We think they'll be lucky to get $500m. Here's why:

1. HK ETF mkt is tiny, only $50b, and Chinese locals cannot buy these, at least officially.
2. The three issuers that were approved (Bosera, China AMC, Harvest) are tiny. No big fish like BlackRock involved (yet).
3. The underlying ecosystem there is less liq/efficient = these etfs will likely see wide spreads and prem discounts.
4. The fees on these likely to be bt 1-2%. Nowhere near the dirt cheap fees in the US "Terrordome"