- A simple tool that can help investors investing in Metaverse related industries in APAC ex NZ. Categorizes of the companies will be considered may include but are not limited to augmented reality/virtual reality, artificial intelligence, social media. online gaming, digital transactions, devices, platforms and content.
- Experienced portfolio management team which helps investors picking APAC metaverse company actively. Portfolio management team will pick companies being involved in the Metaverse Business in both its current business and/or its future project pipeline.
*Source: Bloomberg, as of 16 Jun 2022
Samsung Asia Pacific ex NZ Metaverse Theme 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 an actively managed exchange traded fund (“ETF”) falling under Chapter 8.10 of the Code on Unit Trusts and Mutual Funds issued by the SFC (the “Code”).
1. 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.
2. Active investment management risk
• The Sub-Fund employs an actively managed investment strategy. The Sub-Fund does not seek to track any index or benchmark, and there is no replication or representative sampling conducted by the Manager. It may fail to meet its objective as a result of the Manager’s selection of investments, and/or the implementation of processes which may cause the Sub-Fund to underperform as compared to other index tracking funds with a similar objective.
3. 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.
• The Sub-Fund may invest in small and/or mid-capitalisation companies. The stock of small-capitalisation and mid-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general.
• 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 and delay the investment or repatriation of capital of the Sub-Fund.
4. Novel concept risk
• The Metaverse is a novel concept. Certain aspects of the Metaverse are based on untested technologies. The risks that the Metaverse may present to companies involved in the Metaverse Business (as further explained below) may not emerge until the technologies are more widely used. The Metaverse may expose users to fraud or scam as certain users may engage in fraudulent activities or transactions through the dishonest or illegal use of technologies or services provided by companies involved in the Metaverse Business. Future regulatory developments could also affect the viability of the Metaverse and the business prospects of the companies involved in the Metaverse Business. The values of the companies involved in the Metaverse Business may not be a direct reflection of their connection to the Metaverse, and may be affected by other business operations. The Metaverse may not grow to a scale that provides identifiable economic benefit to many or all of the companies involved in the Metaverse Business.
5. Risks related to companies involved in Metaverse Business
• Limited operating history risk. Many companies involved in the Metaverse Business have relatively limited operating histories. Prices of the securities of these companies have historically been more volatile than other securities, especially over the short term. Also, companies involved in the Metaverse Business generally face intense competition, which may have an adverse effect on their profit margins.
• Changes in technology risk. The profitability of companies involved in the Metaverse Business is particularly susceptible to product or service obsolescence due to rapid technological developments, frequent new product or service introduction and unpredictable changes in growth rates and competition for the services of qualified personnel.
• Governmental intervention risk. Companies involved in the Metaverse Business are vulnerable to substantial governmental intervention. In the event that investments in these companies and/or access to their products are restricted, the financial condition and operating results of these companies may be adversely affected.
• Regulatory risk and intellectual property risk. The Metaverse Business is subject to increasing regulatory scrutiny, including laws and regulations with respect to privacy, data protection, content regulation, intellectual property and competition. These laws and regulations are subject to change and uncertain interpretation, and could result in claims, changes to business practices, monetary penalties, increased cost of operations or declines in user growth or user engagement or otherwise undermine the Metaverse Business.
• Significant capital investment risk. Companies in the Metaverse Business generally incur significant capital investments on the research and development of their products or services, which may result in competitive pressure on their capital costs and financial condition and in turn affect their profit margins and may even result in significant operating losses in the foreseeable future. There is also no guarantee that the products or services developed by these companies will be successful or widely accepted by the general market or at all.
• Cyberattack risk. Companies involved in the Metaverse Business are prone to failures of or breaches in cybersecurity. Certain companies involved in the Metaverse Business may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service. Such risks, if materialise, could result in substantial loss of business or user data or information and material adverse impact on their performance.
• Impact from other related sectors risk. the performance of the Sub-Fund may be exposed to risks associated with different sectors and themes, including artificial intelligence, semiconductor, internet, software, communication services, interactive media and services as well as entertainment. Fluctuations in the business operations of companies in these sectors or themes will have an adverse impact on the NAV of the Sub-Fund.
6. Sector concentration risk
• The Sub-Fund’s investments are concentrated in companies involved in the Metaverse Business, which may experience relatively higher volatility in price performance when compared to other economic sectors. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments and may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the relevant sector.
7. Geographical concentration risk
• The Sub-Fund is subject to geographical concentration risks as it primarily invests in companies which have business operations related to the Metaverse Business and which may be listed, headquartered, incorporated, operating in and/or deriving substantial amount of revenue from the Asia Pacific region (excluding New Zealand). The value of the Sub-Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the region.
8. PRC related risks
• The PRC is an emerging market. The Sub-Fund invests in Chinese companies which may involve increased risks and special considerations not typically associated with investment in more developed markets, such as liquidity risk, currency risks / control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.
• The A-Share market in the PRC is highly volatile and may be subject to potential settlement difficulties. Prices of A-Shares may fluctuate to a greater degree than more developed markets. Such volatility may result in suspension of A-Shares or imposition of other measures by PRC authorities affecting the dealing/trading of Units, disrupting the creation and redemption of Units, and adversely affecting the value of the Sub-Fund. A participating dealer is also unlikely to create or redeem Units if it considers that A-Shares may not be available.
• Securities exchanges in PRC markets typically 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. All these may have a negative impact on the Sub-Fund.
9. Stock Connect risks
• The relevant regulations and rules on Stock Connect are subject to change which may have potential retrospective effect. The Stock Connect is subject to quota limitations. Where a suspension in the trading through the Stock Connect is effected, the Sub-Fund’s ability to invest in A-Shares or access PRC markets through the programme will be adversely affected, which may negatively affect the Sub-Fund’s ability to achieve its investment objective.
10. QFI regime risks
• The Sub-Fund’s ability to make investments or to fully implement or pursue its investment objective and strategy is subject to the applicable laws, rules and regulations (including restrictions on investments and repatriation of principal and profits) in the PRC, which are subject to change and such change may have potential retrospective effect.
• The Sub-Fund may suffer substantial losses if the approval of the QFI status is being invalidated as the Sub-Fund may be prohibited from trading of relevant securities and repatriation of the Sub-Fund’s monies, or if any of the key operators or parties is bankrupt/in default and/or is disqualified from performing its obligations.
11. BSE, ChiNext market and/or STAR Board risks
• Higher fluctuation on stock prices and liquidity risk: Listed companies on the BSE, ChiNext market and/or STAR Board are usually of emerging nature with smaller operating scale. In particular, listed companies on the BSE, ChiNext market and/or STAR Board are subject to wider price fluctuation limits, and due to higher entry thresholds for investors may have limited liquidity, compared to other boards. Hence, companies listed on these boards are subject to higher fluctuation in stock prices and liquidity risks and have higher risks and turnover ratios than companies listed on the Main Board of the SZSE and the SSE (collectively, the “Main Boards”).
• Over-valuation risk: Stocks listed on the BSE, ChiNext market and/or STAR Board may be overvalued and such exceptionally high valuation may not be sustainable. Stock price may be more susceptible to manipulation due to fewer circulating shares.
• Differences in regulation: The rules and regulations regarding companies listed on the BSE, ChiNext market and/or STAR Board are less stringent in terms of profitability and share capital than those on the Main Boards. The securities traded on the BSE, ChiNext market and/or STAR Board may be susceptible to higher market volatility compared to securities traded on the Main Boards.
• Delisting risk: It may be more common and faster for companies listed on the BSE, ChiNext market and/or STAR Board to delist. In particular, the BSE, ChiNext market and/or STAR Board have stricter criteria for delisting compared to other boards. This may have an adverse impact on the Sub-Fund if the companies that it invests in are delisted.
• Risk associated with transfer of listing for stocks listed on the BSE: A company listed on the BSE in which the Sub-Fund invests may apply for transfer of listing to the ChiNext market and/or STAR Board if permitted by the applicable laws and regulations, subject to meeting the listing requirements of the China Securities Regulatory Commission and the SSE or SZSE (as the case may be). The application for transfer of listing will be subject to the review and approval by SSE or SZSE (as the case may be). The application for transfer of listing, whether successful or not, may cause fluctuations in the price of the relevant stock, and hence the NAV of the Sub-Fund.
• Concentration risk: The BSE and STAR Board are newly established and may have a limited number of listed companies during the initial stage. Investments in the BSE and/or STAR Board may be concentrated in a small number of stocks and subject the Sub-Fund to higher concentration risk.
• Investments in the BSE, ChiNext market and/or STAR Board may result in significant losses for the Sub-Fund.
12. 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.
13. Risks associated with ADRs
• Exposure to depositary receipts including ADRs 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. 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.
14. Currency risk
• Underlying investments of the Sub-Fund may be denominated in currencies other than the base currency of the Sub-Fund. The NAV 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.
15. Renminbi (“RMB”) currency and conversion risk
• RMB is not a freely convertible currency as it is subject to foreign exchange control policies and repatriation restrictions imposed by the PRC government. Such government policies and restrictions are subject to change. Non-RMB based investors are exposed to foreign exchange risk. Any depreciation of RMB could adversely affect the value of investors’ investment in the Sub-Fund. Although offshore RMB (CNH) and onshore RMB (CNY) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors.
16. 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.
17. 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.
18. 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.
19. 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 the Sub-Fund’s NAV.
20. Reliance on the Manager risk
• The Manager formulates the investment strategies of a Sub-Fund and the performance of a Sub-Fund is largely dependent on the services and skills of its officers and employees as well as (where relevant) the ability of the Sub-Fund to use the Manager’s QFI status in making investments. In the case of loss of service of the Manager or any of its key personnel, as well as any significant interruption of the Manager's business operations or in the extreme case of the insolvency of the Manager, the Trustee may not be able to find successor managers with the requisite skills and qualifications as well as QFI status quickly (or at all).
21. 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.
22. Termination risk
• The Sub-Fund may be terminated early under certain circumstances, for example, where the size of the Sub-Fund falls below USD 5 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 achieve long term capital growth by primarily investing in Asia Pacific region (excluding New Zealand) companies which engage in activities relating to or provide products, services or technologies that enable the development and operation of the Metaverse (as defined below) (the “Metaverse Business”). There can be no assurance that the Sub-Fund will achieve its investment objective.|
|Investment Strategy||Active management. In seeking to achieve the Sub-Fund’s investment objective, the Sub-Fund will invest primarily (i.e. at least 70% of its NAV) in equity securities of companies (including American Depositary Receipts (“ADRs”)) which (i) are listed, headquartered, incorporated, operating in and/or deriving substantial amount of revenue from, the Asia Pacific region (excluding New Zealand); and (ii) are considered by the Manager from time to time as being involved in the Metaverse Business in both its current business and/or its future project pipeline.|
|Product Base Currency||HKD|
|Creation/ Redemption||Cash (in HKD only) or a combination of cash (in HKD only) and in-kind|
Annually (usually in December of each year) (if any) in HKD subject to the Manager’s discretion on all Units. 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||6 July 2022|
|SEHK Listing Date||7 July 2022|
|Financial Year||31 March|
|Total NAV (HKD)||46,632,894 as of 2023-01-26|
|Outstanding Units||3,076,800 as of 2023-01-26|
|Management Fee||0.85% of NAV per annum|
|Ongoing Charges Over a Year^||Estimated to be 0.85% (including management fee)|
|Base Currency||HK dollars (HKD)|
* 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 0.85% the average Net Asset Value of the Sub-Fund, and any ongoing expenses exceeding 0.85% 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.
|Official NAV per Unit in HKD||2023-01-26||15.1563||0.4413||3.00%|
|Closing Price per Unit in HKD||2023-01-26||15.2600||0.5300||3.60%|
|Exchange||Hong Kong Stock Exchange – Main Board|
|Date of Listing / Dealing||7 July 2022|
|Primary Exchange Time Zone||GMT+8|
|Exchange Ticker||3172 HK|
|Bloomberg Ticker||3172 HK|
|Trading Board Lot||50 Units|
|ABN AMRO Clearing Hong Kong Limited
Mirae Asset Securities (HK) Limited
Korea Investment & Securities Asia Limited
Valuable Capital Limited
Lu International (Hong Kong) Limited
Haitong International Securities Company Limited
|Click here for latest Market Maker list|
|2022-06-16||Product Key Fact Sheet|
|2022-12-30||Flyers as of Dec 2022|
|2022-07-06||Announcement - Indicative Net Asset Value of the Sub-Fund|
|2022-07-06||Announcement - Indicative Net Asset Value of the Sub-Fund|
|1 Mth||3 Mth||6 Mth||1 Year||YTD||Since
|SAMSUNG Asia Pacific ex NZ Metaverse Theme ETF||-||-||-||-||-||-|
|SAMSUNG Asia Pacific ex NZ Metaverse Theme ETF||-||-||-||-||-||-||-|
- Past performance is not indicative of future performance.
- Fund performance is calculated on NAV to NAV basis in HKD and assumes dividend reinvestment.
- 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 : 7 July 2022
Holdings as of 2023-01-26
|SONY GROUP CORP||6758||5.94%|
|ALIBABA GRP HOL||9988||4.77%|
|SAMSUNG ELEC CO||005930||4.46%|
|SEA LTD ADR||SE||3.78%|
|JD.COM INC - C||9618||3.54%|
|SK HYNIX INC||000660||2.55%|
|GENIUS ELEC OPT||3406||2.52%|
|HUA HONG SEMICO||1347||2.41%|
|LUXSHARE P SZHK||002475||1.94%|
|LG INNOTEK CO||011070||1.92%|
|GOERTEK IN SZHK||002241||1.84%|
|GDS HOLDINGS L||9698||1.60%|
|YONYOU NETWO CC||600588||1.46%|
|IQIYI INC ADR||IQ||1.28%|
|NEXON CO LTD||3659||1.24%|
|WILL SEMICON CC||603501||1.16%|
|THUNDER SO SZHK||300496||0.96%|
|BOE TECHNO SZHK||000725||0.89%|
|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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