(Bloomberg) -- CSOP Asset Management lowered the fee on its first U.S. exchange-traded fund tracking Chinese stocks and plans to start two ETFs after an equity rout wiped out $5 trillion in market value.

The fund provider cut the expense ratio on the CSOP FTSE China A50 ETF, the first offered by a Chinese asset manager to American investors, to 0.7% from 0.99%, effective Thursday. The ETF, which started trading in March, is now 0.1 percentage point cheaper than the Deutsche X-trackers Harvest CSI 300 China A-Shares fund, the largest investing in yuan- denominated stocks in the U.S. with $388 million in assets.

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