Morgan Stanley Solana Trust is an exchange-traded fund that holds SOL, the native digital asset of the Solana blockchain. The Trust provides investors with indirect exposure to SOL through traditional brokerage accounts, removing the need for investors to manage private keys or interact with cryptocurrency exchanges. Morgan Stanley Investment Management acts as the sponsor and handles day-to-day operations. The Trust charges a unitary fee on its net asset value to cover operating expenses, including custody and administration. Its core strategy involves staking the majority of its SOL holdings on the Solana network to earn rewards. While the Trust retains a portion of unstaked SOL as a liquidity sleeve to support redemptions, it delegates the rest to third-party validators. Shareholders receive these staking rewards as periodic cash distributions, which can offset the dilution of SOL per share caused by the sponsor fee. BNY and Coinbase Custody provide cold storage for the Trust's assets, and creations or redemptions occur in large blocks with authorized participants. By incorporating a staking program, the Trust provides a yield component in addition to tracking the price of the underlying digital asset.