SOEZHIGH SIGNALFINANCIAL10-Q

SOEZ transformed from a pre-launch fund to an operational entity with massive asset growth and full deployment into staked Solana tokens.

The fund successfully launched and immediately scaled from $100K to $3.2M in total assets, representing explosive 3,000%+ growth that signals strong initial investor demand. The complete transition from launch preparation to full operations, with 100% of Solana tokens now staked with third-party counterparties, indicates the fund is executing its core investment strategy but also introduces counterparty concentration risk.

Comparing 2026-02-17 vs 2025-12-17View on EDGAR →
FINANCIAL ANALYSIS

Total assets exploded from $100K to $3.2M, a staggering 3,092.8% increase that reflects the fund's successful transition from pre-launch placeholder assets to a fully operational ETF with substantial investor inflows. The $3.456M cost basis in Solana investments shows the fund immediately deployed capital into its target cryptocurrency exposure. This dramatic growth signals strong market reception but also means the fund now carries significant crypto price risk and operational complexity that didn't exist in its pre-launch state.

FINANCIAL STATEMENT CHANGES
Total Assets
Balance Sheet
+3092.8%
$100K→$3.2M

Asset base grew 3092.8% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-12-17
ADDED
1 STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q includes statements which relate to future events or future performance.
The Trust intends to take advantage of the benefits of the extended transition period.
(a) Cost of investment in Solana: $ 3,456,108 at December 31, 2025.
(a) As of December 31, 2025, 100 % of Solana tokens are staked with third party counterparties.
(a) Net increase (decrease) in net assets per Share based on average shares outstanding during the period.
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REMOVED
* No comparative period presented as Fund inception was September 22, 2025.
* No comparative period presented as Fund inception was September 22, 2025.
The accompanying financial statements relate to the Trust, as registrant, and the one series that it currently offers, Franklin Solana ETF (the Fund ) presented on a combined basis.
At launch, the Fund will issue shares ( Shares ) representing fractional undivided beneficial interests in its net assets.
The Fund issues Shares only in Creation Units of 50,000 or multiples thereof.
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