The Hong Kong Securities and Futures Commission (SFC) has approved the region’s first spot ETF based on Solana. This was reported by the Hong Kong Economic Times.
Trading of the product, managed by China Asset Management, will commence on October 27.
Solana becomes the third cryptocurrency after Bitcoin and Ethereum to have a spot ETF approved in Hong Kong.
The minimum investment amount will be approximately $100. Each trading unit will consist of 100 shares. The instrument will be traded on the OSL Exchange, with custodial services provided by OSL Digital Securities.
The management fee for the fund is 0.99%. Storage and administration expenses are capped at 1% of the net asset value. The total annual expense ratio is 1.99%. No dividend payments are expected.
What About SOL?
Since the beginning of the year, the “people’s cryptocurrency” has declined by 2.53%, unlike other major assets with ETFs.
At the time of writing, the asset is trading at ~$184.
However, in terms of total locked value, the ecosystem based on the “people’s cryptocurrency” is second only to Ethereum.
Over the past year, Solana’s revenue amounted to $2.85 billion, primarily from trading platforms.