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Risk Profile Improvements

  • Extreme Price Volatility (new) — Solana exhibited 121.67% annualized volatility with -95.34% max annual decline; October 2025 Flash Crash triggered $20B in liquidations and network outages occurred in 2021, 2023, and 2024.
  • Regulatory Uncertainty (new) — U.S. digital asset markets exist in regulatory uncertainty; adverse developments could ban or restrict Solana use, staking, or trading/custody services, and SEC Commissioner dissented on staff's May 2025 staking guidance.
  • Custodian Liability Caps (new) — Coinbase Custody liability capped at $100M per address with $2M aggregate indemnity; shared insurance insufficient for catastrophic multi-client loss, leaving Fund exposed to unrecoverable custody failures.
NYSE: SOEZ Franklin Solana Trust 10-K

Franklin Solana ETF (SOEZ) debuts with 41% NAV decline as Solana drops 42% in first four months

Filed June 29, 2026 · Period ending March 31, 2026 · ~2 min read

Key Changes

  • high

    NAV per share fell 41.2% from $24.51 to $14.41 (Dec 2025–Mar 2026), tracking Solana's 42.4% price decline. Fund recorded $2.95M unrealized loss on holdings, partially offset by $99K staking income.

    MD&A: NAV Performance verify on EDGAR →
  • high

    Fund stakes up to 100% of Solana holdings to earn rewards, exposing assets to slashing penalties (validator misbehavior) and liquidity constraints during activation/deactivation periods when tokens are inaccessible.

    Risk Factors: Staking verify on EDGAR →
  • high

    Coinbase Custody liability capped at greater of 12 months fees or affected asset value, with $100M per-address maximum; indemnity obligations limited to $2M aggregate. Insurance shared across all Coinbase clients, insufficient for catastrophic multi-client loss.

    Business: Custody & Insurance verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Generated by AI · Jul 2, 2026 5:12 PM