⁃ Provides easy access to the ordinary shares (not just depositary receipt) of prominent semiconductor companies in Korea (e.g. Samsung Electronics, SK Hynix) and Taiwan (e.g. TSMC, etc), which are relatively difficult for overseas investors to access
⁃ One-for-All: Captures the global top semiconductor players with the highest total company level revenue from semiconductor business, covering the entire supply chain including upstream (e.g. semiconductor design) and downstream (e.g. manufacturing) businesses
⁃ Provides access to US and European semiconductor giants in Asia time zone
⁃ Relatively low investment threshold to invest in a basket of global semiconductor players
⁃ Provides diversification for Hong Kong investors who tend to have Asia-focused portfolio
Source: Bloomberg, 30 September 2021
Samsung Bloomberg Global Semiconductor ETF (the “Sub-Fund”) is a sub-fund of Samsung ETFs Trust, an umbrella unit trust established under Hong Kong law. Units of the Sub-Fund (the “Units”) are listed on The Stock Exchange of Hong Kong Limited (the “SEHK”). These Units are traded on the SEHK like listed stocks. The Sub-Fund is a passively-managed index tracking exchange traded fund (“ETF”) falling under Chapter 8.6 of the Code on Unit Trusts and Mutual Funds issued by the SFC (the “Code”). The Sub-Fund is a physical ETF which invests directly in the constituent securities of the Index (as defined below).
- Investment risk
- The Sub-Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund may suffer losses. There is no guarantee of the repayment of principal.
- New Index risk
- The Index is new and has minimal operating history by which investors can evaluate its previous performance. There can be no assurance as to the performance of the Index. The Sub-Fund may be riskier than other exchange traded funds tracking more established indices with longer operating history.
- Equity market risk
- The Sub-Fund’s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.
- Some stock exchanges on which the equity securities of the Sub-Fund will invest may have the right to suspend or limit trading in any Security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets.
- Some countries in which the Sub-Fund will invest may restrict foreign investment or the repatriation of income, capital or the proceeds from sale of Securities, or may intervene with foreign exchange rates. The Sub-Fund may incur higher costs investing in these countries. These restrictions may limit the Sub-Fund’s ability to invest in these countries, delay the investment or repatriation of capital of the Sub-Fund and impact the Sub-Fund’s ability to track the performance of the Index.
- Concentration risk
- The Sub-Fund’s investments are concentrated in the semiconductor sector. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments.
- Semiconductor sector risk
- The Sub-Fund is subject to the risk that companies that are in the semiconductor industry may be particularly affected by certain factors. Such specific factors include, but are not limited to, domestic and international competition pressures, rapid obsolescence of products, the economic performance of the customers of semiconductor companies, capital equipment expenditures, significant spending on research and development, longer delivery time of products or even production stoppage.
- Furthermore, as the semiconductor sector may be deemed sensitive to national interests, the sector may be subject to government intervention, sanctions and trade protectionism. The success of companies in the semiconductor sector is typically dependent on the companies’ ability to maintain relationships with their technology partners. The semiconductors sector is also characterised by cyclical market patterns and periodic overcapacity. Any future downturn in the industry could harm the business and operating results of semiconductor companies.
- Emerging markets risk
- The Sub-Fund invests in emerging markets which may involve increased risks and special considerations not typically associated with investment in more developed markets, such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk, currency devaluation, inflation and the likelihood of a high degree of volatility.
- High market volatility and potential settlement difficulties in the markets may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may adversely affect the value of the Sub-Fund.
- Risks associated with depositary receipts
- Exposure to depositary receipts including ADRs and GDRs may generate additional risks compared to a direct exposure to the underlying stocks, including the risk of non-segregation of the underlying stocks from the depositary bank’s own assets and liquidity risks (as depositary receipts are often less liquid than the underlying stock). These may negatively affect the performance and/or liquidity of the Sub-Fund. Also, depositary receipts holders generally do not have the same right as the direct shareholders of the underlying stocks. The performance of depositary receipts may also be impacted by the related fees.
- Currency risk
- Underlying investments of the Sub-Fund may be denominated in currencies other than the base currency of the Sub-Fund. In addition, the base currency of the Sub-Fund is USD but the trading currency of the Sub-Fund is in HKD. The net asset value of the Sub-Fund and its performance may be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.
- Securities lending transactions risk
- Securities lending transactions may involve the risk that the borrower may fail to return the securities lent out in a timely manner and the value of the collateral may fall below the value of the securities lent out.
- Other currency distributions risk
- Investors should note that all Units will receive distributions in the base currency (USD) only. In the event that the relevant Unitholder has no USD account, the Unitholder may have to bear the fees and charges associated with the conversion of such distribution from USD to HKD or any other currency. The Unitholder may also have to bear bank or financial institution fees and charges associated with the handling of the distribution payment. Unitholders are advised to check with their brokers regarding arrangements for distributions.
- Distributions out of or effectively out of capital risks
- Payment of dividends out of capital or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction in the NAV per Unit of the Sub-Fund.
- Passive investments risk
- The Sub-Fund is not “actively managed” under normal market conditions, and therefore the Manager will not adopt any temporary defensive position when the Index moves in an unfavourable direction. When there is a decline in the Index, the Sub-Fund will also decrease in value. Under exceptional market conditions and/or extreme circumstances, the Manager may adopt a temporary defensive position for protection of the Sub-Fund in the best interests of the Sub-Fund and the Unitholders.
- Trading risks
- The trading price of the Units on the SEHK is driven by market factors such as the demand and supply of the Units. Therefore, the Units may trade at a substantial premium or discount to the NAV.
- As investors will pay certain charges to buy or sell Units on the SEHK, investors may pay more or receive less than the NAV per Unit when buying or selling Units on the SEHK respectively.
- Trading differences risk
- As the markets in which the Sub-Fund invests may be open when Units are not priced, the value of the securities in the Sub-Fund’s portfolio may change on days when investors will not be able to purchase or sell the Sub-Fund’s Units.
- Differences in trading hours between the markets in which the Sub-Fund invests and the SEHK may also increase the level of premium or discount of the Unit price to Sub-Fund’s NAV.
- Securities listed on certain stock exchanges are subject to trading bands which restrict increase and decrease in the trading price, while Units listed on the SEHK are not. This difference may also increase the level of premium or discount of the Unit price to Sub-Fund’s NAV.
- Reliance on market maker risk
- Although the Manager will use its best endeavours to put in place arrangements so that at least one market maker will maintain a market for the Units and that at least one market maker gives not less than 3 months’ notice prior to termination of the market making arrangement, liquidity in the market for the Units may be adversely affected if there is no or only one market maker for the Units. There is no guarantee that any market making activity will be effective.
- Tracking error risk
- Due to the fees and expenses and investment strategy of the Sub-Fund, as well as market liquidity, the Sub-Fund’s return may deviate from that of the Index. There can be no assurance of exact or identical replication at any time of the performance of the Index.
- Termination risk
- The Sub-Fund may be terminated early under certain circumstances, for example, where the size of the Sub-Fund falls below USD5 million. Any distribution received by a Unitholder on termination of the Sub-Fund may be less than the capital initially invested by the Unitholder and result in a loss.
Fund Objective and Investment Strategy
|Investment Objective||The investment objective of the Sub-Fund is to provide investment results that, before fees and expenses, closely correspond to the performance of the Bloomberg Global Semiconductor Top 20 Index (the “Index”). There can be no assurance that the Sub-Fund will achieve its investment objective.|
|Investment Strategy||Primarily Full replication, manager may pursue Representative Sampling Replication|
|Underlying Index||Bloomberg Global Semiconductor Top 20 Index|
|Product Base Currency||USD|
|Creation/ Redemption||Cash (in USD only) or a combination of cash (in USD only) and in-kind|
Semi-annually (usually in June and December of each year) (if any) subject to the Manager’s discretion. Distributions on all Units will be in USD only. Distributions may not be paid if the cost of the Sub-Fund’s operations is higher than the yield from the Sub-Fund’s cash and holdings of investment products. Distributions may be paid out of capital or effectively out of capital as well as income at the Manager’s discretion.
|Manager||Samsung Asset Management (Hong Kong) Limited|
|Trustee & Registrar||HSBC Institutional Trust Services (Asia) Limited|
|iNAV Calculation Agent||ICE Data|
|Fund Inception Date||8 Nov 2021|
|SEHK Listing Date||9 Nov 2021|
|Financial Year||31 March|
|Total NAV (USD)||11,741,941 as of 2022-08-08|
|Outstanding Units||7,750,000 as of 2022-08-08|
|Management Fee*||0.85% of NAV per annum|
|Ongoing Charges Over a Year^||Estimated to be 1.80%|
|Base Currency||US dollars (USD)|
* Please note that these fees may be increased up to a permitted maximum on giving 1 month’s notice to Unitholders. Please refer to the section of the Prospectus entitled “Fees and Expenses” for further details of the fees and charges payable and the permitted maximum of such fees allowed as well as other ongoing expenses that may be borne by the Sub-Fund.
^As the Sub-Fund is newly set up, this figure is a best estimate only and represents the sum of the estimated ongoing charges expressed as a percentage of the estimated average Net Asset Value (“NAV”). It may be different upon actual operation of the Sub-Fund and may vary from year to year. The estimated ongoing charges do not represent the estimated tracking error. For the first 12-month period from the launch of the Sub-Fund, the ongoing charges figure is capped at a maximum of 1.8% of the average Net Asset Value of the Sub-Fund, and any ongoing expenses exceeding 1.8% of the average Net Asset Value of the Sub-Fund will be borne by the Manager and will not be charged to the Sub-Fund.
Intra-day Estimated NAV
- “Intra-day Estimated NAV Per Unit” calculations as shown on Samsung website (the “data”) is provided by ICE Data Indices) and updated at 15-second intervals during HKEX Exchange trading hours. This is indicative and for reference purposes only.
- The near real time indicative NAV per Unit in HKD is calculated using a real time HKD:USD foreign exchange rate – it is calculated using the near real time indicative NAV per Unit in USD multiplied by a real-time HKD:USD foreign exchange rate quoted by ICE Data Indices LLC.
|Official NAV per Unit in HKD *||2022-08-08||11.8933||-0.2247||-1.85%|
|Closing Price per Unit in HKD||2022-08-08||12.1100||-0.1200||-0.98%|
|Official NAV per Unit in USD||2022-08-08||1.5151||-0.0286||-1.85%|
* The last Net Asset Value per Unit in HKD is indicative and for reference purposes only. It is calculated using the last Net Asset Value per Unit in USD multiplied by an assumed foreign exchange rate using the exchange rate for HKD quoted by WM Reuters at 4:00pm London time as of the same Dealing Day. When the Hong Kong market is closed, the official last Net Asset Value per Unit in USD and the indicative last Net Asset Value per Unit in HKD will not be updated.
|Underlying Index||Bloomberg Global Semiconductor Top 20 Index|
The Index is a free float market capitalisation weighted index which seeks exposure to a set of global companies that derive significant revenue from semiconductor businesses. The Index selects the largest 20 securities from the Parent Index based on total company level product segment revenue in the latest fiscal year from semiconductor businesses, i.e. industries classified as Bloomberg Industry Classification standard (BICS) Level 3 “Semiconductors” industries. The Index is constructed with a 15% cap on the weight of each constituent at each quarterly rebalancing of the Index in March, June, September and December. The Index is reconstituted semi-annually in March and September for addition and deletion of constituents.
The Index is compiled and published by Bloomberg Index Services Limited (the “Index Provider”). The Manager (and each of its Connected Persons) is independent of the Index Provider.
The Index is a price return index. A price return index seeks to replicate the price return from holding a portfolio consisting of the Index constituents and the performance of the Index is calculated on the basis that any dividends from securities comprising the Index are not re-invested. The Index is denominated and quoted in USD.
|Index Provider||Bloomberg Index Services Limited|
|Exchange||Hong Kong Stock Exchange – Main Board|
|Date of Listing / Dealing||9 Nov 2021|
|Primary Exchange Time Zone||GMT+8|
|Exchange Ticker||3132 HK|
|Bloomberg Ticker||3132 HK|
|Trading Board Lot||100 Unit|
|ABN AMRO Clearing Hong Kong Limited
Mirae Asset Securities (HK) Limited
Korea Investment & Securities Asia Limited
CGS-CIMB Securities (Hong Kong) Limited
Phillip Securities (Hong Kong) Limited
iFAST Securities (HK) Limited
Valuable Capital Limited
The Hongkong and Shanghai Banking Corporation Limited
Merrill Lynch Far East Limited
|Click here for latest Market Maker list|
|2022-5-13||Product Key Fact Sheet|
|2022-6-30||Flyers as of June 2022|
|2022-07-25||Announcement - Annual Report|
|2021-11-08||Announcement - Indicative Net Asset Value of the Sub-Fund|
|2021-10-22||Announcement Change of Auditor|
|2022-07-25||Announcement - Annual Report|
|2021-11-08||Announcement - Indicative Net Asset Value of the Sub-Fund|
|2021-10-22||Announcement Change of Auditor|
|1 Mth||3 Mth||6 Mth||1 Year||YTD||Since
|SAMSUNG Bloomberg Global Semiconductor ETF||11.54%||-3.97%||-20.12%||-||-27.75%||-25.41%|
|Bloomberg Global Semiconductor Top 20 Index||11.65%||-3.96%||-20.18%||-||-27.81%||-25.41%|
|SAMSUNG Bloomberg Global Semiconductor ETF||-||-||-||-||-||-||-|
|Bloomberg Global Semiconductor Top 20 Index (Price Return)||-||-||-||-||-||-||-|
|Bloomberg Global Semiconductor Top 20 Index (Total Return)||-||-||-||-||-||-||-|
- Past performance is not indicative of future performance.
- Fund performance is calculated on NAV to NAV basis in USD and assumes dividend reinvestment. Index performance is calculated in USD based on price return.
- The figures show by how much the ETF increased or decreased in value during the calendar year being shown.
- Where no past performance is shown, there was insufficient data available for that period to provide performance.
- The performance of the ETF may not reflect the return that the investor would actually be able to obtain as it does not capture the premium / discount of the ETF, or the trading costs.
- Investment involves risks. Investors may not get back the full amount invested. Please refer to the offering documents for more information about the ETF (not just the risks)
- Fund listing date : 9 Nov 2021
- The benchmark of the Fund: Bloomberg Global Semiconductor Top 20 Index
- The last Net Asset Value per Unit in HKD is indicative and for reference purposes only. It is calculated using the last Net Asset Value per Unit in USD multiplied by an assumed foreign exchange rate using the exchange rate for HKD quoted by WM Reuters at 4:00pm London time as of the same Dealing Day. When the Hong Kong market is closed, the official last Net Asset Value per Unit in USD and the indicative last Net Asset Value per Unit in HKD will not be updated.
Daily Tracking Difference (Daily TD)
Tracking Difference is the return difference between an ETF and its underlying benchmark/index over a certain period of time.
Tracking Error (TE)
Tracking error measures how consistently an ETF follow its benchmark/index. It is the volatility (measured by standard deviation) of that return difference.
| Tracking Difference (As of 2022-07-29)
Fund listing Date: 9 Nov 2021
|Tracking Error (As of 2022-07-29)
Fund listing Date: 9 Nov 2021
Actual TD since listing : NA
Estimated Annual TD: -2.0%
TD for calendar year 2021 : NA
Rolling 1-Year TD^ : NA
|No TE data will be displayed during the first year of listing.|
Tracking Difference Chart
Holdings as of 2022-08-08
|ASML HLDG AMS||ASML||8.77%|
|SAMSUNG ELEC CO||005930||8.48%|
|ADV MICRO DEV||AMD||6.24%|
|APPLIED MAT INC||AMAT||3.67%|
|SK HYNIX INC||000660||1.34%|
|RENESAS ELE CO||6723||0.43%|
|Ex-Date||Record Date||Payable Date||Dividend Per Share|
- Data to be shown after the first dividend pay out is made.
a) “Net Distribution Income” means (i) the net investment income (i.e. dividend income and interest income net of fees and expenses) attributable to the relevant unit class and may also include net realized gains (if any) based on unaudited management accounts. However, “net distributable income” cannot include net unrealized gains. (ii) which is not declared and paid as dividends in a period of a financial year can be carried forward as net distributable income for the next period(s) within the same financial year. “Net distributable income” that has been accrued as at the end of a financial year and is declared and paid as dividends at the next distribution date immediately after that financial year end could be treated as “net distributable income” in respect of that financial year. However, “net distributable income” which has been accrued as at the end of a financial year but is not declared and paid as dividends at the next distribution date immediately after that financial year end should be included as “capital” for the next financial year. (iii) where the fund may pay dividend out of gross income while charging / paying all or part of the fund’s fees and expenses to / out of capital, the amount of fees and expenses that has been paid out of capital has to be deducted from the gross investment income in order to come up with the “net distributable income”.
b) The composition of the latest dividends (i.e. relative amounts paid from (i) net distributable income and (ii) capital) for the last 12 months are available from the Manager on request and on www.samsungetfhk.com. The Manager may amend the above dividend policy with respect to payment of fees and/or dividends out of capital subject to the Securities and Futures Commission’s prior approval and by giving not less than one month’s prior notice to investors.
Please note that a positive distribution yield does not imply a positive return nor guarantee of distribution. Investors should not make any investment decision solely based on information contained in the table above. You should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors.
Important information about Dividend out of capital / effectively out of capital
- The Manager may in its discretion make cash distributions to Unit holders out of capital or out of gross income (while charging/paying all or part of the Product’s fees and expenses to/out of the capital of the Product) resulting in an increase in distributable income for the payment of distributions which is in effect a payment of distributions out of capital.
- Payment of distributions out of capital or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any distributions involving payment out of or effectively out of the Product’s capital may result in an immediate reduction of the Net Asset Value per Unit.
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