The move by Swiss bank UBS to launch its first exchange-traded funds in Hong Kong this year with primary listed products is set to test which approach can be most successful in Asia-Pacific, forecast to take the global ETF market from $2 trillion to $3 trillion in less than three years.

UBS is betting on the local approach adopted by few of its peers. The bank would not go into detail about its plans but said it will provide local products, rather than cross-listing those that already exist in other markets.