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21Shares Solana ETF (TSOL), now operating as 21Shares Solana Staking ETF, updates its prospectus to reflect three main changes. Effective August 27, 2026, the fund’s net asset value (NAV) and share valuation moved from the CME CF Solana-Dollar Reference Rate – New York Variant to the FTSE Solana Index as its pricing benchmark for SOL. The sponsor discloses methodological and constituent-exchange differences between the prior and new benchmarks and adds risk factors noting that NAV and share prices may diverge from levels that would have been produced under the prior index.
The supplement also changes the timing of the 0.21% annual Sponsor Fee from being payable in SOL weekly in arrears to at least quarterly in arrears, without altering the rate itself, and formalizes the Trust’s name change to 21Shares Solana Staking ETF. Detailed benchmark mechanics, constituent exchange vetting standards, and recent SOL price history under both the prior and new benchmarks are provided; the sponsor states it has not observed a material difference between the two benchmarks over the periods shown.
21Shares Solana Staking ETF (TSOL) reports several governance and operational changes. 21Shares US LLC, as Sponsor, entered into a Benchmark Licensing Agreement with FTSE International Limited under which FTSE will provide the FTSE Solana Index as the new pricing benchmark.
Beginning August 27, 2026, the Trust will value its Shares and calculate net asset value by reference to this FTSE Solana Index instead of the CME CF Solana-Dollar Reference Rate – New York Variant. The Trust and Sponsor also amended the Sponsor Agreement so the Sponsor Fee remains payable in SOL but is paid at least quarterly in arrears rather than weekly. In addition, the Trust’s name was changed from “21Shares Solana ETF” to “21Shares Solana Staking ETF,” and a Second Amended and Restated Trust Agreement was executed to reflect the new benchmark, fee timing, name change, and other ministerial and technical revisions that are stated not to materially impact the rights of the Trust or its shareholders.
TSOL (21Shares Solana Staking ETF) reported several structural and operational changes. 21Shares US LLC, as Sponsor, entered into a Benchmark Licensing Agreement with FTSE International Limited under which FTSE will license the FTSE Solana Index for use as the fund’s pricing benchmark and for related support and marketing.
Beginning August 27, 2026, the Trust will value its Shares and calculate net asset value by reference to the FTSE Solana Index instead of the CME CF Solana-Dollar Reference Rate - New York Variant. The Trust also executed Amendment No. 1 to the Sponsor Agreement, changing Sponsor Fee payments from weekly in arrears to at least quarterly in arrears, paid in SOL. In addition, the Trust’s name was formally changed from “21Shares Solana ETF” to “21Shares Solana Staking ETF,” and a Second Amended and Restated Trust Agreement was adopted to reflect the new benchmark, fee timing, name change, and other ministerial and clarifying revisions that are stated not to materially impact the rights of the Trust or holders of Shares.
21Shares Solana ETF seeks to track the price of solana via a reference index while passing through a portion of staking rewards to shareholders. Net assets were $2,847,364 with a NAV of $7.12 per share at June 30, 2026, on 400,000 shares outstanding.
Over the six months ended June 30, 2026, NAV fell from $5,735,019 to $2,847,364, a 50.35% decrease, driven mainly by a drop in solana’s price from $123.97 to $73.61. Total return at NAV for the period was -40.21%. The Trust realized and unrealized losses on solana of $1,667,863 in aggregate, partially offset by $41,460 in net staking rewards and low operating expenses.
The Trust staked a substantial portion of holdings, with 90.80% of solana staked at June 30, 2026 and average daily staking of about 42–43% of holdings in the quarter and year-to-date. Cash distributions funded from staking rewards totaled $134,559 (or $0.369782 per share) for the six months.
The Sponsor charges a unitary fee of 0.21% of NAV plus a 10% share of net staking rewards as a Staking Fee, but agreed on July 27, 2026 to waive the Sponsor Fee for one year from July 28, 2026. The ETF remains an emerging growth company and plans to switch its pricing benchmark provider from CF Benchmarks to FTSE around late August 2026, which is not expected to materially affect valuation or results.
21Shares Solana ETF (TSOL) filed a prospectus supplement dated July 7, 2026 to include a Form 8-K reporting a change in its pricing benchmark arrangements. The Sponsor provided notice on June 30, 2026 to terminate the licensing agreement with CF Benchmarks effective August 31, 2026.
The supplement states the Sponsor intends to enter into a licensing agreement with FTSE International Limited on or about August 24, 2026 to obtain a non-exclusive, perpetual, worldwide license to FTSE index data for use by the Sponsor, the Trust, and their affiliates in valuing the Trust and calculating net asset value.
21Shares Solana ETF is changing the benchmark it uses to value its shares. On June 30, 2026, the Sponsor gave notice to terminate its Pricing Benchmark Licensing Agreement with CF Benchmarks Ltd., effective August 31, 2026. That agreement currently allows use of the CME CF Solana-Dollar Reference Rate – New York Variant to calculate the fund’s daily net asset value.
The Sponsor intends to enter a new licensing agreement with FTSE International Limited on or about August 24, 2026, under which FTSE index data would be used to support and market the ETF. The FTSE license is expected to run for one year initially and renew automatically for additional one-year periods unless ended under its terms.
21Shares Solana ETF (TSOL) filed a Form 10-K (attached to Prospectus Supplement No. 4) on March 30, 2026 and discloses the Trust’s business, risks, and operations. The Trust holds SOL to track the CME CF Solana‑Dollar Reference Rate, uses creation/redemption Baskets of 10,000 shares, and had 360,000 outstanding shares as of March 24, 2026. Key economics: a 0.21% annual Sponsor Fee (accrued daily, payable in SOL), staking targeting generally 70%–90% of holdings, and the Sponsor receives 10% of staking rewards (after staking provider fees). The Trust is an emerging growth company and intends to rely on the grantor trust tax treatment subject to IRS interpretation.
21Shares Solana ETF files its annual report describing how the TSOL exchange-traded fund is structured and operated. The Trust is a Delaware statutory grantor trust that holds SOL tokens to passively track the CME CF Solana-Dollar Reference Rate, adjusted for expenses.
The fund issues and redeems shares in 10,000‑share baskets and had 360,000 shares outstanding as of March 24, 2026. It charges a 0.21% unitary sponsor fee, paid in SOL, and can stake generally 70–90% of its SOL through multiple staking providers, sharing most rewards with shareholders.
The report details roles and indemnities for the sponsor, trustee, custodians, prime broker and other agents, explains fair value calculations under ASC 820, and provides extensive risk factors tied to Solana’s technology, market volatility, regulatory and tax treatment, and operational dependencies.
21Shares Solana ETF added staking arrangements with two providers by entering into agreements dated February 4, 2026.
The trust executed a Figment Staking Services Agreement and a Twinstake Non‑Custodial Staking Services Agreement to enable delegation of SOL for staking. Both agreements are non‑custodial, permit the Trust to stake and unstake subject to Solana bonding/unbonding periods, and provide that each services provider is paid a portion of staking rewards (generally expected to be a low single‑digit percentage).
21Shares Solana ETF filed a prospectus supplement that adds details from a recent current report. The Trust has entered into a new authorized participant agreement with Macquarie Capital (USA) Inc., which sets procedures for creating and redeeming baskets of 10,000 shares, including the delivery of solana. Unlike existing arrangements, this agreement permits in-kind creation and redemption orders and includes transaction fees payable to the Sponsor, 21Shares US LLC, for each order unless waived.
Beginning in 2026, the Trust intends to pay at least quarterly cash distributions to shareholders to pass through staking rewards earned on its solana holdings. Distribution amounts will depend on actual staking rewards and may vary significantly, with the possibility that no distribution is paid in a given quarter if rewards are too low. The Trust plans to announce the timing of any distributions via press release.