The launch of the Harvest Bitcoin Spot ETF and Harvest Ether Spot ETF marks a significant milestone in the evolution of digital asset investment in Asia. These exchange-traded funds offer investors a regulated, transparent, and accessible way to gain exposure to two of the most prominent cryptocurrencies—Bitcoin and Ether—without the complexities of direct custody or blockchain management. This article outlines the detailed trading arrangements, fund structure, and key operational aspects of these ETFs, providing clarity for both retail and institutional investors.
Key Features and Trading Structure
Understanding the mechanics behind these ETFs is essential for informed participation. Below is a breakdown of their core trading parameters.
Primary Trading Details
Fund Names:
- Harvest Bitcoin Spot ETF
- Harvest Ether Spot ETF
Stock Codes:
- 3439 (Harvest Bitcoin – HKD)
- 9439 (Harvest Bitcoin – USD)
- 3179 (Harvest Ether – HKD)
- 9179 (Harvest Ether – USD)
- Trading Currencies:
Available in both Hong Kong Dollar (HKD) and US Dollar (USD) denominations, offering flexibility for international investors. Reference Indices:
- Bitcoin ETF: CME CF Bitcoin Reference Rate – BTC-USD (Asia Pacific)
- Ether ETF: CME CF Ether-USD Reference Rate – Asia Pacific Version
These benchmarks are globally recognized and provide a reliable pricing mechanism aligned with real-time market data.
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Market Making and Liquidity Support
Liquidity is crucial for smooth price discovery and tight bid-ask spreads. The following authorized participants serve as market makers across all share classes:
- Virtu Financial Singapore PTE. Ltd.
- Barclays Asia Limited
- Jane Street Asia Trading Limited
- China Merchants Securities (Hong Kong) Co. Ltd.
- CLSA Limited
- Eclipse Options (HK) Limited
- Optiver Trading Hong Kong Limited
These firms are responsible for maintaining continuous two-way quotes, ensuring that investors can enter or exit positions efficiently during trading hours.
Market makers are subject to obligations outlined in Appendix II of this notice and under Exchange Rules Schedule 14, which define minimum quote sizes, spread limits, and uptime requirements.
Trading Mechanics and Cost Structure
Standard Trading Units
- Board Lot Size: 100 units per trade
This standardization enhances accessibility while aligning with typical HKEX trading conventions.
Price Quotation
- Pricing follows the HKEX Schedule 2 (Part D) tick size table, ensuring consistency with other listed securities.
Short Selling
- Permitted, and notably, these ETFs are exempt from short sale price restrictions (commonly known as "uptick rules"). This allows for more dynamic hedging strategies and improves market efficiency.
Fee Structure Overview
| Fee Type | Rate (Buy/Sell) | Notes |
|---|---|---|
| Investor Compensation Levy | Currently suspended | No charge at present |
| SFC Transaction Levy | 0.0027% | Exempt for market makers |
| Clearing House Transaction Levy (ICVL) | 0.00015% | Payable in HKD; USD trades converted using daily HKEX rate |
| Trading Fee | 0.00565% | Varies by product type; market maker exemptions apply |
* All fees are payable in Hong Kong Dollars, even for USD-denominated trades. Conversion uses the official exchange rate published daily on the HKEX website.
^ Detailed fee waivers for market makers vary by ETP category and can be found on the HKEX ETP information page.
Fund Information and Transparency
Transparency is a cornerstone of investor trust. To ensure timely access to critical data, the fund manager provides regular updates through multiple channels:
- Real-time Stock Display: Data available under stock codes 3179, 3439, 9179, and 9439 on major brokerage platforms.
HKEXnews ("Disclose Easy"): Official disclosures including:
- Net Asset Value (NAV) per unit
- Total outstanding units
- Total assets under management (AUM)
- Official Fund Website: Comprehensive resources at etf.harvestglobal.com.hk, including fact sheets, prospectuses, and performance reports.
This multi-channel approach ensures that investors—whether active traders or long-term holders—can make decisions based on accurate, up-to-date information.
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Settlement Process
All transactions settle via Hong Kong Securities Clearing Corporation’s (HKSCC) Central Clearing and Settlement System (CCASS) on a T+2 basis.
This means:
- Trade date = T
- Settlement and delivery of securities and funds occur on the second business day after trading
This standardized process aligns with global best practices and integrates seamlessly with existing brokerage infrastructure.
Frequently Asked Questions (FAQs)
Q1: What are spot crypto ETFs?
A spot crypto ETF holds the actual cryptocurrency (like Bitcoin or Ether) in reserve, rather than derivatives or futures contracts. This direct backing provides investors with true exposure to price movements of the underlying asset.
Q2: Why are there different stock codes for HKD and USD?
Dual currency listings allow investors to trade the same ETF in their preferred currency. While the underlying asset value is the same, pricing adjusts according to exchange rates, minimizing foreign exchange risk for local traders.
Q3: Are there any tax implications like stamp duty?
No. Unlike traditional equity trades in Hong Kong, no stamp duty applies to these ETFs. This reduces transaction costs and improves net returns over time.
Q4: How often is the NAV updated?
The Net Asset Value (NAV) per unit is calculated and published daily, typically after market close. Real-time indicative NAVs (iNAVs) are also disseminated throughout trading hours for transparency.
Q5: Can I hold these ETFs in a standard brokerage account?
Yes. These ETFs are listed on HKEX and can be held in any standard securities account that supports Hong Kong-listed products—no special wallet or crypto infrastructure needed.
Q6: How do market makers maintain liquidity?
Authorized market makers commit to providing continuous buy and sell quotes within defined spreads. Their participation reduces volatility, narrows bid-ask gaps, and ensures smoother execution—especially important during high-market volatility events.
Core Keywords Integration
Throughout this guide, we've naturally integrated key SEO terms to enhance discoverability while maintaining readability:
- Bitcoin Spot ETF
- Ether Spot ETF
- Crypto ETF trading
- Harvest Bitcoin ETF
- HKEX crypto listing
- Digital asset investment
- T+2 settlement
- Market maker liquidity
These keywords reflect high-intent search queries from investors seeking clarity on regulatory frameworks, cost structures, and access methods for cryptocurrency-based financial products in Hong Kong.
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Final Thoughts
The introduction of the Harvest Bitcoin and Ether Spot ETFs represents a pivotal development in bridging traditional finance with the digital asset ecosystem. With clear trading rules, robust market-making support, transparent pricing, and seamless integration into existing investment accounts, these products lower the barrier to entry for mainstream adoption.
As regulatory frameworks continue to mature across Asia, such innovations pave the way for broader institutional participation and long-term growth in crypto-linked financial instruments. Whether you're a seasoned trader or new to digital assets, understanding these trading arrangements empowers smarter, more confident decision-making in an evolving market landscape.