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Samsung Asset Management to launch blockchain ETF in Hong Kong

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Hong Kong-based Samsung Asset Management (SAMHK), a neighborhood subsidiary of Samsung’s funding arm, is transferring ahead with a blockchain-themed exchange-traded fund (ETF).

The agency expects to launch its Samsung Blockchain Technologies ETF on the Hong Kong Stock Exchange on June 23, SAMHK introduced on Thursday.

The ETF seeks to attain long-term capital progress by investing in shares of firms actively concerned within the growth and adoption of blockchain applied sciences, the fund prospectus reads. The fund will spend money on blockchain-related analysis and growth companies, information suppliers, business funding companies and others.

The ETF’s composition might be managed by SAMHK’s portfolio administration crew, chargeable for filtering out companies with “small market capitalization or low trading volume.” The Samsung Blockchain Technologies ETF is a sub-fund of Samsung ETFs Trust, an umbrella unit belief established beneath Hong Kong regulation, the agency stated.

According to the announcement, SAMHK positions the brand new funding product because the “first ever global blockchain-related ETF in Hong Kong” in addition to Asia.

Carmen Cheung, head of ETF and passive funding at SAMHK, notd the growing demand for blockchain technology-based purposes, forecasting the business’s progress sooner or later, stating:

“The demand of data processing and storage will expedite with the evolution of our digital world. Blockchain technologies will further be widely used for different businesses to improve data efficiency, security and shorten the accessibility time. We see this as one of the future trends on digital transformation.”

SAMHK is considered one of a number of international subsidiaries of Samsung Asset Management, a wholly-owned subsidiary beneath the umbrella of the Samsung Group. According to official firm information, Samsung Asset Management was one of many first firms in South Korea to surpass a milestone of 100 trillion Korean received ($79 billion) in property beneath administration in 2011.

The ETF launch comes quickly after Samsung Asset Management acquired a 20% fairness stake within the United States’ ETF sponsor Amplify Holding Company in March 2022, reportedly changing into the second-largest shareholder.

Related: ‘Bitcoin-thematic’ ETF lists on Italian inventory alternate Borsa Italiana

The Samsung Group has been actively exploring the blockchain and cryptocurrency business in recent times, supporting crypto transactions on its flagman Samsung smartphones and investing in main crypto wallets. The South Korean tech large has additionally been experimenting with nonfungible tokens, launching a sensible TV lineup with an built-in NFT platform in January 2022.