Hong Kong will launch a new Bitcoin exchange-traded fund (ETF) that will allow investors to short Bitcoin as it rises, Bloomberg reported. The move is part of Hong Kong’s multi-year effort to become a crypto-friendly hub to compete with Singapore and Dubai.

In an interview with Bloomberg Intelligence, Ms. Chen of Southern East Asset Management (CSOP) said that it is expected that the inverse Bitcoin ETF can attract $50 million to $100 million in assets in a few years, with a management fee of 1.99%. She also mentioned that CSOP is preparing to launch an inverse ETH ETF.

Global inverse crypto exchange-traded products have attracted about $106 million in funds to date. Hong Kong authorities have licensed two crypto exchanges for limited retail trading. Hong Kong's Bitcoin and Ether ETFs currently have total assets of $362 million. CSOP expects demand for its inverse Bitcoin ETF to come from investors in Japan, South Korea and Singapore.