There are 10 ETFs trading in Hong Kong offering exposure to the CSI 300, which would be the equivalent of 10 S&P 500 ETFs in the U.S. Half of Hong Kong’s $32 billion ETF industry is invested in A-shares ETFs, according to the South China Post.

“There are 22 listed funds in Hong Kong that just deal in A shares, with 10 of those launched in the past two years,” the paper reports. All of those A-shares ETFs are making it hard for even the largest sponsors operating in Hong Kong to turn profits on those funds.

The U.S. is home to four A-shares ETFs, three of which offer physical exposure to the A-shares markets. The largest of those four is the db X-trackers Harvest CSI 300 China A-Shares Fund (NYSEArca: ASHR).

Hong Kong’s ETF market does have at least one similarity with the U.S.: Not all new ETFs introduced there are immediately successful. ETF sponsors in Hong Kong have introduced single-country funds tracking nations such as Vietnam, Pakistan and Bangladesh and sector plays as well, but some of those new ETFs have struggled to attract assets and volume, the South China post reported. [Some New ETFs Got Big in a Hurry]

ETF Trends editorial team contributed to this post.