Business Description

Summary Canary Marinade Solana ETF (the “Trust”) was organized as a Delaware statutory trust on June 6, 2025. The Trust continuously issues common shares representing fractional undivided beneficial interest in and ownership of the Trust (“Shares”). The Shares of the Trust are listed on The Nasdaq Stock Market, LLC (“Nasdaq” or the “Exchange”) under the ticker symbol “SOLC.” Canary Capital Group LLC, a Delaware limited liability company, is the sponsor of the Trust (the “Sponsor”), CSC Delaware Trust Company is the trustee of the Trust (the “Trustee”), U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, is the transfer agent of the Trust (in such capacity, the “Transfer Agent”) and the administrator and accounting agent of the Trust (in such capacity, the “Administrator”), Paralel Distributors LLC is the marketing agent of the Trust (the “Marketing Agent”), BitGo Trust Company, Inc. (“BitGo” or the “Custodian”) is the custodian of the Trust’s SOL (“SOL”), and U.S. Bank, N.A., an affiliate of the Transfer Agent and Administrator, is the cash custodian of the Trust (the “Cash Custodian”). The operations of the Trust are governed by the provisions of an Amended and Restated Trust Agreement, dated June 6, 2025, among the Trustee, the Sponsor, and the shareholders from time to time thereunder (the “Shareholders”), as may be amended from time to time (the “Trust Agreement”). The Trust is an exchange-traded product. The Trust sells or redeems its Shares in blocks of 10,000 Shares (a “Basket”) based on the quantity of SOL attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities). The Trust’s inception of operation was November 17, 2025. The Trust had no operations prior to November 17, 2025, other than matters relating to its organization and the registration of the Shares under the Securities Act of 1933 (the “1933 Act”). Canary Capital Group Inc., (the “Seed Capital Investor”), an affiliate of the Sponsor, purchased the initial Basket of Shares for $250,000, at a per-Share price of $25 for these 10,000 Shares (the “Seed Basket”). Such proceeds were used by the Trust to purchase SOL at the listing of Shares on the Exchange. The Seed Capital Investor acted as a statutory underwriter in connection with the initial purchase of the Seed Basket. The Sponsor maintains a website https://canaryetfs.com/SOLC/, through which the Trust’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), can be accessed free of charge, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the U.S. Securities and Exchange Commission (the “SEC”). Additional information regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov. Investment Objectives and Principal Investment Strategies Investment Objectives The investment objective is to seek to provide exposure to the price of SOL held by the Trust, less the expenses of the Trust’s operations and other liabilities. A secondary investment objective is for the Trust to earn additional SOL through the validation of transactions in the SOL network’s (the “Solana Network”) proof-of-stake (“PoS”) process. Under normal circumstances, the Sponsor seeks to stake all of the Trust’s SOL through one or more Staking Providers except for SOL reserved by the Sponsor in its sole discretion to facilitate foreseeable redemption transactions, pay Trust expenses or otherwise protect the Trust and its assets. In consideration for any staking activity in which the Trust may engage, the Trust would receive a portion of the staking rewards generated by the Staking Provider, which may be treated as income to the Trust. In seeking to achieve its investment objectives, the Trust holds SOL and values its Shares daily as of 4:00 p.m. Eastern time (“ET”) using the same methodology used to calculate the Pricing Benchmark. All of the Trust’s SOL, including staked SOL, is held by the Custodian. Principal Investment Strategies In seeking to achieve its investment objectives, the Trust holds SOL and establishes its net asset value (“NAV”) on each business day by reference to the CoinDesk Solana CCIXber 60m New York Rate (“Pricing Benchmark”).…