TLDR:Canary’s Solana ETF keeps all staking rewards, offering a different fee structure than competitors.The ETF carries a 0.50% expense ratio, lower than Bitwise but no staking cut taken.Tracking Solana price may be tricky due to staking rewards not included in expense ratio.Amendment #6 shows the ETF is nearing SEC approval for public trading on Cboe BZX.Canary Capital has filed Amendment #6 for its Solana ETF, signaling the fund is close to going live. The ETF will feature a 0.50% expense ratio and retain all staking rewards for shareholders. Tracking Solana’s price through the ETF may prove more complex than traditional funds. The filing outlines how staking rewards will factor into the net asset value. Investors should expect the ETF to trade on the Cboe BZX Exchange under the ticker SOLC.Solana ETF Fees and Staking RewardsEric Balchunas, a Bloomberg ETF analyst, noted that Canary’s Solana ETF will not take a cut of staking rewards.In contrast, Bitwise charges 0.20% in fees but keeps roughly 6% of staking rewards. This structure makes direct fee comparisons challenging. Staking rewards can add approximately 45–50 basis points, influencing overall returns.The Canary ETF plans to stake most of its SOL via Marinade Finance. Any SOL reserved for liquidity or expenses will not be staked. This ensures the fund can meet redemption requests without affecting staking activity. Authorized participants will exchange SOL or cash in baskets of 10,000 shares.Fees outside the expense ratio, such as staking deductions, appear in the tracking difference. Balchunas emphasized that tracking difference is the “true fee” metric for investors. Tracking difference measures performance relative to Solana’s price after accounting for operational and staking effects. This figure is essential for understanding real costs.Investors may see slight NAV deviations during high-demand trading periods. These fluctuations are normal and reflect SOL supply, demand, and staking yields. Brokerages will charge standard commissions for trades. Tracking the true cost of ownership requires considering both the expense ratio and staking rewards.Canary just filed Amendment #6 (that's how close we are) for their spot Solana ETF w/ a 0.50% expense ratio but NO CUT of the Solana staking rewards. Bitwise is 20bp exp ratio but 6% of staking rewards (approx 45-50bps extra fee). Because of staking it's going to make the fees… pic.twitter.com/DOtbgaHeSg— Eric Balchunas (@EricBalchunas) October 10, 2025ETF Launch Timeline and Market PositioningCanary’s Solana ETF is registered as a continuous offering under the Securities Act of 1933. There is currently no public trading market for the shares. The filing specifies that the ETF is not regulated under the Investment Company Act of 1940. Investors will not have protections afforded to mutual funds or SOL futures markets.The fund aims to provide price exposure to Solana while also earning staking rewards. NAV will be calculated using CoinDesk Solana CCIXber 60-minute averages. Shares are expected to list shortly after SEC approval. The ETF positions itself as a competitive alternative to Bitwise, offering lower expense ratios and full staking rewards.Shareholders will access SOL exposure without sacrificing staking income. Authorized participants facilitate share creation and redemption using SOL or cash. This structure mirrors traditional ETFs but adds complexity due to staking dynamics. Canary’s approach could attract crypto investors looking for both price exposure and rewards.The post Canary Files Sixth Amendment for Solana ETF With Unique Staking Structure appeared first on Blockonomi.