The competition to launch Solana-backed exchange-traded funds in the United States is accelerating, and Franklin Templeton now appears to be at the front of the pack.
The firm has completed the final SEC step required before an ETF is allowed to trade, signalling that its Solana product may hit the market any moment.
Although the asset manager was not first to file a Solana ETF, its timing follows a surge in demand for recent single-asset crypto products. The company rolled out an XRP ETF earlier this week, and analysts say that momentum spilled over into expectations for its Solana offering.
The new fund will trade as SOEZ on NYSE Arca and will replicate Solana’s price through the CF Benchmarks index. It will operate as a passive fund, charging 0.19% in fees and waiving those fees on the first $5 billion in assets until May 2026.
Franklin Templeton’s approval path required multiple extensions by U.S. regulators earlier this year, stretching far beyond the original review window. The product is now cleared after the filing of Form 8-A, a document that issuers typically submit only when the exchange listing phase is ready.
In ETF industry shorthand, the 8-A is considered the “green light.” Trading generally begins as soon as the exchange confirms the listing.
Investor appetite for single-asset ETFs has been strong so far. Franklin Templeton’s newly launched XRP ETF took in nearly $70 million in its first two days, while the broader group of XRP spot ETFs has accumulated about $587 million in total since mid-November — without a single day of net outflows.
Solana products have shown similar resilience. Funds tracking SOL have now posted 21 straight days of positive inflows — something even Bitcoin ETFs did not achieve in their early weeks.
Once trading begins, Franklin Templeton will join a fast-filling field of Solana ETF issuers. 21Shares has already launched its Solana fund, and VanEck and Fidelity introduced their own products only days apart. Analysts expect SOEZ to attract immediate attention due to Franklin Templeton’s brand size and the successful start of its XRP ETF.
What stands out is not just another ETF approval — it’s the rapid clustering of major firms around Solana exposure. A year ago, the idea of multiple U.S. spot Solana ETFs launching within weeks would have seemed unlikely. Today, it reflects a shift in how fast institutions are moving to secure market share in the digital-asset sector.
