Fubon Fund Management has launched a new ETF in Hong Kong providing exposure to Asian companies that are aligned with the theme of energy storage technology.
The ETF captures the performance of companies poised to benefit from increased demand for batteries.
The Fubon ICE FactSet Asia Battery and Energy Storage Technology Index ETF (3405 HK) has been listed on the Stock Exchange of Hong Kong in Hong Kong dollars.
The fund comes with a management fee of 0.80% and estimated ongoing charges over a year of 1.20%.
The ETF is linked to the ICE FactSet Asia Battery and Energy Storage Technology Index which selects its constituents from a universe of stocks listed in Mainland China, Hong Kong, Japan, Korea, Singapore, and Taiwan.
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Companies must have market capitalizations above $100 million and average daily trading volumes greater than $1m to be eligible for selection.
The methodology screens for firms that derive at least 50% of their revenue from certain FactSet industries that are linked to the energy storage theme. Firms that manufacture batteries and related metals and chemicals, those that develop battery storage technologies, and those that manufacture equipment used in the battery value chain are classified as ‘Category 1’ companies.
Firms that derive at least 50% of their revenue from mining lithium ore or manufacturing lithium compounds are classified as ‘Category 2’ companies.
From the total pool of both Category 1 and Category 2 companies, the ten largest firms from each country are selected. From within this smaller pool, the 15 largest Category 1 companies and 15 largest Category 2 companies are selected to form the final index.
Constituents are weighted by float-adjusted market capitalization subject to a single security cap of 5% and an aggregate cap of 50% on all stocks from Mainland China and Hong Kong. The index is reconstituted and rebalanced on a quarterly basis.