Pando Finance Limited plans to list its spot Solana exchange-traded fund (ETF) on the Hong Kong Stock Exchange on Tuesday, October 13, 2026.
The listing will provide investors with a second Hong Kong-listed ETF that tracks Solana’s market price.
Pando opened subscriptions on Tuesday, October 6 and will close them on October 12. The fund carries an indicative issue price of HK$7.80 to HK$8 per share.
Investors must subscribe in lots of 100 shares, putting the minimum cost at HK$780 to HK$800 before additional charges.
The fund uses the US dollar as its base currency, while investors will trade shares in Hong Kong dollars.
Pando has proposed a 0.6% annual management fee and estimates recurring annual expenses at 1.6%.
The ETF will track the CME CF Solana Dollar Reference Rate’s Asia Pacific closing price.
However, management fees and operating expenses may cause its returns to differ from the benchmark.
How Will Pando’s Solana ETF Work?
Pando will buy and hold SOL through virtual asset trading platforms licensed by Hong Kong’s Securities and Futures Commission. Its investment rules allow the fund to allocate up to 100% of its net asset value to Solana.
HashKey Exchange will handle the fund’s SOL trading transactions. Meanwhile, HashKey Custody Services will hold the underlying cryptocurrency in custody.
Pando will not stake the fund’s SOL holdings through Solana network validators. Consequently, investors will not earn staking rewards from the underlying assets. The fund’s investment rules also prohibit derivatives and leverage.
Pando can hold cash worth up to 3% of the ETF’s net asset value. The fund can use this reserve to cover operating expenses and meet redemption requests.
Pando does not plan to distribute dividends to shareholders. Therefore, investors will rely on the increase in SOL price for potential gains. The fund’s management fee and operating expenses will also affect its returns.
Hong Kong Adds Another Regulated Solana Investment Option
Pando Finance already operates spot Bitcoin and Ethereum ETFs in Hong Kong. Its new Solana fund will become the company’s third spot cryptocurrency ETF in the city.
Pando will compete with ChinaAMC’s Solana ETF, which trades under ticker 03460 on the Hong Kong Stock Exchange. ChinaAMC launched the city’s first spot Solana ETF before Pando announced its planned listing.
Pando’s proposed management fee stands at 0.6%, compared with ChinaAMC’s 0.99%. Their estimated recurring expense ratios also differ, at 1.6% for Pando and 1.99% for ChinaAMC. Both figures give Pando a 0.39 percentage-point cost advantage based on the published estimates.
Hong Kong has also pursued policies to expand regulated digital asset trading and tokenisation. In August 2026, Franklin Templeton expanded access to its tokenized US government money market fund through HashKey Exchange.
Hong Kong’s September 2026 Policy Address outlined plans to expand regulated stablecoin trading and tokenised asset activity. The proposals include stablecoin settlement for tokenised money market funds, tokenised gold, and other eligible real-world assets.
However, the ETF’s regulated structure does not protect investors from losses when SOL prices fall. Pando’s product documents cite a single-day SOL price decline exceeding 42% in 2022 as an example of the token’s volatility. The company warns that investors could lose their entire investment if SOL’s market price collapses.
