According to @EricBalchunas, the cheapest Hong Kong ETF that tracks U.S. stocks charges 28 bps, underscoring a fee disadvantage versus offshore markets (source: @EricBalchunas). He reports that regional allocators prefer London- or U.S.-listed ETFs over local HK funds primarily due to lower costs (source: @EricBalchunas). He also notes the Vanguard Effect—industry-wide fee compression driven by low-cost competitors—remains very early in Hong Kong, indicating limited fee competition to date (source: @EricBalchunas). For trading and allocation decisions, this observation aligns with a cost-driven tilt toward London/U.S. tickers versus HK counterparts until local pricing compresses (source: @EricBalchunas).