The Fidelity Solana Fund is a passively managed exchange-traded product (ETP) that gives investors exposure to SOL, the native token of the Solana blockchain. The Trust holds SOL directly, and its shares trade on NYSE Arca, allowing retail and institutional investors to gain SOL price exposure through a standard brokerage account rather than managing SOL directly on the Solana network. A key feature of the Trust is its staking program: the Sponsor stakes substantially all of the Trust's SOL with node operators on the Solana network, earning staking rewards that accrue to shareholders. This is designed to make the Trust outperform a simple SOL price index before fees, since shareholders earn a yield on top of SOL price performance, with net staking rewards distributed at least quarterly. The Trust charges a 0.25% annual Sponsor fee on SOL holdings, paid to FD Funds Management, a Fidelity affiliate, plus a 15% fee on staking rewards shared among the Sponsor, custodians, and node operators. Both fees are waived for the first six months of operation. Shares are created and redeemed in blocks of 25,000 shares by Authorized Participants — registered broker-dealers and qualifying financial institutions — who sell shares in the secondary market to end investors. The Trust's NAV is calculated daily using a volume-weighted median SOL price provided by Coin Metrics as third-party calculation agent.