The Hong Kong Securities and Futures Commission (SFC) has approved the first Solana (SOL) spot exchange-traded fund (ETF), making it the third cryptocurrency after Bitcoin (BTC) and Ethereum (ETH) to receive such approval.
It is also the first SOL spot ETF in Asia, ahead of similar products in the US.
According to the Hong Kong Stock Exchange, the ChinaAMC Solana ETF is managed by China Asset Management (Hong Kong) and will be available in RMB and USD counters.
The ETF is expected to list on 27 October, with each board lot consisting of 100 units and a minimum investment of about US$100, according to HKET.
The ETF’s virtual asset trading platform is OSL Exchange, and the sub-custodian for virtual assets is OSL Digital Securities Limited.
The management fee is 0.99%, while custodian and administration fees are capped at 1% of the fund’s net asset value, bringing the estimated annual ongoing charges ratio to 1.99%.
The ETF will not distribute dividends.
ChinaAMC Hong Kong also manages Bitcoin and Ethereum spot ETFs.
Featured image credit: Edited by Fintech News Hong Kong, based on image by igornelson via Freepik