In recent years, interest in cryptocurrency investments has surged globally. While many countries have embraced Bitcoin spot ETFs, Taiwan’s financial regulations have placed restrictions on direct access. Due to Financial Supervisory Commission (FSC) limitations, local investors cannot currently purchase Bitcoin ETFs through domestic brokers via dual委托 (complex委托). Instead, they must rely on overseas brokerage platforms to gain exposure.
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However, there is a homegrown alternative that offers indirect exposure to the blockchain and digital asset ecosystem: the Cathay Global Digital Payment Services ETF (ticker: 00909), launched by Cathay Asset Management in 2022. Though not a direct crypto ETF, this fund focuses on companies tied to digital payments, blockchain infrastructure, and cryptocurrency-related services — making it Taiwan’s closest domestic option for investors seeking crypto-adjacent opportunities.
Since the U.S. Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETFs in January 2025, these products have collectively attracted over $12.5 billion in net inflows within just five months. This growing institutional adoption highlights the demand for regulated crypto access — a trend Taiwanese investors are watching closely.
Despite regulatory hurdles, Cathay’s 00909 ETF has gained attention as a proxy play on the crypto market’s momentum. In early 2025, fueled by Bitcoin’s rally — which repeatedly hit new all-time highs — the fund surged past NT$30 per unit, marking its highest price to date.
What Is the Cathay Digital Payment Services ETF?
The Cathay Global Digital Payment Services ETF (00909) tracks the Solactive Global Digital Payment Services Index, selecting companies from developed markets including Taiwan and South Korea (excluding China). To qualify, firms must meet minimum thresholds:
- Market capitalization of at least $200 million
- Average daily trading volume exceeding $3 million over the past three months
This ensures liquidity and stability while targeting firms actively involved in digital transaction technologies, fintech innovation, and blockchain-enabled financial services.
Top Holdings: Exposure to Key Crypto-Ecosystem Players
According to data from Macromicro, the fund’s top holdings include several high-profile names closely associated with the cryptocurrency space:
- MicroStrategy (9.41%): Originally a business intelligence software provider, MicroStrategy became a major Bitcoin advocate under CEO Michael Saylor. It now holds approximately 214,400 BTC, making it the public company with the largest Bitcoin treasury.
- Coinbase (6.72%): As the largest U.S.-based cryptocurrency exchange, Coinbase provides trading, custody, and staking services for major digital assets like Bitcoin and Ethereum.
- NVIDIA (6.8%): A leader in GPU manufacturing, NVIDIA’s chips are widely used not only in AI development but also historically in cryptocurrency mining operations.
- Robinhood Markets (6.83%): Known for commission-free stock trading, Robinhood also offers retail investors easy access to cryptocurrencies such as BTC, ETH, and DOGE.
- Block Inc. (5.04%): Formerly Square, Block operates Cash App, which allows users to buy and sell Bitcoin. Founder Jack Dorsey is a well-known Bitcoin supporter.
These positions provide indirect exposure to crypto market movements without holding digital assets directly.
Performance and Dividend History
Since its listing in July 2022, the 00909 ETF has distributed dividends twice:
- First distribution: NT$0.23 per share, yielding an annualized dividend rate of 1.33%
- Second distribution (April 18, 2025): NT$1.81 per share, boosting the annualized yield to 6.85%
While dividend returns are attractive compared to traditional equity ETFs, performance should also be evaluated against broader market trends.
As of mid-2025, the fund trades around NT$25.56, reflecting a year-to-date gain of nearly 14%. Solid, but modest when contrasted with Bitcoin’s year-to-date surge of over 60%.
It’s important to note that this ETF does not directly track cryptocurrency prices. Instead, it reflects the performance of publicly traded companies operating in or benefiting from the digital payment and blockchain sectors — many of which have diversified revenue streams beyond crypto.
Additionally, investors should account for fees: the total expense ratio (management + administrative) is approximately 1% per year, which can erode long-term returns if underlying assets underperform.
Frequently Asked Questions (FAQ)
Q: Is Cathay 00909 a cryptocurrency ETF?
A: No. It is an ETF that invests in global equities related to digital payment services and blockchain technology, including companies like Coinbase and MicroStrategy. It does not hold any cryptocurrencies directly.
Q: Can I get exposure to Bitcoin through this fund?
A: Indirectly, yes. Companies like MicroStrategy and Coinbase are highly correlated with Bitcoin price movements. However, their stock prices are also influenced by corporate earnings, regulation, and broader market sentiment.
Q: How often does 00909 pay dividends?
A: The fund has paid dividends twice since inception — once in 2023 and again in April 2025. Payout frequency depends on portfolio income and fund policy.
Q: Are there plans for Taiwan to approve Bitcoin ETFs?
A: As of now, the FSC has not approved domestic or dual委托 access to overseas Bitcoin spot ETFs. Discussions are ongoing, with regulators emphasizing a cautious, gradual approach due to concerns about volatility and intrinsic value.
Q: What are the risks of investing in 00909?
A: Key risks include exposure to stock market fluctuations, currency risk (as it holds foreign equities), concentration in tech stocks, and potential decoupling from actual crypto price trends.
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The Future of Crypto Investment in Taiwan
The question remains: Will Taiwan eventually allow local investors to access global Bitcoin ETFs through domestic brokers?
Currently, the FSC maintains a conservative stance. Chairman Huang Tien-mu has acknowledged the growing interest but emphasized that virtual assets lack intrinsic value and exhibit high volatility. He previously directed the Securities Association to assess the feasibility of including Bitcoin spot ETFs under the dual委托 framework by April 2025 — though no official update has been released yet.
Longer term, whether Taiwan will launch its own crypto-based ETFs depends on regulatory readiness, investor education, and industry self-governance frameworks. Progress is likely to be incremental rather than abrupt.
Final Verdict: Is Cathay 00909 Worth Buying?
For investors seeking direct exposure to Bitcoin or Ethereum, Cathay’s 00909 ETF may fall short. Its diversified basket includes traditional payment processors and tech firms whose performance doesn't always mirror crypto markets.
However, for those who prefer regulated, diversified exposure through a locally listed product — especially risk-averse investors wary of direct crypto ownership — 00909 offers a legitimate entry point into the digital economy theme.
It combines growth potential with dividend income and avoids the complexities of self-custody or using offshore exchanges.
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Ultimately, whether this fund is “worth buying” depends on your investment goals:
- If you’re chasing maximum upside during bull runs, pure-play crypto assets may outperform.
- If you value stability, regulation, and income, then 00909 could serve as a strategic satellite holding in your portfolio.
As regulatory landscapes evolve and more financial products emerge, Taiwanese investors may soon have better options — but for now, Cathay’s digital payment ETF stands as the most accessible crypto-concept fund available domestically.
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