Victory Securities Unveils Fee Structure for Upcoming Bitcoin and Ether ETFs

Updated: 22 April 2024

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Victory Securities, a Hong Kong-based investment firm, has recently unveiled the proposed fees for its upcoming Bitcoin and Ethereum exchange-traded funds (ETFs). This announcement is significant as it follows the recent approval of cryptocurrency ETF products in the region, despite the Hong Kong Securities and Futures Commission (SFC) not yet releasing a list of approved ETF issuers.

Navigating the Fees: What to Expect from Hong Kong’s Newest Crypto ETFs

Investors looking to purchase shares in the primary market of these forthcoming ETFs can expect fees ranging from 0.5% to 1% of the total transaction, with a minimum charge of $850, as per details from a translated report cited by Wu Blockchain on April 20. Additionally, the secondary market transactions will incur fees of 0.15% for online dealings and 0.25% for transactions conducted over the telephone.

The fee structure set by Victory Securities aligns closely with those seen in the United States, where asset managers have introduced spot Bitcoin ETFs with varying fees. For instance, Franklin Templeton has implemented a fee of 0.19%, while others range from 0.20% to 0.90%. In contrast, the Grayscale Bitcoin Trust (GBTC) charges a higher fee of 1.5%.

Exclusive: Victory Securities internally released the Hong Kong Bitcoin Ethereum spot ETF subscription guide and disclosed its charging standards. Hong Kong securities firms are selling to potential clients.

The original text of the picture is in Chinese, using Google Translate… pic.twitter.com/oCqlU6EoSm

— Wu Blockchain (@WuBlockchain) April 20, 2024

The excitement surrounding the approval of spot Bitcoin and Ether ETFs in Hong Kong, marking Hong Kong as the latest country to embrace such financial products. This approval has been met with enthusiasm, particularly from local exchanges and segments of the crypto community, though there is a level of skepticism about the potential success of these ETFs within the region.

Furthermore, it’s expected that three offshore Chinese asset managers, including the Hong Kong units of Harvest Fund Management, Bosera Asset Management, and China Asset Management (ChinaAMC), are preparing to launch their own spot Bitcoin and Ether ETFs soon. This move could potentially increase the accessibility and popularity of these digital assets in the Asian market.

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