Franklin Templeton has joined 21Shares in submitting its final application to the U.S. Securities and Exchange Commission (SEC) for the upcoming launch of its Solana ETF fund. Previously, its XRP ETF fund was successfully listed on the New York Stock Exchange on Monday.
The asset management company has submitted its planned Solana fund's Form 8-A to the SEC. This is typically a necessary step before the product is launched. Generally, the exchange will begin trading such securities on the first trading day following the approval of the form. Therefore, Franklin's Solana product is likely to be launched soon.
The Solana ETF will be traded on the New York Stock Exchange Arca, with the stock code SOEZ. The fund has previously faced some setbacks, as the SEC has repeatedly extended the review period this year. The regulator postponed the final decision deadline from April to June. Subsequently, they initiated the formal process, starting a 180-day evaluation period, with a deadline of September 15. The evaluation period has been extended again to November 2025.
The submission of Form 8-A marks the final step in the administrative process for the fund's listing. In the ETF industry, Form 8-A is known as the “green light” form. Franklin Templeton will launch a passive fund that tracks Solana using the CF benchmark index. This means that the fund will not actively manage its investments, and the fund's fee will be 0.19%. In addition, the company will also waive fees for the first $5 billion in assets until May 31, 2026.
The recently launched XRPZ ETF by the company has shown a strong market demand trend. The fund attracted $62.6 million in inflows on its first full trading day and added another $7 million the next day, bringing the total to nearly $70 million over the two days.
Since its listing on November 13, the XRP spot ETF has accumulated nearly $587 million in funds, with no outflows recorded. The situation for Solana products is similar, achieving net inflows for 21 consecutive trading days. (CoinGape)
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