0002057388 2026-04-01 2026-06-30 0002057388 2026-08-03 0002057388 2026-06-30 0002057388 2026-03-31 0002057388 2025-12-03 2026-03-31 0002057388 soez:FranklinSolanaETFMember 2026-06-30 0002057388 soez:FranklinSolanaETFMember 2026-03-31 0002057388 soez:FranklinSolanaETFMember 2026-04-01 2026-06-30 0002057388 soez:FranklinSolanaETFMember 2025-12-03 2026-03-31 0002057388 soez:SolanaMember 2026-06-30 0002057388 soez:SolanaMember 2026-03-31 0002057388 soez:SolanaMember soez:FranklinSolanaETFMember 2026-06-30 0002057388 soez:SolanaMember soez:FranklinSolanaETFMember 2026-03-31 0002057388 srt:MaximumMember 2026-04-01 2026-06-30 0002057388 soez:SeedCreationUnitsMember 2026-04-01 2026-06-30 0002057388 soez:InitialSeedSharesMember 2025-09-22 2025-09-22 0002057388 soez:InitialSeedSharesMember 2025-09-22 0002057388 soez:InitialSeedSharesMember 2025-11-25 2025-11-25 0002057388 soez:SeedCreationUnitsMember 2025-11-25 0002057388 soez:SeedCreationUnitsMember 2025-11-25 2025-11-25 0002057388 2025-11-25 2025-11-25 0002057388 2025-11-25 0002057388 soez:FranklinResourcesIncMember 2026-06-30 0002057388 srt:MaximumMember soez:FranklinSolanaETFMember 2026-04-01 2026-06-30 0002057388 soez:SeedCreationUnitsMember soez:FranklinSolanaETFMember 2026-04-01 2026-06-30 0002057388 soez:InitialSeedSharesMember soez:FranklinSolanaETFMember 2025-09-22 2025-09-22 0002057388 soez:InitialSeedSharesMember soez:FranklinSolanaETFMember 2025-09-22 0002057388 soez:InitialSeedSharesMember soez:FranklinSolanaETFMember 2025-11-25 2025-11-25 0002057388 soez:SeedCreationUnitsMember soez:FranklinSolanaETFMember 2025-11-25 0002057388 soez:SeedCreationUnitsMember soez:FranklinSolanaETFMember 2025-11-25 2025-11-25 0002057388 soez:FranklinSolanaETFMember 2025-11-25 2025-11-25 0002057388 soez:FranklinSolanaETFMember 2025-11-25 0002057388 soez:FranklinResourcesIncMember soez:FranklinSolanaETFMember 2026-06-30 shares iso4217:USD iso4217:USD shares soez:Solana pure soez:CreationUnits iso4217:USD compsci:item soez:Segment 10-Q true 2026-06-30 false 001-42979 FRANKLIN SOLANA TRUST DE 39-6814889 One Franklin Parkway San Mateo CA 94403 650 312-2000 Franklin Solana ETF Shares SOEZ NYSE Yes Yes Non-accelerated Filer true true false false 650000 8521865 9365458 8521865 9365458 1234 0 7591 403 8825 403 8513040 9365055 650000 650000 650000 650000 13.1 14.41 12227591 12227591 12191899 12191899 0 0 0 0 113067.0655 12227591 8521865 1.001 113067.0655 12227591 8521865 1.001 -8825 -0.001 8513040 1 112336.0666 12191899 9365458 1 112336.0666 12191899 9365458 1 -403 0 9365055 1 0.9988 0.9988 0.9998 0.9998 128150 7188 4303 3069 8422 119728 -26368 -879285 -905653 -785925 -1.21 -785925 0 66090 128150 -26368 -879285 1234 7188 66090 0 0 66090 -66090 0 0 0 9365055 119728 -26368 -879285 -785925 66090 0 0 8513040 <div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-weight: bold;">1.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">ORGANIZATION</span> </div> </div><div style="text-align: justify; margin-left: 18pt; clear: both;">  </div><div style="text-align: justify;"> The Franklin Solana Trust (the “Trust”) was formed as a Delaware statutory trust on February 10, 2025 and is governed by the provisions of the Third Amended and Restated Agreement and Declaration of Trust executed as of November 21, 2025 (the "Declaration of Trust"). The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”) and is not a commodity pool for purposes of the Commodity Exchange Act (“Commodity Exchange Act” or “CEA”). The accompanying financial statements relate to the Trust, as registrant, and the one series that it currently offers, the Franklin Solana ETF (the “Fund”), presented on a combined basis. Separate, series level financial statements are provided for the Fund in another section of this report. The Trust had no operations prior to the Fund's launch, other than matters relating to its organization and the registration of the Fund under the Securities Act of 1933, as amended (the "Securities Act"). The Sponsor of the Trust and the Fund (the “Sponsor”) is Franklin Holdings, LLC. The Sponsor is a Delaware limited liability company formed on July 21, 2021. The Sponsor is not subject to regulation by the U.S. Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator with respect to the Fund, or a commodity trading advisor with respect to the Fund. The Fund issues shares (the “Shares”), which represent units of fractional undivided beneficial interest in and ownership of the Fund. The Shares of the Fund are listed on the NYSE Arca, Inc. ("NYSE Arca" or the "Exchange"). </div><div style="text-align: justify;"> </div><div style="text-align: justify;"> The Fund seeks to reflect generally the performance of the price of Solana and rewards from staking as much of the Fund's Solana as is practicable (i.e., up to 100%) ("Staking Rewards") to the extent the Sponsor in its sole discretion determines that the Fund may do so without undue legal or regulatory risk, such as without limitation, by adversely affecting the Fund's status as a grantor trust for U.S. federal income tax purposes (the "Staking Requirement"). The Shares have been designed to remove obstacles associated with the complexities and operational burdens involved in a direct investment in Solana by providing an investment with a value that reflects the price of the Solana owned by the Fund at such time, less the Fund's expenses. The Fund is not a proxy for a direct investment in Solana. Rather, the Shares are intended to provide a cost-effective alternative means of obtaining investment exposure through the securities markets that is similar to an investment in Solana. The Fund is a passive investment vehicle and is not a leveraged product. The Sponsor does not actively manage the Solana held by the Fund. This means that the Sponsor does not sell Solana at times when its price is in the expectation of future price increases. The Fund will not utilize leverage, derivatives or similar instruments or transactions in seeking to meet its investment objective. </div><div style="text-align: justify;"> </div><div style="text-align: justify;"> CSC Delaware Trust Company, a subsidiary of Corporation Service Company (the “Trustee”), is the sole trustee of the Trust; Coinbase Custody Trust Company, LLC (the “Solana Custodian”) is the custodian for the Fund’s Solana holdings; and the Bank of New York Mellon is the custodian for the Fund’s cash holdings (the “Cash Custodian” and together with the Solana Custodian, the “Custodians”) and also serves as the Fund’s administrator and transfer agent (the “Administrator” or “Transfer Agent”). The Administrator is generally responsible for the day-to-day administration of the Fund, including the calculation of the Fund’s net asset value (“NAV”) per Share. The Solana Custodian is responsible for safekeeping the Solana owned by the Fund. Franklin Distributors, LLC is the marketing agent of the Fund (the “Marketing Agent”). Coinbase Crypto Services, LLC (“Coinbase Crypto” or “Staking Provider”) serves as the Staking Provider for the Fund. Coinbase Inc., an affiliate of the Solana Custodian, is the Fund’s Prime Broker (<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">“</span>Prime Broker<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">”</span>). The Trust is not an investment company registered under the Investment Company Act, and is not required to register under such Act. The Sponsor is not registered with the Securities and Exchange Commission (“SEC”) as an investment adviser and is not subject to regulation by the SEC as such in connection with its activities with respect to the Trust and the Fund. The Fund is not a commodity pool for purposes of the Commodity Exchange Act, and the Sponsor is not subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor with respect to the Fund. </div><div style="text-align: justify;"> </div><div style="text-align: justify;"> The Fund issues and redeems Shares only to certain eligible financial institutions called Authorized Participants and only in one or more blocks of 50,000 Shares ("Creation Units"). Creation Units are directly redeemable only by Authorized Participants. Creation Units are issued and redeemed in exchange for Solana and/or cash. Individual Shares will not be redeemed by the Fund but will be listed and traded on NYSE Arca, Inc. under the ticker symbol "SOEZ." The market price of the Shares may be different than the Fund's NAV per Share. The Fund issues and redeems Shares in Creation Units on a continuous basis at the applicable NAV per Share on the transaction order date. Except when aggregated in Creation Units, the Shares are not redeemable securities. </div><div style="text-align: justify;"> </div><div style="text-align: justify;"> The Trust is an “emerging growth company” as that term is used in the Jumpstart Our Business Startups Act, subject to reduced public company reporting requirements under U.S. federal securities laws. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> On September 22, 2025, Franklin Resources Inc. (the "Seed Capital Investor"), an affiliate of the Sponsor, subject to conditions, purchased 4,000 Shares at a per-Share price equal to $25.00 (the "Initial Seed Shares"). Delivery of the Initial Seed Shares was made on September 22, 2025. Total proceeds to the Fund from the sale of the Initial Seed Shares were $100,000. On November 25, 2025, the Initial Seed Shares were redeemed for $100,000 and the Seed Capital Investor purchased two creation units in a cash transaction comprised of a total of 100,000 Shares at a per-Share price based on 8,500 Solana per Creation Unit (or 0.17 Solana per Share), for a total of 17,000 Solana (the "Seed Creation Units"). The cash proceeds to the Fund from the sale of the Seed Creation Units were used by the Fund to purchase 17,000 Solana at the price of $136.65 per Solana on November 25, 2025 (exclusive of transaction and other costs incurred in connection with the conversion of the cash proceeds to Solana, which were paid by the Seed Capital Investor). Thus, the ultimate total proceeds to the Fund from the sale of the Seed Creation Units were $2,323,133.80 (an amount representing 17,000 Solana). Further, the transaction and other costs incurred in connection with the Seed Creation Units were paid by the Seed Capital Investor and not borne by the Fund. The Seed Capital Investor acted as a statutory underwriter with respect to the Seed Creation Units. Shares of the Fund were first listed and began trading on December 3, 2025. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The accompanying combined statements of assets and liabilities and combined schedules of investments at June 30, 2026 and March 31, 2026, and the combined statement of operations, combined statement of cash flows, and combined statement of changes in net assets for the three month period ended June 30, 2026, have been prepared on behalf of the Trust, as registrant, combined with its one currently offered series, the Fund, and for the Fund separately (included below in a separate section of this report). <span style="font-size:10.0pt">In the opinion of management of the Sponsor of the Trust, all adjustments (which include only normal recurring adjustments) necessary to state fairly the financial position and results of operations for all periods stated have been made. In addition, interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust's and the Fund's financial statements included in the Annual Report on Form 10-K for the fiscal year ended March 31, 2026.</span></div><div style="text-align: justify;"> The fiscal year end of the Trust and the Fund is March 31st. </div> 2025 1 50000 4000 25 100000 100000 2 100000 8500 0.17 17000 17000 136.65 2323133.8 17000 <div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-weight: bold;">2.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">SIGNIFICANT ACCOUNTING POLICIES</span> </div> </div><div style="text-align: justify; clear: both;">  </div><div style="text-align: justify;"> In preparing financial statements in conformity with accounting principles generally accepted in the United States ("GAAP"), management of the Sponsor makes estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amount of revenue and expenses reported during the period. Actual results could differ from these estimates. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The following is a summary of significant accounting policies followed by the Trust and the Fund. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> <span style="font-weight: bold;">2.1. Basis of Presentation</span> </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946, Financial Services - Investment Companies, and has concluded that solely for accounting purposes, the Trust is classified as an Investment Company as defined in ASC 946. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The financial statements are presented for the Trust, as the registrant, combined with the Fund. Financial statements for the Fund presented at the series- level are provided separately in this report. For the period presented, there were no balances or activity for the Trust except for the Fund's operations, as its sole series. These notes to the combined financial statements relate to the Trust, as the registrant, combined with the Fund. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund are enforceable only against the assets of the Fund and not against the assets of the Trust generally or any other series that the Trust may establish. </div><div style="text-align: justify;">  </div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> a) </div> <div> Use of Estimates </div> </div><div style="text-align: justify; margin-left: 18pt; clear: both;">  </div><div style="text-align: justify;"> In preparing financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”), management of the Sponsor makes estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amount of revenue and expenses reported during the period. Actual results could differ from these estimates. </div><div style="text-align: justify;">  </div><div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-weight: bold;">2.2.</span> </div> <div> <span style="font-weight: bold;">Calculation of NAV and NAV per Share</span> </div> </div><div style="text-align: justify; clear: both;">  </div><div style="text-align: justify;"> The Sponsor has the exclusive authority to determine the Fund’s net asset value (“NAV”). The Sponsor has delegated to the Administrator the responsibility to calculate the NAV of the Fund, based on a pricing source selected by the Sponsor. In determining the Fund’s NAV, the Administrator generally will value the Solana held by the Fund based on the Index, unless the Sponsor in its sole discretion determines that the Index is unreliable. The CME CF Solana Reference Rate – New York Variant for the Solana – U.S. Dollar trading pair (the “CF Benchmarks Index”) shall constitute the Index, unless the CF Benchmarks Index is not available or the Sponsor in its sole discretion determines the CF Benchmarks Index is unreliable as the Index and therefore determines not to use the CF Benchmarks Index as the Index. If the CF Benchmarks Index is not available or the Sponsor determines, in its sole discretion, that the CF Benchmarks Index is unreliable (referred to herein as a “Fair Value Event”), the Fund’s holdings may be fair valued by the Sponsor. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> On each Business Day, as soon as practicable after 4:00 PM Eastern Time (“ET”), the Administrator evaluates the Solana held by the Fund as reflected by the CF Benchmarks Index and determines the NAV of the Fund. For purposes of making these calculations, a Business Day means any day other than a day when the NYSE Arca, Inc. is closed for regular trading. </div><div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-weight: bold;">2.3.</span> </div> <div> <span style="font-weight: bold;">Valuation of Solana</span> </div> </div><div style="text-align: justify; margin-left: 36pt; clear: both;">  </div><div style="text-align: justify;"> The Trust’s financial statements are prepared in accordance with GAAP. The Trust determines the fair value of Solana based on the price provided by the Solana market that the Trust considers its "Principal Market" as of 11:59:59 PM ET on the valuation date. This fair value price is referred to as "Principal Market Price". With respect to the Fund’s Solana holdings, the Trust follows the provisions of the Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures” (“ASC Topic 820”) and utilizes an exchange-traded price from the Fund’s principal market (or in the absence of a principal market, the most advantageous market) for Solana as of the Fund’s financial statement measurement date. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> ASC 820 established a hierarchy that prioritized inputs to valuation techniques used to measure fair value. The three levels of inputs are: </div><div style="text-align: justify;">  </div><div style="text-align: justify; margin-left: 22.5pt;"> Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities; </div><div style="text-align: justify; margin-left: 22.5pt;">  </div><div style="text-align: justify; margin-left: 22.5pt;"> Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and </div><div style="text-align: justify; margin-left: 22.5pt;">  </div><div style="text-align: justify; margin-left: 22.5pt;"> Level 3: Inputs that are unobservable for the asset or liability, including the Fund’s assumptions used in determining the fair value of investments </div><div style="text-align: justify; margin-left: 22.5pt;">  </div><div style="text-align: justify;"> As of June 30, 2026 and March 31, 2026, the value of the Solana held by the Fund was categorized as Level 1. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> <span style="font-weight: bold; text-decoration: underline;">2.4. Staking Rewards and Distribution</span> </div><div style="text-align: justify;">  </div><div> The Trust maintains control and ownership of staked Solana, and no other party has the right to direct the use of the Solana while it is staked. The Trust does not derecognize staked Solana and the Trust accounts for staked Solana on the same basis as non-staked Solana. </div><div>  </div><div style="text-align: justify;"> The Trust earns additional Solana (“Staking Rewards”) as compensation for participating in the Solana Network's proof-of-stake validation process. The Trust accounts for staking rewards by applying the principles of ASC Topic 606, "Revenue from Contracts with Customers". Income from Staking Rewards is recognized when the amount of Solana to which the Trust is entitled for validation activity completed by a node operator is known, calculable, and nonrefundable. When the Staking Rewards are made known to the Fund, the related performance obligation, consisting of the node operator's transaction validation services performed pursuant to a smart contract with the Solana network, has been satisfied. Staking rewards received in Solana represent non-cash consideration and are measured at fair value using the Index price of Solana used to calculate the Fund’s NAV on the date the income from Staking Rewards is recognized. The Staking Provider is the principal in the validation activities that generate the rewards, and the Trust acts as an agent in those activities. Accordingly, the Trust recognizes income from Staking Rewards net of the gross staking rewards retained by the Staking Provider. From time to time, the Staking Provider may rebate a portion of the gross staking rewards retained as its fee. Any such rebates are recognized by the Trust when received or when the amount is fixed and determinable, and are recognized as investment income, as appropriate. There can be no assurance that such rebates will be received in future periods. The Fund allocates to the Sponsor, as partial consideration for the Sponsor arranging for the staking of the Fund’s Solana, a Staking Fee. Such allocation to the Sponsor is included on the Combined Statement of Operations. </div><div>  </div><div> The Sponsor intends to convert Staking Rewards to cash and distribute such amounts to Shareholders on a monthly basis. For the quarter ended June 30, 2026, distributions were generally calculated on a three-month lagged basis</div><div>  </div><div style="text-align: justify;"> The Trust made a $66,090 cash distribution of income generated from its staking activities during the period. This cash distribution consisted of income from Staking Rewards for March 2026. Staking Rewards in a grantor trust are expected to be treated as earned directly by the Shareholders and taxed on a pass-through basis. </div><div>  </div><div style="text-align: justify;"> <span style="font-weight: bold; text-decoration: underline;">2.5. Fees, Expenses, Realized Gains (Losses)</span> </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Trust’s ordinary recurring expense are staking fee and Sponsor’s fee. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: the fees charged by the Administrator, the Marketing Agent, the Custodians (the Cash Custodian and Solana Custodian, collectively) and the Trustee, Exchange listing fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, tax reporting fees, audit fees, license fees and expenses, and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor paid the costs of the Fund’s organization and the initial offering costs and will not seek reimbursement of such costs. Solana transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of Solana are determined on a specific identification basis and recognized in the Combined Statement of Operations in the period in which the sale or disposition occurs, respectively. </div><div style="text-align: justify;"> The Sponsor’s fee is accrued daily at an annualized rate equal to 0.19% (i.e., 0.19%/365 days) of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. There are no specific circumstances under which the Sponsor may determine it will waive the fee. For the period commencing on the day the Shares are initially listed on the Exchange to May 31, 2026, the Sponsor waived the entire Sponsor’s Fee on the first $5.0 billion of the Fund’s assets. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. There are no specific circumstances under which the Sponsor has determined to waive its fees. If the Sponsor decides to waive all or a portion of the Sponsor's Fee, Shareholders will be notified of any such waiver in a prospectus supplement, in the Fund's periodic reports and/or on the Fund's website. The Fund will sell Solana as needed to pay the Sponsor’s fee. The Fund bears transaction costs, including any Solana network fees or other similar transaction fees, in connection with any sales of Solana necessary to pay the Sponsor’s fee, as well as other Fund expenses (if any) that are not assumed by the Sponsor (expenses assumed by the Sponsor are specified above). Any Solana network fees and similar transaction fees incurred in connection with the creation or redemption of Creation Units are borne by the Authorized Participant. For the three month ended June 30, 2026, the Fund accrued the Sponsor’s Fee of $4,303, offset by the waiver of $3,069. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Sponsor is not required to pay any staking fees or expenses or extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. The Fund is responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. In addition, the Fund may incur certain other non-recurring expenses that are not assumed by the Sponsor (expenses assumed by the Sponsor are described above), including but not limited to, taxes and governmental charges, any applicable brokerage commissions, Solana network fees and similar transaction fees that qualify as extraordinary or non-routine expenses as described above, financing fees, costs of a credit facility or other borrowing arrangement, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Fund to protect the Fund or the interests of Shareholders (including, for example, in connection with any fork of the Solana blockchain, any Incidental Rights and any IR Virtual Currency), any indemnification of the Cash Custodian, Solana Custodian, Prime Broker, Staking Provider, Administrator or other agents, service providers or counterparties of the Trust or the Fund and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters or legal expenses in excess of $500,000 per year. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Fund in excess of the $500,000 per annum stipulated in the Sponsor Agreement. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Fund. The Fund’s organizational and offering costs are borne by the Sponsor and, as such, are the sole responsibility of the Sponsor. The Sponsor may not seek reimbursement or otherwise require the Fund, the Trust, the Trustee, or any Shareholder to assume any liability, duty or obligation in connection with any such organizational and offering costs. The Fund may sell Solana to cover the Sponsor’s fee and expenses not assumed by the Sponsor, if any. Fund expenses not assumed by the Sponsor shall accrue daily and be payable by the Fund to the Sponsor at least quarterly in arrears. The Fund may also be subject to other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> There have been no extraordinary or non-routine expenses during the periods presented. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> In consideration for staking services, the Fund pays an aggregate fee equal to 8.0% of the gross Staking Rewards, which compensates the Staking Provider, the Solana Custodian, and the Sponsor for services performed in connection with the Fund's staking program. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> <span style="font-weight: bold; text-decoration: underline;">2.6. Income Taxes</span> </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Fund is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust and the Fund are not subject to United States federal income tax. Instead, the Fund’s income, gain, losses, and expenses will “flow through” to the Shareholders, and the Administrator reports these to the Internal Revenue Service on that basis. </div><div style="margin: 0in; font-size: 12pt; text-align: justify; line-height: 115%;"><span style="font-size: 10pt; line-height: 115%;">The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust and the Fund as of June 30, 2026, and does not believe that there are any uncertain tax positions that require recognition of a tax liability.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="font-weight: bold; text-decoration: underline;">2.7. Creation and Redemption of Shares</span> </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Fund issues and redeems Creation Units on a continuous basis. Creation Units are issued or redeemed in exchange for an amount of Solana and/or cash as determined by the Administrator on each day that NYSE Arca, Inc. is open for regular trading. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> For cash creation transactions, the amount of cash required to be delivered to the Fund will equal the amount of cash needed to purchase the amount of Solana represented by the Creation Unit(s) being created, as calculated by the Administrator, plus applicable fees, costs and adjustments. For cash redemption transactions conducted in cash, the Sponsor will arrange for the Solana represented by the Creation Unit(s) being redeemed to be sold and the cash proceeds, after applicable fees, costs and adjustments, distributed. No Shares are issued until the corresponding amount of Solana has been received in the Fund’s Trading Balance. Creation Units may be created or redeemed only by Authorized Participants, who pay (1) a transaction fee for each order to create or redeem Creation Units; (2) transfer, processing and other transaction costs charged by the Solana Custodian in connection with the issuance or redemption of Creation Units for such order; and (3) any other expenses, taxes, charges or adjustments. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> Creation Units will be sold at a per-Share offering price that will vary depending on, among other things, the price of Solana and the trading price of the Shares on the NYSE Arca, Inc. at the time of the offer. Shares offered at different times may have different offering prices. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> Changes in the Shares for the period from April 1, 2026 to June 30, 2026* are as follows: </div><div style="text-align: justify;">  </div><table cellpadding="0" style="line-height: 107%; border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> </td> <td style="text-align: center;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="height: 1pt; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;" valign="top"> <div style="margin: 0in; line-height: normal;"><b style="mso-bidi-font-weight:normal">Shares</b></div> </td><td style="text-align: center;" valign="top"> </td> <td style="text-align: center;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="height: 1pt; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> <div style="margin: 0in; line-height: normal;"><b style="mso-bidi-font-weight:normal">Amount^{^}</b></div> </td><td style="text-align: center;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in; line-height: normal;">Balance at April 1, 2026</div> </td> <td style="margin: 0in; line-height: normal; width: 1%;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top">650,000</td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> <td style="margin: 0in; line-height: normal; width: 1%;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top">$</td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top">12,094,601</td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:2;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in; line-height: normal;">Creation of Shares</div> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top"> - </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top"> - </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in; line-height: normal;">Redemption of Shares</div> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top"> - </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top"> - </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:4;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in; line-height: normal;">Distribution to Shareholders</div> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top"> - </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top"> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top">(66,090</td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top">) </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in; line-height: normal;">Balance at June 30, 2026</div> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">650,000</td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">12,028,511</td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td> </tr> </table><div style="text-align: justify; clear: both;"> </div><div style="text-align: justify; clear: both;">*     No comparative period presented as the Fund’s operations commenced on December 3, 2025.</div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> ^ </div> <div> Dollar amount of balance represents the cumulative fair value of creation of Shares less the redemption of Shares, at the time of the specific creation or redemption. </div> </div> <div style="text-align: justify;"> <span style="font-weight: bold;">2.1. Basis of Presentation</span> </div><div style="text-align: justify;"> The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946, Financial Services - Investment Companies, and has concluded that solely for accounting purposes, the Trust is classified as an Investment Company as defined in ASC 946. </div><div style="text-align: justify;"> The financial statements are presented for the Trust, as the registrant, combined with the Fund. Financial statements for the Fund presented at the series- level are provided separately in this report. For the period presented, there were no balances or activity for the Trust except for the Fund's operations, as its sole series. These notes to the combined financial statements relate to the Trust, as the registrant, combined with the Fund. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund are enforceable only against the assets of the Fund and not against the assets of the Trust generally or any other series that the Trust may establish. </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> a) </div> <div> Use of Estimates </div> </div> In preparing financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”), management of the Sponsor makes estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amount of revenue and expenses reported during the period. <div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-weight: bold;">2.2.</span> </div> <div> <span style="font-weight: bold;">Calculation of NAV and NAV per Share</span> </div> </div><div style="text-align: justify;"> The Sponsor has the exclusive authority to determine the Fund’s net asset value (“NAV”). The Sponsor has delegated to the Administrator the responsibility to calculate the NAV of the Fund, based on a pricing source selected by the Sponsor. In determining the Fund’s NAV, the Administrator generally will value the Solana held by the Fund based on the Index, unless the Sponsor in its sole discretion determines that the Index is unreliable. The CME CF Solana Reference Rate – New York Variant for the Solana – U.S. Dollar trading pair (the “CF Benchmarks Index”) shall constitute the Index, unless the CF Benchmarks Index is not available or the Sponsor in its sole discretion determines the CF Benchmarks Index is unreliable as the Index and therefore determines not to use the CF Benchmarks Index as the Index. If the CF Benchmarks Index is not available or the Sponsor determines, in its sole discretion, that the CF Benchmarks Index is unreliable (referred to herein as a “Fair Value Event”), the Fund’s holdings may be fair valued by the Sponsor. </div><div style="text-align: justify;"> On each Business Day, as soon as practicable after 4:00 PM Eastern Time (“ET”), the Administrator evaluates the Solana held by the Fund as reflected by the CF Benchmarks Index and determines the NAV of the Fund. For purposes of making these calculations, a Business Day means any day other than a day when the NYSE Arca, Inc. is closed for regular trading. </div> <div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> <span style="font-weight: bold;">2.3.</span> </div> <div> <span style="font-weight: bold;">Valuation of Solana</span> </div> </div><div style="text-align: justify;"> The Trust’s financial statements are prepared in accordance with GAAP. The Trust determines the fair value of Solana based on the price provided by the Solana market that the Trust considers its "Principal Market" as of 11:59:59 PM ET on the valuation date. This fair value price is referred to as "Principal Market Price". With respect to the Fund’s Solana holdings, the Trust follows the provisions of the Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures” (“ASC Topic 820”) and utilizes an exchange-traded price from the Fund’s principal market (or in the absence of a principal market, the most advantageous market) for Solana as of the Fund’s financial statement measurement date. </div><div style="text-align: justify;"> ASC 820 established a hierarchy that prioritized inputs to valuation techniques used to measure fair value. The three levels of inputs are: </div><div style="text-align: justify; margin-left: 22.5pt;"> Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities; </div><div style="text-align: justify; margin-left: 22.5pt;"> Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and </div><div style="text-align: justify; margin-left: 22.5pt;"> Level 3: Inputs that are unobservable for the asset or liability, including the Fund’s assumptions used in determining the fair value of investments </div><div style="text-align: justify;"> As of June 30, 2026 and March 31, 2026, the value of the Solana held by the Fund was categorized as Level 1. </div> <div style="text-align: justify;"> <span style="font-weight: bold; text-decoration: underline;">2.4. Staking Rewards and Distribution</span> </div><div> The Trust maintains control and ownership of staked Solana, and no other party has the right to direct the use of the Solana while it is staked. The Trust does not derecognize staked Solana and the Trust accounts for staked Solana on the same basis as non-staked Solana. </div><div style="text-align: justify;"> The Trust earns additional Solana (“Staking Rewards”) as compensation for participating in the Solana Network's proof-of-stake validation process. The Trust accounts for staking rewards by applying the principles of ASC Topic 606, "Revenue from Contracts with Customers". Income from Staking Rewards is recognized when the amount of Solana to which the Trust is entitled for validation activity completed by a node operator is known, calculable, and nonrefundable. When the Staking Rewards are made known to the Fund, the related performance obligation, consisting of the node operator's transaction validation services performed pursuant to a smart contract with the Solana network, has been satisfied. Staking rewards received in Solana represent non-cash consideration and are measured at fair value using the Index price of Solana used to calculate the Fund’s NAV on the date the income from Staking Rewards is recognized. The Staking Provider is the principal in the validation activities that generate the rewards, and the Trust acts as an agent in those activities. Accordingly, the Trust recognizes income from Staking Rewards net of the gross staking rewards retained by the Staking Provider. From time to time, the Staking Provider may rebate a portion of the gross staking rewards retained as its fee. Any such rebates are recognized by the Trust when received or when the amount is fixed and determinable, and are recognized as investment income, as appropriate. There can be no assurance that such rebates will be received in future periods. The Fund allocates to the Sponsor, as partial consideration for the Sponsor arranging for the staking of the Fund’s Solana, a Staking Fee. Such allocation to the Sponsor is included on the Combined Statement of Operations. </div><div> The Sponsor intends to convert Staking Rewards to cash and distribute such amounts to Shareholders on a monthly basis. For the quarter ended June 30, 2026, distributions were generally calculated on a three-month lagged basis</div><div style="text-align: justify;"> The Trust made a $66,090 cash distribution of income generated from its staking activities during the period. This cash distribution consisted of income from Staking Rewards for March 2026. Staking Rewards in a grantor trust are expected to be treated as earned directly by the Shareholders and taxed on a pass-through basis. </div> 66090 <div style="text-align: justify;"> <span style="font-weight: bold; text-decoration: underline;">2.5. Fees, Expenses, Realized Gains (Losses)</span> </div><div style="text-align: justify;"> The Trust’s ordinary recurring expense are staking fee and Sponsor’s fee. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: the fees charged by the Administrator, the Marketing Agent, the Custodians (the Cash Custodian and Solana Custodian, collectively) and the Trustee, Exchange listing fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, tax reporting fees, audit fees, license fees and expenses, and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor paid the costs of the Fund’s organization and the initial offering costs and will not seek reimbursement of such costs. Solana transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of Solana are determined on a specific identification basis and recognized in the Combined Statement of Operations in the period in which the sale or disposition occurs, respectively. </div><div style="text-align: justify;"> The Sponsor’s fee is accrued daily at an annualized rate equal to 0.19% (i.e., 0.19%/365 days) of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. There are no specific circumstances under which the Sponsor may determine it will waive the fee. For the period commencing on the day the Shares are initially listed on the Exchange to May 31, 2026, the Sponsor waived the entire Sponsor’s Fee on the first $5.0 billion of the Fund’s assets. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. There are no specific circumstances under which the Sponsor has determined to waive its fees. If the Sponsor decides to waive all or a portion of the Sponsor's Fee, Shareholders will be notified of any such waiver in a prospectus supplement, in the Fund's periodic reports and/or on the Fund's website. The Fund will sell Solana as needed to pay the Sponsor’s fee. The Fund bears transaction costs, including any Solana network fees or other similar transaction fees, in connection with any sales of Solana necessary to pay the Sponsor’s fee, as well as other Fund expenses (if any) that are not assumed by the Sponsor (expenses assumed by the Sponsor are specified above). Any Solana network fees and similar transaction fees incurred in connection with the creation or redemption of Creation Units are borne by the Authorized Participant. For the three month ended June 30, 2026, the Fund accrued the Sponsor’s Fee of $4,303, offset by the waiver of $3,069. </div><div style="text-align: justify;"> The Sponsor is not required to pay any staking fees or expenses or extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. The Fund is responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. In addition, the Fund may incur certain other non-recurring expenses that are not assumed by the Sponsor (expenses assumed by the Sponsor are described above), including but not limited to, taxes and governmental charges, any applicable brokerage commissions, Solana network fees and similar transaction fees that qualify as extraordinary or non-routine expenses as described above, financing fees, costs of a credit facility or other borrowing arrangement, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Fund to protect the Fund or the interests of Shareholders (including, for example, in connection with any fork of the Solana blockchain, any Incidental Rights and any IR Virtual Currency), any indemnification of the Cash Custodian, Solana Custodian, Prime Broker, Staking Provider, Administrator or other agents, service providers or counterparties of the Trust or the Fund and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters or legal expenses in excess of $500,000 per year. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Fund in excess of the $500,000 per annum stipulated in the Sponsor Agreement. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Fund. The Fund’s organizational and offering costs are borne by the Sponsor and, as such, are the sole responsibility of the Sponsor. The Sponsor may not seek reimbursement or otherwise require the Fund, the Trust, the Trustee, or any Shareholder to assume any liability, duty or obligation in connection with any such organizational and offering costs. The Fund may sell Solana to cover the Sponsor’s fee and expenses not assumed by the Sponsor, if any. Fund expenses not assumed by the Sponsor shall accrue daily and be payable by the Fund to the Sponsor at least quarterly in arrears. The Fund may also be subject to other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor. </div><div style="text-align: justify;"> There have been no extraordinary or non-routine expenses during the periods presented. </div><div style="text-align: justify;"> In consideration for staking services, the Fund pays an aggregate fee equal to 8.0% of the gross Staking Rewards, which compensates the Staking Provider, the Solana Custodian, and the Sponsor for services performed in connection with the Fund's staking program. </div> 500000 0.0019 0.0019 5000000000 4303 3069 500000 500000 0 0.08 <div style="text-align: justify;"> <span style="font-weight: bold; text-decoration: underline;">2.6. Income Taxes</span> </div><div style="text-align: justify;"> The Fund is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust and the Fund are not subject to United States federal income tax. Instead, the Fund’s income, gain, losses, and expenses will “flow through” to the Shareholders, and the Administrator reports these to the Internal Revenue Service on that basis. </div><div style="margin: 0in; font-size: 12pt; text-align: justify; line-height: 115%;"><span style="font-size: 10pt; line-height: 115%;">The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust and the Fund as of June 30, 2026, and does not believe that there are any uncertain tax positions that require recognition of a tax liability.</span></div> <div style="text-align: justify;"><span style="font-weight: bold; text-decoration: underline;">2.7. Creation and Redemption of Shares</span> </div><div style="text-align: justify;"> The Fund issues and redeems Creation Units on a continuous basis. Creation Units are issued or redeemed in exchange for an amount of Solana and/or cash as determined by the Administrator on each day that NYSE Arca, Inc. is open for regular trading. </div><div style="text-align: justify;"> For cash creation transactions, the amount of cash required to be delivered to the Fund will equal the amount of cash needed to purchase the amount of Solana represented by the Creation Unit(s) being created, as calculated by the Administrator, plus applicable fees, costs and adjustments. For cash redemption transactions conducted in cash, the Sponsor will arrange for the Solana represented by the Creation Unit(s) being redeemed to be sold and the cash proceeds, after applicable fees, costs and adjustments, distributed. No Shares are issued until the corresponding amount of Solana has been received in the Fund’s Trading Balance. Creation Units may be created or redeemed only by Authorized Participants, who pay (1) a transaction fee for each order to create or redeem Creation Units; (2) transfer, processing and other transaction costs charged by the Solana Custodian in connection with the issuance or redemption of Creation Units for such order; and (3) any other expenses, taxes, charges or adjustments. </div><div style="text-align: justify;"> Creation Units will be sold at a per-Share offering price that will vary depending on, among other things, the price of Solana and the trading price of the Shares on the NYSE Arca, Inc. at the time of the offer. Shares offered at different times may have different offering prices. </div><div style="text-align: justify;"> Changes in the Shares for the period from April 1, 2026 to June 30, 2026* are as follows: </div><table cellpadding="0" style="line-height: 107%; border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> </td> <td style="text-align: center;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="height: 1pt; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;" valign="top"> <div style="margin: 0in; line-height: normal;"><b style="mso-bidi-font-weight:normal">Shares</b></div> </td><td style="text-align: center;" valign="top"> </td> <td style="text-align: center;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="height: 1pt; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> <div style="margin: 0in; line-height: normal;"><b style="mso-bidi-font-weight:normal">Amount^{^}</b></div> </td><td style="text-align: center;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in; line-height: normal;">Balance at April 1, 2026</div> </td> <td style="margin: 0in; line-height: normal; width: 1%;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top">650,000</td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> <td style="margin: 0in; line-height: normal; width: 1%;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top">$</td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top">12,094,601</td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:2;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in; line-height: normal;">Creation of Shares</div> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top"> - </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top"> - </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in; line-height: normal;">Redemption of Shares</div> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top"> - </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top"> - </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:4;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in; line-height: normal;">Distribution to Shareholders</div> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top"> - </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top"> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top">(66,090</td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top">) </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in; line-height: normal;">Balance at June 30, 2026</div> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">650,000</td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">12,028,511</td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td> </tr> </table><div style="text-align: justify; clear: both;">*     No comparative period presented as the Fund’s operations commenced on December 3, 2025.</div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> ^ </div> <div> Dollar amount of balance represents the cumulative fair value of creation of Shares less the redemption of Shares, at the time of the specific creation or redemption. </div> </div> <div style="text-align: justify;"> Changes in the Shares for the period from April 1, 2026 to June 30, 2026* are as follows: </div><div style="text-align: justify;">  </div><table cellpadding="0" style="line-height: 107%; border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> </td> <td style="text-align: center;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="height: 1pt; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;" valign="top"> <div style="margin: 0in; line-height: normal;"><b style="mso-bidi-font-weight:normal">Shares</b></div> </td><td style="text-align: center;" valign="top"> </td> <td style="text-align: center;" valign="top"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> </td><td style="height: 1pt; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" valign="top"> <div style="margin: 0in; line-height: normal;"><b style="mso-bidi-font-weight:normal">Amount^{^}</b></div> </td><td style="text-align: center;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in; line-height: normal;">Balance at April 1, 2026</div> </td> <td style="margin: 0in; line-height: normal; width: 1%;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top">650,000</td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> <td style="margin: 0in; line-height: normal; width: 1%;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top">$</td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top">12,094,601</td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:2;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in; line-height: normal;">Creation of Shares</div> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top"> - </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top"> - </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in; line-height: normal;">Redemption of Shares</div> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top"> - </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right;" valign="top"> - </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left;" valign="top"> </td> </tr> <tr style="mso-yfti-irow:4;height:1.0pt"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in; line-height: normal;">Distribution to Shareholders</div> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top"> - </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top"> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 2px solid black;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right; border-bottom: 2px solid black;" valign="top">(66,090</td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="top">) </td> </tr> <tr style="height: 1pt; background-color: rgb(204, 238, 255);"> <td style="height: 1pt; text-align: justify;" valign="top"> <div style="margin: 0in; line-height: normal;">Balance at June 30, 2026</div> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top"> </td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">650,000</td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td> <td style="margin: 0in; line-height: normal;" valign="top"> </td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 4px double black;" valign="top">$</td><td style="height: 1pt; margin: 0in; line-height: normal; width: 9%; text-align: right; border-bottom: 4px double black;" valign="top">12,028,511</td><td style="margin: 0in; line-height: normal; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="top"> </td> </tr> </table><div style="text-align: justify; clear: both;"> </div><div style="text-align: justify; clear: both;">*     No comparative period presented as the Fund’s operations commenced on December 3, 2025.</div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> ^ </div> <div> Dollar amount of balance represents the cumulative fair value of creation of Shares less the redemption of Shares, at the time of the specific creation or redemption. </div> </div> 650000 12094601 0 0 0 0 0 66090 650000 12028511 <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-weight: bold;">3.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">INVESTMENT IN SOLANA</span> </div> </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The following represents the changes in quantity of Solana held and the respective fair value during the period from April 1, 2026 to June 30, 2026*: </div><div style="text-align: justify; margin-left: 4.5pt;">  </div><table cellpadding="0" style="margin-left: auto; margin-right: auto; border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="text-align: justify;"> </td> <td style="text-align: center;"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <span style="font-weight : bold; white-space : nowrap; ">Quantity of <br/>Solana</span> </td><td style="text-align: center;"> </td> <td style="text-align: center;"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: center; vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <span style="font-weight : bold; white-space : nowrap; ">Amount in US$</span> </td><td style="text-align: center;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Balance at April 1, 2026 </div> </td> <td style="width: 1%;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">112,336.0666</td><td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td><td style="width: 1%; text-align: left;"><b>$</b></td><td style="width: 9%; text-align: right;">9,365,458</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt; clear: both;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Solana purchased for the creation of Shares </div> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Solana sold for the redemption of Shares </div> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Principal on Solana sales to pay expenses </div> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Staking income </div> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">1,584.4428</td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">128,150</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Distribution of staking income to Shareholders </div> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">(853.4439</td><td style="width: 1%; text-align: left;">) </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">(66,090</td><td style="width: 1%; text-align: left;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Net realized gain (loss) from Solana sold for the redemption of Shares </div> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Net realized gain (loss) from Solana sold for distribution of staking income </div> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">(26,368</td><td style="width: 1%; text-align: left;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Net change in unrealized appreciation (depreciation) on investment in Solana </div> </td> <td> </td><td style="width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="width: 9%; text-align: right; border-bottom: 2px solid black;"> – </td><td style="width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td> </td><td style="width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="width: 9%; text-align: right; border-bottom: 2px solid black;">(879,285</td><td style="width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Balance at June 30, 2026 </div> </td> <td> </td><td style="width: 1%; text-align: left; border-bottom: 4px double black;"> </td><td style="width: 9%; text-align: right; border-bottom: 4px double black;">113,067.0655</td><td style="width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td> </td><td style="width: 1%; text-align: left; border-bottom: 4px double black;"><b>$</b></td><td style="width: 9%; text-align: right; border-bottom: 4px double black;">8,521,865</td><td style="width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="text-align: justify; margin-left: 4.5pt; clear: both;">  </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> * </div> <div> No comparative period presented as the Fund’s operations commenced on December 3, 2025. </div> </div> <div style="text-align: justify;"> The following represents the changes in quantity of Solana held and the respective fair value during the period from April 1, 2026 to June 30, 2026*: </div><div style="text-align: justify; margin-left: 4.5pt;">  </div><table cellpadding="0" style="margin-left: auto; margin-right: auto; border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="text-align: justify;"> </td> <td style="text-align: center;"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <span style="font-weight : bold; white-space : nowrap; ">Quantity of <br/>Solana</span> </td><td style="text-align: center;"> </td> <td style="text-align: center;"> </td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: center; vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <span style="font-weight : bold; white-space : nowrap; ">Amount in US$</span> </td><td style="text-align: center;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Balance at April 1, 2026 </div> </td> <td style="width: 1%;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">112,336.0666</td><td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td><td style="width: 1%; text-align: left;"><b>$</b></td><td style="width: 9%; text-align: right;">9,365,458</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt; clear: both;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Solana purchased for the creation of Shares </div> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Solana sold for the redemption of Shares </div> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Principal on Solana sales to pay expenses </div> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Staking income </div> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">1,584.4428</td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">128,150</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Distribution of staking income to Shareholders </div> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">(853.4439</td><td style="width: 1%; text-align: left;">) </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">(66,090</td><td style="width: 1%; text-align: left;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Net realized gain (loss) from Solana sold for the redemption of Shares </div> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Net realized gain (loss) from Solana sold for distribution of staking income </div> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right;">(26,368</td><td style="width: 1%; text-align: left;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Net change in unrealized appreciation (depreciation) on investment in Solana </div> </td> <td> </td><td style="width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="width: 9%; text-align: right; border-bottom: 2px solid black;"> – </td><td style="width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td> </td><td style="width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="width: 9%; text-align: right; border-bottom: 2px solid black;">(879,285</td><td style="width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Balance at June 30, 2026 </div> </td> <td> </td><td style="width: 1%; text-align: left; border-bottom: 4px double black;"> </td><td style="width: 9%; text-align: right; border-bottom: 4px double black;">113,067.0655</td><td style="width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td> </td><td style="width: 1%; text-align: left; border-bottom: 4px double black;"><b>$</b></td><td style="width: 9%; text-align: right; border-bottom: 4px double black;">8,521,865</td><td style="width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table> 112336.0666 9365458 0 0 0 0 0 0 1584.4428 128150 -853.4439 66090 0 -26368 -879285 113067.0655 8521865 <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-weight: bold;">4.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">RELATED PARTIES</span> </div> </div><div style="text-align: justify; margin-left: 18pt;">  </div><div style="text-align: justify;"> The Sponsor of the Trust is Franklin Holdings, LLC. The Sponsor is responsible for establishing the Trust and for the registration of the Shares. The Sponsor generally oversees the performance of the Fund’s principal service providers but does not exercise day-to-day oversight over such service providers. The Sponsor, with assistance and support from the Administrator, is responsible for preparing and filing periodic reports on behalf of the Trust and the Fund with the SEC and will provide any required certification for such reports. The Sponsor has designated the independent registered public accounting firm of the Trust on behalf of the Fund and may from time to time employ legal counsel for the Fund. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> Franklin Distributors, LLC serves as the Marketing Agent of the Fund. The Sponsor and the Marketing Agent are affiliates, and each is considered to be a related party to the Trust and the Fund. Franklin Resources, Inc. (“FRI”) is the ultimate parent company of the Sponsor and the Marketing Agent. FRI is the holding company for various subsidiaries that together are referred to as Franklin Templeton. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Sponsor is a related party of the Trust and the Fund. The Fund pays the Sponsor a unitary fee for services performed pursuant to the Sponsor Agreement. The Marketing Agent is an affiliate of the Sponsor. Expenses payable to the Marketing Agent, if any, are paid through the Sponsor’s fee. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Trust also considers Franklin Resources, Inc., the ultimate parent company of the Sponsor, to be a related party of the Trust and the Fund. As of June 30, 2026, no shares of the Fund were held by a related party.</div> 0 <div style="text-indent: -13.5pt; text-align: justify; padding-left: 13.5pt;"> <div style="float: left; width: 13.5pt; white-space: nowrap;"> <span style="font-weight: bold;">5.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">CONCENTRATION OF RISK</span> </div> </div><div style="text-align: justify; margin-left: 13.5pt;">  </div><div style="text-align: justify;"> The Fund holds only Solana and cash, which creates a concentration risk associated with fluctuations in the price of Solana. Accordingly, a decline in the price of Solana will have an adverse effect on the value of the Shares of the Fund. The trading prices of Solana have experienced extreme volatility in recent periods and may continue to fluctuate significantly. Extreme volatility in the future, including substantial, sustained or rapid declines in the trading prices of Solana, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value. Factors adversely impacting the value of Solana and the Shares may include an increase in the global Solana supply or a decrease in global Solana demand; market conditions of, and overall sentiment towards, the digital asset and blockchain technology industry; trading activity on digital asset platforms, which, in many cases, are largely unregulated or subject to regulation by a relevant jurisdiction but potentially non-compliant with such regulations or may be subject to manipulation; the adoption of Solana as a medium of exchange, store-of-value or other consumptive asset and the maintenance and development of the open-source software protocol of the Solana Network, and their ability to meet user demands; manipulative trading activity on digital asset platforms, which, in many cases, are largely unregulated and substantially less regulated relative to securities markets; and forks in the Solana Network, among other things. Staking activity undertaken by the Fund entails a risk of loss of the Fund’s Solana tokens, including in the form of “slashing” penalties. Additionally, as part of the “activating” and “deactivating” or “cooling down” processes of Solana staking, any staked Solana tokens will be inaccessible for a period of time determined by a range of factors, which may subject the Fund to certain liquidity risks. These risks will be managed pursuant to a liquidity policy designed to address the risk that the Fund could not meet redemption requests without significant dilution of the remaining Shareholders. </div><div style="text-align: justify;"> Staking tokens often include a specified lock-up period where the delegated tokens are unable to be moved on the blockchain or traded. These restrictions inhibit the Fund's ability to quickly obtain liquidity and trade at prevailing market prices. As of June 30, 2026, the Fund has staked 112,936.7774 Solana tokens with third-party counterparties who manage the staking operations on behalf of the Fund. While the Fund can choose to reclaim its assets at its discretion, it is subject to the unbonding period as specified by the blockchain protocol and enforced through smart contracts. </div> 112936.7774 <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-weight: bold;">6.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">COMBINED FINANCIAL HIGHLIGHTS</span> </div> </div><div style="text-align: justify; margin-left: 18pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td colspan="2" style="width: 1%; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> <span style="font-weight: bold;">For the Three <br/>months ended <br/> June 30, 2026*</span> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> <span style="font-weight: bold;">Net asset value per Share, beginning of period</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; font-weight: bold;">$</td><td style="text-align: right; width: 9%; padding-left: 10px;">14.41</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Net investment income (loss)^(a)</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">0.18</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Net realized and unrealized gain (loss) on investment in Solana^(b)</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">(1.39</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> <span style="font-weight: bold;">Net change in net assets from operations</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">(1.21</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Distributions of net staking rewards to Shareholders </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">(0.10</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> <span style="font-weight: bold;">Net asset value per Share, end of period</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); font-weight: bold;">$</td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">13.10</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 9%; padding-left: 10px;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> <span style="font-weight: bold;">Total return, at net asset value^(c)</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">(8.39</td><td style="text-align: left; width: 1%;">)%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 9%; padding-left: 10px;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> <span style="font-weight: bold;">Ratio to average net assets^(d)</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 9%; padding-left: 10px;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Net investment income (loss) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">5.29</td><td style="text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Gross expenses </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">0.51</td><td style="text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Net expenses</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">0.37</td><td style="text-align: left; width: 1%;">%</td> </tr> </table><div style="text-align: justify; margin-left: 18pt;"> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> * </div> <div> No comparative period presented as the Fund’s operations commenced on December 3, 2025. </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> (a) </div> <div> Calculated using average Shares outstanding. </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> (b) </div> <div> The amount shown for a Share outstanding may not agree with the change in the aggregate gains and losses on investment for the period because of the timing of transactions in the Fund’s Shares in relation to fluctuating market values for the Fund’s underlying investment.</div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> (c) </div> <div> Total Return at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, and redemption of Shares at NAV on the last day of the period. Total Return at NAV as shown above includes adjustments in accordance with U.S. GAAP.Total return for periods of less than a year are not annualized. </div></div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> (d) </div> <div> Annualized.</div> <div> </div></div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td colspan="2" style="width: 1%; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> <span style="font-weight: bold;">For the Three <br/>months ended <br/> June 30, 2026*</span> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> <span style="font-weight: bold;">Net asset value per Share, beginning of period</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; font-weight: bold;">$</td><td style="text-align: right; width: 9%; padding-left: 10px;">14.41</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Net investment income (loss)^(a)</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">0.18</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Net realized and unrealized gain (loss) on investment in Solana^(b)</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">(1.39</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> <span style="font-weight: bold;">Net change in net assets from operations</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">(1.21</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Distributions of net staking rewards to Shareholders </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">(0.10</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> <span style="font-weight: bold;">Net asset value per Share, end of period</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); font-weight: bold;">$</td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">13.10</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 9%; padding-left: 10px;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> <span style="font-weight: bold;">Total return, at net asset value^(c)</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">(8.39</td><td style="text-align: left; width: 1%;">)%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 9%; padding-left: 10px;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> <span style="font-weight: bold;">Ratio to average net assets^(d)</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 9%; padding-left: 10px;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Net investment income (loss) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">5.29</td><td style="text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Gross expenses </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">0.51</td><td style="text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Net expenses</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">0.37</td><td style="text-align: left; width: 1%;">%</td> </tr> </table><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> (a) </div> <div> Calculated using average Shares outstanding. </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> (b) </div> <div> The amount shown for a Share outstanding may not agree with the change in the aggregate gains and losses on investment for the period because of the timing of transactions in the Fund’s Shares in relation to fluctuating market values for the Fund’s underlying investment.</div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> (c) </div> <div> Total Return at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, and redemption of Shares at NAV on the last day of the period. Total Return at NAV as shown above includes adjustments in accordance with U.S. GAAP.Total return for periods of less than a year are not annualized. </div></div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> (d) </div> <div> Annualized.</div> <div> </div></div> 14.41 0.18 -1.39 -1.21 -0.1 13.1 -0.0839 0.0529 0.0051 0.0037 <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-weight: bold;">7.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">COMMITMENTS AND CONTINGENCIES</span> </div> </div><div style="text-align: justify; margin-left: 18pt;">  </div><div style="text-align: justify;"> In the normal course of business, the Trust, on behalf of the Fund, may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-weight: bold;">8.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">INDEMNIFICATION</span> </div> </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> Under the Trust’s organizational documents, the Sponsor and its Shareholders, members, directors, affiliates, officers, employees and subsidiaries are indemnified by the Trust against certain liabilities. The Fund has also agreed to indemnify certain of its other service providers, including the Administrator, the Marketing Agent, the Staking Provider, the Custodians and the Trustee (including its officers, affiliates, directors, employees, and agents), for certain liabilities incurred by such parties in connection with their respective agreements to provide services for the Fund. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Sponsor will not be liable to the Trust, the Trustee or any Shareholder for any action taken or for refraining from taking any action in good faith or for errors in judgment or for depreciation or loss incurred by reason of the sale of any Solana or other assets of the Fund or the Trust. However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, bad faith, or willful misconduct. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Sponsor and each of its Shareholders, members, directors, officers, employees, affiliates and subsidiaries will be indemnified by the Trust and held harmless against any losses, liabilities or expenses incurred in the performance of its duties under the Declaration of Trust without gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee's counsel or by any other person for any matters arising under the Declaration of Trust. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for in the Declaration of Trust. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Declaration of Trust. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Trustee will not be liable or accountable to the Trust or any other person or under any agreement to which the Trust or any series of the Trust is a party, except for the Trustee's breach of its obligations pursuant to the Declaration of Trust or its own willful misconduct, bad faith or gross negligence. The Trustee and each of the Trustee's officers, affiliates, directors, employees, and agents will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence. </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-weight: bold;">9.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">OPERATING SEGMENTS</span> </div> </div><div style="text-align: justify; margin-left: 18pt;">  </div><div style="text-align: justify;"> The Fund, which is the sole series of the Trust, and the Trust operate as a <span style="-sec-ix-hidden: hidden-fact-8">single</span> operating segment, which is an investment portfolio. Executive officers of the Fund’s Sponsor perform the functions of the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Combined Statements of Assets and Liabilities and the Combined Statement of Operations, along with the related Notes to the Combined Financial Statements. The Combined Schedules of Investments provide details of the Fund’s investments that generate returns such as realized and unrealized gains or losses. Performance metrics and expense ratios are disclosed in the Combined Financial Highlights. </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-weight: bold;">10.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">SUBSEQUENT EVENTS</span> </div> </div><div style="text-align: justify; margin-left: 18pt;">  </div><div> The Trust and the Fund have evaluated subsequent events through the issuance of the financial statements and determined that no such events have occurred that require disclosure.</div> 8521865 9365458 8521865 9365458 1234 0 7591 403 8825 403 8513040 9365055 650000 650000 650000 650000 13.1 14.41 113067.0655 12227591 8521865 1.001 113067.0655 12227591 8521865 1.001 -8825 -0.001 8513040 1 112336.0666 12191899 9365458 1 112336.0666 12191899 9365458 1 -403 0 9365055 1 128150 7188 4303 3069 8422 119728 -26368 -879285 -905653 -785925 -1.21 -785925 0 66090 128150 -26368 -879285 1234 7188 66090 0 0 66090 -66090 0 0 0 9365055 119728 -26368 -879285 -785925 66090 0 0 8513040 <div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-weight: bold;">1.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">ORGANIZATION</span> </div> </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Franklin Solana Trust (the “Trust”) was formed as a Delaware statutory trust on February 10, 2025 and is governed by the provisions of the Third Amended and Restated Agreement and Declaration of Trust executed as of November 21, 2025 (the "Declaration of Trust"). The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”) and is not a commodity pool for purposes of the Commodity Exchange Act (“Commodity Exchange Act” or “CEA”). The accompanying financial statements relate to the one series that the Trust currently offers, the Franklin Solana ETF (the “Fund”). The Trust had no operations prior to the Fund's launch, other than matters relating to its organization and the registration of the Fund under the Securities Act of 1933, as amended (the "Securities Act"). The Sponsor of the Trust and the Fund (the “Sponsor”) is Franklin Holdings, LLC. The Sponsor is a Delaware limited liability company formed on July 21, 2021. The Sponsor is not subject to regulation by the U.S. Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator with respect to the Fund, or a commodity trading advisor with respect to the Fund. The Fund issues shares (the “Shares”), which represent units of fractional undivided beneficial interest in and ownership of the Fund. The Shares of the Fund are listed on the NYSE Arca, Inc. ("NYSE Arca" or the "Exchange"). </div><div style="text-align: justify;"> </div><div style="text-align: justify;"> The Fund seeks to reflect generally the performance of the price of Solana and rewards from staking as much of the Fund's Solana as is practicable (i.e., up to 100%) ("Staking Rewards") to the extent the Sponsor in its sole discretion determines that the Fund may do so without undue legal or regulatory risk, such as without limitation, by adversely affecting the Fund's status as a grantor trust for U.S. federal income tax purposes (the "Staking Requirement"). The Shares have been designed to remove obstacles associated with the complexities and operational burdens involved in a direct investment in Solana by providing an investment with a value that reflects the price of the Solana owned by the Fund at such time, less the Fund's expenses. The Fund is not a proxy for a direct investment in Solana. Rather, the Shares are intended to provide a cost-effective alternative means of obtaining investment exposure through the securities markets that is similar to an investment in Solana. The Fund is a passive investment vehicle and is not a leveraged product. The Sponsor does not actively manage the Solana held by the Fund. This means that the Sponsor does not sell Solana at times when its price is in the expectation of future price increases. The Fund will not utilize leverage, derivatives or similar instruments or transactions in seeking to meet its investment objective. </div><div>  </div><div style="text-align: justify;"> CSC Delaware Trust Company, a subsidiary of Corporation Service Company (the “Trustee”), is the sole trustee of the Trust; Coinbase Custody Trust Company, LLC (the “Solana Custodian”) is the custodian for the Fund’s Solana holdings; and the Bank of New York Mellon is the custodian for the Fund’s cash holdings (the “Cash Custodian” and together with the Solana Custodian, the “Custodians”) and also serves as the Fund’s administrator and transfer agent (the “Administrator” or “Transfer Agent”). The Administrator is generally responsible for the day-to-day administration of the Fund, including the calculation of the Fund’s net asset value (“NAV”) per Share. The Solana Custodian is responsible for safekeeping the Solana owned by the Fund. Franklin Distributors, LLC is the marketing agent of the Fund (the “Marketing Agent”). Coinbase Crypto Services, LLC (“Coinbase Crypto” or “Staking Provider”) serves as the Staking Provider for the Fund. Coinbase Inc., an affiliate of the Solana Custodian, is the Fund’s Prime Broker ("Prime Broker"). The Trust is not an investment company registered under the Investment Company Act, and is not required to register under such Act. The Sponsor is not registered with the Securities and Exchange to the Trust and the Fund. The Fund is not a commodity pool for purposes of the Commodity Exchange Act, and the Sponsor is not subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor with respect to the Fund. </div><div style="text-align: justify;"> </div><div style="text-align: justify;"> The Fund issues and redeems Shares only to certain eligible financial institutions called Authorized Participants and only in one or more blocks of 50,000 Shares ("Creation Units"). Creation Units are directly redeemable only by Authorized Participants. Creation Units are issued and redeemed in exchange for Solana and/or cash. Individual Shares will not be redeemed by the Fund but will be listed and traded on NYSE Arca, Inc. under the ticker symbol "SOEZ." The market price of the Shares may be different than the Fund's NAV per Share. The Fund issues and redeems Shares in Creation Units on a continuous basis at the applicable NAV per Share on the transaction order date. Except when aggregated in Creation Units, the Shares are not redeemable securities. </div><div>  </div><div style="text-align: justify;"> The Trust is an “emerging growth company” as that term is used in the Jumpstart Our Business Startups Act, subject to reduced public company reporting requirements under U.S. federal securities laws. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> On September 22, 2025, Franklin Resources Inc. (the "Seed Capital Investor"), an affiliate of the Sponsor, subject to conditions, purchased 4,000 Shares at a per-Share price equal to $25.00 (the "Initial Seed Shares"). Delivery of the Initial Seed Shares was made on September 22, 2025. Total proceeds to the Fund from the sale of the Initial Seed Shares were $100,000. On November 25, 2025, the Initial Seed Shares were redeemed for $100,000 and the Seed Capital Investor purchased two creation units in a cash transaction comprised of a total of 100,000 Shares at a per-Share price based on 8,500 Solana per Creation Unit (or 0.17 Solana per Share), for a total of 17,000 Solana (the "Seed Creation Units"). The cash proceeds to the Fund from the sale of the Seed Creation Units were used by the Fund to purchase 17,000 Solana at the price of $136.65 per Solana on November 25, 2025 (exclusive of transaction and other costs incurred in connection with the conversion of the cash proceeds to Solana, which were paid by the Seed Capital Investor). Thus, the ultimate total proceeds to the Fund from the sale of the Seed Creation Units were $2,323,133.80 (an amount representing 17,000 Solana). Further, the transaction and other costs incurred in connection with the Seed Creation Units were paid by the Seed Capital Investor and not borne by the Fund. The Seed Capital Investor acted as a statutory underwriter with respect to the Seed Creation Units. Shares of the Fund were first listed and began trading on December 3, 2025. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The accompanying statements of assets and liabilities and schedules of investments at June 30, 2026 and March 31, 2026, and statement of operations, statement of cash flows, and statement of changes in net assets for the three month period ended June 30, 2026, have been prepared on behalf of the Fund individually as the sole operating series of the Trust. Separate combined financial statements and schedules on behalf of the Trust, as registrant combined with the Fund as its sole currently offered series, are presented above in a separate section of this report. In the opinion of management of the Sponsor of the Trust, all adjustments (which include only normal recurring adjustments) necessary to state fairly the financial position and results of operations for all periods stated have been made. In addition, interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust's and the Fund's financial statements included in the Annual Report on Form 10-K for the fiscal year ended March 31, 2026. </div><div style="text-align: justify;"> The fiscal year end of the Trust and the Fund is March 31st. </div> 2025 1 50000 4000 25 100000 100000 2 100000 8500 0.17 17000 17000 136.65 2323133.8 17000 <div style="margin-top:0in; margin-right:0in; margin-bottom:8.0pt; margin-left:0in; line-height:107%; font-size:11.0pt; font-family:&quot;Calibri&quot;,sans-serif; margin-top:0in;margin-right:0in;margin-bottom:0in; margin-left:.25in;mso-add-space:auto;text-align:justify;text-indent:-.25in; line-height:normal"><b><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;,serif;mso-fareast-font-family: MingLiU">2.<span style="mso-tab-count:1">    </span></span><span style="text-decoration:underline"><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;,serif">SIGNIFICANT ACCOUNTING POLICIES</span></span></b></div><div style="text-align: justify;"> </div><div style="text-align: justify;"> In preparing financial statements in conformity with accounting principles generally accepted in the United States ("GAAP"), management of the Sponsor makes estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amount of revenue and expenses reported during the period. Actual results could differ from these estimates. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The following is a summary of significant accounting policies followed by the Trust and the Fund. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> <span style="font-weight: bold;">2.1. Basis of Presentation</span> </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Sponsor has determined that the Fund falls within the scope of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946, Financial Services - Investment Companies, and has concluded that solely for accounting purposes, the Fund is classified as an Investment Company as defined in ASC 946. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The financial statements presented for the fund are presented at the series level. Financial statements for the Trust, as the registrant, combined with the Fund are provided separately in this report. For the period presented, there were no balances or activity for the Trust except for the Fund's operations, as its sole series. These notes to the financial statements relate to the Fund at the individual, series-level. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund are enforceable only against the assets of the Fund and not against the assets of the Trust generally or any other series that the Trust may establish. </div><div style="text-align: justify;">  </div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> a) </div> <div> Use of Estimates </div> </div><div style="text-align: justify; margin-left: 18pt;">  </div><div style="text-align: justify;"> In preparing financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”), management of the Sponsor makes estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amount of revenue and expenses reported during the period. Actual results could differ from these estimates. </div><div style="text-align: justify;">  </div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <span style="font-weight: bold;">2.2. Calculation of NAV and NAV per Share</span> </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Sponsor has the exclusive authority to determine the Fund’s net asset value (“NAV”). The Sponsor has delegated to the Administrator the responsibility to calculate the NAV of the Fund, based on a pricing source selected by the Sponsor. In determining the Fund’s NAV, the Administrator generally will value the Solana held by the Fund based on the Index, unless the Sponsor in its sole discretion determines that the Index is unreliable. The CME CF Solana Reference Rate – New York Variant for the Solana – U.S. Dollar trading pair (the “CF Benchmarks Index”) shall constitute the Index, unless the CF Benchmarks Index is not available or the Sponsor in its sole discretion determines the CF Benchmarks Index is unreliable as the Index and therefore determines not to use the CF Benchmarks Index as the Index. If the CF Benchmarks Index is not available or the Sponsor determines, in its sole discretion, that the CF Benchmarks Index is unreliable (referred to herein as a “Fair Value Event”), the Fund’s holdings may be fair valued by the Sponsor. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> On each Business Day, as soon as practicable after 4:00 PM Eastern Time (“ET”), the Administrator evaluates the Solana held by the Fund as reflected by the CF Benchmarks Index and determines the NAV of the Fund. For purposes of making these calculations, a Business Day means any day other than a day when the NYSE Arca, Inc. is closed for regular trading. </div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <span style="font-weight: bold;">2.3. Valuation of Solana</span> </div><div style="text-align: justify; margin-left: 36pt;">  </div><div style="text-align: justify;"> The Fund’s financial statements are prepared in accordance with GAAP. The Fund determines the fair value of Solana based on the price provided by the Solana market that the Fund considers its "Principal Market" as of 11:59:59 PM ET on the valuation date. This fair value price is referred to as "Principal Market Price". With respect to the Fund’s Solana holdings, the Trust follows the provisions of the Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures” (“ASC Topic 820”) and utilizes an exchange-traded price from the Fund’s principal market (or in the absence of a principal market, the most advantageous market) for Solana as of the Fund’s financial statement measurement date. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> ASC 820 established a hierarchy that prioritized inputs to valuation techniques used to measure fair value. The three levels of inputs are: </div><div style="text-align: justify;">  </div><div style="text-align: justify; margin-left: 22.5pt;"> Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities; </div><div style="text-align: justify; margin-left: 22.5pt;">  </div><div style="text-align: justify; margin-left: 22.5pt;"> Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and </div><div style="text-align: justify; margin-left: 22.5pt;">  </div><div style="text-align: justify; margin-left: 22.5pt;"> Level 3: Inputs that are unobservable for the asset or liability, including the Fund’s assumptions used in determining the fair value of investments </div><div style="text-align: justify; margin-left: 22.5pt;">  </div><div style="text-align: justify;"> As of June 30, 2026 and March 31, 2026, the value of the Solana held by the Fund was categorized as Level 1. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> <span style="font-weight: bold; text-decoration: underline;">2.4. Staking Rewards and Distribution</span> </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Fund maintains control and ownership of staked Solana, and no other party has the right to direct the use of the Solana while it is staked. The Fund does not derecognize staked Solana and accounts for staked Solana on the same basis as non-staked Solana. </div><div>  </div><div style="text-align: justify;"> The Fund earns additional Solana (“Staking Rewards”) as compensation for participating in the Solana Network's proof-of-stake validation process. The Fund accounts for staking rewards by applying the principles of ASC Topic 606, "Revenue from Contracts with Customers". Income from Staking Rewards is recognized when the amount of Solana to which the Fund is entitled for validation activity completed by a node operator is known, calculable, and nonrefundable. When the Staking Rewards are made known to the Fund, the related performance obligation, consisting of the node operator's transaction validation services performed pursuant to a smart contract with the Solana network, has been satisfied. Staking rewards received in Solana represent non-cash consideration and are measured at fair value using the Index price of Solana used to calculate the Fund’s NAV on the date the income from Staking Rewards is recognized. The Staking Provider is the principal in the validation activities that generate the rewards, and the Fund acts as an agent in those activities. Accordingly, the Fund recognizes income from Staking Rewards net of the gross staking rewards retained by the Staking Provider. From time to time, the Staking Provider may rebate a portion of the gross staking rewards retained as its fee. Any such rebates are recognized by the Fund when received or when the amount is fixed and determinable, and are recognized as investment income, as appropriate. There can be no assurance that such rebates will be received in future periods. The Fund allocates to the Sponsor, as partial consideration for the Sponsor arranging for the staking of the Fund’s Solana, a Staking Fee. Such allocation to the Sponsor is included on the Statement of Operations. </div><div>  </div><div> The Sponsor intends to convert Staking Rewards to cash and distribute such amounts to Shareholders on a monthly basis. For the quarter ended June 30, 2026, distributions were generally calculated on a three-month lagged basis </div><div>  </div><div style="text-align: justify;"> The Trust made a $66,090 cash distribution of income generated from its staking activities during the period. This cash distribution consisted of income from Staking Rewards for March 2026. Staking Rewards in a grantor trust are expected to be treated as earned directly by the Shareholders and taxed on a pass-through basis. </div><div>  </div><div style="text-align: justify;"> <span style="font-weight: bold; text-decoration: underline;">2.5. Fees, Expenses, Realized Gains (Losses)</span> </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Fund’s ordinary recurring expense are staking fee and Sponsor’s fee. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: the fees charged by the Administrator, the Marketing Agent, the Custodians (the Cash Custodian and Solana Custodian, collectively) and the Trustee, Exchange listing fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, tax reporting fees, audit fees, license fees and expenses, and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor paid the costs of the Fund’s organization and the initial offering costs and will not seek reimbursement of such costs. Solana transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of Solana are determined on a specific identification basis and recognized in the Statement of Operations in the period in which the sale or disposition occurs, respectively. </div><div style="text-align: justify;"> The Sponsor’s fee is accrued daily at an annualized rate equal to 0.19% (i.e., 0.19%/365 days) of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. There are no specific circumstances under which the Sponsor may determine it will waive the fee. For the period commencing on the day the Shares are initially listed on the Exchange to May 31, 2026, the Sponsor waived the entire Sponsor’s Fee on the first $5.0 billion of the Fund’s assets. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. There are no specific circumstances under which the Sponsor has determined to waive its fees. If the Sponsor decides to waive all or a portion of the Sponsor's Fee, Shareholders will be notified of any such waiver in a prospectus supplement, in the Fund's periodic reports and/or on the Fund's website. The Fund will sell Solana as needed to pay the Sponsor’s fee. The Fund bears transaction costs, including any Solana network fees or other similar transaction fees, in connection with any sales of Solana necessary to pay the Sponsor’s fee, as well as other Fund expenses (if any) that are not assumed by the Sponsor (expenses assumed by the Sponsor are specified above). Any Solana network fees and similar transaction fees incurred in connection with the creation or redemption of Creation Units are borne by the Authorized Participant. For the three month ended on June 30, 2026, the Fund accrued the Sponsor’s Fee of $4,303, offset by the waiver of $3,069. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Sponsor is not required to pay any staking fees or expenses or extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. The Fund is responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. In addition, the Fund may incur certain other non-recurring expenses that are not assumed by the Sponsor (expenses assumed by the Sponsor are described above), including but not limited to, taxes and governmental charges, any applicable brokerage commissions, Solana network fees and similar transaction fees that qualify as extraordinary or non-routine expenses as described above, financing fees, costs of a credit facility or other borrowing arrangement, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Fund to protect the Fund or the interests of Shareholders (including, for example, in connection with any fork of the Solana blockchain, any Incidental Rights and any IR Virtual Currency), any indemnification of the Cash Custodian, Solana Custodian, Prime Broker, Staking Provider, Administrator or other agents, service providers or counterparties of the Trust or the Fund and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters or legal expenses in excess of $500,000 per year. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Fund in excess of the $500,000 per annum stipulated in the Sponsor Agreement. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Fund. The Fund’s organizational and offering costs are borne by the Sponsor and, as such, are the sole responsibility of the Sponsor. The Sponsor may not seek reimbursement or otherwise require the Fund, the Trust, the Trustee, or any Shareholder to assume any liability, duty or obligation in connection with any such organizational and offering costs. The Fund sell Solana to cover the Sponsor’s fee and expenses not assumed by the Sponsor, if any. Fund expenses not assumed by the Sponsor shall accrue daily and be payable by the Fund to the Sponsor at least quarterly in arrears. The Fund may also be subject to other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> There have been no extraordinary or non-routine expenses during the periods presented. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> In consideration for staking services, the Fund pays an aggregate fee equal to 8.0% of the gross Staking Rewards, which compensates the Staking Provider, the Solana Custodian, and the Sponsor for services performed in connection with the Fund's staking program. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> <span style="font-weight: bold; text-decoration: underline;">2.6. Income Taxes</span> </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Fund is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust and the Fund are not subject to United States federal income tax. Instead, the Fund’s income, gain, losses, and expenses will “flow through” to the Shareholders, and the Administrator reports these to the Internal Revenue Service on that basis. </div><div style="text-align: justify;"> The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust and the Fund as of June 30, 2026, and does not believe that there are any uncertain tax positions that require recognition of a tax liability. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> <span style="font-weight: bold; text-decoration: underline;">2.7. Creation and Redemption of Shares</span> </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Fund issues and redeems Creation Units on a continuous basis. Creation Units are issued or redeemed in exchange for an amount of Solana and/or cash as determined by the Administrator on each day that NYSE Arca, Inc. is open for regular trading. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> For cash creation transactions, the amount of cash required to be delivered to the Fund will equal the amount of cash needed to purchase the amount of Solana represented by the Creation Unit(s) being created, as calculated by the Administrator, plus applicable fees, costs and adjustments. For cash redemption transactions conducted in cash, the Sponsor will arrange for the Solana represented by the Creation Unit(s) being redeemed to be sold and the cash proceeds, after applicable fees, costs and adjustments, distributed. No Shares are issued until the corresponding amount of Solana has been received in the Fund’s Trading Balance. Creation Units may be created or redeemed only by Authorized Participants, who pay (1) a transaction fee for each order to create or redeem Creation Units; (2) transfer, processing and other transaction costs charged by the Solana Custodian in connection with the issuance or redemption of Creation Units for such order; and (3) any other expenses, taxes, charges or adjustments. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> Creation Units will be sold at a per-Share offering price that will vary depending on, among other things, the price of Solana and the trading price of the Shares on the NYSE Arca, Inc. at the time of the offer. Shares offered at different times may have different offering prices. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> Changes in the Shares for the period from April 1, 2026 to June 30, 2026* are as follows: </div><div style="text-align: justify; margin-left: 4.5pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="text-align: justify;"> </td> <td style="text-align: justify;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;">  <span style="font-weight: bold;">Shares</span> </td><td style="text-align: justify;"> </td> <td style="text-align: justify;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;">  <span style="font-weight: bold;">Amount^</span> </td><td style="text-align: justify;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Balance at April 1, 2026 </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">650,000</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%; padding-left: 10px;">12,094,601</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Creation of Shares </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;"> - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;"> - </td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Redemption of Shares </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;"> - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;"> - </td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Distribution to Shareholders </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;"> - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">(66,090</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Balance at June 30, 2026 </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">650,000</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="text-align: right; width: 9%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">12,028,511</td><td style="text-align: left; width: 1%;"> </td> </tr> </table><div style="text-align: justify;"> </div><div style="text-align: justify;">*     No comparative period presented as the Fund’s operations commenced on December 3, 2025. </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> ^ </div> <div> Dollar amount of balance represents the cumulative fair value of creation of Shares less the redemption of Shares, at the time of the specific creation or redemption. </div> </div> <div style="text-align: justify;"> <span style="font-weight: bold;">2.1. Basis of Presentation</span> </div><div style="text-align: justify;"> The Sponsor has determined that the Fund falls within the scope of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946, Financial Services - Investment Companies, and has concluded that solely for accounting purposes, the Fund is classified as an Investment Company as defined in ASC 946. </div><div style="text-align: justify;"> The financial statements presented for the fund are presented at the series level. Financial statements for the Trust, as the registrant, combined with the Fund are provided separately in this report. For the period presented, there were no balances or activity for the Trust except for the Fund's operations, as its sole series. These notes to the financial statements relate to the Fund at the individual, series-level. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund are enforceable only against the assets of the Fund and not against the assets of the Trust generally or any other series that the Trust may establish. </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> a) </div> <div> Use of Estimates </div> </div> In preparing financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”), management of the Sponsor makes estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amount of revenue and expenses reported during the period. <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <span style="font-weight: bold;">2.2. Calculation of NAV and NAV per Share</span> </div><div style="text-align: justify;"> The Sponsor has the exclusive authority to determine the Fund’s net asset value (“NAV”). The Sponsor has delegated to the Administrator the responsibility to calculate the NAV of the Fund, based on a pricing source selected by the Sponsor. In determining the Fund’s NAV, the Administrator generally will value the Solana held by the Fund based on the Index, unless the Sponsor in its sole discretion determines that the Index is unreliable. The CME CF Solana Reference Rate – New York Variant for the Solana – U.S. Dollar trading pair (the “CF Benchmarks Index”) shall constitute the Index, unless the CF Benchmarks Index is not available or the Sponsor in its sole discretion determines the CF Benchmarks Index is unreliable as the Index and therefore determines not to use the CF Benchmarks Index as the Index. If the CF Benchmarks Index is not available or the Sponsor determines, in its sole discretion, that the CF Benchmarks Index is unreliable (referred to herein as a “Fair Value Event”), the Fund’s holdings may be fair valued by the Sponsor. </div><div style="text-align: justify;"> On each Business Day, as soon as practicable after 4:00 PM Eastern Time (“ET”), the Administrator evaluates the Solana held by the Fund as reflected by the CF Benchmarks Index and determines the NAV of the Fund. For purposes of making these calculations, a Business Day means any day other than a day when the NYSE Arca, Inc. is closed for regular trading. </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <span style="font-weight: bold;">2.3. Valuation of Solana</span> </div><div style="text-align: justify;"> The Fund’s financial statements are prepared in accordance with GAAP. The Fund determines the fair value of Solana based on the price provided by the Solana market that the Fund considers its "Principal Market" as of 11:59:59 PM ET on the valuation date. This fair value price is referred to as "Principal Market Price". With respect to the Fund’s Solana holdings, the Trust follows the provisions of the Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures” (“ASC Topic 820”) and utilizes an exchange-traded price from the Fund’s principal market (or in the absence of a principal market, the most advantageous market) for Solana as of the Fund’s financial statement measurement date. </div><div style="text-align: justify;"> ASC 820 established a hierarchy that prioritized inputs to valuation techniques used to measure fair value. The three levels of inputs are: </div><div style="text-align: justify; margin-left: 22.5pt;"> Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities; </div><div style="text-align: justify; margin-left: 22.5pt;"> Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and </div><div style="text-align: justify; margin-left: 22.5pt;"> Level 3: Inputs that are unobservable for the asset or liability, including the Fund’s assumptions used in determining the fair value of investments </div><div style="text-align: justify;"> As of June 30, 2026 and March 31, 2026, the value of the Solana held by the Fund was categorized as Level 1. </div> <div style="text-align: justify;"> <span style="font-weight: bold; text-decoration: underline;">2.4. Staking Rewards and Distribution</span> </div><div style="text-align: justify;"> The Fund maintains control and ownership of staked Solana, and no other party has the right to direct the use of the Solana while it is staked. The Fund does not derecognize staked Solana and accounts for staked Solana on the same basis as non-staked Solana. </div><div style="text-align: justify;"> The Fund earns additional Solana (“Staking Rewards”) as compensation for participating in the Solana Network's proof-of-stake validation process. The Fund accounts for staking rewards by applying the principles of ASC Topic 606, "Revenue from Contracts with Customers". Income from Staking Rewards is recognized when the amount of Solana to which the Fund is entitled for validation activity completed by a node operator is known, calculable, and nonrefundable. When the Staking Rewards are made known to the Fund, the related performance obligation, consisting of the node operator's transaction validation services performed pursuant to a smart contract with the Solana network, has been satisfied. Staking rewards received in Solana represent non-cash consideration and are measured at fair value using the Index price of Solana used to calculate the Fund’s NAV on the date the income from Staking Rewards is recognized. The Staking Provider is the principal in the validation activities that generate the rewards, and the Fund acts as an agent in those activities. Accordingly, the Fund recognizes income from Staking Rewards net of the gross staking rewards retained by the Staking Provider. From time to time, the Staking Provider may rebate a portion of the gross staking rewards retained as its fee. Any such rebates are recognized by the Fund when received or when the amount is fixed and determinable, and are recognized as investment income, as appropriate. There can be no assurance that such rebates will be received in future periods. The Fund allocates to the Sponsor, as partial consideration for the Sponsor arranging for the staking of the Fund’s Solana, a Staking Fee. Such allocation to the Sponsor is included on the Statement of Operations. </div><div> The Sponsor intends to convert Staking Rewards to cash and distribute such amounts to Shareholders on a monthly basis. For the quarter ended June 30, 2026, distributions were generally calculated on a three-month lagged basis </div><div style="text-align: justify;"> The Trust made a $66,090 cash distribution of income generated from its staking activities during the period. This cash distribution consisted of income from Staking Rewards for March 2026. Staking Rewards in a grantor trust are expected to be treated as earned directly by the Shareholders and taxed on a pass-through basis. </div> 66090 <div style="text-align: justify;"> <span style="font-weight: bold; text-decoration: underline;">2.5. Fees, Expenses, Realized Gains (Losses)</span> </div><div style="text-align: justify;"> The Fund’s ordinary recurring expense are staking fee and Sponsor’s fee. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: the fees charged by the Administrator, the Marketing Agent, the Custodians (the Cash Custodian and Solana Custodian, collectively) and the Trustee, Exchange listing fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, tax reporting fees, audit fees, license fees and expenses, and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor paid the costs of the Fund’s organization and the initial offering costs and will not seek reimbursement of such costs. Solana transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of Solana are determined on a specific identification basis and recognized in the Statement of Operations in the period in which the sale or disposition occurs, respectively. </div><div style="text-align: justify;"> The Sponsor’s fee is accrued daily at an annualized rate equal to 0.19% (i.e., 0.19%/365 days) of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. There are no specific circumstances under which the Sponsor may determine it will waive the fee. For the period commencing on the day the Shares are initially listed on the Exchange to May 31, 2026, the Sponsor waived the entire Sponsor’s Fee on the first $5.0 billion of the Fund’s assets. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. There are no specific circumstances under which the Sponsor has determined to waive its fees. If the Sponsor decides to waive all or a portion of the Sponsor's Fee, Shareholders will be notified of any such waiver in a prospectus supplement, in the Fund's periodic reports and/or on the Fund's website. The Fund will sell Solana as needed to pay the Sponsor’s fee. The Fund bears transaction costs, including any Solana network fees or other similar transaction fees, in connection with any sales of Solana necessary to pay the Sponsor’s fee, as well as other Fund expenses (if any) that are not assumed by the Sponsor (expenses assumed by the Sponsor are specified above). Any Solana network fees and similar transaction fees incurred in connection with the creation or redemption of Creation Units are borne by the Authorized Participant. For the three month ended on June 30, 2026, the Fund accrued the Sponsor’s Fee of $4,303, offset by the waiver of $3,069. </div><div style="text-align: justify;"> The Sponsor is not required to pay any staking fees or expenses or extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. The Fund is responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. In addition, the Fund may incur certain other non-recurring expenses that are not assumed by the Sponsor (expenses assumed by the Sponsor are described above), including but not limited to, taxes and governmental charges, any applicable brokerage commissions, Solana network fees and similar transaction fees that qualify as extraordinary or non-routine expenses as described above, financing fees, costs of a credit facility or other borrowing arrangement, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Fund to protect the Fund or the interests of Shareholders (including, for example, in connection with any fork of the Solana blockchain, any Incidental Rights and any IR Virtual Currency), any indemnification of the Cash Custodian, Solana Custodian, Prime Broker, Staking Provider, Administrator or other agents, service providers or counterparties of the Trust or the Fund and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters or legal expenses in excess of $500,000 per year. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Fund in excess of the $500,000 per annum stipulated in the Sponsor Agreement. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Fund. The Fund’s organizational and offering costs are borne by the Sponsor and, as such, are the sole responsibility of the Sponsor. The Sponsor may not seek reimbursement or otherwise require the Fund, the Trust, the Trustee, or any Shareholder to assume any liability, duty or obligation in connection with any such organizational and offering costs. The Fund sell Solana to cover the Sponsor’s fee and expenses not assumed by the Sponsor, if any. Fund expenses not assumed by the Sponsor shall accrue daily and be payable by the Fund to the Sponsor at least quarterly in arrears. The Fund may also be subject to other liabilities (for example, as a result of litigation) that have also not been assumed by the Sponsor. </div><div style="text-align: justify;"> There have been no extraordinary or non-routine expenses during the periods presented. </div><div style="text-align: justify;"> In consideration for staking services, the Fund pays an aggregate fee equal to 8.0% of the gross Staking Rewards, which compensates the Staking Provider, the Solana Custodian, and the Sponsor for services performed in connection with the Fund's staking program. </div> 500000 0.0019 0.0019 5000000000 4303 3069 500000 500000 0 0.08 <div style="text-align: justify;"> <span style="font-weight: bold; text-decoration: underline;">2.6. Income Taxes</span> </div><div style="text-align: justify;"> The Fund is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust and the Fund are not subject to United States federal income tax. Instead, the Fund’s income, gain, losses, and expenses will “flow through” to the Shareholders, and the Administrator reports these to the Internal Revenue Service on that basis. </div><div style="text-align: justify;"> The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust and the Fund as of June 30, 2026, and does not believe that there are any uncertain tax positions that require recognition of a tax liability. </div> <div style="text-align: justify;"> <span style="font-weight: bold; text-decoration: underline;">2.7. Creation and Redemption of Shares</span> </div><div style="text-align: justify;"> The Fund issues and redeems Creation Units on a continuous basis. Creation Units are issued or redeemed in exchange for an amount of Solana and/or cash as determined by the Administrator on each day that NYSE Arca, Inc. is open for regular trading. </div><div style="text-align: justify;"> For cash creation transactions, the amount of cash required to be delivered to the Fund will equal the amount of cash needed to purchase the amount of Solana represented by the Creation Unit(s) being created, as calculated by the Administrator, plus applicable fees, costs and adjustments. For cash redemption transactions conducted in cash, the Sponsor will arrange for the Solana represented by the Creation Unit(s) being redeemed to be sold and the cash proceeds, after applicable fees, costs and adjustments, distributed. No Shares are issued until the corresponding amount of Solana has been received in the Fund’s Trading Balance. Creation Units may be created or redeemed only by Authorized Participants, who pay (1) a transaction fee for each order to create or redeem Creation Units; (2) transfer, processing and other transaction costs charged by the Solana Custodian in connection with the issuance or redemption of Creation Units for such order; and (3) any other expenses, taxes, charges or adjustments. </div><div style="text-align: justify;"> Creation Units will be sold at a per-Share offering price that will vary depending on, among other things, the price of Solana and the trading price of the Shares on the NYSE Arca, Inc. at the time of the offer. Shares offered at different times may have different offering prices. </div><div style="text-align: justify;"> Changes in the Shares for the period from April 1, 2026 to June 30, 2026* are as follows: </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="text-align: justify;"> </td> <td style="text-align: justify;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;">  <span style="font-weight: bold;">Shares</span> </td><td style="text-align: justify;"> </td> <td style="text-align: justify;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;">  <span style="font-weight: bold;">Amount^</span> </td><td style="text-align: justify;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Balance at April 1, 2026 </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">650,000</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%; padding-left: 10px;">12,094,601</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Creation of Shares </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;"> - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;"> - </td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Redemption of Shares </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;"> - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;"> - </td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Distribution to Shareholders </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;"> - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">(66,090</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Balance at June 30, 2026 </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">650,000</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="text-align: right; width: 9%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">12,028,511</td><td style="text-align: left; width: 1%;"> </td> </tr> </table><div style="text-align: justify;">*     No comparative period presented as the Fund’s operations commenced on December 3, 2025. </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> ^ </div> <div> Dollar amount of balance represents the cumulative fair value of creation of Shares less the redemption of Shares, at the time of the specific creation or redemption. </div> </div> <div style="text-align: justify;"> Changes in the Shares for the period from April 1, 2026 to June 30, 2026* are as follows: </div><div style="text-align: justify; margin-left: 4.5pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="text-align: justify;"> </td> <td style="text-align: justify;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;">  <span style="font-weight: bold;">Shares</span> </td><td style="text-align: justify;"> </td> <td style="text-align: justify;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;">  <span style="font-weight: bold;">Amount^</span> </td><td style="text-align: justify;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Balance at April 1, 2026 </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">650,000</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%; padding-left: 10px;">12,094,601</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Creation of Shares </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;"> - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;"> - </td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Redemption of Shares </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;"> - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;"> - </td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Distribution to Shareholders </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;"> - </td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">(66,090</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Balance at June 30, 2026 </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">650,000</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: justify;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="text-align: right; width: 9%; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">12,028,511</td><td style="text-align: left; width: 1%;"> </td> </tr> </table><div style="text-align: justify;"> </div><div style="text-align: justify;">*     No comparative period presented as the Fund’s operations commenced on December 3, 2025. </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> ^ </div> <div> Dollar amount of balance represents the cumulative fair value of creation of Shares less the redemption of Shares, at the time of the specific creation or redemption. </div> </div> 650000 12094601 0 0 0 0 0 66090 650000 12028511 <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-weight: bold;">3.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">INVESTMENT IN SOLANA</span> </div> </div><div style="text-align: justify;">  </div><div style="text-align: justify; margin-left: 4.5pt;"> The following represents the changes in quantity of Solana held and the respective fair value during the period from April 1, 2026 to June 30, 2026*: </div><div style="text-align: justify;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="text-align: justify;"> </td> <td> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;"><div> <span style="font-weight: bold;">Quantity of <br/>Solana</span></div> </td><td> </td> <td> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center; vertical-align: bottom;"> <div> <span style="font-weight: bold;">Amount in US$</span> </div> </td><td> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Balance at April 1, 2026 </td> <td style="width: 1%;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;">112,336.0666</td><td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td><td style="width: 1%; text-align: left;">$</td><td style="width: 9%; text-align: right; padding-left: 10px;">9,365,458</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Solana purchased for the creation of Shares </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Solana sold for the redemption of Shares </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Principal on Solana sales to pay expenses </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Staking income </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;">1,584.4428</td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;">128,150</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Distribution of staking income to Shareholders </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;">(853.4439</td><td style="width: 1%; text-align: left;">) </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;">(66,090</td><td style="width: 1%; text-align: left;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Net realized gain (loss) from Solana sold for the redemption of Shares </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Net realized gain (loss) from Solana sold for distribution of staking income </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;">(26,368</td><td style="width: 1%; text-align: left;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Net change in unrealized appreciation (depreciation) on investment in Solana </td> <td> </td><td style="width: 1%; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">(879,285</td><td style="width: 1%; text-align: left;">) </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Balance at June 30, 2026 </td> <td> </td><td style="width: 1%; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">113,067.0655</td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">8,521,865</td><td style="width: 1%; text-align: left;"> </td> </tr> </table><div>* No comparative period presented as the Fund’s operations commenced on December 3, 2025.</div> <div style="text-align: justify; margin-left: 4.5pt;"> The following represents the changes in quantity of Solana held and the respective fair value during the period from April 1, 2026 to June 30, 2026*: </div><div style="text-align: justify;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="text-align: justify;"> </td> <td> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;"><div> <span style="font-weight: bold;">Quantity of <br/>Solana</span></div> </td><td> </td> <td> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center; vertical-align: bottom;"> <div> <span style="font-weight: bold;">Amount in US$</span> </div> </td><td> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Balance at April 1, 2026 </td> <td style="width: 1%;"> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;">112,336.0666</td><td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td><td style="width: 1%; text-align: left;">$</td><td style="width: 9%; text-align: right; padding-left: 10px;">9,365,458</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Solana purchased for the creation of Shares </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Solana sold for the redemption of Shares </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Principal on Solana sales to pay expenses </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Staking income </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;">1,584.4428</td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;">128,150</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Distribution of staking income to Shareholders </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;">(853.4439</td><td style="width: 1%; text-align: left;">) </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;">(66,090</td><td style="width: 1%; text-align: left;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Net realized gain (loss) from Solana sold for the redemption of Shares </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Net realized gain (loss) from Solana sold for distribution of staking income </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;">(26,368</td><td style="width: 1%; text-align: left;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Net change in unrealized appreciation (depreciation) on investment in Solana </td> <td> </td><td style="width: 1%; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;"> – </td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">(879,285</td><td style="width: 1%; text-align: left;">) </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Balance at June 30, 2026 </td> <td> </td><td style="width: 1%; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">113,067.0655</td><td style="width: 1%; text-align: left;"> </td> <td> </td><td style="width: 1%; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">$</td><td style="width: 9%; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">8,521,865</td><td style="width: 1%; text-align: left;"> </td> </tr> </table> 112336.0666 9365458 0 0 0 0 0 0 1584.4428 128150 -853.4439 66090 0 -26368 -879285 113067.0655 8521865 <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-weight: bold;">4.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">RELATED PARTIES</span> </div> </div><div style="text-align: justify; margin-left: 18pt;">  </div><div style="text-align: justify;"> The Sponsor of the Trust is Franklin Holdings, LLC. The Sponsor is responsible for establishing the Trust and for the registration of the Shares. The Sponsor generally oversees the performance of the Fund’s principal service providers but does not exercise day-to-day oversight over such service providers. The Sponsor, with assistance and support from the Administrator, is responsible for preparing and filing periodic reports on behalf of the Trust and the Fund with the SEC and will provide any required certification for such reports. The Sponsor has designated the independent registered public accounting firm of the Trust on behalf of the Fund and may from time to time employ legal counsel for the Fund. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> Franklin Distributors, LLC serves as the Marketing Agent of the Fund. The Sponsor and the Marketing Agent are affiliates, and each is considered to be a related party to the Trust and the Fund. Franklin Resources, Inc. (“FRI”) is the ultimate parent company of the Sponsor and the Marketing Agent. FRI is the holding company for various subsidiaries that together are referred to as Franklin Templeton. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Sponsor is a related party of the Trust and the Fund. The Fund pays the Sponsor a unitary fee for services performed pursuant to the Sponsor Agreement. The Marketing Agent is an affiliate of the Sponsor. Expenses payable to the Marketing Agent, if any, are paid through the Sponsor’s fee. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Trust also considers Franklin Resources, Inc., the ultimate parent company of the Sponsor, to be a related party of the Trust and the Fund. As of June 30, 2026, no shares of the Fund were held by a related party.</div> 0 <div style="text-indent: -13.5pt; text-align: justify; padding-left: 13.5pt;"> <div style="float: left; width: 13.5pt; white-space: nowrap;"> <span style="font-weight: bold;">5.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">CONCENTRATION OF RISK</span> </div> </div><div style="text-align: justify; margin-left: 13.5pt;">  </div><div style="text-align: justify;"> The Fund holds only Solana and cash, which creates a concentration risk associated with fluctuations in the price of Solana. Accordingly, a decline in the price of Solana will have an adverse effect on the value of the Shares of the Fund. The trading prices of Solana have experienced extreme volatility in recent periods and may continue to fluctuate significantly. Extreme volatility in the future, including substantial, sustained or rapid declines in the trading prices of Solana, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value. Factors adversely impacting the value of Solana and the Shares may include an increase in the global Solana supply or a decrease in global Solana demand; market conditions of, and overall sentiment towards, the digital asset and blockchain technology industry; trading activity on digital asset platforms, which, in many cases, are largely unregulated or subject to regulation by a relevant jurisdiction but potentially non-compliant with such regulations or may be subject to manipulation; the adoption of Solana as a medium of exchange, store-of-value or other consumptive asset and the maintenance and development of the open-source software protocol of the Solana Network, and their ability to meet user demands; manipulative trading activity on digital asset platforms, which, in many cases, are largely unregulated and substantially less regulated relative to securities markets; and forks in the Solana Network, among other things. Staking activity undertaken by the Fund entails a risk of loss of the Fund’s Solana tokens, including in the form of “slashing” penalties. Additionally, as part of the “activating” and “deactivating” or “cooling down” processes of Solana staking, any staked Solana tokens will be inaccessible for a period of time determined by a range of factors, which may subject the Fund to certain liquidity risks. These risks will be managed pursuant to a liquidity policy designed to address the risk that the Fund could not meet redemption requests without significant dilution of the remaining Shareholders. </div><div style="text-align: justify;"> Staking tokens often include a specified lock-up period where the delegated tokens are unable to be moved on the blockchain or traded. These restrictions inhibit the Fund's ability to quickly obtain liquidity and trade at prevailing market prices. As of June 30, 2026, the Fund has staked 112,936.7774 Solana tokens with third-party counterparties who manage the staking operations on behalf of the Fund. While the Fund can choose to reclaim its assets at its discretion, it is subject to the unbonding period as specified by the blockchain protocol and enforced through smart contracts. </div> 112936.7774 <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-weight: bold;">6.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">FINANCIAL HIGHLIGHTS</span> </div> </div><div style="text-align: justify; margin-left: 18pt;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td colspan="2" style="width: 1%; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> <span style="font-weight: bold;">For the Three <br/>months ended <br/> June 30, 2026*</span> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> <span style="font-weight: bold;">Net asset value per Share, beginning of period</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; font-weight: bold;">$</td><td style="text-align: right; width: 9%; padding-left: 10px;">14.41</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Net investment income (loss)^(a)</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">0.18</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Net realized and unrealized gain (loss) on investment in Solana^(b)</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">(1.39</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> <span style="font-weight: bold;">Net change in net assets from operations</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">(1.21</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Distributions of net staking rewards to Shareholders </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">(0.10</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> <span style="font-weight: bold;">Net asset value per Share, end of period</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); font-weight: bold;">$</td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">13.10</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 9%; padding-left: 10px;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> <span style="font-weight: bold;">Total return, at net asset value^(c)</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">(8.39</td><td style="text-align: left; width: 1%;">)%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 9%; padding-left: 10px;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> <span style="font-weight: bold;">Ratio to average net assets^(d)</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 9%; padding-left: 10px;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Net investment income (loss) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">5.29</td><td style="text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Gross expenses </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">0.51</td><td style="text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Net expenses</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">0.37</td><td style="text-align: left; width: 1%;">%</td> </tr> </table><div style="text-align: justify; margin-left: 36pt;">  </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> * </div> <div> No comparative period presented as the Fund’s operations commenced on December 3, 2025. </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> (a) </div> <div> Calculated using average Shares outstanding. </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> (b) </div> <div> The amount shown for a Share outstanding may not agree with the change in the aggregate gains and losses on investment for the period because of the timing of transactions in the Fund’s Shares in relation to fluctuating market values for the Fund’s underlying investment.</div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> (c) </div> <div> Total Return at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, and redemption of Shares at NAV on the last day of the period. Total Return at NAV as shown above includes adjustments in accordance with U.S. GAAP. Total return for periods of less than a year are not annualized. </div></div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> (d) </div> <div> Annualized.</div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td style="text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td colspan="2" style="width: 1%; text-align: center; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 2px; border-style: none none solid;"> <span style="font-weight: bold;">For the Three <br/>months ended <br/> June 30, 2026*</span> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> <span style="font-weight: bold;">Net asset value per Share, beginning of period</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; font-weight: bold;">$</td><td style="text-align: right; width: 9%; padding-left: 10px;">14.41</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Net investment income (loss)^(a)</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">0.18</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Net realized and unrealized gain (loss) on investment in Solana^(b)</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">(1.39</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> <span style="font-weight: bold;">Net change in net assets from operations</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">(1.21</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Distributions of net staking rewards to Shareholders </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">(0.10</td><td style="text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> <span style="font-weight: bold;">Net asset value per Share, end of period</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); font-weight: bold;">$</td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding-left: 10px;">13.10</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 9%; padding-left: 10px;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> <span style="font-weight: bold;">Total return, at net asset value^(c)</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">(8.39</td><td style="text-align: left; width: 1%;">)%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 9%; padding-left: 10px;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> <span style="font-weight: bold;">Ratio to average net assets^(d)</span> </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 1%;"> </td><td style="text-align: justify; width: 9%; padding-left: 10px;"> </td><td style="text-align: justify; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Net investment income (loss) </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">5.29</td><td style="text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;"> Gross expenses </td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">0.51</td><td style="text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="text-align: justify;"> Net expenses</td> <td style="text-align: justify; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">0.37</td><td style="text-align: left; width: 1%;">%</td> </tr> </table><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> (a) </div> <div> Calculated using average Shares outstanding. </div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> (b) </div> <div> The amount shown for a Share outstanding may not agree with the change in the aggregate gains and losses on investment for the period because of the timing of transactions in the Fund’s Shares in relation to fluctuating market values for the Fund’s underlying investment.</div> </div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> (c) </div> <div> Total Return at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, and redemption of Shares at NAV on the last day of the period. Total Return at NAV as shown above includes adjustments in accordance with U.S. GAAP. Total return for periods of less than a year are not annualized. </div></div><div style="text-indent: -18pt; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> (d) </div> <div> Annualized.</div> </div> 14.41 0.18 -1.39 -1.21 -0.1 13.1 -0.0839 0.0529 0.0051 0.0037 <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-weight: bold;">7.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">COMMITMENTS AND CONTINGENCIES</span> </div> </div><div style="text-align: justify; margin-left: 18pt;">  </div><div style="text-align: justify;"> In the normal course of business, the Trust, on behalf of the Fund, may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-weight: bold;">8.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">INDEMNIFICATION</span> </div> </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> Under the Trust’s organizational documents, the Sponsor and its Shareholders, members, directors, affiliates, officers, employees and subsidiaries are indemnified by the Trust against certain liabilities. The Fund has also agreed to indemnify certain of its other service providers, including the Administrator, the Marketing Agent, the Staking Provider, the Custodians and the Trustee (including its officers, affiliates, directors, employees, and agents), for certain liabilities incurred by such parties in connection with their respective agreements to provide services for the Fund. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Sponsor will not be liable to the Trust, the Trustee or any Shareholder for any action taken or for refraining from taking any action in good faith or for errors in judgment or for depreciation or loss incurred by reason of the sale of any Solana or other assets of the Fund or the Trust. However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, bad faith, or willful misconduct. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Sponsor and each of its Shareholders, members, directors, officers, employees, affiliates and subsidiaries will be indemnified by the Trust and held harmless against any losses, liabilities or expenses incurred in the performance of its duties under the Declaration of Trust without gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee's counsel or by any other person for any matters arising under the Declaration of Trust. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for in the Declaration of Trust. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Declaration of Trust. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The Trustee will not be liable or accountable to the Trust or any other person or under any agreement to which the Trust or any series of the Trust is a party, except for the Trustee's breach of its obligations pursuant to the Declaration of Trust or its own willful misconduct, bad faith or gross negligence. The Trustee and each of the Trustee's officers, affiliates, directors, employees, and agents will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence. </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-weight: bold;">9.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">OPERATING SEGMENTS</span> </div> </div><div style="text-align: justify; margin-left: 18pt;">  </div><div style="text-align: justify;"> The Fund, which is the sole series of the Trust, and the Trust operate as a <span style="-sec-ix-hidden: hidden-fact-9">single</span> operating segment, which is an investment portfolio. Executive officers of the Fund’s Sponsor perform the functions of the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statements of Assets and Liabilities and the Statement of Operations, along with the related Notes to the Financial Statements. The Schedules of Investments provide details of the Fund’s investments that generate returns such as realized and unrealized gains or losses. Performance metrics and expense ratios are disclosed in the Financial Highlights. </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> <span style="font-weight: bold;">10.</span> </div> <div> <span style="font-weight: bold; text-decoration: underline;">SUBSEQUENT EVENTS</span> </div> </div><div style="text-align: justify; margin-left: 18pt;">  </div><div> The Trust and the Fund have evaluated subsequent events through the issuance of the financial statements and determined that no such events have occurred that require disclosure. </div> false false false false http://fasb.org/us-gaap/2026#RelatedPartyMember http://fasb.org/us-gaap/2026#RelatedPartyMember http://fasb.org/us-gaap/2026#RelatedPartyMember http://fasb.org/us-gaap/2026#RelatedPartyMember 1 1 0002057388 false 2027 Q1 --03-31 Unlimited Unlimited Unlimited Unlimited Cost of investment in Solana: $12,227,591 at June 30, 2026 and $12,191,899 at March 31, 2026. No par value, unlimited amount authorized. As of June 30, 2026, 99.88% of Solana tokens were staked with third party counterparties. As of March 31, 2026, 99.98% of Solana tokens were staked with third party counterparties. Net increase (decrease) in net assets per Share based on average Shares outstanding during the period. No comparative period presented as the Fund’s operations commenced on December 3, 2025. Dollar amount of balance represents the cumulative fair value of creation of shares less the redemption of shares, at the time of the specific creation or redemption. Calculated using average Shares outstanding. The amount shown for a Share outstanding may not agree with the change in the aggregate gains and losses on investment for the period because of the timing of transactions in the Fund’s Shares in relation to fluctuating market values for the Fund’s underlying investment. Total Return at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, and redemption of Shares at NAV on the last day of the period. Total Return at NAV as shown above includes adjustments in accordance with U.S. GAAP.Total return for periods of less than a year are not annualized. Annualized. No comparative period presented as the Fund’s operations commenced on December 3, 2025. Dollar amount of balance represents the cumulative fair value of creation of Shares less the redemption of Shares, at the time of the specific creation or redemption. Calculated using average Shares outstanding. The amount shown for a Share outstanding may not agree with the change in the aggregate gains and losses on investment for the period because of the timing of transactions in the Fund’s Shares in relation to fluctuating market values for the Fund’s underlying investment. Annualized. Total Return at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, and redemption of Shares at NAV on the last day of the period. Total Return at NAV as shown above includes adjustments in accordance with U.S. GAAP. Total return for periods of less than a year are not annualized.