Six new spot %Cryptocurrency exchange-traded funds (ETFS) have started trading in Hong Kong.

The new ETFs include %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH), the two largest cryptos, and are the first funds in Asia that give retail investors the ability to trade cryptocurrencies at spot prices.

The new crypto ETFs have been issued by three Chinese firms — China Asset Management, Bosera Asset Management, and Harvest Global Investments.

Hong Kong’s Securities and Futures Commission approved the crypto ETFs two weeks ago, giving the greenlight to both Bitcoin and Ethereum funds.

The approvals differed from America, where the U.S. Securities and Exchange Commission has approved spot Bitcoin ETFs but held off on making a decision related to Ethereum funds.

Hong Kong is the first place in the world to approve a spot Ethereum ETF.

The ETFs allow investors to track the price movements of cryptocurrencies without having to physically own digital assets and store them in crypto wallets.

However, the new crypto ETFs have gotten off to a muted started on the Hong Kong exchange, with prices rising only about 1% on their first day of trading.

Market timing could be an issue as crypto prices continue to slump from the all-time highs reached in March of this year.

Bitcoin is currently trading right around $61,000 U.S., down 3% in the last 24 hours. Ethereum is trading at $3,000 U.S. per token, down 5% in the past day.

The launch of the crypto ETFs was also dampened by news that retail investors outside of Hong Kong, in mainland China, are prevented from taking positions in the new investment vehicles.

Despite the weak opening, the spot crypto ETFs are widely viewed as a positive development for Hong Kong markets as they try to attract global investors.

Regulators in other Asian nations, notably Japan and Singapore, are weighing approving similar crypto ETF products.

The Hong Kong markets regulator said that the new ETFs allow institutional and retail investors to trade cryptocurrency assets and creates a diverse product base for the exchange.