Hang Seng launches physical gold ETF in Hong Kong, plans Ethereum tokenized units
Hang Seng Investment Management has launched a physically backed gold exchange-traded fund in Hong Kong. The Hang Seng Gold ETF began trading on the Hong Kong Stock Exchange on Thursday under stock code 3170, and the firm also outlined plans for tokenized unlisted units of the same fund.
The ETF is designed to track the LBMA Gold Price AM and is structured as a passive fund that holds physical gold bars meeting London Bullion Market Association good delivery standards. Gold is stored in vaults in Hong Kong, with HSBC acting as the gold custodian. The structure permits in-cash and, in certain cases, in-gold creation and redemption by participating dealers, while retail investors trade units on the secondary market like ordinary shares.
The listed class trades in Hong Kong dollars with a board lot size of 50 units, an estimated ongoing charge of 0.40% per year and an estimated annual tracking difference of minus 0.50%. Hang Seng said the fund does not intend to make any dividend distributions, so returns will depend entirely on movements in the gold price.
The prospectus noted that gold prices surged another 4% on Thursday, pushing spot gold close to $5,530 an ounce as investors sought safe-haven assets amid economic and geopolitical uncertainty. Beyond the listed ETF, Hang Seng outlined plans for tokenized unlisted units that would represent ownership interests recorded on blockchain infrastructure.
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