The launch of the Samsung Bitcoin Futures Active ETF marks a significant milestone in the evolution of digital asset investment vehicles available to Hong Kong investors. As one of the first actively managed exchange-traded funds focused on Bitcoin futures, this product offers a regulated and transparent way to gain exposure to cryptocurrency market movements without holding digital assets directly. Below is a comprehensive overview of the ETF’s trading structure, key features, and essential investor information.
Trading Structure and Key Details
Understanding the mechanics behind the Samsung Bitcoin Futures Active ETF is crucial for both retail and institutional investors looking to participate in its market activity. The fund operates under a well-defined framework that ensures liquidity, transparency, and regulatory compliance.
Basic Fund Information
- Fund Name: Samsung Bitcoin Futures Active ETF
- Stock Code: 3135
- Stock Short Name: FA Samsung Bitcoin
- Trading Currency: Hong Kong Dollar (HKD)
- Trading Unit: 50 units per board lot
This ETF is listed on the Hong Kong Stock Exchange and designed for ease of access through standard brokerage accounts. Unlike passive index-tracking ETFs, this fund employs an active management strategy, meaning portfolio decisions are made by professional managers aiming to outperform based on market insights and futures positioning.
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Reference Benchmark and Investment Approach
Notably, this ETF does not track any specific index or benchmark. Instead, it utilizes discretionary investment decisions to allocate across Bitcoin futures contracts. The manager does not rely on simulation or representative sampling techniques, allowing greater flexibility in responding to volatility, term structure, and macroeconomic signals in the crypto derivatives market.
This active approach differentiates it from many other crypto-linked ETFs that passively mirror price movements via fixed rules. It opens opportunities for strategic timing, roll yield optimization, and risk mitigation during turbulent markets.
Liquidity and Market Making
Liquidity is a critical factor for any ETF, especially those tied to volatile underlying assets like Bitcoin. To ensure tight spreads and reliable pricing, several licensed market makers—also known as authorized participants (APs)—are designated to provide continuous two-way quotes.
Designated Market Makers
- ABN AMRO Clearing Hong Kong Limited (via licensed broker: Vivienne Court Trading Pty. Ltd.)
- Flow Traders Hong Kong Limited
- Optiver Trading Hong Kong Limited
These firms are globally recognized for their expertise in electronic trading and ETF liquidity provision. Their responsibilities include maintaining orderly markets, facilitating arbitrage mechanisms, and supporting creation/redemption processes.
For detailed obligations, refer to Appendix II of the fund's official notice and Schedule 14 of the Exchange Rules.
Pricing and Trading Mechanics
Price Quotation and Minimum Price Increment
Prices for the Samsung Bitcoin Futures Active ETF follow the Hong Kong Exchanges and Clearing (HKEX) Schedule 2 – Part D for minimum price fluctuations (tick sizes), which vary depending on the price level of the security. This ensures fair and standardized pricing across all trading sessions.
Short Selling Policy
Short selling is permitted for this ETF, and importantly, it is exempt from the short selling price test (commonly known as the "uptick rule"). This enhances market efficiency by allowing bearish sentiment to be expressed freely, contributing to more accurate price discovery—particularly important in fast-moving crypto markets.
Fee Structure and Transaction Costs
Investors should be aware of the various fees associated with buying and selling the ETF. While some charges apply broadly, others are waived for designated market makers to encourage liquidity.
| Fee Type | Rate (Buy/Sell) | Notes |
|---|---|---|
| Financial Reporting Council (FRC) Levy | 0.00015% | Exempt for market makers |
| Securities and Futures Commission (SFC) Levy | 0.0027% | Exempt for market makers |
| Investor Compensation Levy | Currently suspended | No charge at present |
| Trading Fee | 0.00565% | Exempt for market makers under differentiated rates^ |
^ Different categories of ETPs have varying fee exemption levels for market makers. Refer to the HKEX ETP webpage for full details.
Notably, stamp duty does not apply to ETF transactions in Hong Kong, making it more cost-efficient than traditional stock investments.
Net Asset Value and Transparency
Unlike traditional mutual funds, ETFs disclose their holdings and valuation metrics daily. For this fund:
- Net Asset Value (NAV) per unit: Published regularly on the official fund website
- Total outstanding units: Updated daily
- Assets under management (AUM): Also disclosed in real time
These data points are essential for assessing premium/discount levels between market price and intrinsic value.
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Additionally:
- Real-time data appears on stock counter 3135
- Official announcements and filings are submitted to HKEXnews (disclosure platform) at www.hkexnews.hk
- Comprehensive fund details are available at the official site: www.samsungetfhk.com
Settlement Process
All trades in the Samsung Bitcoin Futures Active ETF settle on a T+2 basis, meaning two business days after the transaction date. Settlement occurs through Hong Kong Securities Clearing Company (HKSCC) via the Central Clearing and Settlement System (CCASS). This aligns with standard equity settlement procedures in Hong Kong, ensuring familiarity and operational efficiency for brokers and custodians.
Frequently Asked Questions (FAQ)
Q1: Is this ETF directly invested in Bitcoin?
No. The Samsung Bitcoin Futures Active ETF invests in Bitcoin futures contracts, not physical Bitcoin. This means it gains exposure to Bitcoin price movements indirectly through regulated derivatives traded on approved exchanges.
Q2: Can individual investors trade this ETF easily?
Yes. Any investor with a standard Hong Kong brokerage account can buy or sell this ETF using stock code 3135, just like trading any other listed security. No special permissions or crypto wallets are required.
Q3: Why choose an active ETF over a passive one?
Active management allows the fund manager to adjust positions based on market conditions, potentially improving returns through tactical allocation, futures roll timing, and risk control—especially valuable in volatile crypto markets.
Q4: Are there any hidden costs I should know about?
While there are no hidden fees, investors should consider bid-ask spreads, brokerage commissions, and the small regulatory levies mentioned above. However, stamp duty exemption makes this ETF tax-efficient compared to equities.
Q5: How often is the NAV updated?
The net asset value per unit is calculated and published daily, typically after market close. This information is accessible via the fund’s official website and HKEXnews filings.
Q6: What happens if Bitcoin futures markets become illiquid?
The fund manager has risk management protocols in place, including position limits, diversification across contract maturities, and stress testing. Additionally, derivatives are traded on major regulated exchanges to minimize counterparty and liquidity risks.
Final Thoughts
The Samsung Bitcoin Futures Active ETF represents a forward-looking option for investors seeking dynamic exposure to Bitcoin within a regulated financial framework. With transparent operations, strong liquidity support, and no direct crypto custody requirements, it bridges traditional finance with next-generation digital asset trends.
Whether you're a seasoned trader or new to crypto investing, understanding its structure—from trading units and fees to NAV transparency—empowers smarter decision-making.
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