Pando Solana ETF Prepares for Hong Kong Listing
Pando is preparing to launch its Solana spot exchange-traded fund in Hong Kong, with trading expected to begin on October 13, 2026. The product, known as the Pando Solana ETF, carries stock code 02831 and will give investors access to SOL price movements through a listed investment fund.
According to the listing schedule published by the Hong Kong Exchanges and Clearing Limited (HKEX), the fund is scheduled to list on October 13, with a board lot of 100 shares. The subscription period ran from October 6 to October 12.
The launch would make Pando’s product Hong Kong’s second spot Solana ETF, following the ChinaAMC Solana ETF, stock code 03460. Pando already offers spot exchange-traded funds tied to Bitcoin and Ethereum, making this its third virtual-asset spot ETF.
Fees, Trading Currency and Subscription Details
The Pando Solana ETF has an annual management fee of 0.6% and an estimated annual recurring expense ratio of 1.6%. The recurring expense ratio provides a broader estimate of the fund’s ongoing costs, while the management fee is the charge specifically associated with managing the fund. The two figures should not be treated as interchangeable.
Brokerage subscription information lists an indicative price range of HK$7.80 to HK$8.00 per share, excluding transaction fees. Each trading lot contains 100 shares, and the stated entry fee is HK$800. The fund is denominated in US dollars but trades in Hong Kong dollars.
Pando has also stated that it does not plan to distribute dividends. Investors seeking exposure through the ETF should therefore understand that the product is designed to track the underlying Solana price benchmark, rather than provide a planned stream of dividend payments.
How the Fund Will Invest in Solana
The Pando Solana ETF is a passive fund that plans to invest directly in Solana through a securities-licensed virtual-asset trading platform. Its investment objective is to deliver returns close to the closing value of the CME Group CF Solana US Dollar Index — Asia Pacific closing price.
The fund may invest up to 100% of its net asset value in Solana. It does not plan to pledge its SOL holdings or invest in financial derivatives or use leverage. It will retain up to 3% of net asset value in cash to cover recurring expenses and meet redemption needs.
According to the fund details provided, Solana transactions will be conducted through HashKey Exchange, while the assets will be held by HashKey Custody Services. Information about the provider’s custody services is available through HashKey Custody.
How Pando’s ETF Compares With ChinaAMC’s Product
The Pando fund enters a market where Hong Kong already has a Solana spot ETF. The ChinaAMC Solana ETF, identified by stock code 03460, has an annual management fee of 0.99% and an annual recurring expense ratio of 1.99%, according to the supplied product details.
By comparison, Pando’s stated management fee is lower at 0.6%, while its estimated recurring expense ratio is 1.6%. These figures provide a basis for comparing ongoing costs, but they do not establish which product will perform better. Investors would also need to consider each fund’s benchmark, trading arrangements, liquidity, and other applicable costs.
The launch adds another listed route for accessing Solana exposure in Hong Kong. Investors can review listing information and exchange-traded product details through the HKEX securities and ETF resources.
What Solana Is and Why It Matters to the ETF
Solana is a blockchain network launched in 2020. It supports applications including decentralized finance, gaming and non-fungible tokens. Its native token, SOL, is used to pay network transaction fees and can also be staked to participate in the network’s proof-of-stake system.
A spot Solana ETF offers exposure through shares in a regulated investment product rather than requiring investors to purchase and manage SOL directly. The fund’s value is nevertheless tied to the performance of Solana, subject to its benchmark, operating costs and the way its shares trade on the exchange.
Hong Kong’s regulatory framework for virtual assets includes oversight by the Securities and Futures Commission. Investors can consult the SFC’s official virtual-asset resources for information about the regulatory environment and investor protections relevant to virtual-asset activities.
Price Volatility Remains a Major Risk
The fund’s documentation warns that Solana can experience substantial price fluctuations and that the ETF’s value could fall sharply over a short period. In an example cited in the supplied material, SOL’s largest single-day decline in 2022 exceeded 42%. Investors could lose their entire investment if the fund’s value fell to zero.
Although an ETF can simplify access to an underlying asset, it does not remove the market risks associated with that asset. The fund’s value may be affected by SOL price movements, while investors trading its listed shares may also face brokerage charges and other transaction costs.
The planned October 13 listing gives Hong Kong investors another way to obtain spot exposure to Solana through an exchange-traded product. Before investing, readers should review the fund’s official documentation, fee schedule, benchmark methodology and risk disclosures to understand how the product operates and what losses are possible.
