Hong Kong’s Solana ETFs account for 0.6% of the market: What changes will European investors face?

香港推出第二只Solana现货ETF，管理费低至0.6%

10月13日，由Pando Finance发行的Solana现货ETF（代码：02831）在香港正式亮相。该产品的年度管理费为0.6%。需要注意的是，欧洲投资者无法直接购买此产品。尽管市场准入受限，但其费率水平仍具参考意义，因为它揭示了当前Solana“包装”类金融产品的成本区间。

在德国Xetra交易所交易的两款主要Solana产品，其年度总成本率分别高达1.50%至2.50%。在长达十年的时间维度下，这一费率差距所累积的成本，甚至超过任何单日价格波动带来的收益。

基金结构与运作机制

该基金于10月6日至12日的认购期结束后，在香港联合交易所上市。继ChinaAMC的产品之后，这是香港推出的第二只Solana现货ETF，也是Pando Finance发行的第三只单一加密货币交易所交易产品（此前已有比特币和以太坊相关产品）。

该基金的设计刻意保持简洁：基金可将其净资产价值的100%持有SOL代币，但不使用衍生品，也不加杠杆。此外，基金不进行质押操作，从而放弃了Solana持仓通常能获得的网络奖励。其定价基准采用亚太区收盘时的CME CF Solana美元参考汇率。HashKey Exchange负责代币交易，HashKey Custody Services负责托管，BOCI-Prudential Trustee担任受托人。

所谓现货ETF，是指实际买入并持有加密货币，而非通过期货追踪价格的交易所交易基金。因此，基金份额价格直接跟随硬币价格变动，仅扣除运行成本。

0.6%的管理费与1.6%的运行成本并非同一概念

管理费仅是账单的一部分。Pando估计该基金的年度总运行成本为1.6%。这0.6%的差额来自托管、受托、审计及交易相关费用，这些费用均由基金资产支付。相比之下，ChinaAMC的管理费为0.99%，而预计总成本为1.99%。

比较两款产品时，应关注总费用率（Total Expense Ratio, TER），而非仅看管理费。前者出现在所有新闻稿中，后者才真正决定投资回报。在欧洲，这一指标被称为TER，涵盖从产品中持续扣除的所有成本。

为何香港基金不适用于欧洲投资者

在香港获批准的ETF不得向欧盟零售投资者分销。因此，德国券商不代销此类产品。同样，美国的Solana现货ETF也不符合欧洲的分销规则，德国证券账户甚至不会显示这些基金。

An alternative approach in the European market involves trading notes through exchange-traded products (ETPs or ETNs). Legally, these are not funds; rather, they are bearer notes secured by actual coins held by custody institutions. In practice, investors purchase these products through regular securities accounts, just like stocks. For a list of available products and details regarding the collateral used, please refer to the overview of German cryptocurrency ETFs.

Solana ETP on Xetra: 1.50% vs. 2.50%

On the Xetra exchange, two major Solana products are traded side by side, with annual fees differing by a full percentage point:

• 21Shares Solana Staking ETP (ISIN: CH1114873776, code: ASOL): Annual fee of 2.50%, with an asset management size of approximately 588 million euros.
• VanEck Solana ETN (ISIN: DE000A3GSUD3, code: VS0L): Annual fee of 1.50%, with an asset management size of approximately 76 million euros.

This difference is quite noticeable: the more expensive product holds approximately eight times more capital than the cheaper one. This is partly justified, as 21Shares’ product offers staking services and distributes some of the network rewards to investors, thereby offsetting the higher fees. The key factor is the net result after deducting fees and rewards. This information can be found in the factual statements, not in marketing materials.

21Shares has also launched a cheaper Solana product – Core Staking ETP (ISIN: CH1385084384). The total fee incurred during the issuance was 0.35%. Since the fee structure may change over time, and data from different comparison websites may vary, please refer to the issuer’s latest prospectus to confirm the current fees before purchasing.

How do these fees affect the value of Solana holdings?

For financial products backed by physical assets, the fees are not deducted directly from your account, but rather taken from the deposited holdings held by the manager. Therefore, over time, the number of coins corresponding to each share will gradually decrease. The price of the instrument itself does not decrease as a result, but your claim on SOL will become less significant.

In quantitative terms: if the annual fee is 2.50%, the number of original coins remaining after ten years would be only 77.6%; if it’s 1.50%, then it would be 86.0%. The difference between the two is 8.3 percentage points. Assuming an initial investment of 10,000 euros and unchanged prices, the difference due to packaging costs would be approximately 834 euros. In the first year, the difference seems modest (250 euros vs. 150 euros), but in subsequent years, this difference is calculated based on a reduced base.

This model assumes constant prices and ignores rewards associated with staking. It shows not how much profit investors make, but how much is spent on “packaging” regardless of price movements.

Tax considerations: the importance of a one-year holding period

In German tax law, twelve months isn’t just a formal requirement; it serves as a dividing line between taxable and non-taxable areas.

Section 23 of the German Income Tax Law stipulates that the holding period for capital gains applies only to those who directly hold ,

. If you store SOL in your own wallet or exchange, then Section 23 of the German Income Tax Law applies. If you sell after holding for more than one year, no tax is required, regardless of the amount of profit. If sold within one year, a total exemption of 1,000 euros applies to all private disposals. The German Federal Ministry of Finance confirmed this stance in a notice dated March 6, 2025.

The exemption means “everything or nothing.” Any profit exceeding one euro will be taxed, not just the excess amount. The holding period is calculated on a daily basis: if purchased on March 15, the sale can be made tax-free as early as March 16 of the following year.

This treatment does not apply to ETPs or ETNs. Whether the one-year holding period applies depends on whether the instrument includes a claim to actual delivery of coins. If there is no such claim, it is likely to be classified as investment income (Section 20 of the EStG). Even if held for ten years, a 25% withholding tax and solidarity surcharge must be paid. There is currently no final ruling covering all product variants. It is essential to verify this information in the securities prospectus before purchasing. If you have any questions, please consult a tax advisor, as this may be more important than a mere one-percent difference in rates.

Income from pledged assets is subject to an exemption of 256 euros.

Directly holding Solana allows for staking to earn rewards from the network. From a tax perspective, these rewards are considered other income (under Section 22 No. 3 of the EStG), and must be taxed at the individual tax rate in the year they are received. There is also an independent tax exemption of 256 euros, which does not count towards the 1,000 euro exemption mentioned in Section 23.

Two common misconceptions need to be clarified:

1. Staking does not extend the holding period of the coins involved. The ten-year period that was once discussed is no longer applicable; the Ministry of Finance’s announcement for 2025 clearly states that the period should be one year.
2. The rewards received begin to count from the date they are received, effectively giving you “new coins” with a fresh starting point. Those who collect rewards regularly need to keep track of each receipt, which is exactly what cryptocurrency tax software and portfolio trackers are designed for.

The outflow of funds from US funds reflects changes in market demand.

The launch in Hong Kong happened at a time when institutional funds were shifting towards other areas. From October 5th to 9th, there was a net outflow of $24.8 million from US Solana spot ETFs, marking the first negative week after 14 consecutive positive weeks. Bitwise’s BSOL fund contributed the largest portion, approximately $21 million.

The situation hasn’t improved. On October 12th, there was another net outflow of $700,000, bringing the number of consecutive negative days to six. In contrast, US spot ETFs for Bitcoin and Ethereum collectively saw an outflow of about $1.22 billion during the same period. This indicates a general retreat by crypto funds, rather than a problem specific to Solana.

As of Wednesday noon, the price of SOL ETFs was around $106.62 (approximately €95.24). This represents a decrease of 0.6% compared to the previous day. The price has dropped by 63.6% from its historical high of $293.31 (Source: CoinGecko). Price is just one factor; the real news is that the supply of packaged products is increasing, while demand is decreasing.

Our assessment: Packaging is a matter of cost, not price.

From a newsroom perspective, the most interesting number this week isn’t the 0.6% decline in Hong Kong, but rather the rate differentiation on Xetra. Approximately 588 million euros are allocated to products with a fee of 2.50%, while around 76 million euros are allocated to products with a fee of 1.50%. This can only be partially explained by the staking rewards. Many signs indicate that brand recognition and initial market advantage play a greater role than cost ratios.

On the other hand, there are serious objections to this view: once rewards are taken into account, high-fee staking products might ultimately be superior to cheap products without staking. This can only be determined by looking at the net results reported in each product’s facts sheet, not just the fees. The difference between 1.50% and 2.50% is well-documented, as are the differences in fund sizes and the ten-year calculations. However, there is no evidence that more expensive packaging justifies its higher price. We are still evaluating the situation and cannot offer any trading recommendations.

Summary and recommendations

Solana ETP fees: 1.50% vs. 2.50%. The ten-year cumulative effect is significant.

• Please refer to the product’s facts sheet and for detailed cost information, rather than just the management fees.
• List of tradable packaging products in Germany can be found in .Overview of German Cryptocurrency ETFs .
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• Please review the prospectus to ensure that your ETP includes a right to claim the delivered coins. This determines whether you can enjoy a one-year tax-free holding period.
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• Record each purchase and inflow using the cryptocurrency tax software and portfolio tracker .
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• Consider the advantages and disadvantages of purchasing directly: Holding SOL for more than one year means no annual fees, and according to Article 23 of the German Income Tax Law, any gains are tax-free. For information on choosing a trading platform, please refer to the overview of cryptocurrency exchanges .
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, (As of October 14, 2026. This article does not constitute investment advice. Prices and fee structures may change; please verify the terms with the provider before purchasing.) ,