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Invesco Galaxy has filed a formal application with the U.S. Securities and Exchange Commission (SEC) on the Cboe BZX exchange to create an exchange-traded fund (ETF) based on Solana (SOL).
According to Cboe’s filing dated July 28, 2025, the product offered as Invesco Galaxy Solana ETF was requested to be listed and traded under BZX Rule 14.11(e)(4).
According to the filing, the ETF's legal structure is structured around a trust fund established in Delaware on June 12, 2025, that will operate as a grantor trust for federal tax purposes. The fund has no fixed expiration date. The ETF's sponsor will be Invesco Capital Management LLC.
The filing states that the ETF will be registered with the SEC via Form S-1 under the Securities Act of 1933. It also states that the fund is neither a registered investment company under the Investment Company Act of 1940 nor a commodity pool under the Commodity Exchange Act. Therefore, the fund and its sponsoring company will not be regulated as a commodity pool operator or advisor.
Cboe's filing noted that the SEC has granted approvals for spot Bitcoin and Ether ETFs in the past. In those approvals, the SEC found that the Chicago Mercantile Exchange (CME) futures markets were not “significant in size” but provided “other adequate means” to prevent fraud and manipulation.
*This is not investment advice.