Samsung’s asset management division 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 aims to “provide economic exposure to the value of Bitcoin,” Samsung detailed.
Samsung Bitcoin Futures ETF
Samsung Asset Management (Hong Kong) Limited, a wholly-owned subsidiary of Samsung Asset Management, a member of the Samsung Group, launched a Bitcoin futures exchange-traded fund (ETF) called the Samsung Bitcoin Futures Active ETF on Friday.
The new ETF is a sub-fund of Samsung ETF Trust III, a comprehensive unit trust established under Hong Kong law, the company added:
The investment objective of the Sub-Fund is to provide an economic return on the value of Bitcoin by primarily investing in near-term Bitcoin futures contracts and/or micro Bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME). It’s about providing exposure.
Samsung explained that its actively managed Bitcoin futures ETF will pave the way for “investing in the future adoption of crypto technology”. We do not accept bitcoin from CME bitcoin futures contracts.” CME is regulated by the US Commodity Futures Trading Commission (CFTC).
While Bitcoin is priced in US dollars, Samsung’s Bitcoin Futures Active ETF units are listed on the Stock Exchange of Hong Kong (SEHK) and traded in Hong Kong dollars, the company said.
The Bitcoin Futures ETF is managed by Samsung Asset Management (Hong Kong) Ltd. and HSBC Institutional Trust Services (Asia) Ltd. is the fund’s trustee and registrar. The fund will “enter into and have exposure to up to 100%” of net asset value (NAV) in CME bitcoin futures, the firm added.
The newly launched ETF is not Samsung Asset Management’s only crypto-related fund. Last June, the Hong Kong company launched the “Samsung Blockchain Technologies ETF” and the “Samsung Asia Pacific ex NZ Metaverse Theme ETF”.
What are your thoughts on Samsung Asset Management launching a Bitcoin Futures ETF? Let us know in the comments section below.
image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. NEITHER THE COMPANY NOR THE AUTHOR WILL BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY DAMAGE OR LOSS ARISING OR ALLEGED TO OCCUR ARISING OUT OF OR RELATING TO YOUR USE OF OR RELIANCE ON ANY CONTENT, PRODUCTS, OR SERVICES DESCRIBED IN THIS ARTICLE. We are not responsible.
