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Global X offers currency hedged version of FANG+ ETF

Yasmine Raso8 July 2024
ETF letters sitting on 3 stacks of coins

Global X ETFs has released a currency hedged version of its popular FANG+ exchange traded fund (ETF), providing investors with exposure to the top technology innovators with minimal currency rate risk.

The new strategy, hedged to AUD, seeks to generate return for investors by tracking the performance of the NYSE FANG+ Index (AUD Hedged), which includes the Magnificent Seven tech stocks that have outperformed the broader S&P 500 for the last three years – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla.

Global X ETFs chief executive, Evan Metcalf, said the hedged ETF, trading on the Australian Securities Exchange (ASX) under ticker code FHNG, is an “attractive option” for investors with growth-oriented portfolios looking for exposure to the top innovating tech companies across segments and sectors,

“The Australian dollar has softened considerably over the past two years, and given this fluctuation, our clients are seeking to include AUD-hedged products in their portfolios. Given FANG is entirely exposed to the USD, FHNG presents a strategic way to achieve this minimised currency risk, while still offering a high growth opportunity,” he said.

“Global X remains at the forefront of capitalising on the significant potential of emerging macrotrends driven by technological advancements. With innovations such as cloud computing and artificial intelligence having only just scratched the surface, we are committed to offering investors solutions that engage with these transformative and long-term structural trends.”

The Global X FANG+ ETF was originally launched in 2020 and has now grown to over $645 million in net assets. FHNG is the manager’s 39th product in its line of ETFs in Australia, with plans to introduce a currency hedged version of its physical gold ETF later this year.

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