China Asset Management purchased $1 billion worth of insurance for Bitcoin and Ethereum ETF assets, which may reduce management fees to 0.65%
Golden Finance reported that according to Hong Kong media Ming Pao, China Asset Management, Harvest International and Bosera Fund, three major Chinese fund companies, were approved by the Hong Kong Securities Regulatory Commission this week to issue one Bitcoin and one Ethereum spot ETF each. According to the product summary, China Asset Management's ETF has the highest annual expense ratio, reaching 1.99%; Harvest and Bosera's ETFs have annual expense ratios of 1% and 0.85% respectively, which are still generally higher than the Bitcoin spot ETFs issued in the United States. It is understood that China Asset Management's high expense ratio partly reflects that the bank has purchased insurance worth a total of US$1 billion for related assets. The management fee cap for the Bitcoin and Ethereum spot ETFs issued by China Asset Management is 0.99% of AUM, and there is an internal assessment that the actual fee can be reduced to 0.65%. Bloomberg ETF analyst James Seyffart believes that Harvest's 6-month management fee exemption and the lowest fees are likely to lead to a fee reduction war among Hong Kong fund companies.
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