Key Takeaways
- • Pando Finance is set to list its spot Solana ETF (ticker 02831) on the Hong Kong Stock Exchange on October 13, becoming the city's second spot SOL fund after ChinaAMC's product.
- • The Pando fund charges a 0.6% annual management fee and an estimated 1.6% total recurring expense ratio, versus 0.99% and 1.99% for ChinaAMC's Solana ETF (03460).
- • The fund holds SOL directly through HashKey Exchange and HashKey Custody Services, does not stake, and prohibits derivatives and leverage.
- • Subscriptions ran October 6-12 at an indicative price of HK$7.80-HK$8.00 per share, with a 100-share minimum lot of roughly HK$800 before fees.
Summary
Pando Finance Limited has announced plans to list its spot Solana exchange-traded fund on the Hong Kong Stock Exchange on October 13, according to crypto.news. The listing would make Pando the second investment product in Hong Kong offering direct exposure to SOL, and its third spot crypto ETF in the city following its spot Bitcoin and Ethereum funds. Subscriptions ran from October 6 to 12, with an indicative issue price of HK$7.80 to HK$8.00 per share. Investors can subscribe in lots of 100 shares. Although the fund uses the US dollar as its base currency for accounting, its shares will trade in Hong Kong dollars.
The central selling point is cost. Pando sets its annual management fee at 0.6%, compared with 0.99% for ChinaAMC's existing Solana ETF, which listed after the Securities and Futures Commission approved Hong Kong's first spot SOL fund in October 2025 and began trading on October 27 of that year. Pando's estimated annual recurring expense ratio is 1.6%, against 1.99% for ChinaAMC's product, a gap of 0.39 percentage points on both measures. The fund does not intend to distribute dividends.
The structure is passive. Pando will buy and hold SOL through SFC-licensed virtual asset trading platforms, with up to 100% of net asset value allocated to the token and performance measured against the CME CF Solana Dollar Reference Rate Asia Pacific closing price. HashKey Exchange will execute trades and HashKey Custody Services will safeguard the assets. The fund will not commit holdings to validators, so investors will not receive staking rewards. Cash holdings are capped at 3% of net asset value.
The product documents warn of significant price risk. SOL has experienced considerable volatility, including a single-day decline exceeding 42% during 2022, and investors could lose their entire investment.
The central selling point is cost. Pando sets its annual management fee at 0.6%, compared with 0.99% for ChinaAMC's existing Solana ETF, which listed after the Securities and Futures Commission approved Hong Kong's first spot SOL fund in October 2025 and began trading on October 27 of that year. Pando's estimated annual recurring expense ratio is 1.6%, against 1.99% for ChinaAMC's product, a gap of 0.39 percentage points on both measures. The fund does not intend to distribute dividends.
The structure is passive. Pando will buy and hold SOL through SFC-licensed virtual asset trading platforms, with up to 100% of net asset value allocated to the token and performance measured against the CME CF Solana Dollar Reference Rate Asia Pacific closing price. HashKey Exchange will execute trades and HashKey Custody Services will safeguard the assets. The fund will not commit holdings to validators, so investors will not receive staking rewards. Cash holdings are capped at 3% of net asset value.
The product documents warn of significant price risk. SOL has experienced considerable volatility, including a single-day decline exceeding 42% during 2022, and investors could lose their entire investment.
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