Pando’s new spot SOL fund will provide direct exposure through licensed trading infrastructure, but unlike some U.S. products, the fund will not stake its holdings.
Hong Kong is set to welcome its second Solana spot exchange-traded fund (ETF). Pando Finance Limited plans to list the Pando Solana ETF (HKEX: 02831) on the Hong Kong Stock Exchange tomorrow, October 13. The fund will allow investors to gain direct exposure to SOL through a regulated investment infrastructure without needing to hold the asset themselves.
Pando’s new ETF will be the company’s third spot virtual asset product, following the launches of its Bitcoin and Ethereum ETFs.
Lower management fees, but no staking provided
Pando has set its annual management fee at 0.6%, lower than the 0.99% charged by the existing ChinaAMC Solana ETF (HKEX: 03460). Pando expects its annual recurring expense ratio to be 1.6%, compared to 1.99% for the ChinaAMC product.
In September 2023, Pando Finance received approval from the Securities and Futures Commission (SFC) to manage investment funds that may allocate up to 100% of their portfolio to virtual assets; therefore, its funds may invest up to 100% of their net asset value in SOL, while retaining up to 3% in cash for fees and redemptions.
Unlike the U.S. spot Solana ETF, Pando’s fund will not stake its SOL holdings, meaning investors will not earn staking rewards through this product. The fund will also not use derivatives or leverage.
HashKey Exchange will handle SOL trading, HashKey Custody Services Limited will custody the fund holdings, and BOCI-Prudential Trustee Limited will serve as trustee and manager.
Hong Kong expands its digital assets framework
At the time of Pando’s listing, Hong Kong continues to develop its regulated digital assets market. The Hong Kong government’s Policy Address issued on September 16, 2026, outlined plans to strengthen virtual asset licensing rules and provide clearer compliance guidance for service providers. The government also intends to refine regulations for tokenized investment products, including gold and other suitable real-world assets, and support regulated stablecoin trading on licensed platforms.
Other developments also indicate growing institutional activity for Solana in the region. 2WA has tokenized the USDGO Plus SP on Solana, describing it as the first market-neutral fund built on USDGO. USDGO is a dollar-backed stablecoin issued by Anchorage Digital Bank. OSL is responsible for custody and distribution, with participation limited to qualified professional investors in Hong Kong.
Following Solana Accelerate Hong Kong in February, Solana is expanding its presence in the region with Solana Accelerate China—a four-city tour scheduled for October 16–22 in Shanghai, Hangzhou, Shenzhen, and Beijing.
This event aims to connect developers, entrepreneurs, and investors to explore technological opportunities between China and international markets.
SOL ETF recorded its worst week in 2026.
Pando's listing occurs amid diverging demand for Solana investment products. Global spot SOL ETFs currently hold approximately $1.9 billion in net assets and have collectively attracted $1.61 billion in net inflows.
However, the U.S. spot Solana ETF recorded a net outflow of $24.8 million last week, marking its worst week since 2026. Viewed over a longer time frame, however, the situation is not as concerning. The previous week saw the largest single-week net inflow since launch, totaling over $188 million; and over the prior three months, these products consistently posted weekly net inflows, accumulating nearly $500 million, during which the price of SOL rose from approximately $70 to $120.
This new Hong Kong fund will expand regulated investor access to SOL and generate additional demand for the asset.