SOEZ vs TSOL

SOEZAFranklin Solana ETF

TSOLB21Shares Solana ETF

In short

SOEZ Franklin's entry into the spot Solana pile-up: one asset, no derivatives, staking switched on up to 100% where practicable, at 0.19% with no fee waiver propping up the number.

TSOL Spot Solana in a grantor trust, with part of the stack staked and the rewards paid out as cash rather than kept inside the fund. The SOL is split across three custodians instead of parked with one.

Stated mandate

SOEZ The Fund seeks to track the price performance of Solana, before deducting its expenses.

TSOL The Trust seeks to provide exposure to Solana held by the Trust, net of operating expenses, and may seek additional Solana through staking.

Why people hold it

• SOEZ 0.19% gross and net, no waiver doing the work. That undercuts same-index rivals TSOL (0.21%), VSOL (0.30%) and SOLC (0.50%), and matches GSOL (0.19%).
• Seeks to stake as much of the fund's Solana as is practicable, up to 100%, with rewards received back in SOL tokens.franklintempleton.com
• Plain plumbing: Solana held by a custodian, no leverage and no derivatives in the strategy. One asset, nothing else riding along.sec.gov
• Sits in the upper half of its spot Solana peer group while doing exactly what the prospectus says: track Solana's price before expenses.

• TSOL Staking rewards are passed through as quarterly cash distributions, so the rewards show up in your account rather than staying inside the trust.stocktitan.net
• The 0.21% sponsor fee matches the going rate for spot Solana funds, and 21Shares cut it to 0.00% for a defined window running through July 27, 2027.globenewswire.com
• Custody is split across Anchorage Digital Bank, BitGo and Coinbase Custody, so no single vault holds the whole position.21shares.com21shares.com 2
• Plain wrapper: it holds actual SOL, not futures or swaps, and hands the private-key problem to regulated custodians.21shares.com

Worth knowing

• SOEZ Staked coins aren't instantly liquid. The sponsor expects two to three days to unstake in normal conditions, and may extend settlement or suspend redemptions under stress.sec.gov
• Cheaper exists in the category: MSOL charges 0.14%. SOEZ lands near the peer-group median fee rather than below it.
• Small and thinly traded, so trading costs can run wider than at the category's heavyweights.

• TSOL Small and thinly traded next to Solana funds like BSOL and GSOL, which typically means wider spreads and more care needed on limit orders.
• The fee waiver has an expiration date; the 0.21% sponsor fee resumes after July 27, 2027.globenewswire.com
• A grantor trust, not a 1940 Act fund, so the usual fund-law protections don't apply. It launched in late 2025, and SOL itself moves violently.21shares.com

Full SOEZ profile⁠

Full TSOL profile⁠