CSOP MAG SEVEN ETF (3454.HK) TO LIST ON HKEX TOMORROW

HONG KONG, Nov 6 (Bernama) -- The first MAG Seven ETF in Hong Kong, CSOP MAG Seven ETF (3454.HK), will be listed on the Hong Kong Stock Exchange on November 6, 2024. In order to track the performance of the Solactive Magnificent Seven Index (the “Index”), 3454.HK deploys a full replication strategy. With listing price of about 7.8 HKD per unit, trading unit of 100, and management fee of 0.6%, 3454.HK has received initial investment of 5 million US dollars.

The term “MAG Seven”, or “Magnificent Seven”, was coined by Bank of America Chief Investment Strategist Michael Hartnett in 2023. Tech behemoths comprising Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla make up the “MAG Seven” universe. MAG Seven companies are known for their market leadership, technological influence, and impact on consumer behavior. With USD 15.41 trillion of market cap, MAG Seven stocks have now surpassed the total size of Japan, Canada and the UK's stock markets¹. MAG Seven’s weight in the S&P 500 Index has approximately tripled since 2015, rising from 11.93% to 31.65%². In the tech-heavy Nasdaq 100 Index, the proportion of MAG Seven has retained its magnificence with steady increase, dominating the market perennially³.