Fidelity Solana Fund

Previous wording

The Trust provides exposure to the value of SOL, and the Shares of the Trust are valued on a daily basis using the same methodology used to calculate the Index. The Trust provides investors with the opportunity to access the market for SOL through a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring SOL directly or acquiring it from a SOL spot market. The Trust is passively managed and does not pursue active management investment strategies. The Trust will not invest in derivatives. The Sponsor believes that the Shares are designed to provide investors with a cost-effective and convenient way to invest in SOL without purchasing, holding and trading SOL directly. The Trust sells and redeems Shares only with Authorized Participants in exchange for SOL or cash and only in blocks of 25,000 Shares (a “Basket”).

Current wording

The Trust is passively managed and does not pursue active management investment strategies, utilize leverage, or invest in derivatives in seeking to meet its investment objective. The Sponsor believes that the Shares are designed to provide investors with a cost-effective and convenient way to invest in SOL without purchasing, holding and trading SOL directly. The Trust sells and redeems Shares only with Authorized Participants in exchange for SOL or cash and only in blocks of 25,000 Shares (a “Basket”).

Previous wording

For purposes of calculating the net asset value (“Trust’s NAV”) per Share, the Trust’s holdings of SOL are valued using the same methodology as used to calculate the Index.

Current wording

For purposes of calculating the Trust's net asset value (“Trust’s NAV”) per Share, the Trust’s holdings of SOL are valued using the same methodology as used to calculate the Index.

Previous wording

The Trust’s net assets decreased from $113.9 million as of December 31, 2025, to $97.4 million as of March 31, 2026. The change in the Trust’s net assets resulted primarily from a decrease in the price of SOL, which decreased 33.16% from $124.73 as of December 31, 2025 to $83.37 as of March 31, 2026. The decrease in net assets was partially offset by an increase in outstanding Shares, which rose from 7,775,000 as of December 31, 2025 to 9,900,000 as of March 31, 2026. The increase in outstanding Shares was primarily as a result of 3,425,000 Shares (137 Baskets) being issued partially offset by 1,300,000 Shares (52 Baskets) being redeemed.

Current wording

The Trust’s net assets increased from $97.4 million as of March 31, 2026, to $127.1 million as of June 30, 2026. The change in the Trust’s net assets was partially offset from a decrease in the price of SOL, which decreased 9.60% from $83.37 as of March 31, 2026 to $75.37 as of June 30, 2026. The increase in net assets was driven by an increase in outstanding Shares, which rose from 9,900,000 as of March 31, 2026 to 14,325,000 as of June 30, 2026. The increase in outstanding Shares was primarily as a result of 4,525,000 Shares (181 Baskets) being issued partially offset by 100,000 Shares (4 Baskets) being redeemed.

Previous wording

The NAV per Share decreased 32.84% from $14.66 as of December 31, 2025 to $9.84 as of March 31, 2026. The Trust’s NAV per Share decreased 33.03% from $14.57 as of December 31, 2025 to $9.76 as of March 31, 2026.

Current wording

The NAV per Share decreased 9.86% from $9.84 as of March 31, 2026 to $8.87 as of June 30, 2026. The Trust’s NAV per Share decreased 11.37% from $9.76 as of March 31, 2026 to $8.65 as of June 30, 2026.

Previous wording

The Trust’s NAV per Share of $17.35 at January 14, 2026, was the highest during the three months ended March 31, 2026, compared with a low of $9.11 at February 12, 2026.

Current wording

The Trust’s NAV per Share of $11.61 at May 11, 2026, was the highest during the three months ended June 30, 2026, compared with a low of $7.35 at June 5, 2026.

Previous wording

During the three months ended March 31, 2026, the quantity of SOL owned by the Trust and held by the SOL custodian increased from 913,562 as of December 31, 2025, to 1,168,872 as of March 31, 2026. The increase in quantity is the result of the net increase from capital share transactions.

Current wording

During the three months ended June 30, 2026, the quantity of SOL owned by the Trust and held by the SOL custodian increased from 1,168,872 as of March 31, 2026, to 1,687,589 as of June 30, 2026. The increase in quantity is the result of the net increase from capital share transactions.

Previous wording

The net decrease in net assets resulting from operations for the three months ended March 31, 2026, was $50.9 million, resulted primarily from a net unrealized depreciation on investment in SOL of $46.2 million and a net realized loss of $6.5 million from the sale of the investment in SOL for the redemption and distribution of Shares, partially offset by net investment income of $1.4 million and net realized gain of $0.4 million from the distribution of the investment in SOL for the redemption of Shares.

Current wording

The net decrease in net assets resulting from operations for the three months ended June 30, 2026, was $12.6 million, resulted primarily from a net unrealized depreciation on investment in SOL of $12.7 million and a net realized loss of $1.2 million from the sale of the investment in SOL for income distribution of Shares, partially offset by net investment income of $1.3 million.

Previous wording

The Trust does not hold a cash balance except in connection with the issuance and redemption of Baskets or to pay expenses not assumed by the Sponsor. To the extent the Trust does not have available cash to facilitate redemptions or pay expenses not assumed by the Sponsor, the Trust will sell SOL. When selling SOL on behalf of the Trust, the Sponsor endeavors to minimize the Trust’s holdings of assets other than SOL. As a consequence, the Sponsor expects that the Trust will have an immaterial amount of cash flow from its operations and that its cash balance will be insignificant at the end of each reporting period. The Trust’s only sources of cash are proceeds from the sale of Baskets and SOL.

Current wording

The Trust does not hold a cash balance except in connection with the issuance and redemption of Baskets or to pay expenses not assumed by the Sponsor. To the extent the Trust does not have available cash to facilitate redemptions or pay expenses not assumed by the Sponsor, the Trust will sell SOL. When selling SOL on behalf of the Trust, the Sponsor endeavors to minimize the Trust’s holdings of assets other than SOL. As a consequence, the Sponsor expects that the Trust will have an immaterial amount of cash flow from its operations and that its cash balance will be insignificant at the end of each reporting period. The Trust’s only sources of cash are proceeds from the sale of Baskets and SOL. The Trust intends to make cash distributions at least quarterly in order to rely on the safe harbor conditions established by IRS Revenue Procedure 2025‑31 applicable to grantor trusts that stake digital assets.

Previous wording

In exchange for the Sponsor Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. The Sponsor contractually waived the Sponsor Fee for the duration of the waiver period. The waiver period began on the date the Trust first issued Shares, which commenced trading on the Exchange November 18, 2025, following the effectiveness of the registration statement and ends after a period of six months, unless extended by the Sponsor in its sole discretion. In addition to the Sponsor Fee, the Trust will bear the Staking Fees. The Sponsor contractually agreed to waive Staking Fees in their entirety on the staking rewards received by the Trust generated from the first $1.0 billion of Trust assets for the duration of the waiver period.

Current wording

In exchange for the Sponsor Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. In addition to the Sponsor Fee, the Trust bears Staking Fees. The Sponsor contractually waived the Sponsor Fee and Staking Fee until May 18, 2026. On May 19, 2026, the Sponsor Fee and Staking Fee began accruing.

Previous wording

Sponsor Fee payments made to the Sponsor will be calculated as a fixed percentage of 0.25% of the Trust’s SOL Holdings. As such, the Sponsor cannot anticipate the payment amounts that will be required under these arrangements for future periods as the Trust’s net assets are not known until a future date. In addition to the Sponsor Fee, the Trust will bear the Staking Fees, which the Sponsor, custodians, and node operators will each receive from the proceeds of the node operators' staking activities that the Trust receives from the Solana network. The total amount of the Staking Fee will equal 15% of all staking rewards received by the Trust. As the Sponsor cannot anticipate the amount of staking rewards that will be received by the Trust in future periods, the amount of the Staking Fee or the portion of the Staking Fee any party is entitled to will not be known until a future date.

Current wording

Sponsor Fee payments made to the Sponsor are calculated as a fixed percentage of 0.25% of the Trust’s SOL Holdings. As such, the Sponsor cannot anticipate the payment amounts that will be required under these arrangements for future periods as the Trust’s net assets are not known until a future date. In addition to the Sponsor Fee, the Trust bears the Staking Fees, which the Sponsor, custodians, and node operators each receive from the proceeds of the node operators' staking activities that the Trust receives from the Solana network. The total amount of the Staking Fee equals 15% of all staking rewards received by the Trust. As the Sponsor cannot anticipate the amount of staking rewards that will be received by the Trust in future periods, the amount of the Staking Fee or the portion of the Staking Fee any party is entitled to will not be known until a future date.

Previous wording

As of 4:00 p.m., EST, on the last business day of the period ended March 31, 2026, the Trust’s total value of SOL based on the Index Price (non-GAAP methodology) was $96,604,937, a difference of $843,926 to the GAAP value, which was $97,448,863, and the total market value of the Trust’s SOL based on the price of SOL at 4:00 p.m., EST, in the principal market (non-GAAP methodology) was $96,548,831, a difference of $900,032 to the GAAP value, which was $97,448,863.

Current wording

As of 4:00 p.m., EST, on the last business day of the period ended June 30, 2026, the Trust’s total value of SOL based on the Index Price (non-GAAP methodology) was $124,071,553, a difference of $3,122,040 to the GAAP value, which was $127,193,593, and the total market value of the Trust’s SOL based on the price of SOL at 4:00 p.m., EST, in the principal market (non-GAAP methodology) was $124,240,312, a difference of $2,953,281 to the GAAP value, which was $127,193,593.

Previous wording

Monthly Staking Information for the Quarter Ended March 31, 2026

Current wording

Monthly Staking Information for the Six Months Ended June 30, 2026

Previous wording

The following chart illustrates the movement in the Index Price, the principal market price, and the Trust’s NAV per Share during the three months ended March 31, 2026.

Current wording

The following chart illustrates the movement in the Index Price, the principal market price, and the Trust’s NAV per Share during the six months ended June 30, 2026.

Previous wording

During the three months ended March 31, 2026, the Index Price has ranged from a low of $77.09 on February 12, 2026 to a high of $147.38 on January 14, 2026. The Sponsor has not observed a material difference between the Index Price and average prices from the constituent SOL spot markets individually or as a group.

Current wording

During the six months ended June 30, 2026, the Index Price has ranged from a low of $61.92 on June 6, 2026 to a high of $147.38 on January 14, 2026. The Sponsor has not observed a material difference between the Index Price and average prices from the constituent SOL spot markets individually or as a group.

Previous wording

During the three months ended March 31, 2026, the 11:59:59 p.m. EST market price of SOL, as reported on the Trust’s principal market, ranged from $76.83 on February 23, 2026, to $144.85 on January 13, 2026.

Current wording

During the six months ended June 30, 2026, the 11:59:59 p.m. EST market price of SOL, as reported on the Trust’s principal market, ranged from $62.81 on June 5, 2026, to $144.85 on January 13, 2026.

Previous wording

Shares trade in the secondary market on the Exchange. Shares may trade in the secondary market at prices that are lower or higher relative to the Trust’s NAV per Share. The amount of the discount or premium in the trading price relative to the Trust’s NAV per Share may be influenced by various factors, including the number of Shareholders who seek to purchase or sell Shares in the secondary market and the liquidity of SOL. The following chart sets out the historical closing prices for the Shares as reported by the Exchange and the Trust’s NAV per Share during the three months ended March 31, 2026.

Current wording

Shares trade in the secondary market on the Exchange. Shares may trade in the secondary market at prices that are lower or higher relative to the Trust’s NAV per Share. The amount of the discount or premium in the trading price relative to the Trust’s NAV per Share may be influenced by various factors, including the number of Shareholders who seek to purchase or sell Shares in the secondary market and the liquidity of SOL. The following chart sets out the historical closing prices for the Shares as reported by the Exchange and the Trust’s NAV per Share during the six months ended June 30, 2026.