Canary Marinade Solana ETF

What they do

The Trust continuously issues common shares representing fractional undivided beneficial interest in the Trust, creating and redeeming shares in blocks of 10,000 Shares called Baskets based on the quantity of SOL attributable to each Share. Canary Capital Group LLC is the sole sponsor; CSC Delaware Trust Company is trustee, U.S. Bancorp Fund Services serves as transfer agent, administrator and accounting agent, Paralel Distributors LLC is marketing agent, BitGo Trust Company is custodian of the Trust's SOL, and U.S. Bank, N.A. is cash custodian.

Revenue drivers

• SOL price exposure — The Trust's primary investment objective is to provide exposure to the price of SOL held by the Trust, less expenses; the Trust holds SOL and values shares daily as of 4:00 p.m. ET using the CoinDesk Solana CCIXber 60m New York Rate.
• Staking rewards — A secondary investment objective is earning additional SOL through validation of transactions in the Solana Network's proof-of-stake process; the Sponsor seeks to stake all of the Trust's SOL through one or more staking providers, with the Trust receiving a portion of staking rewards generated by the Staking Provider, which may be treated as income.
• Sponsor fee — The Trust pays the Sponsor an annual unified fee of 0.50% of the Trust's SOL Holdings, where SOL Holdings is the quantity of SOL plus other assets represented in SOL less liabilities, all calculated using the Pricing Benchmark price.

Recent performance

The Trust's inception of operation was November 17, 2025, and it had no operations prior to that date other than organization and registration matters. The Trust's latest balance sheet, as of 2026-06-30, reported total assets of $1.5M and shareholder equity of $1.5M. Total liabilities were reported as $0.00 as of 2025-09-30. The Seed Capital Investor, an affiliate of the Sponsor, purchased the initial Basket of 10,000 Shares for $250,000 at $25 per share, and those proceeds were used to purchase SOL at listing.

Strategy

The Trust seeks exposure to the price of SOL less expenses, with a secondary objective of earning additional SOL through the Solana Network's proof-of-stake process. Under normal circumstances the Sponsor seeks to stake all of the Trust's SOL through one or more Staking Providers, reserving SOL at its discretion to facilitate foreseeable redemptions, pay expenses or protect the Trust and its assets. The Trust establishes NAV each business day by reference to the CoinDesk Solana CCIXber 60m New York Rate, a 60-minute time-weighted average price of the SOL-USD CCIXber Reference Rate aggregated from executed trade flow of major SOL trading platforms. All of the Trust's SOL, including staked SOL, is held by the Custodian.

Risks

• SOL price risk — The Trust's value is tied directly to the price of SOL as reflected by the Pricing Benchmark, and adverse moves in that price would reduce NAV and share value.
• Staking execution risk — The Trust's secondary objective depends on staking SOL through one or more Staking Providers, and the Trust only receives a portion of rewards generated, with staking income potentially treated as taxable income.
• Regulatory and tax risk — The 10-Q lists changes in laws or regulations, including those concerning taxes made by governmental authorities or regulatory bodies, as a factor that could materially adversely affect the Trust's business, financial condition or results.
• Digital asset technology risk — The 10-Q cites technology developments regarding the use of SOL and other digital assets, including the systems used by the Sponsor and the Trust's custodians, as a factor that could cause actual results to differ materially from expectations.

Outlook

The filings do not provide specific forward guidance beyond the stated investment objectives. The Trust pays the Sponsor an annual unified fee of 0.50% of SOL Holdings and typically does not hold a cash balance except in connection with creations, redemptions or payment of expenses not assumed by the Sponsor. The Trust may incur extraordinary, nonrecurring expenses not assumed by the Sponsor, including brokerage and transaction costs on the sale or transfer of SOL, taxes and government charges. The Sponsor makes no commitment to update forward-looking statements except as required by law.