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Hong Kong-headquartered and Nasdaq-listed Futu Holdings (ticker: FUTU) is a retail-focused online brokerage and wealth-management platform — best known under moomoo / Futubull — that is expanding internationally while monetizing through commissions & trading-related fees, margin financing/interest, subscription and wealth-management fees. Operating in Hong Kong, U.S. (as “moomoo”), Singapore, Malaysia and other international markets, Futu positions itself as an international digital broker for Chinese and global retail investors.
The inroads it has been making in its target demographic – tech-savvy retail investors – has lately been creating impact amongst investors.
Inside Futu’s Rapid Expansion Across Asia and BeyondAs per the company’s earnings release as of the 30th of June 2025, several key metrics stand out:
Websim is the retail division of Intermonte, the primary intermediary of the Italian stock exchange for institutional investors. Leverage Shares often features in its speculative analysis based on macros/fundamentals. However, the information is published in Italian. To provide better information for our non-Italian investors, we bring to you a quick translation of the analysis they present to Italian retail investors. To ensure rapid delivery, text in the charts will not be translated. The views expressed here are of Websim. Leverage Shares in no way endorses these views. If you are unsure about the suitability of an investment, please seek financial advice. View the original at
Source: Company Information; Leverage Shares analysis
Offering its clients access (at present) primarily to U.S./HK equities, ETFs, options, futures, funds, structured products and so forth, these recent metrics seem to imply deepening commitment to the platform and products by budget-conscious and tech-savvy investors who can be spoilt for choice. As per the metrics, average client assets when examined as per funded account stands at around $43,056 and as per brokerage account at $23,664.
However, competition is tight and distributed globally.
Source: Leverage Shares analysis
What differentiates Futu from its competitors is the idea of integrated social trading, a gamified user experience, strong community engagement, and high average account value within the Chinese and Asia-Pacific retail segments.
A large portion of investor attention is likely drawn over speculation over how the company can effectively springboard off its strengths into new geographies and services offerings.
New Ways to Trade Futu’s MomentumBeing a Chinese-headquartered business, Futu faces a structural risk common for companies whose customers or user acquisition rely on China/Chinese channels. Chinese regulators and cross-border rules for onshore solicitation, fintech apps and data flows can change and have forced prior operational changes in this industry. Futu and peers have been affected by regulatory actions and market access rules in past cycles.
Given that a significant portion of Futu’s revenue comes from trading commissions/fees and margin financing, lower market volatility or prolonged bear markets could reduce trading volumes and margin utilisations, thereby introducing volatility into revenue and earnings outlook. Furthermore, Futu’s filings show large margin financing balances in the HK$50 billion+ range: growing margin loan balances boost interest income but increase credit and concentration risk (loan losses in stress events). It could also potentially trigger regulatory scrutiny of margin/leverage being offered.
However, Futu’s stock valuation has been largely optimistic so far with a 120% growth witnessed over a six-month period, i.e. from the 9th of April 2025 till the 9th of October 2025. The net sum of investor conviction seems to imply that the company has a strong survivorship bias, a well-established and growing client mix and sufficient dry powder to power through international expansions and possibly even acquisitions. In the event that the stock continues to find bullish favour in the market, professional investors might like to consider the +3X Long Futu Securities ETP (FUT3), which aims to deliver magnified exposure to the stock’s performance.
Leverage Shares also offers another product based on a brokerage: the 3X Long Robinhood ETP (HOD3) which is built on Robinhood, a U.S.-based brokerage popular among retail investors. Given that brokerages’ earnings are buoyed by monetizing market activity, these two products offer a means for investors to potentially capitalize on market investment patterns around the world.
Your capital is at risk if you invest. You could lose all your investment. Please see the full risk warning here.
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