- Franklin Templeton submits Form 8-A to the SEC for Solana ETF trading under ticker SOEZ on NYSE Arca.
- Fund charges a 0.19% fee with a waiver on the first $5 billion in assets until May 2026.
Franklin Templeton has filed its Form 8-A with the Securities and Exchange Commission for a Solana-based exchange-traded fund. This is the last step of the administrative process before the product can be traded on NYSE Arca under the ticker symbol SOEZ.
The company decided to make the filing just a few days after the successful launch of its XRP ETF on Monday. This product was extremely attractive to investors during its first week of trading on the New York Stock Exchange platform.
In the ETF world, Form 8-A filings are usually followed by product launches on the market within one business day. Traders on the market often call this filing the green light form, as it means that trading approval is imminent.
Fund Structure and Fee Details Revealed
The new Solana fund aims to be a passively managed fund that follows the CF Benchmarks Index for its market movements. Franklin Templeton has decided to charge the management fee of 0.19% per year to the fund’s investors.
The money manager will not charge any fees on the first $5 billion of assets until May 2026. This introductory period is designed to encourage early investors and create initial momentum for the new crypto product.
The Solana ETF proposal faced multiple regulatory delays throughout the year before it finally reached this stage. Regulators delayed their review deadline from April to June before they officially commenced the proceedings in the summer months.
The review period had set a 180-day window ending in mid-September, but the decision date was pushed to November by the officials. The Form 8-A submission is now going beyond those extended deadlines by completing the required registration in advance.
XRP Success Signals Strong Market Demand
Performance metrics from Franklin Templeton’s XRP fund appear to be a great source of energy for the expectations of the product launch on Solana. The first full trading day of the XRPZ fund was a fantastic one as it raised $62.6 million and went on to add $7 million more.
In total, all XRP spot ETFs have been able to attract a commendable amount of approximately $587 million since November 13, without any outflows taking place. In a similar vein, Solana products have been able to maintain positive net inflows for 21 consecutive days prior to the appearance of Franklin’s filing.
VanEck decided to go first with its VSOL Solana ETF, and a short while after, Fidelity also launched its competing products. The competitive landscape is getting more and more crowded as traditional finance firms are embracing cryptocurrency investment vehicles as a means of serving their institutional and retail clients.
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Source: https://thenewscrypto.com/franklin-templeton-takes-final-step-toward-solana-etf-launch/
