Reviewing the performance of Hong Kong's crypto ETF in the first week after its launch, why did two local asset managers buy the US version of the ETF?

1. Hong Kong spot cryptocurrency ETF was launched one week ago, and was issued simultaneously by China Asset Management (Hong Kong), Bosera Fund (International) and Harvest International, including Bitcoin and Ethereum ETF products.
2. The fundraising scale of Hong Kong ETF on the first day was about HK$2 billion, but the actual trading volume on the first day was much lower than that of the US spot Bitcoin ETF.
3. Despite the poor performance on the first day, the market is still optimistic about the future of Hong Kong ETF, and it is expected that a large amount of funds will flow into the market in the future.
4. The advantages of Hong Kong ETF over US ETF lie in the physical subscription mechanism, regional coverage and the first Ethereum spot ETF, but the high fee rate may affect long-term investors.
5. Hong Kong spot crypto ETF has a promoting effect on the crypto market, helps to strengthen the liquidity of Web3 funds, and provides a channel for funds to flow into traditional markets.