The First Ever Solana ETF in the US: What to Know

On March 20, Volatility Shares would unveil the first-ever Solana futures exchange-traded funds (ETFs) in the United States: the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT). 

These funds offer investors a chance to gain exposure to Solana (SOL), the sixth-largest cryptocurrency by market capitalization, without the technical barriers typically associated with digital asset investments.

What Are Solana ETFs?

An ETF is a financial product that tracks the price of an asset or a basket of assets, allowing investors to gain exposure to them without owning the asset directly. In this case, the Volatility Shares Solana ETFs will track Solana futures, offering investors an easy way to invest in the future price movements of Solana. Futures contracts are agreements to buy or sell an asset at a predetermined price at a future date.

These ETFs, SOLZ and SOLT, mark a pivotal moment as they represent the first Solana-based ETFs in the U.S. They are launching just after the Chicago Mercantile Exchange (CME) began offering Solana futures contracts, creating an established futures market for the asset.

Key Features of the Solana ETFs

The SOLZ ETF will track Solana futures with a management fee of 0.95%, which will increase slightly to 1.15% in 2026. The SOLT ETF, on the other hand, offers 2x leveraged exposure to Solana futures, meaning it gives investors twice the return (or loss) of the movements in Solana’s price. The management fee for SOLT is 1.85%.

Both funds are designed to make Solana more accessible to investors who want to get exposure to the cryptocurrency without dealing with complex technical aspects like wallet management, custody issues, or direct purchases. For those seeking higher risk and potential higher rewards, SOLT provides the opportunity to benefit from leveraged returns.

Volatility Shares, the Florida-based fund behind these ETFs, is no stranger to the world of cryptocurrency investment products. The firm already offers 2x leveraged Bitcoin and Ethereum futures ETFs. The company’s CEO, Justin Young, explained that these Solana ETFs aim to address the barriers that traditional investors face when trying to invest in cryptocurrencies.

"Until now, if you wanted Solana exposure, you had to jump through a bunch of hoops," Young told DL News. "With SOLZ and SOLT, we’re knocking down those barriers."

A Step Toward a Spot Solana ETF

The launch of Solana futures ETFs is seen as a crucial step toward the approval of a spot Solana ETF by the U.S. Securities and Exchange Commission (SEC). A spot ETF would directly hold Solana tokens, while the futures ETFs only track the price movements of Solana futures contracts.

Historically, the SEC has been cautious about approving spot cryptocurrency ETFs, but they have been more receptive to futures-based ETFs. The first Bitcoin and Ethereum futures ETFs paved the way for the eventual approval of their spot counterparts. Now, analysts believe that Solana could follow a similar path.

The SEC has previously stated that for a spot product to be approved, an established and reliable futures market is crucial. By launching Solana futures ETFs, Volatility Shares may be laying the groundwork for a future spot ETF.

Trump’s Role in the ETF Launch

The launch of these Solana futures ETFs comes amid a shift in the political landscape, with President Donald Trump reelected and his administration's pro-crypto stance. Trump's recognition of the strategic importance of maintaining American leadership in financial technology has led to increased optimism around cryptocurrency investment products in the U.S.

This change in leadership has spurred asset managers and ETF firms to submit a flurry of ETF applications to the SEC. Trump’s pro-crypto promises are seen as a driving force behind this surge of interest in digital asset ETFs, including the Solana futures ETFs.

However, the Solana futures market is still in its infancy compared to Bitcoin and Ethereum. Solana futures began trading on the Chicago Mercantile Exchange (CME) on March 17, with $12.3 million in trading volume on launch day. This is still considerably lower than the volumes of Bitcoin ($102.7 million) and Ethereum ($31 million) futures on their launch days, indicating that Solana’s futures market is still gaining traction.

Despite this, the future potential for Solana in the crypto space is undeniable. With the launch of these ETFs, investors can now access Solana exposure in a more familiar and user-friendly manner.