SOLZ — Solana ETF

SOLZ Fund Overview

SOLZ — Solana ETF is a US ETF managed by Volatility Shares Trust, categorised as Ultra-Short Treasury / Sovereign Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Volatility Shares Trust
• Category: Ultra-Short Treasury / Sovereign Bond
• Assets under management: $95.98M
• 1-year return: -53.6%
• Ticker: SOLZ
• SEC CIK: 0001884021
• SEC series ID: S000091119
• Share class ID: C000258516

SOLZ Investment Objective and Strategy

Solana ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Volatility Shares Trust.

Investment objective

The Solana ETF (the Fund or SOLZ) seeks long -term capital appreciation.

Principal investment strategy

SOL is a digital asset that is created and transmitted through the operations of the peer -to-peer network (the Solana Network), a decentralized network of computers that operates on cryptographic protocols. The Fund is an exchange -traded fund (ETF) that seeks to achieve its investment objective primarily through managed exposure to SOL futures contracts that trade only on an exchange registered with the CFTC (SOL Futures Contracts), and cash, cash -like instruments or high -quality securities that serve as collateral to the Funds investments in SOL Futures Contracts (Collateral Investments). In this manner, the Fund seeks to participate in 100% of the returns of SOL. The Fund does not invest directly in SOL. Instead, the Fund seeks to benefit from increases in the price of SOL Futures Contracts.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets (plus borrowings for investment purposes) in SOL -Linked Instruments. For purposes of this policy, SOL -Linked Instruments means: (i) SOL Futures Contracts; (ii) shares of other SOL -linked exchange -traded products registered under the Securities Act of 1933 (the 1933 Act), but not registered as investment companies (SOL -Linked ETPs) under the Investment Company Act of 1940 (the 1940 Act); (iii) shares of other investment companies registered under the 1940 Act that invest in similar assets to those in which the Fund may invest (Other Investment Companies); (iv) exchange -traded option contracts on shares of SOL -Linked ETPs or Other Investment Companies; and (v) swap agreement transactions that reference SOL, SOL Futures Contracts, SOL -Linked ETPs, Other Investment Companies or SOL -referenced indexes.

For purposes of the Funds investment objective, under normal circumstances, the Fund will use the price of SOL that is reflected in the next, or second to next, expiring SOL Futures Contract. If the Fund invests in other SOL -Linked Instruments, the value of SOL will be determined by an average of how SOL is valued in the financial instruments in which the Fund invests. The investment adviser to the Fund and the SOLZ Subsidiary (defined below) is Volatility Shares LLC (the Adviser). The Adviser oversees the Fund and implements the day -to-day portfolio management responsibilities for the Fund. In serving as investment adviser to the Fund, the Adviser does not conduct conventional investment research or analysis or forecast market movement or trends. The Fund expects to gain exposure to SOL by investing a portion of its assets in a wholly -owned subsidiary of the Fund organized under the laws of the Cayman Islands (the SOLZ Subsidiary).

In order to qualify as a regulated investment company (RIC) for purposes of federal income tax treatment under the Internal Revenue Code of 1986 (the Code), the Fund will have to reduce its exposure to the SOLZ Subsidiary on or around the end of each of the Funds fiscal quarter ends, which it will do via investing in certain other investments described below. During these periods, the Fund may not achieve its investment objective. The Fund is classified as a non -diversified company under the 1940 Act. The Fund will not concentrate its investments in securities of issuers in any industry or group of industries, as the term concentrate is used in the 1940 Act, except that the Fund may invest more than 25% of its total assets in investments that provide exposure to SOL and/or SOL Futures Contracts.

The Solana Network and SOL SOL is a digital asset that is created and transmitted through the operations of the Solana Network. No single entity owns or operates the Solana Network, the infrastructure of which is collectively maintained by a decentralized user base. The Solana Network allows people to exchange tokens of value, called SOL, which are recorded on a public transaction ledger known as a blockchain. SOL can be used to pay for goods and services, including computational power on the Solana Network, or it can be converted to fiat currencies, such as the U.S. dollar, at rates determined on Digital Asset Exchanges or in individual end -user-to-end-user transactions under a barter system. Furthermore, the Solana Network was designed to allow users to write and implement smart contracts that is, general -purpose code that executes on every computer in the network and can instruct the transmission of information and value based on a sophisticated set of logical conditions.

Using smart contracts, users can create markets, store registries of debts or promises, represent the ownership of property, move funds in accordance with conditional instructions and create digital assets other than SOL on the Solana Network. Smart contract operations are executed on the Solana Blockchain in exchange for payment of SOL. Like the Ethereum network, the Solana Network is one of a number of projects intended to expand blockchain use beyond just a peer -to-peer money system. The Solana Protocol introduced the Proof -of-History (PoH) timestamping mechanism. PoH automatically orders on -chain transactions by creating a historical record that proves an event has occurred at a specific moment in time. PoH is intended to provide a transaction processing speed and capacity advantage over other blockchain networks like Bitcoin and Ethereum, which rely on sequential production of blocks and can lead to delays caused by validator confirmations.

In addition to the PoH mechanism described above, the Solana Network uses a proof -of-stake consensus mechanism to incentivize SOL holders to validate transactions. Unlike proof -of-work , in which miners expend computational resources to compete to validate transactions and are rewarded coins in proportion to the amount of computational resources expended, in proof -of-stake , validators risk or stake coins to compete to be randomly selected to validate transactions and are rewarded coins in proportion to the amount of coins staked. Any malicious activity, such as disagreeing with the eventual consensus or otherwise violating protocol rules, results in the forfeiture or slashing of a portion of the staked coins. Proof -of-stake is viewed as more energy efficient and scalable than proof -of-work and is sometimes referred to as virtual mining.

The Solana Protocol was first conceived by Anatoly Yakovenko in a 2017 whitepaper. Development of the Solana Network is overseen by the Solana Foundation, a Swiss non -profit organization, and Solana Labs, Inc. (the Company), a Delaware corporation, which administered the original network launch and token distribution. Although the Company and the Solana Foundation continue to exert significant influence over the direction of the development of SOL, the Solana Network, like the Ethereum network, is decentralized and does not require governmental authorities or financial institution intermediaries to create, transmit or determine the value of SOL. The price of SOL has historically shown a correlation with meme coin activity on its blockchain. While not entirely dependent, meme coin trends have significantly influenced SOLs price movements in recent times.

During the meme coin frenzy in early 2025, SOL hit an all -time high of $294, with over $50 billion in trading volume over a single weekend. Surges in meme coin activity have led to increased network usage, as SOL is used to pay fees for transactions involving other tokens on the Solana blockchain. In February 2025, after reaching a peak of $294 in January, SOL experienced a 60% price drop as the meme coin hype cooled down. However, its important to note that while meme coins seem to have had a significant impact of the value of SOL, other factors also influence SOLs price, such as overall market conditions, technological developments, and regulatory changes. As well, the long -term sustainability of this relationship between meme coins and SOLs price remains uncertain. As of May 31, 2026, approximately 579 million SOL tokens are in circulation, with a total supply of around 628 million SOL.

SOL has no fixed maximum supply, meaning it operates on an inflationary model. Initially, the network launched with 500 million tokens, but this total has increased over time due to inflation mechanisms and staking rewards. The inflation rate started at 8% annually. It decreases by 15% each year until it stabilizes at a long -term rate of 1.5% per year. This inflationary design ensures that new tokens are continuously issued, primarily as rewards for validators and stakers, while some tokens are burned through transaction fees to offset supply growth. SOL Futures Contracts In order to obtain exposure to SOL, the Fund intends to typically enter into cash -settled SOL Futures Contracts as the buyer, except as detailed below. In simplest terms, in a cash -settled futures market the counterparty pays cash to the buyer if the price of a futures contract goes up, and buyer pays cash to the counterparty if the price of the futures contract goes down.

In order to maintain its exposure to SOL, the Fund intends to exit its futures contracts as they near expiration and replace them with new futures contracts with a later expiration date. Futures contracts with a longer term to expiration may be priced higher than futures contracts with a shorter term to expiration, a relationship called contango. When rolling futures contracts that are in contango the Fund will close its long position by selling the shorter term contract at a relatively lower price and buying a longer -dated contract at a relatively higher price. The presence of contango will adversely affect the performance of the Fund. Conversely, futures contracts with a longer term to expiration may be priced lower than futures contracts with a shorter term to expiration, a relationship called backwardation.

When rolling long futures contracts that are in backwardation, the Fund will close its long position by selling the shorter term contract at a relatively higher price and buying a longer -dated contract at a relatively lower price. The presence of backwardation may positively affect the performance of the Fund. Further, the returns of the Funds SOL Futures Contracts may differ from that of SOL due to the divergence in the prices or the costs associated with investing in futures contracts, which may negatively impact the Funds returns. The Fund invests in SOL Futures Contracts indirectly via the SOLZ Subsidiary. The SOLZ Subsidiary and the Fund will have the same investment adviser and investment objective. The SOLZ Subsidiary will also follow the same general investment policies and restrictions as the Fund.

Except as noted herein, for purposes of this Prospectus, references to the Funds investment strategies and risks include those of the SOLZ Subsidiary. The Fund complies with the provisions of the 1940 Act governing investment policies and capital structure and leverage on an aggregate basis with the SOLZ Subsidiary. Furthermore, the Adviser, as the investment adviser to the SOLZ Subsidiary, complies with the provisions of the 1940 Act relating to investment advisory contracts as it relates to its advisory agreement with the SOLZ Subsidiary. The SOLZ Subsidiary also complies with the provisions of the 1940 Act relating to affiliated transactions and custody. Because the Fund intends to qualify for treatment as a RIC under the Code, the size of the Funds investment in the SOLZ Subsidiary will not exceed 25% of the Funds total assets at or around each quarter end of the Funds fiscal year.

At other times of the year, the Funds investments in the SOLZ Subsidiary will significantly exceed 25% of the Funds total assets. The SOLZ Subsidiarys custodian is U.S. Bank, N.A. If circumstances occur where market prices for SOL Futures Contracts were not readily available, the Fund would fair value its SOL Futures Contracts in accordance with its pricing and valuation policy and procedures for fair value determinations.

SOLZ Holdings

Top 6 holdings of Solana ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all SOLZ holdings

SOLZ Portfolio Allocation

Asset-class allocation of Solana ETF by percentage of net assets, from the latest SEC N-PORT filing.

SOLZ Performance

Total returns for SOLZ (as of 2026-10-01), from SEC filings.

SOLZ Risk Information

Risk metrics for SOLZ, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 46.0%

SOLZ Costs and Fees

SOLZ costs about $164 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.64%
• Gross expense ratio: 1.64%
• Portfolio turnover: 0%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

SOLZ Cashflows

Over the 12 months to 2026-05, Solana ETF had net inflows of $217.44M, from monthly SEC N-PORT filings.

SOLZ Debt Constituents

Largest debt holdings of Solana ETF by percentage of net assets, from the latest SEC N-PORT filing.

SOLZ Prospectus and SEC Filings

Official Solana ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-06-26
• Prospectus (485BPOS) — filed 2025-03-14
• Prospectus supplement (497) — filed 2025-03-20
• Portfolio holdings (N-PORT) — filed 2026-04-28
• Portfolio holdings (N-PORT) — filed 2026-01-29
• Annual census (N-CEN) — filed 2026-05-14
• Portfolio holdings, amended (N-PORT/A) — filed 2026-09-02

Related Funds

Other Ultra-Short Treasury / Sovereign Bond funds tracked on ABC INVEST:

• Vanguard 0-3 Month Treasury Bill ETF (VBIL)
• US Treasury 3 Month Bill ETF (TBIL)
• Global X 1-3 Month T-Bill ETF (CLIP)
• Invesco Short Term Treasury ETF (TBLL)
• Abbey Capital Futures Strategy Fund (ABYAX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.