offer to distribute, solicit, or deal in any securities within that jurisdiction. Readers should be aware of and comply with any relevant restrictions. Before making any investment decisions, readers should fully understand the risks involved, including legal, tax, and accounting characteristics and consequences, and decide whether the investment aligns with their personal financial situation, investment goals, and risk tolerance. Seek professional advice if necessary. Investment involves risks; investors should carefully read the fund prospectus, product data summary, and related documents to understand fund details (including risk factors). Investors should particularly note the risks associated with investing in emerging markets. Please note that the prices of investment products can go up as well as down and may fluctuate significantly in a short period. Investors may not get back the full amount invested. Past performance of the fund is not indicative of future results. Any forward-looking statements in this content are not guarantees of future performance, and actual developments may differ materially from such statements. Futu Securities assumes no responsibility for any loss or consequences caused by the use of or reliance on the content of this page or any related matters.

Important Notes:

1. The E Fund (Hong Kong) Wind Digital Technology Index ETF ('Sub-Fund') is a sub-fund under the E Fund ETF Trust. The E Fund ETF Trust is an umbrella unit trust established under Hong Kong law. The Sub-Fund is classified as a passively managed ETF under Chapter 8.6 of the 'Code on Unit Trusts and Mutual Funds' issued by the Securities and Futures Commission ('SFC'). Units of the Sub-Fund ('Units') are traded on the Hong Kong Stock Exchange ('HKEX') like stocks. The investment objective is to provide investment returns that closely track the performance of the Wind Digital Technology Net Total Return Index (HKD) ('Index') (before deduction of fees and expenses). To achieve the Sub-Fund's investment objective, the fund manager will adopt either a full replication strategy or a representative sampling strategy as it deems appropriate, striving to closely track the Index's performance and thereby achieve the Sub-Fund’s investment objective and bring returns to investors. The Sub-Fund reserves the right to switch between the full replication strategy and the representative sampling strategy at its sole discretion without prior notice to investors. 2. This fund faces the following risks: a) Investment risk, b) Stock market risk, c) New index risk, d) Geographic concentration risk, e) Political, economic, and social risks in Mainland China, f) Concentration risk in the digital technology theme, g) Risks associated with small- to medium-sized companies, h) Securities lending transaction risk, i) Different trading hours risk, j) Passive investment risk, k) Trading risk, l) Tracking error risk, m) Multi-counter risk, n) Currency risk, o) Risk of distributions being paid out of capital/actual distributions being paid out of capital, p) Dependence on market makers risk, q) Termination risk. 3. The Index is a new index with a very short operational history, so investors cannot evaluate its past performance, and the Index's performance is not guaranteed. Compared to exchange-traded funds tracking indices with longer operational histories and larger scales, this Sub-Fund may carry higher risks. 4. Since the Sub-Fund tracks the market performance of two regions, Mainland China and the US, it is subject to concentration risk. Compared to broadly diversified funds (e.g., global equity funds), the Sub-Fund may experience higher volatility due to its susceptibility to fluctuations in the value of the Index triggered by adverse conditions in the Mainland China and US markets. The Sub-Fund's value may be more vulnerable to settlement risks, custody risks, and adverse events affecting Mainland China and US markets in economic, political, policy, foreign exchange, liquidity, tax, legal, or regulatory aspects. 5. You should not make investment decisions solely based on this material. Before making investment decisions, carefully read the relevant sales documents, including the risk factors section, to understand the detailed situation of this fund. Investments carry risks, and past performance is not indicative of future results. This material has not been reviewed by the SFC.

Index Provider Disclaimer:

As the calculation and publishing agent of the Wind Digital Technology Net Total Return Index (the "Index"), Wind Information Co., Ltd. ("Wind") authorizes the fund manager to use the Index for the sub-fund. This authorization does not constitute a recommendation by Wind to invest in the sub-fund, nor does it represent any guarantee or opinion by Wind on this ETF.

Wind will make every effort to ensure the accuracy of the Index calculation but makes no express or implied warranties or guarantees, including but not limited to the accuracy, completeness, or suitability of the Index. Investors should independently assess investment risks and consult professional advisors. Wind shall not be liable for any direct or indirect losses resulting from the use of the Index or investment in the sub-fund.

E Fund Hong Kong Disclaimer:

1. The issuer of this report is E Fund Asset Management (Hong Kong) Co., Ltd. This report does not constitute an invitation or recommendation to invest in fund units. When subscribing for fund units, only the application form accompanied by the fund prospectus may be used. Investment involves risks; fund prices can go up or down, and past performance is not indicative of future results. Before investing, investors should carefully read the investment risks related to the fund in the fund prospectus (including the "Risk Factors" section).

2. This report may only be distributed within certain jurisdictions. In any jurisdiction where distributing such information or making any invitation or recommendation is prohibited, or where distributing this report or making an invitation or recommendation to anyone constitutes a violation of the law, this report does not constitute such distribution or invitation or recommendation. This document is exempt from prior review and approval by the Hong Kong Securities and Futures Commission and has not been reviewed by the Hong Kong Securities and Futures Commission.

3. Recognition by the SFC does not equal a recommendation or endorsement of the scheme, nor is it a guarantee of the commercial merits or performance of the scheme, nor does it represent that the scheme is suitable for all investors, or an endorsement that the scheme is suitable for any individual investor or any class of investors.

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