The SOL ETF will be launched in Hong Kong soon. The city-state joins Canada, Brazil and Kazakhstan. There has been a breakthrough in the ETF market in the US.
Hong Kong SOL ETF
The Hong Kong Securities and Futures Commission (SFC) has approved a solany ETF to be listed on the Hong Kong Stock Exchange. The product will be settled in yuan and US dollars – it will be possible to trade using both currencies. Each trading unit will consist of 100 shares, with a minimum investment of approximately $100. The fund will formally debut on Monday.
The ETF will be operated by OSL Exchange and OSL Digital Securities will act as a sub-custodian. ChinaAMC has set an ETF management fee of 0.99%, with custody and administration fees capped at 1% of the sub-fund’s net asset value, giving an estimated annual expense ratio of 1.99%.
Not only SOL
ChinaAMC is already known for launching Asia’s first bitcoin and ether spot ETFs.
The approval of spot salt ETFs by Hong Kong authorities is part of a broader context. Last year, Brazil became the first country to launch a spot salt ETF.
Spot salt ETFs were also launched in Canada in April. At that time, the Ontario Securities Commission (OSC) gave the green light to asset managers Purpose, Evolve, CI and 3iQ to issue salt-based ETFs.
The United States lags behind. It is true that they operate BTC and ETH ETFs, but there is a lack of funds for other cryptocurrencies, which is a bit of a disappointment, as investors assumed that this boom would result in the approval of further funds of this type.
The BTC ETF has been approved in Poland. For now, we lack altcoin or ether funds.
Bitcoin ETFs recorded positive flows yesterday: the balance of purchases and sales amounted to USD 477.2 million.
Yesterday, capital also started returning to the ETH ETF market. The balance of purchases and sales on October 21 amounted to approximately USD 142 million, which means that the sales pressure has stopped.
