Samsung’s asset management arm has launched a bitcoin futures exchange-traded fund (ETF). The new actively managed ETF is listed and traded on the Hong Kong Stock Exchange. It seeks to “provide economic exposure to the value of bitcoin,” Samsung detailed.
Samsung Bitcoin Futures ETF
Samsung Asset Management (Hong Kong) Ltd., a wholly owned subsidiary of Samsung Asset Management, a member of the Samsung group of companies, on Friday launched a bitcoin futures exchange-traded fund (ETF) called “Samsung Bitcoin Futures Active ETF.” .
The new ETF is a sub-fund of Samsung ETFs Trust III, an umbrella unit trust established under Hong Kong law, the company detailed, adding:
The investment objective of the sub-fund is to seek to provide economic exposure to the value of bitcoin by investing predominantly in prior month bitcoin futures contracts and/or microbitcoin futures contracts traded on the Chicago Mercantile Exchange (CME).
Samsung explained that the actively managed bitcoin futures ETF paves the way “for investment in future crypto technology adoption.” However, the company noted that the fund “does not directly invest in bitcoin and will not receive any bitcoin from bitcoin futures on CME.” CME is regulated by the US Commodity Futures Trading Commission (CFTC).
While bitcoin is priced in US dollars, units of the Samsung Bitcoin Futures Active ETF are listed and traded in Hong Kong dollars on the Hong Kong Stock Exchange (SEHK), the company clarified.
The bitcoin futures ETF is managed by Samsung Asset Management (Hong Kong) Ltd., while HSBC Institutional Trust Services (Asia) Ltd. is the fund manager and registrar. The fund will “enter and have exposure of up to 100%” of its net asset value (NAV) in Bitcoin Futures on CME, the company added.
The newly launched ETF is not the only crypto-related fund from Samsung Asset Management. In June last year, the Hong Kong firm launched “Samsung Blockchain Technologies ETF” and “Samsung Asia Pacific ex NZ Metaverse Theme ETF.”
What do you think about the launch of a bitcoin futures ETF by Samsung Asset Management? Let us know in the comments section.
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