ARX Series 28 January 2021
Index ETFs, Options, and Futures
Myths vs. Facts
Webinar presented by CFA Institute Asia-Pacific Research Exchange, supported by CFA Society Hong Kong
Webinar PresentationDownload PDF
As technology becomes an integral part of more and more aspects of our lives, our understanding of what constitutes a "technology company" is continuing to broaden and evolve. Since 2017, there has been a significant rise in interest in this sector among investors, with the technology segment accounting for a growing share of the Hong Kong market’s traded value and market capitalisation.
This change in the tech landscape is due, in significant part, to targeted market reforms. HKEX revamped its listing regime in 2018 so as to attract more companies from innovative and "new economy" industry sectors to list in Hong Kong. With this fast-growing interest in technology sector, Hang Seng Indexes Company debuted its third flagship product - Hang Seng TECH Index - in July last year. The index aims to reflect the performance of sizeable technology companies and to facilitate the development of various index-linked products, including derivatives and ETFs.
In this webinar, our speakers talk about the formation and features of the Hang Seng TECH Index. Since a general perception among investors is that index funds are mainly broad based market indices, we will explore the differences between active and passive investing strategies and how specific theme ETFs would possibly outperform active funds.
- Alan Lok, CFA, director, ethics education and professional standards, Asia-Pacific, CFA Institute
- Alexander Siu, CFA, co-head of equities product development, Markets, Hong Kong Exchanges and Clearings Limited
- Ethan Chan, CFA, fund manager, Indexing, Hang Seng Investment Management Limited
- Gary Chiu, senior research manager, Hang Seng Indexes Company
- Scott Lee, director, Asia-Pacific Research Exchange, CFA Institute
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Dr Lok is responsible for nurturing ethics trainers, producing ethics bite-size media as well as facilitating member societies to promote ethical behavior in their local capital markets. In his role, Dr Lok works with member societies to advance awareness and adoption of CFA Institute ethics and standards, as well as policy positions on ethical conduct and culture related issues. This involves outreach to local stakeholders, including the industry, financial regulator, and the public across the APAC markets. Dr Lok also manages ethics related content and events together with societies leaders as well as facilitating their outreach activities on the Asia-Pacific Research Exchange (ARX) post publication.
Dr Lok joined CFA Institute in February 2014 as the Director of Capital Markets Policy in the Standards & Advocacy Division (APAC) before moving to the role of Director, Society Advocacy Engagement (APAC) in January 2017. In that role, Dr Lok has built up close relationships with society leaders and volunteers in the APAC region. Dr Lok was also responsible for directing the establishment of the Asia-Pacific Research Exchange (ARX). Over the years, he co-authored two monographs on portfolio pumping and market manipulation, submitted numerous regulatory consultation papers, written many blogs & articles and supported the Singapore Society in their Industry Research series in the Singapore Business Times.
During the decade prior to joining CFA Institute, Dr Lok was the senior investment manager of a Chinese solar-energy conglomerate and worked as both a buy and sell-side research analyst in Singapore. Dr Lok also served as the Adjunct head of two modules in Nanyang Technological University (南阳理工学院) as well as the module leaders for various universities in Hong Kong SAR, Mainland China, and Singapore.
Dr Lok graduated with a degree in Electrical & Electronic Engineering from the Nanyang Technological University in Singapore in 2003. Subsequently, he went on to read his MBA at the University of Manchester in 2013. He obtained the FRM certification from the Global Association of Risk Professionals in 2007 and was subsequently awarded the CFA certification from the CFA Institute in 2008. Dr Lok was recently awarded a doctorate degree from the University of Middlesex, London in 2021. His latest publication was a co-authorship with ACCA entitled “21 Sector Analysis: A Questioning Framework for Investors”.
Alexander Siu is presently Co-Head of Equities Product Development team at HKEX. He joined HKEX in June 2012 and is responsible for the equities product strategy and the development and management new equities derivatives products and manages external third party licensing relationships with key partners. Alex has also previously served in Product Development roles for Fixed Income and Currency Development at Hong Kong Exchange and in incubation of China Exchanges Services Company Limited, the joint venture between HKEX, Shanghai Stock Exchange and Shenzhen Stock Exchange. Before joining HKEX, Alexander managed Business Development for Standard & Poor's Equity Research Services based in Hong Kong from May 2011. Alex led the development of Asia Equity Research Product strategy to align the organization's research offering with client demands. Alex is a CFA Charterholder and holds a Bachelor of Commerce from the University of Toronto, Canada.
Ethan joined Hang Seng Investment Management Limited (“HSVM”) in 2018 and is responsible for managing ETF and index funds. He is the lead manager of Hang Seng FTSE China 50 Index ETF (2838.HK), Hang Seng TECH Index ETF (3032.HK), Hang Seng RMB Gold ETF (83168.HK), Hang Seng China New Economy Index Fund, Hang Seng China Index Fund and Hang Seng MidCap Index Fund. Ethan has more than 10 years of experience in the financial industry and specializes in quantitative modeling for portfolio construction and optimization. Prior to joining HSVM, Ethan worked as an ETF Portfolio Manager for E Fund Management (Hong Kong) Co., Limited, where he was responsible for managing equity ETF as well as leveraged and inverse products. The fund managed by Ethan was awarded Best Tracking Error Award from HKCAMA-Bloomberg Offshore China Fund Awards, 2017. Ethan received a Bachelor degree in Financial Engineering from the Chinese University of Hong Kong and is a CFA charterholder.
Gary Chiu works as the Senior Research Manager at Hang Seng Indexes Company Limited ("Hang Seng Indexes Company"). His role is to build Hang Seng Indexes Company's leading position among professional investors through insightful sharing. He has 20 years' experience as Research Analyst covering power utilities, renewables and infrastructure sectors in Asia-Pacific during 1996-2016, and 4 years' experience as an Investor Relations Director in a listed company in 2016-2020 before joining Hang Seng Indexes Company.