HK BTC Spot ETFs Fee War Anticipated, Harvest's 0% Offer Sparks Competition

IconCrypto News Terminal24 Apr, 2024

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HK BTC Spot ETFs Fee War Anticipated, Harvest's 0% Offer Sparks Competition

Hong Kong is bracing for a fee war in the Bitcoin spot ETF market, as management fees for these products hit record lows. Bloomberg ETF analyst James Seyffart predicts that the upcoming Bitcoin and Ether (ETH) spot ETFs in Hong Kong could trigger an intense fee competition among issuers. According to sources cited by Seyffart, China Asset Management's (华夏基金) Bitcoin spot ETF will charge a management fee of 0.99%, while Harvest Global Investments and Bosera-HashKey have set their fees at 0% (0.3% after 6 months) and 0.6%, respectively. Harvest, Bosera-HashKey, and other issuers received formal approval from the Securities and Futures Commission (SFC) to launch their BTC and ETH spot ETFs on the same day. The SFC conditionally approved applications from these issuers to launch their spot ETFs on December 15, 2023. Previously on December 15, 2023, the SFC conditionally approved applications from several issuers to launch Bitcoin and Ether spot ETFs in Hong Kong.

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