Hong Kong Just Got a Second Solana ETF, and It Undercuts the First One on Fees

Hong Kong just got a second spot Solana ETF — and it is undercutting the first one on price.

Pando Finance lists the Pando Solana ETF on the Hong Kong Stock Exchange on October 13, trading under stock code 2831. The fund holds SOL directly and charges a 0.6% annual management fee, well below the 0.99% that ChinaAMC's existing Solana fund asks for.

Why the fee cut matters

ChinaAMC's Solana ETF (03460) was Hong Kong's first spot SOL product, with the city's securities regulator approving it in October 2025. Pando's arrival turns a one-product category into an actual contest: 0.6% versus 0.99% on the management fee, and 1.6% versus 1.99% on estimated annual ongoing charges. Small numbers, but fees compound — on a long hold they are the one part of the outcome an issuer can hand you for free.

The subscription window ran from October 6 to October 12, with an indicative issue price of HK$7.80 to HK$8.00 per share and a minimum trading lot of 100 shares. That puts the entry ticket at roughly HK$780 to HK$800 before brokerage charges, a low bar for anyone who wants SOL exposure inside a normal brokerage account.

What the fund actually does

Pando structured this as a passive fund that buys and holds Solana through venues licensed by the city's Securities and Futures Commission. Trading runs through HashKey Exchange, and custody sits with HashKey Custody Services. There is no staking, no derivatives and no leverage, which means shareholders get price exposure only — no staking rewards on top.

Cash can be held at up to 3% of net assets to cover operating expenses and redemptions. Shares trade in Hong Kong dollars while the fund keeps its accounting base currency in US dollars.

The bigger number

Global spot Solana ETFs hold roughly $1.9 billion in net assets, with about $1.61 billion in cumulative net inflows. Hong Kong's slice of that is still small — a two-product market that has to prove it can pull flow beyond the listing-day pop.

For crypto readers the takeaway is straightforward: regulated SOL access keeps spreading, and the competition is starting to show up in fees instead of marketing. That is usually how a niche product becomes an actual asset class.