Pandu Bitcoin ETF Monthly Report (April)

<About Pando>

Pando Limited ("Pando") is a Hong Kong Securities and Futures Commission (SFC) licensed company providing digital asset management services. As an active participant in the digital asset management space, Pando has obtained SFC Type 1, Type 4, and Type 9 licenses and can provide a series of regulated services related to digital assets. At the same time, Pando is also authorized to launch two actively managed ETF products and two passively managed digital asset ETF products. Through strategic planning, Pando has accumulated extensive experience in digital asset management and is committed to providing diversified investment solutions.

Important Information:

Investing involves risks. Fund prices may rise or fall, and you may lose part or all of your investment. Past performance information is not indicative of future results. Pando Bitcoin ETF (the "Sub-Fund") is a sub-fund of Pando Virtual Asset Exchange Traded Fund Series, an open-ended fund company (the "Company") established under the laws of Hong Kong with variable share capital, limited liability, and legal segregation of liabilities between sub-funds. The Company is a public umbrella open-ended fund company. The Sub-Fund is a passively managed exchange-traded fund as defined in Chapter 8.6 of the Code on Unit Trusts and Mutual Funds. The shares of the Sub-Fund ("Shares") are traded on The Stock Exchange of Hong Kong Limited ("SEHK") like stocks. The Sub-Fund does not guarantee the repayment of principal, and your investment may suffer losses. There is no guarantee that the Sub-Fund will achieve its investment objective. Pando Bitcoin ETF (the "Fund") aims to track the performance of the CME CF Bitcoin Reference Rate (Asia Pacific) (before fees) and is managed passively. Past performance is not indicative of future fund trends and returns. Its price may rise or fall, and returns cannot be guaranteed. You should not rely solely on this information to make investment decisions. As the Fund invests directly only in Bitcoin, it is subject to concentration risk, risks related to Bitcoin, and risks related to Virtual Asset Trading Platforms ("VATP"). Please note that the investment risks listed above are not exhaustive. Investors should read the fund's offering documents and product key facts statement carefully for further information, including risk factors. Investors should not make investment decisions based solely on this document. This document is prepared by Pando and has not been reviewed by the SFC. Issuer: Pando Limited.

Disclaimer:

This advertisement is for reference only. This is not a solicitation or offer to buy or sell any securities or other financial instruments. Any information, including facts, opinions, or quotations, may be condensed or summarized and is as of the date of writing. Information may change without notice, and Pando Limited ("Pando") has no obligation to bring such updates to your attention. Before investing in this fund, investors should refer to the fund's constitutive documents disclosed on the company's official website and the HKEX website and read each risk factor carefully. For specific company data and the fund constitutive documents and specific risk disclosures of this ETF product, please refer to www.pandofinance.com.hk. This monthly report does not constitute an invitation or any investment advice to buy or sell any securities or funds or to engage in any transaction. The issuer of this information is Pando Limited. This information has not been reviewed by the Hong Kong Securities and Futures Commission. Investing in exchange-traded funds ("ETFs") involves a significant risk of loss and is not suitable for all investors. The valuation of ETFs may fluctuate, which may cause you to lose a substantial portion of your investment. Past results do not represent future performance. If an investment is denominated in a currency other than your base currency, changes in exchange rates may adversely affect the value, price, or income. You should not engage in ETF trading unless you fully understand the nature of the transaction you are entering and the extent to which you may suffer losses. If you do not fully understand these risks, you must seek independent advice from your financial advisor. In no event shall the content of this advertisement be construed as an express or implied promise, guarantee, or implication by or from Pando that you will profit or that losses can or will be limited in any way. Investors should note that past results do not represent future performance. Nothing in this advertisement constitutes legal, accounting, or tax advice. Pando shall not be liable for any indirect, incidental, special, punitive, or exemplary damages arising from the use or inability to use the advertisement, whether Pando has been advised of the possibility of such damages, and regardless of the form of action, whether in contract, warranty, tort (including negligence), strict liability, or otherwise. The information provided here is obtained from sources we believe to be reliable, but we do not guarantee its accuracy or completeness, nor are we liable for any loss arising from the use of this information. Pando reserves the right to correct any errors that may exist in this advertisement. The content of this advertisement has not been reviewed by the Securities and Futures Commission or any regulatory authority in Hong Kong. You should exercise appropriate caution when evaluating the value of such information. Pando Limited is committed to managing climate risks in its investment portfolio. The company has adopted a climate change risk manual to fulfill its disclosure obligations.

Virtual Asset Statement:

Virtual assets are highly speculative and risky investments. Investors should exercise extreme caution when participating in these products. The legal status of virtual assets is not clearly defined, which may affect the nature and enforceability of investors' rights in such virtual assets. Research reports on virtual assets are not reviewed by regulatory authorities, and investors are not protected by the Investor Compensation Fund. Virtual assets are not legal tender, and related transactions may be irreversible, so losses due to fraud or accidental transactions may be irrecoverable. The value of virtual assets stems from the continued willingness of market participants to exchange them for fiat currency, meaning that if the market for a particular virtual asset disappears, its value may be lost completely and permanently. There is no guarantee that virtual assets will continue to be accepted as a means of payment in the future. The volatility and unpredictability of virtual asset prices relative to fiat currency can cause significant losses in a short period. Changes in legislation and regulation may also adversely affect the use, storage, transfer, trading, and value of virtual assets. Certain virtual asset transactions may only be considered completed when recorded and confirmed by an SFC-licensed platform, which may differ from the time the client initiates the transaction. The nature of virtual assets inherently exposes them to higher risks of fraud or cyber attacks. Technical failures may also prevent clients of licensed platforms from conducting virtual asset transactions.$PANDO BITCOIN(02818.HK) $A PANDO INNO(03056.HK) $PANDO ETH(03085.HK) $A PANDO BLKC(03112.HK)