This week, three major Chinese fund companies, China Asset Management, Harvest International and Bosera Fund Management, were approved by the Hong Kong Securities Regulatory Commission to launch 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 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 Bitcoin and Ethereum spot ETFs issued by China Asset Management charge a management fee cap of 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.