A second spot Solana ETF reaches Hong Kong today. Pando Finance lists the Pando Solana ETF (HKEX: 02831) on October 13, twelve months after the Securities and Futures Commission approved Asia's first spot Solana ETF from ChinaAMC in October 2025. The subscription window ran October 6 through October 12 at an indicative price of HK$7.80 to HK$8 per share, with a 100-share minimum lot, so the smallest entry costs roughly HK$780 to HK$800 before brokerage charges.
The pricing is the story. Pando set an annual management fee of 0.6% and estimates a 1.6% recurring expense ratio, both below ChinaAMC's 0.99% and 1.99%. For a buy-and-hold position, that 0.39-percentage-point gap on the recurring ratio is not cosmetic: on a HK$100,000 allocation it saves about HK$390 a year, compounding for as long as the holder stays in. Pando is deliberately picking a fee fight for flows that the incumbent has not been capturing aggressively.
Why it matters
Structurally, the fund is a passive vehicle tracking the CME CF Solana Dollar Reference Rate's Asia Pacific closing price, and it can put up to 100% of net asset value directly into SOL, keeping at most 3% in cash for expenses and redemptions. HashKey Exchange executes the Solana transactions, HashKey Custody Services holds the coins, and BOCI-Prudential Trustee serves as trustee and administrator. The base currency is the US dollar, but shares trade in Hong Kong dollars, and the fund pays no dividends.
There is no staking. Investors in 02831 will not collect Solana validator rewards, and the product documents bar derivatives and leverage outright. That puts it at odds with the US spot Solana funds, which have leaned on staking yield as a selling point. Whether Hong Kong savers care depends on what they are buying: clean price exposure through a broker account, or yield. The product documents are blunt about the risk end of that bargain, warning that SOL once fell more than 42% in a single day in 2022 and that investors could lose everything.
This is Pando's third spot crypto ETF in Hong Kong, after its Bitcoin and Ether products, and it lands inside a city that keeps widening regulated digital-asset access. September's Policy Address proposals touched on expanded regulated stablecoin trading and tokenized assets, which is the backdrop Pando is building on.
| Fund | Ticker | Mgmt fee | Est. recurring ratio | Staking |
|---|---|---|---|---|
| Pando Solana ETF | 02831 | 0.6% | 1.6% | No |
| ChinaAMC Solana ETF | 03460 | 0.99% | 1.99% | No |
What to watch
- 02831's debut trading today: watch whether the price holds above the HK$7.80–8 subscription band and how day-one turnover compares with ChinaAMC's 03460.
- SOL price levels: the token has slid more than 5% this month, failed to hold above $120, and is drifting toward the $95 support zone. A break below $95 would undercut the bullish narrative around this launch.
- Thursday's US CPI report, flagged by traders as the next key macro catalyst. A hot print would keep a hawkish Federal Reserve, which raised rates 25bp in September, in charge of rate-sensitive assets including crypto. For broader crypto ETF context, see our crypto coverage and the recent Thailand Bitcoin and Ether ETF approval.
- US spot SOL ETF flows: outflows for October already exceed $30 million, including a single-day $24.8 million redemption wave reported this week. The Hong Kong listing has to fight that headwind.
MarketRadar take
The timing is brave. SOL's positioning looks washed out — $65 million in long liquidations hit on October 8, the heaviest one-day long wipeout since the start of June, and the long/short ratio has slipped back into bearish territory. Yet the bulls' relative-strength argument is real: SOL's October slide is smaller than most large caps', and Circle's issuance tells a different story — $3.5 billion of fresh USDC appeared on the network inside a week, leaving Solana's stablecoin base north of $16 billion while rival chains shrank. A cheap, regulated wrapper listing into a liquidity flush is exactly how ETF flows have started before.
Do not mistake a listing for a floor. Today's 02831 launch gives Asian investors a cheaper on-ramp, and fee competition is genuinely good for the market. But with Bitcoin pinned near $83,451, Ether down 1.78% at $2,508 on persistent ETF redemptions, and Thursday's CPI able to move every risk asset in one print, the fund's first week will be driven by macro, not by the ceremony in Hong Kong.
