The fund lists on Tuesday under the code 2831 with a 0.60% management fee, but its own key facts sheet estimates total ongoing charges at 1.60% a year, capped until October 2027. It will not stake any of its solana, and HashKey both executes its trades and sub-custodies the asset.
Pando Finance's spot Solana fund is scheduled to begin trading on the Hong Kong Stock Exchange's Main Board on Tuesday under the code 2831, after an offer period that ran from October 6 to October 12. The fund's product key facts sheet, issued on October 6, sets the management fee at 0.60% a year of net asset value.
The management fee is the smaller part of what holders pay. The same document estimates ongoing charges at 1.60% a year, a figure it describes as an estimate because the sub-fund is newly established. One percentage point of the estimated cost therefore sits outside the headline fee, which makes total charges roughly 2.7 times the management fee. Pando has capped ongoing charges at 1.60% of average net asset value from launch until October 13, 2027, and will bear any excess over that period itself.
The fund will also hold its solana without putting any of it to work. "The Sub-Fund will not stake any of its solana holdings," the key facts sheet states. Solana pays rewards to holders who delegate their tokens to validators, so a fund that holds the asset and declines to stake forgoes a return available to anyone holding it directly. The sheet states the policy without giving a reason for it.
Everything else about the mandate is deliberately plain. Up to 100% of net asset value may sit in solana, with cash capped at 3% to cover fees, expenses and redemptions. The fund uses no derivatives and no leverage at the sub-fund level, and is not currently borrowing, using repo or lending securities. No dividend is intended. Shares trade in Hong Kong dollars against a US dollar base currency, in board lots of 100 shares, and at the top of the indicative HK$7.80 to HK$8.00 issue range a lot would cost about HK$800 before transaction costs.
Valuation runs off the CME CF Solana-Dollar Reference Rate, Asia Pacific Variant, calculated by CF Benchmarks once a day as of 4 p.m. Hong Kong time. The rate launched on April 14, 2025, and as of September 7, 2026 drew on Bitstamp, Coinbase, Kraken, Gemini, LMAX Digital and Crypto.com. A once-daily reference rate sets the fund's accounting value, which leaves intraday pricing to the two appointed market makers, Eclipse Options (HK) Ltd and China Merchants Securities (HK) Co., Limited.
The service providers concentrate more of the operation in one place than the fee schedule suggests. BOCI-Prudential Trustee Limited is custodian and administrator. The solana itself is held by Hash Blockchain Limited through HashKey Custody Services Limited, and the fund's solana transactions are executed on HashKey Exchange, which Hash Blockchain Limited also operates. The same entity therefore runs the venue where the fund trades and holds the asset it buys there. Crypto Briefing reported that an HKEX circular dated October 9 confirmed the fund's custody and settlement arrangements.
Pando's fund is the second spot Solana product listed in Hong Kong. The Crypto Times and crypto.news report that the first, ChinaAMC's Solana ETF under the code 3460, was authorized by the Securities and Futures Commission on October 17, 2025 and listed on October 27, 2025, charging a 0.99% management fee against an estimated 1.99% expense ratio, with OSL Digital Securities handling trading and digital asset custody. Those figures come from the two reports rather than from a primary document. Taken as reported, Pando undercuts the incumbent by 0.39 percentage points on the management fee and by the same margin on estimated ongoing charges.
Both Hong Kong funds charge well above the rates proposed in some US single-asset crypto filings, though the comparison is not like for like. Winklevoss Asset Services filed last week for a Zcash fund proposing a 0.25% fee, a different asset in a different market and still only a filing rather than a listed product. What the Pando and ChinaAMC figures do establish is the range a Hong Kong buyer currently chooses between.
Solana has been accumulating regulated access points on both sides of the trade. Securitize put twelve tokenized US stocks on the chain last week, structured as entitlements rather than shares, while listed funds now offer the reverse: exposure to the token inside a conventional brokerage account.
The key facts sheet leads with four warnings before any of the mechanics: extreme price volatility risk, custody risk, cybersecurity risk and fork risk. Two of the four fall on the arrangement described above rather than on solana's price, and the 1.60% cap on ongoing charges expires on October 13, 2027.
