What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-13 · 217 added, 209 removed, 295 unchanged (59% of the section changed)

Canary Marinade Solana ETF

Financial Statements.

MARINADE SOLANA ETF

Statements of Assets and Liabilities

March 31, 2026 (Unaudited)

June 30, 2026

December 31, 2025

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CANARY MARINADE SOLANA ETF

Schedule of Investment

March 31, 2026 (Unaudited)

Schedule of Investment (Unaudited)

Investments - 100.0 %

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TOTAL INVESTMENTS - 100.0 % (Cost $ 2,324,151 )

Assets in Excess of Liabilities - ( 0.0 )%

Liabilities in Excess of Other Assets - ( 0.0 )%

TOTAL NET ASSETS - 100.0 %

Percentages are stated as a percent of net assets.

(a) See Note 8 in Notes to the Financial Statements for information on the quantity of Solana

(a) See Note 8 in Notes to the Financial Statements for information on the quantity of Solana staked.

See accompanying notes to financial statements.

Canary Marinade Solana ETF

Schedule of Investment

December 31, 2025

MARINADE SOLANA ETF

of Investment

Investments - 100.0 %

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TOTAL INVESTMENTS - 100.0 % (Cost $ 2,096,032 )

Assets in Excess of Liabilities - ( 0.0 )%

Liabilities in Excess of Other Assets - ( 0.0 )%

TOTAL NET ASSETS - 100.0 %

Percentages are stated as a percent of net assets.

(a) See Note 8 in Notes to the Financial Statements for information on the quantity of Solana

(a) See Note 8 in Notes to the Financial Statements for information on the quantity of Solana staked.

See accompanying notes to financial statements.

Canary Marinade Solana ETF

Statement of Operations

For the Quarter Ended March 31, 2026 (Unaudited) *

MARINADE SOLANA ETF

of Operations

For the Three Months Ended June 30, 2026 (Unaudited) *

For the Six Months Ended June 30, 2026 (Unaudited) *

INVESTMENT INCOME

Staking Income (Note 8)

Staking income

Sponsor fees (Note 3)

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Net realized and unrealized gain (loss) on investments

NET INCREASE (DECREASE) IN NET ASSETS RESULTING

FROM OPERATIONS

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$ ( 126,890 )

* No comparative financial statements have been provided as the initial share purchase date of the Trust was November 17, 2025.

$ ( 678,848 )

* No comparative financial statements have been presented as the initial share purchase date

of the Trust was November 17, 2025.

See accompanying notes to financial statements.

Canary Marinade Solana ETF

Statement of Changes in Net Assets

For the Quarter Ended March 31, 2026 (Unaudited) *

MARINADE SOLANA ETF

of Changes in Net Assets

For the Three Months Ended June 30, 2026 (Unaudited) *

For the Six Months Ended June 30, 2026 (Unaudited) *

INCREASE (DECREASE) IN NET ASSETS:

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End of Period

* No comparative financial statements have been provided as the initial share purchase date of the Trust was November 17, 2025.

* No comparative financial statements have been presented as the initial share purchase date

of the Trust was November 17, 2025.

See accompanying notes to financial statements.

Canary Marinade Solana ETF

NOTES TO THE FINANCIAL STATEMENTS

March 31, 2026 (Unaudited)

Marinade Solana ETF

TO THE FINANCIAL STATEMENTS

30, 2026 (Unaudited)

The Canary Marinade

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Group LLC (the “Sponsor”).

The Trust is an exchange-traded fund

that issues shares of beneficial interest (the “Shares”) that are listed and trade on the Exchange.

The Trust’s investment

objective is to seek to provide exposure to the price of Solana (“SOL”) held by the Trust, less the expenses of the Trust’s

operations and other liabilities.

A secondary investment objective is for the Trust to earn additional SOL through the validation of

transactions in the SOL network’s (the “Solana Network”) proof-of-stake (“PoS”) process.

In seeking to

achieve its investment objectives, the Trust holds SOL and establishes its net asset value (“NAV”) on each business day by

reference to the CoinDesk Solana CCIXber 60m New York Rate (the “Pricing Benchmark”).

The Pricing Benchmark is calculated

by CoinDesk Indices (the “Benchmark Provider”) based on a 60-minute time-weighted average price of the SOLUSD CCIXber Reference

Rate (the “Underlying Index”), which is an aggregation of executed trade flow of major SOL trading platforms (“Constituent

Trust is an exchange-traded fund that issues shares of beneficial interest (the “Shares”) that are listed and trade on the

The Trust’s investment objective is to seek to provide exposure to the price of Solana (“SOL”) held by the

Trust, less the expenses of the Trust’s operations and other liabilities.

A secondary investment objective is for the Trust to

earn additional SOL through the validation of transactions in the SOL network’s (the “Solana Network”) proof-of-stake

(“PoS”) process.

In seeking to achieve its investment objectives, the Trust holds SOL and establishes its net asset value

(“NAV”) on each business day by reference to the CoinDesk Solana CCIXber 60m New York Rate (the “Pricing Benchmark”).

The Pricing Benchmark is calculated by CoinDesk Indices (the “Benchmark Provider”) based on a 60-minute time-weighted average

price of the SOLUSD CCIXber Reference Rate (the “Underlying Index”), which is an aggregation of executed trade flow of major

SOL trading platforms (“Constituent Platforms”).

The Benchmark Provider publishes the Pricing Benchmark.

The Trust is sponsored by the Sponsor.

Accounting Policies

Basis of Presentation

The Trust is sponsored

by the Sponsor.

Significant Accounting Policies

of Presentation

The following

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The Trust follows the significant accounting policies described below.

Use of Estimates

The preparation

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it is exposed to any significant credit risk on such bank deposits.

Investment Transactions and Investment Income

Investment Transactions and Investment

The Trust purchases

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in the statement of operations in the period in which the sale occurred or the changes in unrealized gains (losses) occurred.

The Sponsor takes the position

that the Trust is properly treated as a grantor trust for U.S.

Sponsor takes the position that the Trust is properly treated as a grantor trust for U.S.

federal income tax purposes.

Assuming that the Trust is a grantor

trust, the Trust will not be subject to U.S.

Assuming that

the Trust is a grantor trust, the Trust will not be subject to U.S.

federal income tax.

Rather, if the Trust is a grantor trust, each beneficial owner of

Shares will be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata portion of the Trust’s

income, gains, losses and deductions will “flow through” to each beneficial owner of Shares.

If the Trust were not

properly classified as a grantor trust, the Trust might be classified as a partnership for U.S.

Rather, if the Trust is a grantor trust,

each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata

portion of the Trust’s income, gains, losses and deductions will “flow through” to each beneficial owner of

If the Trust were not properly classified as a grantor trust, the Trust might be classified as a partnership for U.S.

federal income tax purposes.

However, due to the uncertain treatment of digital assets, with respect to staking and including forks, airdrops and similar

occurrences for U.S.

However, due to the uncertain treatment of digital assets, with respect to staking and including forks,

airdrops and similar occurrences for U.S.

federal income tax purposes, there can be no assurance in this regard.

If the Trust were classified as a

partnership for U.S.

federal income tax purposes, the tax consequences of owning Shares generally would not be materially different

from the tax consequences described herein, although there might be certain differences, including with respect to timing.

addition, tax information reports provided to beneficial owners of Shares would be made in a different form.

If the Trust were not

classified as either a grantor trust or a partnership for U.S.

federal income tax purposes, it would be classified as a corporation

for such purposes.

In that event, the Trust would be subject to entity-level U.S.

federal income tax (currently at the rate of 21%)

on its net taxable income and certain distributions made by the Trust to shareholders would be treated as taxable dividends to the

extent of the Trust’s current and accumulated earnings and profits.

Digital Asset Trading Platform Valuation

US GAAP defines fair value as the price the Trust

would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement

If the Trust were

classified as a partnership for

federal income

tax purposes, the tax consequences of owning Shares generally would not be materially different from the tax consequences described herein,

although there might be certain differences, including with respect to timing.

In addition, tax information reports provided to beneficial

owners of Shares would be made in a different form.

If the Trust were not classified as either a grantor trust or a partnership for U.S.

federal income tax purposes, it would be classified as a corporation for such purposes.

In that event, the Trust would be subject to entity-level

federal income tax (currently at the rate of 21%) on its net taxable income and certain distributions made by the Trust to shareholders

would be treated as taxable dividends to the extent of the Trust’s current and accumulated earnings and profits.

Asset Trading Platform Valuation

US GAAP defines fair value as

the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants

at the measurement date.

The Trust’s policy is to value investments held at fair value.

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of the fair value hierarchy are as follows:

Unadjusted quoted prices in active markets

for identical assets or liabilities;

Unadjusted quoted prices in active markets for identical assets or liabilities;

other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including

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are derived principally from or corroborated by observable market data by correlation or other means;

Unobservable inputs, including the Trust’s

assumptions used in determining the fair value of investments, where there is little or no market activity for the asset or liability

at the measurement date.

The following table presents information about the

Trust’s assets measured at fair value as of March 31, 2026:

March 31, 2026 (Unaudited)

Unobservable inputs, including the Trust’s assumptions used in determining the fair value of investments, where there is little

or no market activity for the asset or liability at the measurement date.

The following table presents information

about the Trust’s assets measured at fair value:

June 30, 2026 (Unaudited)

Investment in SOL

December 31, 2025

Investment in SOL

There were no transfers between

levels for the quarter ended March 31, 2026, or the period ended December 31, 2025.

Investment in Solana

were no transfers between levels for the six months ended June 30, 2026 or for the period from November 17, 2025 (initial share purchase

date) through December 31, 2025.

The following tables summarize

activity in SOL for the quarter ended March 31, 2026 and for the period from November 17, 2025 (initial share purchase date) to December

activity in SOL for the six months ended June 30, 2026 and for the period from November 17, 2025 (initial share purchase date) through

December 31, 2025:

Beginning balance as of January 1, 2026

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Net change in unrealized appreciation (depreciation) in SOL

Net realized gain (loss) on investment in SOL

Ending balance as of March 31, 2026 (Unaudited)

Net realized gain (loss) on investment in SOL transferred to pay Sponsor fee

Net realized gain (loss) on investment in SOL sold for redemptions

Ending balance as of June 30, 2026 (Unaudited)

Beginning balance as of November 17, 2025

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SOL distributed in-kind for the redemption of Shares

SOL transferred to pay the Sponsor fee

Net change in unrealized appreciation (depreciation) in SOL

Net realized gain (loss) on investment in SOL

Net realized gain (loss) on investment in SOL transferred to pay Sponsor fee

Ending balance as of December 31, 2025

Calculation of NAV

The Administrator,

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and policies used to prepare the Trust’s financial statements in accordance with GAAP.

The Trust’s NAV per Share is calculated by taking

the current fair value of its total assets, subtracting any liabilities, and dividing that total by the number of Shares.

Segment Reporting

The Trust operates through a single

operating and reporting segment with a primary objective of providing exposure to the price of SOL held by the Trust, less the expenses

of the Trust’s operations and other liabilities.

The Trust’s chief operating decision maker (“CODM”) is the Principal

Executive Officer.

The CODM monitors the operating results of the Trust and the Trust’s long-term strategic asset allocation is

predetermined in accordance with the terms of its prospectus, based on the defined investment strategy against which the CODM assesses

the Trust’s performance.

In addition to other metrics, the CODM uses net increase (decrease) in net assets resulting from operations

as a key metric to assess the Trust’s performance.

Expenses and Other Agreements

The Trust pays

the Sponsor an annual unified fee of 0.50 % of the Trust’s SOL Holdings (the “Sponsor Fee”).

The Trust’s “SOL

Holdings” is the quantity of the Trust’s SOL plus any cash or other assets held by the Trust represented in SOL as calculated

using the Index Price, less its liabilities (which include estimated accrued but unpaid fees and expenses) represented in SOL as calculated

using the Index Price.

The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement.

The Administrator calculates the Sponsor Fee in respect of each day by reference to the prior day’s SOL Holdings.

Except for periods

during which all or a portion of the Sponsor Fee is being waived, the Sponsor Fee accrues daily in SOL and is payable monthly in SOL or

To the extent there are any on-chain transaction fees incurred in connection with the transfers of SOL to pay the Sponsor Fee, the

Sponsor, and not the Trust, shall bear such fees.

The Sponsor may, at its sole discretion and from time to time, waive all or a portion

of the Sponsor Fee for stated periods of time.

The Sponsor is under no obligation to waive any portion of its fees, and any such waiver

shall create no obligation to waive any such fees during any period not covered by the waiver.

Trust’s NAV per Share is calculated by taking the current fair value of its total assets, subtracting any liabilities, and dividing

that total by the number of Shares.

The Trust operates

through a single operating and reporting segment with a primary objective of providing exposure to the price of SOL held by the Trust,

less the expenses of the Trust’s operations and other liabilities.

The Trust’s chief operating decision maker (“CODM”)

is the Principal Executive Officer.

The CODM monitors the operating results of the Trust and the Trust’s long-term strategic asset

allocation is predetermined in accordance with the terms of its prospectus, based on the defined investment strategy against which the

CODM assesses the Trust’s performance.

In addition to other metrics, the CODM uses net increase (decrease) in net assets resulting

from operations as a key metric to assess the Trust’s performance.

Trust Expenses and Other Agreements

Trust pays the Sponsor an annual unified fee of 0.50 % of the Trust’s SOL Holdings (the “Sponsor Fee”).

Trust’s “SOL Holdings” is the quantity of the Trust’s SOL plus any cash or other assets held by the Trust

represented in SOL as calculated using the Index Price, less its liabilities (which include estimated accrued but unpaid fees and

expenses) represented in SOL as calculated using the Index Price.

The Sponsor Fee is paid by the Trust to the Sponsor as

compensation for services performed under the Trust Agreement.

The Administrator calculates the Sponsor Fee in respect of each day

by reference to the prior day’s SOL Holdings.

Except for periods during which all or a portion of the Sponsor Fee is being

waived, the Sponsor Fee accrues daily in SOL and is payable monthly in SOL or cash.

To the extent there are any on-chain transaction

fees incurred in connection with the transfers of SOL to pay the Sponsor Fee, the Sponsor, and not the Trust, shall bear such fees.

The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor Fee for stated periods of time.

The Sponsor is under no obligation to waive any portion of its fees, and any such waiver shall create no obligation to waive any

such fees during any period not covered by the waiver.

The Sponsor agreed

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or (2) July 1, 2026.

For the period ended March 31, 2026,

the Trust incurred $ 1,691 in Sponsor Fees, of which, $ 1,691 was waived by the Sponsor, as presented on the Statement of Operations.

For the three and six month periods

ended June 30, 2026, the Trust incurred $ 1,511 and $ 3,202 in Sponsor Fees, of which, $ 1,511 and $ 3202 was waived by the Sponsor, as presented

on the Statements of Operations.

As partial consideration

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other legal compliance policies and procedures.

Under the terms of each Authorized Participant Agreement,

the Authorized Participants will be responsible for any brokerage or transaction costs associated with the sale or transfer of SOL incurred

in connection with the fulfillment of a creation or redemption order.

Administrator, Custodian and Transfer Agent

the terms of each Authorized Participant Agreement, the Authorized Participants will be responsible for any brokerage or transaction

costs associated with the sale or transfer of SOL incurred in connection with the fulfillment of a creation or redemption order.

(b) Administrator, Custodian and Transfer Agent

Services, LLC, doing business as U.S.

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required for the operation of the Trust.

Bank, N.A., an affiliate of the Administrator

and Transfer Agent serves as the cash custodian for the Trust (the “Cash Custodian”).

The Cash Custodian is responsible for

safekeeping all cash and other non-SOL assets of the Trust.

Marketing Agent

Paralel Distributors LLC is the marketing

agent of the Trust (the “Marketing Agent”) and is responsible for reviewing and approving the marketing materials, including

the Trust’s website, prepared by the Sponsor for compliance with applicable SEC and Financial Industry Regulatory Authority, Inc.

Bank, N.A., an affiliate

of the Administrator and Transfer Agent serves as the cash custodian for the Trust (the “Cash Custodian”).

The Cash Custodian

is responsible for safekeeping all cash and other non-SOL assets of the Trust.

Paralel Distributors

LLC is the marketing agent of the Trust (the “Marketing Agent”) and is responsible for reviewing and approving the marketing

materials, including the Trust’s website, prepared by the Sponsor for compliance with applicable SEC and Financial Industry Regulatory

Authority, Inc.

(“FINRA”) advertising laws, rules, and regulations pursuant to a marketing agreement with the Trust.

The Marketing Agent

is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and a member of

The Marketing

Agent is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and a member

With the assistance of the Marketing Agent, the Sponsor developed a marketing plan for the Trust, prepared marketing materials

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Principal Financial Officer

Employees of PINE Advisors LLC (“PINE”)

serve as officers of the Trust.

In consideration for these services, the Sponsor pays PINE an annual fee.

The Sponsor also reimburses

PINE for certain out-of-pocket expenses.

Share Transactions

of PINE Advisors LLC (“PINE”) serve as officers of the Trust.

In consideration for these services, the Sponsor pays PINE

an annual fee.

The Sponsor also reimburses PINE for certain out-of-pocket expenses.

Capital Share Transactions

The Trust is an

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relative to the NAV of the Shares of the Trust.

Shareholders who decide to buy or sell Shares of the

Trust place their trade orders through their brokers and incur customary brokerage commissions and charges.

Only Authorized Participants may place orders to create

and redeem baskets through the Transfer Agent.

The Transfer Agent coordinates with the Trust’s custodian to facilitate settlement

of the Shares.

Share activity for the quarter ended March 31, 2026

was as follows:

Quarter Ended March 31, 2026 (Unaudited) (a)

Shareholders who

decide to buy or sell Shares of the Trust place their trade orders through their brokers and incur customary brokerage commissions and

Only Authorized

Participants may place orders to create and redeem baskets through the Transfer Agent.

The Transfer Agent coordinates with the Trust’s

custodian to facilitate settlement of the Shares.

Share activity

for the three and six months ended June 30, 2026 were as follows:

Months Ended June 30, 2026

Number of Shares

Value of Shares

Number of Shares

Value of Shares

Net change in Shares created and redeemed

$ ( 229,232 )

(a) No comparative periods have been presented as the initial share purchase date of the Trust

* No comparative periods have been presented as the initial share purchase date of the Trust

was November 17, 2025.

The following

financial highlights relate to investment performance and operations for a Share outstanding for the quarter ended March 31, 2026.

The total return at NAV is based on the change in NAV of a Share during the period, and the total return at market value is based on

the change in market value of a Share on the Exchange during the period.

An individual investor’s return and ratios may vary based

on the timing of capital transactions.

Quarter Ended

March 31, 2026

(Unaudited) *

Financial Highlights

The following financial highlights

relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2026.

return at NAV is based on the change in NAV of a Share during the period, and the total return at market value is based on the change

in market value of a Share on the Exchange during the period.

An individual investor’s return and ratios may vary based on the timing

of capital transactions.

Three Months Ended June 30, 2026 (Unaudited) *

Six Months Ended June 30, 2026 (Unaudited) *

Net Asset Value, Beginning of Period

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Net Investment Income (Loss) After Expense Waiver (e)

* No comparative financial highlights have been presented as the initial share purchase date of the Trust was November 17, 2025.

(a) Net investment loss per share represents net investment loss divided by the daily average

shares of beneficial interest outstanding during the period.

(b) Due to timing of capital share transactions, per share amounts may not compare with amounts

appearing elsewhere within these Financial Statements.

may be later than when the Trust’s net asset value is calculated.

* No comparative financial highlights have been presented as the initial share purchase date

of the Trust was November 17, 2025.

(a) Net investment loss per share represents net investment loss divided by the daily

average shares of beneficial interest outstanding during the period.

(b) Due to timing of capital share transactions, per share amounts may not compare

with amounts appearing elsewhere within these Financial Statements.

which may be later than when the Trust’s net asset value is calculated.

(d) Not annualized.

(e) Annualized.

The Sponsor is considered to

be a related party to the Trust.

Related Parties

Sponsor is considered to be a related party to the Trust.

The Trust's operations are supported by its Sponsor.

As of March 31, 2026, the Sponsor did not own any

Shares of the Trust.

and Contingent Liabilities

In the normal

course of business, the Trust may enter into contracts that contain a variety of general indemnification clauses.

The Trust’s maximum

exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust which have not yet

occurred and cannot be predicted with any certainty.

However, the Sponsor believes the risk of loss under these arrangements to be remote.

There were no commitments or contingencies required to be disclosed as of the date of the financial statements.

As of June 30, 2026, the

Sponsor did not own any Shares of the Trust.

Commitments and Contingent Liabilities

the normal course of business, the Trust may enter into contracts that contain a variety of general indemnification clauses.

Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the

Trust which have not yet occurred and cannot be predicted with any certainty.

However, the Sponsor believes the risk of loss under

these arrangements to be remote.

There were no commitments or contingencies required to be disclosed as of the date of the financial

Under normal circumstances,

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The Custodian will maintain exclusive possession and control of the private keys associated with any staked SOL at all times.

31, 2026, 13,782 SOL were staked, representing a fair value of $ 1,138,952 .

As of December 31, 2025, 15,503 SOL were staked,

representing a fair value of $ 1,926,423 .

The amounts of SOL staked are included in Investments, at fair value on the Statements of Assets

and Liabilities.

rewards represent variable consideration, as the amount of rewards is not known until the applicable validation activities are completed,

and the Trust receives rewards in their custodial account.

As of December

31, 2025 and June 30, 2026, 15,503 and 19,974 SOL were staked, respectively, representing a fair value of $ 1,926,423 and $ 1,470,486 , respectively,

which is included in Investments, at fair value on the Statements of Assets and Liabilities.

Staking rewards

represent variable consideration, as the amount of rewards is not known until the applicable validation activities are completed, and

the Trust receives rewards in their custodial account.

The contract term is the length of each staking epoch.

The staking epoch for

the Solana Network is approximately two days.

The staking epoch for the

Solana Network is approximately two days.

Staking rewards are recognized as income when the Trust satisfies its performance obligations

(i.e., successfully validates blocks or transactions as determined by the protocol) ratably over the contract term.

Staking rewards are

received in SOL, which represents non-cash consideration.

Non-cash consideration is measured at fair value at the inception of each contract

(i.e., the beginning of each staking epoch).

Because the Trust is not the principal to the block validation service, it does not control

the full output of the reward-generating activity, and instead receives net staking rewards, after Validator Fees are deducted.

the Trust presents staking income on a net basis, reflecting only the portion of protocol rewards to which it is entitled.

For the period

ended March 31, 2026, the Trust generated $ 21,975 in staking income, as presented on the Statement of Operations.

Concentration

Substantially

all of the Trust’s assets are holdings of SOL, which creates a concentration risk associated with fluctuations in the price of

Accordingly, a decline in the price of SOL will have an adverse effect on the value of the Shares of the Trust.

Factors that may

have the effect of causing a decline in the price of SOL include negative perception of digital assets;

a lack of stability and standardized

regulation in the digital asset markets;

the closure or temporary shutdown of digital asset platforms due to fraud, business failure,

security breaches or government mandated regulation;

(i.e., the Trust’s validator successfully validates blocks or transactions as determined by the protocol) ratably over the contract

Staking rewards are received in SOL, which represents non-cash consideration.

Non-cash consideration is measured at fair value at

the inception of each contract (i.e., the beginning of each staking epoch).

Because the Trust is not the principal to the block validation

service, it does not control the full output of the reward-generating activity, and instead receives net staking rewards, after Validator

Fees are deducted.

As such, the Trust presents staking income on a net basis, reflecting only the portion of protocol rewards to which

it is entitled.

For the three and six month periods ended June 30, 2026, the Trust generated $ 17,646 and $ 39,621 in staking income, as

presented on the Statements of Operations.

Concentration Risk

Substantially all of the Trust’s

assets are holdings of SOL, which creates a concentration risk associated with fluctuations in the price of SOL.

Accordingly, a decline

in the price of SOL will have an adverse effect on the value of the Shares of the Trust.

Factors that may have the effect of causing a

decline in the price of SOL include negative perception of digital assets;

a lack of stability and standardized regulation in the digital

asset markets;

the closure or temporary shutdown of digital asset platforms due to fraud, business failure, security breaches or government

mandated regulation;

and a loss of investor confidence.

Subsequent Events

The Sponsor has evaluated

subsequent events through the date the financial statements were issued.

Based on this evaluation, no adjustments or disclosures to the

financial statements were required.

subsequent events through the date these financial statements were issued.

Effective June 30, 2026, the Sponsor's voluntary waiver of

the entirety of the Sponsor's Fee expired in accordance with its terms.

As a result, beginning July 1, 2026, the Trust is subject to

the full contractual Sponsor's Fee of 0.50 % (annualized) of the daily net asset value of the Trust, payable to the Sponsor in accordance

with the Trust Agreement.

Prior to July 1, 2026, the Sponsor had voluntarily waived all of the Sponsor's Fee, as described in Note 3

to these financial statements.

No other adjustments or disclosures were required as a result of this evaluation.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements