Let's talk about the SOL ETF in this matter. Many people get excited when they hear "Spot ETF," thinking that the U.S. regulatory agency SEC has finally approved the SOL ETF from major fund companies. But that's not the case.

This ETF can indeed be purchased through regular brokers and is based on SOL as the underlying asset, but it is not the kind of "legitimate" ETF that goes through the SEC's traditional approval process. Instead, it has taken a "roundabout way" by being structured as a C-Corp, thus circumventing the complex SEC approval process (which usually requires going through both 19b-4 and S-1 channels) to be listed.
But there is a cost to doing this:
1. Higher costs: Under this structure, the fund needs to pay corporate taxes first, and then distribute the earnings obtained from the pledges to the investors, so the money received will be slightly less.
2. Uncertain returns: SOL can be "staked" to earn rewards, and the foundation does this, but the annual yield still depends on on-chain revenue and operating costs.
3. Poor liquidity: Currently, only a small company called REX Shares has launched this product. There are not many traders at the beginning, and the trading volume is low, so it may be inconvenient to buy and sell.
In summary, this is just a "niche play"; major companies like Fidelity and VanEck, which represent the real "establishment" version of the SOL Spot ETF, are still waiting for approval, with a clear outcome not expected until October at the earliest.