Pando Finance to list Hong Kong's second spot Solana ETF at lower fee

Pando Finance will list a spot Solana ETF on the Hong Kong Stock Exchange on October 13, 2026, under code 2831. It charges a 0.6% management fee, undercutting the 0.99% on the city's first Solana fund, and holds SOL directly.

The fee and the launch date come from Pando Finance's own fund page and an HKEX circular dated October 9, 2026, both of which set out the product's terms. Pando Finance Limited runs the fund. BOCI-Prudential Trustee Limited acts as trustee. HashKey Custody Services safeguards the Solana, and HashKey Exchange handles the fund's SOL trades.

Solana (SOL) traded near $112.62 at 07:38 UTC on October 12, 2026, according to CoinGecko, with a market value of about $66 billion. The token had risen close to 3% over the prior day.

How the Pando fund is built

The fund holds Solana and little else. It can put up to 100% of its assets in the token and keeps at most 3% in cash to cover costs and redemptions. It tracks the CME CF Solana-Dollar Reference Rate, Asia Pacific Variant. No staking. No derivatives. No leverage.

That design is deliberate. Pando's documents say the fund will not stake its holdings, a choice that gives up potential yield but avoids lock-ups and the risk of a validator penalty. Hong Kong's regulators have kept listed crypto funds plain since the first ones arrived, and this product follows that line. Buyers trade the shares in Hong Kong dollars, though the fund counts its value in US dollars.

Each board lot is 100 shares. At the indicative issue price of HK$7.80 to HK$8.00, the smallest purchase works out near HK$800 before fees, or roughly US$100. Small enough for a retail account.

Custody is where these funds differ most from holding the coin directly. Hash Blockchain Limited, operating through HashKey Custody Services, holds the Solana, and HashKey Exchange carries out the fund's trades. The benchmark, the CME CF Solana-Dollar Reference Rate, is the same Asia Pacific index that other regulated Solana products lean on, which makes pricing easier to check across funds.

A cheaper fund than Hong Kong's first

Pando's main pitch is price. Its 0.6% management fee sits below the 0.99% that ChinaAMC charges on fund 03460, the city's first spot Solana ETF, which the SFC approved in October 2025 and which started trading on October 27 that year. Estimated ongoing charges follow the same pattern. Pando puts its figure near 1.6%, against about 1.99% reported for the ChinaAMC fund, and has capped its own ongoing charges at 1.6% until October 13, 2027.

Those rates still sit well above spot crypto ETFs in the United States, where fees often run under 0.3%. So the useful comparison here is local. Among Hong Kong Solana funds, Pando is the cheaper of two. Against a US product, it is not close.

Subscriptions ran from October 6 to October 12, and the shares list the next day. An HKEX circular dated October 9 confirmed the fund's eligibility, custody and settlement terms before the listing. Whether buyers turned up in size is not yet public, and a lower fee does not promise flows. ChinaAMC's first Solana fund stayed small after its launch, a reminder that price is only part of the sell.

Why Hong Kong keeps adding crypto ETFs

This is Pando's third spot crypto ETF in the city, after its Bitcoin and Ether funds. Hong Kong cleared its first spot Bitcoin and Ether ETFs in April 2024, ahead of the United States on Ether. Regulators there have treated listed crypto funds as a way to bring trading onshore under supervision, and the city has pressed that advantage while building out its broader licensing regime.

A second Solana fund lands as US issuers push their own SOL products and as Solana ETF flows turn choppy after a long inflow streak. Two markets, two fee levels, one token. For buyers in Asia, the Hong Kong route offers a regulated wrapper with no need for a US brokerage account. ChinaAMC's fund, trading under 03460, stays the benchmark rival, and its size will be the first yardstick for whether the city can support two Solana ETFs at once.

What to watch

First, how 2831 trades on its opening day and through its first week, which will show whether a second local Solana fund pulls real demand or just splits a thin market. Second, whether other Hong Kong managers answer Pando's fee with cuts of their own. Third, Solana itself. The token swings far more than any fee, and it will drive most of what holders gain or lose. Fund terms are fixed. The price is not.