Pando Solana ETF (2831) Starts Trading in Hong Kong With 268,300 Units Changing Hands on Day One

Pando Finance's Pando Solana ETF (stock code 2831) began trading on the Hong Kong Stock Exchange on 13 October 2026, giving the city a second spot Solana SOL$106.82-1.3% exchange-traded fund. Pando's fund page gives 13 October 2026 as the listing date on the exchange's main board. The first such fund, ChinaAMC's Solana ETF (3460), was described by The Block as Hong Kong's first spot Solana ETF ahead of its scheduled listing on 27 October 2025.

Market data pages show 268,300 units of the Pando fund changing hands in the first session. Yahoo Finance's quote page for 2831.HK listed that volume and a day's high of HKD 7.585, and TradingView's page for the fund showed a price of HKD 7.585 with the market closed.

Altcoin Buzz reported turnover of HKD 1.99 million, an opening price of HKD 7.320 and a low of HKD 7.290, citing exchange quote data timed 15:58 Hong Kong time. Those three figures come from that outlet alone; the exchange's own quote page did not load for us.

No net asset value has been published yet. When we read Pando's fund page on 13 October 2026, the last closing price, NAV per unit, total NAV and outstanding units were all marked "TBD", so the fund's price cannot yet be compared with the value of the SOL behind each unit.

Pando Solana ETF fees: 0.60% against ChinaAMC's 0.99%

The Pando Solana ETF charges a management fee of 0.60% a year, according to the fund page. Estimated ongoing charges, which add custody, administration and other running costs, are 1.60% of net assets. Pando says the figure is capped at 1.60% until 13 October 2027, with any excess paid by the manager.

ChinaAMC's Solana ETF carries a management fee of 0.99% a year, The Block reported in October 2025. US funds are cheaper on the headline number: the fee row in Farside Investors' Solana ETF table runs from 0.14% to 0.30% across seven US spot SOL funds. Those are sponsor fees and the Hong Kong ongoing-charge figures are estimates, so the numbers are not like-for-like.

Why the 2831 fund holds SOL without staking it

Staking means delegating SOL to the validators that run the network in return for a share of new issuance and fees. Pando's fund does none of it. "The Sub-Fund will not stake any of its solana holdings," the fund page says.

The page describes a plain structure. The fund buys SOL directly, up to 100% of net assets, through a platform licensed by Hong Kong's Securities and Futures Commission, uses no derivatives or leverage, and keeps up to 3% in cash for fees and redemptions. It tracks the CME CF Solana-Dollar Reference Rate - Asia Pacific Variant, a once-a-day SOL price set at 4:00 pm Hong Kong time by CF Benchmarks. Units trade in Hong Kong dollars in lots of 100, and the fund's base currency is the US dollar.

HashKey Exchange is the trading platform, with Hash Blockchain Limited as sub-custodian acting through HashKey Custody Services. BOCI-Prudential Trustee is custodian and administrator, and the page names Eclipse Options (HK) and China Merchants Securities (HK) as market makers.

US funds take the other approach. Farside's table lists a staking fee for each of the seven US spot SOL funds, and VanEck's VSOL declared its first cash distribution from staking income in early October 2026. For scale, the average staker earned about 4.9% annualised after validator commission in epoch 1055, which began on 11 October 2026, according to Solana Compass staking data. That is one epoch's reading, and the rate moves from epoch to epoch.

Pando's page also carries the standard warning for the product: the value of an investment in the fund "could decline significantly in a short period of time and without warning, including to zero".

US spot Solana ETF flows during the Hong Kong launch week

The Hong Kong listing arrived as money was leaving the US funds. Farside's table shows US spot SOL ETFs losing a net $25.0 million between 5 and 9 October 2026, a week we covered in our report on five straight outflow sessions, and a further $0.7 million on 12 October. Farside puts cumulative net inflows into the US group at $1,574 million.

The Pando fund has one session of trading data and no published NAV or holdings so far. Its page says holdings information will be provided after the launch.