North America's first SOL ETF? A closed-end fund....
Bloomberg ETF analyst James Seyffart writes in his X that "the 'first North American solana (SOL) exchange-traded fund (ETF)' announced by digital asset investment fund manager 3iQ in a press release on Tuesday is actually more of a closed-end fund (CEF). It is similar in nature to many of Grayscale's cryptocurrency trust products."
Another Bloomberg analyst, Eric Balchunas, said, "It's gone from big to trivial. I personally hate it when issuers play around with the words 'ETP' or 'ETF'. If there is no daily process of creation or redemption, then the product cannot be called an ETF or ETP."
