Invesco Galaxy Solana ETF

What they do

The Trust holds SOL and seeks to reflect the performance of the spot price of Solana as measured by the Lukka Prime Solana Reference Rate, adjusted for staking rewards and expenses. It stakes substantially all of its SOL through staking providers, earning rewards in SOL, and pays a 3% staking fee. The Trust is passively managed, does not use leverage or derivatives, and offers shares only to Authorized Participants in Creation Baskets of 5,000 shares.

Revenue drivers

• SOL holdings — The Trust's primary asset is Solana, valued at fair market value. As of June 30, 2026, total assets were $5.1 million, all in SOL.
• Staking rewards — The Trust earns staking rewards in SOL on substantially all staked assets, net of a 3% fee paid to staking providers and the Sponsor. These rewards are accrued as earned and are a key source of income.
• Creation and redemption activity — The Trust issues and redeems Creation Baskets with Authorized Participants. During June 2026, 40,000 shares were redeemed at an average price of $6.96 per share.

Recent performance

As of June 30, 2026, the Trust reported total assets of $5.1 million and total liabilities of $37,492, resulting in shareholder equity of $5.1 million. Cash and equivalents were zero. The Trust began trading on December 15, 2025, and held an initial seed investment of $100,000. During the quarter ended June 30, 2026, the Trust redeemed 40,000 shares at an average price of $6.96 per share. No unregistered sales of shares occurred.

Strategy

The Trust's stated strategy is to passively hold SOL and stake substantially all of it to earn rewards, subject to a Liquidity Sleeve for redemptions and expenses. The Sponsor intends to liquidate staking rewards quarterly for cash distribution to shareholders. The Trust does not use leverage or derivatives and will not acquire or disclaim any incidental rights from forks or airdrops.

Risks

• Market and volatility risk — SOL has historically high price volatility and could decline rapidly to zero, which would make shares substantially worthless.
• Adoption risk — The future development and acceptance of the Solana network is uncertain; slowing or reversing adoption could adversely affect SOL price and investment value.
• Regulatory risk — Regulatory changes or actions could make it difficult or illegal to acquire, hold, sell, or use SOL in one or more countries, impacting the Trust's operations and value.
• Cybersecurity risk — Flaws in the source code of digital asset networks have led to thefts; such flaws could allow malicious actors to take or compromise the Trust's SOL.

Outlook

Management has not provided specific forward-looking guidance. The Trust expects to outperform the Benchmark before expenses due to staking rewards, but this is not guaranteed. The Sponsor continues to evaluate the Staking Condition and may adjust staking activities based on legal and regulatory risk.