The 21Shares Solana ETF (ticker: TSOL) is a passive exchange-traded fund that holds SOL tokens directly, giving investors exposure to Solana's native token without managing crypto wallets or custody. TSOL trades on the Cboe BZX Exchange and tracks the CME CF Solana-Dollar Reference Rate - New York Variant, adjusted for fees. The Trust is managed by 21Shares US, a subsidiary of 21co Holdings (owned by FalconX), which has been issuing crypto exchange-traded products since 2018 and manages roughly $7.56B across 67 products globally. The Trust charges a unitary Sponsor Fee of 0.21% annually, which covers virtually all operating expenses including custody, administration, and marketing. The fee accrues daily and is paid in SOL weekly, gradually reducing the amount of SOL per share over time. A key differentiator is the Trust's ability to stake 70%–90% of its SOL holdings with Solana network validators, earning staking rewards that are distributed to shareholders at least quarterly. The Trust retains 90% of staking rewards (net of small fees to staking providers), while the Sponsor takes 10%. The Sponsor earns revenue from two streams: the management fee and its cut of staking rewards. Staked SOL has an unbonding period before it can be transferred, so the Trust targets less than full utilization to maintain liquidity for redemptions.