International law firm Simmons & Simmons today announced that it has advised Samsung Asset Management (Hong Kong) Limited (SAMHK) on the launch of the Samsung NYSE FANG+ ETF (the “ETF”), the first ever FANG+ ETF in Hong Kong. It was listed today on the Stock Exchange of Hong Kong ("SEHK") and currently comprises 10 leading US-listed technology and tech-enabled companies.
This is the latest sub-fund of the Samsung ETFs Trust, an umbrella unit trust that was set up by Simmons & Simmons in January 2015.
The objective of the sub-fund is to provide investment results that, before fees and expenses, closely correspond to the performance of the NYSE® FANG+™ Index. The Index is an equally weighted index designed to track the performance of highly-traded growth stocks of technology and tech-enabled companies, media & communications and consumer discretionary sectors such as Facebook, Apple, Amazon, Netflix and Alphabet’s Google amongst others.
Eva Chan, the Simmons partner leading on the deal, commented, “The launch of the first FANG+ ETF in Hong Kong is a significant milestone, adding to the range of pioneering initiatives that the Simmons & Simmons team has led in the ETF space in Hong Kong. We are proud of our long-standing relationship with Samsung and look forward to working closely with the team to bring more innovative and groundbreaking investment products to market.”.
Carmen Cheung, Head of ETF at Samsung Asset Management said, “The Simmons team has played a crucial role in helping us navigate our latest ETF launch successfully. Their wealth of knowledge and strong track record in delivering our new investment products gives us confidence to work with them time and time again.”.