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The Trust provides investors with direct exposure to the Solana blockchain's native token through a regulated exchange-traded vehicle, facilitating access to digital asset markets. The ability to stake SOL and distribute staking rewards to shareholders adds a potential income component. The Sponsor's experience and the Trust's use of multiple custodians and a Prime Broker support operational robustness. The Trust's fee structure, including a relatively low sponsor fee and sharing of staking rewards, may be attractive to investors seeking cost-effective exposure to SOL.

The Trust's concentration in a single digital asset exposes it to significant market risk from SOL price volatility. Regulatory uncertainties around digital assets and staking activities may impact the Trust's operations and tax treatment, potentially affecting shareholder returns. Counterparty risks exist related to custodians and the Prime Broker, including insolvency or operational failures, with limited recourse for shareholders. The Trust's passive structure limits flexibility to respond to market changes. Legal provisions limiting shareholder rights and waiving jury trials may affect investor protections.

The Trust benefits from its association with experienced sponsors and custodians with established infrastructure in digital asset exchange-traded products. Its passive structure and focus on a single digital asset (SOL) provide clarity and simplicity for investors seeking exposure to Solana. The use of multiple reputable custodians and a Prime Broker supports operational security and liquidity. However, the Trust faces competition from other exchange-traded products offering exposure to SOL and other digital assets, and its commercial advantage depends on factors such as timing, fee structure, and regulatory environment. The Trust's lack of active management and concentration in a single asset class limit diversification benefits but align with its investment objective to track SOL's performance.

• Regulatory Risk: The evolving regulatory landscape for digital assets and staking activities may impose restrictions or additional compliance costs, affecting the Trust's operations and shareholder returns.
• Concentration Risk: The Trust's investment is concentrated solely in SOL tokens, exposing it to price volatility and market risks specific to the Solana blockchain.
• Counterparty Risk: The Trust relies on multiple custodians and a Prime Broker to hold and manage SOL assets. Insolvency or operational failures of these parties could result in loss or delay of access to assets.
• Tax Risk: The tax treatment of staking rewards and the Trust's status as a grantor trust are subject to ongoing developments, which may result in adverse tax consequences for shareholders.
• Limited Shareholder Rights: The Trust Agreement limits shareholders' ability to bring legal actions outside Delaware courts and includes waivers of trial by jury rights in certain cases, potentially affecting investor protections.

• 21Shares Solana ETF (TSOL) is an exchange-traded fund (ETF) that issues common shares trading on the Cboe BZX Exchange under the symbol TSOL.
• The Trust is a passive investment vehicle that seeks to track the price performance of SOL tokens, the native digital asset of the Solana blockchain, as measured by the CME CF Solana-Dollar Reference Rate - New York Variant (Pricing Benchmark), adjusted for expenses and liabilities.
• The Trust may reflect rewards from staking a portion of its SOL holdings, subject to the Sponsor's discretion and legal/regulatory risk considerations.
• The Trust was formed as a Delaware statutory trust on June 3, 2024, and has no fixed termination date with a fiscal year ending December 31.
• Shares represent fractional undivided beneficial interests in the Trust's net assets, primarily consisting of SOL tokens held by designated SOL Custodians and cash.
• Creation and redemption of shares occur in blocks of 10,000 shares (Creation Baskets) and involve delivery or distribution of SOL or cash equivalent to the NAV of the baskets.
• The Trust does not actively manage SOL holdings and only sells SOL to pay expenses, meet redemptions, or upon termination.
• The Sponsor is responsible for marketing, registration, and ongoing management of the Trust but does not exercise day-to-day oversight of the Trustee or Custodians.
• The Sponsor Fee is 0.21% annually of the Trust's NAV, accrued daily and payable weekly in SOL, with the Sponsor covering most operating expenses except extraordinary costs.
• The Trust pays 10% of staking rewards generated after deduction of staking provider fees to the Sponsor and distributes the remainder to shareholders at least quarterly.
• The Trust has entered into staking services agreements with providers including Coinbase Crypto, Figment, and Twinstake to generate staking rewards.
• The Trust's assets are held by multiple SOL Custodians (Coinbase Custody Trust Company, BitGo Bank & Trust Company, Anchorage Digital Bank) and cash custodian Bank of New York Mellon.
• The Trust uses a Prime Broker (Coinbase, Inc.) to facilitate creation/redemption and certain SOL transactions; the Prime Broker holds SOL in omnibus accounts with no segregation of Trust assets.
• The Trust follows ASC 820 fair value measurement guidance for SOL valuation and calculates NAV daily based on the Pricing Benchmark.
• The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not subject to its regulatory protections.
• The Trust is not a commodity pool and is not regulated by the Commodity Futures Trading Commission.
• The Trust reported a net loss of $4,147,646 USD for the fiscal year ended December 31, 2025, as per the latest 10-K filing.
• The Trust faces risks related to regulatory changes, concentration in a single digital asset (SOL), counterparty risks with custodians and prime brokers, and tax treatment uncertainties related to staking rewards.
• The Sponsor and Trustee have limited liability except in cases of gross negligence, bad faith, or willful misconduct.
• The Trust Agreement includes provisions limiting shareholders' rights to bring legal actions outside Delaware courts and waives trial by jury rights in certain cases.