$SOL ETF is a type of investment fund that holds assets such as stocks, bonds, or commodities and divides ownership into shares that can be traded on the exchange. The SEC reviews and approves ETF applications to ensure they meet regulatory requirements, providing protection to investors and market integrity.

The approval process typically involves:

1. Submitting an application to the SEC

2. Review of the ETF structure, investment objectives, and risks

3. Compliance with SEC regulations

SEC approval allows the ETF to be publicly traded, offering investors access to a diversified portfolio and trading flexibility.