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Fidelity Solana Fund files its annual report describing how this exchange-traded product gives investors exposure to solana (SOL). The Trust holds SOL directly, tracks the Fidelity Solana Reference Rate Index, and aims to add staking rewards on top of index performance, before expenses.
The product is passively managed, uses no leverage or derivatives, and creates/redeems Shares in 25,000‑Share Baskets through Authorized Participants. As of March 20, 2026, 9,975,000 Shares were outstanding. Net asset value is based on a volume‑weighted median SOL price from multiple spot markets, with intraday indicative values published every 15 seconds.
The Sponsor can stake up to 100% of the Trust’s SOL with node operators, subject to liquidity needs, earning staking rewards from which a 15% staking fee would normally be taken, though both the 0.25% Sponsor Fee and Staking Fees are temporarily waived under a six‑month agreement. The report also cites a March 2026 SEC/CFTC interpretation classifying SOL as a digital commodity, not itself a security, and clarifying that protocol staking is not treated as a securities offering, while emphasizing ongoing regulatory and technological risks around the Solana network.
Fidelity Solana Fund reported a change in its key finance role and outlined a new distribution approach for staking income. Effective February 2, 2026, Heather Bonner will resign as Treasurer and Principal Financial and Accounting Officer of the Sponsor, FD Funds Management LLC, and will be succeeded by Craig S. Brown. The Fund states that Bonner’s resignation is not due to any disagreement over operations, policies, or practices.
The Trust plans to make at least quarterly cash distributions of net income from its Solana staking activities, after expenses. To fund these payments, it may sell staking rewards and/or SOL, which can affect the Fund’s SOL exposure and the Shares’ market price or net asset value. The Trust aims to rely on IRS Revenue Procedure 2025‑31 for grantor trusts that stake digital assets and expects an initial cash distribution on or about February 17, 2026 to shareholders of record on February 13, 2026. Future distributions will depend on factors such as staking yields, validator performance, protocol rules, slashing or downtime events, operational considerations, fees, expenses, and market conditions. Distributions are not guaranteed and may be modified, suspended, or terminated at the Sponsor’s discretion.
Fidelity Solana Fund reports its first operating results for the period from September 10 to September 30, 2025, after being seeded with $5.0 million. The Trust used this capital to purchase 23,402 SOL at a cost of $5,000,000. As of September 30, 2025, the Solana position had a fair value of $4,838,061, all classified as Level 1, resulting in unrealized depreciation of $161,939.
Net assets were $4,838,061, supported by 200,000 shares outstanding and a net asset value of $24.19 per share. The passively managed exchange-traded product holds only SOL and does not use derivatives. During this start-up period, it recorded no investment income or expenses because organizational and offering costs were paid by the Sponsor.
Subsequent to quarter end, the Trust agreed to a 0.25% annual Sponsor Fee on SOL holdings and a 15% fee on staking rewards, but the Sponsor entered into a Fee Waiver Agreement that waives the Sponsor Fee for six months and waives Staking Fees on rewards from the first $1 billion of Trust assets for the same waiver period. The registration statement became effective on November 17, 2025, and Shares began trading on NYSE Arca under the symbol FSOL on November 18, 2025.