| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| Net Income | -$2.9M | — |
| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| Total Assets | $9.4M | — |
| Total Liabilities | $403 | — |
| Stockholders' Equity | $12.1M | — |
| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| Operating Cash Flow | -$9.8M | — |
| Financing Cash Flow | $9.8M | — |
Business Overview
The Franklin Solana Trust operates the Franklin Solana ETF (SOEZ), a passive investment vehicle that seeks to reflect the performance of Solana's price and staking rewards while removing complexities of direct digital asset ownership. The Fund holds Solana in custody through Coinbase Custody Trust Company and was newly listed on NYSE Arca on December 3, 2025. The Sponsor charges an annual fee of 0.19% of net asset value and has waived the entire fee on the first $5.0 billion of assets through May 31, 2026.
Forward Guidance
The Sponsor intends to "convert Staking Rewards to cash and distribute such amounts to shareholders on a monthly basis" with distributions "generally calculated on a three-month lagged basis." The filing states the Fund "expects to receive Staking Rewards in the form of Solana" and "expects that any trading commissions associated with block trading, if applicable, will be allocated across the Fund, and other client accounts managed by affiliates of the Sponsor on a pro rata basis."
Key Risk Factors
Key risks include regulatory uncertainty regarding the Fund's grantor trust tax status and staking activities, custody and operational risks with third-party service providers (Coinbase Custody, Prime Broker), liquidity risks inherent to digital asset markets and trading counterparties, and the discretionary nature of the Sponsor's authority to terminate the Fund, waive fees, or determine NAV in the absence of reliable pricing benchmarks. Additionally, blockchain fork events, extraordinary expenses not assumed by the Sponsor, and the requirement to liquidate Solana holdings to pay fees create potential value diminution for shareholders.