Ask your broker or search for 3425.HK (HKD counter) or 9425.HK (USD counter) on one of the trading platforms below.
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Search for MicroBit Ether Spot ETF with the stock code 3425.HK (HKD counter) or 9425.HK (USD counter) on your brokerage of choices.
Investors should not make any investment decisions based on this website alone. Please refer to the Prospectus of the Fund for details including product features and the risk factors. Investment involves risks, including the loss of principal. Past performance is not indicative of future performance. There is no guarantee of the repayment of the principal. Investors should note:
| Fund Inception Date | 20 Aug 2025 |
| SEHK Listing Date | 21 Aug 2025 |
| Fiscal Year | 31 December |
| Management Fee* | 0.50% |
| Ongoing Charges Over A Year # | 1.5% |
| Distribution Frequency | No distribution will be made |
| Base Currency | USD |
| Custodian | BOCI-Prudential Trustee Limited |
| Virtual Asset Sub-Custodian(s) | Hash Blockchain Limited acting via its associated entity HashKey Custody Services Limited |
| Virtual Asset Trading Platform(s) | HashKey Exchange, operated by Hash Blockchain Limited |
* Please note that these fees may be increased up to a permitted maximum on giving one month’s notice to the Shareholders. Please refer to the Fund's Prospectus for further details of the fees and charges payable and the permitted maximum of such fees allowed as well as other ongoing expenses that may be borne by the Fund.
# This is indicative only as the Fund is newly set up. The estimated ongoing charges figure represents the estimated ongoing expenses chargeable to the Sub-Fund over a 12-month period expressed as a percentage of the Fund’s estimated average NAV over the same period. The actual figures may be different from the estimate and may vary from year to year. For the first 12-month period from the launch of the Fund, the ongoing charges figure is capped at 1.5% of the average NAV of the Fund. Any ongoing expenses exceeding 1.5% of the average NAV of the Fund during this period will be borne by the Manager and will not be charged to the Fund.
| Exchange | Hong Kong Stock Exchange |
| Stock Code | 3425 |
| ISIN | HK0001175493 |
| Board Lot Size | 100 Shares |
| Trading Currency | HKD |
| Total Net Asset Value (HKD)1 | $ |
| Outstanding Shares | |
| NAV Per Share (HKD)1 | $ |
| Exchange | Hong Kong Stock Exchange |
| Stock Code | 9425 |
| ISIN | HK0001175493 |
| Board Lot Size | 100 Shares |
| Trading Currency | USD |
| Total Net Asset Value (USD) | $ |
| Outstanding Shares | |
| NAV Per Share (USD) | $ |
| Underlying Index | CME CF Ether-Dollar Reference Rate - Asia Pacific Variant2 |
| Index Type | Price Return |
| Base Currency | USD |
| Closing Price | |
| Daily Change3 | |
| Daily Change %3 | % |
The Fund’s investment objective is to aim to provide investment results that, before fees and expenses, closely correspond to the performance of price of ether as reflected by CME CF Ether-Dollar Reference Rate - Asia Pacific Variant. There can be no assurance that the Fund will achieve its investment objective.
The Manager intends to enhance the performance of the Fund by staking up to 30% of the ether held in the portfolio of the Fund through SFC licensed virtual asset trading platform, that can perform staking activities on its own or by engaging its affiliates or third party staking service providers. As of the date of this statement, the designated staking service provider is Wancloud Limited, operating as "HashKey Cloud", an affiliate of Hashkey Exchange. Following the deduction of any service fees, staking yields will be reinvested into the Fund. Staking is the process of validating transactions on the blockchain by locking up a committed amount of ether on the blockchain network for the purposes of the proof-of-stake consensus mechanism so as to enhance the network operation. Through participating in staking, the Fund may receive staking rewards, which are in the form of ether, from the Ethereum Network. It is expected that, in general, there is no change in the ownership of the ether held by the Fund during the staking process.
| Time | Indicative NAV |
|---|---|
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-
|
-
|
| Time | Indicative NAV |
|---|---|
|
-
|
-
|
| Last | Daily Change5 | Daily Change%5 | |
|---|---|---|---|
|
NAV per Share in HKD6 |
$ | $ | % |
|
Market Closing Price in HKD7 |
$ | $ | % |
| Last | Daily Change5 | Daily Change%5 | |
|---|---|---|---|
|
NAV per Share in USD |
$ | $ | % |
|
Market Closing Price in USD7 |
$ | $ | % |
| Cumulative Returns | Fund NAV (%) | Benchmark (%) |
|---|---|---|
| 1 Month | - | - |
| 3 Month | - | - |
| 6 Month | - | - |
| 1 Year | - | - |
| YTD | - | - |
| Since Inception | - | - |
| Calendar Year Returns | Fund NAV (%) | Benchmark (%) |
|---|---|---|
| 2025 (Since listing to 31 December 2025) | - | - |
| 2024 | - | - |
| 2023 | - | - |
| 2022 | - | - |
| 2021 | - | - |
Source: MicroBit Capital Management Limited
Past performance information is not indicative of future performance. Investors may not get back the full amount invested.
The computation basis of the performance is based on the calendar year end, Net Asset Value to Net Asset Value.
These figures show how much the Fund increased or decreased in value during the calendar year shown. Performance data has been calculated in USD including ongoing charges and excluding trading costs on SEHK you might have to pay.
Where no past performance is shown, there was insufficient data available in that year to provide performance.
The Index of the Fund is CME CF Ether-Dollar Reference Rate - Asia Pacific Variant.
Fund inception date: 20 August 2025.
| Holding | Market Price (USD)* | Units | Market Value (USD) | Net Assets (%) |
|---|---|---|---|---|
| ETH | - | - | - | - |
| Others | - | - | - | - |
Total allocation percentages shown in “Holdings” table may not equal 100% due to rounding or omissions of holdings of less than 1%. Information on certain holdings of less than 1% may not be widely available and hence may not be included in the table of holdings shown.
*Source: CF Benchmarks Ltd.
Tracking Difference (TD): Tracking difference is the return difference between an ETF and its underlying benchmark/ index over a certain period of time.
ETF performance is calculated on an NAV to NAV basis and assumes reinvestment of distribution.
Tracking Error (TE): Tracking error measures how consistently an ETF follows its benchmark/ index. It is the volatility (measured by standard deviation) of that return difference.
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Eddid Securities and Futures Limited
Mirae Asset Securities (HK) Limited
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Valuable Capital Limited
Victory Securities Company Limited
China Merchants Securities (HK) Co., Limited (for HKD Counter and USD Counter)
Eclipse Options (HK) Limited (for HKD Counter only)
Ether (ETH) is the native cryptocurrency of Ethereum, a decentralized, open-source blockchain platform that enables smart contracts and decentralized applications (DApps). To operate, Ethereum requires computational resources, networking infrastructure, and energy, which are compensated through ETH payments.
Users pay transaction fees (called "gas" fees) in ETH to execute transactions and smart contracts, incentivizing validators to secure the network.
While ETH is the foundational currency of Ethereum, the platform also supports a diverse ecosystem of other tokens, which developers can create for various use cases. These tokens coexist within Ethereum’s broader cryptocurrency network, though ETH remains its core asset, essential for fueling transactions and operations.
|
|
Bitcoin, BTC |
Ether, ETH |
|
Creation time |
2009 |
2015 (Ethereum platform launch) |
|
Key use |
Digital currency, store of value and peer-to-peer Payments |
Payment of Ethereum network transaction and smart contract execution fees. |
|
Total supply cap |
21 million tokens, with a fixed and unchangeable supply. |
No fixed cap; supply fluctuates. |
|
Technical foundation |
|
|
|
Supply trend |
Gradually stabilizing, particularly as increased long-term holdings reduce circulating supply |
Supply is more flexible due to staking and burning mechanism |
|
Smart contract |
Unsupported |
Supported, allowing automatic execution of contract terms. |
|
Ecosystems |
Mainly as a currency and value storage |
Support for decentralized applications (DApps), DeFi, NFTs, etc. |
|
Market Position |
The largest cryptocurrency by market capitalization |
The second-largest cryptocurrency by market capitalization |
A Ether Spot ETF (Exchange-Traded Fund) is an exchange-traded fund listed on traditional stock exchanges. An ETF is issued and managed by professional fund managers, who directly hold actual Ether spot assets. Before deducting fees and expenses, the ETF aims to provide investment returns closely linked to the Ether index, according to its investment objectives and strategies.
By purchasing shares of a Ether Spot ETF, investors can indirectly hold Ether without having to buy, store, or manage physical Ether themselves.
Direct Ownership of Bitcoin: The fund’s asset portfolio includes actual bitcoin, and its price is closely tied to the bitcoin market price.
Trading Convenience: Investors can buy and sell ETF shares on traditional stock exchanges through brokerage accounts, just like trading stocks, without needing to use a cryptocurrency wallet or exchange.
Regulatory Compliance: Ether Spot ETFs operate within a regulatory framework, providing legal protection and transparency for investors.
Lower Barriers and Risk: Investors avoid risks associated with directly holding Ether, such as managing private keys, theft risk, and exchange security risks.
Good Liquidity: ETF shares can be freely traded during market hours, and typically offer better liquidity compared to certain cryptocurrency exchanges.
In short, a Ether Spot ETF is a regulated investment tool that allows investors to participate in bitcoin price movements easily and securely through traditional financial markets, serving as an important bridge between traditional finance and the cryptocurrency market.
Staking refers to users locking their cryptocurrency holdings in a blockchain network to participate in its operation and transaction validation process, thereby earning rewards. It provides a way to generate passive income, similar to the concept of earning interest.
Staking typically occurs on blockchains that use the Proof of Stake (PoS) consensus mechanism can enhance transaction speed, efficiency, and cost-effectiveness in blockchain networks. PoS involves a series of processes including staking, validation, and creating new blocks. Users lock up a certain amount of cryptocurrency in the network as collateral to qualify as validators (or validator nodes). The more tokens a user stakes, the higher their chance of being selected to validate the next block. When a validator successfully validates transactions and adds a new block, they receive block rewards, which are distributed proportionally to staking participants.
Generally, the more coins staked and the longer the staking period, the greater the rewards.
Staking can be done individually or through a staking pool, where multiple participants aggregate their assets to lower entry barriers and share rewards.
On April 7, 2025, Hong Kong’s Securities and Futures Commission (SFC) amended its rules to allow licensed virtual asset trading platforms and funds to provide cryptocurrency staking services. This means that Hong Kong-listed Ethereum ETFs can now legally participate in staking, allowing investors to earn staking rewards through ETFs. This also allows participants to contribute directly to strengthening the blockchain's resilience while improving its capacity to process transactions.
Marking a significant step forward in Hong Kong’s regulatory innovation and ecosystem development for crypto assets.
Bitcoin itself does not support staking because it operates on the Proof of Work (PoW) consensus mechanism rather than Proof of Stake (PoS), which significantly relies on computational power. Only cryptocurrencies using PoS can be staked.
While staking can generate passive income and support blockchain network security, it also carries several risks, including:
While staking offers passive income and supports blockchain operations, investors should carefully assess market volatility, liquidity constraints, technical, and platform security risks before participating.
Investing involves risks, including the potential loss of principal. Investments in emerging markets are subject to additional risks, such as higher market volatility and lower trading liquidity, which may lead to greater losses compared to investments in developed markets. Please carefully consider the fund’s investment objectives, risk factors, fees, and expenses before investing. These and other details are outlined in the fund’s prospectus, which should be reviewed before making an investment decision.
MicroBit Capital Management Limited is not operated, endorsed, issued, sold, or promoted by index providers (applicable to ETFs funds). For more details on index providers, including disclaimers, please refer to the relevant offering documents of MicroBit Capital Management Limited
Sources: Fund performance and index data (if applicable) are provided by MicroBit Capital Management Limited and relevant index providers. This document is prepared by MicroBit Capital Management Limited and has not been reviewed by the Securities and Futures Commission.
A crypto spot ETF differs from a crypto futures ETF primarily in how they obtain exposure to the underlying cryptocurrency.
A crypto spot ETF is an exchange-traded fund that aims to provide investment results closely corresponding to the price of the related cryptocurrency by investing in the underlying asset, before fees and expenses. This type of ETF allows investors to gain exposure to the price movements of the underlying cryptocurrency without directly purchasing or managing the cryptocurrency themselves.
A crypto futures ETF does not hold the related cryptocurrency directly. Instead, it invests in crypto futures contracts, which are agreements to buy or sell the cryptocurrency at a set price on a future date. This provides indirect exposure based on the futures market price rather than the current price of the related cryptocurrency.
Spot ETFs track the spot price of Bitcoin closely, so their value moves nearly in tandem with the crypto market price.
Futures ETFs may not track the price of the related cryptocurrency as accurately due to factors like contract rollovers, contango (futures prices higher than spot prices), or backwardation (futures prices lower than spot). These dynamics can cause tracking errors and additional costs.
With spot ETFs, investors effectively own a share of actual cryptocurrency held in custody by the fund, storing in regulated and insured storage.
Futures ETFs usually do not involve ownership of cryptocurrency and avoid risks related to storing the asset (such as hacking), since they only hold derivative contracts.
Futures ETFs may incur higher transaction costs, compared to Spot ETFs, from continuously rolling over expiring contracts and may experience inefficiencies that impact returns.
Spot ETFs, however, do not face the costs associated with rolling futures contracts.
In summary, spot ETFs provide direct, straightforward exposure to actual cryptocurrency, reflecting its spot market price, whereas futures ETFs offer indirect exposure through derivative contracts and may experience price tracking deviations and additional costs.
This material is produced by MicroBit Capital Management Limited ("MicroBit") and is intended for Hong Kong investors only. All content is for general information purposes and does not constitute an offer, solicitation, or recommendation to buy or sell any financial instruments, nor is it legal, financial, tax, or investment advice.
Investments involve risks. The value of investments can go up or down, and investors may lose some or all of their invested capital. Past performance is not a guarantee of future results. You should carefully consider your investment objectives and risk tolerance and seek advice from a professional financial advisor before making any investment decisions.
MicroBit does not guarantee the accuracy, timeliness, completeness, or reliability of the information provided. All materials are presented “as is”, without any warranties of any kind, whether express or implied, including but not limited to merchantability, fitness for a particular purpose, or non-infringement.
Securities and Futures Commission (SFC) authorization is not a recommendation or endorsement of a scheme, nor does it guarantee its commercial merits or performance. This material has not been reviewed by the SFC. Copyright © 2025 MicroBit Capital Management Limited. All rights reserved.
1 The Total Net Asset Value in HKD is indicative and for reference only and is calculated using the Total Net Asset Value in USD multiplied by the foreign exchange rate (Tokyo Composite) quoted by Bloomberg for Hong Kong dollars at 4:00 p.m. (Hong Kong time) on that dealing day.
2 The Index is provided by CF Benchmarks Ltd, the Index Provider, and is based on materially the same methodology (except calculation time) as the Index Provider’s Ether-Dollar Reference Rate (“ETHUSD_RR”). The Index serves as a once-a-day benchmark rate of the price of one ether in USD (USD/ETH), calculated as of 4:00 p.m. (Hong Kong time).
3 Index returns are for illustrative purposes only and should not be taken as an indication or guarantee of future performance. Index returns do not reflect any management fees, transaction costs or other expenses. Change indicates the change since the closing index level of the previous business day. Source: CF Benchmarks Ltd.
4 The near real time indicative NAV per Share is indicative and for reference only. The near real time indicative NAV per Share in HKD is updated every 15 seconds during SEHK trading hours using the near real time indicative NAV per Share in USD multiplied by a real-time HKD:USD foreign exchange rate calculated by Solactive AG.
5 Change is calculated on NAV to NAV basis in USD and assumes dividend will not be reinvested. Change of the official NAV per Share in USD and change of the indicative NAV per Share in HKD indicate the change of the NAV per Share since the previous business day where the SEHK is opened for normal trading (the "Dealing Day"). For more information on determination of NAV, please refer to the Prospectus of the Fund. The official NAV per Share in USD is provided by BOCI-Prudential Trustee Limited.
6 The last NAV per Share in HKD is indicative and for reference only and is calculated using the last NAV per Share in USD multiplied by the foreign exchange rate (Tokyo Composite) quoted by Bloomberg for Hong Kong dollars at 4:00 p.m. (Hong Kong time) on that dealing day.
7 Change of the closing price in HKD and USD Traded Shares indicate change of closing price since the previous SEHK trading day. Source of Closing Price: Bloomberg. The official closing NAV per Share in USD will remain unchanged during the period when the SEHK is closed.
8 Additional Participating Dealer(s) will be appointed from time to time.
9 Additional Market Maker(s) will be appointed from time to time. For the latest list of Market Maker(s), please visit HKEX website.
Index Disclaimer
CF BENCHMARKS LTD INDEX DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR CERTAIN MICROBIT CAPITAL MANAGEMENT LIMITED PRODUCTS. CF BENCHMARKS LTD, ITS LICENSORS AND AGENTS HAVE NO OTHER CONNECTION TO MICROBIT CAPITAL MANAGEMENT PRODUCTS AND SERVICES AND DO NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE ANY MICROBIT CAPITAL MANAGEMENT LIMITED PRODUCTS OR SERVICES. CF BENCHMARKS ITS LICENSORS AND AGENTS HAVE NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE MICROBIT CAPITAL MANAGEMENT LIMITED PRODUCTS AND SERVICES. CF BENCHMARKS ITS LICENSORS AND AGENTS DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY INDEX LICENSED TO MICROBIT CAPITAL MANAGEMENT LIMITED AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.
