$SOL The SEC's approval of the Solana ETF in the United States remains controversial, and whether it will consider Solana as a security may influence global regulatory trends. Currently, applications from multiple U.S. institutions (such as Grayscale and VanEck) have not yet been approved.

2. **Market Volatility**

The high volatility of the cryptocurrency market may undermine the stability of ETFs. The price of SOL has already dropped by 33.21% within 2025, and investors should be cautious of short-term speculative risks.

3. **Competition and Product Homogeneity**

There are already over $1 billion in Solana ETPs globally (such as products from 21Shares, VanEck, etc.), and Canadian ETFs need to maintain competitiveness through yield advantages or low-cost strategies.