Hong Kong media "Ming Pao" revealed that three major Chinese fund companies, Huaxia Fund, China Asset Management, and Bosera Fund, have each received approval from the Hong Kong Securities and Futures Commission for a Bitcoin and Ethereum spot ETF this week. According to the product summary, Huaxia's ETF has the highest annual expense ratio, reaching 1.99%; while the annual expense ratios of China Asset Management and Bosera's ETFs are 1% and 0.85%, respectively, which are still generally higher than the Bitcoin spot ETFs already issued in the United States. It is understood that Huaxia's high expense ratio partly reflects the bank's insurance for related asset purchases worth US$1 billion. The maximum management fee charged by the Bitcoin and Ethereum spot ETFs issued by Huaxia is 0.99% of AUM, and the actual fee can be reduced to 0.65% after internal evaluation. Bloomberg ETF analyst James Seyffart believes that due to the exemption of the first six months of management fees and the lowest cost, China Asset Management is likely to trigger a fee reduction war among Hong Kong fund companies.