# EDGAR Filing Document

**Accession Number:** 0002103547
**File Stem:** 0001104659-26-075843
**Filing Date:** 2026-6
**Character Count:** 1859216
**Document Hash:** d954900643cdfe734ad1f06af056a429
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-075843.hdr.sgml**: 20260618

**ACCESSION NUMBER**: 0001104659-26-075843

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 64

**FILED AS OF DATE**: 20260618

**DATE AS OF CHANGE**: 20260618

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley Solana Trust
- **CENTRAL INDEX KEY:** 0002103547
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292587
- **FILM NUMBER:** 261103998

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 2127614000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**As filed with the Securities and Exchange Commission on June 18, 2026**

**Registration No. 333-292587**

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION** **<br> WASHINGTON, D.C. 20549**

 **Amendment No. 2**

**to**

**FORM S-1**

**REGISTRATION STATEMENT** **<br> *UNDER<br> THE SECURITIES ACT OF 1933***

**MORGAN STANLEY SOLANA TRUST**<br> **(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
|  **Delaware**  | **6221**  | **35-7486921**  |
|  **(State or other jurisdiction of<br> incorporation or organization)** | **(Primary Standard<br> Industrial Classification <br> Code Number)** | **(I.R.S. Employer <br> Identification Number)** |

---

**1585 Broadway<br> New York, New York 10036<br> (212) 761-4000**

**(Address, including zip code, and telephone number, including area code, of registrant's principal <br> executive offices)**

**c/o Morgan Stanley Investment Management Inc.<br> 1585 Broadway<br> New York, New York 10036<br> (212) 761-4000**

**(Address, including zip code, and telephone number, including area code, of agent for service)**

***Copy to:***

**Allison M. Fumai, Esq.<br> Anna Tomczyk, Esq.<br> James Catano, Esq.<br> Dechert LLP<br> 1095 Avenue of the Americas<br> New York, New York 10036<br> (212) 698-3526**

***Approximate date of commencement of proposed sale to the public****:* As soon as practicable after the effective date of this Registration Statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box: ⌧

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act of 1933, please check the following box and list the Securities Act of 1933 registration statement number of the earlier effective registration statement for the same offering: ◻

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act of 1933, check the following box and list the Securities Act of 1933 registration statement number of the earlier effective registration statement for the same offering. ◻

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act of 1933, check the following box and list the Securities Act of 1933 registration statement number of the earlier effective registration statement for the same offering. ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "non-accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Securities and Exchange Act of 1934.

Large accelerated filer ◻ Accelerated filer ◻ <br> Non-accelerated filer ⌧ Smaller reporting company ⌧ <br> Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act of 1933. ◻

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

**The information in this Preliminary Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Preliminary Prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

 **Subject to Completion Dated June 18, 2026**

**PRELIMINARY PROSPECTUS**

**Shares**

**Morgan Stanley Solana Trust**

The Morgan Stanley Solana Trust (the "Trust") is an exchange-traded fund that issues common shares of beneficial interest (the "Shares") that are anticipated to be listed on NYSE Arca, Inc. (the "Exchange"). The Trust seeks to reflect generally the performance of the price of SOL and rewards from staking a portion of the Trust's SOL, to the extent Morgan Stanley Investment Management Inc. (the "Delegated Sponsor") in its sole discretion determines that the Trust may do so without incurring undue legal or regulatory risk, including, without limitation, any risk to the Trust's qualification as a grantor trust for U.S. federal income tax purposes. The Trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of SOL tokens, the native digital asset of the Solana blockchain ("SOL"), and staking some portion of the SOL it holds (which may vary from time to time). This means the Delegated Sponsor does not speculatively sell SOL at times when its price is high or speculatively acquire SOL at low prices in the expectation of future price increases. It also means the Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective. The Trust's investment objective is to seek to track the performance of SOL, as measured by the performance of the CoinDesk Solana Benchmark 4PM NY Settlement Rate (the "Pricing Benchmark"), adjusted for the Trust's expenses and other liabilities, and to reflect rewards from staking a portion of the Trust's SOL. The Pricing Benchmark is calculated by CoinDesk Indices, Inc. (the "Benchmark Provider") based on an aggregation of executed trade flow of major spot exchanges ("Constituent Exchanges"). The Pricing Benchmark is designed to reflect the performance of SOL in U.S. dollars. In seeking to achieve its investment objective, the Trust will hold SOL and will value its Shares daily based on the Pricing Benchmark.

The Delegated Sponsor intends to cause the Trust to engage in staking in connection with the commencement of this offering. To effectuate the staking of the Trust's SOL one or more of the SOL Custodians (defined below) may enter into written agreements with one or more third-party staking services providers selected by the Delegated Sponsor (each, a "Staking Services Provider"), which may be either affiliates of the SOL Custodians or other approved third-party staking services providers, to stake the Trust's SOL. Staking involves the SOL Custodians, each of which controls the private keys to the Trust's SOL, delegating the Trust's SOL that the Delegated Sponsor instructs such SOL Custodians to stake ("Staked Assets") to validators on the Solana network. The SOL Custodians designate: (i) the Staking Services Provider as the validator for a specified amount of the Trust's Staked Assets, allowing the Staking Services Provider to perform validation activities which maintain the security and integrity of the Solana network's blockchain, verify transactions and add new blocks ("Validation Activities"), and (ii) the Trust's own segregated custody account at each SOL Custodian, the private keys to which the SOL Custodians holds in offline storage, as the withdrawal address for both applicable staking rewards and the underlying staked assets themselves after they are un-staked by such SOL Custodian at the Delegated Sponsor's instruction. The Staking Services Provider then uses its validator credentials to perform Validation Activities with the Trust's Staked Assets that are staked with such Staking Services Provider. The Staking Services Provider does not control the cold storage private keys and thus cannot transfer, withdraw, or take possession or ownership of the Trust's Staked Assets when staked with such Staking Services Provider. Instead, such Staked Assets remain in one or more on-chain stake accounts and remain delegated to the applicable validator until the SOL Custodian or the Staking Services Provider deactivates the delegation, at the Delegated Sponsor's instruction, at which point the Trust's Staked Assets are returned to the Trust's Vault Account at the SOL Custodian. The Delegated Sponsor's choice of third-party Staking Services Providers, and their decision to allocate SOL amongst chosen Staking Services Providers, will be based on a range of factors, including but not limited to the performance, reliability, and reputation of the Staking Services Provider, including monitoring their uptime.

Following the commencement of this Offering, and subject to the Delegated Sponsor's determination that the Trust may do so without undue legal, regulatory or tax risk, the Trust may instead seek to utilize alternative means to engage in Staking Activities. No such alternative means are contemplated to be utilized in connection with the commencement of this Offering and no determination has been made as of the date of this Prospectus as to which alternative means, if any, the Trust may utilize in the future. Should the Trust adopt any alternative means to engage Staking Activities, the Trust will notify the owners of beneficial interests of Shares in a prospectus supplement or its periodic Exchange Act reports, as applicable and on the Delegated Sponsor's website.

Morgan Stanley Investment Management Inc. (the "Delegated Sponsor") is the delegated sponsor of the Trust, CSC Delaware Trust Company (the "DE Trustee"), a Delaware trust company and AGS Trustees Limited, a company incorporated in the Cayman Islands with limited liability and registered with the Cayman Islands Monetary Authority (the "Cayman Trustee") are the trustees of the Trust (the DE trustee and the Cayman Trustee, each individually a "Trustee" and together, the "Trustees"). The Cayman Trustee is a wholly owned controlled subsidiary of Appleby Global Services (Cayman) Limited, also a company incorporated in the Cayman Islands with limited liability, which holds a Full Mutual Fund Administrator and Trust license with the Cayman Islands Monetary Authority. Each of the Cayman Trustee and Appleby Global Services (Cayman) Limited is a regulated entity in the Cayman Islands. The Bank of New York Mellon ("BNY") and Coinbase Custody Trust Company, LLC (the "Coinbase Custodian" and together with BNY, the "SOL Custodians") have each been appointed as SOL custodians for the Trust. The Delegated Sponsor may determine, in its discretion, the allocation of the Trust's SOL between the SOL Custodians from time to time. At any given time, one SOL Custodian may hold all, a portion of or none of the on the Trust's SOL. The custodial services agreements with each of the SOL Custodians are collectively referred to herein as the "Custodial Services Agreements"). The Cayman Trustee has delegated substantially all day-to-day management and operational duties to the Delegated Sponsor pursuant to (i) a Trustee Services Agreement dated March 25, 2026 (the "Trustee Services Agreement") and (ii) a Delegation of Trustee Duties Agreement dated March 25, 2026 (the "Delegation Agreement" and together with the Trustee Services Agreement, the "Appleby Agreements"), subject to certain limitations, as more fully described under "Duties of the Delegated Sponsor and the Trustees."

The Trust is an exchange-traded fund. Barring a liquidation or extraordinary circumstances, the Trust does not intend on purchasing or selling SOL other than in connection with the creation and redemption of Shares and for distributions the Trust intends to make monthly (but at least quarterly) to distribute the staking rewards pursuant to current Internal Revenue Service ("IRS") guidance. The Delegated Sponsor will also sell SOL to pay certain expenses and make staking-related distributions to Shareholders, which may be facilitated by the Prime Broker or any other prime brokers with whom the Trust contracts.

When the Trust sells or redeems its Shares, SOL will be transferred into or out of the Trust, as applicable, in exchange for blocks of 10,000 Shares (a "Basket") that are based on the quantity of SOL attributable to each Share of the Trust (net of accrued but unpaid Delegated Sponsor Fees and any accrued but unpaid extraordinary expenses or liabilities).

Financial firms that are authorized to purchase Shares from or redeem Shares to the Trust (known as "Authorized Participants") may purchase Shares in cash by depositing cash in the Trust's account with the Cash Custodian. This will cause the Delegated Sponsor, on behalf of the Trust, to automatically instruct a designated third party, who is not an Authorized Participant but who may be an affiliate of an Authorized Participant and with whom the Delegated Sponsor has entered into an agreement on behalf of the Trust (each such third party, or the Prime Broker or the Lender, as applicable, a "SOL Counterparty"), to (i) purchase the amount of SOL equivalent in value to the cash deposit amount associated with the order and (ii) deposit the resulting SOL amount in the Trust's account with the SOL Custodians, resulting in the Transfer Agent crediting the applicable amount of Shares to the Authorized Participant. Authorized Participants may also purchase Shares in-kind. To purchase Shares in-kind, an Authorized Participant delivers, or arranges for the delivery by the Authorized Participant's designated agent of, SOL to the Trust's account with the SOL Custodians in exchange for Shares.

When such an Authorized Participant redeems its Shares in cash, the Delegated Sponsor, on behalf of the Trust will direct the SOL Custodians to transfer SOL to a SOL Counterparty, who will sell the SOL to be executed, in the Delegated Sponsor's reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate the Trust's net asset value ("NAV"), taking into account any spread, commissions, or other trading costs and deposit the cash proceeds of such sale in the Trust's account with the Cash Custodian for settlement with the Authorized Participant. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Delegated Sponsor. Authorized Participants may also redeem Shares in-kind. When such an Authorized Participant redeems Shares in-kind, the Trust, through the SOL Custodians, will deliver SOL to the Authorized Participant, or a designated agent thereof, in exchange for its Shares.

ii

The SOL Counterparty is a designated third party with whom the Delegated Sponsor has entered into an agreement on behalf of the Trust that will deliver, receive or convert to U.S. dollars the SOL related to the Authorized Participant's cash creation or redemption orders. As part of this process, the Delegated Sponsor assesses SOL Counterparty candidates against various criteria, including those relating to candidates' (1) financial standing, (2) reputation, (3) settlement history with the Delegated Sponsor, and (4) their regulatory oversight. The Trust will create Shares by receiving SOL from a SOL Counterparty that is not the Authorized Participant, and the Trust — not the Authorized Participant — is responsible for selecting the SOL Counterparty to deliver the SOL. Further, the SOL Counterparty will not be acting as an agent of the Authorized Participant with respect to the delivery of the SOL to the Trust or acting at the direction of the Authorized Participant with respect to the delivery of the SOL to the Trust.

Authorized Participants may then offer Shares to the public at prices that depend on various factors, including the supply and demand for Shares, the value of the Trust's assets, and market conditions at the time of a transaction. Shareholders who buy or sell Shares during the day from their broker on the secondary market may do so at a premium or discount relative to the NAV of the Shares of the Trust.

Except when aggregated in Baskets, Shares are not redeemable securities. Baskets are only redeemable by Authorized Participants.

On June 16, 2026, the Pricing Benchmark was approximately $73.85.

The Delegated Sponsor served as the Audit Seed Investor to the Trust. On June 15, 2026, the Delegated Sponsor, in its capacity as Audit Seed Investor, subject to conditions, purchased Seed Creation Baskets comprising 5 Shares at a per-Share price of $20.00 as described in "Audit Seed/Initial Seed Creation Investor/Selling Shareholder." Total proceeds to the Trust from the sale of these Seed Creation Baskets were $100.00. Delivery of the Seed Creation Baskets was made on June 15, 2026. These Seed Creation Baskets will be redeemed for cash prior to the effectiveness of the registration statement that this prospectus forms a part.

In connection with the initial listing of the Shares on the Exchange, we expect the Delegated Sponsor to purchase the initial seed creation baskets comprising 50,000 Shares ("Initial Seed Creation Baskets"). In this capacity, the Initial Seed Creation Investor will act as a statutory underwriter in connection with this purchase. The total proceeds to the Trust from the sale of the Initial Seed Creation Baskets are anticipated to be $1 million. Prior to the listing of the Shares on the Exchange, the Trust expects to purchase SOL with the proceeds of the Initial Seed Creation Baskets by transacting with a SOL Counterparty to acquire SOL on behalf of the Trust in exchange for cash provided by the Initial Seed Creation Investor. The SOL acquired in connection with the Initial Seed Creation Baskets will be held by the SOL Custodians. The price of the Shares comprising the Initial Seed Creation Baskets will be determined as of the effective date of the registration statement of which this Prospectus forms a part as described in this Prospectus, and such Shares could be sold at different prices if sold by the Initial Seed Creation Investor at different times. It is anticipated that the Initial Seed Creation Investor may redeem its Shares or sell its Shares to a third party in the weeks following the initial listing of Shares on the Exchange. The Initial Seed Creation Investor may sell some or all of its Shares pursuant to the registration statement of which this Prospectus forms a part (in such capacity, the "Selling Shareholder"), which Shares will have been registered to permit the resale from time to time after purchase. The Trust will not receive any of the proceeds from the resale or redemption by the Selling Shareholder of these Shares. The Delegated Sponsor will not receive from the Trust or any of its affiliates any fee or other compensation in connection with the resale of these Shares.

Shareholders who decide to buy or sell Shares of the Trust will place their trade orders through their brokers and will incur customary brokerage commissions and charges. Prior to this offering, there has been no public market for the Shares. The Shares are expected to be listed for trading, subject to notice of issuance, on the Exchange under the ticker symbol "MSOL."

The offering of an indeterminate amount of the Trust's Shares is registered with the Securities and Exchange Commission (the "SEC") in accordance with the Securities Act of 1933, as amended (the "1933 Act"). The offering is intended to be a continuous offering and is not expected to terminate until three years from the date of the original offering, unless extended as permitted by applicable rules under the 1933 Act. The Trust is not an investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and is not subject to regulation under the 1940 Act. Investors in the Trust will not, therefore, receive the regulatory protections afforded by investment companies registered under the 1940 Act. The Delegated Sponsor is not acting in the capacity of an "Investment Adviser" (as defined in Section 202(a)(11) of the Investment Advisers Act of 1940, as amended (the "Advisers Act")), the Delegated Sponsor's provision of services to the Trust will not be governed by the Advisers Act, and the Delegated Sponsor is not subject to a fiduciary standard of care. The Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended (the "CEA"), and the Delegated Sponsor is not subject to regulation by the Commodity Futures Trading Commission (the "CFTC") as a commodity pool operator or a commodity trading advisor. The Trust's Shares are neither interests in nor obligations of the Delegated Sponsor or the Trustees. Shareholders in the Trust will not benefit from the protections afforded to investors in SOL futures contracts on regulated futures markets.

iii

**AN INVESTMENT IN THE TRUST INVOLVES SIGNIFICANT RISKS AND MAY NOT BE SUITABLE FOR SHAREHOLDERS WHO ARE NOT IN A POSITION TO ACCEPT MORE RISK THAN MAY BE INVOLVED WITH EXCHANGE-TRADED PRODUCTS THAT DO NOT HOLD SOL. THE SHARES ARE SPECULATIVE SECURITIES. THEIR PURCHASE INVOLVES A HIGH DEGREE OF RISK AND YOU COULD LOSE YOUR ENTIRE INVESTMENT. YOU SHOULD CONSIDER ALL RISK FACTORS BEFORE INVESTING IN THE TRUST. PLEASE REFER TO "<u>RISK FACTORS</u>" BEGINNING ON PAGE 22.**

**NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OFFERED IN THIS PROSPECTUS, OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

**THE TRUST IS AN "EMERGING GROWTH COMPANY" AS THAT TERM IS USED IN THE JUMPSTART OUR BUSINESS STARTUPS ACT (THE "JOBS ACT") AND, AS SUCH, MAY ELECT TO COMPLY WITH CERTAIN REDUCED REPORTING REQUIREMENTS.**

**The date of this Prospectus is [ ], 2026.**

iv

**TABLE OF CONTENTS**

**Page**

---

| | |
|:---|:---|
| [STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#a_001) | [vii](#a_001) |
| [PROSPECTUS SUMMARY](#a_002) | [1](#a_002) |
| [RISK FACTORS](#a_003) | [22](#a_003) |
| [SOL, SOL MARKETS AND REGULATION OF SOL](#a_004) | [86](#a_004) |
| [THE TRUST AND SOL PRICES](#a_005) | [90](#a_005) |
| [NAV DETERMINATIONS](#a_006) | [98](#a_006) |
| [ADDITIONAL INFORMATION ABOUT THE TRUST](#a_007) | [100](#a_007) |
| [THE TRUST'S SERVICE PROVIDERS](#a_008) | [105](#a_008) |
| [CUSTODY OF THE TRUST'S ASSETS](#a_009) | [107](#a_009) |
| [STAKING OF THE TRUST'S ASSETS](#a_010) | [111](#a_010) |
| [PRIME BROKER](#a_011) | [115](#a_011) |
| [FORM OF SHARES](#a_012) | [119](#a_012) |
| [TRANSFER OF SHARES](#a_013) | [119](#a_013) |
| [AUDIT SEED/INITIAL SEED CREATION INVESTOR/SELLING SHAREHOLDER](#a_014) | [120](#a_014) |
| [PLAN OF DISTRIBUTION](#a_015) | [120](#a_015) |
| [CREATION AND REDEMPTION OF SHARES](#a_016) | [121](#a_016) |
| [USE OF PROCEEDS](#a_017) | [129](#a_017) |
| [OWNERSHIP OF BENEFICIAL INTEREST IN THE TRUST](#a_018) | [129](#a_018) |
| [CONFLICTS OF INTEREST](#a_019) | [129](#a_019) |
| [DUTIES OF THE DELEGATED SPONSOR AND THE TRUSTEE](#a_020) | [131](#a_020) |
| [LIABILITY AND INDEMNIFICATION](#a_021) | [133](#a_021) |
| [PROVISIONS OF LAW](#a_022) | [136](#a_022) |
| [MANAGEMENT; VOTING BY SHAREHOLDERS](#a_023) | [136](#a_023) |
| [BOOKS AND RECORDS](#a_024) | [139](#a_024) |
| [STATEMENTS, FILINGS, AND REPORTS TO SHAREHOLDERS](#a_025) | [139](#a_025) |
| [FISCAL YEAR](#a_026) | [139](#a_026) |
| [GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION](#a_027) | [139](#a_027) |
| [LEGAL MATTERS](#a_028) | [139](#a_028) |
| [EXPERTS](#a_029) | [139](#a_029) |
| [OTHER MATERIAL CONTRACTS](#a_030) | [140](#a_030) |
| [UNITED STATES FEDERAL INCOME TAX CONSEQUENCES](#a_031) | [147](#a_031) |
| [PURCHASES BY EMPLOYEE BENEFIT PLANS](#a_032) | [152](#a_032) |
| [INFORMATION YOU SHOULD KNOW](#a_033) | [153](#a_033) |
| [SUMMARY OF PROMOTIONAL AND SALES MATERIAL](#a_034) | [154](#a_034) |
| [INTELLECTUAL PROPERTY](#a_035) | [154](#a_035) |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_036) | [154](#a_036) |

---

v

**TABLE OF CONTENTS** (continued)

**Page**

---

| | |
|:---|:---|
| [PRIVACY POLICY](#a_037) | [154](#a_037) |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACOUNTING FIRM](#s_001) | [F-1](#s_001) |
| [APPENDIX A GLOSSARY OF DEFINED TERMS](#a_038) | [A-1](#a_038) |
| [PART II INFORMATION NOT REQUIRED IN PROSPECTUS](#a_039) | [II-1](#a_039) |

---

vi

This Prospectus contains information you should consider when making an investment decision about the Shares of the Trust. You may rely on the information contained in this Prospectus. The Trust and the Delegated Sponsor have not authorized any person to provide you with different information and, if anyone provides you with different or inconsistent information, you should not rely on it. This Prospectus is not an offer to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted.

The Shares of the Trust are not registered for public sale in any jurisdiction other than the United States.

Until 25 calendar days after the date of this Prospectus, all dealers effecting transactions in the Shares, whether or not participating in this offering, may be required to deliver a prospectus. This requirement is in addition to the dealer's obligation to deliver a prospectus when acting as underwriters and with respect to unsold allotments or subscriptions.

**STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This Prospectus includes "forward-looking statements" that generally relate to future events or future performance. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential" or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in this Prospectus that address activities, events or developments that will or may occur in the future, including such matters as movements in the digital asset markets and indexes that track such movements, the Trust's operations, the Delegated Sponsor's plans and references to the Trust's future success and other similar matters, are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses the Delegated Sponsor has made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances.

Whether or not actual results and developments will conform to the Delegated Sponsor's expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in this Prospectus, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Consequently, all the forward-looking statements made in this Prospectus are qualified by these cautionary statements, and there can be no assurance that actual results or developments the Delegated Sponsor anticipates to occur will be realized or, even if substantially realized, that they will result in the expected consequences to, or have the expected effects on, the Trust's operations or the value of its Shares.

Should one or more of these risks discussed in "Risk Factors" or other uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those described in forward-looking statements. Forward-looking statements are made based on the Delegated Sponsor's beliefs, estimates and opinions on the date the statements are made, and neither the Trust nor the Delegated Sponsor is under a duty or undertakes an obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, other than as required by applicable laws. Investors are therefore cautioned against placing undue reliance on forward-looking statements.

**PROSPECTUS SUMMARY**

*This is only a summary of the Prospectus and, while it contains material information about the Trust and its Shares, it does not contain or summarize all of the information about the Trust and the Shares contained in this Prospectus that is material and/or which may be important to you. You should read this entire Prospectus before making an investment decision about the Shares.*

**Overview of the Trust**

The Morgan Stanley Solana Trust (the "Trust") is an exchange-traded fund that issues common shares of beneficial interest (the "Shares") that trade on NYSE Arca, Inc. (the "Exchange"). The Trust's investment objective is to seek to track the performance of SOL, as measured by the performance of the CoinDesk Solana Benchmark 4PM NY Settlement Rate (the "Pricing Benchmark"), adjusted for the Trust's expenses and other liabilities, and to reflect rewards from staking a portion of the Trust's SOL, to the extent the Delegated Sponsor in its sole discretion determines that the Trust may do so without incurring undue legal or regulatory risk, including, without limitation, any risk to the Trust's qualification as a grantor trust for U.S. federal income tax purposes. The Pricing Benchmark is calculated by CoinDesk Indices, Inc. (the "Benchmark Provider"). The Pricing Benchmark is designed to reflect the performance of SOL in U.S. dollars. The Shares of the Trust are valued daily based on the Pricing Benchmark.

In seeking to achieve its investment objective, the Trust will hold SOL. The Delegated Sponsor of the Trust is Morgan Stanley Investment Management Inc. (the "Delegated Sponsor"), a wholly-owned subsidiary of Morgan Stanley.

The Trust does not provide investors with direct exposure to SOL, and an investment in the Trust is not a direct investment in SOL. Rather, the Trust provides investors with the opportunity to indirectly access the market for SOL through a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring SOL directly or acquiring it from a SOL spot market.

The Trust will custody its SOL at regulated third-party custodians, The Bank of New York Mellon ("BNY") and Coinbase Custody Trust Company, LLC (the "Coinbase Custodian" and together with BNY, the "SOL Custodians"). The SOL Custodians are chartered as a New York state bank, in the case of BNY, and as a New York state limited liability trust company, in the case of Coinbase Custodian. The Coinbase Custodian provides custody and trade execution services for digital assets, and BNY provides custody services for digital assets. The SOL Custodians are not Federal Deposit Insurance Corporation ("FDIC")-insured but carry insurance provided by private insurance carriers. The Trust, the Delegated Sponsor and the service providers will not loan or pledge the Trust's assets, including staked assets, nor will the Trust's assets, including staked assets, serve as collateral for any loan or similar arrangement, other than in connection with the Trade Financing Agreement or any line of credit entered into by the Trust for the purpose of managing liquidity. As part of the Trust's liquidity management program, the Trust may establish various liquidity sources, which it may use to finance temporarily the redemption requests of Shareholders or for other short-term liquidity requirements. These liquidity sources may include borrowing arrangements made via uncommitted and committed lines of credit, which may involve the Trust's assets serving as collateral solely in connection with such arrangement. The Trust's access to and use of such liquidity sources are considered by the Delegated Sponsor in assessing, managing, and periodically reviewing the Trust's liquidity risk level. As part of the Trust's liquidity management program, the Trust expects to establish a line of credit to facilitate liquidity management, which may involve the Trust's assets serving as collateral solely in connection with such arrangement. The Trust's access to and use of such liquidity sources are considered by the Delegated Sponsor in assessing, managing, and periodically reviewing the Trust's liquidity risk level.

The Trust will not invest in derivatives. The Delegated Sponsor believes that the Shares are designed to provide investors with a cost-effective and convenient way to gain exposure to SOL without purchasing, holding and trading SOL directly.

Following the commencement of this Offering, and subject to the Delegated Sponsor's determination that the Trust may do so without undue legal, regulatory or tax risk, the Trust may instead seek to utilize alternative means to engage in Staking Activities. No such alternative means are contemplated to be utilized in connection with the commencement of this Offering and no determination has been made as of the date of this Prospectus as to which alternative means, if any, the Trust may utilize in the future. Should the Trust adopt any alternative means to engage Staking Activities, the Trust will notify the owners of beneficial interests of Shares in a prospectus supplement or its periodic Exchange Act reports, as applicable and on the Delegated Sponsor's website.

The amount of SOL represented by the Shares is expected to decline over time because of the transfer of the Trust's SOL to pay the Delegated Sponsor Fee and other liabilities, regardless of whether the trading price of the Shares rise or fall. The decrease in the amount of SOL represented by the Shares due to paying the Delegated Sponsor Fee and other liabilities may be offset by net staking rewards, if any.

**SOL and the Solana Network**

SOL is a digital asset which serves as the unit of account on the open-source, peer-to-peer Solana network ("Solana" or "Solana network"). SOL may be used to pay for goods and services, including computational power on the Solana network, stored for future use, or converted to a fiat currency. The value of SOL is not backed by any government, corporation, or other identified body.

The value of SOL is determined in part by the supply of and demand for SOL in the markets for exchange that have been organized to facilitate the trading of SOL. As of May 18, 2026, SOL had a total market capitalization of approximately $49.44 billion, per CoinMarketCap. SOL is maintained on the Solana network. No single entity controls or administers the operations of the Solana network, although some entities like Solana Labs and the Solana Foundation exert significant influence. The Solana network is accessed through software and governs SOL's creation and movement. The source code for the Solana network is open-source, and anyone can contribute to its development.

The Solana software source code allows for the creation of DApps that are supported by a transaction protocol referred to as "smart contracts," which includes the cryptographic operations that verify and secure SOL transactions. A smart contract operates by a predefined set of rules (i.e., "if/then statements") that allows it to automatically execute code the same way on any Solana node on the network. Such actions taken by the predefined set of rules are not necessarily contractual in nature but are intended to eliminate the involvement of a third party for carrying out code execution on behalf of users, making the system more decentralized, while empowering developers to create a wide range of applications layering together different smart contracts. Smart contracts can be utilized across several different applications ranging from art to finance. Currently, one of the most popular applications is the use of smart contracts for underpinning the operability of DeFi, which consist of numerous highly interoperable protocols and applications. DeFi offers many opportunities for innovation and has the potential to create an open, transparent, and immutable financial infrastructure, with democratized access.

The release of updates to the network's source code by developers does not guarantee that the updates will be automatically adopted by the other participants. Users and validators must accept any changes made to the source code by downloading the proposed modification and that modification is effective only with respect to those users and validators who choose to download it. As a practical matter, a modification to the source code becomes part of the Solana network only if it is accepted by participants that collectively have a majority of the processing power on the Solana network.

If a modification is accepted by only a percentage of users and validators, a division will occur such that one network will run the pre-modification source code and the other network will run the modified source code. Such a division is known as a "fork."

New SOL is created as a result of "staking" of SOL by validators. In the Solana network, validators stake SOL to compete to be randomly selected to validate transactions. Validation activities include verifying transactions, storing data, and adding to the Solana blockchain. Validators are rewarded SOL in proportion to the amount of SOL staked. SOL holders do not have to stake a minimum amount of SOL to become a Solana validator. The Solana network provides the ability to execute peer-to-peer transactions to realize, via smart contracts, automatic, conditional transfer of value and information, including money, voting rights, and property.

More specifically, staking on the Solana network refers to using SOL, or permitting SOL to be used, directly or indirectly, through an agent or otherwise, in the Solana network's proof-of-stake validation protocol, in exchange for the receipt of consideration, including, but not limited to, staking rewards paid in kind.

Assets in the Solana network are held in accounts. Each account, or "wallet," is made up of at least two components: a public address and a private key. A Solana private key controls the transfer or "spending" of SOL from its associated public SOL address. This design allows only the owner of SOL to send SOL, the intended recipient of SOL to unlock it, and the validation of the transaction and ownership to be verified by any third party anywhere in the world.

The Solana network employs a two-tier fee system, combining a small, fixed base fee and an optional priority fee. Solana's base fee for every transaction is currently set at 0.000005 SOL. Users can choose to pay an optional priority fee to speed-up their transaction processing during periods of high network traffic. Unlike some other blockchains, Solana does not collect transaction fees in a central vault. Rather, Solana pools transaction fees in a recipient's account. Half of all transaction fees are burned to combat inflation. The other half of all transaction fees goes directly to the leader validator who proposed the specific block.

The Solana network introduced the proof-of-history ("PoH") timestamping mechanism. PoH automatically orders on-chain transactions by creating a historical record that proves an event has occurred at a specific moment in time. PoH operates by affixing a timestamp to every action occurring within the blockchain. The timestamps are linked together, establishing consensus on the precise sequence of events. The PoH timestamping mechanism may subject the Solana network and SOL to new and unexpected vulnerabilities not applicable to proof-of-work and proof-of-stake consensus models. For example, unlike those more established consensus mechanisms, PoH introduces novel risks specific to its architecture, including potential clock manipulation and transaction reordering by malicious leader nodes, targeted denial-of-service attacks enabled by the predictability of the published leader schedule, and network synchronization failures that could result in instability, forks, or transaction finality failures.

**The Trust's Investment Objective**

The Trust's investment objective is to seek to track the performance of SOL, as measured by the Pricing Benchmark, adjusted for the Trust's expenses and other liabilities, and to reflect rewards from staking a portion of the Trust's SOL. In seeking to achieve its investment objective, the Trust will hold SOL and will value its Shares daily as of 4:00 p.m. ET based on the Pricing Benchmark.

Barring the liquidation of the Trust or extraordinary circumstances (including but not limited to, non-recurring expenses and costs of services performed by the Delegated Sponsor or a service provider on behalf of the Trust to protect the Trust or the interests of Shareholders, such as in connection with any fork of the Solana blockchain, any indemnification of agents, service providers or counterparties of the Trust and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters), the Trust generally will not purchase or sell SOL, other than in connection with the creation or redemption of Shares. The Delegated Sponsor will also sell SOL to pay certain expenses and make staking-related distributions to Shareholders, which may be facilitated by the Prime Broker or any other prime brokers with whom the Trust contracts.

**Staking**

The Delegated Sponsor intends to cause the Trust to engage in staking in connection with the commencement of this offering. To effectuate the staking of the Trust's SOL ("Staking Activities"), one or more of the SOL Custodians may enter into written agreements (the "Staking Services Agreements") with one or more third-party staking services providers selected by the Delegated Sponsor (each, a "Staking Services Provider"), which may be either affiliates of the SOL Custodians or other approved third-party staking services providers, to stake the Trust's SOL. The Delegated Sponsor's choice of third-party Staking Services Providers, and their decision to allocate SOL amongst chosen Staking Services Providers, will be based on a range of factors, including but not limited to the performance, reliability, and reputation of the Staking Services Provider, including monitoring their uptime. The SOL Custodians designate: (i) the Staking Services Provider as the validator for a specified amount of the Trust's Staked Assets, allowing the Staking Services Provider to perform validation activities which maintain the security and integrity of the Solana network's blockchain, verify transactions and add new blocks ("Validation Activities"), and (ii) the Trust's own segregated custody account at each SOL Custodian, the private keys to which the SOL Custodians holds in offline ("cold") storage, as the withdrawal address for both applicable staking rewards and the underlying staked assets themselves after they are un-staked by such SOL Custodian at the Delegated Sponsor's instruction. The Staking Services Provider then uses its validator credentials to perform Validation Activities with the Trust's Staked Assets that are staked with such Staking Services Provider. The Staking Services Provider does not control the cold storage private keys and thus cannot transfer or take possession or ownership of the Trust's Staked Assets when staked with such Staking Services Provider. Instead, such Staked Assets remain delegated on the Solana network until un-staked by a SOL Custodian or the Staking Services Provider, at the Delegated Sponsor's instruction, at which point the Trust's Staked Assets are returned to the Trust's Vault Account at the SOL Custodian. The Delegated Sponsor's choice of third-party Staking Services Providers, and their decision to allocate SOL amongst chosen Staking Services Providers, will be based on a range of factors, including but not limited to the performance, reliability, and reputation of the Staking Services Provider, including monitoring their uptime.

The SOL Custodians and the Staking Services Providers will exercise no discretion as to the amount of the Trust's SOL to be staked or the timing of the Trust's Staking Activities. While the Trust may stake a maximum of 100% of its SOL holdings, the amount of SOL that remains unstaked will be determined based on the Trust's Utilization Rate analysis, and accordingly may vary from time to time. The Staking Services Providers will exercise no discretion as to the amount of the Trust's SOL to be staked or the timing of the Trust's Staking Activities. Under normal market circumstances, and in accordance with the Trust's liquidity risk management policy, the Delegated Sponsor intends to stake up to 100% of the Trust's SOL, except that the Trust will periodically maintain a portion of unstaked SOL to support liquidity (i) as necessary to pay the Delegated Sponsor Fee or any Trust expenses not assumed by the Delegated Sponsor, (ii) as necessary to satisfy existing and reasonably foreseen potential redemption orders, (iii) as necessary to make distributions of staking rewards earned by the Trust pursuant to current IRS guidance, (iv) if the Delegated Sponsor determines that Staking Activities raise significant governmental, policy or regulatory concerns or is subject or likely subject to a specialized regulatory regime, (v) if the Delegated Sponsor determines that any vulnerability exists in the source code, validator or client software, (vi) if the SOL Custodians or a Staking Services Provider discontinue their arrangements with the Trust (including any temporary suspension or un-staking instruction intended to protect the Trust's assets against the risk of loss of ownership of the staked digital assets, but only with respect to the staked assets affected by the cessation or (vii) if the Delegated Sponsor otherwise determines that continued Staking Activities of such portion of the Trust's assets would be inconsistent with the Trust's purpose of protecting and conserving the value of the Trust. The Delegated Sponsor will determine such portion of unstaked SOL in accordance with the Trust's SOL Liquidity Risk Policy.

All SOL received by the Trust in connection with the creation of new Shares, or as staking rewards, would also be staked upon receipt by the Trust, unless one or more of the exceptions described in clauses (i)-(vi) above applies. Moreover, any staked SOL which must be un-staked in order to fulfill a distribution in connection with a redemption (to the extent such distribution cannot be fulfilled utilizing the portion of the Trust's SOL that has not been staked) will be un-staked only after the redemption order is approved by the Trust, the Delegated Sponsor executes an un-stake or withdrawal transaction through the SOL Custodian, and such transaction is processed by the Solana network. The Staking Services Provider will not be able to transfer un-staked SOL or staking rewards to another address on the Solana network.

Based on Utilization Rate analysis applied to historical data, the Trust generally intends to stake up to 100% of the SOL it holds, although the amount of SOL that is staked may be lesser or greater from time to time given that the Trust will periodically maintain a portion of unstaked SOL to support liquidity. The precise percentage to be staked will be based on the estimated liquidity needs of the Trust and other factors, as determined by the Delegated Sponsor in accordance with the Trust's SOL Liquidity Risk Policy. In determining how to stake the SOL held by the Trust, and how much SOL to stake, the Trust's model operates on the following key parameters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · Unlocking period: The number of days required for unlocking staked assets as dictated by the protocol of the Solana Network;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ETF Historical redemption patterns: The historical percentages of cumulative drawdowns in redemptions during the lock-up period for U.S. listed ETFs and other similar instruments listed abroad;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Size of the Trust & Concentration: A trust with a high concentration of shareholders may have a higher percentage risk of redemption compared to a trust that has a diversified shareholder base and a large number of assets under management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Staking Services Provider performance: The model takes into account the performance, reliability, and reputation of Staking Services Providers. This includes adherence to certain minimum operating standards, including monitoring their uptime, and history of accruing penalties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Market conditions monitoring: The model tracks market conditions, like regime shifts in momentum/liquidity, conditions of heightened demand or supply, network events, protocol changes, and other Staking Services Provider risks.

The Sponsor intends to make available on its website the current percentage of the Trust's SOL being staked on a daily basis. None of the information on the Sponsor's website is incorporated by reference into this Prospectus.

All SOL received by the Trust in connection with the creation of new Shares, or as staking rewards, would also be staked upon receipt by the Trust, unless permitted in accordance with the Trust's liquidity risk management policy. Moreover, any staked SOL which must be un-staked in order to fulfill a distribution in connection with a redemption (to the extent such distribution cannot be fulfilled utilizing the portion of the Trust's SOL that has not been staked) will be un-staked only after the redemption order is approved by the Trust, the Delegated Sponsor executes an un-stake or withdrawal transaction through the SOL Custodian, and such transaction is processed by the Solana network. The Staking Services Provider will not be able to transfer un-staked SOL or staking rewards to another address on the Solana network.

Under the Trust's staking program, the Delegated Sponsor monitors and adjusts the amount of the Trust's SOL to be staked in accordance with the Trust's liquidity risk management policy. The Delegated Sponsor may instruct one or more SOL Custodians to stake the Trust's SOL. The SOL Custodians, which control the private keys to the Trust's SOL, create one or more stake accounts on the Solana network and delegate the Trust's Staked Assets from the Trust's own segregated custody at each SOL Custodian (each, a "Cold Vault Balance") to the Staking Services Provider's validator. The SOL Custodians designate (i) the Staking Services Provider as the validator in connection with a specified amount of the Trust's Staked Assets, and (ii) the Trust's own Cold Vault Balance as the withdrawal address for both staking rewards and the underlying staked assets themselves after they are un-staked by the SOL Custodians in accordance with the Trust's liquidity risk management policy at the Delegated Sponsor's instruction. The Staking Services Provider then performs Validation Activities, operating validator software, including validator nodes, with the Trust's Staked Assets staked with such Staking Services Provider subject to slashing if the Staking Services Provider commits certain forms of misconduct when performing Validation Activities. The Staking Services Provider does not control the private keys to transfer or take possession or ownership of the Trust's Staked Assets when staked with such Staking Services Provider. Instead, the Staked Assets are held in stake accounts on the Solana network, over which the SOL Custodians retain the stake authority and withdraw authority, until un-staked by the SOL Custodians in accordance with the Trust's liquidity risk management policy at the Delegated Sponsor's instruction, at which point the Trust's Staked Assets (and any related rewards) are transferred to the Cold Vault Balance at the SOL Custodians. The Staking Services Provider is the node operator and is obligated to perform Validation Activities with the Trust's Staked Assets consistent with the terms of the Trust's agreements with Staking Services Providers. The Trust retains control and ownership of the Trust's staked SOL because the SOL Custodians control the private keys to the Trust's Staked Assets. The Trust's Staked Assets are never transferred to a wallet address of the Staking Services Provider. The Trust also retains control given that the Delegated Sponsor (rather than the Staking Services Provider) will retain the ability through the SOL Custodians to un-stake its SOL at any time in accordance with the Trust's liquidity risk management policy (subject to Solana network processes and delays). Moreover, the Trust's role will be limited to determining, from time to time, what portion of the Trust's SOL to stake and un-stake so as to maintain sufficient Trust assets to satisfy all outstanding redemption orders, and informing the Staking Services Provider(s) of those determinations. Under normal market circumstances, the Delegated Sponsor intends to stake up to 100% of the Trust's SOL, except that the Trust will periodically maintain a portion of unstaked SOL to support liquidity.

The Trust expects to receive certain staking rewards from Staking Activities, which would be treated as giving rise to taxable income for U.S. federal income tax purposes under current Internal Revenue Service ("IRS") guidance. See "U.S. Federal Income Tax Consequences" for further description of the tax implications of the receipt of staking rewards by the Trust. The Staking Services Providers shall exercise no discretion as to the amount of the Trust's SOL to be staked or the timing of the Trust's Staking Activities. The SOL Custodians will maintain exclusive possession and control of the Trust's private keys associated with transferring any staked SOL at all times. Staking activity on the Solana network involves the delegation of SOL to validators and carries certain risks.

Following the commencement of this Offering, and subject to the Delegated Sponsor's determination that the Trust may do so without undue legal, regulatory or tax risk, the Trust may instead seek to utilize alternative means to engage in Staking Activities. No such alternative means are contemplated to be utilized in connection with the commencement of this Offering and no determination has been made as of the date of this Prospectus as to which alternative means, if any, the Trust may utilize in the future. Should the Trust adopt any alternative means to engage Staking Activities, the Trust will notify the owners of beneficial interests of Shares in a prospectus supplement or its periodic Exchange Act reports, as applicable and on the Delegated Sponsor's website.

The Trust's staking program aims to maximize the portion of the Trust's SOL available for staking while controlling for liquidity and redemption risks. The model determines an optimal target range for the portion of assets staked, which is set by the Delegated Sponsor and which is based on factors including lock-up periods, historical and stressed redemption activity, Trust size, staking provider reliability, secondary market liquidity, and broader market conditions (the "Utilization Rate") by balancing the factors relevant for evaluating liquidity and redemption risk.

The Staking Services Providers will exercise no discretion as to the amount of the Trust's SOL to be staked or the timing of the Staking Activities. While the Trust seeks to stake a maximum of 100% of its SOL holdings, the amount of SOL that remains un-staked is determined based on the Trust's Utilization Rate analysis, and accordingly may vary from time to time. Under normal market circumstances, and in accordance with the Trust's liquidity risk management policy, the Delegated Sponsor intends to stake up to 100% of the Trust's SOL, although the amount of SOL that is staked may be lesser or greater from time to time given that the Trust will periodically maintain a portion of unstaked SOL to support liquidity. The precise percentage to be staked will be based on the estimated liquidity needs of the Trust, as determined by the Delegated Sponsor based on a variety of factors. In determining how to stake the SOL held by the Trust, and how much SOL to stake, the Trust's model operates on the following key parameters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unbonding
 period: The number of days/epochs required for unbonding staked assets as dictated by the
 Solana protocol;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ETF
 Historical redemption patterns: The historical percentages of cumulative drawdowns in redemptions
 during the bonding period for US listed ETFs and other similar instruments listed abroad;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Size
 of the Trust & Concentration: A trust with a high concentration of shareholders
 may have a higher percentage risk of redemption compared to a trust has a diversified shareholder
 base and a large number of assets under management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Staking
 Services Provider performance: The model takes into account the performance, reliability,
 and reputation of staking services providers. This includes adherence to certain minimum
 operating standards, including monitoring their uptime, and slashing history; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Market
 conditions monitoring: The model tracks market conditions, like regime shifts in momentum/liquidity,
 conditions of heightened demand or supply, network events and protocol changes, staking services
 provider risks.

The Trust intends to make available on its website the current percentage of the Trust's SOL being staked on a daily basis.

The rewards owed or paid to the SOL Custodians as compensation for the Staking Services Providers reduce the amount of SOL rewards that are generated from the Trust's Staking Activities that are available as the assets of the Trust. Each Staking Services Provider that generates staking rewards will be entitled to Staking Provider Consideration. The Staking Provider Consideration is paid directly to the Staking Services Provider from the staking rewards or indirectly through the SOL Custodians' own accounts. The Staking Services Providers and SOL Custodians are expected to receive an aggregate of 5% of the staking rewards (the "Staking Fee"), with the remainder being retained by the Trust. The Delegated Sponsor will not receive or retain any portion of the staking rewards earned by the Trust. The expenses of staking the Trust's SOL will be paid from the staking rewards generated by the Staking Activities. The staking rewards earned by the Trust will accrue to the Trust's account with the SOL Custodians and will generally be staked in the same way as the Trust's already staked SOL.

There is no guarantee as to the amount, if any, of staking rewards that may be earned by Staking Activities. Staking rewards will be added to the Trust's assets and accrete to NAV, and NAV per share would be expected to increase until distributed. The Trust intends to distribute net staking rewards directly to Shareholders monthly (but at least quarterly) in accordance with current IRS guidance.

The Trust intends to pay cash distributions monthly (but at least quarterly) to Shareholders to distribute staking rewards earned by the Trust. Quarterly distributions are intended to represent all staking rewards accrued during the quarter. These rewards accrue in SOL, and at quarter-end, the Trust intends to sell an equivalent amount of SOL to fund the cash distribution. The Trust expects to fund the distribution solely from liquid (unbonded) SOL held by the Trust. The amount of any distribution, if any, will depend on the staking rewards actually earned by the Trust during each quarter and cannot be predicted with certainty. The amount of staking rewards earned will vary based on factors including, but not limited to, the amount of SOL held by the Trust, the percentage of the Trust's SOL that is staked, network staking participation rates, protocol reward rates on the Solana network, and network conditions. Accordingly, there can be no assurance as to the amount of distributions that will be paid in any quarter, and it is possible that no distributions will be paid in a given quarter if insufficient staking rewards are earned.

The percentage of rewards to be paid to each such staking provider may vary. Rewards from staking will be shared, distributed and added to the assets of the Trust periodically. Specifically, staking rewards that accrue to the Trust on or before the calculation of the Trust's end-of-day NAV will be added to the assets of the Trust, irrespective of whether the staked SOL has been unbonded at such time.

Staking requires that the Trust lock up the staked SOL and become subject to an unbonding period to un-stake the staked SOL, meaning that the Trust cannot transfer the staked SOL during the time that the SOL is staked and during which it is being unbonded.

The historical average unbonding period for staked SOL was 2-4 days, with the epoch length decreasing over the last year to approximately 2 days for the one-year period ended on May 31, 2026. However, the unbonding period also may be longer than anticipated based on network activity.

Under normal network conditions, the bonding period for SOL is typically 2-3 days, i.e., one epoch. Note that the duration of the bonding period may depend on a range of factors including network load (the Solana protocol limits the amount of SOL that can be activated or deactivated in a single epoch to prevent major swings in staking distribution) and epoch timing (SOL that is delegated just before a new epoch begins may be subject to a shorter bonding period than SOL that is delegated just after a new epoch begins).

Due to the time involved in "exiting" the staking process, there is a risk that the Trust could become unable to timely meet excessive redemption requests in amounts that are greater than the portion of the Trust's SOL that remains un-staked, leading to temporary delays in settlement and, in extreme scenarios, the temporary unavailability of the Trust's redemption program. Moreover, any staked SOL which must be un-staked in order to fulfill a redemption (to the extent such redemption cannot be fulfilled utilizing the portion of the Trust's SOL that has not been staked, or through another mechanism to manage liquidity in connection with Redemption Orders) will be un-staked only after the redemption request is approved by the Trust, the Delegated Sponsor executes an un-stake or withdrawal transaction through the SOL Custodians, and such transaction is processed by the Solana network. The Staking Provider will not be able to transfer un-staked SOL or Staking Provider Consideration to another address on the Solana network.

In addition, depending on the anticipated length of the unbonding period, the staked SOL may be classified as illiquid under the Trust's liquidity risk management program. In addition, if SOL is determined to be offered or sold as a security under the Securities Act of 1933, as amended, it could be subject to significant constraints in terms of any transfer or disposal of such SOL. In such event, the Trust may consider SOL to be an "illiquid security," which it defines as a security that the Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security.

Rewards for staked SOL may be accrued in an epoch even before the staked SOL is unbonded. Once accrued, such SOL rewards are considered part of the Trust's assets, even if unbonding has not occurred. The Delegated Sponsor and the Trust will manage liquidity in accordance with the Trust's liquidity risk policies and procedures and will monitor staking and bonding/unbonding activity closely on a daily basis. For more information on the Trust's liquidity risk policies and procedures, see "Staking of the Trust's Assets—Liquidity Risk Policies and Procedures."

On the Solana network, in addition to staking rewards there are block rewards that are paid to private validators. Block rewards are not newly-minted SOL from inflation, but are composed of transaction fees, with half the fee being burned and the other half going to the validator who produces and validates the block. Validators also earn through inflation rewards for securing the network and may receive additional revenue from maximal extractable value ("MEV"). Validators are paid immediately upon block production, and delegators receive their share of rewards from the validator they stake with, usually at the end of an epoch. As such, block rewards and transaction fees are not considered staking rewards and will not accrete to the Trust.

Due to the time involved in "exiting" the staking process, there is a risk that the Trust could become unable to timely meet excessive redemption requests in amounts that are greater than the portion of the Trust's SOL that remains un-staked, leading to temporary delays in settlement and, in extreme scenarios, the temporary unavailability of the Trust's redemption program. Moreover, any staked SOL which must be un-staked in order to fulfill a redemption (to the extent such redemption cannot be fulfilled utilizing the portion of the Trust's SOL that has not been staked, or through another mechanism to manage liquidity in connection with Redemption Orders) will be un-staked only after the redemption request is approved by the Delegated Sponsor, the Delegated Sponsor executes an un-stake or withdrawal transaction through the SOL Custodians, and such transaction is processed by the Solana network. The Staking Services Provider will not be able to transfer un-staked SOL or Staking Provider Consideration to another address on the Solana network.

In addition, depending on the anticipated length of the unbonding period, the staked SOL may be classified as illiquid under the Trust's liquidity risk management program. In addition, if SOL is determined to be offered or sold as a security under the Securities Act of 1933, as amended, it could be subject to significant constraints in terms of any transfer or disposal of such SOL. In such event, the Trust may consider SOL to be an "illiquid security," which it defines as a security that the Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security.

Rewards for staked SOL may be accrued in an epoch even before the staked SOL is unbonded. Once accrued, such SOL rewards are considered part of the Trust's assets, even if unbonding has not occurred. The Delegated Sponsor and the Trust will manage liquidity in accordance with the Trust's liquidity risk policies and procedures and will monitor staking and bonding/unbonding activity closely on a daily basis. For more information on the Trust's liquidity risk policies and procedures, see "Staking of the Trust's Assets—Liquidity Risk Policies and Procedures."

There is no guarantee that the Trust will receive any rewards with respect to staked SOL. Past rewards are not indicative of future returns. The staking rewards that the Trust may receive from staking SOL, if any, may be affected by, among other factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 total amount of SOL staked by users of the Solana network;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 total amount of SOL staked by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 to the Solana network as a result of protocol governance decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 to validator fees or commission rates set by the validators, including the commission charged
 by the Staking Services Provider (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· halts,
 outages or other anticipated or unanticipated interruptions affecting the Solana network
 or third-party service providers involved in the staking of the Trust's SOL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· anticipated
 or unanticipated downtime by the Staking Services Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· loss
 or deprivation of SOL as a result of a violation of the Solana network's rules by
 the Staking Services Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· validators
 ceasing to be eligible to participate in the Solana network's proof-of-stake protocol
 and earn rewards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "bonding,"
 "unbonding" or other SOL lock-up periods specified by the Solana network; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· delays
 or other operational factors related to or otherwise impacting the Trust's Staking
 Activities.

**Selling or Redeeming Shares**

When the Trust sells or redeems its Shares, SOL will be transferred into or out of the Trust, as applicable, in exchange for a Basket that is based on the quantity of SOL attributable to each Share of the Trust (net of accrued but unpaid Delegated Sponsor Fees and any accrued but unpaid extraordinary expenses or liabilities).

Financial firms that are authorized to purchase Shares from or redeem Shares to the Trust (known as "Authorized Participants") may purchase Shares in cash by depositing cash in the Trust's account with the Cash Custodian. This will cause the Delegated Sponsor, on behalf of the Trust, to automatically instruct a designated third party, who is not an Authorized Participant but who may be an affiliate of an Authorized Participant and with whom the Delegated Sponsor has entered into an agreement on behalf of the Trust (each such third party, or the Prime Broker or Lender, as applicable, a "SOL Counterparty"), to (i) purchase the amount of SOL equivalent in value to the cash deposit amount associated with the order and (ii) deposit the resulting SOL amount in the Trust's account with the SOL Custodians, resulting in the Transfer Agent crediting the applicable amount of Shares to the Authorized Participant. Authorized Participants may also purchase Shares in-kind. To purchase Shares in-kind, an Authorized Participant delivers, or arranges for the delivery by the Authorized Participant's designated agent of, SOL to the Trust's account with the SOL Custodians in exchange for Shares.

When such an Authorized Participant redeems its Shares in cash, the Delegated Sponsor, on behalf of the Trust will direct the SOL Custodians to transfer SOL to the SOL Counterparty, who will sell the SOL to be executed, in the Delegated Sponsor's reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate the Trust's net asset value ("NAV"), taking into account any spread, commissions, or other trading costs and deposit the cash proceeds of such sale in the Trust's account with the Cash Custodian for settlement with the Authorized Participant. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Delegated Sponsor. Authorized Participants may also redeem Shares in-kind. When such an Authorized Participant redeems Shares in-kind, the Trust, through the SOL Custodians, will deliver SOL to the Authorized Participant, or a designated agent thereof, in exchange for its Shares.

The SOL Counterparty is a designated third party with whom the Delegated Sponsor has entered into an agreement on behalf of the Trust that will deliver, receive or convert to U.S. dollars the SOL related to the Authorized Participant's cash creation or redemption orders. In connection with cash creation orders, the Trust will create Shares by receiving SOL from a SOL Counterparty that is not the Authorized Participant, and the Trust — not the Authorized Participant — is responsible for selecting the SOL Counterparty to deliver the SOL. Further, the SOL Counterparty will not be acting as an agent of the Authorized Participant with respect to the delivery of the SOL to the Trust or acting at the direction of the Authorized Participant with respect to the delivery of the SOL to the Trust.

In connection with SOL cash redemption orders, the Trust will redeem Shares by delivering SOL to a SOL Counterparty that is not the Authorized Participant, and the Trust––not the Authorized Participant––is responsible for selecting the SOL Counterparty to receive the SOL. Further, the SOL Counterparty will not be acting as an agent of the Authorized Participant with respect to the receipt of the SOL from the Trust.

As of the date of this Prospectus, the Authorized Participants are Virtu Americas LLC, Jane Street Capital, LLC, Macquarie Capital (USA) Inc. and Goldman Sachs & Co. LLC. As of the date of this Prospectus, the Prime Broker, Coinbase, Inc., and the Lender, Coinbase Credit, Inc., serve as SOL Counterparties, among others. The Trust and/or Delegated Sponsor will bear the expense and risk of delivery and ownership of SOL once such SOL has been received by the SOL Custodians on behalf of the Trust and until transferred by the SOL Custodians on behalf of the Trust to the SOL Counterparty for conversion to cash.

All of the Trust's SOL will be held by the SOL Custodians. The Transfer Agent will facilitate the processing of purchase and sale orders in Baskets to and from the Trust.

**The CoinDesk Solana Benchmark 4PM NY Settlement Rate**

The Pricing Benchmark was introduced on February 28, 2022. The Benchmark Provider is the administrator of the Pricing Benchmark. The Pricing Benchmark is calculated daily.

The Delegated Sponsor believes that the use of the Pricing Benchmark is reflective of a reasonable valuation of the average spot price of SOL. The Pricing Benchmark is derived from the CoinDesk Benchmark Rates, a set of reference rates used by the Benchmark Provider, that generally support the largest and most liquid digital assets and provide constituent pricing for the CoinDesk 20 family of indices and other multi- and single-asset products as needed.

CoinDesk Benchmark Rates source prices from a minimum of three exchanges and use USD and USD Coin denominated trading pairs. Volume data from the applicable exchanges is used as an input alongside the CoinDesk Benchmark Rates to produce a volume-weighted average price for the relevant digital asset. The Pricing Benchmark reflects a one-hour volume-weighted average price of the spot CoinDesk Benchmark Rates for single digital assets denominated in U.S. dollars.

The Pricing Benchmark is calculated at the top of each hour, with intermediate values published once every five seconds. The Pricing Benchmark utilizes an averaging look-back period, which resets at the beginning of each hour and accumulates on a rolling basis throughout the course of that hour. At the conclusion of each hour, the look-back period reflects a full 60-minute window of trading activity. Daily settlement rates are also published at 4:00 p.m. London time, 4:00 p.m. ET and other times as needed.

Reference prices used in calculating the Pricing Benchmark are sourced from the Benchmark Provider, which applies a defined exchange eligibility methodology to determine which digital asset exchanges may contribute to price data. Under this framework, only centralized spot exchanges that receive a minimum grade of BB or higher in the Benchmark Provider's Exchange Benchmark (the "CoinDesk Exchange Benchmark") are deemed eligible. The CoinDesk Exchange Benchmark is an independent assessment of exchanges based on categories and metrics as described below. The grading scale is from AA (best) through A, BB, B, C, D, E, to F (worst).

The categories and metrics the Benchmark Provider uses to select eligible digital trading platforms are the following:

· Market Quality. This includes composition liquidity scores, volume scores, and index scores. It also assesses market maker incentives and frequency of flash crashes.

· Security. This assesses formal security certificates, SSL ratings (a security protocol), offline storage, the cold wallet ratio, key distribution, two-factor authentication, custody provider metrics, off-exchange settlement, OTC services, exchange hack metrics, and bug bounty metrics.

· Legal/Regulation. This assesses license types, VASP (virtual asset service provider) license quality scores, legal entities, industry/regulatory group membership, insurance provision (fiat and crypto), sanction compliance statements, and politically exposed persons statements.

· KYC/Transaction Risk. This includes strict KYC (know your customer)/AML (anti-money laundering)assessments, maximum KYC requirements, withdrawal limit assessments, transaction monitoring capabilities, and market surveillance capabilities.

· Data Provision. This assesses API response times, API rate limit; protocols such as Websocket or FIX, API status page, downtime, historical candlestick data, candlestick granularity, historical trade querying, API trading capabilities, API ease of use assessments, API data quality, orderbook provisions, max orderbook levels; and API documentation quality.

· Transparency. This assesses available proof of reserves, available proof of liabilities, auditor attestations of proof of reserves and proof of liabilities, audited financial statements, management/ownership assessments, communication transparency, asset listing procedures, and due diligence submissions.

· Team & Exchange. This assesses identity of chief executive officer, chief technology officer, chief compliance officer, chief information security officer (and equivalents); educational level per C-suite, years of relevant experience per C-suite, customer service offerings, and institutional/corporate/retail offerings.

· Negative Events. This assesses data breaches, major/minor fines, withdrawal freezes, awarded penalties, and others.

The Pricing Benchmark further requires exchanges to satisfy specified U.S. or global licensure criteria based on authorization to operate in major regulatory jurisdictions.

The Benchmark Provider reviews eligible digital trading platforms on a semi-annual basis. Exchange eligibility is subject to ongoing monitoring and periodic review, and the Benchmark Provider's governance bodies retain discretion to exclude exchanges where necessary. The Pricing Benchmark and its inputs are reviewed monthly and on an ad hoc basis as needed, and the Benchmark Provider may discontinue the calculation and publication of the Pricing Benchmark based on its assessment of applicable underlying digital asset requirements.

In addition to the semi-annual review of eligible exchanges, the Benchmark Provider performs a monthly evaluation of eligible trading pairs that may contribute to the Pricing Benchmark. As of the date of this prospectus, the Pricing Benchmark incorporates SOL/U.S. dollar ("SOL/USD") and SOL/USD Coin ("SOL/USDC") trading pairs. Each trading pair is assessed against three criteria: (i) its liquidity; (ii) its price deviation relative to all other eligible trading pairs; and (iii) its price impact on the Pricing Benchmark, as determined by reference to its liquidity and deviation.

The Pricing Benchmark and its inputs are reviewed monthly and on an ad hoc basis as needed. The Benchmark Provider may discontinue the calculation and publication of the Pricing Benchmark if the underlying digital asset (in the case of the Pricing Benchmark, SOL) (i) is no longer used to support a multi-asset index or other single asset financial product; or (ii) fails to meet certain listing and liquidity requirements.

Pricing Benchmark data and the description of the Pricing Benchmark are based on information made publicly available by the Benchmark Provider on its website at https://indices.coindesk.com/documentation-and-governance. **<u>None of the information on the Benchmark Provider's website is incorporated by reference into this Prospectus.</u>**

The Delegated Sponsor has entered into a licensing agreement with the Benchmark Provider to use the Pricing Benchmark. The Trust is entitled to use the Pricing Benchmark pursuant to a sub-licensing arrangement with the Delegated Sponsor. As the Pricing Benchmark is calculated as a price return, it currently does not track airdrops clones, or forks involving SOL. Accordingly, the Trust will not participate in airdrops, as further described below in *"Risk factors — The inability to recognize the economic benefit of a 'fork' or an 'airdrop' could adversely impact an investment in the Trust."*

**Pricing Information Available on the Exchange and Other Sources**

The current market price per Share (symbol: "MSOL") will be published continuously as trades occur throughout each trading day on the consolidated tape by market data vendors.

The intra-day indicative value per Share will be published by the Exchange once every 15 seconds throughout each trading day on the consolidated tape by market data vendors.

The intra-day indicative value per Share is calculated based on the Pricing Benchmark. The most recent end-of-day NAV will be published as of the close of business by market data vendors and will be available on the Delegated Sponsor's website at www.morganstanley.com/im or any successor thereto, and will be published on the consolidated tape. **<u>None of the information on the Delegated Sponsor's website is incorporated by reference into this Prospectus.</u>**

Any adjustments made to the Pricing Benchmark will be published on the Benchmark Provider's website at https://indices.coindesk.com/documentation-and-governance or any successor thereto. **<u>None of the information on the Benchmark Provider's website is incorporated by reference into this Prospectus.</u>**

The selection of exchanges for use in the Pricing Benchmark is based on the accessible venues where execution transactions for SOL will occur. The exchanges on which market participants primarily execute transactions for SOL may evolve from time to time, and the Benchmark Provider may make changes to the Constituent Exchanges comprising the Pricing Benchmark from time to time for this or other reasons. To the extent the Trust executes transactions for SOL , the exchanges on which the Trust executes transactions do not impact the Constituent Exchanges comprising the Pricing Benchmark. Although Constituent Exchanges are selected for inclusion within the Pricing Benchmark in accordance with specified criteria and eligibility standards, changes to the Constituent Exchanges may result in an impact on the pricing information reflected in the Pricing Benchmark. Once it has actual knowledge of material changes to the Constituent Exchanges used to calculate the Pricing Benchmark, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website.

The Delegated Sponsor may, in its sole discretion, as a delegate of the Cayman Trustee, change either the Pricing Benchmark or Benchmark Provider without Shareholder approval. Should such a change take place, the Trust will notify the owners of the beneficial interests of Shares through disclosure on the Delegated Sponsor's website and in a Form 8-K filing.

The intra-day levels and closing levels of the Pricing Benchmark are published by the Benchmark Provider, and the closing NAV is published by the Administrator.

The Shares are not issued, sponsored, endorsed, sold or promoted by the Exchange, and the Exchange makes no representation regarding the advisability of investing in the Shares.

The Benchmark Provider makes no warranty, express or implied, as to the results to be obtained by any person or entity from the use of the Pricing Benchmark for any purpose. Pricing Benchmark information and any other data calculated and/or disseminated, in whole or part, by the Benchmark Provider is for informational purposes only, not intended for trading purposes, and provided on an "as is" basis. The Benchmark Provider does not warrant that the Pricing Benchmark information will be uninterrupted or error-free, or that defects will be corrected. The Benchmark Provider also does not recommend or make any representation as to possible benefits from any securities or investments, or third-party products or services. Shareholders should undertake their own due diligence regarding securities and investment practices.

For more information on the Pricing Benchmark and the Benchmark Provider, *see "The Trust and SOL Prices"* below.

**The Trust's Legal Structure**

The Trust is a Delaware statutory trust, formed on December 16, 2025 pursuant to the Delaware Statutory Trust Act ("DSTA"). The Trust continuously issues Shares representing fractional undivided beneficial interest in, and ownership of, the Trust that may be purchased and sold on the Exchange. The Trust will operate pursuant to an Amended and Restated Trust Agreement (the "Trust Agreement"). CSC Delaware Trust Company, a Delaware trust company, is the Delaware trustee of the Trust (the "DE Trustee"). AGS Trustees Limited, a Cayman Islands limited liability company, also serves as a trustee to the Trust (the "Cayman Trustee"). The Cayman Trustee has delegated substantially all day-to-day management and operational duties to the Delegated Sponsor pursuant to a Delegation of Trustee Duties Agreement dated March 25, 2026 and the Cayman Trustee has otherwise entered into a Trustee Services Agreement dated March 25, 2026 (the "Trustee Services Agreement") (the "Delegation Agreement" and together with the Trustee Services Agreement, the "Appleby Agreements"), subject to certain limitations. For a complete description of the delegation structure, including the scope of the Delegated Duties, the Cayman Trustee's reserved powers and approval rights, and the non-delegable responsibilities of the Cayman Trustee, see "Duties of the Delegated Sponsor and the Trustees" below. The Delegated Sponsor is a corporation formed in the state of Delaware on September 19, 1980.

**The Trust's Service Providers**

***The Delegated Sponsor***

As a result of the delegation of duties from the Cayman Trustee pursuant to the Appleby Agreements, the Delegated Sponsor has operational authority over the Trust and is responsible for the management and administration of the Trust, including arranging for the creation of the Trust, ongoing registration of the Shares for their public offering in the United States and the listing of Shares on the Exchange. The delegated duties include, but are not limited to: entering into and maintaining contracts and agreements; establishing and maintaining accounts; causing legal title to Trust property to be held in the name of the Delegated Sponsor; appointing custodians and other service providers (subject to Cayman Trustee approval for custodians); maintaining control over custody accounts; depositing, withdrawing, paying, retaining and distributing Trust assets; supervising preparation of offering materials and amendments; paying or authorizing distributions and Trust expenses; arranging for and managing exchange listing of Shares; administering any staking program; admitting additional sponsors; delegating duties to service providers; effecting provisions regarding forks and airdrops; and exercising sole discretion over issuance of Shares, share divisions and combinations, and related matters (collectively, the "Delegated Duties"). The Cayman Trustee retains oversight responsibilities, the duty to monitor the Delegated Sponsor's performance, approval rights over certain material transactions (including custodian appointments and changes to Trust preferences and powers), and ultimate fiduciary responsibility as set forth under the Trust Agreement.

***The Trustees***

The Trustees of the Trust are CSC Delaware Trust Company, a Delaware trust company (the "DE Trustee"), and AGS Trustees Limited, a Cayman Islands limited liability company (the "Cayman Trustee") and act as the trustees of the Trust as required to, among other things, create a Delaware statutory trust in accordance with the Trust's Declaration of Trust and the DSTA. The Cayman Trustee has delegated substantially all day-to-day management and operational duties to the Delegated Sponsor pursuant to the Appleby Agreements.

***The Administrator***

The Bank of New York Mellon serves as the Trust's administrator (the "Administrator"). The Administrator's principal address is 240 Greenwich Street, New York, New York 10286. Under the Fund Administration and Accounting Agreement, the Administrator provides necessary fund administration, tax and accounting services, including valuation and computation accounting services, and financial reporting for the maintenance and operations of the Trust. In addition, the Administrator makes available the office space, facilities, equipment and personnel required to provide such services.

***The Transfer Agent***

The Bank of New York Mellon serves as the transfer agent for the Trust (the "Transfer Agent"). The Transfer Agent: (1) performs and facilitates the purchases and redemption of Shares of the Trust and prepares and transmits information with respect to such purchases and redemptions; (2) prepares and transmits payments for dividends and distributions, if any, declared by the Trust; (3) maintains Shareholder accounts; (4) responds to correspondence by Trust Shareholders and others relating to its duties and (5) makes periodic reports to the Trust.

***The Cash Custodian***

The Bank of New York Mellon acts as custodian of the Trust's cash and cash equivalents (the "Cash Custodian"). Pursuant to a cash custody agreement entered into with the Trust (the "Cash Custody Agreement"), the Cash Custodian will establish and maintain cash account(s) for the Trust, and, upon instructions from the Delegated Sponsor acting on behalf of the Trust, facilitate cash transfers and cash payments from the Trust's account(s).

***The SOL Custodians***

The Bank of New York Mellon and Coinbase Custody Trust Company, LLC are expected to serve as the Trust's SOL custodians (the "SOL Custodians"), The Trust may commence operations with its SOL held by one SOL Custodian and the allocation of the Trust's SOL among the SOL Custodians may change from time to time at the Delegated Sponsor's discretion. There can be no assurance as to the timing by which each SOL Custodian will begin holding SOL on behalf of the Trust, and one or more SOL Custodians may hold no SOL for an indefinite period following launch.

The SOL Custodians are authorized to serve as the Trust's custodians under the Trust Agreement and pursuant to the terms and provisions of the Custodial Services Agreements. Under the Custodial Services Agreements with the SOL Custodians, the SOL Custodians are responsible for safekeeping all of the SOL owned by the Trust. The SOL Custodians were selected by the Delegated Sponsor. The SOL Custodians are responsible for opening accounts that hold the Trust's SOL (such accounts, collectively, the "SOL Accounts"), as well as facilitating the transfer of SOL required for the operation of the Trust.

After diligent investigation, the Delegated Sponsor believes that the SOL Custodians' policies, procedures, and controls for safekeeping, exclusively possessing, and controlling the Trust's SOL holdings are consistent with industry best practices to protect against theft, loss, and unauthorized and accidental use of the private keys.

Although the SOL Custodians carry insurance, the SOL Custodians' insurance does not cover any loss in value to SOL and only covers losses caused by certain events such as fraud or theft and, in such covered events, it is unlikely the insurance would cover the full amount of any losses incurred by the Trust. The insurance maintained by each SOL Custodian is shared among all of the respective SOL Custodians' customers, is not specific to the Trust or to customers holding SOL with the SOL Custodians, and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.

For more information on the SOL Custodians, see *"Custody of the Trust's Assets"* below.

***The Staking Services Provider***

Figment Inc., Galaxy Blockchain Infrastructure LLC and Coinbase Canada, Inc., each a party unrelated to the Delegated Sponsor and Trustees, serve as the Staking Services Providers.

***The Marketing Agent***

Foreside Fund Services, LLC (the "Marketing Agent") is responsible for reviewing and approving the marketing materials prepared by the Delegated Sponsor for compliance with applicable SEC and Financial Industry Regulatory Authority ("FINRA") advertising laws, rules, and regulations.

**The Trust's Fees and Expenses**

The Trust will pay the unitary Delegated Sponsor Fee which is accrued daily at an annualized rate of 0.14% of the net asset value of the Trust (the "Delegated Sponsor Fee") and the amount of SOL payable in respect of each daily accrual shall be determined by reference to the Pricing Benchmark. The Delegated Sponsor Fee is paid by the Trust to the Delegated Sponsor as compensation for services performed under the Trust Agreement.

The Delegated Sponsor Fee shall be paid in cash and not less than monthly in arrears by the Trust. The Delegated Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Delegated Sponsor Fee. Operating expenses assumed by the Delegated Sponsor include (i) the fee payable to the Marketing Agent for services it provides to the Trust, if applicable (the "Marketing Fee"), (ii) fees to the Administrator, if any, (iii) fees to the SOL Custodians, (iv) fees to the Transfer Agent, (v) fees to the Trust's DE Trustee and Cayman Trustee, (vi) the fees and expenses related to the initial listing of Shares on the Exchange, (vii) the fees and expenses related to any future listing, trading or quotation of the Shares on any listing exchange or quotation system (including legal, marketing and audit fees and expenses), (viii) ordinary course legal fees and expenses but not litigation-related expenses, (ix) audit fees, (x) regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the Securities Act of 1933, as amended (the "1933 Act"), or the Exchange Act, (xi) printing and mailing costs, (xii) costs of maintaining the Delegated Sponsor's website and (xiii) applicable license fees (each, a "Sponsor-paid Expense," and together, the "Sponsor-paid Expenses"), provided that any expense that qualifies as an Additional Trust Expense will be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense. The Trust will be responsible for SOL-related on-chain transaction fees associated with creation and redemption transactions, and the Delegated Sponsor will assume such expenses of the Trust in consideration for the Delegated Sponsor Fee. There is currently no predetermined cap on the aggregate amount of Sponsor-paid expenses. Should the Trust implement a predetermined cap on aggregate Sponsor-paid expenses, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website.

The Delegated Sponsor will not, however, assume certain extraordinary, non-recurring expenses that are not Sponsor-paid Expenses, including, but not limited to, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Delegated Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders, any indemnification of the SOL Custodians, Administrator or other agents, service providers or counter-parties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, "Additional Trust Expenses"). The Delegated Sponsor will consider re-designating a Sponsor-paid Expense as an Additional Trust Expense, in its sole discretion as a delegate of the Cayman Trustee, if the Delegated Sponsor determines that (i) the expense is extraordinary, non-recurring, or unusual in nature or amount; (ii) the expense was not reasonably anticipated at the time the Delegated Sponsor agreed to assume such category of expenses; (iii) the expense results from changes in applicable law, regulation, or regulatory guidance that impose new or additional obligations on the Trust; (iv) the expense arises from circumstances outside the ordinary course of the Trust's operations; or (v) bearing such expense would be materially adverse to the Delegated Sponsor's ability to continue performing its obligations under the Trust Agreement. Should such a change take place, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website. Pursuant to the Trust Agreement, the Delegated Sponsor or its delegates will direct the SOL Custodians to transfer SOL from the Trust's Cold Vault Balance as needed to pay the Delegated Sponsor Fee and Additional Trust Expenses, if any. The Delegated Sponsor or its delegates will endeavor to transfer the smallest amount of SOL needed to pay applicable expenses. The Trust shall not be responsible for paying any fees or expenses associated with the transfer of SOL as needed to pay the Delegated Sponsor Fee or Additional Trust Expenses.

**Custody of the Trust's Assets**

The SOL Custodians will maintain custody of all of the Trust's SOL. The SOL Custodians provide insured safekeeping of digital assets using a multi-layer offline ("cold") storage security platform designed to provide offline security of the digital assets held by the SOL Custodians. The SOL Custodians have insurance coverage as subsidiaries under their parent companies, which procure fidelity (e.g., crime) insurance to protect the organizations from risks such as theft of funds. Specifically, the fidelity program provides coverage for the theft of funds held in hot or cold storage. The insurance program is provided by a syndicate of industry-leading insurers. The insurance program does not cover, insure or guarantee the performance of the Trust. The SOL Custodians are not FDIC-insured. The insurance maintained by the SOL Custodians is shared among all of the SOL Custodians' customers, is not specific to the Trust or to customers holding SOL with the SOL Custodians, and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.

SOL may be held across multiple wallets, any of which will feature the following safety and security measures to be implemented by the SOL Custodians:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Cold Storage:* Cold storage is a widely-used security precaution, especially when dealing with
 large amounts of SOL. SOL held under custodianship with the SOL Custodians will be kept in
 high-security, offline, multi-layer cold storage vaults. This means that the private keys,
 the cryptographic component that allows a user to access SOL, are stored offline on hardware
 that is not connected to the internet. Storing the private keys offline significantly reduces
 the risk of the SOL being stolen. All of the Trust's assets and private keys will be
 held in cold storage of the SOL Custodians on an ongoing basis, but a portion of the Trust's
 assets may be held in hot trading wallets, from time to time, in connection with the settlement,
 creation or redemption of a transaction (note, however, that not all SOL Custodians may maintain
 hot wallets for the holding and storage of digital assets). In connection with creations
 or redemptions, the Trust will, under most circumstances, process creations and redemptions
 by transferring SOL from its Cold Vault Balance to and/or from a SOL Counterparty. From time
 to time, portions of the Trust's SOL temporarily may be held outside of cold storage
 in the Trading Balance maintained by Coinbase, Inc. (the "Prime Broker")
 or a SOL Counterparty, including in circumstances in which it is necessary in connection
 with creations or redemptions of Baskets, to sell SOL to pay Trust expenses or make staking-related
 distributions to Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Multiple Private Keys:* All private keys are securely stored using multiple layers of high-quality
 encryption and in Custodian-controlled offline hardware vaults in secure environments. No
 customers or third parties are given access to the SOL Custodians' private keys. The
 use of multiple private keys makes retrieving SOL from the wallet more difficult, and aims
 to further reduce the risk of hacking, theft and/or robbery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Whitelisting:* Transactions are only sent to vetted, known addresses. The SOL Custodians' platform
 supports pre-approval and test transactions. The SOL Custodians require authentication when
 adding or removing addresses for whitelisting. All instructions to initiate a whitelist addition
 or removal must be submitted via the Coinbase Custodian's platform. When a whitelist
 addition or removal request is initiated, the initiating user will be prompted to authenticate
 their request using a two-factor authentication key. A consensus mechanism on the Coinbase
 Custodian's platform dictates how many approvals are required in order for the consensus
 to be achieved to add or remove a whitelisted address. Only when the consensus is met is
 the underlying transaction considered officially approved. An account's roster and
 user roles are maintained by the SOL Custodians in a separate log, an Authorized User List
 ("AUL"). Any changes to the account's roster must be reflected on an updated
 AUL first and executed by an authorized signatory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Audit Trails:* Audit trails exist for all movement of SOL within SOL Custodian-controlled SOL
 wallets and are audited annually for accuracy and completeness by an independent external
 audit firm.

In addition to the above measures, in accordance with the Custodial Services Agreements, SOL held in custody with the SOL Custodians will be segregated from both the proprietary property of the SOL Custodians and the assets of any other customer in accounts that clearly identify the Trust as the owner of the accounts. Therefore, in the event of an insolvency of the SOL Custodians, assets held in the segregated accounts would not become property of the SOL Custodians' estate and would not be available to satisfy claims of creditors of the SOL Custodians.

The SOL Custodians maintain internal audit teams that perform periodic internal audits over custody operations. Systems and Organizational Control ("SOC") attestations are also performed on the SOL Custodians' services. BNY currently produces a SOC 1 Type 1 report and the Coinbase Custodian currently produces SOC 1 Type 2 and SOC 2 Type 2 reports.

The Transfer Agent will facilitate the settlement of Shares in response to the placement of creation orders and redemption orders from Authorized Participants. The Trust generally does not intend to hold cash or cash equivalents. However, there may be situations where the Trust will hold cash on a temporary basis, including in connection with the creation and redemption process.

The Trust has entered into the Cash Custody Agreement, pursuant to which the Cash Custodian will establish and maintain cash account(s) for the Trust and, upon instructions from the Delegated Sponsor acting on behalf of the Trust, facilitate cash transfers and cash payments from the Trust's account(s).

For more information on the Trust's custody arrangements with the SOL Custodians and the Prime Broker, see "*Custody of the Trust's Assets" and "Prime Broker"* below.

**NAV Determinations**

As described in more detail below in "NAV Determinations," the Administrator daily calculates NAV and NAV per Share on each day that the Exchange is open for regular trading, as promptly as practicable after 4:00 p.m. ET, based on the Pricing Benchmark. In determining the Trust's NAV, the Administrator values the SOL held by the Trust based on the price set by the Pricing Benchmark as of 4:00 p.m. ET. The Delegated Sponsor believes that use of the Pricing Benchmark mitigates against idiosyncratic market risk, as the failure of any individual spot market will not materially impact pricing for the Trust. It also allows the Administrator to calculate the NAV in a manner that significantly deters manipulation.

However, determining the value of the Trust's SOL using the Pricing Benchmark is not in accordance with U.S. generally accepted accounting principles ("GAAP"), and therefore, the Pricing Benchmark is not used in the Trust's financial statements. The Trust's SOL are carried, for financial statement purposes, at fair value, as required by GAAP. The Trust determines the fair value of SOL based on the price provided by the SOL market that the Trust considers its "principal market" as of 11:59:59 p.m. ET on the valuation date. The NAV of the Trust determined on a GAAP basis is referred to in this Prospectus as a "Principal Market NAV," and the NAV of the Trust per Share determined on a GAAP basis is referred to as "Principal Market NAV per Share."

NAV and NAV per Share are not measures calculated in accordance with GAAP and are not intended as a substitute for the Principal Market NAV and Principal Market NAV per Share, respectively.

**Plan of Distribution; Selling Shareholder**

Barring the liquidation of the Trust or extraordinary circumstances (including but not limited to, non-recurring expenses and costs of services performed by the Delegated Sponsor or a service provider on behalf of the Trust to protect the Trust or the interests of Shareholders, such as in connection with any fork of the SOL blockchain, any indemnification of agents, service providers or counterparties of the Trust and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters), the Trust will not purchase or sell SOL other than in connection with the creation and redemption of Shares and for distributions to be made at least quarterly to distribute the staking rewards earned by the Trust pursuant to current IRS guidance. The Delegated Sponsor will also sell SOL to pay certain expenses and make staking-related distributions to Shareholders, which may be facilitated by the Prime Broker or any other prime brokers with whom the Trust contracts.

When the Trust sells or redeems its Shares, SOL will be transferred into or out of the Trust, as applicable, in exchange for Baskets that are based on the quantity of SOL attributable to each Share of the Trust (net of accrued but unpaid Delegated Sponsor Fees and any accrued but unpaid extraordinary expenses or liabilities).

Authorized Participants may purchase Shares in cash by depositing cash in the Trust's account with the Cash Custodian. This will cause the Delegated Sponsor, on behalf of the Trust, to automatically instruct a SOL Counterparty to (i) purchase the amount of SOL equivalent in value to the cash deposit amount associated with the order and (ii) deposit the resulting SOL amount in the Trust's account with the SOL Custodians, resulting in the Transfer Agent crediting the applicable amount of Shares to the Authorized Participant. Authorized Participants may also purchase Shares in-kind. To purchase Shares in-kind, an Authorized Participant delivers, or arranges for the delivery by an Authorized Participant's designated agent of, SOL to the Trust's account with the SOL Custodians in exchange for Shares.

When such an Authorized Participant redeems its Shares in cash, the Delegated Sponsor, on behalf of the Trust will direct the SOL Custodians to transfer SOL to the SOL Counterparty, who will sell the SOL to be executed, in the Delegated Sponsor's reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate NAV, taking into account any spread, commissions, or other trading costs and deposit the cash proceeds of such sale in the Trust's account with the Cash Custodian for settlement with the Authorized Participant. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Delegated Sponsor. Authorized Participants may also redeem Shares in-kind. When such an Authorized Participant redeems Shares in-kind, the Trust, through the SOL Custodians, will deliver SOL to the Authorized Participant, or a designated agent thereof, in exchange for its Shares.

The Initial Seed Creation Investor, in its capacity as the Selling Shareholder, may sell some or all of the Shares pursuant to the registration statement of which this Prospectus forms a part, which Shares will have been registered to permit the resale from time to time after purchase. The Shares offered by the Selling Shareholder were acquired by the Selling Shareholder as described in the registration statement and could be sold at different times and at different offering prices. The Trust will not receive any of the proceeds from the resale or redemption by the Selling Shareholder of these Shares. The Selling Shareholder will not receive from the Trust or any of its affiliates any fee or other compensation in connection with the resale of these Shares.

The Trust and/or Delegated Sponsor will bear the expense and risk of delivery and ownership of SOL once such SOL has been received by the SOL Custodians on behalf of the Trust and until transferred by the SOL Custodians on behalf of the Trust to the SOL Counterparty for conversion to cash.

Only Authorized Participants may purchase Shares from or redeem Shares to the Trust. Authorized Participants may then offer Shares to the public at prices that depend on various factors, including the supply and demand for Shares, the value of the Trust's assets, and market conditions at the time of a transaction. Shareholders who buy or sell Shares during the day from their broker may do so at a premium or discount relative to the NAV of the Shares of the Trust.

Shareholders who decide to buy or sell Shares of the Trust will place their trade orders through their brokers and will incur customary brokerage commissions and charges. Prior to this offering, there has been no public market for the Shares. The Shares are expected to be listed for trading, subject to notice of issuance, on the Exchange under the ticker symbol "MSOL."

The Delegated Sponsor may enter into marketing support arrangements with respect to the Trust, to which the Trust would not be party. Any fees under such agreements would be payable by the Delegated Sponsor, as applicable, and not by the Trust.

**Federal Income Tax Considerations**

It is expected that an owner of Shares will be treated, for U.S. federal income tax purposes, as if they owned a proportionate share of the assets of the Trust. A Shareholder will accordingly include in the computation of their taxable income their proportionate share of the income (including staking income, as applicable) and expenses realized by the Trust. Each sale or other disposition of SOL by the Trust (including, under current Internal Revenue Service "IRS" guidance, the use or sale of SOL to pay expenses of the Trust or to make distributions) will give rise to gain or loss and will therefore constitute a taxable event for Shareholders. *See "United States Federal Income Tax Consequences—Taxation of U.S. Shareholders."*

**Use of Proceeds**

Proceeds received by the Trust from the issuance of Baskets consist of SOL. Such deposits are held by the SOL Custodians on behalf of the Trust, during which time they may be employed in Staking Activities, until (i) delivered out in connection with redemptions of Baskets; or (ii) transferred or sold by the Delegated Sponsor, which may be facilitated by the SOL Custodians, to pay fees due to the Delegated Sponsor and Trust expenses and liabilities not assumed by the Delegated Sponsor.

Staking rewards received by the Trust from staking, net of the Staking Fee, are intended to be distributed monthly (but at least quarterly) by the Trust. The Delegated Sponsor intends to arrange for the conversion of all such staking rewards received by the Trust and available for distribution prior to the intended distribution date, net of the Staking Fee, to U.S. dollars shortly before the intended distribution, at the price available through SOL Counterparties which the Delegated Sponsor is able to obtain using commercially reasonable efforts. If no staking rewards from staking have been received by the Trust and is available for distribution prior to the intended distribution date, such as during the activation process for staking (when the Trust's assets will be staked, but no rewards will be earned yet), or during stressed conditions in which, consistent with the Trust's liquidity risk policies, the Delegated Sponsor chooses to prioritize using un-staked SOL to meet redemptions over distribution of staking rewards, or due to failures, delays, or defaults by the Trust's service providers, no distribution of staking rewards will be made at that time. See "Risk Factors- Risks Associated with SOL and the Solana network."

**Emerging Growth Company**

The Trust is an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). For as long as the Trust is an emerging growth company, unlike other public companies, it will not be required to, among other things: (i) provide an auditor's attestation report on management's assessment of the effectiveness of our system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002; or (ii) comply with any new audit rules adopted by the Public Company Accounting Oversight Board ("PCAOB") after April 5, 2012, unless the SEC determines otherwise.

The Trust will cease to be an "emerging growth company" upon the earliest of (i) it having $1.235 billion or more in gross annual revenues, (ii) at least $700 million in market value of Shares being held by non-affiliates, (iii) it issuing more than $1.0 billion of non-convertible debt over a three-year period or (iv) the last day of the fiscal year following the fifth anniversary of its initial public offering.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the 1933 Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Trust intends to take advantage of the benefits of the extended transition period.

**Principal Investment Risks of an Investment in the Trust**

An investment in the Trust involves a high degree of risk. Any investment made in the Trust may result in a total loss of the investment. There is no assurance that the Trust will generate a profit for investors. Some of the risks you may face are summarized below. A more extensive discussion of these risks appears beginning on page 22.

*Risks Associated with SOL and the Solana network*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Digital
 assets such as SOL were only introduced within the past decade, and the medium-to-long term
 value of the Shares is subject to a number of factors relating to the capabilities and development
 of blockchain technologies and to the fundamental investment characteristics of digital assets
 that are uncertain and difficult to evaluate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 value of the Shares relates directly to the value of SOL, the value of which may be highly
 volatile and subject to fluctuations due to a number of factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 value of the Shares depends on the development and acceptance of the Solana network. The
 slowing or stopping of the development or acceptance of the Solana network may adversely
 affect an investment in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Due
 to the nature of private keys, SOL transactions are irrevocable and stolen or incorrectly
 transferred SOL may be irretrievable. As a result, any incorrectly executed SOL transactions
 could adversely affect an investment in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Security
 threats to the Trust's account with the SOL Custodians could result in the halting
 of Trust operations and a loss of Trust assets or damage to the reputation of the Trust,
 each of which could result in a reduction in the price of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Potential
 amendments to the Solana network's protocols and software could, if accepted and authorized
 by the Solana network community, adversely affect an investment in the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Solana network is still in the process of developing and making significant decisions that
 will affect policies that govern the supply and issuance of SOL as well as other Solana network
 protocols.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Many
 digital asset networks, including Solana, face significant scaling challenges and are being
 upgraded with various features to increase the speed and throughput of digital asset transactions.
 These attempts to increase the volume of transactions may not be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 temporary or permanent "fork" or a "clone" of the Solana blockchain
 could adversely affect an investment in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 price of SOL on the SOL market has exhibited periods of extreme volatility, which could have
 a negative impact on the performance of the Trust. For example, between January 1, 2025
 and December 31, 2025, the price of SOL ranged from $294.33 to $96.59, marking a drawdown
 of 61.54%. Likewise, during the first four months of calendar year 2026, the price of SOL
 ranged from $68.69 to $148.22, marking an increase of 115.78%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 determination that SOL or any other digital asset is offered and sold as a "security"
 may adversely affect the price of SOL and the value of the Shares, and result in potentially
 extraordinary, nonrecurring expenses to, or termination of, the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SOL
 exchanges on which SOL trades are relatively new and, in some cases, unregulated, and, therefore,
 may be more exposed to fraud and security breaches than established, regulated exchanges
 for other financial assets or instruments, which could have a negative impact on the performance
 of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· New
 competing digital assets may pose a challenge to SOL's current market position, resulting
 in a reduction in demand for SOL, which could have a negative impact on the price of SOL
 and may have a negative impact on the performance of the Trust.

*Risks Associated with Investing in the Trust*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 value of the Shares may be influenced by a variety of factors unrelated to the value of SOL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 NAV or Principal Market NAV may not always correspond to the market price of SOL and, as
 a result, Creation Baskets may be created or redeemed at a value that is different from the
 market price of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 inability of Authorized Participants and market makers to hedge their SOL exposure may adversely
 affect the liquidity of Shares and the value of an investment in the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Trust is subject to risks due to its concentration of investments in a single asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Possible
 illiquid markets may exacerbate losses or increase the variability between the Trust's
 NAV or the Principal Market NAV and its market price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 amount of SOL represented by the Shares is expected to decline over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Administrator is solely responsible for determining the value of the SOL holdings and SOL
 holdings per Share, and any errors, discontinuance or changes in such valuation calculations
 may have an adverse effect on the value of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 use of cash creations and redemptions, as opposed to in-kind creations and redemptions, may
 adversely affect the arbitrage transactions by Authorized Participants intended to keep the
 price of the Shares closely linked to the price of SOL and, as a result, the price of the
 Shares may fall or otherwise diverge from NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If
 the process of creation and redemption of Baskets encounters any unanticipated difficulties,
 the possibility for arbitrage transactions by Authorized Participants intended to keep the
 price of the Shares closely linked to the price of SOL may not exist and, as a result, the
 price of the Shares may fall or otherwise diverge from NAV.

*Risks Associated with the Regulatory Environment of Solana*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Future
 and current regulations by a United States or foreign government or quasi-governmental agency
 could have an adverse effect on an investment in the Trust, and SOL's status as being
 offered and sold as a "security" under U.S. federal securities laws remains unsettled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shareholders
 do not have the protections associated with ownership of Shares in an investment company
 registered under the Investment Company Act of 1940 (the "1940 Act") or the protections
 afforded by the Commodity Exchange Act, as amended (the "CEA").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Future
 legal or regulatory developments may negatively affect the value of SOL or require the Trust
 or the Delegated Sponsor to become registered with the Securities and Exchange Commission
 ("SEC") or Commodity Futures Trading Commission ("CFTC"), which may
 cause the Trust to incur unforeseen expenses or liquidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If
 regulatory changes or interpretations of an Authorized Participant's, the Trust's
 or the Delegated Sponsor's activities require the regulation of an Authorized Participant,
 the Trust or the Delegated Sponsor as a money service business under the regulations promulgated
 by the Financial Crimes Enforcement Network ("FinCEN"), an Authorized Participant,
 the Trust or the Delegated Sponsor may be required to register and comply with such regulations,
 which could result in extraordinary, recurring and/or nonrecurring expenses.

*Risks Associated with the Tax Treatment of SOL*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 ongoing activities of the Trust may generate tax liabilities for Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 tax treatment of SOL and transactions involving SOL for state and local tax purposes is not
 settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 hard "fork" of the Solana blockchain or airdrop could result in Shareholders
 incurring a tax liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 tax treatment of SOL and transactions involving SOL, including staking, for U.S. federal
 income tax purposes may change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SOL
 staking may result in adverse tax consequences for Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 treatment of staking in a grantor trust for U.S. federal income tax purposes is still developing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 intended tax treatment of the Trust will limit the flexibility of the Trust's investment
 decisions.

*Other Risks*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Exchange on which the Shares are listed may halt trading in the Trust's Shares, which
 would adversely impact a Shareholder's ability to sell Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 market infrastructure of the SOL spot market could result in the absence of active Authorized
 Participants able to support the trading activity of the Trust, which would affect the liquidity
 of the Shares in the secondary market and make it difficult to dispose of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shareholders
 that are not Authorized Participants may only purchase or sell their Shares in secondary
 trading markets, and the conditions associated with trading in secondary markets may adversely
 affect Shareholders' investment in the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shareholders
 do not have the rights enjoyed by investors in certain other vehicles and may be adversely
 affected by a lack of statutory rights and by limited voting and distribution rights. In
 certain circumstances, Shareholders may vote to appoint a successor Delegated Sponsor following
 the Voluntary Withdrawal of the Delegated Sponsor, or to continue the Trust in certain instances
 of dissolution of the Trust. Shareholders shall otherwise have no voting rights with respect
 to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Trust Agreement includes a provision restricting Shareholders' right to bring a derivative
 action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 liability of the Delegated Sponsor and the Trustees is limited, and the value of the Shares
 will be adversely affected if the Trust is required to indemnify the Trustees or the Delegated
 Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Due
 to the increased use of technologies, intentional and unintentional cyber-attacks pose operational
 and information security risks, the occurrence of which can negatively impact an investment
 in the Trust.

**RISK FACTORS**

You should consider carefully the risks described below before making an investment decision. You should also refer to the other information included in this Prospectus, as well as information found in documents incorporated by reference in this Prospectus, before you decide to purchase any Shares. These risk factors may be amended, supplemented or superseded from time to time by risk factors contained in any periodic report, prospectus supplement, post-effective amendment or in other reports filed with the SEC in the future. See "Glossary of Defined Terms" for an explanation of certain industry and technical terms used in this Prospectus.

**Risks Associated with SOL and the Solana Network**

***The value of the Shares relates directly to the price of SOL, which may be highly volatile and subject to fluctuations due to a number of factors.***

The value of the Shares relates directly to the value of the SOL held by the Trust and fluctuations in the price of SOL could adversely affect the value of the Shares. The market price of SOL may be highly volatile, and subject to a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an
 increase in the SOL supply that is publicly available for trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· manipulative
 trading activity on digital asset trading platforms, which, in many cases, are largely unregulated
 or may not be complying with existing regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 adoption of SOL as a medium of exchange, store-of-value or other consumptive asset and the
 maintenance and development of the open-source software protocol of the Solana blockchain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· forks
 or clones in the Solana blockchain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· falling
 demand for SOL, or demand that does not keep pace with gradual unlocking of SOL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· delays
 or flaws in the execution of the Solana blockchain expansion or adoption plans for SOL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 failure of one or more of SOL strategic partnerships with one or more institutional players;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 failure of, or perceptions of risk or negative publicity around one or more of the protocols
 based on the Solana blockchain or that make use of SOL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· investors'
 expectations with respect to interest rates and rates of inflation experienced by fiat currencies
 or digital assets (including, in particular, SOL);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· consumer
 preferences and perceptions of SOL specifically and digital assets generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fiat
 currency withdrawal and deposit policies on digital asset trading platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 liquidity of digital asset trading platforms and any increase or decrease in trading volume
 on digital asset trading platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· investment
 and trading activities of large investors that invest directly or indirectly in SOL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 "short squeeze" resulting from speculation on the price of SOL, if aggregate
 short exposure exceeds the number of Shares available for purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 final determination that SOL is offered or sold as a security or changes in SOL's status
 under the federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· monetary
 policies of governments, trade restrictions, currency devaluations and revaluations and regulatory
 measures or enforcement actions, if any, that restrict the use of SOL or the purchase of
 SOL on digital asset trading platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· global
 or regional political, economic or financial conditions, events and situations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fees
 associated with processing a SOL transaction and the speed at which transactions are settled
 on the Solana blockchain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· interruptions
 in service from or closures or failures of major digital asset trading platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· decreased
 confidence in digital asset trading platforms due to the unregulated nature and lack of transparency
 surrounding the operations of digital asset trading platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· smart
 contracts are new and their ongoing development and operation may result in problems or be
 subject to errors or hacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· increased
 competition from other digital assets or other forms of blockchain-based services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Trust's own acquisitions or dispositions of SOL, since there is no limit on the number
 of SOL that the Trust may acquire.

In addition, there is no assurance that SOL will maintain its value in the long or intermediate term. In the event that the price of SOL declines, the Delegated Sponsor expects the value of the Shares to decline proportionately. The value of SOL as represented by the Pricing Benchmark or by the Trust's principal market may also be subject to momentum pricing due to speculation regarding future appreciation in value, leading to greater volatility that could adversely affect the value of the Shares. Momentum pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, accounts for future appreciation in value, if any. The Delegated Sponsor believes that momentum pricing of SOL has resulted, and may continue to result, in speculation regarding future appreciation in the price of SOL, inflating and making the price of SOL more volatile. As a result, SOL may be more likely to fluctuate in value due to changing investor confidence, which could impact future appreciation or depreciation in the Pricing Benchmark and could adversely affect the value of the Shares.

***SOL is a relatively new technological innovation with a limited operating history.***

SOL has a relatively limited history of existence and operations compared to traditional commodities. There is a limited established performance record for the price of SOL and, in turn, a limited basis for evaluating an investment in SOL. Although past performance is not necessarily indicative of future results, if SOL had a more established history, such history might (or might not) provide investors with more information on which to evaluate an investment in the Trust.

***SOL and Solana generally.***

SOL is the native digital asset and unit of account on the Solana network. The market value of SOL is not related to any specific company, government or asset. The valuation of SOL depends on a number of factors, including future expectations for the value of the Solana network, the number of SOL transactions, and the overall usage of SOL as an asset. This means that a significant amount of the value of SOL is speculative, which could lead to increased volatility. Investors could experience significant gains, losses and/or volatility in the Trust's holdings, depending on the valuation of SOL.

Several factors may affect the price of SOL, including, but not limited to: supply and demand, investors' expectations with respect to the rate of inflation, interest rates, currency exchange rates or future regulatory measures (if any) that restrict the trading of SOL or the use of SOL as a form of payment. The issuance of SOL is determined by a computer code, not by a central bank, and prices can be extremely volatile. For example, between January 1, 2025 and December 31, 2025, the price of SOL ranged from $294.33 to $113.19, marking a drawdown of 61.54%. Likewise, during the first four months of calendar year 2026, the price of SOL ranged from $$68.69 to $148.22, marking an increase of 115.78%. There is no assurance that SOL will maintain its long-term value in terms of purchasing power in the future, or that acceptance of SOL payments by mainstream retail merchants and commercial businesses will continue to grow. The value of the Trust's investments in SOL could decline rapidly, including to zero.

The Solana network is an open-source project without a controlling issuer or administrator of software development. Development of the Solana network is largely overseen by the Solana Foundation, a Swiss non-profit organization, and Solana Labs, Inc., a Delaware corporation, which administered the original network launch and digital asset distribution. Solana Labs and the Solana Foundation continue to exert significant influence over the direction of the development of Solana, however, since the source code for the Solana network is open-source, anyone can contribute to its development. Further, the Solana network does not require governmental authorities or financial institution intermediaries to create, transmit or determine the value of SOL.

As a result, core developers contribute their time and propose upgrades and improvements to the Solana network protocols and various software implementations thereof, often on the Solana repository on the website Github. Core developers' roles evolve over time, largely based on self-determined participation. Although some market participants such as the Solana Foundation sponsor some developers, core developers are not generally compensated for their work on the Solana network, and such developers may cease to provide services or migrate to alternate digital asset networks. In addition, a lack of resources may result in an inability of the Solana network community to address novel technical issues or to achieve consensus around solutions therefor. As with other digital asset networks, the Solana network faces significant scaling challenges due to the fact that public blockchains generally face a tradeoff between security and scalability. One means through which public blockchains achieve security is decentralization, meaning that no intermediary is responsible for securing and maintaining these systems. For example, a greater degree of decentralization generally means a given digital asset network is less susceptible to manipulation or capture. A digital asset network may be limited in the number of transactions it can process by the capabilities of the participating nodes.

Moreover, in the past, flaws in the source code for digital assets have been exposed and exploited, including flaws that disabled some functionality for users, exposed users' personal information and/or resulted in the theft of users' digital assets. The cryptography underlying Solana could prove to be flawed or ineffective, or developments in mathematics and/or technology, including advances in digital computing, algebraic geometry and quantum computing, could result in such cryptography becoming ineffective. In any of these circumstances, a malicious actor may be able to take the Trust's SOL, which would adversely impact the value of the Shares. Moreover, the functionality of the Solana network may be negatively affected such that it is no longer attractive to users, thereby dampening demand for SOL and the Solana network. Even if another digital asset other than SOL were affected by similar circumstances, any reduction in confidence in the source code or cryptography underlying digital assets generally could negatively affect the demand for digital assets and therefore adversely affect the value of the Shares.

Finally, there can be no assurance that the community as a whole will not implement changes to the Solana network protocols that have an adverse impact on the Trust or an investment in the Shares.

***Proof-of-History (PoH) and Proof-of-Stake (PoS) Consensus Mechanisms.***

The Solana protocol introduced the PoH timestamping mechanism. PoH automatically orders on-chain transactions by creating a historical record that proves an event has occurred at a specific moment in time. PoH is intended to provide a transaction processing speed and capacity advantage over other blockchain networks like Bitcoin and Ethereum, which rely on sequential production of blocks and can lead to delays caused by validator confirmations. PoH is a new blockchain technology that is not widely used. PoH may not function as intended. For example, it may require more specialized equipment to participate in the network and fail to attract a significant number of users. In addition, there may be flaws in the cryptography underlying PoH, including flaws that affect functionality of the Solana network or make the network vulnerable to attack.

In addition to the PoH mechanism described above, the Solana network uses a proof-of-stake consensus mechanism to incentivize SOL holders to validate transactions. Unlike proof-of-work, in which validators expend computational resources to compete to validate transactions and are rewarded coins in proportion to the amount of computational resources expended, in proof-of-stake, validators "stake" coins to compete to be randomly selected to validate transactions and are rewarded coins in proportion to the amount of coins staked. Any malicious activity, such as disagreeing with the eventual consensus or otherwise violating protocol rules, may result in a reduction of staking rewards for the malicious actor and the "blacklisting" of such malicious actor. Should any of the Trust's Staking Services Providers engage in malicious activity or perform poorly, then such Staking Services Providers may be blacklisted which could negatively impact the Trust's abilities to engage in Staking Activities and/or otherwise result in the Trust earning reduced staking rewards. Proof-of-stake is viewed as more energy efficient and scalable than proof-of-work and is sometimes referred to as "virtual mining."

***Staking introduces a risk of loss of SOL, which could adversely affect the value of the Shares.***

Staking introduces a risk of loss of SOL. None of the Trust's assets, including potentially staked assets, are subject to the protections enjoyed by depositors or customers of institutions with FDIC or Securities Investor Protection Corporation membership. Staking requires parties to stake accounts on the Solana network and delegate the SOL to the validator, and un-staking requires the parties to deactivate those stake accounts and transfer the staked assets back. These transfers and delegations could be executed incorrectly or be subject to errors, hacks, cybersecurity vulnerabilities, software defects, outages, bugs, or other failures, any of which could cause the loss of the Trust's staked assets.

A validator may face penalties if it fails to take certain actions, such as providing timely votes during an epoch. Under normal network conditions, inactivity penalties result in a reduction of the validator's staking rewards in an amount generally similar to the rewards the validator would have earned had it performed those duties. If a validator is offline or otherwise fails to participate in consensus for an extended period, the Solana network may reduce the rewards attributable to that validator and the delegators staking with it. Should any of the Trust's Staking Services Providers experience extended downtime or otherwise fail to perform required protocol duties, the Trust's staking rewards may be reduced or eliminated for the affected period.

A more severe sanction (i.e., "slashing") is imposed if a validator commits malicious acts related to the proposal or attestation of blocks with invalid transactions. On the Solana network, slashing generally operates by social consensus, rather than being automatically hardwired into the protocol's code. The Solana community generally aspires to slash 100% of staked assets in cases where a Solana node is maliciously trying to violate safety rules and 0% during routine operation. However, to date, no validators on Solana have been subject to such communitarian slashing, although there has been at least one occasion when the Solana Foundation voluntarily burned millions of SOL from its own allocation in response to community concerns about undisclosed token loans to market makers. While not a formal slashing event, the burn functioned as a self-imposed penalty aimed at restoring trust. It is expected that the Solana network will, in future, implement a more programmatic form of slashing, enforced directly on-chain following the generation and submission of a cryptographic proof of the infraction. Such programmatic slashing is not yet a feature of the Solana network. If and when programmatic slashing is introduced, the economic impact of large-scale or coordinated slashing events could be significantly greater than that of isolated incidents, reflecting the greater risk such events pose to network security. There can be no guarantee that slashing, inactivity penalties, and resulting losses will not occur as a result of the Staking Activities, if they are undertaken.

There can be no guarantee that penalties, and the resulting losses will not occur as a result of the Staking Activities, if they are undertaken. Furthermore, a Staking Services Provider's liability to the Trust is limited, and a Staking Services Provider may lack the assets or insurance in order to support the recovery of any losses incurred. There can be no guarantee that the Trust would recover any of its staked assets, or the value thereof, if it is subject to sanctions imposed by the Solana network. In addition, even where a Staking Services Provider is contractually obligated to compensate the Trust for losses resulting from slashing events attributable to the validator's failure to perform its obligations, such compensation is subject to conditions, exclusions, evidentiary requirements, and timing delays, may not apply to protocol-wide events or software failures, and may not fully offset the Trust's losses.

***Staked SOL will be inaccessible for a variable period of time, determined by a range of factors, which could result in certain liquidity risk to the Trust.***

The Delegated Sponsor may, from time to time, stake a portion of the Trust's SOL on behalf of the Trust through one or more Staking Services Providers. Under current Solana network protocols, staked SOL tokens are permitted to be un-staked by the holder of such SOL tokens. However, as part of the "activating" and "exiting" processes of staking, staked SOL tokens will be inaccessible for a variable period of time determined by a range of factors, including network congestion, resulting in certain liquidity risks that the Delegated Sponsor plans to manage.

"Activation" is the funding of a validator to be included in the active set, thereby allowing the validator to participate in the Solana network's proof-of-stake consensus protocol. "Exit" is the request to exit from the active set and no longer participate in the Solana network's proof-of-stake consensus protocol. As part of these "activating" and "exiting" processes of staking on the Solana network, any staked SOL will be inaccessible for a period of time. The duration of activating and exiting periods are dependent on a range of factors, including network conditions. However, depending on demand, un-staking can take between hours or days to complete.. This can result in certain liquidity risk to the Trust, which the Delegated Sponsor will seek to manage through a range of risk management methods.

There is a risk that the Trust could become unable to timely meet excessive redemption requests in amounts that are greater than the portion of the Trust's SOL that remains un-staked, leading to temporary delays in settlement and, in extreme scenarios, the temporary unavailability of the Trust's redemption program. Moreover, any staked SOL which must be un-staked in order to fulfill a redemption (to the extent such redemption cannot be fulfilled utilizing the portion of the Trust's SOL that has not been staked) will be un-staked only after the redemption request is approved by the Trust, the Staking Services Provider executes an un-stake or withdrawal transaction, and such transaction is processed by the Solana network. The Staking Services Provider will not be able to change the addresses on the Solana network to which staked SOL is to be withdrawn or to which SOL rewards shall be sent.

***The Trust will be dependent on third parties to effectively execute the Trust's Staking Activities.***

The amount of staking rewards that the Trust's staking activity will generate will be dependent on the performance of the Staking Services Providers, including the adequacy and reliability of the hardware and software utilized by the Staking Services Providers. If the Staking Services Providers experience service outages or otherwise are unable to optimally execute the staking of the Trust's SOL, the Trust's staking rewards may be adversely affected.

***The Trust will not stake its SOL if the Delegated Sponsor has determined in its sole discretion that the Trust may not do so without undue legal or regulatory risk, such as, without limitation, the risk of jeopardizing the Trust's ability to qualify as a grantor trust for tax purposes, which could harm the value of the Shares.***

The Trust's investment objective is to seek to track the performance of SOL, as measured by the performance of the Pricing Benchmark adjusted for the Trust's expenses and other liabilities, and to reflect rewards from staking a portion of the Trust's SOL. If the Delegated Sponsor determines that the Trust is not able to so carry out Staking Activities, the Trust may cease some or all of its Staking Activities. Staking on the Solana network involves delegating SOL to validators and carries risks discussed further below. Staked SOL may be subject to community-determined penalties for validator misbehavior, or slashing. If a Staking Service Provider causes the Trust's staked SOL to be subject to such slashing losses, the Trust could suffer losses of the staked SOL. Additionally, the staking process includes protocol-defined warm-up, activation and withdrawal periods, during which staked SOL is temporarily locked and inaccessible. These phases affect when SOL begins earning rewards, participates in consensus and becomes available for transfer or redelegation.

The Staking Services Providers will stake the Trust's SOL as the node operator and will operate a validator node to stake the Trust's SOL. The Staking Services Providers will perform their staking services in collaboration with the SOL Custodians, as the SOL will be staked directly from the Trust's SOL Accounts with the SOL Custodians. The Trust will maintain control of the SOL while it is staked because it will remain in the Trust's account with the SOL Custodians (i.e., it will be kept in a separate account for which the Trust is the beneficial and record owner and will not be commingled with other parties' accounts with the SOL Custodians). Staking will be a passive activity for the Trust, as it will not operate its own Staking Activities. The Delegated Sponsor's role with respect to staking will be limited to evaluating and approving one or more Staking Services Providers and instructing the relevant SOL Custodian on when to stake and/or un-stake the Trust's SOL; the Trust will not contract directly with any Staking Services Provider, and all staking arrangements with Staking Services Providers will be entered into by the SOL Custodian.

The rewards owed or paid to the SOL Custodians as compensation for the Staking Services Providers reduce the amount of SOL rewards that are generated from the Trust's Staking Activities that are available as the assets of the Trust. Each Staking Services Provider that generates staking rewards will be entitled to Staking Provider Consideration. The Staking Provider Consideration is paid directly to the Staking Services Provider from the staking rewards or indirectly through the SOL Custodians' own accounts. The Staking Services Providers and SOL Custodians are expected to receive an aggregate of 5% of the staking rewards (the "Staking Fee"), with the remainder being retained by the Trust. The Delegated Sponsor will not receive or retain any portion of the staking rewards earned by the Trust. The expenses of staking the Trust's SOL will be paid from the staking rewards generated by the Staking Activities. The staking rewards earned by the Trust will accrue to the Trust's account with the SOL Custodians and will generally be staked in the same way as the Trust's already staked SOL.

***The Trust may be negatively impacted by Staking Activities.***

The Solana network uses a proof-of-stake consensus mechanism, enhanced by proof-of-history, to secure and operate the network, meaning that the voting power of a validator in the network is determined by the amount of stake delegated to them by SOL token holders. The more stake delegated to a validator, the more voting power they have, the higher the likelihood is that the validator will be selected to propose and validate blocks and the higher the associated reward will be. This, in turn, leads to higher SOL earnings for the SOL tokenholders who chose to stake with the validator in question.

If a SOL tokenholder chooses to engage in staking, they must either choose a specific validator to stake with or have sufficient SOL to be selected as a validator by the Solana network themselves and also have the necessary hardware to run the validator. The choice of validator can potentially impact the amount of staking rewards the tokenholder receives. The factors determining this amount include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Validator
 commission rate: a validator can choose to set a non-zero commission rate specifying the
 percentage of staking rewards they are taking from the stakers. For example, if a validator
 has a commission rate of 10%, then 10% of such staker's staking rewards are given to
 the validator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Validator
 performance: a validator with bad performance during an epoch will receive reduced staking
 rewards for the applicable epoch, and SOL tokenholders who have delegated their stake to
 such validator will also receive reduced rewards for such epoch when they withdraw their
 stake from such validator.

If any Staking Services Provider experiences operational or other difficulties, terminates their services, fails to comply with regulations, raises their prices or disputes key intellectual property rights sold or licensed to, the Trust, the Trust could suffer losses. The Trust may also suffer the consequences of such Staking Services Provider's mistakes. For example, if the Trust's SOL Custodians or Staking Services Provider selected to act as validators fail to behave as expected, default, fail to perform, suffer cybersecurity attacks, experience security issues or encounter other problems, the assets of the Trust may be irretrievably lost. The failure or capacity restraints of vendors and services, a cybersecurity breach involving any service providers or the termination or change in terms or price or commission rate of a vendor, third-party software license or service agreement on which the Trust relies, could disrupt the Trust's Staking Activities or cause losses. Replacing any Staking Services Provider or addressing other issues with vendors and service providers could entail significant delay, expense and disruption for the Trust. As a result, if these vendors and service providers experience difficulties, are subject to cybersecurity breaches, terminate their services, dispute the terms of intellectual property agreements or raise their prices, and the Delegated Sponsor is unable to replace them with other vendors and service providers, particularly on a timely basis, the Trust's Staking Activities could be interrupted or disrupted, and the Trust could suffer a loss.

The Solana network dictates requirements for participation in the network's protocols and may reduce rewards if the relevant activities are not performed correctly. Malicious or poorly performing validators may also be "blacklisted," meaning that SOL tokenholders may decide to no longer delegate stake to such actors thereby resulting in such actors not being selected to validate and they would therefore be unable to receive staking rewards therefrom. Should any of the Trust's Staking Services Providers engage in malicious activity or perform poorly, then such Staking Services Providers may be blacklisted which could negatively impact the Trust's abilities to engage in Staking Activities and/or otherwise result in the Trust earning reduced staking rewards.

Staking requires that the Trust lock up the staked SOL and become subject to an unbonding period to un-stake the staked SOL, meaning that the Trust cannot transfer the staked SOL during the time that the SOL is staked and during which it is being unbonded. The historical average unbonding period for staked SOL was 2-4 days, with the epoch length decreasing over the last year to approximately 2 days for the one-year period ended May 31, 2026. However, the unbonding period also may be longer than anticipated based on network activity.

Under normal network conditions, the bonding period for SOL is typically 2-3 days, i.e., one epoch. Note that the duration of the bonding period may depend on a range of factors including network load (the Solana protocol limits the amount of SOL that can be activated or deactivated in a single epoch to prevent major swings in staking distribution) and epoch timing (SOL that is delegated just before a new epoch begins may be subject to a shorter bonding period than SOL that is delegated just after a new epoch begins).

Due to the time involved in "exiting" the staking process, there is a risk that the Trust could become unable to timely meet excessive redemption requests in amounts that are greater than the portion of the Trust's SOL that remains un-staked, leading to temporary delays in settlement and, in extreme scenarios, the temporary unavailability of the Trust's redemption program. Moreover, any staked SOL which must be un-staked in order to fulfill a redemption (to the extent such redemption cannot be fulfilled utilizing the portion of the Trust's SOL that has not been staked, or through another mechanism to manage liquidity in connection with Redemption Orders) will be un-staked only after the redemption request is approved by the Delegated Sponsor, the Delegated Sponsor executes an un-stake or withdrawal transaction through the SOL Custodians, and such transaction is processed by the Solana network. The Staking Services Provider will not be able to transfer un-staked SOL or Staking Provider Consideration to another address on the Solana network.

In addition, depending on the anticipated length of the unbonding period, the staked SOL may be classified as illiquid under the Trust's liquidity risk management program. In addition, if SOL is determined to be offered or sold as a security under the Securities Act of 1933, as amended, it could be subject to significant constraints in terms of any transfer or disposal of such SOL. In such event, the Trust may consider SOL to be an "illiquid security," which it defines as a security that the Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security.

Rewards for staked SOL may be accrued in an epoch even before the staked SOL is unbonded. Once accrued, such SOL rewards are considered part of the Trust's assets, even if unbonding has not occurred. The Delegated Sponsor and the Trust will manage liquidity in accordance with the Trust's liquidity risk policies and procedures and will monitor staking and bonding/unbonding activity closely on a daily basis. For more information on the Trust's liquidity risk policies and procedures, see "Staking of the Trust's Assets—Liquidity Risk Policies and Procedures."

There is no guarantee that the Trust will receive any rewards with respect to staked SOL. Past rewards are not indicative of future rewards. The staking rewards that the Trust may receive from staking SOL, if any, may be affected by, among other factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 total amount of SOL staked by users of the Solana network;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 total amount of SOL staked by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 to the Solana network as a result of protocol governance decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 to validator fees or commission rates set by the validators, including the commission charged
 by the Staking Services Provider (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· halts,
 outages or other anticipated or unanticipated interruptions affecting the Solana network
 or third-party service providers involved in the staking of the Trust's SOL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· anticipated
 or unanticipated downtime by the Staking Services Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· loss
 or deprivation of SOL as a result of a violation of the Solana network's rules by
 the Staking Services Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· validators
 ceasing to be eligible to participate in the Solana network's proof-of-stake protocol
 and earn rewards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "bonding,"
 "unbonding" or other SOL lock-up periods specified by the Solana network; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· delays
 or other operational factors related to or otherwise impacting the Trust's Staking
 Activities.

***The Staking Services Provider may not optimally execute the Staking Activities.***

The Trust relies on the resources of the Staking Services Provider to facilitate Staking Activities. The Staking Services Provider will provide the hardware, software and services necessary to stake the SOL from a validator node. The hardware and software utilized by the Staking Services Provider may prove to be inadequate to maximize the Trust's staking revenue. The Trust is dependent on the hardware, software and services of the Staking Services Provider to effectively execute the Staking Activities. The Delegated Sponsor will have no ability to supervise or direct the conduct of the Staking Services Provider.

In addition, the Staking Provider Consideration will be paid from the proceeds of the staking activities received by the Trust. The payment of the Staking Provider Consideration will reduce the portion of the staking rewards generated by the Staking Activities that are actually retained by the Trust. Accordingly, the staking rewards actually retained by the Trust will likely be less than what the Trust would retain if the Delegated Sponsor were to administer its own Staking Activities without the assistance of third-party service providers.

***The Trust is exposed to risks associated with Solana Labs and Solana Foundation.***

The value of SOL may be materially influenced by activities undertaken by Solana Labs and Solana Foundation, which play a significant role in the development of the Solana network. Any adverse developments impacting Solana Labs and Solana Foundation could potentially adversely affect the value of SOL and, therefore, the value of an investment in the Trust.

***The Trust may vary the amount of SOL to be staked and the rewards received may accordingly change from time to time.***

The Trust's staking program seeks to maximize the portion of the Trust's SOL available for staking while controlling for liquidity and redemption risks. Under normal market conditions, the Trust generally intends to stake up to 100% of its SOL holdings through one or more SOL Custodians with one or more Staking Services Providers, except that the Trust will periodically maintain a portion of unstaked SOL to support liquidity. The actual percentage staked may vary based on liquidity needs or other factors, including redemption activity, distributions, regulatory or network concerns, disruptions in custodial or staking arrangements, or other circumstances that could affect the Trust's ability to continue staking. These factors may cause the percentage of SOL staked to fluctuate over time.

***No guarantee of Staking Rewards.***

No person or entity, whether the SOL Custodians, the Staking Services Providers, or any actor associated with the Solana network, nor any other person, entity, or actor, guarantees that the Trust will receive any particular quantity or amount of staking rewards, or at any particular time. The Trust is dependent on its service providers, particularly the SOL Custodians and the Staking Services Providers, among others, to perform the activities needed to earn staking rewards, and then withdraw the SOL earned as staking rewards and send to the Trust's Cold Vault Balances at the SOL Custodians, and then convert the staking rewards to U.S. dollars that can be distributed to Shareholders. Any default, failure to perform, breach, delay, interruption, or other event or condition affecting the Trust's service providers can impact the staking rewards available to the Trust, and therefore, available for distribution in U.S. dollars to the Trust's Shareholders. See "The Trust will be dependent on third parties to effectively execute the Trust's Staking Activities."

Although the Delegated Sponsor intends to cause the Trust to engage in staking in connection with the commencement of this offering, the Trust will not be in a position to earn any staking rewards until after the activation process is completed, and there will consequently be no distributions of staking rewards until the Trust receives staking rewards. During any period during which the Trust is engaging in Staking Activities, the Trust may receive distributions of staking rewards in the form of SOL in amounts or quantities which may be less than might be expected based on historical ranges or annualized averages. Such variation can be due to many factors, such as Solana network restrictions and processes in connection with activation, deactivation, and withdrawal. See "-Staked SOL will be inaccessible for a variable period of time, determined by a range of factors, which could result in certain liquidity risk to the Trust." Alternatively, delays can be caused by the Trust's service providers, such as the SOL Custodians or Staking Services Providers. If no staking rewards from staking have been received by the Trust and are available for distribution for any reason prior to the intended distribution date, such as during the activation process for staking (when no rewards will be earned), or during stressed conditions in which the Delegated Sponsor chooses to prioritize using un-staked SOL to meet redemptions over distribution of staking rewards, or due to failures, delays, or defaults by the Trust's service providers, no distribution of staking rewards will be made at that time.

***The scheduled creation of newly minted SOL and their subsequent sale may cause the price of SOL to decline, which could negatively affect an investment in the Trust.***

Newly-created or minted SOL are generated through a process referred to as "staking" which involves the collection of a staking reward of new SOL. To operate a node, a validator must acquire and lock some amount of SOL by sending a special transaction to the staking contract, which transaction associates the staked SOL with a withdrawal address (to unlock the SOL and receive any staking rewards) and a validator address (to designate the validator node performing transaction verification). When the recipient makes newly-minted SOL available for sale, there can be downward pressure on the price of SOL as the new supply is introduced into the SOL market.

***Limits on SOL supply.***

The rate at which new SOL are issued and put into circulation is expected to vary. The Solana network has no formal cap on the total supply of SOL. The Solana network does, however, feature several mechanisms that, individually and in aggregate, have the effect of limiting the total supply of SOL outstanding.

The proof-of-stake mechanism limits the total supply of SOL in circulation by effectively locking staked SOL for a certain period of time, making it temporarily unavailable for trading or selling.

Additionally, the supply of SOL is limited as a result of the deflationary transaction fee burning mechanism. The Solana protocol reduces the SOL supply by eliminating 50% of transaction fees paid in SOL to the network.

***The prevailing level of transaction fees may adversely affect the usage of the Solana network.***

New SOL is created when SOL validators use their stake on the Solana network to participate in the consensus mechanism, which records and verifies every SOL transaction on the Solana blockchain. In return for their services, validators are rewarded through receipt of a set amount of SOL. If priority fees voluntarily paid by users are not sufficiently high or if transaction fees increase to the point of being prohibitively expensive for users, validators may not have an adequate incentive to continue validating. Further, if the price of SOL or the reward for validating new blocks is not sufficiently high to incentivize validators, validators may cease participating in the consensus mechanism. Validators ceasing operations or participation in the consensus mechanism would reduce the collective processing power on the Solana network, which would adversely affect the confirmation process for transactions (i.e., temporarily decreasing the speed at which blocks are added to the blockchain) and make the Solana network more vulnerable to malicious actors obtaining sufficient control to alter the blockchain and hinder transactions. Any reduction in confidence in the confirmation process or processing power of the Solana network may adversely affect a Trust's investments in SOL.

The amount of new SOL earned by staking may be adjusted. Historically, the validating reward associated with solving a Solana block has been reduced, although the supply of new SOL is uncapped. If the transaction fees are too low, validators may not be incentivized to expend processing power to validate transactions and confirmations of transactions on the blockchain could be temporarily slowed. A reduction in the processing power expended by validators on the Solana network could reduce infrastructure security, reduce confidence in the Solana network, or expose the Solana network to a malicious actor or botnet obtaining a majority of processing power on the Solana network. Decreased demand for SOL or reduced security on the Solana network may adversely impact an investment in the Shares.

***A determination that SOL or any other digital asset is offered or sold as a "security" may adversely affect the price of SOL and the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Trust.***

Depending on its characteristics, a digital asset, including SOL, may be considered to be offered or sold as a "security" under U.S. federal securities laws. The tests for determining whether a particular digital asset is offered or sold as a "security" are complex and difficult to apply, and the outcome is difficult to predict.

Further, the SEC has brought enforcement actions against the issuers and promoters of several other digital assets on the basis that the digital assets in question are securities. More recently, the SEC has also brought enforcement actions against digital asset trading platforms for allegedly operating unregistered securities exchanges on the basis that certain of the digital assets traded on their platforms are securities, although at least one or more of these actions has since been withdrawn or dismissed following a joint stipulation between the SEC and the entities allegedly operating an exchange. SEC and other government or regulatory enforcement actions have led, and may in the future lead, to further volatility in digital asset prices.

Whether a digital asset is offered or sold as a security under the U.S. federal securities laws depends on whether it is included in the lists of instruments making up the definition of "security" in the 1933 Act, the Exchange Act and the 1940 Act. Digital assets do not appear in any of these lists, although each list includes the terms "investment contract" and "note," and the SEC has typically analyzed whether a particular digital asset is offered or sold as a security by reference to whether it meets the tests developed by the federal courts interpreting these terms, known as the "*Howey*" and "*Reves*" tests, respectively. For many digital assets, whether or not the *Howey* or *Reves* tests are met is difficult to resolve definitively, and substantial legal arguments can often be made both in favor of and against a particular digital asset qualifying as being offered or sold as a security under one or both of the *Howey* and *Reves* tests. Adding to the complexity, the SEC staff has indicated that the security status of a particular digital asset can change over time as the relevant facts evolve.

The SEC staff recently provided general guidance indicating that many digital assets are not securities under the *Howey* test for investment contracts. Such guidance, however, notes that although a digital asset may not be a security in itself, the asset may nevertheless be offered and sold as part of an investment contract, and may therefore form part of a security. Accordingly, it is possible that the SEC, a state securities regulator, or a federal or state court could find that SOL (including the SOL held by the Trust) was offered and sold as part of an investment contract, and was therefore a security at the time of such sale. It is also unclear what, if any weight, the SEC's guidance would be given by a federal or state court deciding the question of whether SOL is a security, or was offered and sold as part of a security.

If the Delegated Sponsor determines that SOL is offered or sold as a security under the U.S. federal securities laws, whether that determination is initially made by the Sponsor itself, or because a federal court upholds an allegation that SOL is offered or sold as a security, the Sponsor does not intend to permit the Trust to continue holding SOL in a way that would violate the federal securities laws (and therefore would either dissolve the Trust or potentially seek to operate the Trust in a manner that complies with the federal securities laws, including the 1940 Act).

Any enforcement action by the SEC or a state securities regulator asserting that SOL is offered or sold as a security, or a court decision to that effect, would be expected to have an immediate material adverse impact on the trading price of SOL, as well as the Shares. This is because the business models behind most digital assets are incompatible with regulations applying to transactions in securities. If a digital asset is determined to be offered or sold as a security, it is likely to become difficult or impossible for the digital asset to be traded, cleared or custodied in the United States through the same channels used by non-security digital assets, which in addition to materially and adversely affecting the trading value of the digital asset is likely to significantly impact its liquidity and market participants' ability to convert the digital asset into U.S. dollars. Any assertion that a digital asset is offered or sold as a security by the SEC or another regulatory authority may have similar effects.

If SOL is found by a court or other regulatory body to be offered or sold as a security, the Trust could be considered an unregistered "investment company" under the 1940 Act, which could necessitate the Trust's liquidation under the terms of the Trust Agreement. Furthermore, the Trust could be considered to be engaged in a distribution (*i.e.*, a public offering) of unregistered securities in violation of Section 5 of the 1933 Act, which could impose significant civil and criminal liability on the Trust. There is no guarantee that a court of regulatory body will agree with the Sponsor's assessment that SOL is not offered or sold as a security.

Moreover, whether or not the Delegated Sponsor or the Trust were subject to additional regulatory requirements as a result of any determination that its assets include securities, the Delegated Sponsor may nevertheless decide to terminate the Trust, in order, if possible, to liquidate the Trust's assets while a liquid market still exists. If the SEC or a federal court were to determine that SOL is offered or sold as a security, the value of the Shares of the Trust would decline significantly. Furthermore, if a federal court upholds an allegation that SOL is offered or sold as a security, the Trust itself may be terminated and, if practical, its assets liquidated.

***Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets, or any ability to participate in or otherwise influence a digital asset's underlying network, could have an adverse effect on the market price of such digital asset.***

Solana's initial token supply was heavily concentrated, with approximately 48% allocated to founders and early investors. While ownership of Solana is now more distributed, the largest wallets continue to hold a very significant proportion of Solana supply. As of May 2026, the largest 100 SOL wallets held approximately 22.76% of the SOL in circulation. Moreover, it is possible that other persons or entities control multiple wallets that collectively hold a significant amount of SOL, even if they individually only hold a small amount, and it is possible that some of these wallets are controlled by the same person or entity. As a result of this concentration of ownership, large sales or distributions by such holders could have an adverse effect on the market price of SOL.

The Solana Foundation and Solana Labs continue to be significant holders of SOL and continue to have significant influence over the Solana network's development and governance. Historically the Solana network's development has been overseen by Solana Labs, the Solana Foundation and other core developers. The Solana Foundation and core developers are able to access and alter the Solana network source code and, as a result, they are responsible for quasi-official releases of updates and other changes to the Solana network's source code. If a significant majority of users and validators adopt amendments to a decentralized network based on the proposals of such core developers, such network will be subject to new protocols that may adversely affect the value of the relevant digital asset. As a result of the foregoing, it may be difficult to find solutions or marshal sufficient effort to overcome any future problems, especially long-term problems, on digital asset networks.

The fact that a small group of holders hold a large proportion of SOL, and can therefore significantly influence network development may deter further adoption and decentralization of the Solana network. This, in turn, may affect the market price and viability of SOL as an asset.

Core development of the Solana source code has increasingly focused on modifications of the Solana protocol to increase speed and scalability and also allow for financial and non-financial next generation uses. Conversely, projects that operate and are built within the Solana blockchain may increase the data flow on the Solana network and could either "bloat" the size of the Solana blockchain or slow confirmation times.

***The trading prices of many digital assets, including SOL, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further decline in the trading prices of SOL, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.***

The trading prices of many digital assets, including SOL, have experienced extreme volatility in recent periods and may continue to do so. Several factors may affect the price of SOL, including, but not limited to: supply and demand, investors' expectations with respect to the rate of inflation, interest rates, currency exchange rates or future regulatory measures (if any) that restrict the trading of SOL or the use of SOL as a form of payment. The issuance of SOL is determined by a computer code, not by a central bank, and prices can be extremely volatile. For example, between January 1, 2025 and December 31, 2025, the price of SOL ranged from $294.33 to $113.19, marking a drawdown of 61.54%. Likewise, during the first four months of calendar year 2026, the price of SOL ranged from $$68.69 to $148.22, marking an increase of 115.78%. Extreme volatility may persist, and the value of the Shares may significantly decline in the future without recovery. The digital asset markets may still be experiencing a bubble or may experience a bubble again in the future. For example, in the first half of 2022, each of Celsius Network, Voyager Digital Ltd., and Three Arrows Capital declared bankruptcy, resulting in a loss of confidence in participants of the digital asset ecosystem and negative publicity surrounding digital assets more broadly. In November 2022, FTX Trading Ltd. ("FTX") one of the largest digital asset exchanges by volume at the time, halted customer withdrawals amid rumors of the company's liquidity issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly thereafter, FTX's CEO resigned, and FTX and many of its affiliates filed for bankruptcy in the United States, while other affiliates have entered insolvency, liquidation, or similar proceedings around the globe, following which the U.S. Department of Justice brought criminal fraud and other charges, and the SEC and CFTC brought civil securities and commodities fraud charges, against certain of FTX's and its affiliates' senior executives, including its former CEO, who was found guilty of these criminal charges in November 2023. In addition, several other entities in the digital asset industry filed for bankruptcy following FTX's bankruptcy filing, such as BlockFi Inc. and Genesis Global Capital, LLC ("Genesis"). In response to these events (collectively, the "2022 Events"), the digital asset markets have experienced extreme price volatility and other entities in the digital asset industry have been, and may continue to be, negatively affected, further undermining confidence in the digital asset markets. These events have also negatively impacted the liquidity of the digital asset markets as certain entities affiliated with FTX engaged in significant trading activity. If the liquidity of the digital asset markets continues to be negatively impacted by these events, digital asset prices, including SOL, may continue to experience significant volatility or price declines, and confidence in the digital asset markets may be further undermined. In addition, regulatory and enforcement scrutiny has increased, including from, among others, the U.S. Department of Justice, the SEC, the CFTC, the White House and Congress, as well as state regulators and authorities. These events are continuing to develop, and the full facts are continuing to emerge. It is not possible to predict at this time all of the risks that they may pose to the Trust, its service providers or to the digital asset industry as a whole.

Extreme volatility in the future, including further declines in the trading prices of SOL, could have a material adverse effect on the value of the Shares, and the Shares could lose all or substantially all of their value. The Trust is not actively managed and will not take any actions to take advantage, or mitigate the impacts, of volatility in the price of SOL.

***Spot markets on which SOL trades are relatively new and largely unregulated.***

Digital asset markets, including spot markets for SOL, are growing rapidly. The spot markets through which SOL and other digital assets trade are new and, in some cases, may be subject to but not comply with their relevant jurisdiction's regulations. These markets are local, national and international and include a broadening range of digital assets and participants. Significant trading may occur on systems and platforms with minimum predictability. Spot markets may impose daily, weekly, monthly or customer-specific transaction or withdrawal limits or suspend withdrawals entirely, rendering the exchange of SOL for fiat currency difficult or impossible. Participation in spot markets requires users to take on credit risk by transferring SOL from a personal account to a third party's account.

Digital asset exchanges do not appear to be subject to, and may not comply with, regulation in a similar manner as other regulated trading platforms, such as national securities exchanges or designated contract markets. Many digital asset exchanges are unlicensed, unregulated, operate without extensive supervision by governmental authorities, and do not provide the public with significant information regarding their ownership structure, management team, corporate practices, cybersecurity, and regulatory compliance. In particular, those located outside the United States may be subject to significantly less stringent regulatory and compliance requirements in their local jurisdictions.

As a result, trading activity on or reported by these digital asset exchanges is generally significantly less regulated than trading in regulated U.S. securities and commodities markets, and may reflect behavior that would be prohibited in regulated U.S. trading venues. Furthermore, many spot markets lack certain safeguards put in place by more traditional exchanges to enhance the stability of trading on the exchange and prevent flash crashes, such as limit-down circuit breakers. As a result, the prices of digital assets such as SOL on digital asset exchanges may be subject to larger and/or more frequent sudden declines than assets traded on more traditional exchanges. Tools to detect and deter fraudulent or manipulative trading activities (such as market manipulation, front-running of trades, and wash-trading) may not be available to or employed by digital asset exchanges or may not exist at all. As a result, the marketplace may lose confidence in, or may experience problems relating to, these venues.

No SOL exchange is immune from these risks. While the Trust itself does not buy or sell SOL on SOL spot markets, the closure or temporary shutdown of SOL exchanges due to fraud, business failure, hackers or malware, or government-mandated regulation may reduce confidence in the Solana network and can slow down the mass adoption of SOL. Further, spot market failures or that of any other major component of the overall Solana ecosystem can have an adverse effect on SOL markets and the price of SOL and could therefore have a negative impact on the performance of the Trust.

In addition, the Prime Broker may route orders through connected trading venues ("Connected Trading Venue") when executing transactions on behalf of the Trust and may hold some of the Trust's SOL assets on Connected Trading Venues. See "The Prime Broker routes orders through Connected Trading Venues in connection with trading services under the Prime Broker Agreement. The loss or failure of any such Connected Trading Venues may adversely affect the Prime Broker's business and cause losses for the Trust."

Negative perception, a lack of stability in the SOL spot markets, manipulation of SOL spot markets by customers and/or the closure or temporary shutdown of such exchanges due to fraud, business failure, hackers or malware, or government-mandated regulation may reduce confidence in SOL generally and result in greater volatility in the market price of SOL and the Shares of the Trust. Furthermore, the closure or temporary shutdown of a SOL spot market may impact the Trust's ability to determine the value of its SOL holdings or for the Trust's Authorized Participants to effectively arbitrage the Trust's Shares.

***The use of cash creations and redemptions, as opposed to in-kind creations and redemptions, may adversely affect the arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of SOL and, as a result, the price of the Shares may fall or otherwise diverge from NAV.***

Baskets may be created or redeemed in exchange for SOL or cash. However, only certain Authorized Participants, at present, have the ability to also, through their affiliates, support in-kind creation and redemption activity. The use of cash creations and redemptions, as opposed to in-kind creations and redemptions, could cause delays in trade execution due to potential operational issues arising from implementing a cash creation and redemption model, which involves greater operational steps (and therefore execution risk) than the originally contemplated in-kind creation and redemption model, or the potential unavailability or exhaustion of any trade financing or similar arrangements used in connection with cash creations and redemptions, which the Trust would not be able to use in connection with in-kind creations and redemptions. Such delays could cause the execution price associated with such trades to materially deviate from the Index price used to determine the NAV. In addition, SOL Trading Counterparties must settle SOL transactions with the Trust within a contractually specified time period, subject to customary exceptions. If the SOL Trading Counterparty fails to perform its obligations within the contractually specified time period, the Trust would seek to execute the SOL transaction with an alternate SOL Trading Counterparty. However, the pricing or terms of the ultimate SOL transaction conducted through an alternate SOL Trading Counterparty after the failure of the SOL Trading Counterparty to perform its obligations could deviate, potentially significantly, from the pricing or terms of the transaction that the Trust originally entered with the SOL Trading Counterparty. Even though the Authorized Participant is responsible for the dollar cost of such difference in prices, Authorized Participants could default on their obligations to the Trust, or such potential risks and costs could lead to Authorized Participants, who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying SOL, to elect to not participate in the Trust's Share creation and redemption processes. This may adversely affect the arbitrage mechanism intended to keep the price of the Shares closely linked to the price of SOL, and as a result, the price of the Shares may fall or otherwise diverge from NAV. If the arbitrage mechanism is not effective, purchases or sales of Shares on the secondary market could occur at a premium or discount to NAV, which could harm Shareholders by causing them to buy Shares at a price higher than the value of the underlying SOL held by the Trust or sell Shares at a price lower than the value of the underlying SOL held by the Trust, causing Shareholders to suffer losses. Alternatively, Authorized Participants could refrain from participating in creating and redeeming Baskets and could disrupt the Trust's ability to operate. Similarly, if SOL Trading Counterparties or other parties that transact with the Trust refrain from transacting with the Trust, it could disrupt the Trust's ability to operate. The Trust expects to conduct SOL purchase and sale transactions with SOL Trading Counterparties. The reliance on SOL Trading Counterparties creates a risk that if trading with SOL Trading Counterparties is unavailable or disrupted for any reason, the Trust will be unable to execute SOL transactions and the Trust's cash creation and redemption processes will be disrupted. In addition, a failure to settle SOL transactions could disrupt the calculation of the Trust's NAV or potentially cause inaccuracies in NAV calculation, which could disrupt the Trust's operations or cause Shareholders to suffer losses.

***Authorized Participants may act in the same or similar capacity for other competing products.***

Authorized Participants play a critical role in supporting the U.S. spot SOL exchange-traded product ecosystem. Currently, the number of potential Authorized Participants willing and capable of serving as Authorized Participants to the Trust or other competing products is limited. Authorized Participants may act in the same or similar capacity for other competing products, including exchange-traded products offering exposure to the spot SOL market or other digital assets. The Trust is therefore subject to risks associated with these competing products utilizing the same Authorized Participants to support the trading activity of the Trust and liquidity in the Trust's Shares.

To the extent Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, Shares may trade at a material discount to NAV and possibly face delisting. To the extent that exchange-traded products offering exposure to the spot SOL market or other digital assets utilize substantially the same Authorized Participants, this industry concentration may have the effect of magnifying the risks associated with the Authorized Participants, as operational disruptions or adverse developments impacting the Authorized Participants may be felt on an industry-wide basis, which, in turn, may adversely affect not only the Trust and the value of an investment in the Shares, but also these competing products utilizing the same Authorized Participants and, more generally, exchange-traded products offering exposure to the spot SOL market or other digital assets. These industry-wide adverse effects could result in a broader loss of confidence in exchange-traded products offering exposure to the spot SOL market or other digital assets, which could further impact the Trust and the value of an investment in the Shares.

***Spot markets may be exposed to security breaches.***

The nature of the assets held at SOL spot markets makes them appealing targets for hackers and a number of SOL spot markets have been victims of cybercrimes. Over the past several years, some digital asset exchanges have been closed due to security breaches. In many of these instances, the customers of such digital asset exchanges were not compensated or made whole for the partial or complete losses of their account balances in such digital asset exchanges. While, generally speaking, smaller digital asset exchanges are less likely to have the infrastructure and capitalization that make larger digital asset exchanges more stable, larger digital asset exchanges are more likely to be appealing targets for hackers and malware.

For example, the collapse of Mt. Gox, which filed for bankruptcy protection in Japan in late February 2014, demonstrated that even the largest digital asset exchanges could be subject to abrupt failure with consequences for both users of digital asset exchanges and the digital asset industry as a whole. In particular, in the two weeks that followed the February 7, 2014, halt of bitcoin withdrawals from Mt. Gox, the value of one bitcoin fell on other exchanges from around $795 on February 6, 2014, to $578 on February 20, 2014. Additionally, in January 2015, Bitstamp announced that approximately 19,000 bitcoin had been stolen from its operational or "hot" wallets. Further, in August 2016, it was reported that almost 120,000 bitcoin worth around $78 million were stolen from Bitfinex, a large digital asset exchange. The value of bitcoin and other digital assets immediately decreased over 10% following reports of the theft at Bitfinex. In July 2017, FinCEN assessed a $110 million fine against BTC-E, a now defunct digital asset exchange, for facilitating crimes such as drug sales and ransomware attacks. In addition, in December 2017, Yapian, the operator of Seoul-based digital asset exchange Youbit, suspended digital asset trading and filed for bankruptcy following a hack that resulted in a loss of 17% of Yapian's assets. Following the hack, Youbit users were allowed to withdraw approximately 75% of the digital assets in their exchange accounts, with any potential further distributions to be made following Yapian's pending bankruptcy proceedings. In addition, in January 2018, the Japanese digital asset exchange, Coincheck, was hacked, resulting in losses of approximately $535 million, and in February 2018, the Italian digital asset exchange, Bitgrail, was hacked, resulting in approximately $170 million in losses. In May 2019, one of the world's largest digital asset exchanges, Binance, was hacked, resulting in losses of approximately $40 million. On February 21, 2025, Bybit, a digital asset exchange, experienced a significant security breach resulting in the loss of nearly $1.5 billion worth of ether.

***Spot markets may be exposed to fraud and market manipulation.***

The blockchain infrastructure could be used by certain market participants to exploit arbitrage opportunities through schemes such as front-running, spoofing, pump-and-dump and fraud across different systems, platforms or geographic locations. As a result of reduced oversight, these schemes may be more prevalent in digital asset markets than in the general market for financial products.

The SEC has identified possible sources of fraud and manipulation in the digital asset market generally, including, among others (1) "wash trading"; (2) persons with a dominant position in digital assets manipulating digital asset pricing; (3) hacking of a digital asset network and trading platforms; (4) malicious control of digital asset networks; (5) trading based on material, non-public information (for example, plans of market participants to significantly increase or decrease their holdings in digital assets, new sources of demand for digital assets, etc.) or based on the dissemination of false and misleading information; (6) manipulative activity involving purported "stablecoins," including Tether; and (7) fraud and manipulation at digital asset trading platforms.

Over the past several years, a number of digital asset spot markets have been closed or faced issues due to fraud. In many of these instances, the customers of such SOL spot markets were not compensated or made whole for the partial or complete losses of their account balances in such digital asset exchanges.

In 2019, there were reports claiming that 80.95% of bitcoin trading volume on digital asset exchanges was false or noneconomic in nature, with specific focus on unregulated exchanges located outside of the United States. Such reports alleged that certain overseas exchanges have displayed suspicious trading activity suggestive of a variety of manipulative or fraudulent practices. Other academics and market observers have put forth evidence to support claims that manipulative trading activity has occurred on certain digital asset exchanges. For example, in a 2017 paper titled "Price Manipulation in the Bitcoin Ecosystem" sponsored by the Interdisciplinary Cyber Research Center at Tel Aviv University, a group of researchers used publicly available trading data, as well as leaked transaction data from a 2014 Mt. Gox security breach, to identify and analyze the impact of "suspicious trading activity" on Mt. Gox between February and November 2013, which, according to the authors, caused the price of bitcoin to increase from around $150 to more than $1,000 over a two-month period. In August 2017, it was reported that a trader or group of traders nicknamed "Spoofy" was placing large orders on Bitfinex without actually executing them, presumably in order to influence other investors into buying or selling by creating a false appearance that greater demand existed in the market. In December 2017, an anonymous blogger (publishing under the pseudonym Bitfinex'd) cited publicly available trading data to support his or her claim that a trading bot nicknamed "Picasso" was pursuing a paint-the-tape-style manipulation strategy by buying and selling bitcoin and bitcoin cash between affiliated accounts in order to create the appearance of substantial trading activity and thereby influence the price of such assets.

In November 2022, FTX, one of the largest digital asset exchanges by volume at the time, halted customer withdrawals amid rumors of the company's liquidity issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly thereafter, FTX's CEO resigned and FTX and many of its affiliates filed for bankruptcy in the United States, while other affiliates have entered insolvency, liquidation, or similar proceedings around the globe, following which the U.S. Department of Justice brought criminal fraud and other charges, and the SEC and CFTC brought civil securities and commodities fraud charges, against certain of FTX's and its affiliates' senior executives, including its former CEO. Around the same time, there were reports that approximately $300-600 million worth of digital assets were removed from FTX and the full facts remain unknown, including whether such removal was the result of a hack, theft, insider activity, or other improper behavior.

The potential consequences of a spot market's failure or failure to prevent market manipulation could adversely affect the value of the Shares. Any market abuse, and a loss of investor confidence in SOL, may adversely impact pricing trends in SOL markets broadly, as well as an investment in the Shares of the Trust.

***Spot markets may be exposed to wash trading.***

Spot markets on which SOL trades may be susceptible to wash trading. Wash trading occurs when offsetting trades are entered into for other than bona fide reasons, such as the desire to inflate reported trading volumes. Wash trading may be motivated by non-economic reasons, such as a desire for increased visibility on popular websites that monitor markets for digital assets so as to improve their attractiveness to investors who look for maximum liquidity, or it may be motivated by the ability to attract listing fees from token issuers who seek the most liquid and high-volume exchanges on which to list their coins. Results of wash trading may include unexpected obstacles to trade and erroneous investment decisions based on false information.

Even in the United States, there have been allegations of wash trading even on regulated venues. Any actual or perceived false trading in the digital asset exchange market, and any other fraudulent or manipulative acts and practices, could adversely affect the value of SOL and/or negatively affect the market perception of SOL.

To the extent that wash trading either occurs or appears to occur in spot markets on which SOL trades, investors may develop negative perceptions about SOL and the digital assets industry more broadly, which could adversely impact the price SOL and, therefore, the price of Shares. Wash trading also may place more legitimate digital asset exchanges at a relative competitive disadvantage.

***Spot markets may be exposed to front-running.***

Spot markets on which SOL trades may be susceptible to "front-running," which refers to the process when someone uses technology or market advantage to get prior knowledge of upcoming transactions. Front-running is a frequent activity on centralized as well as decentralized exchanges. By using bots functioning on a millisecond-scale timeframe, bad actors are able to take advantage of the forthcoming price movement and make economic gains at the cost of those who had introduced these transactions. The objective of a front runner is to buy a chunk of tokens at a low price and later sell them at a higher price while simultaneously exiting the position. Front-running happens via manipulations of transaction fees or timestamps, also known as slow matching. To the extent that front-running occurs, it may result in investor frustrations and concerns as to the price integrity of digital asset exchanges and digital assets more generally.

***The Staking Services Provider may not optimally execute the Staking Activities.***

The Trust relies on the resources of the Staking Services Provider to facilitate the Delegated Sponsor's Staking Activities. The Staking Services Provider will provide the hardware, software and services necessary to stake the SOL from a validator node. The hardware and software utilized by the Staking Services Provider may prove to be inadequate to maximize the Trust's staking revenue. The Trust is dependent on the hardware, software and services of the Staking Services Provider to effectively execute the Staking Activities. The Delegated Sponsor will have no ability to supervise or direct the conduct of the Staking Services Provider.

In addition, the Staking Provider Consideration will be paid from the proceeds of the staking program received by the Trust. The payment of the Staking Provider Consideration will reduce the portion of the staking rewards generated by the Staking Activities that are actually retained by the Trust. Accordingly, the staking rewards actually retained by the Trust will likely be less than what the Trust would retain if the Delegated Sponsor were to administer its own Staking Activities without the assistance of third-party service providers.

***The market value of SOL is subject to momentum pricing.***

The market value of SOL is not based on any kind of claim, nor backed by any physical asset. Instead, the market value depends on the expectation of being usable in future transactions and continued interest from investors. This strong correlation between an expectation and market value is the basis for the current (and probable future) volatility of the market value of SOL and may increase the likelihood of momentum pricing.

Momentum pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, is impacted by appreciation in value. Momentum pricing may result in speculation regarding future appreciation in the value of digital assets, which inflates prices and leads to increased volatility. As a result, SOL may be more likely to fluctuate in value due to changing investor confidence in future appreciation or depreciation in prices, which could adversely affect the price of SOL, and, in turn, an investment in the Trust.

The value of SOL as represented by the Pricing Benchmark may also be subject to momentum pricing due to speculation regarding future appreciation in value, leading to greater volatility that could adversely affect the value of the Shares. Momentum pricing of SOL has previously resulted, and may continue to result, in speculation regarding future appreciation or depreciation in the value of SOL, further contributing to volatility and potentially inflating prices at any given time. These dynamics may impact the value of an investment in Trust.

Some market observers have asserted that in time, the value of SOL will fall to a fraction of its current value, or even to zero. SOL has not been in existence long enough for market participants to assess these predictions with any precision, but if these observers are even partially correct, an investment in the Shares may turn out to be substantially worthless.

***A decline in the adoption of SOL could negatively impact the Trust.***

The Delegated Sponsor will not have any strategy relating to the development of SOL and the Solana network. However, a lack of expansion in usage of SOL and the Solana network could adversely affect an investment in Shares.

The further development and acceptance of the Solana network, which is part of a new and rapidly changing industry, is subject to a variety of factors that are difficult to evaluate. For example, the Solana network faces significant obstacles to increasing the usage of SOL without resulting in higher fees or slower transaction settlement times, and attempts to increase the volume of transactions may not be effective. The slowing, stopping or reversing of the development or acceptance or usage of the Solana network and associated smart contracts may adversely affect the price of SOL and therefore an investment in the Shares. This may adversely affect the price of SOL and therefore an investment in the Shares. The further adoption of SOL will require growth in its usage and in the Solana network. Adoption of SOL will also require an accommodating regulatory environment.

The use of digital assets such as SOL to, among other things, buy and sell goods and services or facilitate cross-border payments, is part of a new and rapidly evolving industry that employs digital assets based upon computer-generated mathematical and/or cryptographic protocols. SOL is a prominent, but not unique, part of this industry. The growth of this industry is subject to a high degree of uncertainty, as new assets and technological innovations continue to develop and evolve. Currently, there is relatively limited use of SOL in the retail and commercial marketplace in comparison to relatively extensive use as a store of value, thus contributing to price volatility that could adversely affect an investment in the Shares. However, SOL may not be suited for a number of commercial uses, including those requiring real time payments, partially due to the amount of time that Solana transactions may potentially require in order to clear. This could result in decreasing usage of the network, to the extent that SOL does not otherwise become a store of asset value or meet the needs of another commercial use.

Today, there is limited use of SOL in the retail, commercial, or payments spaces, and, on a relative basis, speculators make up a significant portion of users. Certain merchants and major retail and commercial businesses have only recently begun accepting SOL and the Solana network as a means of payment for goods and services. This pattern may contribute to outsized price volatility, which in turn can make SOL less attractive to merchants and commercial parties as a means of payment. A lack of expansion by SOL into retail and commercial markets or a contraction of such use may result in a reduction in the price of SOL, which could adversely affect an investment in the Trust.

In addition, there is no assurance that SOL will maintain its value over the long-term. The value of SOL is subject to risks related to its usage. Even if growth in SOL adoption occurs in the near or medium-term, there is no assurance that SOL usage will continue to grow over the long-term. A contraction in use of SOL may result in increased volatility or a reduction in the price of SOL, which would adversely impact the value of Shares.

***Irrevocable nature of blockchain-recorded transactions.***

SOL transactions recorded on the Solana network are not, from an administrative perspective, reversible without the consent and active participation of the recipient of the transaction or, in theory, control or consent of a majority of the Solana network's aggregate hash rate. Once a transaction has been verified and recorded in a block that is added to the blockchain, an incorrect transfer of SOL or a theft of SOL generally will not be reversible, and the Trust may not be capable of seeking compensation for any such transfer or theft. Although the Trust's transfers of SOL will regularly be made to or from the Trust's accounts at the SOL Custodians, it is possible that, through computer or human error, or through theft or criminal action, the Trust's SOL could be transferred from the Trust's account at the SOL Custodians in incorrect amounts or to unauthorized third parties, or to uncontrolled accounts. To the extent that the Trust is unable to successfully seek redress for such error or theft, such loss could adversely affect an investment in Trust.

***The loss or destruction of a private key required to access SOL may be irreversible.***

Digital assets, including SOL, are controllable only by the possessor of both the unique public key and private key or keys relating to the "digital wallet" in which the digital asset is held. Private keys must be safeguarded and kept private in order to prevent a third party from accessing the digital asset held in such wallet. To the extent a private key is lost, destroyed or otherwise compromised and no backup of the private key is accessible, the Trust will be unable to access, and will effectively lose, the SOL held in the related digital wallet. In addition, if the Trust's private keys are misappropriated and the Trust's SOL holdings are stolen, including from or by the SOL Custodians, the Trust could lose some or all of its SOL holdings, which would adversely impact an investment in the Shares of the Trust. Any loss of private keys relating to digital wallets used to store the Trust's SOL would adversely affect the value of the Shares.

***An investment in the Trust is not a deposit and is not FDIC-insured. Shareholders' limited rights of legal recourse against the Trust, Trustee, Delegated Sponsor, Administrator, Prime Broker and SOL Custodians expose the Trust and its Shareholders to the risk of loss of the Trust's SOL for which no person or entity is liable.***

The Trust is not a banking institution or otherwise a member of the FDIC or Securities Investor Protection Corporation ("SIPC") and, therefore, deposits held with or assets held by the Trust are not subject to the protections enjoyed by depositors with FDIC or SIPC member institutions. In addition, neither the Trust nor the Delegated Sponsor insures the Trust's SOL.

While the SOL Custodians have advised the Delegated Sponsor that they have insurance coverage that covers losses of the digital assets it custodies on behalf of its clients, including the Trust's SOL, resulting from theft, Shareholders cannot be assured that the SOL Custodians will maintain adequate insurance, that such coverage will cover losses with respect to the Trust's SOL, or that sufficient insurance proceeds will be available to cover the Trust's losses in full. The SOL Custodians' insurance may not cover the type of losses experienced by the Trust. Alternatively, the Trust may be forced to share such insurance proceeds with other clients or customers of the SOL Custodians, which could reduce the amount of such proceeds that are available to the Trust. In addition, the SOL insurance market is limited, and the level of insurance maintained by the SOL Custodians may be substantially lower than the assets of the Trust. While the SOL Custodians maintain certain capital reserve requirements depending on the assets under custody, and such capital reserves may provide additional means to cover client asset losses, the Trust cannot be assured that the SOL Custodians will maintain capital reserves sufficient to cover actual or potential losses with respect to the Trust's digital assets. The insurance maintained by the SOL Custodians is shared among all of the SOL Custodians' customers, is not specific to the Trust or to customers holding SOL with the SOL Custodians, and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.

Furthermore, under each of the Custodial Services Agreements, the SOL Custodians' liability is limited.

Similarly, under the Prime Broker Agreement, the Prime Broker's liability is limited as follows, among others. The Prime Broker is not liable for delays, suspension of operations, failure in performance, or interruption of service to the extent it is directly due to a cause or condition beyond the reasonable control of the Prime Broker. These and the other limitations on the Prime Broker's liability may allow it to avoid liability for potential losses or may be insufficient to cover the value of such potential losses, even if the Prime Broker directly caused such losses. Both the Trust and the Prime Broker and its affiliates are required to indemnify each other under certain circumstances.

Moreover, in the event of an insolvency or bankruptcy of the Prime Broker (in the case of the Trading Balance) or the SOL Custodians (in the case of the Cold Vault Balance) in the future, given that the contractual protections and legal rights of customers with respect to digital assets held on their behalf by third parties are relatively untested in a bankruptcy of an entity such as the SOL Custodians or Prime Broker in the virtual currency industry, there is a risk that customers' assets – including the Trust's assets – may be considered the property of the bankruptcy estate of the Prime Broker (in the case of the Trading Balance) or the SOL Custodians (in the case of the Cold Vault Balance), and customers – including the Trust – may be at risk of being treated as general unsecured creditors of such entities and subject to the risk of total loss or markdowns on value of such assets.

Due to the novelty of digital asset custodial arrangements courts have not yet considered this type of treatment for custodied digital assets and it is not possible to predict with certainty how they would rule in such a scenario. If the SOL Custodians became subject to insolvency proceedings and a court were to rule that the custodied SOL were part of the SOL Custodians' general estate and not the property of the Trust, then the Trust would be treated as a general unsecured creditor in the SOL Custodians' insolvency proceedings and the Trust could be subject to the loss of all or a significant portion of its assets. Moreover, in the event of the bankruptcy of the SOL Custodians, an automatic stay could go into effect and protracted litigation could be required in order to recover the assets held with the SOL Custodians, all of which could significantly and negatively impact the Trust's operations and the value of the Shares.

With respect to the Prime Broker Agreement, there is a risk that the Trading Balance, in which the Trust's SOL and cash is held in omnibus accounts by the Prime Broker, could be considered part of the Prime Broker's bankruptcy estate in the event of the Prime Broker's bankruptcy. The Prime Broker Agreement contains an Article 8 opt-in clause with respect to the Trust's assets held in the Trading Balance.

The amount of SOL that may be held in the Trading Balance will be limited to the amount necessary to process a given creation or redemption transaction, as applicable, or to pay for Trust Expenses not assumed by the Delegated Sponsor in consideration for the Delegated Sponsor Fee.

The Prime Broker is not required to hold any of the SOL or cash in the Trust's Trading Balance in segregation. Within the Trading Balance, the Prime Broker Agreement provides that the Trust does not have an identifiable claim to any particular SOL (and cash). Instead, the Trust's Trading Balance represents an entitlement to a pro rata share of the SOL (and cash) the Prime Broker has allocated to the omnibus wallets the Prime Broker holds, as well as the accounts in the Prime Broker's name that the Prime Broker maintains at Connected Trading Venues (which are typically held on an omnibus, rather than segregated, basis). If the Prime Broker suffers an insolvency event, there is a risk that the Trust's assets held in the Trading Balance could be considered part of the Prime Broker's bankruptcy estate and the Trust could be treated as a general unsecured creditor of the Prime Broker, which could result in losses for the Trust and Shareholders. Moreover, in the event of the bankruptcy of the Prime Broker, an automatic stay could go into effect and protracted litigation could be required in order to recover the assets held with the Prime Broker, all of which could significantly and negatively impact the Trust's operations and the value of the Shares.

Under the Trust Agreement, the Trustees and the Delegated Sponsor will not be liable for any liability or expense incurred, including, without limitation, as a result of any loss of SOL by the SOL Custodians or Prime Broker, absent fraud, gross negligence, bad faith or willful misconduct on the part of the Trustees or the Delegated Sponsor or breach by the Delegated Sponsor of the Trust Agreement, as the case may be. As a result, the recourse of the Trust or the Shareholders to the Trustees or the Delegated Sponsor, including in the event of a loss of SOL by the SOL Custodians or Prime Broker, is limited.

The Shareholders' recourse against the Delegated Sponsor, the Trustees, and the Trust's other service providers for the services they provide to the Trust, including, without limitation, those relating to the holding of SOL or the provision of instructions relating to the movement of SOL, is limited. For the avoidance of doubt, neither the Delegated Sponsor, the Trustees, nor any of their affiliates, nor any other party has guaranteed the assets or liabilities, or otherwise assumed the liabilities, of the Trust, or the obligations or liabilities of any service provider to the Trust, including, without limitation, the SOL Custodians and Prime Broker. The Prime Broker Agreement and Coinbase Custodial Services Agreement provide that neither the Delegated Sponsor, the Trustees, nor their affiliates shall have any obligation of any kind or nature whatsoever, by guaranty, enforcement or otherwise, with respect to the performance of any of the Trust's obligations, agreements, representations or warranties under the Prime Broker Agreement or Coinbase Custodial Services Agreement or any transaction thereunder. Consequently, a loss may be suffered with respect to the Trust's SOL that is not covered by the SOL Custodians' insurance and for which no person is liable in damages. As a result, the recourse of the Trust or the Shareholders, under applicable law, is limited.

***Loss of a critical banking relationship for, or the failure of a bank used by, the Trust or the Prime Broker could adversely impact the Trust's ability to create or redeem Baskets, or could cause losses to the Trust.***

To the extent that the Trust or Prime Broker faces difficulty establishing or maintaining banking relationships, the loss of the Trust or Prime Broker's banking partners, the imposition of operational restrictions by these banking partners and the inability for the Trust or the Prime Broker to utilize other financial institutions may result in a disruption of creation and redemption activity of the Trust or the Prime Broker, or cause other operational disruptions or adverse effects for the Trust or the Prime Broker. In the future, it is possible that the Trust or the Prime Broker could be unable to establish accounts at new banking partners or establish new banking relationships, or that the banks with which the Trust or the Prime Broker is able to establish relationships may not be as large or well-capitalized or subject to the same degree of prudential supervision as the existing providers.

The Trust could also suffer losses in the event that a bank in which the Trust holds assets fails, becomes insolvent, enters receivership, is taken over by regulators, enters financial distress, or otherwise suffers adverse effects to its financial condition or operational status. Recently, some banks have experienced financial distress. For example, on March 8, 2023, the California Department of Financial Protection and Innovation ("DFPI") announced that Silvergate Bank had entered voluntary liquidation, and on March 10, 2023, Silicon Valley Bank ("SVB") was closed by the DFPI. Similarly, on March 12, 2023, the New York Department of Financial Services took possession of Signature Bank and appointed the FDIC as receiver. A joint statement by the U.S. Treasury Department, the Federal Reserve and the FDIC on March 12, 2023, stated that depositors in Signature and SVB will have access to all of their funds, including funds held in deposit accounts, in excess of the insured amount. On May 1, 2023, First Republic Bank was closed by the DFPI, which appointed the FDIC as receiver. Following a bidding process, the FDIC entered into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, to acquire the substantial majority of the assets and assume certain liabilities of First Republic Bank from the FDIC.

While the Delegated Sponsor does not believe there is a direct risk to the Trust's assets from the failures of either Silvergate Bank, Signature Bank or First Republic Bank, in the future, changing circumstances and market conditions, some of which may be beyond the Trust's or the Delegated Sponsor's control, could impair the Trust's ability to access the Trust's cash held with the Prime Broker. If the Prime Broker were to experience financial distress or its financial condition is otherwise affected by the failure of its banking partners, the Prime Broker's ability to provide services to the Trust could be affected. Moreover, the future failure of a bank at which the Prime Broker maintains customer cash could result in losses to the Trust, to the extent the balances are not subject to deposit insurance, notwithstanding the regulatory requirements to which the Prime Broker is subject or other potential protections.

***If the Custodial Services Agreements or Prime Broker Agreement is terminated or the SOL Custodians or Prime Broker fails to provide services as required, the Delegated Sponsor may need to find and appoint a replacement custodian, which could pose a challenge to the safekeeping of the Trust's SOL, and the Trust's ability to continue to operate may be adversely affected.***

The Trust is dependent on the SOL Custodians, which are BNY and the Coinbase Custodian, and the Prime Broker, Coinbase Inc. to operate. The Coinbase Custodian performs essential functions in terms of safekeeping the Trust's SOL in the Cold Vault Balance, and its affiliate, Coinbase, Inc. in its capacity as Prime Broker, facilitates the selling of SOL by the Trust to pay the Delegated Sponsor Fee and, to the extent applicable, other Trust expenses, and in extraordinary circumstances, to liquidate the Trust. If the Coinbase Custodian or Coinbase, Inc. fails to perform the functions they perform for the Trust, the Trust may be unable to operate or create or redeem Baskets, which could force the Trust to liquidate or adversely affect the price of the Shares.

In March 2023, the Prime Broker and its parent, Coinbase Global, Inc. (such parent, "Coinbase Global" and together with Coinbase Inc., the "Relevant Coinbase Entities") received a "Wells Notice" from the SEC staff stating that the SEC staff made a "preliminary determination" to recommend that the SEC file an enforcement action against the Relevant Coinbase Entities alleging violations of the federal securities laws, including the Exchange Act and the 1933 Act. According to Coinbase Global's public reporting company disclosure, based on discussions with the SEC staff, the Relevant Coinbase Entities believe these potential enforcement actions would relate to aspects of the Relevant Coinbase Entities' Coinbase Prime service, spot market, staking service Coinbase Earn, and Coinbase Wallet, and the potential civil action may seek injunctive relief, disgorgement, and civil penalties. In June 2023, the SEC filed a complaint against the Relevant Coinbase Entities in federal district court in the Southern District of New York, alleging, inter alia: (i) that Coinbase Inc. has violated the Exchange Act by failing to register with the SEC as a national securities exchange, broker-dealer, and clearing agency, in connection with activities involving certain identified digital assets that the SEC's complaint alleges are securities, (ii) that Coinbase Inc. has violated the 1933 Act by failing to register with the SEC the offer and sale of its staking program, and (iii) that Coinbase Global is jointly and severally liable as a control person under the Exchange Act for Coinbase Inc.'s violations of the Exchange Act to the same extent as Coinbase Inc. On February 27, 2025, the SEC announced that it had filed a joint stipulation with Coinbase Inc. and Coinbase Global to dismiss the ongoing civil enforcement action against the two entities.

In the event of any future SEC or other governmental, regulatory or other enforcement action or litigation, Coinbase Inc., as Prime Broker, could be required, as a result of a judicial determination, or could choose, to restrict or curtail the services it offers, or its financial condition and ability to provide services to the Trust could be affected. If the Prime Broker were to be required or choose, as a result of a regulatory action or litigation, to restrict or curtail the services it offers, it could negatively affect the Trust's ability to operate or process creations or redemptions of Baskets, which could force the Trust to liquidate or adversely affect the price of the Shares.

Alternatively, the Trust could replace the Coinbase Custodian as a SOL Custodian with custody of the Trust's SOL, pursuant to the Coinbase Custodial Services Agreement. Similarly, the Coinbase Custodian or Coinbase Inc. could terminate services under the Prime Broker Agreement respectively upon providing the applicable notice to the Trust for any reason, or immediately for Cause. Transferring maintenance responsibilities of the Trust's account at the Coinbase Custodian to another custodian will likely be complex and could subject the Trust's SOL to the risk of loss during the transfer, which could have a negative impact on the performance of the Shares or result in loss of the Trust's assets. As Prime Broker, Coinbase Inc. does not guarantee uninterrupted access to the Trading Platform or the services it provides to the Trust as Prime Broker. Under certain circumstances, Coinbase Inc. is permitted to halt or suspend trading on its trading platform, or impose limits on the amount or size of, or reject, the Trust's orders, including in the event of, among others, (a) delays, suspension of operations, failure in performance, or interruption of service that are directly due to a cause or condition beyond the reasonable control of Coinbase Inc, (b) the Trust has engaged in unlawful or abusive activities or fraud, (c) the acceptance of the Trust's order would cause the amount of Trade Credits extended to exceed the maximum amount of Trade Credit that the Trust's agreement with the Trade Credit Lender permits to be outstanding at any one time, or (d) a security or technology issue occurred and is continuing that results in Coinbase Inc. being unable to provide trading services or accept the Trust's order, in each case, subject to certain protections for the Trust. Also, if the Coinbase Custodian or Coinbase Inc. become insolvent, suffer business failure, cease business operations, default on or fail to perform their obligations under their contractual agreements with the Trust, or abruptly discontinue the services they provide to the Trust for any reason, the Trust's operations would be adversely affected.

The Delegated Sponsor may not be able to find a party willing to serve as a custodian of the Trust's SOL or as the Trust's prime broker under the same terms as the current Coinbase Custodial Services Agreement, the Prime Broker Agreement or at all. To the extent that the Delegated Sponsor is not able to find a suitable party willing to serve as a custodian or prime broker, the Cayman Trustee may be required to terminate the Trust and liquidate the Trust's SOL. In addition, to the extent that the Delegated Sponsor finds a suitable party but must enter into a modified custodial services agreement or prime broker agreement that is less favorable for the Trust or the Delegated Sponsor, the value of the Shares could be adversely affected. If the Trust is unable to find a replacement prime broker, its operations could be adversely affected.

***The SOL Custodians and Prime Broker may act in the same or similar capacity for other competing products.***

Currently, the number of digital assets intermediaries with the reputation and operational capability to serve as SOL Custodians and/or Prime Broker to the Trust or other competing products is limited. The SOL Custodians and Prime Broker may act in the same or similar capacity for other competing products, including exchange-traded products offering exposure to the spot SOL market or other digital assets. The Trust is therefore subject to risks associated with these competing products utilizing the same service providers for SOL custodial and prime brokerage services.

To the extent that exchange-traded products offering exposure to the spot SOL market or other digital assets utilize substantially the same service providers for SOL custodial and prime brokerage services, this industry concentration may result in the development of fewer other digital assets intermediaries with the reputation and operational capability to provide SOL custodial and prime brokerage services to the Trust or other competing products. This, in turn, could make it difficult for the Trust to find and appoint a replacement SOL custodian or prime broker, to the extent the Delegated Sponsor deems such action necessary.

This industry concentration also may have the effect of magnifying the risks associated with the SOL Custodians and Prime Broker, as operational disruptions or adverse developments impacting the SOL Custodians or the Prime Broker may be felt on an industry-wide basis. A loss of confidence or breach of the SOL Custodians or Prime Broker may adversely affect not only the Trust and the value of an investment in the Shares, but also these competing products utilizing the same service providers for SOL custodial and prime brokerage services and, more generally, exchange-traded products offering exposure to the spot SOL market or other digital assets. These industry-wide adverse effects could result in a broader loss of confidence in exchange-traded products offering exposure to the spot SOL market or other digital assets, which could further impact the Trust and the value of an investment in the Shares.

***The Prime Broker routes orders through Connected Trading Venues in connection with trading services under the Prime Broker Agreement. The loss or failure of any such Connected Trading Venues may adversely affect the Prime Broker's business and cause losses for the Trust.***

In connection with trading services under the Prime Broker Agreement, the Prime Broker routinely routes customer orders to Connected Trading Venues, which are third-party exchanges or other trading venues (including the trading venue operated by the Prime Broker). In connection with these activities, the Prime Broker may hold SOL with such Connected Trading Venues in order to effect customer orders, including the Trust's orders. However, the Prime Broker has represented to the Delegated Sponsor that no customer cash is held at Connected Trading Venues. If the Prime Broker were to experience a disruption in the Prime Broker's access to these Connected Trading Venues, the Prime Broker's trading services under the Prime Broker Agreement could be adversely affected to the extent that the Prime Broker is limited in its ability to execute order flow for its customers, including the Trust. In addition, while the Prime Broker has policies and procedures to help mitigate the Prime Broker's risks related to routing orders through third-party trading venues, if any of these third-party trading venues experience any technical, legal, regulatory, or other adverse events, such as shutdowns, delays, system failures, suspension of withdrawals, illiquidity, insolvency, or loss of customer assets, the Prime Broker might not be able to fully recover the customer's SOL that the Prime Broker has deposited with these third parties. As a result, the Prime Broker's business, operating results and financial condition could be adversely affected, potentially resulting in its failure to provide services to the Trust or perform its obligations under the Prime Broker Agreement, and the Trust could suffer resulting losses or disruptions to its operations. The failure of a Connected Trading Venue at which the Prime Broker maintains customer SOL, including SOL associated with the Trust, could result in losses to the Trust, notwithstanding the regulatory requirements to which the Prime Broker is subject or other potential protections.

***A disruption of the Internet may affect Solana operations, which may adversely affect the Solana industry and an investment in the Trust.***

The functionality of the Solana network relies on the Internet. A significant disruption of Internet connectivity (*i.e.*, affecting large numbers of users or geographic regions) could disrupt the Solana network's functionality and operations until the disruption in the Internet is resolved. A disruption in the Internet could adversely affect an investment in the Trust or the ability of the Trust to operate. In particular, some variants of digital assets have experienced a number of denial-of-service attacks, which have led to temporary delays in block creation and digital asset transfers. While in certain cases in response to an attack, an additional "hard fork" (discussed below) has been introduced to increase the cost of certain network functions, the relevant network has continued to be the subject of additional attacks. Moreover, it is possible that as SOL increases in value, it may become a bigger target for hackers and subject to more frequent hacking and denial-of-service attacks.

***Potential changes to the Solana network's protocols and software could, if accepted and authorized by the Solana network community, adversely affect an investment in the Trust.***

The Solana network uses a cryptographic protocol to govern the interactions within the Solana network. A loose community of core developers has evolved to informally manage the source code for the protocol. Membership in the community of core developers evolves over time, largely based on self-determined participation in the resource section dedicated to the Solana network on Github.com. The core developers can propose amendments to the Solana network's source code that, if accepted by validators and users, could alter the protocols and software of the Solana network and the properties of SOL. These alterations occur through software upgrades and could potentially include changes to the irreversibility of transactions and limitations on the issuance of new SOL, which could undermine the appeal and market value of SOL. Alternatively, software upgrades and other changes to the protocols of the Solana network could fail to work as intended or could introduce bugs, security risks, or otherwise adversely affect, the Solana network. As a result, the Solana network could be subject to new protocols and software in the future that may adversely affect an investment in the Trust.

***The open-source structure of the Solana network protocol means that the core developers and other contributors are generally not directly compensated for their contributions in maintaining and developing the Solana network protocol. A failure to properly monitor and upgrade the Solana network protocol could damage the Solana network and an investment in the Trust.***

The Solana network operates based on an open-source protocol maintained by a group of core developers and other contributors, largely on the GitHub resource section dedicated to development of the Solana network. As the Solana network protocol is not sold or made available subject to licensing or subscription fees and its use does not generate revenues for its development team, the core developers are generally not compensated for maintaining and updating the source code for the Solana network protocol. Consequently, there is a lack of financial incentive for developers to maintain or develop the Solana network and the core developers may lack the resources to adequately address emerging issues with the Solana network protocol. Although the Solana network is currently supported by the core developers, there can be no guarantee that such support will continue or be sufficient in the future. Alternatively, entities whose interests are at odds with other participants in the Solana network may seek to obtain control over the Solana network by influencing core developers. For example, malicious actors could attempt to bribe a core developer or group of core developers to propose certain changes to the network core developers. In addition, a bad actor could also attempt to interfere with the operation of the Solana network by attempting to exercise a malign influence over a core developer. To the extent that material issues arise with the Solana network protocol and the core developers and open-source contributors are unable to address the issues adequately or in a timely manner, the Solana network and an investment in the Trust may be adversely affected.

***The governance of the Solana network could have a negative impact on the performance of the Trust.***

The governance of the Solana network is achieved through voluntary consensus and open competition. Participants on the Solana network come to an agreement through overwhelming consensus. The lack of clarity on governance may adversely affect SOL's utility and ability to grow and face challenges, both of which may require solutions and directed effort to overcome problems, especially long-term problems. For example, a seemingly simple technical issue once divided the Bitcoin network community: namely, whether to increase the block size of the blockchain or implement another change to increase the scalability of bitcoin, known as "segregated witness," and help it continue to grow. See *"Risk Factors—The Solana network faces scaling challenges and efforts to increase the volume of transactions may not be successful."*

To the extent lack of clarity in corporate governance of the Solana network leads to ineffective decision-making that slows development and growth, the value of the Shares may be adversely affected.

***Anonymity and illicit financing risk.***

Although transaction details of peer-to-peer transactions are recorded on the Solana blockchain, a buyer or seller of digital assets on a peer-to-peer basis directly on the Solana network may never know to whom the public key belongs or the true identity of the party with whom it is transacting. Public key addresses are randomized sequences of alphanumeric characters that, standing alone, do not provide sufficient information to identify users. In addition, certain technologies may obscure the origin or chain of custody of digital assets. The opaque nature of the market poses asset verification challenges for market participants, regulators and auditors and gives rise to an increased risk of manipulation and fraud, including the potential for Ponzi schemes, bucket shops and pump and dump schemes. Digital assets have in the past been used to facilitate illicit activities. If a digital asset was used to facilitate illicit activities, businesses that facilitate transactions in such digital assets could be at increased risk of potential criminal or civil lawsuits, or of having banking or other services cut off, and such digital asset could be removed from digital asset exchanges. Any of the aforementioned occurrences could adversely affect the price of the relevant digital asset, the attractiveness of the respective blockchain network and an investment in the Shares. If the Trust, the Delegated Sponsor or the Trustees were to transact with a sanctioned entity, the Trust, the Delegated Sponsor or the Trustees would be at risk of potential criminal or civil lawsuits or liability.

The Trust takes measures with the objective of reducing illicit financing risks in connection with the Trust's activities. However, illicit financing risks are present in the digital asset markets, including markets for SOL. There can be no assurance that the measures employed by the Trust will prove successful in reducing illicit financing risks, and the Trust is subject to the complex illicit financing risks and vulnerabilities present in the digital asset markets. If such risks eventuate, the Trust, the Delegated Sponsor or the Trustees or their affiliates could face civil or criminal liability, fines, penalties, or other punishments, be subject to investigation, have their assets frozen, lose access to banking services or services provided by other service providers, or suffer disruptions to their operations, any of which could negatively affect the Trust's ability to operate or cause losses in value of the Shares.

The Delegated Sponsor and the Trust have adopted and implemented policies and procedures that are designed to ensure that they do not violate applicable AML and sanctions laws and regulations and to comply with any applicable KYC laws and regulations. The Delegated Sponsor and the Trust will only interact with known third party service providers with respect to whom it has engaged in a due diligence process to ensure a thorough KYC process, such as the Authorized Participants and the SOL Custodians. Authorized Participants, as broker-dealers, and the SOL Custodians, as entities subject to New York Banking Law. In addition, the Trust will only accept creations and redemption requests from regulated Authorized Participants who themselves are subject to applicable sanctions and anti-money laundering laws and have compliance programs that are designed to ensure compliance with those laws. In addition, SOL Counterparties will be contractually obligated that all SOL they deliver to the Trust will be from lawful sources. The Trust will not hold any SOL except those that have been delivered by a SOL Counterparty in connection with creation requests.

The SOL Custodians have adopted and implemented anti-money laundering and sanctions compliance programs, which provide additional protections to ensure that the Delegated Sponsor and the Trust do not transact with a sanctioned party. Notably, the SOL Custodians perform Know-Your-Transaction ("KYT") screening using blockchain analytics to identify, detect, and mitigate the risk of transacting with a sanctioned or other unlawful actor. Pursuant to the SOL Custodians' KYT programs, any SOL that is delivered to the Trust's custody account will undergo screening to ensure that the origins of that SOL are not illicit.

In accordance with their regulatory obligations, the Authorized Participants conduct customer due diligence and enhanced due diligence on their counterparties, which enable them to determine each counterparty's AML and other risks and assign an appropriate risk rating.

As part of their counterparty onboarding processes, the Authorized Participants use third-party services to screen prospective counterparties against various watch lists, including the Specially Designated Nationals List of the Treasury Department OFAC and countries and territories identified as non-cooperative by the Financial Action Task Force.

There is no guarantee that such procedures will always be effective. If the Authorized Participants or SOL Counterparties have inadequate policies, procedures and controls for complying with applicable anti-money laundering and applicable sanctions laws or the Trust's diligence is ineffective, violations of such laws could result, which could result in regulatory liability for the Trust, the Delegated Sponsor, the Trustees or their affiliates under such laws, including governmental fines, penalties, and other punishments, as well as potential liability to or cessation of services by the Prime Broker and its affiliates, including the SOL Custodians. Any of the foregoing could result in losses to the Shareholders or negatively affect the Trust's ability to operate.

***The actual or perceived use of SOL and other digital assets in illicit transactions, which may adversely affect the SOL industry and an investment in the Trust.***

Recent years have seen digital assets used at times as part of criminal activities and to launder criminal proceeds, as means of payment for illicit activities, or as an investment fraud currency. Although the number of cases involving digital assets for the financing of terrorism remains limited, criminals have nonetheless become more sophisticated in their use of digital assets.

Although SOL transaction details are logged on the blockchain, a buyer or seller of SOL may never know to whom the public key belongs or the true identity of the party with whom it is transacting, as public key addresses are randomized sequences of alphanumeric characters that, standing alone, do not provide sufficient information to identify users. Further, identifying users can be made even more difficult where a user utilizes a tumbling or mixing service (e.g., Tornado Cash) to further obfuscate transaction details.

The SOL industry and an investment in the Trust may be adversely affected to the extent that digital assets are increasingly used in connection with illicit transactions or are perceived as being used in connection with illicit transactions.

***The inability to recognize the economic benefit of a "fork" or an "airdrop" could adversely impact an investment in the Trust.***

From time to time, the Trust may be entitled to or come into possession of rights to acquire, or otherwise establish dominion and control over, any virtual currency or other asset or right, which rights are incident to the Trust's ownership of SOL and arise without any action of the Trust, or of the Delegated Sponsor on behalf of the Trust ("Incidental Rights") and/or virtual currency tokens, or other asset or right, acquired by the Trust through the exercise (subject to the applicable provisions of the Trust Agreement) of any Incidental Right ("IR Virtual Currency") by virtue of its ownership of SOL, generally through a fork in the Solana blockchain, an airdrop offered to holders of SOL or other similar event. In an airdrop, the promoters of a new digital asset announce to holders of another digital asset that they will be entitled to claim a certain amount of the new digital asset for free, based on the fact that they hold such other digital asset. For example, in March 2017, the promoters of Stellar Lumens announced that anyone that owned bitcoin as of June 26, 2017, could claim, until August 27, 2017, a certain amount of Stellar Lumens. The Pricing Benchmark does not include airdrops under its current methodology.

Pursuant to the Trust Agreement and Delegation Agreement, the Delegated Sponsor has the right, in their discretion, to determine what action to take in connection with the Trust's entitlement to or ownership of Incidental Rights or any IR Virtual Currency. Under the terms of the Trust Agreement, the Trust may take any lawful action necessary or desirable in connection with the Trust's ownership of Incidental Rights, including the acquisition of IR Virtual Currency, as determined by the Delegated Sponsor (as such right has been delegated from the Cayman Trustee) in the Delegated Sponsor's sole discretion as a delegate of the Cayman Trustee, unless such action would adversely affect the status of the Trust as a grantor trust for U.S. federal income tax purposes or otherwise be prohibited by the Trust Agreement.

With respect to any fork, airdrop or similar event, the Delegated Sponsor will cause the Trust to irrevocably abandon the Incidental Rights or IR Virtual Currency. In the event the Trust seeks to change this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules. If such regulatory approval is received, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement, in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website.

Investors should be aware that investing in Shares of the Trust is not equivalent to investing directly in SOL. An investor does not have a claim to any "forked" assets. Unless otherwise announced, the Delegated Sponsor, on behalf of the Trust, will not support the inclusion of any forked assets.

Unless an announcement is made informing investors that a fork will be supported, a newly-forked asset should be considered ineligible for inclusion in the Trust.

*Network Forks.*

SOL, along with many other digital assets, are open source projects. The infrastructure and ecosystem that powers the Solana network are developed by different parties, including affiliated and non-affiliated engineers, developers, validators, platform developers, evangelists, marketers, exchange operators and other companies based around a service regarding Solana, each of whom may have different motivations, drivers, philosophies and incentives.

As a result, any individual can propose refinements or improvements to the Solana network's source code through one or more software upgrades that could alter the protocols governing the Solana network and the properties of SOL. When a modification is proposed and a substantial majority of users and validators consent to the modification, the change is implemented and the Solana network remains uninterrupted. However, a "hard fork" occurs if less than a substantial majority of users and validators consent to the proposed modification, and the modification is not compatible with the software prior to its modification. In other words, two incompatible networks would then exist: (1) one network running the pre-modified software and (2) another network running the modified software. The effect of such a fork would be the existence of two versions of Solana running in parallel, and the creation of a new digital asset which lacks interchangeability with its predecessor. This is in contrast to a "soft fork," or a proposed modification to the software governing the network that results in a post-update network that is compatible with the network as it existed prior to the update, because it restricts the network operations that can be performed after the update.

Forks occur for a variety of reasons. A fork could occur after a significant security breach. Participants on the network could elect to "fork" the network to its state before the hack, effectively reversing the hack. A fork could also be introduced by an unintentional, unanticipated software flaw in the multiple versions of otherwise compatible software users run. Such a fork could adversely affect Solana's viability. It is possible, however, that a substantial number of users and validators could adopt an incompatible version of the digital asset while resisting community-led efforts to merge the two chains. This would result in a permanent fork. For example, in July 2016, Ethereum "forked" into Ethereum and a new digital asset, Ethereum Classic, as a result of the Ethereum network community's response to a significant security breach in which an anonymous hacker exploited a smart contract running on the Ethereum network to syphon approximately $60 million of ether held by a distributed autonomous organization, into a segregated account. In response to the hack, most participants in the Ethereum community elected to adopt a "fork" that effectively reversed the hack. However, a minority of users continued to develop the original blockchain, now referred to as "Ethereum Classic" with the digital asset on that blockchain now referred to as Ethereum Classic, or ETC. ETC now trades on several digital asset exchanges.

A fork may occur as a result of disagreement among network participants as to whether a proposed modification to the network should be accepted. For example, on August 1, 2017, after extended debates among developers as to how to improve the Bitcoin network's transaction capacity, the Bitcoin network was forked by a group of developers and validators resulting in the creation of a new blockchain, which underlies the new digital asset "Bitcoin Cash." Bitcoin and Bitcoin Cash now operate on separate, independent blockchains. Since then, the Bitcoin network has forked several times to launch new digital assets, such as Bitcoin Gold, Bitcoin Silver and Bitcoin Diamond. Litecoin was also the result of a fork from the original Bitcoin blockchain.

Significant forks are typically announced several months in advance. The circumstances of each fork are unique, and their relative significance varies. It is possible that a particular fork may result in a significant disruption to Solana and, potentially, may result in broader market disruption should pricing become difficult following the fork. It is not possible to predict with accuracy the impact that any anticipated fork could have or for how long any resulting disruption may exist.

Forks may have a detrimental effect on the value of SOL, including by negatively affecting digital asset allocations or by failing to capture the full value of the newly-forked SOL if it is excluded from the Pricing Benchmark. Forks can also introduce new security risks. For example, forks may result in "replay attacks," or attacks in which transactions from one network were rebroadcast to nefarious effect on the other network. For example, when the Ethereum and Ethereum Classic networks split in July 2016, replay attacks, in which transactions from one network were rebroadcast to nefarious effect on the other network, plagued ether exchanges through at least October 2016. An exchange announced in July 2016 that it had lost 40,000 Ethereum Classic, worth about $100,000 at that time, as a result of replay attacks. Similar replay attack concerns occurred in connection with the Bitcoin Cash and Bitcoin SV networks split in November 2018. Another possible result of a hard fork is an inherent decrease in the level of security due to a significant amount of the validating power remaining on one network or migrating instead to the new forked network. After a hard fork, it may become easier for an individually malicious validator or validator pool to exert greater control over the Solana network, which could heighten the risk to the Trust.

A hard fork may adversely affect the price of SOL at the time of announcement or adoption. For example, the announcement of a hard fork could lead to increased demand for the pre fork digital asset, in anticipation that ownership of the pre fork digital asset would entitle holders to a new digital asset following the fork. The increased demand for the pre fork digital asset may cause the price of the digital asset to rise. After the hard fork, it is possible the aggregate price of the two versions of the digital asset running in parallel would be less than the price of the digital asset immediately prior to the fork. Furthermore, the Delegated Sponsor will, as permitted by the terms of the Trust Agreement, determine which network is generally accepted as the Solana network and should therefore be considered the appropriate network for the Trust's purposes. The Delegated Sponsor will base its determination on a variety of then relevant factors, including, but not limited to, the Delegated Sponsor's beliefs regarding expectations of the core developers of SOL, users, service providers, businesses, validators and other constituencies, as well as the actual continued acceptance of, validating power on, and community engagement with, the Solana network. There is no guarantee that the Delegated Sponsor will choose the network and the associated digital asset that is ultimately the most valuable fork. Either of these events could therefore adversely impact the value of the Shares. When Bitcoin Cash forked from the Bitcoin network, the value of bitcoin went from $2,800 to $2,700.

A hard fork could change the source code for the Solana network, including the source code which limits the supply of SOL. Although many observers believe this is unlikely at present, there is no guarantee that the current mechanisms limiting the supply of outstanding SOL will not be changed. If a hard fork changing the yearly supply cap is widely adopted, the limit on the supply of SOL could be lifted, which could have an adverse impact on the value of SOL and the value of the Shares.

If Solana were to fork into two digital assets, the Trust may hold, in addition to its existing SOL balance, a right to claim an equivalent amount of the new "forked" asset following the hard fork. However, the Pricing Benchmark does not track forks involving Solana. The Trust has adopted procedures to address situations involving a fork that results in the issuance of new alternative SOL that the Trust may receive. The holder of SOL has no discretion in a hard fork; it merely has the right to claim the new SOL on a pro rata basis while it continues to hold the same number of SOL. Although no major blockchain-level forks of the Solana network have occurred and the Solana blockchain has not been cloned directly, in March 2024, the software client used for validation on the Solana network was forked into a program referred to as Agave. Validators on the Solana network may elect to use the Solana validator software or the Agave validator software to verify transactions on the Solana blockchain. A significant upcoming planned hard fork-referred to as "Alpenglow" was announced by the core developers in May 2025 and aims to reduce transaction finality time and enhance network security. Alpenglow is anticipated to introduce a new consensus architecture that is intended to replace Solana's existing PoH and Tower BFT consensus mechanisms with a redesigned protocol composed of Votor and Rotor. Votor is an off-chain consensus mechanism intended to increase the speed of finalizing blocks for faster transaction confirmation, whereas Rotor is a block propagation mechanism intended to replace the existing Turbine protocol to reduce block transmission times and cost. There can be no assurance Alpenglow will be implemented properly, or at all, and Alpenglow and future anticipated upgrades, if any, could fail to work as expected or create vulnerabilities, bugs, defects, outages, disruptions or other problems. Any failure to successfully implement Alpenglow or other future upgrades could undermine confidence in the Solana network, disrupt application functionality, reduce validator participation and in turn could adversely affect the price of SOL, value of the Shares or the ability of the Trust to operate.

*Airdrops.*

Solana may become subject to an occurrence similar to a fork, which is known as an "airdrop." In an airdrop, the promoters of a new digital asset announce to holders of another digital asset that they will be entitled to claim a certain amount of the new digital asset for free, based on the fact that they hold such other digital asset. For example, in March 2017, the promoters of Stellar Lumens announced that anyone that owned bitcoin as of June 26, 2017, could claim, until August 27, 2017, a certain amount of Stellar Lumens. The Pricing Benchmark does not include airdrops under its current methodology.

The Pricing Benchmark does not currently track airdrops involving SOL. Accordingly, the Trust will not participate in airdrops.

***Any name change and any associated rebranding initiative of SOL may not be favorably received by the digital asset community, which could negatively impact the value of SOL and the value of the shares.***

From time to time, digital assets may undergo name changes and associated rebranding initiatives. For example, Bitcoin Cash may sometimes be referred to as Bitcoin ABC in an effort to differentiate itself from any Bitcoin Cash hard forks, such as Bitcoin Satoshi's Vision, and in the third quarter of 2018, the team behind ZEN rebranded and changed the name of ZenCash to "Horizen." We cannot predict the impact of any name change and any associated rebranding initiative on SOL. After a name change and an associated rebranding initiative, a digital asset may not be able to achieve or maintain brand name recognition or status that is comparable to the recognition and status previously enjoyed by such digital asset. The failure of any name change and any associated rebranding initiative by a digital asset may result in such digital asset not realizing some or all of the anticipated benefits contemplated by the name change and associated rebranding initiative, and could negatively impact the value of SOL and the value of the Shares.

***Solana is subject to cybersecurity risks, which could adversely affect an investment in the Trust or the ability of the Trust to operate.***

Users of SOL, and therefore investors in Solana-related investment products such as the Trust, are exposed to an elevated risk of fraud and loss, including, but not limited to, through cyber-attacks. SOL can be stolen, and SOL stored in a digital wallet, accessible via private key, can be compromised. While digital wallets do not store or contain the actual SOL, they store public and private keys, which are used as an address for receiving SOL or for spending the SOL, with both forms of transactions recorded on the public immutable ledger, the blockchain. By using the private key, a person is able to spend SOL, effectively sending it away from the account and recording that transaction on the blockchain. If a private key is compromised, SOL associated with that specific public key may be stolen. Unlike traditional banking transactions, once a transaction has been added to the blockchain, it cannot be reversed. Several exchanges specializing in sales of SOL, for example, have already had their operations impacted by cyber-attacks.

Thefts and cyber-attacks can have a negative impact on the reputation, market price, value, or liquidity of SOL. Through investment in the Trust, investors would be indirectly exposed to the risk and potential impact of a cyber-attack. A loss associated with cyberattack, including a total loss, is possible. While the Delegated Sponsor and the SOL Custodians have taken reasonable measures to prevent a theft or hacking of the Trust's SOL holdings, such an event cannot be fully excluded from the Trust's overall market exposure, and the losses associated with such an event would be borne by investors.

Digital asset networks, including the Solana network, are subject to control by entities that capture a significant amount of the network's active validator nodes or a significant number of developers important for the operation and maintenance of such digital asset network.

At 50% of the staked SOL, a mischievous group of validators could theoretically split the chain into two equally-sized forks and then simply use their entire 50% stake to vote contrarily to the honest validator set, thereby maintaining the two forks and preventing finality.

However, if the majority of the staked SOL dedicated to validating transactions on the Solana network is controlled by a bad actor (often referred to as a "51% attack"), it may be able to alter the Solana blockchain on which the Solana network and SOL transactions rely. At greater than 50% of the total stake, the attacker could dominate the fork choice algorithm. In this case, the attacker would be able to attest with the majority vote. This could occur if the bad actor were to construct fraudulent blocks or prevent certain transactions from completing in a timely manner, or at all. It could be possible for the malicious actor to control, exclude or modify the ordering of transactions, though it could not generate new SOL or transactions. Further, a bad actor could "double-spend" its own SOL (i.e., spend the same SOL in more than one transaction) and prevent the confirmation of other users' transactions for so long as it maintained control. Reversing any changes made to the Solana blockchain may be impossible. Further, a malicious actor could create a flood of transactions in order to slow down confirmations of transactions on the Solana network. If a bad actor gains control of a majority of the processing power on the Solana network, or the feasibility of such an occurrence increases, there may be a negative effect on an investment in the Trust.

Other digital asset networks have been subject to malicious activity achieved through control of over 50% of the processing power on the network. Any similar attacks on the Solana network could negatively impact the value of SOL and the value of the Shares.

A 51% attack is more likely to happen in the context of digital assets with smaller market capitalizations due to the reduced computing power threshold required to control a majority of a given network. Nevertheless, it is theoretically possible, albeit computationally expensive, to mount a similar 51% attack on Solana or other digital assets with large market capitalization. If the feasibility of a bad actor gaining control of the processing power on the Solana network increases, there may be a negative effect on an investment in the Trust.

Additionally, an attacker with 66% or more of the total staked SOL can finalize their preferred chain without having to coerce any honest validators. The attacker can simply vote for their preferred fork and then finalize it, simply because they can vote with a dishonest supermajority.

A malicious actor may also obtain control over the Solana network through its influence over core developers by gaining direct control over a core developer or an otherwise influential programmer. To the extent that users and validators accept amendments to the source code proposed by the controlled core developer, other core developers do not counter such amendments, and such amendments enable the malicious exploitation of the Solana network, the risk that a malicious actor may be able to obtain control of the Solana network in this manner exists, which may adversely affect the value of the Shares. If the malicious actor cannot control the validator nodes directly, they might attempt to compromise the validators that are already trusted by the network. This could involve hacking, bribery, deception or coercion.

To the extent that the Solana ecosystem, including the core developers and the administrators of validating pools, does not act to ensure greater decentralization, the feasibility of a malicious actor obtaining control of the processing power on the Solana network will increase, which may adversely affect the value of the Shares.

If any of these exploitations or attacks occur, it could result in a loss of public confidence in Solana and a decline in the value of SOL and, as a result, adversely impact an investment in the Shares.

***If a malicious actor or botnet obtains control of more than 33% of the validating stake on the Solana network, or otherwise obtains control over the Solana network through its influence over core developers or otherwise, such actor or botnet could delay or manipulate the Solana blockchain in the short term, which could adversely affect the value of the Shares or the ability of the Trust to operate. (<u>solana.com</u>)***

As a proof-of-stake network, the Solana network is currently vulnerable to several types of attacks, including:

&nbsp;&nbsp;&nbsp;&nbsp;· ">33%
 attack" where, if a validator or group of validators were to gain control of more than
 33% of the total staked SOL on the Solana network, a malicious actor could temporarily impede
 or delay block confirmation or even cause a temporary fork in the Solana blockchain. This
 is believed to be temporary, as the Solana network relies on supermajority (>2/3) stake
 votes for higher confirmation levels; however, there can be no assurance this would happen
 or that non-attackers would be able to coordinate effectively. However, it is not believed
 that with 33% control, a malicious actor could engage in double-spending or fraudulent block
 propagation.

&nbsp;&nbsp;&nbsp;&nbsp;· ">50%
 attack" where, if a validator or group of validators acting in concert were to gain
 control of more than 50% of the total staked SOL on the Solana network, a malicious actor
 would be able to exert substantial influence over the Solana network and the ability to manipulate
 future transactions on the blockchain, including censoring transactions and attempting to
 influence transaction ordering, potentially for an extended period. In theory, the minority
 non-attackers might reach social consensus to reject blocks proposed by the malicious majority
 attacker, reducing the attacker's ability to engage in malicious activity, but there
 can be no assurance this would happen or that non-attackers would be able to coordinate effectively.

&nbsp;&nbsp;&nbsp;&nbsp;· ">66%
 attack" where, if a validator or group of validators acting in concert were to gain
 control of more than 66% of the total staked SOL on the Solana network, a malicious actor
 could more readily manipulate the blockchain, including censorship and transaction reordering,
 and could cause the network to treat the attacker's preferred fork as confirmed/finalized
 due to the attacker's supermajority voting power. The attacker could achieve supermajority
 voting outcomes without any consideration for the votes of other stakers.

If a malicious actor or botnet (a volunteer or hacked collection of computers controlled by networked software coordinating the actions of the computers) obtains a majority (over 50%) of the validating power (i.e., stake-weighted voting power) on the Solana network, it may be able to alter the Solana blockchain on which transactions in SOL rely by constructing fraudulent blocks or preventing certain transactions from completing in a timely manner, or at all. The malicious actor or botnet could also control, exclude or modify the ordering of transactions. Although the malicious actor or botnet would not be able to generate new tokens or transactions using such control, it could "double-spend" its own tokens (i.e., spend the same tokens in more than one transaction) and prevent the confirmation of other users' transactions for so long as it maintained control (over 50%). To the extent that such malicious actor or botnet did not yield its control of the validating power on the Solana network or the Solana community did not reject the fraudulent blocks as malicious, reversing any changes made to the Solana blockchain may not be possible. If the malicious actor were to gain control of more than 33% of the total staked SOL on the Solana network, it could temporarily impede or delay block confirmation or even cause a temporary fork in the blockchain, but it is not believed that it could engage in double-spending or fraudulent block propagation. Even without 33% control, a malicious actor or botnet could create a flood of transactions in order to slow down the Solana network (similar to a denial-of-service attack).

For example, in August 2020, the Ethereum Classic network was the target of two double-spend attacks by an unknown actor or actors that gained more than 50% of the processing power of the Ethereum Classic network. The attacks resulted in reorganizations of the Ethereum Classic blockchain that allowed the attacker or attackers to reverse previously recorded transactions in excess of $5 million and $1 million.

Additionally, in May 2019, the Bitcoin Cash network experienced a 51% attack when two large mining pools reversed a series of transactions in order to stop an unknown miner from taking advantage of a flaw in a recent Bitcoin Cash protocol upgrade. Although this particular attack was arguably benevolent, the fact that such coordinated activity was able to occur could have negatively impacted perceptions of the Bitcoin Cash network. Although the two attacks described above took place on proof-of-work-based networks, it is possible that a similar attack may occur on the proof-of-stake Solana network, which could negatively impact the value of SOL and the value of the Shares.

Although there are no known reports of malicious activity on, or control of, the Solana network, it is possible that certain groups of coordinating or connected SOL holders may together have significant influence over staked SOL, which if staked and if the users run validators, would permit them to exert authority over the validation of SOL transactions. This risk is heightened if a substantial portion of the stake-weighted validating power on the network falls within the jurisdiction of a single governmental authority. If network participants, including the core developers and the administrators of validating pools, do not act to ensure greater decentralization of SOL, the feasibility of a malicious actor obtaining control of the validating power on the Solana network will increase, which may adversely affect the value of the Shares.

A malicious actor may also obtain control over the Solana network through its influence over core developers by gaining direct control over a core developer or an otherwise influential programmer. To the extent that nodes, users and validators accept amendments to the source code proposed by the controlled core developer, other core developers do not counter such amendments, and such amendments enable the malicious exploitation of the Solana network, the risk that a malicious actor may be able to obtain control of the Solana network in this manner exists. Moreover, it is possible that a group of SOL holders that together control a large amount of outstanding SOL are in fact part of the initial or current core developer group, or are otherwise influential members of the Solana community. To the extent that the initial or current core developer groups also control a large amount of outstanding SOL, as some believe, the risk of and arising from this particular group of users obtaining control of the validating power on the Solana network will be even greater, and should this materialize, it may adversely affect the value of the Share.

***A temporary or permanent "fork" or a "clone" could adversely affect the value of the Shares.***

The SOL network operates using open-source protocols, meaning that any user can download the software, modify it and then propose that the users and validators of SOL adopt the modification. When a modification is introduced and a substantial majority of users and validators' consent to the modification, the change is implemented and the network remains uninterrupted. However, if less than a substantial majority of users and validators' consent to the proposed modification, and the modification is not compatible with the software prior to its modification, the consequence would be what is known as a "hard fork" of the Solana network, with one group running the pre-modified software and the other running the modified software. The effect of such a fork would be the existence of two versions of SOL running in parallel, yet lacking interchangeability. For example, in September 2022, the Ethereum Network transitioned to a proof-of-stake model, in an upgrade referred to as the "Merge." Following the Merge, a hard fork of the Ethereum Network occurred, as certain Ethereum validators and network participants planned to maintain the proof-of-work consensus mechanism that was removed as part of the Merge. This version of the network was rebranded as "Ethereum Proof-of-Work." Although no major blockchain-level forks of the Solana network have occurred and the Solana network has not been cloned directly, in March 2024, the software client used for validation on the Solana network was forked into a program referred to as Agave. Validators on the Solana network may elect to use the Solana validator software or the Agave validator software to verify transactions on the Solana network.

Forks may also occur as a digital asset network community's response to a significant security breach. For example, in July 2016, Ethereum "forked" into Ethereum and a new digital asset network, Ethereum Classic, as a result of the Ethereum Network community's response to a significant security breach. In June 2016, an anonymous hacker exploited a smart contract running on the Ethereum Network to syphon approximately $60 million of ether held by a distributed autonomous organization into a segregated account. In response to the exploit, most participants in the Ethereum community elected to adopt a "fork" that effectively reversed the exploit. However, a minority of users continued to develop the original blockchain, referred to as "Ethereum Classic" with the digital asset on that blockchain now referred to as ETC. ETC now trades on several digital asset trading platforms. A fork may also occur as a result of an unintentional or unanticipated software flaw in the various versions of otherwise compatible software that users run. Such a fork could lead to users and validators abandoning the digital asset with the flawed software. It is possible, however, that a substantial number of users and validators could adopt an incompatible version of the digital asset while resisting community-led efforts to merge the two chains. This could result in a permanent fork, as in the case of Ethereum and Ethereum Classic.

Furthermore, a hard fork can lead to new security concerns. For example, when the Ethereum and Ethereum Classic networks, two other digital asset networks, split in July 2016, replay attacks, in which transactions from one network were rebroadcast to nefarious effect on the other network, plagued Ethereum trading platforms through at least October 2016. An Ethereum trading platform announced in July 2016 that it had lost 40,000 Ethereum Classic, worth about $100,000 at that time, as a result of replay attacks. Similar replay attack concerns occurred in connection with the Bitcoin Cash and Bitcoin Satoshi's Vision networks split in November 2018. Another possible result of a hard fork is an inherent decrease in the level of security due to significant amounts of validating power remaining on one network or migrating instead to the new forked network. After a hard fork, it may become easier for an individual validator or validating pool's validating power to exceed 50% of the validating power of a digital asset network that retained or attracted less validating power, thereby making digital asset networks that rely on proof-of-stake more susceptible to attack.

Digital asset networks and related protocols may also be cloned. Unlike a fork of a digital asset network, which modifies an existing blockchain, and results in two competing digital asset networks, each with the same genesis block, a "clone" is a copy of a protocol's codebase, but results in an entirely new blockchain and new genesis block. Tokens are created solely from the new "clone" network and, in contrast to forks, holders of tokens of the existing network that was cloned do not receive any tokens of the new network. A "clone" results in a competing network that has characteristics substantially similar to the network it was based on, subject to any changes as determined by the developer(s) that initiated the clone.

A hard fork may adversely affect the price of SOL at the time of announcement or adoption. For example, the announcement of a hard fork could lead to increased demand for the pre-fork digital asset, in anticipation that ownership of the pre-fork digital asset would entitle holders to a new digital asset following the fork. The increased demand for the pre-fork digital asset may cause the price of the digital asset to rise. After the hard fork, it is possible the aggregate price of the two versions of the digital asset running in parallel would be less than the price of the digital asset immediately prior to the fork. Furthermore, while the Trust would be entitled to both versions of the digital asset running in parallel, the Delegated Sponsor will, as permitted by the terms of the Trust Agreement, determine which version of the digital asset is generally accepted as the Solana network and should therefore be considered the appropriate network for the Trust's purposes, and there is no guarantee that the Delegated Sponsor will choose the digital asset that is ultimately the most valuable fork. Either of these events could therefore adversely impact the value of the Shares. As an illustrative example of a digital asset hard fork, following the distributed autonomous organization hack in July 2016, holders of ether voted on-chain to reverse the hack, effectively causing a hard fork. For the days following the vote, the price of ether rose from $11.65 on July 15, 2016 to $14.66 on July 21, 2016, the day after the first Ethereum Classic block was mined. A clone may also adversely affect the price of SOL at the time of announcement or adoption or subsequently. For example, on November 6, 2016, Rhett Creighton, a Zcash developer, cloned the Zcash network to launch Zclassic, a substantially identical version of the Zcash network that eliminated the founders' reward. Following the date the first Zclassic block was mined, the price of ZEC fell from $504.57 on November 5, 2016 to $236.01 on November 7, 2016 in the midst of a broader sell off of ZEC beginning immediately after the Zcash network launch on October 28, 2016.

***If validators expend less processing power on the Solana network, it could increase the likelihood of a malicious actor obtaining control.***

Validators ceasing operations would reduce the collective processing power on the Solana network, which would adversely affect the confirmation process for transactions (i.e., temporarily decreasing the speed at which blocks are added to the Solana blockchain until the next scheduled adjustment in difficulty for block solutions). If a reduction in processing power occurs, the Solana network may be more vulnerable to a malicious actor obtaining control in excess of fifty percent (50%) of the processing power on the Solana network. As a result, it may be possible for a bad actor to manipulate the Solana network and hinder transactions. Any reduction in confidence in the confirmation process or processing power of the Solana network may adversely affect an investment in the Trust.

***Cancer nodes.***

Cancer nodes are computers that appear to be participating in the Solana network but that are not in fact connected to the Solana network, which a malicious actor sets up to place users onto a separate network or disconnect them from the Solana network. By using cancer nodes, a malicious actor can disconnect the target user from the Solana economy entirely by refusing to relay any blocks or transactions.

***Double-spending risks.***

A malicious actor may attempt to double spend SOL (i.e., allow for the same units of SOL to be spent on multiple occasions) by altering the formation of the blockchain, where the malicious actor has enough network control to confirm and post such transactions to the blockchain. In a double spending situation, the related record of the transaction, posted on the Solana network, would become falsified. This could have a detrimental effect on both the sender and the receiver.

There are several ways a malicious actor could attempt a double-spend, including, but not limited to, sending two conflicting transactions to the network, and creating one transaction but sending the Solana before releasing that associated block to the blockchain, which would invalidate it. On an exchange with multiple currency trading pairs, it would be possible for a person or individual controlling the majority of a blockchain network to double-spend the coins they control and then subsequently trade them for other currency pairs and transfer them off the exchange to their own private wallet(s).

All double-spend attacks require that the malicious validator time and execute the steps of its attack with sufficient speed and accuracy. Double-spend attacks require extensive coordination and are very expensive. Typically, transactions that allow for a zero-confirmation acceptance tend to be prone to these types of attacks. Accordingly, traders and merchants may execute instantaneous/zero-confirmation transactions only if they are of sufficiently low-value. Users and merchants can take additional precautions by adjusting their network software programs to connect only to other well-connected participants in the Solana network and to disable incoming connections. Tactics to avoid double-spend such as requiring multiple confirmations can slow down transaction speeds on the Solana network and could impact the value of Solana.

***Flaws in source code.***

It is possible that flaws or mistakes in the released and public source code could lead to catastrophic damage to SOL, the Solana network, and any underlying technology. It is possible that contributors to the Solana network would be unable to stop this damage before it spreads further. It is further possible that a dedicated team or a group of contributors or other technical group may attack the code, directly leading to catastrophic damage. In any of these situations, the value of Shares of the Trust can be adversely affected.

In the past, flaws in the source code for digital asset networks have been exposed and exploited, including flaws that disabled some functionality for users, exposed users' personal information and/or resulted in the theft of users' digital assets. Several errors and defects have been publicly found and corrected, including those that disabled some functionality for users and exposed users' personal information. Discovery of flaws in or exploitations of the source code that allow malicious actors to take or create money in contravention of known network rules have occurred. The cryptography underlying SOL could prove to be flawed or ineffective, or negatively impacted by developments in mathematics and/or technology, such as advances in digital computing, algebraic geometry and quantum computing. In any of these circumstances, a malicious actor may be able to steal SOL held by others, which could adversely affect the demand for SOL and therefore adversely impact the price of SOL and the value of the Shares. Even if another digital asset other than SOL were affected by similar circumstances, any reduction in confidence in the robustness of the source code or cryptography underlying digital assets generally could negatively affect the demand for all digital assets, including SOL, and therefore adversely affect the value of the Shares.

***Denial of Service Attacks.***

Many digital asset networks have been subjected to a number of denial of service attacks, which has led to temporary delays in block creation and in the transfer of SOL. A denial-of-service attack is a cyber attack that aims to disrupt a network's normal functioning by overwhelming it with requests. For example, on September 14, 2021, the Solana network experienced a significant disruption, later attributed to a type of denial of service attack, and was offline for 17 hours, only returning to full functionality 24 hours later. It is possible that any similar denial-of-service attack on the Solana network could impact the ability to transfer SOL and could have a material adverse effect on the price of SOL and the value of the Shares.

***Proof-of-History blockchains are a relatively recent innovation, and have not been subject to as widespread use or adoption over as long of a period of time as traditional proof-of-work or proof-of-stake blockchains.***

Certain digital assets, use a "proof-of-work" consensus algorithm. The Solana network uses a newer consensus algorithm known as "proof-of-history." While its proponents believe that it may have certain advantages, the "proof-of-history" consensus mechanism underlying Solana protocols and SOL has not been tested at scale over as long of a period of time or subject to as widespread use or adoption as. This could lead to Solana and SOL having undetected vulnerabilities, structural design flaws, suboptimal incentive structures for network participants (e.g., validators), technical disruptions, or a wide variety of other problems, any of which could cause the blockchain not to function as intended, lead to outright failure to function entirely causing a total outage or disruption of network activity, or to suffer other operational problems or reputational damage, leading to a loss of users or adoption or a loss in value of the associated digital assets, including the Trust's assets. Over the long term, there can be no assurance that the proof-of-history blockchain on which the Trust's assets rely will achieve widespread scale or adoption or perform successfully; any failure to do so could negatively impact the value of the Trust's assets.

***Validators may suffer losses due to staking, which could make the Solana network less attractive.***

Validation on the Solana network requires SOL to be transferred into smart contracts on the underlying blockchain networks not under the Trust's or anyone else's control. If the Solana network source code or protocol fail to behave as expected, suffer cybersecurity attacks or hacks, experience security issues, or encounter other problems, such assets may be irretrievably lost. In addition, the Solana network dictates requirements for participation in validation activity, and may impose penalties if the relevant activities are not performed correctly, such as if the staker acts maliciously on the network, "double signs" any transactions, or experience extended downtimes. Such penalties include the reduction of staking rewards for malicious actors and poorly performing validators and the "blacklisting" of such actors which may result in SOL tokenholders no longer delegating their stakes to such actors thereby resulting in such actors not being selected to validate in the future. Should any of the Trust's Staking Services Providers engage in malicious activity or perform poorly, then such Staking Services Providers may be blacklisted which could negatively impact the Trust's abilities to engage in Staking Activities and/or otherwise result in the Trust earning reduced staking rewards. Furthermore, the Solana network requires the payment of base fees and the practice of paying tips is common, and such fees can become significant as the amount and complexity of the transaction grows, depending on the degree of network congestion and the price of SOL. Any cybersecurity attacks, security issues, hacks, penalties, or other problems could damage validators' willingness to participate in validation, discourage existing and future validators from serving as such, and adversely impact the Solana network's adoption or the price of SOL. Any disruption of validation on the Solana network could interfere with network operations and cause the Solana network to be less attractive to users and application developers than competing blockchain networks, which could cause the price of SOL to decrease.

The Solana network does not currently implement automatic, protocol-enforced slashing (i.e., an automatic destruction of staked SOL) in the same manner as certain other proof-of-stake networks. Instead, "slashing" on Solana is generally understood as a potential, extraordinary penalty that could be applied manually through validator and community coordination (i.e., social consensus), including in connection with a safety violation that results in a network halt and a coordinated restart. If slashing or similar penalty mechanisms were applied, they could result in partial or total loss of staked SOL (potentially up to 100% in severe cases of malicious behavior). In addition, future protocol upgrades may introduce automated slashing or other penalty mechanisms, which could increase the risk of loss of the Trust's staked SOL.

***The Solana network faces scaling challenges and efforts to increase the volume and speed of transactions may not be successful.***

Many digital asset networks face significant scaling challenges due to the fact that public blockchains generally face a tradeoff between security and scalability. One means through which public blockchains may achieve security is decentralization, meaning that no intermediary is responsible for securing and maintaining these systems. For example, a greater degree of decentralization generally means a given digital asset network is less susceptible to manipulation or capture.

As of December 21, 2025, the Solana network handled approximately 3,000 transactions per second, according to the Solana Foundation. In an effort to increase the volume of transactions that can be processed on a given digital asset network, many digital assets are being upgraded with various features to increase the speed and throughput of digital asset transactions.

As corresponding increases in throughput lag behind growth in the use of digital asset networks, average fees and settlement times may increase considerably. Since inception, SOL transaction fees have stood at a fixed rate of 0.000005 SOL per transaction. SOL holders can also pay an additional prioritization fee to expedite their transaction. Increased fees and decreased settlement speeds could preclude certain uses for SOL (e.g., micropayments) and could reduce demand for and the price of SOL, which could adversely impact the value of the Shares.

There is no guarantee that any of the mechanisms in place or being explored for increasing the scale of settlement of Solana network transactions will be effective, or how long these mechanisms will take to become effective, which could adversely impact an investment in the Shares. Additionally, because the Solana network also relies on cross-chain communication to process transactions between blockchains, delays can occur if there are bottlenecks in transaction finality on the source or destination chain or if SOL validators take longer than expected to process a transaction.

***Smart contracts are new and their ongoing development and operation may result in problems or be subject to errors or hacks, which could reduce the demand for SOL or cause a wider loss of confidence in the Solana network, either of which could have an adverse impact on the value of SOL.***

Since smart contracts typically cannot be stopped or reversed, vulnerabilities in their programming (i.e., coding errors) can have damaging effects. For instance, coding errors may potentially create vulnerabilities that allow an attacker to drain the funds associated with the smart contract, cause issues or render the protocol unusable. Hackers have exploited vulnerabilities in various smart contract implementations, including those on the Solana blockchain, that have resulted in the loss of digital assets from accounts. For example, an attack in April of 2025 reportedly syphoned approximately 1,200 SOL from the Loopscale decentralized finance protocol housed on the Solana blockchain. In another example, in February of 2022, a vulnerability in a smart contract for Wormhole, a bridge between the Ethereum and Solana blockchain led to a $320 million theft of ether. Other smart contracts, including bridges between blockchain networks and DeFi protocols have also been manipulated, exploited or used in ways that were not intended or envisioned by their creators such that attackers syphoned over $2.2 billion worth of digital assets from smart contracts in 2024. Problems with the development, deployment, and operation of smart contracts may have an adverse effect on the value of SOL. In some cases, smart contracts can be controlled by one or more "admin keys" or users with special privileges, or "super users." These users may have the ability to unilaterally make changes to the smart contract, enable or disable features on the smart contract, change how the smart contract receives external inputs and data, and make other changes to the smart contract.

Many applications associated with DeFi are currently deployed on the Solana network, and smart contracts relating to DeFi applications currently represent a significant source of demand for SOL. For smart contracts that hold a pool of digital asset reserves, smart contract super users or admin key holders may be able to extract funds from the pool, liquidate assets held in the pool, or take other actions that decrease the value of the digital assets held by the smart contract in reserves. Even for digital assets that have adopted a decentralized governance mechanism, such as smart contracts that are governed by the holders of a governance token, such governance tokens can be concentrated in the hands of a small group of core community members, who would be able to make similar changes unilaterally to the smart contract. If any such super user or group of core members unilaterally make adverse changes to a smart contract, the design, functionality, features and value of the smart contract, its related digital assets may be harmed. In addition, assets held by the smart contract in reserves may be stolen, misused, burnt, locked up or otherwise become unusable and irrecoverable. Super users can also become targets of hackers and malicious attackers. Furthermore, the underlying smart contracts may be insecure, contain bugs or other vulnerabilities, or otherwise may not work as intended. Any of the foregoing could cause users of the DeFi application to be negatively affected, or could cause the DeFi application to be the subject of negative publicity. Because DeFi applications may be built on the Solana network and represent a significant source of demand for SOL, public confidence in the Solana network itself could be negatively affected, and the value of SOL could decrease.

***New competing digital assets may pose a challenge to SOL's current market position, resulting in a reduction in demand for SOL, which could have a negative impact on the price of SOL and may have a negative impact on the performance of the Trust.***

Solana faces significant competition from other digital assets as well as from other technologies or payment forms, such as Swift, ACH, remittance networks, credit cards and cash. There is no guarantee that SOL will become a dominant form of payment, store of value or method of exchange. SOL is also supported by fewer exchanges than more established digital assets, which could impact its liquidity.

Although the Solana network presents advantages such as lower fees and faster transactions compared to other digital assets, it is possible that real or perceived shortcomings in the Solana network, or technological, regulatory or other developments, including the failure to fully implement planned changes could result in a decline in popularity and acceptance of SOL and the Solana network, and other digital assets and trading systems could become more widely accepted and used than the Solana network. Promoters of other digital assets claim that those digital assets have solved certain of the purported drawbacks of the Solana network, for example, improving stability or preventing inflation. If these digital assets are successful, such success could reduce demand for SOL and adversely affect the value of SOL and an investment in the Trust. It is currently unclear which digital assets, if any, will become and remain dominant, as the sector continues to innovate and evolve. Changes in the viability of any digital asset ecosystem may adversely impact pricing and liquidity of SOL and, therefore, of the Trust.

***Competition from central bank digital currencies ("CBDCs") could adversely affect the value of SOL and other digital assets.***

Central banks have introduced digital forms of legal tender. China's CBDC project, known as Digital Currency Electronic Payment, has reportedly been tested in a live pilot program conducted in multiple cities in China. A recent study published by the Bank for International Settlements estimated that at least 36 central banks have published retail or wholesale CBDC work ranging from research to pilot projects. Whether or not they incorporate blockchain or similar technology, CBDCs, as legal tender in the issuing jurisdiction, could have an advantage in competing with, or replacing, SOL and other digital assets as a medium of exchange or store of value. Central banks and other governmental entities have also announced cooperative initiatives and consortia with private sector entities, with the goal of leveraging blockchain and other technology to reduce friction in cross-border and interbank payments and settlement, and commercial banks and other financial institutions have also recently announced a number of initiatives of their own to incorporate new technologies, including blockchain and similar technologies, into their payments and settlement activities, which could compete with, or reduce the demand for SOL. As a result of any of the foregoing factors, the value of SOL could decrease, which could adversely affect an investment in the Trust.

***Prices of SOL may be affected due to stablecoins, the activities of stablecoin issuers (including Tether and Circle) and their regulatory treatment.***

While the Trust does not invest in stablecoins, it may nonetheless be exposed to these and other risks that stablecoins pose for the SOL market through its investment in SOL. Stablecoins are digital assets designed to have a stable value over time as compared to typically volatile digital assets and are typically marketed as being pegged to a fiat currency, such as the U.S. dollar. Although the prices of stablecoins are intended to be stable, in many cases their prices fluctuate, sometimes significantly. This volatility has in the past apparently impacted the price of SOL. Stablecoins are a relatively new phenomenon and it is impossible to know all of the risks that they could pose to participants in the SOL market. In addition, some have argued that some stablecoins, particularly USDT, are improperly issued without sufficient backing in a way that could cause artificial rather than genuine demand for bitcoin, artificially inflating the price of bitcoin, and if true, there is no assurance similar dynamics would not be at work in the market for SOL. There have been reports that those associated with certain stablecoins may be involved in laundering money. On February 17, 2021, the New York Attorney General entered into an agreement with USDT's operators, requiring them to cease any further trading activity with New York persons and pay $18.5 million in penalties for false and misleading statements made regarding the assets backing USDT. On October 15, 2021, the CFTC announced a settlement with USDT's operators in which they agreed to pay $42.5 million in fines to settle charges that, among others, Tether's claims that it maintained sufficient U.S. dollar reserves to back every USDT stablecoin in circulation with the "equivalent amount of corresponding fiat currency" held by Tether were untrue. Bitfinex also agreed to pay the CFTC a $1.5 million fine to settle charges that Bitfinex offered off-exchange leveraged, margined, or financed transactions involving digital assets, including SOL, with U.S. customers who were not eligible contract participants and accepted funds (including in the form of USDT stablecoins) and orders in connection with such illegal off-exchange transactions, triggering an obligation to register with the CFTC, which the CFTC order asserts it violated. The CFTC previously fined Bitfinex in 2016 on similar charges.

USDC is a reserve-backed stablecoin issued by Circle Internet Financial that is commonly used as a method of payment in digital asset markets, including the SOL market. While USDC is designed to maintain a stable value at 1 U.S. dollar at all times, on March 10, 2023, the value of USDC fell below $1.00 for multiple days after Circle Internet Financial disclosed that US$3.3 billion of the USDC reserves were held at Silicon Valley Bank, which had entered FDIC receivership earlier that day. Stablecoins are reliant on the U.S. banking system and U.S. treasuries, and the failure of either to function normally could impede the function of stablecoins, and therefore could adversely affect the value of the Shares.

Stablecoins are reliant on the U.S. banking system and U.S. treasuries, and the failure of either to function normally could impede the function of stablecoins and therefore could adversely affect the value of the Shares.

Given the role that stablecoins play in global digital asset markets, their fundamental liquidity can have a dramatic impact on the broader digital asset market, including the market for SOL. A significant portion of the digital asset market continues to depend on stablecoins such as USDT and USDC. As such, any disruption in the operation or perceived stability of these stablecoins such as a disorderly de-pegging event or a loss of market confidence resulting in a run on reserves could lead to substantial market volatility across digital assets more broadly.

Additional risks such as operational failures (e.g., technical issues that prevent settlement), concerns regarding the adequacy or transparency of reserve assets backing stablecoins, the use of unbacked or undercollateralized stablecoins in potentially manipulative trading practices and regulatory scrutiny of stablecoin issuers or intermediaries, including exchanges that facilitate stablecoin transactions, may also adversely affect market confidence and liquidity. Further, these risks are underscored by recent legislative developments. On July 18, 2025, the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 ("GENIUS Act") was enacted, establishing a federal regulatory framework for payment stablecoins. The GENIUS Act will become effective on July 18, 2028. The GENIUS Act prohibits the issuance or use of payment stablecoins unless the issuer obtains a qualifying license and complies with a range of regulatory requirements, including reserve backing with liquid assets, redemption rights, governance standards, and operational transparency. The GENIUS Act also restricts the payment of interest on stablecoins and imposes oversight on both bank and nonbank issuers. The enactment of the GENIUS Act, or the removal or migration of prominent stablecoins from the Solana network, could reduce the willingness of market participants to engage in digital asset transactions that rely on stablecoins, diminish liquidity in the SOL market, and adversely affect the price of SOL. Any such developments could, in turn, materially and adversely impact the value of the Shares.

Volatility in stablecoins, operational issues with stablecoins (for example, technical issues that prevent settlement), concerns about the sufficiency of any reserves that support stablecoins, or regulatory concerns about stablecoin issuers or intermediaries, such as exchanges, that support stablecoins, could impact individuals' willingness to trade on trading venues that rely on stablecoins and could impact the price of SOL, and in turn, an investment in the Shares.

***Operational cost may exceed the award for validating transaction, and increased transaction fees may adversely affect the usage of the Solana network.***

If transaction confirmation fees become too high, the marketplace may be reluctant to use SOL. This may result in decreased usage and limit expansion of the Solana network in the retail, commercial, blockchain-based services sectors as well as in the payments space, adversely impacting investment in the Trust. Conversely, if the reward for validators or the value of the transaction fees is insufficient to motivate validators, they may cease to validate transactions.

Ultimately, if the awards of new SOL and the costs of validating transactions grow disproportionately to one another, validators may operate at a loss, transition to other networks, or cease operations altogether. Each of these outcomes could, in turn, slow transaction validation and usage, which could have a negative impact on the Solana network and could adversely affect the value of the SOL held by the Trust.

An acute cessation of validator operations would reduce the collective processing power on the Solana network, which would adversely affect the transaction verification process by temporarily decreasing the speed at which blocks are added to the blockchain and make the blockchain more vulnerable to a malicious actor obtaining control in excess of 50% of the processing power on the blockchain. Reductions in processing power could result in material, though temporary, delays in transaction confirmation time. Any reduction in confidence in the transaction verification process or may adversely impact the value of Shares of the Trust or the ability of the Delegated Sponsor to operate.

***Electricity usage.***

Concerns have been raised about the electricity required to secure and maintain digital asset networks. Although measuring the electricity consumed by the process of securing and maintaining digital asset networks is difficult because these operations are performed by various machines with varying levels of efficiency, the process consumes a significant amount of energy. Driven by concerns around energy consumption and the impact on public utility companies, various states and cities have implemented, or are considering implementing, moratoriums on validating activity in their jurisdictions.

Solana uses a system called proof-of-history to validate transaction information. Proof-of-history automatically orders on-chain transactions by creating a historical record that proves an event has occurred at a specific moment in time. The Solana network also uses a system called proof-of-stake to incentivize SOL holders to validate transactions. Anyone that owns the specific proof-of-stake digital asset can participate in staking, subject to certain minimum amounts as determined by the applicable proof-of-stake digital asset. Generally, the higher the amount staked by any actor, the higher the chances of being chosen by the applicable blockchain to act as a validator and reaping validator rewards; in other words, the higher the stake, the higher the chances of earning a staking reward. This has led to the creation of staking pools, where third parties combine smaller stakes into large pools, which leads to higher returns for owners of small stakes, in return for a fee collected by the third parties.

Other digital asset networks may use a system called proof-of-work to validate transaction information. It is called proof-of-work because solving the encrypted hash takes time and energy, which acts as proof that work was done. Proof of work requires users to mine or complete complex computational puzzles before submitting new transactions to the network.

Proof-of-stake digital assets allow people to pledge or lock up some of their holdings as a way of vouching for the accuracy of newly added information, and proof-of-history creates chains of timestamps to verify transactions. Meanwhile, proof-of-work digital assets require people to solve complex cryptographic puzzles — which can incur significant energy costs — before they are allowed to propose a new block. This expenditure of time, computing power and energy is intended to make the cost of fraud higher than the potential rewards of a dishonest action.

The operations of digital asset networks can consume significant amounts of electricity, which may have a negative environmental impact and give rise to public opinion against allowing, or government regulations restricting, the use of electricity for validating operations, in the case of proof-of-work networks. Additionally, validators on proof-of-work networks may be forced to cease operations during an electricity shortage or power outage, or if electricity prices increase where the validating activities are performed.

The operations of the Solana network and other digital asset networks may also consume significant amounts of energy, even though the Solana blockchain is generally considered to consume significantly less energy than other digital asset networks, such as the SOL blockchain, due to its use of proof-of-history and proof-of-stake, rather than proof-of-work, transaction validation mechanisms. Further, in addition to the direct energy costs of performing calculations on any given digital asset network, there are indirect costs that impact a network's total energy consumption, including the costs of cooling the machines that perform these calculations.

If regulators or public utilities take action that restricts or otherwise impacts validating activities of digital assets generally, such actions could result in decreased security of a digital asset network, including the Solana network, and consequently adversely impact the value of the Shares. This could adversely affect the price of SOL, or the operation of the Solana network, and accordingly decrease the value of the Shares, by creating negative sentiment around digital assets generally.

***If the digital asset award or transaction fees for recording transactions on the Solana network are not sufficiently high to incentivize validators, or if certain jurisdictions continue to limit or otherwise regulate validating activities, validators may cease expanding validating power or demand high transaction fees, which could negatively impact the value of SOL and the value of the Shares.***

If the digital asset awards for validating blocks or the transaction fees for recording transactions on the Solana blockchain are not sufficiently high to incentivize validators, or if certain jurisdictions continue to limit or otherwise regulate validating activities, validators may cease expending validating power to validate blocks and confirmations of transactions on the Solana blockchain could be slowed. For example, the realization of one or more of the following risks could materially adversely affect the value of the Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 reduction in the processing power expended by validators on the Solana blockchain could increase
 the likelihood of a malicious actor or botnet (a volunteer or hacked collection of computers
 controlled by networked software coordinating the actions of the computers) obtaining control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Validators
 have historically accepted relatively low transaction confirmation fees on most digital asset
 networks. If validators demand higher transaction fees for recording transactions in the
 Solana blockchain or a software upgrade automatically charges fees for all transactions on
 the Solana blockchain, the cost of using SOL may increase and the marketplace may be reluctant
 to accept SOL. Alternatively, validators could collude in an anti-competitive manner to reject
 low transaction fees on the Solana blockchain and force users to pay higher fees, thus reducing
 the attractiveness of the Solana blockchain. Higher transaction confirmation fees resulting
 through collusion or otherwise may adversely affect the attractiveness of the Solana blockchain,
 the value of SOL and the value of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 the extent that any validators cease to record transactions that do not include the payment
 of a transaction fee in blocks or do not record a transaction because the transaction fee
 is too low, such transactions will not be recorded on the Solana blockchain until a block
 is validated by a validator who does not require the payment of transaction fees or is willing
 to accept a lower fee. Any widespread delays or disruptions in the recording of transactions
 could result in a loss of confidence in the Solana blockchain and could prevent the Trust
 from completing transactions associated with the day-to-day operations of the Trust, including
 creations and redemptions of the Shares in exchange for SOL with Authorized Participants.

· During the course of the
 block validation processes, validators exercise the discretion to select which transactions
 to include within a block and in what order to include these transactions. Beyond the standard
 block reward and transaction fees, validators have the ability to extract what is known as
 Maximal Extractable Value ("MEV") by strategically choosing, reordering, or excluding
 certain transactions during block production in return for increased transaction fees or
 other forms of profit for such validators. In blockchain networks that facilitate DeFi protocols
 in particular, such as the Solana network, users may attempt to gain an advantage over other
 users by offering additional fees to validators for effecting the order or inclusions of
 transactions within a block, which could be viewed as front running. Certain software solutions,
 such as MEV Boost by Flashbots, have been developed which facilitate validators and other
 parties in the ecosystem in capturing MEV. The presence of MEV may incentivize associated
 practices such as sandwich attacks or front running that can have negative repercussions
 on DeFi users. A "sandwich attack" is executed by placing two transactions around
 a large, detected transaction to capitalize on the expected price impact. For instance, a
 market participant might identify a sizable transaction within the mempool that will significantly
 alter an asset's price on a decentralized exchange. The participant could then for
 example orchestrate a transaction bundle: one transaction to acquire the asset prior to the
 detected transaction, followed by the large transaction itself, and a final transaction to
 sell the asset after the market price has increased due to the large transaction's
 execution. Such transaction bundles can be submitted to validators through mechanisms, with
 validators receiving a share of the profits as an incentive to include the specific transaction
 bundle in the block. In the context of MEV, "front running" is said to occur
 when a user spots a transaction in the publicly visible so-called memory pool ("mempool")
 of pending but unexecuted transactions awaiting validation, and then pays a high transaction
 fee to a validator to have their transaction executed on a priority basis in a manner designed
 to profit from the pending but unexecuted transaction that is still in the mempool. MEV may
 also compromise the predictability of transaction execution, which may deter usage of the
 network as a whole. Although based on widely available information given that transactions
 in the mempool are publicly visible, any potential perception of MEV as unfair manipulation
 may also discourage users and other stakeholders from engaging with DeFi protocols or the
 Solana network in general. In addition, it's possible regulators or legislators could
 enact rules which restrict practices associated with MEV, which could diminish the popularity
 of the Solana network among users and validators. Any potential perception of MEV as unfair
 manipulation, despite its prevalence on many blockchain networks, including the Solana network,
 may lead to adverse publicity, legal and regulatory uncertainty. Any of these or other outcomes
 related to MEV may adversely affect the value of SOL and the value of the Shares.

***Validators may cease to record transactions as a result of low transaction fees, which may adversely affect the usage of the Solana network.***

To the extent that any validators cease to record transactions that do not include the payment of a transaction fee in solved blocks or do not record a transaction because the transaction fee is too low, such transactions will not be recorded on the Solana blockchain until a block is solved by a validator who does not require the payment of transaction fees or is willing to accept a lower fee, if there is one. Any widespread delays in the recording of transactions could result in a loss of confidence in the Solana network, resulting in a decline in SOL prices.

***Large-scale sales or distributions could have an adverse effect on the market price of SOL.***

Some entities hold large amounts of SOL relative to other market participants, and to the extent such entities engage in large-scale hedging, sales or distributions on non-market terms, or sales in the ordinary course, it could result in a reduction in the price of SOL and adversely affect the value of the Shares. Additionally, political or economic crises may motivate large-scale acquisitions or sales of digital assets, including SOL, either globally or locally. Such large-scale sales or distributions could result in selling pressure that may reduce the price of SOL and adversely affect an investment in the Shares.

The largest SOL wallets are believed to hold, in aggregate, a significant percentage of the SOL in circulation. As of May 2026, the largest 100 SOL wallets held approximately 22.76% of the SOL in circulation. Moreover, it is possible that other persons or entities control multiple wallets that collectively hold a significant number of SOL, even if they individually only hold a small amount, and it is possible that some of these wallets are controlled by the same person or entity. As a result of this concentration of ownership, large sales or distributions by such holders could have an adverse effect on the market price of SOL. See "*Risk Factors* - *Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets, or any ability to participate in or otherwise influence a digital asset's underlying network, could have an adverse effect on the market price of such digital asset."*

***Digital asset treasury companies risk.***

In recent times, a number of companies engaged in businesses outside the digital asset industry have begun to hold their corporate treasuries in digital assets instead of in fiat currency ("digital asset treasury companies"). In some cases, these companies have raised funds through financing or securities offerings and applied the proceeds to purchase digital assets, including SOL.

Digital asset treasury companies are a relatively new phenomenon and it is difficult to predict their long-term sustainability, and therefore their impact to digital asset markets, and to the Trust. Digital asset treasury companies may increase procyclical dynamics in the market because they may purchase digital assets, such as SOL, when prices are rising and they may in certain circumstances be forced to sell such assets when prices are decreasing, potentially causing downward pressure on SOL prices in a falling market (causing prices to fall faster than they otherwise would). Digital asset treasury companies could cause greater volatility in digital asset markets, including markets for SOL. Negative events or sentiment surrounding digital asset treasury companies could affect the market for SOL. The increase of consolidated positions in SOL held by digital asset treasury companies could affect the operation of the Solana blockchain.

***Congestion or delay in the Solana network may delay purchases or sales of SOL by the Trust.***

The size of each block on the Solana blockchain is currently limited and is significantly below the level that centralized systems can provide. Increased transaction volume could result in delays in the recording of transactions due to congestion in the Solana network. Moreover, unforeseen system failures, disruptions in operations, or poor connectivity may also result in delays in the recording of transactions on the Solana network. Any delay in the Solana network could affect the Authorized Participant's ability to buy or sell SOL at an advantageous price resulting in decreased confidence in the Solana network. Over the longer term, delays in confirming transactions could reduce the attractiveness to merchants and other commercial parties as a means of payment. As a result, the Solana network and the value of the Trust's Shares would be adversely affected.

***Limits on SOL supply.***

The rate at which new SOL are issued and put into circulation is expected to vary. The Solana network has no formal cap on the total supply of SOL. The Solana network does, however, feature several mechanisms that, individually and in aggregate, have the effect of limiting the total supply of SOL outstanding.

The proof-of-stake mechanism limits the total supply of SOL in circulation by effectively locking staked SOL for a certain period of time, making it temporarily unavailable for trading or selling.

Additionally, the supply of SOL is limited as a result of the deflationary transaction fee burning mechanism. The Solana protocol reduces the SOL supply by eliminating 50% of transaction fees paid in SOL to the network.

***Risks Associated with Investing in the Trust***

***Investment Related Risks.***

Investing in SOL and, consequently, the Trust, is speculative. The price of SOL is volatile, and market movements of SOL are difficult to predict. Supply and demand changes rapidly and is affected by a variety of factors, including regulation and general economic trends, such as interest rates, availability of credit, credit defaults, inflation rates and economic uncertainty. All investments made by the Trust will risk the loss of capital. Therefore, an investment in the Trust involves a high degree of risk, including the risk that the entire amount invested may be lost. No guarantee or representation is made that the Trust's investment program will be successful, that the Trust will achieve its investment objective or that there will be any return of capital invested to investors in the Trust, and investment results may vary.

***The NAV or the Principal Market NAV may not always correspond to the market price of SOL.***

The NAV or the Principal Market NAV of the Trust will change as fluctuations occur in the market price of the Trust's SOL holdings. Shareholders should be aware that the public trading price per share may be different from the NAV for a number of reasons, including price volatility and the fact that supply and demand forces at work in the secondary trading market for Shares are related, but not identical, to the supply and demand forces influencing the market price of SOL as reflected in the Pricing Benchmark.

An Authorized Participant may be able to create or redeem a Basket at a discount or a premium to the public trading price per Share and the Trust will therefore maintain its intended fractional exposure to a specific amount of SOL per share.

***Deviations between the Trust's NAV and NAV per Share versus the Trust's Principal Market NAV and Principal Market NAV per Share may occur.***

The Trust uses the Pricing Benchmark to determine its NAV and NAV per Share. However, for financial statement purposes, the Trust's SOL is carried at fair value as required by GAAP, which requires a determination based on the price of SOL on principal market as identified by the Trust as set for in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"). See "*NAV Determinations*" below. The Trust expects the applicable NAV and NAV per Share and corresponding Principal Market NAV and Principal Market NAV to accurately reflect the price of SOL. However, deviations can occur between the prices from the principal market chosen by the GAAP fair value methodology and Pricing Benchmark, which takes into consideration prices from all of the markets used to calculate the Pricing Benchmark.

***If the process of creation and redemption of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of SOL may not exist and, as a result, the price of the Shares may fall or otherwise diverge from NAV.***

If the processes of creation and redemption of Shares (which depend on timely transfers of SOL to and by the SOL Custodians) encounter any unanticipated difficulties due to, for example, the price volatility of SOL, the insolvency, business failure or interruption, default, failure to perform, security breach, or other problems affecting the SOL Custodians, any operational issues that may arise from creating and redeeming Shares via cash transactions, the closing of SOL trading platforms due to fraud, failures, security breaches or otherwise, or network outages or congestion, spikes in transaction fees demanded by validators, or other problems or disruptions affecting the Solana blockchain, then potential market participants, such as the Authorized Participants and their customers, who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying SOL may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect. In certain such cases, the Delegated Sponsor may suspend the process of creation and redemption of Baskets. During such times, trading spreads, and the resulting premium or discount, on Shares may widen. Alternatively, in the case of a network outage or other problems affecting the Solana blockchain, the processing of transactions on the Solana blockchain may be disrupted, which in turn could affect the creation or redemption of Baskets. If this is the case, the liquidity of the Shares may decline and the price of the Shares may fluctuate independently of the price of SOL and may fall or otherwise diverge from NAV. Furthermore, in the event that the market for SOL should become relatively illiquid and thereby materially restrict opportunities for arbitraging by delivering SOL in return for Baskets, the price of Shares may diverge from the value of SOL.

***Owning Shares is different from directly owning SOL.***

Investors should be aware that the market value of Shares of the Trust may not have a direct relationship with the prevailing price of SOL, and changes in the prevailing price of SOL similarly will not necessarily result in a comparable change in the market value of Shares of the Trust. The performance of the Trust will not reflect the specific return an investor would realize if the investor actually held or purchased SOL directly. The differences in performance may be due to factors such as fees, transaction costs, operating hours of the Exchange and Pricing Benchmark tracking risk. Investors will also forgo certain rights conferred by owning SOL directly, such as the right to claim airdrops. *See "Risk Factors — The inability to recognize the economic benefit of a "fork" or an "airdrop" could adversely impact an investment in the Trust."*

***Pricing Benchmark tracking risk.***

Although the Trust will attempt to structure its portfolio so that investments track the Pricing Benchmark, the Trust may not achieve the desired degree of correlation between its performance and that of the Pricing Benchmark and thus may not achieve its investment objective. The difference in performance may be due to factors such as fees, transaction costs, redemptions of, and subscriptions for, Shares, pricing differences or the cost to the Trust of complying with various new or existing regulatory requirements.

***Liquidity risk.***

The ability of the Trust or a SOL Counterparty to buy or sell SOL may be adversely affected by limited trading volume, lack of a market maker in the digital asset markets, or legal restrictions. It is also possible that a SOL spot market or regulatory or governmental authority may suspend or restrict trading in SOL altogether. Therefore, it may not always be possible to execute a buy or sell order at the desired price or to liquidate an open position due to market conditions on spot markets, regulatory issues affecting SOL or other issues affecting counterparties. SOL is a new asset with a very limited trading history. Therefore, the markets for SOL may be less liquid and more volatile than other markets for more established products.

Shares of the Trust are intended to be listed and traded on the Exchange. There is no certainty that there will be liquidity available on the Exchange or that the market price will be in line with the NAV or the Principal Market NAV at any given time. There is also no guarantee that once the Shares of the Trust are listed or traded on the Exchange that they will remain so listed or traded.

If demand for Shares of the Trust exceeds the availability of SOL from exchanges and the Trust is not able to secure additional supply, Shares of the Trust may trade at a premium to their underlying value. Investors who pay a premium risk losing such premium if demand for the Shares of the Trust abates or the Delegated Sponsor is able to source more SOL. In such circumstances, Shares of the Trust could also trade at a discount.

Prior to their issuance, there was no public market for Shares of the Trust.

***Counterparty risk.***

The Delegated Sponsor, Trust, SOL Counterparty, and Authorized Participants are subject to counterparty risk. A SOL Counterparty may fail to deliver to the Trust's account at the SOL Custodians the amount of SOL associated with a creation order, a SOL Counterparty may fail to deliver to the Trust's account at the Cash Custodian the amount of cash associated with a redemption order, or the Cash Custodian may fail to deliver to the Authorized Participant at settlement the cash proceeds from the sale of SOL associated with a redemption order.

***The value of the Shares may be influenced by a variety of factors unrelated to the value of SOL.***

The value of the Shares may be influenced by a variety of factors unrelated to the price of SOL and the SOL exchanges included in the Pricing Benchmark that may have an adverse effect on the price of the Shares. These factors include, but are not limited to, the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unanticipated
 problems or issues with respect to the mechanics of the Trust's operations and the
 trading of the Shares may arise, in particular due to the fact that the mechanisms and procedures
 governing the creation and offering of the Shares and storage of SOL have been developed
 specifically for this product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Trust could experience difficulties in operating and maintaining its technical infrastructure,
 including in connection with expansions or updates to such infrastructure, which are likely
 to be complex and could lead to unanticipated delays, unforeseen expenses and security vulnerabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Trust could experience unforeseen issues relating to the performance and effectiveness of
 the security procedures used to protect the Trust's account with the SOL Custodians,
 or the security procedures may not protect against all errors, software flaws or other vulnerabilities
 in the Trust's technical infrastructure, which could result in theft, loss or damage
 of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Service
 providers may decide to terminate their relationships with the Trust due to concerns that
 the introduction of privacy enhancing features to the Solana network may increase the potential
 for SOL to be used to facilitate crime, exposing such service providers to potential reputational
 harm. On October 19, 2023, FinCEN published a proposed rulemaking to apply the authority
 in Section 311 of the USA PATRIOT Act to impose requirements on financial institutions
 that engage in convertible virtual currency ("CVC") transactions with CVC mixers.
 The proposed rule, if adopted, would require covered financial institutions to report to
 FinCEN any CVC transactions they process that involves CVC mixing within or involving a jurisdiction
 outside the United States. The term "CVC mixing" could cover a broad range of
 conduct involving technologies, services or methods that have the effect of obfuscating the
 source, destination or amount of a CVC transaction, whether or not the obfuscation was intentional.
 In April 2025, the Solana network launched the Confidential Balances feature, which
 facilitates zero-knowledge transfers. If the FinCEN rule were to be adopted as proposed
 and if the Confidential Balances feature were to be deemed to be within the rule's
 ambit, it could cause the Trust's service providers to reduce support for or cease
 offering services for SOL or to the Trust, which could impair the utility of SOL, the value
 of the Shares and the Trust's ability to operate in compliance with new laws and regulations.
 Further, in the event of any AML/KYC or other regulations that restrict or prohibit or subject
 the use of digital assets with privacy enhanced features, adoption and usage of SOL could
 be adversely affected which could impair the value of SOL and the Shares and the Trust's
 ability to operate in compliance with new laws and regulations.

Any of these factors could affect the value of the Shares, either directly or indirectly through their effect on the Trust's assets.

***The Administrator is solely responsible for determining the value of the Trust's SOL, the Trust's NAV and the Trust's Principal Market NAV. The value of the Shares may experience an adverse effect in the event of any errors, discontinuance or changes in such valuation calculations.***

The Administrator will determine the Trust's NAV and the Trust's Principal Market NAV. The Administrator's determination is made utilizing data from the SOL Custodians' operations and the Pricing Benchmark (in the case of the NAV) and the principal market for SOL as determined by the Trust (in the case of the Principal Market NAV). To the extent that the Trust's NAV or the Principal Market NAV are incorrectly calculated, the Administrator may not be liable for any error and such misreporting of valuation data could adversely affect an investment in the Shares.

The Administrator determines the NAV of the Trust as of 4:00 p.m. ET on each Business Day as soon as practicable after that time and determines the Principal Market NAV as of 11:59:59 p.m. ET on the valuation date. If the Pricing Benchmark is not available, or if the Delegated Sponsor determines in good faith that the Pricing Benchmark does not reflect an accurate SOL price, then the Administrator will determine NAV by reference to the Trust's principal market. There are no predefined criteria to make a good faith assessment as to which of the rules the Delegated Sponsor will apply, and the Delegated Sponsor may make this determination in its sole discretion as a delegate of the Cayman Trustee.

The Trust is subject to the risk that the Administrator may utilize the Pricing Benchmark in a manner that ultimately inaccurately reflects the price of SOL. To the extent that the NAV, Principal Market NAV, the Pricing Benchmark, the Administrator's or the Delegated Sponsor's other valuation methodology are incorrectly calculated, neither the Delegated Sponsor, the Administrator nor the Trustees will be liable for any error and such misreporting of valuation data could adversely affect the value of the Shares and investors could suffer a substantial loss on their investment in the Trust. Moreover, the terms of the Trust Agreement do not prohibit the Delegated Sponsor from changing the Pricing Benchmark or other valuation method used to calculate the NAV and Principal Market NAV of the Trust. Any such change in the Pricing Benchmark or other valuation method could affect the value of the Shares and investors could suffer a substantial loss on their investment in the Trust.

***The Delegated Sponsor has limited experience with digital asset ETPs, which may adversely affect the Trust.***

As of June 16, 2026, the Delegated Sponsor served as sponsor to 19 traditional ETPs with approximately $13,748,324,035 in assets under management as of June 16, 2026 across equity, fixed income, and multi-asset strategies as well as sponsor to one digital asset ETP, Morgan Stanley Bitcoin Trust. However, the Delegated Sponsor has limited experience sponsoring ETPs that hold digital assets.

Digital asset markets require specialized knowledge of blockchain technology and security, and have evolving regulatory requirements that differ materially from traditional asset markets. The Delegated Sponsor has not previously operated a registered digital asset ETP.

The Delegated Sponsor's limited experience may not fully encompass the technical expertise required to mitigate risks such as cyber threats, technological failures, or operational errors related to digital asset transactions and custody. This limited experience could result in suboptimal decision-making, increased operational risks, and potential legal or regulatory non-compliance. These factors could adversely affect the Trust's operations, leading to potential losses for investors or a decrease in the Trust's overall value.

Furthermore, the Delegated Sponsor is currently engaged in the management of other investment vehicles which could divert their attention and resources. If the Delegated Sponsor were to experience difficulties in the management of such other investment vehicles that damaged the Delegated Sponsor or its reputation, it could have an adverse impact on the Delegated Sponsor's ability to continue to serve as Delegated Sponsor for the Trust.

***The Trust's operations depend substantially on the Delegated Sponsor as a result of the Cayman Trustee's delegation of substantially all management duties, and any failure by the Delegated Sponsor to perform its delegated responsibilities could adversely affect the Trust and the value of the Shares.***

The Cayman Trustee has delegated substantially all of its management and operational duties to the Delegated Sponsor pursuant to the Appleby Agreements, subject to the Cayman Trustee's retained oversight responsibilities and reserved powers. The Delegated Sponsor shall remain liable to the Cayman Trustee for services delegated as detailed in the Delegation Agreement. As a result, the Delegated Sponsor has broad operational authority over the day-to-day management and administration of the Trust, including entering into and maintaining contracts with service providers, establishing and maintaining accounts, supervising custody arrangements, processing creation and redemption orders, supervising offering materials and regulatory filings, managing the exchange listing of the Shares, and exercising discretion over fork, airdrop, and related matters. The Trust's ability to achieve its investment objective and to operate as described in this prospectus depends to a substantial degree on the Delegated Sponsor performing these functions adequately, on a timely basis, and in compliance with applicable law and the terms of the governing documents. If the Delegated Sponsor fails to perform any of its delegated responsibilities, the Trust may be unable to operate as intended. Any such failure could delay or disrupt creation and redemption activity, impair the Trust's custody and administrative processes, interfere with the Trust's regulatory or reporting obligations, or otherwise adversely affect the Trust and the value of the Shares.

***The Cayman Trustee's delegation of management duties to the Delegated Sponsor is governed by the Appleby Agreements, which are subject to amendment, reduction, or termination, and any such event could result in significant operational disruption and could adversely affect the Trust and the value of the Shares*.**

The authority of the Delegated Sponsor to perform management and operational functions on behalf of the Trust derives entirely from the delegation effected by the Cayman Trustee under the Appleby Agreements. The Cayman Trustee retains the right to amend, reduce, or terminate the delegation at any time in accordance with the terms of the Appleby Agreements and the Trust Agreement. If the delegation is terminated, all delegated duties will revert automatically to the Cayman Trustee. The Cayman Trustee may not have the operational capacity, infrastructure, or regulatory status to perform those duties directly, and any period during which the Cayman Trustee is performing such duties while a replacement delegated sponsor is sought could result in significant disruption to the Trust's operations, including the suspension of creation and redemption activity and disruption to the Trust's custody and administrative arrangements. There is no assurance that a replacement delegated sponsor with equivalent expertise and capabilities could be identified and appointed in a timely manner. Any of these events could adversely affect the Trust and the value of the Shares.

***The Delegated Sponsor acts as agent of and delegate for the Cayman Trustee and is not itself a trustee of the Trust; the allocation of authority and responsibility between the Cayman Trustee and the Delegated Sponsor may be unclear in certain circumstances, which could adversely affect the Trust's operations and Shareholders' ability to seek recourse*.**

The Delegated Sponsor exercises its operational authority as agent of and delegate for the Cayman Trustee, and not as a trustee or independent sponsor of the Trust in its own right. The Delegated Sponsor shall remain liable to the Cayman Trustee for services delegated as detailed in the Delegation Agreement. The Delegated Sponsor is not a trustee of the Trust for purposes of the Delaware Statutory Trust Act and has no authority or responsibility beyond the scope of the Delegated Duties as defined in the Delegation Agreement. Certain functions are retained by the Cayman Trustee as reserved powers and may not be performed by the Delegated Sponsor without the prior written consent of the Cayman Trustee. The allocation of specific functions between the Cayman Trustee and the Delegated Sponsor is governed by the Delegation Agreement. In circumstances where the scope of the Delegated Sponsor's authority is unclear or disputed, there may be uncertainty as to which party is responsible for taking a required action. Any such uncertainty could delay operational decisions or interfere with the Trust's relationships with service providers and counterparties.

***The Cayman Trustee retains ultimate responsibility for the Delegated Duties but does not perform them directly, and the Cayman Trustee's oversight of the Delegated Sponsor may be insufficient to prevent operational failures or losses that adversely affect the Trust and the value of the Shares*.**

Notwithstanding the delegation of substantially all management duties to the Delegated Sponsor, the Cayman Trustee retains ultimate responsibility for the performance of those duties in its capacity as trustee of the Trust under the Delaware Statutory Trust Act. The Cayman Trustee is required to exercise ongoing oversight of the Delegated Sponsor's performance of the Delegated Duties and to take such steps as are necessary to address any material deficiency in that performance. However, the Cayman Trustee does not perform the Delegated Duties directly and relies on the Delegated Sponsor to carry them out on a day-to-day basis. The Cayman Trustee's oversight of the Delegated Sponsor's performance is exercised at a supervisory level and does not involve the Cayman Trustee in individual operational decisions. There is no assurance that the Cayman Trustee's oversight will be sufficient to detect or prevent all operational failures, errors, or misconduct by the Delegated Sponsor in a timely manner. If the Delegated Sponsor commits an error, acts negligently, or fails to perform a delegated function, the Cayman Trustee may not become aware of the failure in time to prevent loss to the Trust. The liability of the Cayman Trustee for losses arising from the Delegated Sponsor's conduct is subject to the exculpation and indemnification provisions of the Trust Agreement, which limit the Cayman Trustee's liability except in cases of fraud, gross negligence, bad faith, or willful misconduct. As a result, Shareholders may bear losses arising from the Delegated Sponsor's performance of delegated functions even where the Cayman Trustee has exercised reasonable oversight.

***SOL Counterparties' buying and selling activity associated with the creation and redemption of Baskets may adversely affect an investment in the Shares.***

The purchase of SOL in connection with Basket creation orders may cause the price of SOL to increase, which will result in higher prices for the Shares. Increases in the SOL prices may also occur as a result of SOL purchases by other market participants who attempt to benefit from an increase in the market price of SOL when Baskets are created. The market price of SOL may therefore decline immediately after Baskets are created.

Selling activity associated with sales of SOL in connection with redemption orders may decrease the SOL prices, which will result in lower prices for the Shares. Decreases in SOL prices may also occur as a result of selling activity by other market participants.

In addition to the effect that purchases and sales of SOL as part of the creation and redemption process may have on the price of SOL, sales and purchases of SOL by similar investment vehicles (if developed) could impact the price of SOL. If the price of SOL declines, the trading price of the Shares will generally also decline.

***The inability of SOL Counterparties to hedge their SOL exposure may adversely affect the liquidity of Shares and the value of an investment in the Shares.***

Authorized Participants and market makers will generally want to hedge their exposure in connection with Basket creation and redemption orders. To the extent Authorized Participants and market makers are unable to hedge their exposure due to market conditions (e.g., insufficient SOL liquidity in the market, inability to locate an appropriate hedge counterparty, etc.), such conditions may make it difficult for Authorized Participants to create or redeem Baskets (or cause them to not create or redeem Baskets). In addition, the hedging mechanisms employed by SOL Counterparties to hedge their exposure to SOL may not function as intended, which may make it more difficult for them to enter into such transactions. Such events could negatively impact the market price of Shares and the spread at which Shares trade on the open market. To the extent SOL Counterparties wish to use futures to hedge their expenses, note that while growing in recent years, the market for exchange-traded SOL futures has a limited trading history and operational experience and may be less liquid, more volatile and more vulnerable to economic, market and industry changes than more established futures markets. The liquidity of the market will depend on, among other things, the adoption of SOL and the commercial and speculative interest in the market.

***Arbitrage transactions intended to keep the price of Shares closely linked to the price of SOL may be problematic if the process for the creation and redemption of Baskets encounters difficulties, which may adversely affect an investment in the Shares.***

If the processes of creation and redemption of the Shares encounter any unanticipated difficulties, potential market participants who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying SOL may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect. If this is the case, the liquidity of Shares may decline and the price of the Shares may fluctuate independently of the price of SOL and may fall.

***If the process of creation and redemption of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of SOL may not exist and, as a result, the price of the Shares may fall or otherwise diverge from NAV.***

If the processes of creation and redemption of Shares (which depend on timely transfers of SOL to and by the SOL Custodians) encounter any unanticipated difficulties due to, for example, the price volatility of SOL, the insolvency, business failure or interruption, default, failure to perform, security breach, or other problems affecting the SOL Custodians, any operational issues that may arise from creating and redeeming Shares via cash transactions, the closing of SOL trading platforms due to fraud, failures, security breaches or otherwise, or network outages or congestion, spikes in transaction fees demanded by validators, or other problems or disruptions affecting the Solana blockchain, then potential market participants, such as the Authorized Participants and their customers, who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying SOL may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect. In certain such cases, the Delegated Sponsor may suspend the process of creation and redemption of Baskets. During such times, trading spreads, and the resulting premium or discount, on Shares may widen. Alternatively, in the case of a network outage or other problems affecting the Solana blockchain, the processing of transactions on the Solana blockchain may be disrupted, which in turn could affect the creation or redemption of Baskets. If this is the case, the liquidity of the Shares may decline and the price of the Shares may fluctuate independently of the price of SOL and may fall or otherwise diverge from NAV. Furthermore, in the event that the market for SOL should become relatively illiquid and thereby materially restrict opportunities for arbitraging by delivering SOL in return for Baskets, the price of Shares may diverge from the value of SOL.

***Security threats and cyber-attacks could result in the halting of Trust operations and a loss of Trust assets or damage to the reputation of the Trust, each of which could result in a reduction in the price of the Shares.***

Security breaches, cyber-attacks, computer malware and computer hacking attacks have been a prevalent concern in relation to digital assets. Multiple thefts of SOL and other digital assets from other holders have occurred in the past. For example, an attack in April of 2025 reportedly syphoned approximately 1,200 SOL from the Loopscale decentralized finance protocol housed on the Solana blockchain. In another example, in February of 2022, a vulnerability in a smart contract for Wormhole, a bridge between the Ethereum and Solana blockchain led to a $320 million theft of ether.

Because of the decentralized process for transferring SOL, thefts can be difficult to trace, which may make SOL a particularly attractive target for theft. Cyber security failures or breaches of one or more of the Trust's service providers (including but not limited to, the Benchmark Provider, the Transfer Agent, the Administrator, or the SOL Custodians) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs.

The Trust and its service providers' use of internet, technology and information systems (including mobile devices and cloud-based service offerings) may expose the Trust to potential risks linked to cyber-security breaches of those technological or information systems. Security breaches, computer malware, ransomware and computer hacking attacks have been a prevalent concern in relation to digital assets. The Delegated Sponsor believes that the Trust's SOL held in the Trust's account with the SOL Custodians will be an appealing target to hackers or malware distributors seeking to destroy, damage or steal the Trust's SOL or private keys and will only become more appealing as the Trust's assets grow. To the extent that the Trust, the Delegated Sponsor or the SOL Custodians are unable to identify and mitigate or stop new security threats or otherwise adapt to technological changes in the digital asset industry, the Trust's SOL may be subject to theft, loss, destruction or other attack.

The Delegated Sponsor has evaluated the security procedures in place for safeguarding the Trust's SOL. Nevertheless, the security procedures cannot guarantee the prevention of any loss due to a security breach, software defect or act of God that may be borne by the Trust. Access to the Trust's SOL could be restricted by natural events (such as an earthquake or flood) or human actions (such as a terrorist attack).

The security procedures and operational infrastructure may be breached due to the actions of outside parties, error or malfeasance of an employee of the Delegated Sponsor, the SOL Custodians, or otherwise, and, as a result, an unauthorized party may obtain access to the Trust's account with the SOL Custodians, the private keys (and therefore SOL) or other data of the Trust. Additionally, outside parties may attempt to fraudulently induce employees of the Delegated Sponsor, the SOL Custodians, or the Trust's other service providers to disclose sensitive information in order to gain access to the Trust's infrastructure. As the techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently, or may be designed to remain dormant until a predetermined event and often are not recognized until launched against a target, the Delegated Sponsor and the SOL Custodians may be unable to anticipate these techniques or implement adequate preventative measures.

An actual or perceived breach of the Trust's accounts with the SOL Custodians could harm the Trust's operations, result in partial or total loss of the Trust's assets, damage the Trust's reputation and negatively affect the market perception of the effectiveness of the Trust, all of which could in turn reduce demand for the Shares, resulting in a reduction in the price of the Shares. The Trust may also cease operations, the occurrence of which could similarly result in a reduction in the price of the Shares.

While the Delegated Sponsor has established business continuity plans and systems that it believes are reasonably designed to prevent cyber attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been, or cannot be, identified. Service providers may have limited indemnification obligations to the Trust, as such, the Trust could be negatively impacted as a result.

If the Trust's holdings of SOL are lost, stolen or destroyed under circumstances rendering a party liable to the Trust, the responsible party may not have the financial resources, including insurance coverage, sufficient to satisfy the Trust's claim. For example, as to a particular event of loss, the only source of recovery for the Trust may be limited to the relevant custodian or, to the extent identifiable, other responsible third parties (for example, a thief or terrorist), any of which may not have the financial resources (including liability insurance coverage) to satisfy a valid claim of the Trust. Similarly, as noted below, the Trust's SOL Custodians have extraordinarily limited liability to the Trust, which will adversely affect the Trust's ability to seek recovery from them, even when they are at fault.

It may not be possible, either because of a lack of available policies or because of prohibitive cost, for the Trust to obtain insurance that would cover losses of the Trust's SOL. If an uninsured loss occurs or a loss exceeds policy limits, the Trust could lose all of its assets.

***The Trust's SOL Custodians could become insolvent.***

The Trust's assets will be held in one or more accounts maintained for the Trust by the SOL Custodians or at other custodian banks which may be located in other jurisdictions. The SOL Custodians are not depository institutions as they are not insured by the FDIC. The insolvency of the SOL Custodians or of any broker, custodian bank or clearing corporation used by the SOL Custodians, may result in the loss of all or a substantial portion of the Trust's assets or in a significant delay in the Trust having access to those assets. Additionally, custody of digital assets presents inherent and unique risks relating to access loss, theft and means of recourse in such scenarios. These risks are applicable to the Trust's use of the SOL Custodians.

The Trust may change the custodial arrangements described in this Prospectus at any time without notice to Shareholders.

***The Trust is subject to risks due to its concentration of investments in a single asset.***

Unlike other funds that may invest in diversified assets, the Trust's investment strategy is concentrated in a single asset within a single asset class. This concentration maximizes the degree of the Trust's exposure to a variety of market risks associated with SOL and digital assets. By concentrating its investment strategy solely in SOL, any losses suffered as a result of a decrease in the value of SOL can be expected to reduce the value of an interest in the Trust and will not be offset by other gains if the Trust were to invest in underlying assets that were diversified.

***The lack of active trading markets for the Shares may result in losses on Shareholders' investments at the time of disposition of Shares.***

Although Shares of the Trust will be publicly listed and traded on an exchange, there can be no guarantee that an active trading market for the Shares will develop or be maintained. If Shareholders need to sell their Shares at a time when no active market for them exists, the price Shareholders receive for their Shares, assuming that Shareholders are able to sell them, may be lower than the price that Shareholders would receive if an active market did exist and, accordingly, a Shareholder may suffer losses.

***Several factors may affect the Trust's ability to achieve its investment objective on a consistent basis.***

There can be no assurance that the Trust will achieve its investment objective. Prospective investors should read this entire Prospectus and consult with their own advisers before subscribing for Shares. Factors that may affect the Trust's ability to meet its investment objective include: (1) The Trust's, a SOL Counterparty's or an Authorized Participant's ability to purchase and sell or transfer and receive SOL in an efficient manner to effectuate creation and redemption orders; (2) transaction fees associated with the Solana network; (3) the SOL market becoming illiquid or disrupted; (4) the need to conform the Trust's portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (5) early or unanticipated closings of the markets on which SOL trades, resulting in the inability of Authorized Participants to execute intended portfolio transactions; and (6) accounting standards.

***The amount of SOL represented by the Shares is expected to decline over time.***

The amount of SOL represented by the Shares will continue to be reduced during the life of the Trust due to the transfer of the Trust's SOL to pay for the Delegated Sponsor Fee and other liabilities.

Each outstanding Share represents a fractional, undivided interest in the SOL held by the Trust. The Trust does not generate any income and transfers SOL to pay for the Delegated Sponsor Fee and other liabilities. Therefore, the amount of SOL represented by each Share will gradually decline over time. This is also true with respect to Shares that are issued in exchange for additional SOL over time, as the amount of SOL required to create Shares proportionally reflects the amount of SOL represented by the Shares outstanding at the time of such Creation Basket being created. Assuming a constant SOL price, the trading price of the Shares is expected to gradually decline relative to the price of SOL as the amount of SOL represented by the Shares gradually declines.

Shareholders should be aware that the gradual decline in the amount of SOL represented by the Shares will occur regardless of whether the trading price of the Shares rises or falls in response to changes in the price of SOL.

***The development and commercialization of the Trust is subject to competitive pressures.***

The Trust and the Delegated Sponsor face competition with respect to the creation of competing products, such as exchange-traded products offering exposure to the spot SOL market or other digital assets. In the fourth quarter of 2025, the SEC approved several SOL products, and many of such products, including the Trust, could fail to acquire substantial assets, or fail to retain acquired assets due to competition and/or market conditions.

The Delegated Sponsor's competitors may have greater financial, technical and human resources than the Delegated Sponsor. Smaller or early-stage companies may also prove to be effective competitors, particularly through collaborative arrangements with large and established companies. The Trust's competitors may also charge a substantially lower fee than the Delegated Sponsor Fee in order to achieve initial market acceptance and scale. Accordingly, the Delegated Sponsor's competitors may commercialize a competing product more rapidly or effectively than the Delegated Sponsor is able to, which could adversely affect the Delegated Sponsor's competitive position, and the likelihood that the Trust will achieve initial market acceptance, and could have a detrimental effect on the scale and sustainability of the Trust and the Delegated Sponsor's ability to generate meaningful revenues from the Trust.

If the Trust fails to achieve sufficient scale due to competition, the Delegated Sponsor may have difficulty raising sufficient revenue to cover the costs associated with launching and maintaining the Trust, and such shortfalls could impact the Delegated Sponsor's ability to properly invest in robust ongoing operations and controls of the Trust to minimize the risk of operating events, errors, or other forms of losses to the Shareholders. In addition, the Trust may also fail to attract adequate liquidity in the secondary market due to such competition, resulting in a sub-standard number of Authorized Participants willing to make a market in the Shares, which in turn could result in a significant premium or discount in the Shares for extended periods and the Trust's failure to reflect the performance of the price of SOL. There can be no assurance that the Trust will grow to or maintain an economically viable size. There is no guarantee that the Delegated Sponsor will maintain a commercial advantage relative to competitors offering similar products. Whether or not the Trust and the Delegated Sponsor are successful in achieving the intended scale for the Trust may be impacted by a range of factors, such as the Trust's timing in entering the market and its fee structure relative to those of competitive products.

***A loss of confidence or breach of the SOL Custodians may adversely affect the Trust and the value of an investment in the Shares.***

Custody and security services for the Trust's SOL are provided by the SOL Custodians, although the Trust may retain one or more additional SOL custodians at a later date. SOL held by the Trust may be custodied or secured in different ways (for example, a portion of the Trust's SOL holdings may be custodied by the SOL Custodians and another portion by another third-party custodian). Over time, the Trust may change the custody or security arrangement for all or a portion of its holdings. The Delegated Sponsor will decide the appropriate custody and arrangements based on, among other factors, the availability of experienced SOL custodians and the Trust's ability to securely safeguard the SOL.

The Trust expects that the SOL Custodians will custody most or all of its SOL holdings. A loss of confidence or breach of the SOL Custodians may adversely affect the Trust and the value of an investment in the Shares.

***The Delegated Sponsor may need to find and appoint a replacement custodian or prime broker quickly, which could pose a challenge to the safekeeping of the Trust's SOL.***

The Delegated Sponsor, with the prior approval of the Cayman Trustee, could replace the SOL Custodians as custodians of the Trust's SOL or the Prime Broker as the provider of prime brokerages to the Trust. Transferring maintenance responsibilities of the Trust's accounts with the SOL Custodians and the Prime Broker to another party will likely be complex and could subject the Trust's SOL to the risk of loss during the transfer, which could have a negative impact on the performance of the Shares or result in loss of the Trust's assets.

The Delegated Sponsor may not be able to find a party willing to serve as an SOL custodian under the same terms as the current Custodial Services Agreements, or as the prime broker under the same terms as the current Prime Broker Agreement. To the extent that the Delegated Sponsor is not able to find a suitable party willing to serve as an SOL custodian or prime broker, as applicable, the Cayman Trustee may be required to terminate the Trust and liquidate the Trust's SOL. In addition, to the extent that the Delegated Sponsor finds a suitable party but must enter into a modified custodial services agreement or prime broker agreement that costs more, the value of the Shares could be adversely affected.

***Lack of recourse.***

The SOL Custodians have limited liability, impairing the ability of the Trust to recover losses relating to its SOL and any recovery may be limited, even in the event of fraud. In addition, the SOL Custodians may not be liable for any delay in performance of any of its custodial obligations by reason of any cause beyond their reasonable control, including force majeure events, war or terrorism, and may not be liable for any system failure or third-party penetration of their systems. As a result, the recourse of the Trust to the SOL Custodians may be limited.

Under the Trust Agreement, the Trustees and the Delegated Sponsor will not be liable for any liability or expense incurred absent gross negligence or willful misconduct on the part of the Trustees or the Delegated Sponsor or breach by the Delegated Sponsor of the Trust Agreement, as the case may be. As a result, the recourse of the Trust or the Shareholder to Trustee or the Delegated Sponsor may be limited.

The Benchmark Provider has limited liability relating to the use of the Pricing Benchmark, impairing the ability of the Trust to recover losses relating to its use of the Pricing Benchmark. The Benchmark Provider does not guarantee the accuracy, completeness, or performance of the Pricing Benchmark or the data included therein and shall have no liability in connection with the Pricing Benchmark calculation, errors, omissions or interruptions of the Pricing Benchmark or any data included therein. The Pricing Benchmark could be calculated now or in the future in a way that adversely affects an investment in the Trust.

***The value of the Shares will be adversely affected if the Trust is required to indemnify the Delegated Sponsor, the Trustees, the Administrator, the Transfer Agent, the SOL Custodians or the Prime Broker.***

Each of the Delegated Sponsor, the Trustees, the Administrator, the Transfer Agent, the SOL Custodians, and the Prime Broker has a right to be indemnified by the Trust for certain liabilities or expenses that it incurs without gross negligence, bad faith or willful misconduct on its part. Therefore, the Delegated Sponsor, the Trustees, the Administrator, the Transfer Agent, the SOL Custodians or the Prime Broker may require that the assets of the Trust be sold in order to cover losses or liability suffered by it. Any sale of that kind would reduce the SOL holdings of the Trust and the value of the Shares.

***Intellectual property rights claims may adversely affect the Trust and the value of the Shares.***

The Delegated Sponsor is not aware of any intellectual property rights claims that may prevent the Trust from operating and holding SOL. However, third parties may assert intellectual property rights claims relating to the operation of the Trust and the mechanics instituted for the investment in, holding of and transfer of SOL. Regardless of the merit of an intellectual property or other legal action, any legal expenses to defend or payments to settle such claims would be extraordinary expenses that would be borne by the Trust through the sale or transfer of its SOL and any threatened action that reduces confidence in long-term viability or the ability of end-users to hold and transfer SOL may adversely affect the value of the Shares. Additionally, a meritorious intellectual property rights claim could prevent the Trust from operating and force the Cayman Trustee to terminate the Trust and liquidate its SOL. As a result, an intellectual property rights claim against the Trust could adversely affect the value of the Shares.

***Amendment of Trust Agreement Without Shareholder Consent.***

Subject to certain exceptions set forth in the Trust Agreement, the Trust Agreement can be amended by the Cayman Trustee in its sole discretion and without the Shareholders' consent. These amendments may materially adversely affect the interests of the Shareholders.

The Trust Agreement can be amended by the Cayman Trustee in its sole discretion and without the Shareholders' consent by making an amendment, a Trust Agreement supplemental thereto, or an amended and restated trust agreement. Any such restatement, amendment and/or supplement to the Trust Agreement will be effective on such date as designated by the Cayman Trustee in its sole discretion. However, any amendment to the Trust Agreement that affects the duties, liabilities, rights or protections of the Trustees will require the Trustees' prior written consent, which they may grant or withhold in their sole discretion. Every Shareholder, at the time any amendment so becomes effective, will be deemed, by continuing to hold any Shares or an interest therein, to consent and agree to such amendment and to be bound by the Trust Agreement as amended thereby. In no event will any amendment impair the right of Authorized Participants to surrender baskets and receive therefore the amount of Trust assets represented thereby (less fees in connection with the surrender of Shares and any applicable taxes or other governmental charges), except in order to comply with mandatory provisions of applicable law. The Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website.

Potential conflicts of interest may arise among the Delegated Sponsor or its affiliates and the Trust. The Delegated Sponsor and its affiliates have no fiduciary duties to the Trust and its Shareholders other than as provided in the Trust Agreement, which may permit them to favor their own interests to the detriment of the Trust and its Shareholders.

The Delegated Sponsor will manage certain affairs of the Trust. Conflicts of interest may arise among the Delegated Sponsor and its affiliates, on the one hand, and the Trust and its Shareholders, on the other hand. As a result of these conflicts, the Delegated Sponsor may favor its own interests and the interests of its affiliates over the Trust and its Shareholders. These potential conflicts include, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Delegated Sponsor has no fiduciary duties to, and is allowed to take into account the interests
 of parties other than, the Trust and its Shareholders in resolving conflicts of interest,
 provided the Delegated Sponsor does not act in bad faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Trust has agreed to indemnify the Delegated Sponsor and its affiliates pursuant to the Trust
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Delegated Sponsor is responsible for allocating its own limited resources among different
 clients and potential future business ventures, to each of which it owes fiduciary duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Delegated Sponsor and its staff also service affiliates of the Delegated Sponsor, including
 several other digital asset investment vehicles, and their respective clients and cannot
 devote all of its, or their, respective time or resources to the management of the affairs
 of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Delegated Sponsor, its affiliates and their respective officers and employees are not prohibited
 from engaging in other businesses or activities, including those that might be in direct
 competition with the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Affiliates
 of the Delegated Sponsor have substantial direct investments in SOL that they are permitted
 to manage taking into account their own interests without regard to the interests of the
 Trust or its Shareholders, and any increases, decreases or other changes in such investments
 could affect the value of the Shares;

By purchasing the Shares, Shareholders agree and consent to the provisions set forth in the Trust Agreement.

***The Cayman Trustee has a financial interest in the continuation of the Trust and the Delegation Agreement that may conflict with its supervisory responsibilities over the Delegated Sponsor, and there is no assurance that the Cayman Trustee's oversight of the Delegated Sponsor will be exercised independently of that interest.***

The Cayman Trustee has delegated substantially all day-to-day management and operational duties to the Delegated Sponsor pursuant to the Appleby Agreements, while retaining the direct oversight responsibilities as follows: ultimate responsibility for performance of duties under the Trust Agreement; oversight and monitoring of the Delegated Sponsor's performance; approval rights over custodian termination and changes to the preferences, voting powers, rights, duties and privileges of the Trust; the authority to change, reduce or terminate the delegation; approval rights over the performance of any other services that the Delegated Sponsor may recommend to the Cayman Trustee for approval; and ultimate fiduciary responsibility as set forth under the Trust Agreement. See "Duties of the Delegated Sponsor and the Trustees." The Cayman Trustee will execute its oversight responsibilities through quarterly meetings with the Delegated Sponsor and regular reporting.

At the same time, the Delegated Sponsor pays a portion of the Delegated Sponsor Fee to the Cayman Trustee as compensation for its services as Cayman Trustee.

This compensation structure creates an inherent tension between the Cayman Trustee's role as supervisory principal and its financial interest in the continuation of the current arrangement. The Cayman Trustee's fees are contingent on the Trust remaining in operation and on the delegation arrangement remaining in place. If the delegation is terminated, all delegated duties will revert automatically to the Cayman Trustee, and the Cayman Trustee may not have the operational capacity, infrastructure, or regulatory status to perform those duties directly. The Cayman Trustee's oversight of the Delegated Sponsor's performance is exercised at a supervisory level and does not involve the Cayman Trustee in individual operational decisions. There is no assurance that the Cayman Trustee's oversight will be sufficient to detect or prevent all operational failures, errors, or misconduct by the Delegated Sponsor in a timely manner.

***Unforeseeable risks.***

SOL has gained commercial acceptance only within recent years and, as a result, there is little data on its long-term investment potential. Additionally, due to the rapidly evolving nature of the SOL market, including advancements in the underlying technology or advancements in competing technologies, changes to SOL may expose investors in the Trust to additional risks which are impossible to predict.

**Risks Associated with the Pricing Benchmark and Pricing Benchmark Pricing**

***The Pricing Benchmark has a limited history.***

The Pricing Benchmark has only been in operation since February 28, 2022, and the Pricing Benchmark has only featured its current roster of Constituent Exchanges since July 31, 2025. A longer history of actual performance through various economic and market conditions would provide greater and more reliable information for an investor to assess the Pricing Benchmark's performance. The Benchmark Provider has substantial discretion at any time to change the methodology used to calculate the Pricing Benchmark, including the spot markets that contribute prices to the Trust's NAV. The Benchmark Provider does not have any obligation to take the needs of the Trust, the Trust's Shareholders, or anyone else into consideration in connection with such changes. There is no guarantee that the methodology currently used in calculating the Pricing Benchmark will appropriately track the price of SOL in the future. The Benchmark Provider has no obligation to take the needs of the Trust or the Shareholders into consideration in determining, composing, or calculating the Pricing Benchmark.

Pricing sources used by the Pricing Benchmark are digital asset spot markets that facilitate the buying and selling of SOL and other digital assets. Although many pricing sources refer to themselves as "exchanges," they are not registered with, or supervised by, the SEC or CFTC and do not meet the regulatory standards of a national securities exchange or designated contract market. For these reasons, among others, purchases and sales of SOL may be subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity in the markets and government regulation and intervention. These circumstances could affect the price of SOL used in Pricing Benchmark calculations and, therefore, could adversely affect the SOL price as reflected by the Pricing Benchmark.

The Pricing Benchmark is based on various inputs which include price data from various third-party SOL spot markets. The Benchmark Provider does not guarantee the validity of any of these inputs, which may be subject to technological error, manipulative activity, or fraudulent reporting from their initial source.

***Right to change the pricing benchmark.***

The Delegated Sponsor, in its sole discretion as a delegate of the Cayman Trustee, may cause the Trust to track (or price its portfolio based upon) a pricing benchmark or standard other than the Pricing Benchmark at any time, with prior notice to the Shareholders, if investment conditions change or the Delegated Sponsor believes that another pricing benchmark or standard better aligns with the Trust's investment objective and strategy. The Delegated Sponsor may make this decision for a number of reasons, including, but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Third
 parties may be able to purchase and sell SOL on public or private markets not included among
 the Constituent Exchanges, and such transactions may take place at prices materially higher
 or lower than the Pricing Benchmark price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There
 may be variances in the prices of SOL on the various Constituent Exchanges, including as
 a result of differences in fee structures or administrative procedures on different Constituent
 Exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 prices on each Constituent Exchange or pricing source may not be equal to the value of an
 SOL as represented by the Pricing Benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 the extent the Pricing Benchmark price differs materially from the actual prices available
 on a Constituent Exchange, or the global market price of SOL, the price of the Shares may
 no longer track, whether temporarily or over time, the global market price of SOL, which
 could adversely affect an investment in the Trust by reducing investors' confidence
 in the Shares' ability to track the market price of SOL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 the extent market prices differ materially from the Pricing Benchmark price, investors may
 lose confidence in the Shares' ability to track the market price of SOL, which could
 adversely affect the value of the Shares.

The Delegated Sponsor, however, is under no obligation whatsoever to make such changes in any circumstance.

***Risks related to pricing.***

As set forth under *"NAV Determinations"* below, the Trust's portfolio will be priced, including for purposes of determining the NAV, based upon the Pricing Benchmark. The price of SOL in U.S. Dollars or in other currencies available from other data sources may not be equal to the prices used to calculate the NAV.

The NAV or the Principal Market NAV of the Trust will change as fluctuations occur in the market price of the Trust's SOL holdings as reflected in the Pricing Benchmark. Shareholders should be aware that the public trading price per Share may be different from the NAV and the Principal Market NAV for a number of reasons, including price volatility, trading activity, the closing of SOL trading platforms due to fraud, failure, security breaches or otherwise, and the fact that supply and demand forces at work in the secondary trading market for Shares are related, but not identical, to the supply and demand forces influencing the market price of SOL.

An Authorized Participant may be able to create or redeem a Basket at a discount or a premium to the public trading price per Share and the Trust will therefore maintain its intended fractional exposure to a specific amount of SOL per Share.

Shareholders also should note that the size of the Trust in terms of total SOL held may change substantially over time and as Baskets are created and redeemed.

In the event that the value of the Trust's SOL holdings or SOL holdings per Share is incorrectly calculated, neither the Delegated Sponsor nor the Administrator will be liable for any error and such misreporting of valuation data could adversely affect the value of the Shares.

**Regulatory Risk**

***The SEC has previously taken the view that SOL was offered and sold as a "security," and a court or regulator's determination that SOL or any other digital asset is offered and sold as a "security" may adversely affect the value of SOL and the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Trust.***

Depending on its characteristics, a digital asset may be considered to be offered and sold as a "security" under the federal securities laws. The test for determining whether a particular digital asset is offered and sold as a "security" is complex and difficult to apply, and the outcome is difficult to predict. Public, though non-binding, statements by senior officials at the SEC have indicated that they did not consider SOL or ether to be offered and sold as securities and does not currently consider SOL to be offered and sold as a security. In addition, the SEC, by action through delegated authority approving the exchange rule filings to list shares of trusts holding ether as commodity-based ETPs, appears to have implicitly taken the view that ether is not offered and sold as a security. The SEC staff has also provided informal assurances via no-action letter to a handful of promoters that their digital assets are not offered and sold as securities. On the other hand, the SEC under former SEC Chair Gensler's leadership brought enforcement actions against the issuers and promoters of several other digital assets on the basis that the digital assets in question were offered and sold as securities. The SEC under former SEC Chair Gensler's leadership brought enforcement actions against digital asset trading platforms for allegedly operating unregistered securities exchanges on the basis that certain of the digital assets traded on their platforms has been offered and sold as securities.

For example, in June 2023, the SEC brought complaints against Binance (the "Binance Complaint") and Coinbase (the "Coinbase Complaint"), alleging violations of a variety of securities laws. In its complaints, the SEC asserted that SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, COTI, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO, has been offered and sold as securities under the federal securities laws. In addition, in November 2023, the SEC brought charges against Kraken (the "Kraken Complaint"), alleging that Kraken operated as an unregistered securities exchange, brokerage and clearing agency, and in its complaint the SEC again asserted that various digital assets were offered and sold as securities under the federal securities laws. In February 2025, a 60-day stay was granted in the SEC's lawsuit against Binance in response to a joint request by both the SEC and Binance, which acknowledged that the SEC's newly formed Crypto Task Force's focus on developing a federal securities law framework for digital assets may resolve the case. Then in May 2025, the judge presiding over the Binance Complaint lawsuit granted the SEC and Binance's joint motion for dismissal with prejudice. Dismissal of the Binance Complaint was preceded by the dismissal of both the Coinbase Complaint and Kraken Complaint in March of 2025. Several other digital asset market participants have also announced that the SEC informed them that the SEC was terminating its investigation or enforcement action into their firm. The final outcome of these and future lawsuits (to the extent not yet dismissed), their effect on the broader digital asset ecosystem and the reputational impact on industry participants, remain uncertain.

Whether a digital asset is offered and sold as a security under federal securities laws depends on whether it is included in the lists of instruments making up the definition of "security" in such laws. Digital assets as such do not appear in any of these lists, although each list includes the terms "investment contract" and "note," and the SEC has typically analyzed whether a particular digital asset is offered and sold as a security by reference to whether it meets the tests developed by federal courts interpreting these terms, known as the *Howey* and *Reves* tests, respectively. For many digital assets, whether or not the *Howey* or *Reves* tests are met may be difficult to resolve definitively, and substantive legal arguments can often be made both in favor of and against a particular digital asset as being offered and sold as a security or a particular offer and sale of a digital asset qualifying as a securities transaction under one or both of the *Howey* and *Reves* tests. Adding to the complexity, the SEC staff has indicated that the security status of a particular digital asset can change over time as the relevant facts evolve, though recent arguments advanced in ongoing litigation may suggest a lack of clarity as to whether the SEC believes the status of a digital asset can change over time. In March 2026, the SEC and CFTC issued an interpretive release (Release Nos. 33-11412; 34-105020) stating that a non-security digital asset can be "offered and sold subject to an investment contract," and that a purchaser's reasonable expectation of profits from the issuer's "essential managerial efforts" determines whether a given offer or sale constitutes a securities transaction. The SEC and CFTC further stated that this connection is not permanent: once purchasers could no longer reasonably expect the issuer's representations or promises regarding essential managerial efforts to remain operative, such as where the issuer has fulfilled those representations or promises, the asset "separates" from the investment contract and subsequent transactions are no longer subject to the federal securities laws. Separately, the SEC and CFTC stated that SOL is an example of a "digital commodity," which is not itself a security, though it may be offered and sold as part of an investment contract depending on the facts and circumstances of a given transaction.

As part of determining whether SOL is offered and sold as a security or a transaction in SOL by the Delegated Sponsor is a securities transaction, for purposes of the federal securities laws, the Delegated Sponsor takes into account a number of factors, including the various definitions of "security" under the federal securities laws and federal court decisions interpreting elements of these definitions, such as the U.S. Supreme Court's decisions in the *Howey* and *Reves* cases and their progeny, as well as reports, orders, press releases, public statements and speeches by the SEC, its commissioners and its staff providing guidance on when a digital asset may be a security or when an offer and sale of a digital asset may be a securities transaction for purposes of the federal securities laws. Through this process the Delegated Sponsor believes that it is applying the proper legal standards in determining that SOL is not offered and sold as a security in light of the uncertainties inherent in the *Howey* and *Reves* tests.

In light of the uncertainties and the fact-based nature of the analysis, the Delegated Sponsor acknowledges that the SEC, at least under former Chair Gensler's leadership, had taken the position that SOL had been offered and sold as a security and the Delegated Sponsor's conclusion, even if reasonable under the circumstances, would not necessarily preclude legal or regulatory action based on the purported presence of an offer and sale of a security.

As is the case with SOL, analyses from counsel typically review the often-complex facts surrounding a particular digital asset's underlying technology, creation, use case and usage development, distribution and secondary-market trading as well as contributions of and marketing or promotional efforts by the individuals or organizations who appear to be involved in these activities, among other relevant facts, usually drawing on publicly available information. This information, usually found on the internet, often includes both information that originated with or is attributed to such individuals or organizations, as well as information from third-party sources and databases that may or may not have a connection to such individuals or organizations, and the availability and nature of such information can change over time. The Delegated Sponsor and counsel often have no independent means of verifying the accuracy or completeness of such information, and therefore of necessity usually must assume that such information is materially accurate and complete for purposes of the *Howey* and *Reves* analyses. After having gathered this information, counsel typically analyzes it in light of the *Howey* and *Reves* tests, in order to inform a judgment as to whether or not a federal court would conclude that the digital asset, or transactions in the digital asset, in question is or is not offered and sold as a security, or are or are not securities transactions, respectively, for purposes of the federal securities laws. Often, certain factors appear to support a conclusion that the digital asset in question, or transactions in the digital asset, is a security, or are or are not securities transactions, respectively, while other factors appear to support the opposite conclusion, and in such a case counsel endeavors to weigh the importance and relevance of the competing factors.

This analytical process is further complicated by the fact that, at present, federal judicial case law applying the relevant tests to digital assets is limited and in some situations inconsistent, as well as the fact that because each digital asset presents its own unique set of relevant facts, it is not always possible to directly analogize the analysis of one digital asset to another. Because of this factual complexity and the current lack of a well-developed body of federal case law applying the relevant tests to a variety of different fact patterns, the Delegated Sponsor has not in the past received, and currently does not expect that it would be able to receive, "opinions" of counsel stating that a particular digital asset, or transactions in the digital asset, is or is not offered and sold as a security, or are or are not securities transactions, respectively, for federal securities law purposes. The Delegated Sponsor understands that as a matter of practice, counsel is generally able to render a legal "opinion" only when the relevant facts are substantially ascertainable and the applicable law is both well-developed and settled. As a result, given the relative novelty of digital assets, the challenges inherent in fact-gathering for particular digital assets, and the fact that federal courts have only recently been tasked with adjudicating the applicability of federal securities law to digital assets, the Delegated Sponsor understands that at present counsel is generally not in a position to render a legal "opinion" on the securities law status of SOL or any other particular digital asset.

As such, notwithstanding the Delegated Sponsor's receipt of advice from external counsel regarding he status of SOL under federal securities laws and the Delegated Sponsor's view that SOL is not offered and sold as a security, and the Delegated Sponsor's transactions in SOL are not securities transactions, the SEC under former SEC Chair Gensler's leadership took, and a federal court may in the future take, a different view as to the security status of SOL.

If the Delegated Sponsor determines that SOL or transactions in SOL are offered and sold as a security or securities transactions, respectively, under the federal securities laws, whether that determination is initially made by the Delegated Sponsor itself, or because a federal court upholds an allegation that SOL is offered and sold as a security, the Delegated Sponsor does not intend to permit the Trust to continue holding SOL in a way that would violate the federal securities laws (and therefore would either dissolve the Trust or potentially seek to operate the Trust in a manner that complies with the federal securities laws, including the Investment Company Act). Because the legal tests for determining whether a digital asset is offered and sold as securities often leaves room for interpretation, for so long as the Delegated Sponsor believes there to be good faith grounds to conclude that the Trust's SOL is not a security, the Delegated Sponsor does not intend to dissolve the Trust on the basis that SOL could at some future point be are determined to have been offered and sold as a security.

Any enforcement or other action by the SEC or a state securities regulator asserting that SOL or transactions in SOL are offered and sold as a security, or securities transactions, respectively, or a court decision to that effect, would be expected to have an immediate material adverse impact on the trading value of SOL, as well as the Shares. This is because the business models behind most digital assets are incompatible with regulations applying to transactions in securities. If a digital asset or transactions in that digital asset are determined to be offered and sold as a security or it is likely to become difficult or impossible for the digital asset to be traded, cleared or custodied in the United States through the same channels used by non-security digital assets, which in addition to materially and adversely affecting the trading value of the digital asset are likely to significantly impact its liquidity and market participants' ability to convert the digital asset into U.S. dollars. Any assertion that a digital asset or transactions in that digital asset are offered and sold as a security or securities transactions, respectively, by the SEC or another regulatory authority may have similar effects.

In addition, if SOL is determined to be offered or sold as a security by a federal court or transactions in SOL are determined to be securities transactions by a federal court, the Trust could be considered an unregistered "investment company" under the Investment Company Act, which could necessitate the Trust's liquidation. In this case, the Trust and the Delegated Sponsor may be deemed to have participated in an illegal offering of investment company securities and there is no guarantee that the Delegated Sponsor will be able to register the Trust under the Investment Company Act at such time or take such other actions as may be necessary to ensure the Trust's activities comply with applicable law, which could force the Delegated Sponsor to liquidate the Trust.

Moreover, whether or not the Delegated Sponsor or the Trust were subject to additional regulatory requirements as a result of any determination that the Trust's assets include securities or the Trust's transactions in digital assets constitute securities transactions, the Delegated Sponsor may nevertheless decide to terminate the Trust, in order, if possible, to liquidate the Trust's assets while a liquid market still exists. If the SEC or a federal court were to determine that SOL is offered and sold as a security or transactions in SOL are securities transactions, it is likely that the value of the Shares of the Trust would decline significantly. Furthermore, if a federal court upholds an allegation that SOL is offered and sold as a security or transactions in SOL are securities transactions, the Trust itself may be terminated and, if practical, its assets liquidated.

***There is a lack of consensus regarding the regulation of digital assets, including SOL.***

Regulation of digital assets continues to evolve across different jurisdictions worldwide, which may cause uncertainty and insecurity as to the legal and tax status of a given digital asset. As SOL and digital assets have grown in both popularity and market size, the U.S. Congress and a number of U.S. federal and state agencies have been examining the operations of digital asset networks, digital asset users and the digital asset spot market. Many of these state and federal agencies have brought enforcement actions and issued advisories and rules relating to digital asset markets. Ongoing and future regulatory actions with respect to digital assets generally or any single digital asset in particular may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares and/or the ability of the Trust to continue to operate.

The transparency of blockchains has in the past facilitated investigations by law enforcement agencies. However, certain privacy-enhancing features have been or are expected to be introduced to a number of digital asset networks, and these features may provide law enforcement agencies with less visibility into transaction histories. Although no regulatory action has been taken to treat privacy-enhancing digital assets differently, this may change in the future.

***Shareholders do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act or commodity pools under the CEA.***

The 1940 Act establishes a comprehensive federal regulatory framework for investment companies. Regulation of investment companies under the 1940 Act is designed to, among other things: prevent insiders from managing the companies to their benefit and to the detriment of public investors; prevent the inequitable or discriminate issuance of investment company securities and prevent the use of unsound or misleading methods of computing asset values. For example, registered investment companies subject to the 1940 Act must have a board of directors, a certain minimum percentage of whom must be independent (generally, at least a majority). Further, after an initial two-year period, such registered investment companies' advisory and sub-advisory contracts must be annually reapproved by a majority of (1) the entire board of directors and (2) the independent directors. Additionally, such registered investment companies are subject to prohibitions and restrictions on transactions with their affiliates and required to maintain fund assets with special types of custodians (generally, banks or broker-dealers). Moreover, such registered investment companies are subject to significant limits on the use of leverage, as well as limits on the form of capital structure and the types of securities a registered fund can issue.

The Trust is not registered as an investment company under the 1940 Act, and the Delegated Sponsor believes that the Trust is not permitted or required to register under such act. Consequently, Shareholders do not have the regulatory protections provided to investors in investment companies.

The Trust will not hold or trade in commodity interests regulated by the CEA, as administered by the CFTC. Furthermore, the Delegated Sponsor believes that the Trust is not a commodity pool for purposes of the CEA, and that neither the Delegated Sponsor nor the Trustees are subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor in connection with the operation of the Trust. Consequently, Shareholders will not have the regulatory protections provided to investors in CEA-regulated instruments or commodity pools.

***Future and current laws and regulations by a United States or foreign government or quasi-governmental agencies could have an adverse effect on an investment in the Trust.***

The regulation of SOL and related products and services continues to evolve, may take many different forms and will, therefore, impact SOL and its usage in a variety of manners. The inconsistent, unpredictable, and sometimes conflicting regulatory landscape may make it more difficult for SOL businesses to provide services, which may impede the growth of the SOL economy and have an adverse effect on consumer adoption of SOL. There is a possibility of future regulatory change altering, perhaps to a material extent, the nature of an investment in the Trust or the ability of the Trust to continue to operate. Additionally, changes to current regulatory determinations of SOL's status as not being offered and sold as a security, changes to regulations surrounding SOL digital asset futures or derivatives or other related products, or actions by a United States or foreign government or quasi-governmental agencies exerting regulatory authority over SOL, the Solana network, SOL trading, or related activities impacting other parts of the digital asset market, may adversely impact SOL and therefore may have an adverse effect on the value of your investment in the Trust.

A number of jurisdictions worldwide have adopted prohibitions or restrictions on SOL trading and other activity relating to virtual currencies and digital assets which could negatively affect SOL prices or demand. For instance, some observers believe that Chinese governmental regulatory actions regarding digital asset validating and trading activity were one factor that contributed to the drawdowns in global SOL prices in May 2021.

The legal status of SOL and other digital assets varies substantially from country to country. In many countries, the legal status of SOL is still undefined or changing. Some countries have deemed the usage of certain digital assets illegal. Other countries have banned digital assets or securities or derivatives in respect to them (including for certain categories of investors), banned the local banks from working with digital assets or have restricted digital assets in other ways. For example, SOL and other digital assets currently face an uncertain regulatory landscape in many foreign jurisdictions, such as the European Union, China, the United Kingdom, Australia, Russia, Israel, Poland, India and Canada. In some countries, such as the United States, different government agencies define digital assets differently, leading to further regulatory conflict and uncertainty.

In addition, cybersecurity attacks by state actors, particularly for the purpose of evading international economic sanctions, are likely to attract additional regulatory scrutiny to the acquisition, ownership, sale and use of digital assets, including SOL. The effect of any existing regulation or future regulatory change on the Trust or SOL is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Shares.

In March 2026, the SEC and CFTC issued a joint interpretation that classifies SOL as a "digital commodity." Therefore, the CFTC may have jurisdiction to prosecute fraud and manipulation in the cash, or spot, market for SOL. The CFTC may pursue enforcement actions relating to fraud and manipulation involving SOL and SOL markets. Beyond instances of fraud or manipulation, the CFTC generally would not oversee cash or spot market exchanges or transactions involving SOL that do not use collateral, leverage, or financing.

Various foreign jurisdictions have adopted, and may continue to adopt in the near future, laws, regulations or directives that affect SOL, particularly with respect to SOL spot markets, trading venues and service providers that fall within such jurisdictions' regulatory scope. Countries may, in the future, explicitly restrict, outlaw or curtail the acquisition, use, trade or redemption of SOL. Such laws, regulations or directives may conflict with those of the United States and may negatively impact the acceptance of SOL by users, merchants and service providers outside the United States and may therefore impede the growth or sustainability of the SOL economy in these jurisdictions as well as in the United States and elsewhere, or otherwise negatively affect the value of SOL, and, in turn, the value of the Shares.

Any change in regulation in any particular jurisdiction may impact the supply and demand of that specific jurisdiction and other jurisdictions due to the global network of exchanges for SOL, as well as composite prices used to calculate the underlying value of the Trust's SOL, as such data sources span multiple jurisdictions.

***Future legal or regulatory developments may negatively affect the value of SOL or require the Trust or the Delegated Sponsor to become registered with the SEC or CFTC, which may cause the Trust to incur unforeseen expenses or liquidate.***

Current and future legislation, SEC and CFTC rulemaking, and other regulatory developments may impact the manner in which SOL are treated for classification and clearing purposes. In particular, although SOL is currently understood to be a commodity when transacted on a spot basis, SOL itself in the future might be classified by the CFTC as a "commodity interest" under the CEA, subjecting all transactions in SOL to full CFTC regulatory jurisdiction. Alternatively, in the future SOL might be classified by the SEC or one or more federal courts as being offered and sold as a "security" under U.S. federal securities laws. For example, at least one federal court has already ruled that the SEC has plausibly alleged that SOL was offered and sold to investors without registration in transactions that amounted to "investment contracts" (and therefore securities), in violation of the 1933 Act (notably, the finality of this determination remains pending in light of a settlement reached by the SEC). In the face of such developments, the required registrations and compliance steps may result in extraordinary, nonrecurring expenses to the Trust. In particular, the Trust may be required to rapidly unwind its entire position in SOL at potentially unfavorable prices and potentially terminate, in the event that transactions of SOL were determined to fall under the definition of being offered and sold as securities under U.S. securities laws. If the Cayman Trustee decides to terminate the Trust in response to the changed regulatory circumstances, the Trust may be dissolved or liquidated at a time that is disadvantageous to Shareholders. As of the date of this Prospectus, the Delegated Sponsor is not aware of any rules that have been proposed to regulate SOL as a commodity interest or as being offered and sold as a security.

To the extent that SOL is determined to be offered or sold as a security, the Trust and the Delegated Sponsor may also be subject to additional regulatory requirements, including under the 1940 Act, and the Delegated Sponsor may be required to register as an investment adviser under the Advisers Act. If the Delegated Sponsor determines not to comply with such additional regulatory and registration requirements, the Cayman Trustee will terminate the Trust. Any such termination could result in the liquidation of the Trust's SOL at a time that is disadvantageous to Shareholders. Alternatively, compliance with these requirements could result in additional expenses to the Trust or significantly limit the ability of the Trust to pursue its investment objective.

To the extent that SOL is deemed to fall within the definition of a "commodity interest" under the CEA, the Trust and the Delegated Sponsor may be subject to additional regulation under the CEA and CFTC regulations. The Delegated Sponsor may be required to register as a commodity pool operator or commodity trading advisor with the CFTC and become a member of the National Futures Association and may be subject to additional regulatory requirements with respect to the Trust, including disclosure and reporting requirements. These additional requirements may result in extraordinary, recurring and/or nonrecurring expenses of the Trust, thereby materially and adversely impacting the Shares. If the Delegated Sponsor and/or the Trust determines not to comply with such additional regulatory and registration requirements, the Cayman Trustee may terminate the Trust. Any such termination could result in the liquidation of the Trust's SOL at a time that is disadvantageous to Shareholders.

In a number of complaints in federal courts against digital asset exchanges, the SEC has specifically and repeatedly sought to assert regulatory authority over SOL and has expressed the view that offers and sales of SOL should be classified and treated as offers and sales of securities for purposes of U.S. federal securities laws. These claims have been found to be plausible by at least one federal court, the District Court of the Southern District of New York. The SEC has also commented on SOL and Solana-related market developments and has taken action against investment schemes involving Solana. For example, in a recent letter regarding the SEC's review of proposed rule changes to list and trade shares of certain bitcoin-related investment vehicles on public markets, the SEC staff stated that it has significant investor protection concerns regarding the markets for digital assets, including the potential for market manipulation and fraud. In March 2018, it was reported that the SEC was examining as many as 100 investment funds with strategies focused on digital assets. In March 2026, the SEC and CFTC issued an interpretation that classifies digital assets into five categories: (i) digital commodities; (ii) digital collectibles; (iii) digital tools; (iv) stablecoins; and (v) digital securities. The SEC and CFTC stated that digital commodities, digital collectibles, and digital tools are not themselves securities; the interpretation's examples of digital commodities include SOL. However, as with any asset that is not a security, a non-security digital asset can be offered and sold subject to an investment contract, which is a security. The reported focus of the examinations is on the accuracy of risk disclosures to investors in these funds, digital asset pricing practices, and compliance with rules meant to prevent the theft of investor funds, as well as on information gathering so that the SEC can better understand new technologies and investment products. It has further been reported that some of these funds have received subpoenas from the SEC's Enforcement Division. The SEC also determined that certain digital assets are securities under the U.S. securities laws. In these determinations, the SEC reasoned that the unregistered offer and sale of digital assets can, in certain circumstances, including ICOs, be considered illegal public offering of securities. A significant amount of funding for digital asset startups has come from ICOs, and if ICOs are halted or face obstacles, or companies that rely on them face legal action or investigation, it could have a negative impact on the value of digital assets, including SOL. Finally, the SEC's Division of Examinations (then the Office of Compliance Inspections and Examinations ("OCIE")) has stated that digital assets and SEC-registrants transacting in digital assets were an examination priority for 2024. In particular, OCIE intended to focus its examination on the offer, sale, recommendation of, advice regarding, trading in, and other activities in digital assets or related products by SEC-registrants.

***If regulatory changes or interpretations of an Authorized Participant's, the Trust's or the Delegated Sponsor's activities require the regulation of an Authorized Participant, the Trust or the Delegated Sponsor as a money service business under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act or as a money transmitter or digital asset business under state regimes for the licensing of such businesses, an Authorized Participant, the Trust or the Delegated Sponsor may be required to register and comply with such regulations, which could result in extraordinary, recurring and/or nonrecurring expenses to the Authorized Participant, Trust or Delegated Sponsor or increased commissions for the Authorized Participant's clients, thereby reducing the liquidity of the Shares.***

To the extent that the activities of any Authorized Participant, the Trust or the Delegated Sponsor cause it to be deemed a "money services business" under the regulations promulgated by FinCEN under the authority of the BSA, such Authorized Participant, the Trust or the Delegated Sponsor may be required to comply with FinCEN regulations, including those that would mandate the Authorized Participant to implement anti-money laundering programs, make certain reports to FinCEN and maintain certain records. Similarly, the activities of an Authorized Participant, the Trust or the Delegated Sponsor may require it to be licensed as a money transmitter or as a digital asset business, such as under NYDFS' BitLicense regulation.

Such additional regulatory obligations may cause the Authorized Participant, the Trust or the Delegated Sponsor to incur extraordinary expenses. If the Authorized Participant, the Trust or the Delegated Sponsor decide to seek the required licenses, there is no guarantee that they will receive them in a timely manner. In addition, to the extent an Authorized Participant, the Trust, or the Delegated Sponsor is found to have operated without appropriate state or federal licenses, it may be subject to investigation, administrative or court proceedings, and civil or criminal monetary fines and penalties, all of which could harm the reputation of the Authorized Participant, the Trust or the Delegated Sponsor and affect the value of the Shares. Furthermore, an Authorized Participant, the Trust, or the Delegated Sponsor may not be able to acquire necessary state licenses or be capable of complying with certain federal or state regulatory obligations applicable to money services businesses, money transmitters, and businesses engaged in digital asset activity in a timely manner. The Authorized Participant may also instead decide to terminate its role as Authorized Participant of the Trust, or the Cayman Trustee may decide to terminate the Trust. Termination by the Authorized Participant may decrease the liquidity of the Shares, which may adversely affect the value of the Shares, and any termination of the Trust in response to the changed regulatory circumstances may be at a time that is disadvantageous to the Shareholders.

**Tax Risk**

***The ongoing activities of the Trust may generate tax liabilities for Shareholders.***

As described below under "United States Federal Income Tax Consequences—Taxation of U.S. Shareholders," it is expected that each Shareholder will include in the computation of their taxable income their proportionate share of the taxable income and expenses of the Trust, including gains and losses realized in connection with the use or sale of SOL to pay Trust expenses, or facilitate redemption transactions, and make distributions, as well as any amounts received in connection with staking, as applicable. The Trust anticipates making distributions to Shareholders as required under applicable IRS guidance, but if were not required to do so and/or if the amounts distributed differ in timing or amount from the amounts required to be reported as income for Shareholders, any tax liability that a Shareholder incurs as a result of holding Shares will need to be satisfied from some other source of funds. If a Shareholder sells Shares in order to raise funds to satisfy such a tax liability, the sale itself may generate additional taxable gain or loss.

***The tax treatment of SOL and transactions involving SOL for United States federal income tax purposes may change.***

Under current IRS guidance, SOL is treated as property, not as currency, for U.S. federal income tax purposes and transactions involving payment in SOL in return for goods and services are treated as barter exchanges. Such exchanges result in capital gain or loss measured by the difference between the price at which SOL is exchanged and the taxpayer's basis in the SOL. However, because SOL is a new technological innovation, because IRS guidance has taken the form of administrative pronouncements that may be modified without prior notice and comment, and because there is as yet little case law on the subject, the U.S. federal income tax treatment of an investment in SOL or in transactions relating to investments in SOL may change from that described in this Prospectus, possibly with retroactive effect. Any such change in the U.S. federal income tax treatment of SOL may have a negative effect on prices of SOL and may adversely affect the value of the Shares. In this regard, the IRS has indicated that it has made it a priority to issue additional guidance related to the taxation of digital asset transactions, such as transactions involving SOL. In addition, the IRS and U.S. Treasury Department have promulgated final Treasury regulations regarding the tax information reporting and basis rules for digital asset transactions, as well as guidance regarding certain investment trusts staking digital assets. While the U.S. Treasury Department and the IRS have started to issue such additional guidance, whether any future guidance will adversely affect the U.S. federal income tax treatment of an investment in SOL or in transactions relating to investments in SOL is unknown. Moreover, future developments that may arise with respect to digital assets may increase the uncertainty with respect to the treatment of digital assets for U.S. federal income tax purposes.

Investors should consult their personal tax advisors before making any decision to purchase the Shares of the Trust. Additionally, the tax considerations contained herein are in summary form and may not be used as the sole basis for the decision to invest in the Shares from a tax perspective, since the individual situation of each investor must also be taken into account. Accordingly, the considerations regarding taxation contained herein do not constitute any sort of material information or tax advice nor are they in any way to be construed as a representation or warranty with respect to specific tax consequences.

***The tax treatment of SOL and transactions involving SOL for state and local tax purposes is not settled.***

Because SOL is a new technological innovation, the tax treatment of SOL for state and local tax purposes, including without limitation state and local income and sales and use taxes, is not settled. It is uncertain what guidance, if any, on the treatment of SOL for state and local tax purposes may be issued in the future. A state or local government authority's treatment of SOL may have negative consequences, including the imposition of a greater tax burden on investors in SOL or the imposition of a greater cost on the acquisition and disposition of SOL generally. Moreover, it cannot be ruled out that the tax treatment by tax authorities and courts could be interpreted differently or could be subject to changes in the future. Any such treatment may have a negative effect on prices of SOL and may adversely affect the value of the Shares.

The taxation of SOL and associated companies can vary significantly by jurisdiction and is subject to risk of significant revision. Such revision, or the application of new tax schemes or taxation in additional jurisdictions, may adversely impact the Trust's performance. Before making a decision to invest in the Trust, investors should consult their local tax advisor on taxation.

***A hard "fork" of the Solana blockchain or airdrop could result in Shareholders incurring a tax liability.***

If a hard fork occurs in the Solana blockchain and the Trust claims the new forked asset, the Trust could hold both the original SOL and the new "forked" asset. Under current IRS guidance, a hard fork resulting in the receipt of new units of digital assets is a taxable event giving rise to ordinary income equal to the value of the new digital asset. The Trust Agreement will require that, if such a transaction occurs, the Trust will as soon as possible direct the SOL Custodians to distribute the new forked asset in-kind to the Delegated Sponsor, as agent for the Shareholders, and the Delegated Sponsor will arrange to sell the new forked asset and for the proceeds to be distributed to the Shareholders. Such a sale will give rise to gain or loss, for U.S. federal income tax purposes, if the amount realized on the sale differs from the value of the new forked asset at the time it was received by the Trust. A hard fork may therefore give rise to additional tax liabilities for Shareholders.

Likewise, under the IRS guidance on airdrops and similar occurrences with respect to digital assets will under certain circumstances be treated as taxable events giving rise to ordinary income. In the absence of guidance to the contrary, it is possible that any such income recognized by a U.S. tax-exempt Shareholder would constitute "unrelated business taxable income" ("UBTI"). A tax-exempt Shareholder should consult its tax adviser regarding whether such Shareholder may recognize UBTI as a consequence of an investment in Shares.

***SOL staking may result in adverse tax consequences for Shareholders.***

The staking of the Trust's SOL is expected to result in the Trust's receipt of amounts received in connection with staking in the form of additional SOL. Any such rewards are expected to be treated as ordinary income for U.S. federal income tax purposes. Thus, the Trust's receipt of rewards derived from SOL staking activities could result in beneficial owners of Shares incurring tax liability which may not correspond in amount or timing with any associated distribution from the Trust. Additionally, the Trust's receipt of amounts received in connection with staking could have implications for investors sensitive to unrelated business taxable income, U.S. withholding taxes or taxable income effectively connected with a U.S. trade or business. The U.S. federal income tax treatment of staking may change from that described in this Prospectus, possibly with retroactive effect.

***The treatment of staking in a grantor trust for U.S. federal income tax purposes is still developing.***

As a grantor trust, the Trust can undertake only certain types of activities. For example, generally, the Trust cannot vary its investment portfolio to take advantage of market fluctuations. The Trust may receive income from investment activities that do not require such decision-making. On November 10, 2025, the Treasury Department and IRS issued guidance providing a safe harbor for certain staking activities with an investment trust treated as a grantor trust for U.S. federal income tax purposes. The requirements under the safe harbor and under existing law are subject to interpretation. If the Trust were viewed as undertaking the types of activities that would not be allowable for U.S. federal income tax purposes, then the Trust could lose its income tax status as a grantor trust, and the Trust could be reclassified as a partnership. If the Trust were reclassified as a partnership, a more complex reporting regime would apply, and Shareholders would receive a Form K-1. If the Trust were reclassified as a partnership but did not satisfy a safe harbor or exception to the publicly traded partnership rules, it could be reclassified as a corporation, which would subject the Trust to corporate level tax, and the Shareholder's return on investment would likely be affected.

***The intended tax treatment of the Trust will limit the flexibility of the Trust's investment decisions.***

The Trust is intended to be a grantor trust for U.S. federal income tax purposes. A grantor trust is not permitted to vary the investment portfolio of the Shareholders to take advantage of market fluctuations. Thus, the Delegated Sponsor may allow the Trust to hold when an actively managed fund would sell. The Delegated Sponsor may distribute proceeds when an actively managed fund would reinvest the proceeds. In addition, a fund treated as a grantor trust may not participate in trading or lending activity without raising a risk of change in status. This means that the returns of the Trust may be less than a successfully actively managed fund.

**Other Risks**

***The Exchange on which the Shares are listed may halt trading in the Trust's Shares, which would adversely impact a Shareholder's ability to sell Shares.***

The Trust's Shares are expected to be listed for trading on the Exchange under the market symbol "MSOL." Trading in Shares may be halted due to market conditions or, in light of the Exchange rules and procedures, for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading is subject to trading halts or pauses caused by extraordinary market volatility pursuant to "circuit breaker" rules and/or "limit up/limit down" rules that require trading to be halted or paused for a specified period based on a specified market decline. Additionally, there can be no assurance that the requirements necessary to maintain the listing of the Trust's Shares will continue to be met or will remain unchanged.

***The liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants, which could adversely affect the market price of the Shares.***

In the event that one or more Authorized Participants or market makers that have substantial interests in the Trust's Shares withdraw or "step away" from participation in the purchase (creation) or sale (redemption) of the Trust's Shares, the liquidity of the Shares will likely decrease, which could adversely affect the market price of the Shares and result in Shareholders incurring a loss on their investment.

***The market infrastructure of the SOL spot market could result in the absence of active Authorized Participants able to support the trading activity of the Trust, which would affect the liquidity of the Shares in the secondary market and make it difficult to dispose of Shares.***

SOL is extremely volatile, and concerns exist about the stability, reliability and robustness of many spot markets where SOL trade. In a highly volatile market, or if one or more spot markets supporting the SOL market faces an issue, it could be extremely challenging for any Authorized Participants to provide continuous liquidity in the Shares. There can be no guarantee that the Delegated Sponsor will be able to find an Authorized Participant to actively and continuously support the Trust.

***Shareholders that are not Authorized Participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect Shareholders' investment in the Shares.***

Only Authorized Participants may create or redeem Baskets. All other Shareholders that desire to purchase or sell Shares must do so through the Exchange or in other markets, if any, in which the Shares may be traded. Shares may trade at a premium or discount to the NAV per Share or the Principal Market NAV per Share.

***The Delegated Sponsor relies heavily on key personnel. The departure of any such key personnel could negatively impact the Trust's operations and adversely impact an investment in the Trust.***

The Delegated Sponsor relies heavily on key personnel to manage its activities. These key personnel intend to allocate their time managing the Trust in a manner that they deem appropriate. If such key personnel were to leave or be unable to carry out their present responsibilities, it may have an adverse effect on the management of the Delegated Sponsor.

Shareholders have no right or power to take part in the management of the Trust. Accordingly, no investor should purchase Shares unless such investor is willing to entrust all aspects of the management of the Trust to the Trustees and the Delegated Sponsor.

In addition, certain personnel performing services on behalf of the Delegated Sponsor will be shared with the respective affiliates of the Delegated Sponsor, including with respect to execution, Trust operations and legal, regulatory and tax oversight. Such individuals will devote a small percentage of their time to those activities.

Additionally, there can be no assurance that all of the personnel who provide services to the Trust will continue to be associated with the Trust for any length of time. The loss of the services of one or more such individuals could have an adverse impact on the Trust's ability to realize its investment objective.

***The Trust is new, and if it is not profitable, the Trust may terminate and liquidate at a time that is disadvantageous to Shareholders.***

The Trust is new. If the Trust does not attract sufficient assets to remain open (such as, for example, where the current and anticipated total assets of the Trust relative to the current and anticipated total expenses of the Trust would make continued operation of the Trust impracticable), then the Trust could be terminated and liquidated at the direction of the Delegated Sponsor (or required to do so because it is delisted by the Exchange). Termination and liquidation of the Trust could occur at a time that is disadvantageous to Shareholders. When the Trust's assets are sold as part of the Trust's liquidation, the resulting proceeds distributed to Shareholders may be less than those that may be realized in a sale outside of a liquidation context.

***The exclusive jurisdiction for certain types of actions and proceedings and waiver of trial by jury clauses set forth in the Trust Agreement may have the effect of limiting a Shareholder's rights to bring legal action against the Trust and could limit a purchaser's ability to obtain a favorable judicial forum for disputes with the Trust.***

By purchasing Shares in the Trust, Shareholders waive certain claims that the courts of the state of Delaware and any federal courts located in Wilmington, Delaware is an inconvenient venue or is otherwise inappropriate. As such, Shareholders could be required to litigate a matter relating to the Trust in a Delaware court, even if that court may otherwise be inconvenient for the Shareholder.

The Trust Agreement also waives the right to trial by jury in any such claim, suit, action or proceeding, provided that causes of actions for violations of the Exchange Act or the 1933 Act will not be governed by the waiver of the right to trial by jury provision of the Trust Agreement. If a lawsuit is brought against the Trust, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result in different outcomes than a trial by jury would have, including results that could be less favorable to the plaintiffs in any such action. By purchasing Shares in the Trust, Shareholders waive a right to a trial by jury which may limit a Shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with the Trust.

***Shareholders may be adversely affected by creation or redemption orders that are subject to postponement, suspension or rejection under certain circumstances.***

The Trust may, in its discretion, suspend the right of creation or redemption or may postpone the redemption or purchase settlement date, for (1) any period during which an emergency exists as a result of which the fulfillment of a purchase order or the redemption distribution is not reasonably practicable (for example, as a result of a significant technical failure, power outage, or network error), or (2) such other period as the Delegated Sponsor determines to be necessary for the protection of the Shareholders of the Trust (for example, where acceptance of the total deposit required to create each Basket ("Creation Basket Deposit") would have certain adverse tax consequences to the Trust or its Shareholders). In addition, the Trust may reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement or if the fulfillment of the order might be unlawful. Any such postponement, suspension or rejection could adversely affect a redeeming Authorized Participant. Suspension of creation privileges may adversely impact how the Shares are traded and arbitraged on the secondary market, which could cause them to trade at levels materially different (premiums and discounts) from the fair value of their underlying holdings.

***Shareholders may be adversely affected by an overstatement or understatement of the NAV or the Principal Market NAV calculation of the Trust due to the valuation methodology employed on the date of the NAV or the Principal Market NAV calculation.***

The value established by using the Pricing Benchmark may be different from what would be produced through the use of another methodology. SOL valued using techniques other than those employed by the Pricing Benchmark, including SOL investments that are "fair valued," may differ from the value established by the Pricing Benchmark.

***Shareholders do not have the rights enjoyed by investors in certain other vehicles and may be adversely affected by a lack of statutory rights and by limited voting and distribution rights.***

The Shares have limited voting and distribution rights. For example, Shareholders do not have the right to elect directors, the Trust may enact splits or reverse splits without Shareholder approval, and the Trust is not required to pay regular distributions, although the Trust may pay distributions at the discretion of the Delegated Sponsor.

***The Trust Agreement includes a provision restricting Shareholders' right to bring a derivative action.***

Under Section 7.04 of the Trust Agreement, Shareholders' statutory right under Delaware law to bring a derivative action (*i.e*., to initiate a lawsuit in the name of the Trust in order to assert a claim belonging to the Trust against a fiduciary of the Trust or against a third-party when the Trust's management has refused to do so) is restricted. Under Delaware law, a shareholder may bring a derivative action if the shareholder is a shareholder at the time the action is brought and either (i) was a shareholder at the time of the transaction at issue or (ii) acquired the status of shareholder by operation of law or the Trust's governing instrument from a person who was a shareholder at the time of the transaction at issue. Additionally, Section 3816(e) of the Delaware Statutory Trust Act specifically provides that a "beneficial owner's right to bring a derivative action may be subject to such additional standards and restrictions, if any, as are set forth in the governing instrument of the statutory trust, including, without limitation, the requirement that beneficial owners owning a specified beneficial interest in the statutory trust join in the bringing of the derivative action." In addition to the requirements of applicable law and in accordance with Section 3816(e) of the Delaware Statutory Trust Act, the Trust Agreement provides that no Shareholder will have the right, power or authority to bring or maintain a derivative action, suit or other proceeding on behalf of the Trust unless two or more Shareholders who are eligible to bring such derivative action under the Delaware Trust Statute and who (i) are not "Affiliates" (as defined in the Trust Agreement and below) of one another and (ii) collectively hold at least 10% of the outstanding Shares join in the bringing or maintaining of such action, suit or other proceeding. "Affiliate" means (i) any Person directly or indirectly owning, controlling or holding with power to vote 10% or more of the outstanding voting securities of such Person, (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote by such Person, (iii) any Person, directly or indirectly, controlling, controlled by or under common control of such Person, (iv) any employee, officer, director, member, manager or partner of such Person, or (v) if such Person is an employee, officer, director, member, manager or partner, any Person for which such Person acts in any such capacity; and "Person" means any natural person and any partnership, limited liability company, statutory trust, corporation, association, or other legal entity.

In addition to the 10% ownership threshold described above, the Trust Agreement imposes the following further procedural conditions on any Shareholder seeking to bring a derivative action on behalf of the Trust: (1) prior to bringing any such action, two or more non-affiliated Shareholders collectively holding at least 10% of the outstanding Shares must first make a pre-suit demand upon the Cayman Trustee to bring the subject action, unless an effort to cause the Cayman Trustee to bring such an action is not likely to succeed (a demand shall only be deemed not likely to succeed, and therefore excused, if the Cayman Trustee has a personal financial interest in the transaction at issue, and the Cayman Trustee shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a Shareholder demand by virtue of the fact that the Cayman Trustee receives remuneration for his or her service as Cayman Trustee of the Trust or as a trustee or director of one or more trusts that are under common management with or otherwise affiliated with the Trust); and (2) unless a demand is excused pursuant to clause (1) of this paragraph, the Cayman Trustee must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim and the Cayman Trustee shall be entitled to retain counsel or other advisors in considering the merits of the request, and the Cayman Trustee shall require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisor in the event the Cayman Trustee determines not to take action. Any decision by the Cayman Trustee to bring, maintain, or compromise (or not to bring, maintain, or compromise) any such court action, proceeding or claim, or to submit the matter to a vote of Shareholders, shall be made by the Cayman Trustee in good faith and shall be binding upon the Shareholders. In addition to claims that must be brought derivatively under applicable law, the Trust Agreement requires that any claim affecting all Shareholders of the Trust proportionately, based on their number of Shares of the Trust, must also be brought as a derivative claim subject to these conditions, regardless of whether such claim involves a violation of a Shareholder's rights under the Trust Agreement or any other alleged violation of contractual or individual rights that might otherwise give rise to a direct claim (and regardless, in each case, of whether such claims sound in tort, fraud or otherwise, or are based on common law, statutory, equitable, legal or other grounds).

These provisions apply to any derivative actions brought in the name of the Trust other than derivative claims brought under the federal U.S. securities laws and the rules and regulations thereunder. The enforceability of Section 7.04's derivative action threshold and procedural requirements under applicable federal or state law has not been definitively established. The 10% ownership threshold and procedural requirements represent contractual restrictions on derivative actions authorized by Section 3816(e) of the Delaware Statutory Trust Act, which expressly permits trust instruments to modify or restrict the rights of beneficial owners to bring derivative actions. However, the application of such a threshold in the context of a registered exchange-traded product has not been comprehensively addressed by the courts. Accordingly, it is possible that a court could decline to enforce the Trust's 10% threshold and procedural requirements.

A Shareholder wishing to bring a derivative action on behalf of the Trust must satisfy both the 10% ownership threshold and the pre-suit demand process described above before commencing any such action, suit or other proceeding, further limiting the ability of a Shareholder to seek redress in the name of the Trust. Due to these additional requirements, a Shareholder attempting to bring or maintain a derivative action in the name of the Trust will be required to locate other Shareholders with which it is not affiliated and that have sufficient Shares to meet the 10% threshold based on the number of Shares outstanding on the date the claim is brought and thereafter throughout the duration of the action, suit or proceeding. Shareholders wishing to satisfy this ownership threshold would need to identify and coordinate with other Shareholders of the Trust. Because the Trust's Shares are held in book-entry form through the Depository Trust Company ("DTC") and beneficial ownership information is not publicly available, individual investors may face substantial difficulty in locating other Shareholders. There is no mechanism established by the Trust to facilitate such shareholder coordination, and the Trust is not required to assist Shareholders in identifying one another. Accordingly, even Shareholders who believe they have a legitimate derivative claim may, as a practical matter, be unable to satisfy the 10% threshold and bring an action. Even if successful, this may be difficult and may result in increased costs to a Shareholder attempting to seek redress in the name of the Trust in court.

Moreover, if Shareholders bringing a derivative action, suit or proceeding pursuant to this provision of the Trust Agreement do not hold 10% of the outstanding Shares on the date such an action, suit or proceeding is brought, or such Shareholders are unable to maintain Share ownership meeting the 10% threshold throughout the duration of the action, suit or proceeding, such Shareholders' derivative action may be subject to dismissal. As a result, the Trust Agreement limits the likelihood that a Shareholder will be able to successfully assert a derivative action in the name of the Trust, even if such Shareholder believes that he or she has a valid derivative action, suit or other proceeding to bring on behalf of the Trust.

Because the Trust's Shares are held in book-entry form through DTC, the beneficial owners of Shares are generally not reflected on the Trust's share register. Accordingly, any shareholder or group of Shareholders seeking to establish that they collectively hold at least 10% of the outstanding Shares must provide documentary evidence of their beneficial ownership as of the date of the derivative demand. Acceptable evidence may include broker statements, DTC participant confirmations, account statements from a registered broker-dealer or bank that is a DTC participant, or such other documentation as the Trust may reasonably require.

**SOL, SOL MARKETS AND REGULATION OF SOL**

This section of the Prospectus provides a more detailed description of SOL, including information about the historical development of SOL, how a person holds SOL, how to use SOL in transactions, how to trade SOL, the spot markets where SOL can be bought, held and sold, the Solana OTC market and SOL validating.

**Solana and Solana Network**

SOL is a digital asset which serves as the unit of account on the open-source, peer-to-peer Solana network ("Solana" or "Solana network"). SOL may be used to pay for goods and services, stored for future use, or converted to a fiat currency. The value of SOL is not backed by any government, corporation, or other identified body.

The value of SOL is determined in part by the supply of and demand for SOL in the markets for exchange that have been organized to facilitate the trading of SOL. As of May 18, 2026, SOL had a total market capitalization of approximately $49.44 billion, per CoinMarketCap. No single entity owns or operates the Solana network. The Solana network is accessed through software and governs SOL's creation and movement. The source code for the Solana network is open-source, and anyone can contribute to its development. The Solana network is governed by a set of rules that are commonly referred to as the "Solana protocol."

The Solana software source code allows for the creation of decentralized applications ("DApps") that are supported by a transaction protocol referred to as "smart contracts," which includes the cryptographic operations that verify and secure SOL transactions. A smart contract operates by a predefined set of rules (i.e., "if/then statements") that allows it to automatically execute code the same way on any Solana node on the network. Such actions taken by the pre-defined set of rules are not necessarily contractual in nature, but are intended to eliminate the involvement of a third party for carrying out code execution on behalf of users, making the system more decentralized, while empowering developers to create a wide range of applications layering together different smart contracts. Smart contracts can be utilized across several different applications ranging from art to finance. Currently, one of the most popular applications is the use of smart contracts for underpinning the operability of decentralized financial services ("DeFi"), which consist of numerous highly interoperable protocols and applications. DeFi offers many opportunities for innovation and has the potential to create an open, transparent, and immutable financial infrastructure, with democratized access.

The release of updates to the network's source code by developers does not guarantee that the updates will be automatically adopted by the other participants. Users and validators must accept any changes made to the source code by downloading the proposed modification and that modification is effective only with respect to those users and validators who choose to download it. As a practical matter, a modification to the source code becomes part of the Solana network only if it is accepted by participants that collectively have a majority of the processing power on the Solana network.

If a modification is accepted by only a percentage of users and validators, a division will occur such that one network will run the pre-modification source code and the other network will run the modified source code. Such a division is known as a "fork."

New SOL is created as a result of the "staking" of SOL by validators. In the Solana network, validators stake SOL to compete to be randomly selected to validate transactions. Validation activities include verifying transactions, storing data, and adding to the Solana blockchain. Validators are rewarded SOL in proportion to the amount of SOL staked. SOL holders do not have to stake a minimum amount of SOL to become a Solana validator. The Solana network provides the ability to execute peer-to-peer transactions to realize, via smart contracts, automatic, conditional transfer of value and information, including money, voting rights, and property.

Assets in the Solana network are held in accounts. Each account, or "wallet," is made up of at least two components: a public address and a private key. A Solana private key controls the transfer or "spending" of SOL from its associated public SOL address. A SOL "wallet" is a collection of public Solana addresses and their associated private key(s). This design allows only the owner of SOL to send SOL, the intended recipient of SOL to receive it, and the validation of the transaction and ownership to be verified by any third party anywhere in the world.

The Solana network employs a two-tier fee system, combining a small, fixed base fee and an optional priority fee. Solana's base fee for every transaction is currently set at 0.000005 SOL. Users can choose to pay an optional priority fee to speed-up their transaction processing during periods of high network traffic. Unlike some other blockchains, Solana does not collect transaction fees in a central vault. Rather, Solana pools transaction fees in the recipient's account. Half of all transaction fees are burned to combat inflation. The other half of all transaction fees goes directly to the leader validator who proposed the specific block.

The Solana network introduced the PoH timestamping mechanism. PoH automatically orders on-chain transactions by creating a historical record that proves an event has occurred at a specific moment in time. PoH operates by affixing a timestamp to every action occurring within the blockchain. The timestamps are linked together, establishing consensus on the precise sequence of events. The proof-of-history consensus mechanism may subject Solana and SOL to new and unexpected vulnerabilities not applicable to proof-of-work and proof-of-stake consensus models.

**Overview of the Solana Network's Operations**

In order to own, transfer or use SOL directly on the Solana network on a peer-to-peer basis (as opposed to through an intermediary, such as a custodian or centralized exchange), a person generally must have internet access to connect to the Solana network. SOL transactions may be made directly between end-users without the need for a third-party intermediary. To prevent the possibility of double-spending SOL, a user must notify the Solana network of the transaction by broadcasting the transaction data to its network peers. The Solana network provides confirmation against double-spending by memorializing every peer-to-peer transaction in the Solana blockchain, which is publicly accessible and transparent. This memorialization and verification against double-spending of peer-to-peer transactions is accomplished through the Solana network validation process, which adds "blocks" of data, including recent transaction information, to the Solana blockchain.

**Smart Contracts and Development on the Solana network**

Smart contracts are programs that run on a blockchain that can execute automatically when certain conditions are met. Smart contracts facilitate the exchange of anything representative of value, such as money, information, property, or voting rights. Using smart contracts, users can send or receive digital assets, create markets, store registries of debts or promises, represent ownership of property or a company, move funds in accordance with conditional instructions and create new digital assets.

Development on the Solana network involves building more complex tools on top of smart contracts, such as DApps; organizations that are autonomous, known as decentralized autonomous organizations; and entirely new decentralized networks. For example, a company that distributes charitable donations on behalf of users could hold donated funds in smart contracts that are paid to charities only if the charity satisfies certain pre-defined conditions. Moreover, the Solana network has also been used as a platform for creating new digital assets and conducting their associated initial coin offerings.

More recently, the Solana network has been used for DeFi or open finance platforms, which seek to democratize access to financial services, such as borrowing, lending, custody, trading, derivatives and insurance, by removing third-party intermediaries. DeFi can allow users to lend and earn interest on their digital assets, exchange one digital asset for another and create derivative digital assets such as stablecoins, which are digital assets pegged to a reserve asset such as fiat currency. As of December 31, 2025, approximately $8.0 billion was being used as collateral on DeFi platforms on the Solana network.

In addition, the Solana network and other smart contract platforms have been used for creating non-fungible tokens ("NFTs"). Unlike digital assets native to smart contract platforms which are fungible and enable the payment of fees for smart contract execution. NFTs allow for digital ownership of assets that convey certain rights to other digital or real world assets. This new paradigm allows users to own rights to other assets through NFTs, which enable users to trade them with others on the Solana network. For example, an NFT may convey rights to a digital asset that exists in an online game or a DApp, and users can trade their NFT in the DApp or game, and carry them to other digital experiences, creating an entirely new free-market internet-native economy that can be monetized in the physical world.

**Summary of a SOL Transaction**

Prior to engaging in SOL transactions directly on the Solana network, a user generally must first install on its computer or mobile device a Solana network software program that will allow the user to generate a private and public key pair associated with a SOL address. The Solana network software program and the SOL address also enable the user to connect to the Solana network and transfer SOL to, and receive SOL from, other users.

Each Solana network address, or wallet, is associated with a unique "public key" and "private key" pair. To receive SOL, the SOL recipient must provide its public key to the party initiating the transfer. This activity is analogous to a recipient for a transaction in U.S. dollars providing a routing address in wire instructions to the payor so that cash may be wired to the recipient's account. The payor approves the transfer to the address provided by the recipient by "signing" a transaction that consists of the recipient's public key with the private key of the address from where the payor is transferring the SOL. The recipient, however, does not make public or provide to the sender its related private key. Wallets that are used to store cryptographic keys can be "hot" or "cold." A hot wallet is connected to the internet, and is thus readily available to facilitate trading, but may be more vulnerable to hacking. A cold wallet is a wallet that stores cryptographic keys offline, such as on a computer that has no internet access, a segregated piece of hardware, or a piece of paper.

Neither the recipient nor the sender reveal their private keys in a transaction, because the private key authorizes transfer of the funds in that address to other users. Therefore, if a user loses his or her private key, the user may permanently lose access to the SOL contained in the associated address. Likewise, SOL is irretrievably lost if the private key associated with them is deleted and no backup has been made. When sending SOL, a user's Solana network software program must validate the transaction with the associated private key. In addition, since every computation on the Solana network requires processing power, there is a transaction fee involved with the transfer that is paid by the payor The resulting digitally validated transaction is sent by the user's Solana network software program to the Solana network validators to allow transaction confirmation.

Solana network validators record and confirm transactions when they validate and add blocks of information to the Solana blockchain. When a validator validates a block, it creates that block, which includes data relating to (i) newly submitted and accepted transactions and (ii) a reference to the prior block in the Solana blockchain to which the new block is being added. The validator becomes aware of outstanding, unrecorded transactions through the data packet transmission and distribution discussed above.

Upon the addition of a block of SOL transactions, the Solana network software program of both the spending party and the receiving party will show confirmation of the transaction on the Solana blockchain and reflect an adjustment to the SOL balance in each party's Solana network public key, completing the SOL transaction. Once a transaction is confirmed on the Solana blockchain, it is irreversible. Some SOL transactions are conducted "off-blockchain" and are therefore not recorded in the Solana blockchain.

Some "off-blockchain transactions" involve the transfer of control over, or ownership of, a specific digital wallet holding SOL or the reallocation of ownership of certain SOL in a pooled-ownership digital wallet, such as a digital wallet owned by a digital asset exchange. In contrast to on-blockchain transactions, which are publicly recorded on the Solana blockchain, information and data regarding off-blockchain transactions are generally not publicly available. Therefore, off-blockchain transactions are not truly SOL transactions in that they do not involve the transfer of transaction data on the Solana network and do not reflect a movement of SOL between addresses recorded in the Solana blockchain. For these reasons, off-blockchain transactions are subject to risks as any such transfer of SOL ownership is not protected by the protocol behind the Solana network or recorded in, and validated through, the blockchain mechanism.

**SOL Markets and Exchanges**

SOL can be transferred in direct peer-to-peer transactions through the direct sending of SOL over the Solana blockchain from one SOL address to another. Among end-users, SOL can be used to pay other members of the Solana network for goods and services under what resembles a barter system. Consumers can also pay merchants and other commercial businesses for goods or services through direct peer-to-peer transactions on the Solana blockchain or through third-party service providers.

In addition to using SOL to engage in transactions, investors may purchase and sell SOL to speculate as to the value of SOL in the SOL market, or as a long-term investment to diversify their portfolio. The value of SOL within the market is determined, in part, by the supply of and demand for SOL in the global SOL market, market expectations for the adoption of SOL as a store of value, the number of merchants that accept SOL as a form of payment, and the volume of peer-to-peer transactions, among other factors.

SOL spot markets typically permit investors to open accounts with the market and then purchase and sell SOL via websites or through mobile applications. Prices for trades on SOL spot markets are typically reported publicly. An investor opening a trading account on a digital asset trading platform must deposit an accepted government-issued currency into its account with the trading platform, or a previously acquired digital asset, before they can purchase or sell assets on the trading platform. The process of establishing an account with a digital asset trading platform and trading SOL is different from, and should not be confused with, the process of users sending SOL from one SOL address to another SOL address on the Solana blockchain. This latter process is an activity that occurs on the Solana network, while the former is an activity that occurs entirely within the order book operated by the digital asset trading platform. The digital asset trading platform typically records the investor's ownership of SOL in its internal books and records, rather than on the Solana blockchain. The digital asset trading platform ordinarily does not transfer SOL to the investor on the Solana blockchain unless the investor makes a request to the exchange to withdraw the SOL in their trading platform trading account to an off-platform SOL wallet.

Outside of the spot markets, SOL can be traded over the counter ("OTC"). The OTC market is largely institutional in nature, and OTC market participants generally consist of institutional entities, such as firms that offer two-sided liquidity for SOL, investment managers, proprietary trading firms, high-net-worth individuals that trade SOL on a proprietary basis, entities with sizeable SOL holdings, and family offices. The OTC market provides a relatively flexible market in terms of quotes, price, quantity, and other factors, although it tends to involve large blocks of SOL. The OTC market has no formal structure and no open-outcry meeting place. Parties engaging in OTC transactions will agree upon a price—often via phone or email—and then one of the two parties will then initiate the transaction. For example, a seller of SOL could initiate the transaction by sending the SOL to the buyer's SOL address. The buyer would then wire U.S. dollars to the seller's bank account. OTC trades are sometimes hedged and eventually settled with concomitant trades on digital asset trading platforms.

In addition, trading of SOL futures occurs on exchanges in the United States regulated by the CFTC. As of August 29, 2025, regulated SOL futures represented approximately $334 million per day on average in notional trading volume on Chicago Mercantile Exchange ("CME") in Q3 2025. SOL futures on CME traded around $154 million per day in the period ending August 29, 2025 and represented around $281 million in open interest per day.

Futures contracts may be physically-settled or cash-settled. SOL futures are generally traded on commodity exchanges registered with the CFTC. "Cash-settled" means that when the relevant futures contract expires, if the value of the underlying asset exceeds the futures contract price, the seller pays to the purchaser cash in the amount of that excess, and if the futures contract price exceeds the value of the underlying asset, the purchaser pays to the seller cash in the amount of that excess. In a cash-settled futures contract on SOL, the amount of cash to be paid is equal to the difference between the value of the SOL underlying the futures contract at the close of the last trading day of the contract and the futures contract price specified in the agreement. Futures contracts exhibit "futures basis," which refers to the difference between the current market value of the underlying SOL (the "spot" price) and the price of the cash-settled futures contracts.

As discussed in more detail below, barring the liquidation of the Trust or extraordinary circumstances, the Trust will not directly purchase or sell SOL, although the Trustees may direct the SOL Custodians to sell SOL to pay certain expenses. Instead, Authorized Participants will deliver SOL to the Trust's account with the SOL Custodians in exchange for Shares of the Trust, and the Trust, through the SOL Custodians, will deliver SOL to Authorized Participants when those Authorized Participants redeem Shares.

**Government Oversight, Though Increasing, Remains Limited**

As digital assets have grown in both popularity and market size, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, the Office of the Comptroller of the Currency, CFTC, FINRA, the U.S. Consumer Financial Protection Bureau ("CFPB"), the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the IRS, the Federal Deposit Insurance Corporation, the Federal Reserve and state financial institution regulators) have been examining the operations of digital asset networks, digital asset users and the digital asset exchanges, with particular focus on the extent to which digital assets can be used to launder the proceeds of illegal activities or fund criminal or terrorist enterprises and the safety and soundness of exchanges or other service-providers that hold or custody digital assets for users. Many of these state and federal agencies have issued consumer advisories regarding the risks posed by digital assets to investors. Federal and state agencies, and other countries and international bodies have issued rules or guidance about the treatment of digital asset transactions or requirements for businesses engaged in digital asset activity. However, no US federal or state agency exercises comprehensive supervisory jurisdiction over global or domestic markets for SOL. Moreover, the failure of FTX in November 2022 and the resulting market turmoil substantially increased regulatory scrutiny in the United States and globally and led to SEC and criminal investigations, enforcement actions and other regulatory activity across the digital asset ecosystem.

In addition, the SEC, U.S. state securities regulators and several foreign governments have issued warnings that certain digital assets or activities involving them, including, without limitation, those sold in ICOs, may be classified as securities and that both those digital assets and ICOs may be subject to securities regulations. Ongoing and future regulatory actions may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares or the ability of the Trust to continue to operate. Additionally, U.S. state and federal, and foreign regulators and legislatures have taken action against digital asset businesses or enacted restrictive regimes in response to adverse publicity arising from hacks, consumer harm, or criminal activity stemming from digital asset activity. The U.S. Treasury Department has expressed concern regarding digital assets' potential to be used to fund illicit activities and may seek to implement new regulations governing digital asset activities to address these concerns. Digital asset markets in the United States exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of SOL or the Shares, such as by banning, restricting or imposing onerous conditions or prohibitions on the use of SOL, mining activity, digital wallets, the provision of services related to trading and custodying SOL, the operation of the Solana network, or the digital asset markets generally."

Various foreign jurisdictions have, and may continue to, in the near future, adopt laws, regulations or directives that may affect the Solana network, digital asset platforms, and their users, particularly digital asset platforms and service providers that fall within such jurisdictions' regulatory scope. There remains significant uncertainty regarding foreign governments' future actions with respect to the regulation of digital assets and digital asset platforms. Such laws, regulations or directives may conflict with those of the United States and may negatively impact the acceptance of SOL by users, merchants and service providers outside the United States and may therefore impede the growth or sustainability of the SOL economy in their jurisdictions or globally, or otherwise negatively affect the value of SOL. The effect of any future regulatory change on the Trust or SOL is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Shares.

**THE TRUST AND SOL PRICES**

**Overview of the Trust**

The Trust is an exchange-traded fund that issues Shares that trade on the Exchange. The Trust's investment objective is to track the performance of SOL, as measured by the performance of the Pricing Benchmark, adjusted for the Trust's expenses and liabilities, and to reflect rewards from staking a portion of the Trust's SOL. In seeking to achieve its investment objective, the Trust will hold SOL and will value its Shares daily based on the SOL prices reported by the Pricing Benchmark. The Delegated Sponsor of the Trust is Morgan Stanley Investment Management Inc., a wholly owned subsidiary of Morgan Stanley.

The Delegated Sponsor believes that the Trust will provide a cost-efficient way for Shareholders to implement strategic and tactical asset allocation strategies that use SOL by investing in the Trust's Shares rather than purchasing, holding and trading SOL directly. The latter alternative would require selecting a SOL spot market and opening an account or arranging a private transaction, establishing a personal computer system capable of transacting directly on the blockchain, and incurring the risk associated with maintaining and protecting a private key that is irrecoverable if lost, among other difficulties.

**Staking**

Staking requires that the Trust lock up the staked SOL and become subject to an unbonding period to un-stake the staked SOL, meaning that the Trust cannot transfer the staked SOL during the time that the SOL is staked and during which it is being unbonded. The historical average unbonding period for staked SOL was 2-4 days, with the epoch length decreasing over the last year to approximately 2 days. However, the unbonding period also may be longer than anticipated based on network activity.

Under normal network conditions, the bonding period for SOL is typically 2-3 days, i.e., one epoch. Note that the duration of the bonding period may depend on a range of factors including network load (the Solana protocol limits the amount of SOL that can be activated or deactivated in a single epoch to prevent major swings in staking distribution) and epoch timing (SOL that is delegated just before a new epoch begins may be subject to a shorter bonding period than SOL that is delegated just after a new epoch begins).

Due to the time involved in "exiting" the staking process, there is a risk that the Trust could become unable to timely meet excessive redemption requests in amounts that are greater than the portion of the Trust's SOL that remains un-staked, leading to temporary delays in settlement and, in extreme scenarios, the temporary unavailability of the Trust's redemption program. Moreover, any staked SOL which must be un-staked in order to fulfill a redemption (to the extent such redemption cannot be fulfilled utilizing the portion of the Trust's SOL that has not been staked, or through another mechanism to manage liquidity in connection with Redemption Orders) will be un-staked only after the redemption request is approved by the Delegated Sponsor, the Delegated Sponsor executes an un-stake or withdrawal transaction through the Custodian, and such transaction is processed by the Solana network. The Staking Services Provider will not be able to transfer un-staked SOL or Staking Provider Consideration to another address on the Solana network.

In addition, depending on the anticipated length of the unbonding period, the staked SOL may be classified as illiquid under the Trust's liquidity risk management program. In addition, if SOL is determined to be offered or sold as a security under the Securities Act of 1933, as amended, it could be subject to significant constraints in terms of any transfer or disposal of such SOL. In such event, the Trust may consider SOL to be an "illiquid security," which it defines as a security that the Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security.

Rewards for staked SOL may be accrued in an epoch even before the staked SOL is unbonded. Once accrued, such SOL rewards are considered part of the Trust's assets, even if unbonding has not occurred. The Delegated Sponsor and the Trust will manage liquidity in accordance with the Trust's liquidity risk policies and procedures and will monitor staking and bonding/unbonding activity closely on a daily basis. For more information on the Trust's liquidity risk policies and procedures, see "Staking of the Trust's Assets—Liquidity Risk Policies and Procedures."

To effectuate the staking of the Trust's SOL ("Staking Activities"), one or more of the SOL Custodians may enter into written agreements (the "Staking Services Agreements") with one or more third-party staking services providers selected by the Delegated Sponsor (each, a "Staking Services Provider"), which may be either affiliates of the SOL Custodians or other approved third-party staking services providers, to stake the Trust's SOL. The Delegated Sponsor's choice of third-party Staking Services Providers, and their decision to allocate SOL amongst chosen Staking Services Providers, will be based on a range of factors, including but not limited to the performance, reliability, and reputation of the Staking Services Provider, including monitoring their uptime and slashing history.

The Trust expects to receive certain staking rewards from Staking Activities, which would be treated as giving rise to taxable income for U.S. federal income tax purposes under current Internal Revenue Service ("IRS") guidance. See "U.S. Federal Income Tax Consequences" for further description of the tax implications of the receipt of staking rewards by the Trust. The Staking Services Providers shall exercise no discretion as to the amount of the Trust's SOL to be staked or the timing of the Trust's Staking Activities. The SOL Custodians will maintain exclusive possession and control of the Trust's private keys associated with transferring any staked SOL at all times while Staking Service Providers will maintain exclusive possession and control of the private keys associated with SOL validation activities at all times

**Use of CoinDesk Solana Benchmark 4PM NY Settlement Rate**

The net assets of the Trust and its Shares are valued on a daily basis with reference to CoinDesk Solana Benchmark 4PM NY Settlement Rate, a standardized reference rate published by CoinDesk Indices, Inc., the Benchmark Provider, that is designed to reflect the performance of SOL in U.S. dollars. The Pricing Benchmark is calculated daily and aggregates the notional value of SOL trading activity across major SOL spot exchanges. The Benchmark Provider is the administrator of the Pricing Benchmark. The Trust also uses the Pricing Benchmark to calculate its NAV, which is the aggregate U.S. Dollar value of SOL in the Trust, based on the Pricing Benchmark, less its liabilities and expenses. "NAV per Share" is calculated by dividing NAV by the number of Shares currently outstanding. NAV and NAV per Share are not measures calculated in accordance with GAAP. NAV is not intended to be a substitute for the Trust's Principal Market NAV calculated in accordance with GAAP, and NAV per Share is not intended to be a substitute for the Trust's Principal Market NAV per Share calculated in accordance with GAAP.

The following table presents market share and volume data for each Constituent Exchange that comprises the Pricing Benchmark in the SOL/U.S. dollar ("SOL/USD") pair during the quarterly periods from January 1, 2025 to December 31, 2025 and the period from January 1, 2026 through March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Constituent Exchanges** | **Total Volume** | **Total <br> Notional (USD)** | **Market Share** |
| **Period from January 1, 2026 to March 31, 2026** |  |  |  |
| Binance | 1811.2387 | 130745327 | 0.0592% |
| Bitfinex | 20136.5094 | 1876658271 | 0.8500% |
| Bitstamp by Robinhood | 307295.7719 | 22974637276 | 10.4059% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Constituent Exchanges** | **Total Volume** | **Total <br> Notional (USD)** | **Market Share** |
| Bullish | 137092.1877 | 10022645584 | 4.5396% |
| Crypto.com | 998190.3971 | 76089977690 | 34.4635% |
| Gemini | 34346.5763 | 2591797319 | 1.1739% |
| Hashkey | 28971.8356 | 2187248586 | 0.9907% |
| Kraken | 215175.5624 | 16135938212 | 7.3085% |
| LMAX Digital | 70119.7500 | 5315107936 | 2.4074% |
| OKX | 30612.6261 | 2280531802 | 1.0329% |
| **Total\*** |  |  | **63.23%** |
| **Quarterly period from October 1, 2025 to December 31, 2025** |  |  |  |
| Bitfinex | 100924.5510 | 9983733331 | 3.6869% |
| Bitstamp by Robinhood | 235637.2737 | 23222574848 | 8.5758% |
| Bullish | 97469.1731 | 9580368687 | 3.5379% |
| Crypto.com | 1049977.5506 | 104930671844 | 38.7495% |
| Gemini | 39741.0884 | 3957756251 | 1.4615% |
| Hashkey | 42963.2994 | 4232842341 | 1.5631% |
| itBit | 5341.3360 | 579545346 | 0.2140% |
| Kraken | 181948.2574 | 18092424214 | 6.6813% |
| LMAX Digital | 104570.8500 | 10639697966 | 3.9291% |
| OKX | 48264.4380 | 4946273968 | 1.8266% |
| **Total\*** |  |  | **70.23%** |
| **Quarterly period from July 1, 2025 to September 30, 2025** |  |  |  |
| Bitfinex | 39970.5968 | 4546673225 | 2.2483% |
| Bitstamp by Robinhood | 135744.2587 | 15577993320 | 7.7031% |
| Bullish | 35732.7378 | 4100497529 | 2.0276% |
| Crypto.com | 721789.4166 | 82587339659 | 40.8384% |
| Gemini | 40959.3080 | 4710007907 | 2.3290% |
| Hashkey | 16015.4590 | 1829080470 | 0.9045% |
| itBit | 7768.5228 | 890541757 | 0.4404% |
| Kraken | 107024.9014 | 12266343281 | 6.0655% |
| LMAX Digital | 85019.8600 | 9758684886 | 4.8255% |
| OKX | 22830.6462 | 2589557867 | 1.2805% |
| **Total\*** |  |  | **68.66%** |
| **Quarterly period from April 1, 2025 to June 30, 2025** |  |  |  |
| Bitfinex | 60253.0374 | 5824206125 | 3.2159% |
| Bitstamp by Robinhood | 113370.8974 | 10897531983 | 6.0172% |
| Bullish | 95357.0581 | 9168219426 | 5.0623% |
| Crypto.com | 640094.3392 | 61855167607 | 34.1541% |
| Gemini | 49423.9812 | 4751091548 | 2.6234% |
| Hashkey | 8584.9244 | 844352889 | 0.4662% |
| itBit | 9666.2063 | 940635406 | 0.5194% |
| Kraken | 132349.3804 | 12663624984 | 6.9924% |
| LMAX Digital | 84253.9600 | 8130302271 | 4.4892% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Constituent Exchanges** | **Total Volume** | **Total <br> Notional (USD)** | **Market Share** |
| OKX | 14996.0890 | 1382460202 | 0.7633% |
| **Total\*** |  |  | **64.30%** |
| **Quarterly period from January 1, 2025 to March 31, 2025** |  |  |  |
| Bitfinex | 90490.9576 | 8305834297 | 2.6672% |
| Bitstamp by Robinhood | 155193.3804 | 14478658621 | 4.6495% |
| Bullish | 167230.6209 | 15620443625 | 5.0161% |
| Crypto.com | 1462554.8810 | 139535123422 | 44.8084% |
| Gemini | 77645.4333 | 7305729287 | 2.3461% |
| Hashkey | 12581.1192 | 1193455293 | 0.3833% |
| itBit | 11843.5438 | 1101241897 | 0.3536% |
| Kraken | 188149.9645 | 17522256526 | 5.6269% |
| LMAX Digital | 104288.4500 | 9807535048 | 3.1495% |
| OKX | 12003.2899 | 1104245084 | 0.3546% |
| **Total\*** |  |  | **69.36%** |

---

\* The total does not equal 100% because the Pricing Benchmark does not include all digital asset trading platforms that list and trade the SOL/USD trading pair. The total universe of exchanges for the purposes of calculating market share includes Binance, Binance USA, Bitfinex, Bitget, Bitstamp by Robinhood, Bitvavo, Bullish, Bybit, CEX.io, Coinbase, Crypto.com, Deribit, Gate.io, Gemini, Hashkey, itBit, Kraken, LMAX Digital, OKX, Upbit, and Whitebit.

The following table presents market share and volume data for each Constituent Exchange that comprises the Pricing Benchmark in the SOL/USD Coin ("SOL/USDC") pair during the quarterly periods from January 1, 2025 to December 31, 2025 and the period from January 1, 2026 through March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Constituent Exchanges** | **Total Volume** | **Total <br> Notional (USDC)** | **Market Share** |
| **Period from January 1, 2026 to March 31, 2026** |  |  |  |
| Binance | 451868.8794 | 32503518422 | 29.4431% |
| Bitstamp by Robinhood | 3469.5728 | 254877324 | 0.2309% |
| Bullish | 794749.1599 | 58760922961 | 53.2283% |
| Bybit | 69823.3358 | 5257580465 | 4.7626% |
| Gate.io | 7613.2710 | 569042322 | 0.5155% |
| Kraken | 24819.2961 | 1846473928 | 1.6726% |
| OKX | 1155.9487 | 82527614 | 0.0748% |
| **Total\*** |  |  | **89.93%** |
| **Quarterly period from October 1, 2025 to December 31, 2025** |  |  |  |
| Bitstamp by Robinhood | 1704.9670 | 169334901 | 0.1275% |
| Bullish | 682278.4096 | 67982316821 | 51.1699% |
| Bybit | 91950.4890 | 9287916063 | 6.9910% |
| Kraken | 18215.8161 | 1805854945 | 1.3593% |
| OKX | 539.7646 | 54324326 | 0.0409% |
| **Total\*** |  |  | **59.69%** |
| **Quarterly period from July 1, 2025 to September 30, 2025** |  |  |  |
| Bitstamp by Robinhood | 909.0483 | 104115052 | 0.1063% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Constituent Exchanges** | **Total Volume** | **Total <br> Notional (USDC)** | **Market Share** |
| Bullish | 344226.1506 | 39463570733 | 40.2849% |
| Bybit | 83034.5136 | 9527648846 | 9.7259% |
| Kraken | 11117.4831 | 1274404007 | 1.3009% |
| OKX | 35727.2128 | 4149914240 | 4.2363% |
| **Total\*** |  |  | **55.65%** |
| **Quarterly period from April 1, 2025 to June 30, 2025** |  |  |  |
| Bitstamp by Robinhood | 1206.0372 | 113018998 | 0.0851% |
| Bullish | 722691.7839 | 68598204792 | 51.6503% |
| Bybit | 89517.7227 | 8907479553 | 6.7068% |
| Kraken | 13723.0624 | 1307431561 | 0.9844% |
| OKX | 72701.8775 | 7007380938 | 5.2761% |
| **Total\*** |  |  | **64.70%** |
| **Quarterly period from January 1, 2025 to March 31, 2025** |  |  |  |
| Bitstamp by Robinhood | 1179.8563 | 108910738 | 0.0765% |
| Bullish | 813364.6696 | 74655699973 | 52.4133% |
| Bybit | 74434.6494 | 7089724575 | 4.9775% |
| Kraken | 14952.8682 | 1353395608 | 0.9502% |
| OKX | 100594.9109 | 9384163999 | 6.5883% |
| **Total\*** |  |  | **65.01%** |

---

\* The total does not equal 100% because the Pricing Benchmark does not include all digital asset trading platforms that list and trade the SOL/USDC trading pair. The total universe of exchanges for the purposes of calculating market share includes Binance, Binance USA, Bitfinex, Bitget, Bitstamp by Robinhood, Bitvavo, Bullish, Bybit, CEX.io, Coinbase, Crypto.com, Deribit, Gate.io, Gemini, Hashkey, itBit, Kraken, LMAX Digital, OKX, Upbit, and Whitebit.

SOL/USD and SOL/USDC represent separate trading pairs that trade on different order books and are not uniformly supported across all digital asset trading platforms. Although the same exchange eligibility criteria are applied across all trading pairs included in the Pricing Benchmark, a Constituent Exchange is included in the analysis for a particular trading pair only if it meets the Pricing Benchmark's eligibility criteria with respect to that pair. Accordingly, the group of Constituent Exchanges included for SOL/USD is not identical to the group included for SOL/USDC.

The Pricing Benchmark's methodology is as follows:

Each day at 4:00 p.m. ET, CoinDesk Indices calculates a Benchmark Settlement Rate for SOL using a 60-minute volume weighted average of all CoinDesk Solana (Spot) Benchmark Rates calculated during the prior one-hour period. The inputs to the calculation are each CoinDesk Solana (Spot) Benchmark Rate and the accumulated volume for all eligible pairs since the prior calculation.

Calculation steps on any given day for which the Pricing Benchmark is published are as follows:

The Solana Spot Rates used in the Solana Settlement Rate are calculated and published every five (5) seconds between the one-hour period between 3 and 4 p.m. Eastern Time and incorporate SOL/USD and SOL/USDC pairs with specific requirements for contributing exchanges, listing jurisdictions, and trading volume. Exchange eligibility is reviewed and updated on a regular basis according to the CoinDesk Exchange Eligibility Methodology.

The Solana Spot Rate uses the following inputs at the time of calculation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Latest
 traded spot price of all eligible SOL trading pairs across a set of approved exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Total
 volume over the prior 24 hour period for each eligible SOL trading pair which is used for
 weighting.

The weight of each eligible SOL trading pair is based on its volume over the prior 24 hour period divided by the total volume of all eligible SOL trading pairs over the prior 24 hour period.

To help improve the reliability and integrity of each Solana Spot Rate, the calculation algorithm includes the following features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Outlier detection**: Traded prices that exceed pre-defined thresholds are subject to exclusion
 from calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Inactivity adjustments:** The weight of one or more exchanges may be reduced in the event of inactivity
 beyond defined thresholds.

Reference prices used in calculating the Pricing Benchmark are sourced from the Benchmark Provider, which applies a defined exchange eligibility methodology to determine which digital asset exchanges may contribute to price data. Under this framework, only centralized spot exchanges that receive a minimum grade of BB or higher in the Benchmark Provider's Exchange Benchmark (the "CoinDesk Exchange Benchmark") are deemed eligible. The CoinDesk Exchange Benchmark is an independent assessment of exchanges based on categories and metrics as described below. The grading scale is from AA (best) through A, BB, B, C, D, E, to F (worst).

The categories and metrics the Benchmark Provider uses to select eligible digital trading platforms are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Market Quality. This includes composition liquidity scores, volume scores, and index scores. It also assesses market maker incentives and frequency of flash crashes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Security. This assesses formal security certificates, SSL ratings (a security protocol), offline storage, the cold wallet ratio, key distribution, two-factor authentication, custody provider metrics, off-exchange settlement, OTC services, exchange hack metrics, and bug bounty metrics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Legal/Regulation. This assesses license types, VASP (virtual asset service provider) license quality scores, legal entities, industry/regulatory group membership, insurance provision (fiat and crypto), sanction compliance statements, and politically exposed persons statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· KYC/Transaction Risk. This includes strict KYC (know your customer)/AML (anti-money laundering)assessments, maximum KYC requirements, withdrawal limit assessments, transaction monitoring capabilities, and market surveillance capabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Data Provision. This assesses API response times, API rate limit; protocols such as Websocket or FIX, API status page, downtime, historical candlestick data, candlestick granularity, historical trade querying, API trading capabilities, API ease of use assessments, API data quality, orderbook provisions, max orderbook levels; and API documentation quality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transparency. This assesses available proof of reserves, available proof of liabilities, auditor attestations of proof of reserves and proof of liabilities, audited financial statements, management/ownership assessments, communication transparency, asset listing procedures, and due diligence submissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Team & Exchange. This assesses identity of chief executive officer, chief technology officer, chief compliance officer, chief information security officer (and equivalents); educational level per C-suite, years of relevant experience per C-suite, customer service offerings, and institutional/corporate/retail offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Negative Events. This assesses data breaches, major/minor fines, withdrawal freezes, awarded penalties, and others.

The Pricing Benchmark further requires exchanges to satisfy specified U.S. or global licensure criteria based on authorization to operate in major regulatory jurisdictions.

The Benchmark Provider reviews eligible digital trading platforms on a semi-annual basis. Exchange eligibility is subject to ongoing monitoring and periodic review, and the Benchmark Provider's governance bodies retain discretion to exclude exchanges where necessary. The Pricing Benchmark and its inputs are reviewed monthly and on an ad hoc basis as needed, and the Benchmark Provider may discontinue the calculation and publication of the Pricing Benchmark based on its assessment of applicable underlying digital asset requirements.

In addition to the semi-annual review of eligible exchanges, the Benchmark Provider performs a monthly evaluation of eligible trading pairs that may contribute to the Pricing Benchmark. As of the date of this prospectus, the Pricing Benchmark incorporates SOL/USD and SOL/USDC trading pairs. Each trading pair is assessed against three criteria: (i) its liquidity; (ii) its price deviation relative to all other eligible trading pairs; and (iii) its price impact on the Pricing Benchmark, as determined by reference to its liquidity and deviation.

**Solana Settlement Rate Example**

*The following example is for illustrative purposes only. An official calculation would include 720 observations.* Based on the Solana Spot Rate observations included in Table 1, the Solana Settlement Rate for this period would be:

Solana Settlement Rate = 104,935.96 / 1,426.773745 = 73.55

**Table 1: Solana Spot Rate Observations**

---

| | | | |
|:---|:---|:---|:---|
| **Observation <br> (5 second intervals)** | **Solana Spot <br> Rate** | **Accumulated Volume <br> since prior Observation** | **Total Value** |
| Observation 1 | 73.53 | 425.912086 | 31317.32 |
| Observation 2 | 73.50 | 122.689730 | 9017.70 |
| Observation 3 | 73.52 | 339.141259 | 24933.67 |
| Observation 4 | 73.59 | 539.030670 | 39667.27 |
| &nbsp;&nbsp;&nbsp; **Totals** |  | 1426.773745 | 104935.96 |

---

For more information on how the Benchmark Provider calculates the Pricing Benchmark, visit the Benchmark Provider's website at https://indices.coindesk.com/documentation-and-governance.

The Pricing Benchmark is subject to oversight by the CCData Benchmark Oversight Committee. CC Data Ltd ("CCData") was acquired by CoinDesk in October 2024. CCData is authorized by the UK Financial Conduct Authority ("FCA") as a regulated Benchmark Administrator. The CCData Benchmark Oversight Committee ("BOC") is responsible for the Administration for those CCData indices, including the CoinDesk CoinDesk Solana Benchmark 4PM NY Settlement Rate and other CoinDesk Indices that have been notified to the FCA and thus fall within the regulatory perimeter. This Committee is the "Oversight Function" as defined in UK Benchmark Regulation ("BMR"). The BOC is an internal committee and is currently comprised of full-time employees that are appropriately senior, experienced and skilled. The BOC meets monthly and ad hoc, as necessary. The BOC does not have a fixed number of members; however, the membership has historically been between three and five members. The BOC may, from time-to-time, use contractors to carry out its Administration role. The primary responsibilities of the BOC are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Annual review of each methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Review and approve methodologies and calculations of benchmarks to be potentially administrated by the BOC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Oversee any changes to benchmark methodologies, including benchmark terminations. When applicable, oversee public market consultations with market participants when material changes are being considered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Oversee the management and operation of each benchmark including any sub-committees that are responsible for the day-to-day management of the benchmarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Reporting to relevant competent authorities any misconduct by administrators, of which the oversight function becomes aware, and any anomalous or suspicious input data.

The Delegated Sponsor believes that the use of the Pricing Benchmark is reflective of a reasonable valuation of the average spot price of SOL. The Delegated Sponsor holds full discretion to change either the Pricing Benchmark or the Benchmark Provider subject to proper notification to Shareholders. Shareholder approval is not required. Adjustments to the Pricing Benchmark could impact the NAV of the Trust. These adjustments may result in variations in the calculated spot price of SOL, thereby affecting the valuation of the Trust's assets and the NAV per Share. Shareholders will be notified of any change of the Pricing Benchmark or the Benchmark Provider through disclosure on the Delegated Sponsor's website and in a Form 8-K filing.

Pricing Benchmark data and the description of the Pricing Benchmark are based on information made publicly available by the Benchmark Provider on its website at https://indices.coindesk.com/documentation-and-governance. **<u>None of the information on the Benchmark Provider's website is incorporated by reference into this Prospectus.</u>**

The Delegated Sponsor has entered into a licensing agreement with the Benchmark Provider to use the Pricing Benchmark (the "Pricing Benchmark Licensing Agreement").

As the Pricing Benchmark is calculated as a price return, it does not track airdrops, clones or forks involving SOL. Accordingly, the Trust does not participate in airdrops, as further described above in *"Risk Factors — The inability to recognize the economic benefit of a "fork" or an "airdrop" could adversely impact an investment in the Trust."*

COINDESK INDICES, INC. DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR THE TRUST'S PRODUCTS. COINDESK INDICES, INC., ITS AGENTS AND LICENSORS HAVE NO OTHER CONNECTION TO THE TRUST'S PRODUCTS AND SERVICES AND DOES NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE ANY OF THE TRUST'S PRODUCTS OR SERVICES. COINDESK INDICES, INC., ITS AGENTS AND LICENSORS HAVE NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE TRUST'S PRODUCTS AND SERVICES. COINDESK INDICES, INC., ITS AGENTS AND LICENSORS DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY BENCHMARK LICENSED TO THE TRUST AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

**NAV DETERMINATIONS**

***Calculation of NAV and NAV per Share***

The Trust's NAV will be calculated each Business Day as of 4:00 p.m. ET. In determining the Trust's NAV, the Administrator values the SOL held by the Trust based on the price set by the Pricing Benchmark as of 4:00 p.m. ET. The Delegated Sponsor believes that use of the Pricing Benchmark mitigates against idiosyncratic market risk, as the failure of any individual spot market will not materially impact pricing for the Trust. It also allows the Administrator to calculate the NAV in a manner that significantly deters manipulation.

As discussed, the fact that there are multiple SOL spot markets contributing prices to the NAV makes manipulation more difficult in a well-arbitraged and fractured market, as a malicious actor would need to manipulate multiple spot markets simultaneously to impact the NAV, or dramatically skew the historical distribution of volume between the various exchanges.

The Trust's NAV per Share is calculated by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· taking
 the current market value of its SOL (based on the SOL price determined by the Pricing Benchmark)
 plus its cash and any other assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· subtracting
 any liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· dividing
 that total by the total number of outstanding Shares.

The Administrator calculates the NAV of the Trust once each Exchange trading day. The NAV for a normal trading day will be released as promptly as practicable after 4:00 p.m. ET. Trading during the core trading session on the Exchange typically closes at 4:00 p.m. ET. However, NAVs are not officially struck until later in the day (often by 5:30 p.m. ET and almost always by 8:00 p.m. EST). The pause between 4:00 p.m. ET and 5:30 p.m. ET (or later) provides an opportunity for the Administrator to algorithmically detect, flag, investigate, and correct unusual pricing should it occur. Any such correction could adversely affect the value of the Shares.

In addition, in order to provide updated information relating to the Trust for use by Shareholders and market professionals, the Trust will calculate and disseminate throughout the core trading session on each trading day an updated intraday indicative value ("IIV"). The IIV will be calculated by using the prior day's closing NAV as a base and updating that value during the trading day based off of more recent SOL pricing information to reflect any changes in the value of the Trust's underlying assets and, therefore, the Trust's NAV.

The IIV disseminated during the Exchange core trading session hours should not be viewed as an actual real time update of the NAV, because NAV per Share is calculated only once at the end of each trading day based upon the relevant end of day values of the Trust's investments. The IIV will be disseminated on a per Share basis every 15 seconds during regular Exchange core trading session hours of 9:30 a.m. ET to 4:00 p.m. ET. The Trust will disseminate the IIV value through the facilities of CTA/CQ High Speed Lines. In addition, the IIV will be available through on-line information services such as Bloomberg and Reuters. The IIV may differ from the NAV due to the differences in the time window of trades used to calculate each price (the NAV uses a sixty-minute window, whereas the IIV draws prices from the last trade on each exchange in an effort to produce a relevant, real-time price). The Delegated Sponsor does not believe this will cause confusion in the marketplace, as Authorized Participants are the only Shareholders who interact with the NAV and the Delegated Sponsor will communicate its NAV calculation methodology clearly.

Dissemination of the IIV provides additional information that is not otherwise available to the public and is useful to Shareholders and market professionals in connection with the trading of the Trust's Shares on the Exchange. Shareholders and market professionals will be able throughout the trading day to compare the market price of the Trust and the IIV. If the market price of the Trust's Shares diverges significantly from the IIV, market professionals will have an incentive to execute arbitrage trades. For example, if the Trust appears to be trading at a discount compared to the IIV, a market professional could buy the Trust's Shares on the Exchange and sell short futures contracts. Such arbitrage trades can tighten the tracking between the market price of the Trust and the IIV and thus can be beneficial to all market participants.

The Trust does not expect that price differentials for SOL across exchanges would have a meaningful impact on this arbitrage mechanism. Furthermore, the Trust does not expect that the closure of any single one exchange would meaningfully impact the arbitrage mechanism because Authorized Participants typically source underlying spot SOL liquidity from multiple exchanges. The Trust acknowledges, however, that this arbitrage mechanism could potentially be adversely impacted if halts in the trading of spot SOL were to occur across multiple exchanges, whether due to breaches or otherwise.

The Delegated Sponsor reserves the right to adjust the Share price of the Trust in the future to maintain convenient trading ranges for Shareholders. Any adjustments would be accomplished through stock splits or reverse stock splits. Such splits would decrease (in the case of a split) or increase (in the case of a reverse split) the proportionate NAV per Share but would have no effect on the net assets of the Trust or the proportionate voting rights of Shareholders or the value of any Shareholder's investment.

*Calculation of Principal Market NAV and Principal Market NAV per Share*

In addition to calculating NAV and NAV per Share, for purposes of the Trust's financial statements, the Trust determines the Principal Market NAV and Principal Market NAV per Share on each valuation date for such financial statements. The determination of the Principal Market NAV and Principal Market NAV per Share is identical to the calculation of NAV and NAV per Share, respectively, except that the value of SOL is determined using the fair value of SOL based on the price in the SOL market that the Trust considers its "principal market" as of 11:59:59 p.m. ET on the valuation date, rather than using the Pricing Benchmark.

The Trust has adopted a valuation policy, which provides for the procedure for valuing the Trust's assets. The policy also sets forth the procedures to determine the principal market (or in the absence of a principal market, the most advantageous market) for purposes of determining the Principal Market NAV and Principal Market NAV per Share in accordance with FASB ASC 820-10, which outlines the application of fair value accounting. Under its valuation policy, the Trust determines its principal market (or in the absence of a principal market the most advantageous market) annually and conducts an analysis at least on a quarterly basis to determine whether there have occurred any changes in SOL markets and its operations that would require a change in the Delegated Sponsor's determination of the Trust's principal market.

The Trust identifies and determines the SOL principal market (or in the absence of a principal market, the most advantageous market) for GAAP purposes consistent with the application of fair value measurement framework in FASB ASC 820-10. This analysis is performed from the perspective of both the Trust and the SOL Counterparty.

ASC 820-10 determines fair value to be the price that would be received for SOL in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Trust to assume that SOL is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact.

Under ASC 820-10, a principal market is generally the market with the greatest volume and activity level for the asset or liability. The determination of the principal market will be based on the market with the greatest volume and level of activity that can be accessed.

The Trust receives SOL from SOL Counterparties and may also transact on any "Digital Asset Markets," which are defined as Exchange Markets, Brokered Markets, Dealer Markets, and Principal-to-Principal Markets, each as defined in ASC 820-10-35-36A.

The Trust will update its Principal Market analysis periodically and as needed to the extent that events have occurred, or activities have changed in a manner that could change the Delegated Sponsor's determination of the Trust's principal market.

The Delegated Sponsor on behalf of the Trust will determine in its sole discretion as a delegate of the Cayman Trustee the valuation sources and policies used to prepare the Trust's financial statements in accordance with GAAP.

The cost basis of the investment in SOL recorded by the Trust for financial reporting purposes is the fair value of SOL at the time of transfer. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.

**ADDITIONAL INFORMATION ABOUT THE TRUST**

**The Trust**

The Trust is a Delaware statutory trust, formed on December 16, 2025 pursuant to the DSTA. The Trust continuously issues common shares representing fractional undivided beneficial interest in and ownership of the Trust ("Shares") that may be purchased and sold on the Exchange. The Trust will operate pursuant to the Trust Agreement.

Morgan Stanley Investment Management Inc. serves as the Delegated Sponsor of the Trust. Unlike a traditional sponsor, who would hold direct, independent authority over the management and administration of a trust, the Delegated Sponsor exercises its authority as delegate of the Cayman Trustee pursuant to the Appleby Agreements. For the avoidance of doubt, there is no separate entity serving as the sponsor of the Trust.

The Trust has appointed CSC Delaware Trust Company as the Delaware Trustee solely to satisfy the requirement under the Delaware Statutory Trust Act that the Trust have at least one trustee with a principal place of business in Delaware. AGS Trustees Limited serves as the Cayman Trustee and holds primary governance and oversight responsibility for the Trust and has delegated certain of its authority to the Delegated Sponsor, The Delaware Trustee has no active management or operational role. The dual-trustee structure is intended to comply with applicable regulatory requirements and to ensure independent oversight and control of the Trust.

Operationally, all day-to-day responsibilities are carried out by the Delegated Sponsor pursuant to the Appleby Agreements. The Cayman Trustee retains approval rights over certain material matters and ongoing oversight obligations. The Cayman Trustee retains the direct oversight responsibilities as follows: ultimate responsibility for performance of duties under the Trust Agreement; oversight and monitoring of the Delegated Sponsor's performance; approval rights over custodian termination and changes to the preferences, voting powers, rights, duties and privileges of the Trust; the authority to change, reduce or terminate the delegation; approval rights over the performance of any other services that the Delegated Sponsor may recommend to the Cayman Trustee for approval; and ultimate fiduciary responsibility as set forth under the Trust Agreement. See "Duties of the Delegated Sponsor and the Trustees." The Cayman Trustee will execute its oversight responsibilities through quarterly meetings with the Delegated Sponsor and regular reporting. From a legal standpoint, the Cayman Trustee bears ultimate fiduciary responsibility under the Trust Agreement, while the Delegated Sponsor acts as its delegate. The Cayman Trustee's status as a regulated Cayman Islands entity subject to oversight by the Cayman Islands Monetary Authority is designed to protect the interests of the Trust and its Shareholders. The presence of the Cayman Trustee is not expected to affect the tax treatment of the Trust.

The number of outstanding Shares is expected to increase and decrease from time to time as a result of the creation and redemption of Baskets. The creation and redemption of Baskets requires the delivery to the Trust or the distribution by the Trust of the amount of cash equivalent to the amount of SOL represented by the NAV of the Baskets being created or redeemed. The total amount of SOL required for the creation of Baskets will be based on the combined net assets represented by the number of Baskets being created or redeemed.

The Trust has no operating history. The Trust and the Delegated Sponsor face competition with respect to the creation of competing products, such as exchange-traded products offering exposure to the spot SOL market or other digital assets. There can be no assurance that the Trust will grow to or maintain an economically viable size. There is no guarantee that the Delegated Sponsor will maintain a commercial advantage relative to competitors offering similar products. Whether or not the Trust is successful in achieving its intended scale may be impacted by a range of factors, such as the Trust's timing in entering the market and its fee structure relative to those of competitive products.

The Trust has no fixed termination date.

**The Trust's Fees and Expenses**

The Trust will pay the unitary Delegated Sponsor Fee which is accrued daily at an annualized rate of 0.14% of the net asset value of the Trust (the "Delegated Sponsor Fee") and the amount of SOL payable in respect of each daily accrual shall be determined by reference to the Pricing Benchmark. The Delegated Sponsor Fee is paid by the Trust to the Delegated Sponsor as compensation for services performed under the Trust Agreement.

The Delegated Sponsor Fee shall be paid in cash and not less than monthly in arrears by the Trust. The Delegated Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Delegated Sponsor Fee.

As partial consideration for receipt of the Delegated Sponsor Fee, the Delegated Sponsor shall assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs, excluding taxes, but including (i) the Marketing Fee, (ii) fees to the Administrator, if any, (iii) fees to the SOL Custodians, (iv) fees to the Transfer Agent, (v) fees to the Trust's DE Trustee and Cayman Trustee, (vi) the fees and expenses related to the initial listing of Shares on the Exchange, (vii) the fees and expenses related to any future listing, trading or quotation of the Shares on any listing exchange or quotation system (including legal, marketing and audit fees and expenses), (viii) ordinary course legal fees and expenses but not litigation-related expenses, (ix) audit fees, (x) regulatory fees, including if applicable any fees relating to the registration of the Shares under the 1933 Act or Exchange Act, (xi) printing and mailing costs, (xii) costs of maintaining the Delegated Sponsor's website and (xiii) applicable license fees (each, a "Sponsor-paid Expense" and together, the "Sponsor-paid Expenses"), provided that any expense that qualifies as an Additional Trust Expense will be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense. The Trust will be responsible for SOL-related on-chain transaction fees associated with creation and redemption transactions, and the Delegated Sponsor will assume such expenses of the Trust in consideration for the Delegated Sponsor Fee. There is currently no predetermined cap on the aggregate amount of Sponsor-paid expenses. Should the Trust implement a predetermined cap on aggregate Sponsor-paid expenses, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website.

The Delegated Sponsor will not, however, assume certain extraordinary, non-recurring expenses that are not Sponsor-paid Expenses, including, but not limited to, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Delegated Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders, any indemnification of the SOL Custodians, Administrator or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, "Additional Trust Expenses").

The Delegated Sponsor will consider re-designating a Sponsor-paid Expense as an Additional Trust Expense, in its sole discretion as a delegate of the Cayman Trustee, if the Delegated Sponsor determines that (i) the expense is extraordinary, non-recurring, or unusual in nature or amount; (ii) the expense was not reasonably anticipated at the time the Delegated Sponsor agreed to assume such category of expenses; (iii) the expense results from changes in applicable law, regulation, or regulatory guidance that impose new or additional obligations on the Trust; (iv) the expense arises from circumstances outside the ordinary course of the Trust's operations; or (v) bearing such expense would be materially adverse to the Delegated Sponsor's ability to continue performing its obligations under the Trust Agreement. Should such a change take place, the Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website.

The SOL Custodians will assume the transfer fees associated with the transfer of SOL to the Delegated Sponsor with respect to the Delegated Sponsor Fee, and any further expenses associated with such transfer will be assumed by the Delegated Sponsor. The Trust shall not be responsible for any fees and expenses associated with the transfer of SOL to pay the Delegated Sponsor Fee and Additional Trust Expenses, including any fees and expenses incurred by the Delegated Sponsor to convert SOL received in payment of the Delegated Sponsor Fee into cash or to make staking-related distributions to Shareholders.

Pursuant to the Trust Agreement, the Delegated Sponsor or its delegates will direct the SOL Custodians to transfer SOL from the Trust's Cold Vault Balance as needed to pay the Delegated Sponsor's Fee and Additional Trust Expenses, if any. The Delegated Sponsor or its delegates will endeavor to transfer the smallest amount of SOL needed to pay applicable expenses. The Delegated Sponsor, in arranging for payment of Additional Trust Expenses, may in its discretion direct that the Trust's SOL be exchanged for U.S. Dollars. Under such circumstances, the Trust will not utilize the SOL Custodians to arrange for the sale of the Trust's SOL to pay the Trust's expenses and liabilities. Rather, the Delegated Sponsor will arrange for the Prime Broker, an affiliate of the SOL Custodians, or another third-party digital asset trading platform to exchange the Trust's SOL for U.S. dollars in such a situation.

As part of the Delegated Sponsor Fee, the Delegated Sponsor pays to the Cayman Trustee an annual trustee fee of $20,000, locked in until December 31, 2027, and an onboarding fee of $1,500. After December 31, 2027, the annual trustee fee will be based on assets under management ("AUM") as follows: $27,500 for AUM over $150 million; $35,000 for AUM over $300 million; and $50,000 for AUM over $400 million. Should the Cayman Trustee be required to spend in excess of 20 hours per calendar year to discharge its duties under the Trustee Services Agreement, the Cayman Trustee shall charge the Trust for the provision of its services over and above the 20-hour threshold on a time spent basis at such rates from time to time in effect and notified to the Trust. The Delegated Sponsor, through the Delegated Sponsor Fee, also reimburses the Cayman Trustee for reasonable out-of-pocket expenses, including faxes, telephone calls, couriers and other expenses reasonably incurred by the Cayman Trustee in furtherance of its duties. The Cayman Trustee may refer any legal question in relation to the Trust Agreement and the exercise of any discretion vested in it to attorneys-at-law as the Cayman Trustee may select, and the Trust agrees to reimburse the Cayman Trustee on demand for all such legal costs and expenses properly incurred.

As part of the Delegated Sponsor Fee, the Delegated Sponsor will also pay a "Staking Fee," which will include (i) the SOL Custodians' and Staking Services Providers' respective shares of staking rewards, in accordance with the Staking Services Agreements. As of the date hereof, the SOL Custodians' and Staking Services Providers' share of such staking rewards comprise an aggregate of 5% of the gross staking rewards. The Trust will retain the remainder of such gross staking rewards. The Delegated Sponsor does not receive or retain any portion of the staking consideration earned by the Trust. The Trust intends to distribute staking rewards to Shareholders monthly (but at least quarterly) pursuant to current Internal Revenue Service ("IRS") guidance.

**Termination of the Trust**

The Delegated Sponsor will notify Shareholders at least 30 days before the date for termination of the Trust Agreement and the Trust if any of the following occurs, in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 are delisted from the Exchange and are not approved for listing on another national securities
 exchange within five Business Days of their delisting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 180 days
 have elapsed since the DE Trustee has notified the Cayman Trustee of such Trustee's
 election to resign or since the Cayman Trustee removes the DE Trustee, and a successor trustee
 has not been appointed and accepted its appointment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 SEC determines that the Trust is an investment company under the 1940 Act, and the Cayman
 Trustee has made the determination that termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 CFTC determines that the Trust is a commodity pool under the CEA, and the Cayman Trustee
 has made the determination that termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Trust is determined to be a "money service business" under the regulations promulgated
 by FinCEN under the authority of the US Bank Secrecy Act and is required to comply with certain
 FinCEN regulations thereunder or is determined to be a "money transmitter" (or
 equivalent designation) under the laws of any state in which the Trust operates and is required
 to seek licensing or otherwise comply with state licensing requirements, and the Cayman Trustee
 has made the determination that termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 United States regulator requires the Trust to shut down or forces the Trust to liquidate
 its SOL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 ongoing event exists that either prevents the Trust from making or makes impractical the
 Trust's reasonable efforts to make a fair determination of the price of SOL for purposes
 of determining the NAV of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Cayman Trustee determines that the aggregate net assets of the Trust in relation to the operating
 expenses of the Trust make it unreasonable or imprudent to continue the business of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Trust fails to qualify for treatment, or ceases to be treated, as a "grantor trust"
 under the Code or any comparable provision of the laws of any State or other jurisdiction
 where that treatment is sought, and the Cayman Trustee determines that, because of that tax
 treatment or change in tax treatment, termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 60 days
 have elapsed since the Depository Trust Company ("DTC") or another depository
 has ceased to act as depository with respect to the Shares, and the Cayman Trustee has not
 identified another depository that is willing to act in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 Trustee elects to terminate the Trust after the Cayman Trustee is conclusively deemed to
 have resigned effective immediately as a result of the Cayman Trustee being adjudged bankrupt
 or insolvent, or a receiver of the Cayman Trustee or of its property being appointed, or
 a trustee or liquidator or any public officer taking charge or control of the Cayman Trustee
 or of its property or affairs for the purpose of rehabilitation, conservation or liquidation
 and a Cayman Trustee has not been appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Cayman Trustee or the Delegated Sponsor, with the approval of the Cayman Trustee, elects
 to terminate the Trust after the DE Trustee, the Administrator or one of the SOL Custodians
 (or any successor trustee, administrator or custodian) resigns or otherwise ceases to be
 a trustee, administrator or custodian of the Trust, as applicable, and no replacement or
 other trustee, administrator and/or custodian acceptable to the Cayman Trustee is engaged.

In respect of termination events that rely on Cayman Trustee determinations to terminate the Trust (e.g., if the SEC determines that the Trust is an investment company under the 1940 Act; the CFTC determines that the Trust is a commodity pool under the CEA; the Trust is determined to be a money transmitter under the regulations promulgated by FinCEN or require a BitLicense under New York law; the Trust fails to qualify for treatment, or ceases to be treated, as a grantor trust for U.S. federal income tax purposes; or, following a resignation by a trustee or custodian, the Delegated Sponsor determines that no replacement is acceptable to it), the Delegated Sponsor may consider, without limitation, the profitability to the Delegated Sponsor and other service providers of the operation of the Trust, any obstacles or costs relating to the operation or regulatory compliance of the Trust relating to the determination's triggering event, and the ability to market the Trust to investors. To the extent that the Delegated Sponsor determines to continue operation of the Trust following a determination's triggering event, the Trust will be required to alter its operations to comply with the triggering event. In the instance of a determination that the Trust is an investment company, the Trust and the Delegated Sponsor would have to comply with the regulations and disclosure and reporting requirements applicable to investment companies and investment advisers. In the instance of a determination that the Trust is a commodity pool, the Trust and the Delegated Sponsor would have to comply with regulations and disclosure and reporting requirements applicable to commodity pools and commodity pool operators or commodity trading advisers. In the event that the Trust is determined to be a money transmitter, the Trust and the Delegated Sponsor will have to comply with applicable federal and state registration and regulatory requirements for money transmitters and/or money service businesses. In the event that the Trust ceases to qualify for treatment as a grantor trust for U.S. federal income tax purposes, the Trust will be required to alter its disclosure and tax reporting procedures and may no longer be able to operate or to rely on pass-through tax treatment. In each such case and in the case of the Cayman Trustee's determination as to whether a potential successor trustee or custodian is acceptable to it, the Cayman Trustee will not be liable to anyone for its determination of whether to continue or to terminate the Trust.

Upon the dissolution of the Trust, the Delegated Sponsor (or in the event there is no Delegated Sponsor, such person (the "Liquidating Trustee") as the majority in interest of the beneficial owners of the Trust may propose and approve) shall take full charge of the property of the Trust. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Delegated Sponsor under the terms of the Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with section 3808(e) of the DSTA, the affairs of the Trust shall be wound up and all assets owned by the Trust shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including registered owners and beneficial owners of the Trust who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof) other than liabilities for distributions to registered owners of the Trust, and (b) to the beneficial owners of the Trust pro rata in accordance with their respective percentage interests of the property of the Trust. The proceeds of the liquidation of the Trust's assets will be distributed in cash. The Delegated Sponsor, on behalf of the Trust, will sell the Trust's SOL assets at market prices and will distribute to the Shareholders any amounts of the cash proceeds of the liquidation remaining after the satisfaction of all outstanding liabilities of the Trust and the establishment of reserves for applicable taxes, other governmental charges and contingent or future liabilities as the Delegated Sponsor will determine. Shareholders are not entitled to any of the Trust's underlying SOL holdings upon the dissolution of the Trust.

Upon termination of the Trust, following completion of winding up of its business by the Delegated Sponsor, the DE Trustee, upon written directions of the Delegated Sponsor, will cause a certificate of cancellation of the Trust's Certificate of Trust to be filed in accordance with applicable Delaware law. Upon the termination of the Trust, the Delegated Sponsor will be discharged from all obligations under the Trust Agreement except for its certain obligations that survive termination of the Trust Agreement.

**Amendments**

The Trust Agreement can be amended by the Cayman Trustee or Delegated Sponsor in their sole discretion and without the Shareholders' consent by making an amendment, a Trust Agreement supplemental thereto, or an amended and restated trust agreement. Any such restatement, amendment and/or supplement to the Trust Agreement will be effective on such date as designated by the Delegated Sponsor in its sole discretion as a delegate of the Cayman Trustee. However, any amendment to the Trust Agreement that affects the duties, liabilities, rights or protections of the Trustees will require the Trustees' prior written consent, which they may grant or withhold in their sole discretion. Every Shareholder, at the time any amendment so becomes effective, will be deemed, by continuing to hold any Shares or an interest therein, to consent and agree to such amendment and to be bound by the Trust Agreement as amended thereby. In no event will any amendment impair the right of Authorized Participants to surrender baskets and receive therefor the amount of Trust assets represented thereby (less fees in connection with the surrender of Shares and any applicable taxes or other governmental charges), except in order to comply with mandatory provisions of applicable law. The Trust will notify the owners of the beneficial interests of Shares in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website.

**Litigation and Claims**

Within the past five years of the date of this Prospectus, there have been no material administrative, civil or criminal actions against the Delegated Sponsor, the Trust or any principal or affiliate of any of them. This includes any actions pending, on appeal, concluded, threatened, or otherwise known to them.

**THE TRUST'S SERVICE PROVIDERS**

**The Delegated Sponsor**

The Delegated Sponsor arranged for the creation of the Trust and is responsible for the ongoing registration of the Shares for their public offering in the United States and the listing of Shares on the Exchange. The Delegated Sponsor will not exercise day-to-day oversight over the Trustees or the Benchmark Provider. The Delegated Sponsor will develop a marketing plan for the Trust, will prepare marketing materials regarding the Shares of the Trust, and will exercise the marketing plan of the Trust on an ongoing basis.

As of June 16, 2026, the Delegated Sponsor served as sponsor to 19 traditional ETPs with approximately $13,748,324,035 in assets under management as of June 16, 2026 across equity, fixed income, and multi-asset strategies as well as sponsor to one digital asset ETP, Morgan Stanley Bitcoin Trust. However, the Delegated Sponsor has limited experience sponsoring ETPs that hold digital assets.

The Delegated Sponsor is a wholly-owned subsidiary of Morgan Stanley.

The principal office of the Delegated Sponsor is:

Morgan Stanley Investment Management Inc.<br> 1585 Broadway<br> New York, New York 10036

**The Trustees**

CSC Delaware Trust Company, a Delaware trust company, acts as the DE Trustee of the Trust for the purpose of creating a Delaware statutory trust in accordance with the DSTA. The DE Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the DSTA that the Trust have at least one trustee with a principal place of business in the State of Delaware.

AGS Trustees Limited, a Cayman Islands limited liability company, serves as the Cayman Trustee to the Trust. The Cayman Trustee is a wholly owned controlled subsidiary of Appleby Global Services (Cayman) Limited, also a company incorporated in the Cayman Islands with limited liability, which holds a Full Mutual Fund Administrator and Trust license with the Cayman Islands Monetary Authority. Each of the Cayman Trustee and Appleby Global Services (Cayman) Limited is a regulated entity in the Cayman Islands.

The Cayman Trustee has delegated substantially all of its day-to-day management and operational duties under the Trust Agreement to the Delegated Sponsor pursuant to the Delegation Agreement. The Delegated Sponsor shall remain liable to the Cayman Trustee for services delegated as detailed in the Delegation Agreement. The delegated duties include, but are not limited to: entering into and maintaining contracts and agreements; establishing and maintaining accounts; causing legal title to Trust property to be held in the name of the Delegated Sponsor; appointing custodians and other service providers (subject to Cayman Trustee approval for custodians); maintaining control over custody accounts; depositing, withdrawing, paying, retaining and distributing Trust assets; supervising preparation of offering materials and amendments; paying or authorizing distributions and Trust expenses; arranging for and managing exchange listing of Shares; delegating duties to service providers; effecting provisions regarding forks and airdrops; and exercising sole discretion over issuance of Shares, share divisions and combinations, and related matters (collectively, the "Delegated Duties"). The Cayman Trustee retains oversight responsibilities, the duty to monitor the Delegated Sponsor's performance, approval rights over certain material transactions (including custodian appointments and changes to Trust preferences and powers), and ultimate fiduciary responsibility as set forth under the Trust Agreement.

***General duty of care of Trustees.***

The Trustees are fiduciaries under the Trust Agreement; provided, however, that the fiduciary duties and responsibilities and liabilities of the Trustees are limited by, and are only those specifically set forth in, the Trust Agreement.

***Resignation, discharge or removal of Trustees; successor Trustees.***

A Trustee may resign at any time by giving at least 30 days' advance written notice to the Delegated Sponsor. The Delegated Sponsor may remove a Trustee at any time by giving at least 30 days' advance written notice to such Trustee. Upon effective resignation or removal, such Trustee will be discharged of its duties and obligations.

If the DE Trustee resigns or is removed, the Delegated Sponsor, acting on behalf of the Shareholders, is required to use reasonable efforts to appoint a successor Delaware trustee. Any successor Delaware Trustee must satisfy the requirements of Section 3807 of the DSTA. If the Cayman Trustee resigns or is removed, the Delegated Sponsor, acting on behalf of the Shareholders, is required to use reasonable efforts to appoint a successor. Any successor Trustee must satisfy the applicable laws and regulations. Any resignation or removal of a Trustee and appointment of a successor Trustee cannot become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Delegated Sponsor and any fees and expenses due to the outgoing Trustee are paid or waived by the outgoing Trustee. Following compliance with the preceding sentence, the successor will become fully vested with the rights, powers, duties and obligations of the outgoing Trustee under the Trust Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations herein. If no successor Trustee shall have been appointed and shall have accepted such appointment within forty-five (45) days after the giving of such notice of resignation or removal, the Cayman Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, where applicable.

If the DE Trustee resigns and no successor trustee is appointed within 180 days after the date the DE Trustee issues its notice of resignation, the Cayman Trustee will terminate and liquidate the Trust and distribute its remaining assets.

**The Administrator**

Under the Fund Administration and Accounting Agreement, the Administrator shall provide necessary fund administration, tax and accounting services, including valuation and computation accounting services, and financial reporting for the maintenance and operations of the Trust. In addition, the Administrator shall make available the office space, facilities, equipment and personnel required to provide such services.

**The SOL Custodians**

The SOL Custodians are responsible for safekeeping all of the SOL owned by the Trust. The SOL Custodians were selected by the Delegated Sponsor with the approval of the Cayman Trustee. The SOL Custodians have responsibility for opening the SOL Account, as well as facilitating the transfer of SOL required for the operation of the Trust.

**The Transfer Agent**

The Transfer Agent shall (1) perform and facilitate the purchases and redemption of Shares of the Trust and prepares and transmit information with respect to such purchases and redemptions; (2) prepare and transmit payments for dividends and distributions, if any, declared by the Trust; (3) maintain Shareholder accounts; (4) respond to correspondence by Trust Shareholders and others relating to its duties and (5) make periodic reports to the Trust.

**Pricing Benchmark Services**

The Benchmark Provider is responsible for analyzing SOL market data relating to the calculation and maintenance of the Pricing Benchmark.

**Staking Services Provider**

Figment Inc., Galaxy Blockchain Infrastructure LLC and Coinbase Canada, Inc., each a party unrelated to the Delegated Sponsor and Trustees, serve as the Staking Services Providers.

**The Marketing Agent**

Foreside Fund Services, LLC (the "Marketing Agent") is responsible for reviewing and approving the marketing materials prepared by the Delegated Sponsor for compliance with applicable SEC and FINRA advertising laws, rules, and regulations.

**CUSTODY OF THE TRUST'S ASSETS**

The Trust will enter into arrangements with multiple custodians to custody its SOL (the "SOL Custodians"), and may, from time to time, decide, to custody its SOL with one or more of such custodians. The SOL Custodians will keep custody of the Trust's SOL. The transfer of SOL to and from SOL Counterparties is directed by the Delegated Sponsor. The Delegated Sponsor's decision to move SOL to, or from one SOL Custodian to another may be driven by a number of factors including:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 custodial features and technologies used at a given SOL Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 nature of the wallets used at a SOL Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 SOL Custodian's connectivity or other arrangements with trading venues;

&nbsp;&nbsp;&nbsp;&nbsp;· forks,
 events and trends on the Solana blockchain;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 fees and charges of the SOL Custodian; and/or

&nbsp;&nbsp;&nbsp;&nbsp;· the
 SOL Custodian's security, audit and insurance arrangements.

At a given time, a SOL Custodian may hold all or any portion of the Trust's SOL, or none of the Trust's SOL.

The SOL Custodians will keep custody of all of the Trust's SOL, other than that which is maintained in the Trading Balance with the Prime Broker, in the Vault Balance. All of the Trust's assets and private keys will be held in cold storage of the SOL Custodians on an ongoing basis, but a portion of the Trust's assets may be held in hot trading wallets, from time to time, in connection with the settlement of a creation or redemption of a transaction (note, however, that not all SOL Custodians may maintain hot wallets for the holding and storage of digital assets).

While the specific security measures around custody may vary across SOL Custodians, cold storage locations of SOL Custodians often feature monitoring by 24-7 on-site security, video surveillance and alarms, hardened room structures, and access to facilities controlled by multi-person controls, multi-team access rules, and multi-factor authentication. The locations of the cold storage sites may change at the discretion of the SOL Custodians and are kept confidential by the SOL Custodians for security purposes.

To the extent a SOL Custodian maintains hot storage locations, transfers from cold to hot storage or vice versa require physical access to one or more cold storage facilities, as well as systematically enforced approvals and integrity verifications, before the secure device can be used to cryptographically complete the transaction. At no point during this process is the private key removed from the secure device(s) or the hot or cold storage facility. Once these security processes have been completed, a transfer on the Solana network can be executed, signed using the private keys held offline in cold storage.

Similarly secure technology used by the SOL Custodians includes a combination of Multi-Party Computation ("MPC"), Hardware Security Modules ("HSMs"), and Cross-Domain Security ("CDS") to safeguard digital assets. MPC is a cryptographic framework that ensures private keys are never fully assembled or exposed during the transaction process. Instead, key shares are distributed across secure, isolated environments, reducing single points of compromise and enabling secure, multi-party transaction approvals. HSMs are dedicated, tamper-resistant cryptographic devices used to securely generate, store, and manage key fragments. HSMs enforce role-based access controls and support transaction signing workflows across designated approval parties. CDS is a high-assurance security architecture originally developed for sensitive government environments. It enhances the integrity of cold storage systems by strictly isolating secure processing domains and preventing unauthorized cross-network interactions. These technologies support cold storage to maintain private key materials offline and physically secured in air-gapped environments. This layered approach ensures that private keys are protected.

Cold storage is a safeguarding method with multiple layers of protections and protocols, by which the private key(s) corresponding to the Trust's SOL is (are) generated and stored in an offline manner. Private keys are generated in offline computers that are not connected to the internet so that they are resistant to being hacked. By contrast, in hot storage, the private keys are necessarily used online, where they are more accessible, leading to more efficient transfers, though they are potentially more vulnerable to being hacked. There is no limit on the size of each cold storage address, and the SOL Custodians will generally keep a substantial portion of the Trust's SOL in cold storage on an ongoing basis. However, it is possible that, from time to time, portions of the Trust's SOL will be held outside of cold storage temporarily in the Trading Balance maintained by the Prime Broker as part of trade facilitation in connection with creations and redemptions of Baskets, to sell SOL including to pay Trust expenses, or to pay the Delegated Sponsor Fee, as necessary. The Trust's SOL held in the Cold Vault Balance by the SOL Custodians are held in segregated wallets and therefore are not commingled with the SOL Custodians' or other customer assets.

Cold storage of private keys may involve keeping such keys on a non-networked computer or electronic device or storing the public key and private keys on a storage device or printed medium and deleting the keys from all computers. The SOL Custodians may receive deposits of SOL but may not send SOL without use of the corresponding private keys. In order to send SOL when the private keys are kept in cold storage, unsigned transactions must be physically transferred to the offline cold storage facility and signed using a software/hardware utility with the corresponding offline keys. At that point, the SOL Custodians can upload the fully signed transaction to an online network and transfer the SOL. Such private keys are stored in cold storage facilities within the United States, Europe, and Asia, exact locations of which are not disclosed for security reasons. A limited number of employees at the SOL Custodians are involved in private key management operations, and the SOL Custodians have represented that no single individual has access to full private keys.

The SOL Custodians' internal audit team performs periodic internal audits over custody operations, and the SOL Custodians have represented that SOC attestations covering private key management controls are also performed on the SOL Custodians by an external provider. BNY currently produces a SOC 1 Type 1 report and the Coinbase Custodian currently produces SOC 1 Type 2 and SOC 2 Type 2 reports.

The SOL Custodians maintain a commercial crime insurance policy, which is intended to cover the loss of client assets held in cold storage, including from employee collusion or fraud, physical loss including theft, damage of key material, security breaches or hacks, and fraudulent transfers. The insurance maintained by the SOL Custodians is shared among all of the SOL Custodians' customers, is not specific to the Trust or to customers holding SOL with the SOL Custodians, and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.

SOL held in the Trust's account with the SOL Custodians is the property of the Trust. The Trust, the Delegated Sponsor and the service providers will not loan or pledge the Trust's assets, including staked assets, nor will the Trust's assets, including staked assets, serve as collateral for any loan or similar arrangement, other than in connection with the Trade Financing Agreement or any line of credit entered into by the Trust for the purpose of managing liquidity. As part of the Trust's liquidity management program, the Trust may establish various liquidity sources, which it may use to finance temporarily the redemption requests of Shareholders or for other short-term liquidity requirements. These liquidity sources may include borrowing arrangements made via uncommitted and committed lines of credit, which may involve the Trust's assets serving as collateral solely in connection with such arrangement. The Trust's access to and use of such liquidity sources are considered by the Delegated Sponsor in assessing, managing, and periodically reviewing the Trust's liquidity risk level. The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.

In the event of a fork, the Custodial Services Agreements provide that the SOL Custodians may temporarily suspend services, and may, in their sole discretion, determine whether or not to support (or cease supporting) either branch of the forked protocol entirely, provided that the SOL Custodians shall use commercially reasonable efforts to avoid ceasing to support both branches of such forked protocol and will support, at a minimum, the original digital asset. The Custodial Services Agreements provide that, other than as set forth therein, and provided that the SOL Custodians shall make commercially reasonable efforts to assist the Trust to retrieve and/or obtain any assets related to a fork, airdrop or similar event the SOL Custodians shall have no liability, obligation or responsibility whatsoever arising out of or relating to the operation of the underlying software protocols relating to the Solana network or an unsupported branch of a forked protocol and, accordingly, the Trust acknowledges and assumes the risk of the same. The Custodial Services Agreements further provide that, unless specifically communicated by the SOL Custodians and their affiliates through a written public statement on their respective website, the SOL Custodians do not support airdrops, clones, metacoins, colored coins, side chains, or other derivative, enhanced or forked protocols, tokens or coins, which supplement or interact with SOL.

Under the Trust Agreement and Delegation Agreement, the Delegated Sponsor has the right, in its sole discretion as a delegate of the Cayman Trustee, to determine what action to take in connection with the Trust's entitlement to or ownership of Incidental Rights or any IR Virtual Currency, and the Trust may take any lawful action necessary or desirable in connection with the Trust's ownership of Incidental Rights, including the acquisition of IR Virtual Currency, as determined by the Delegated Sponsor in the Delegated Sponsor's sole discretion as a delegate of the Cayman Trustee, unless such action would adversely affect the status of the Trust as a grantor trust for U.S. federal income tax purposes or otherwise be prohibited by this Trust Agreement. With respect to any fork, airdrop or similar event, the Delegated Sponsor will cause the Trust to irrevocably abandon the Incidental Rights or IR Virtual Currency. In the event the Trust seeks to change this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules.

With respect to any fork, airdrop or similar event, the Delegated Sponsor will cause the Trust to irrevocably abandon the Incidental Rights or IR Virtual Currency. In the event the Trust seeks to change this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules.

Under each of the Custodial Services Agreements, the SOL Custodians' liability is limited. Under the BNY Custodial Services Agreement, BNY's liability is limited as follows: in no event will BNY, its affiliates and service providers, or any of its respective officers, directors, agents, employees or representatives be liable for any indirect, incidental, consequential, exemplary, punitive or special losses or damages, or for any loss of revenues, profits or business opportunity, arising out of or relating to the BNY Custodial Services Agreement (whether or not foreseeable and even if BNY has been advised of the possibility of such losses or damages); provided, that none of the forgoing limitations will apply to direct damages suffered by the Trust or losses arising from BNY's breach of the standard of care; and in no event will BNY, its affiliates and service providers, or any of its respective officers, directors, agents, employees or representatives, be liable in aggregate for any amount greater than the U.S. Dollar value of the credited SOL lost, such value being determined as of the time such loss is sustained. BNY shall not be responsible for (i) reliance on instructions; (ii) BNY's receipt or acceptance of fraudulent or invalid SOL; (iii) BNY's review or non-acceptance of any SOL, including but not limited to delay of the Trust to issue instructions with respect to such SOL pending the completion of such review; (iv) BNY's approval, refusal, or withdrawal of approval with respect to any authorized counterparty; (v) as to any matter with respect to which BNY is required to act only upon the receipt of instructions, (A) BNY's failure to act in the absence of such instructions or (B) instructions that are late or incomplete, whether or not BNY acted upon such Instructions; (vi) BNY's receipt or transmission of any data to or from the Trust or any authorized person via any non-secure method of transmission or communication selected by the Trust; (vii) the Trust's use of any accounts on a basis inconsistent with the BNY Custodial Services Agreement; (viii) BNY's disposition of any SOL, including without limitation (A) provided such SOL was sold on an established exchange for digital assets, any failure to receive best execution therefor, or (B) the imposition of any tax obligations in connection with the disposition of such SOL; the insolvency of any person, including any service provider, digital asset exchange or trading facility, or counterparty to the settlement of a transaction; and (ix) any tax obligations of the Trust or any losses of the Trust in relation to tax obligations; (x) the Trust's or an authorized person's decision to invest in digital assets or to hold Cash in any currency. BNY is not responsible for, and in no event will BNY be liable for any losses arising out of, the operation of any protocols or networks, including any losses resulting from delays in the processing or validation of transfers of supported digital assets on a protocol or network, BNY's inability to retrieve or otherwise deal with any digital asset delivered to BNY without authority hereunder, any hacking or manipulation on any protocols or networks, any on-chain events, or any loss of, or inability of BNY to access or transfer, any digital asset other than as a result of (i) the unauthorized transfer of a credited asset by BNY, or (ii) the disclosure by BNY of any private key with respect to a credited asset in breach of the standard of care, or (iii) delays in BNY own processing of an instruction in breach of the standard of care. The liability of BNY will not exceed, solely in respect of custodial services provided pursuant to the BNY Custodial Services Agreement, the value, at the time the event giving rise to liability occurred, of the SOL on deposit in Trust's wallet(s) or account(s) directly affected by such event. BNY will value the SOL using commercially reasonable valuation methods as determined by BNY in its sole discretion; provided that no limitation or exclusion of BNY liability shall apply with respect to any claim arising out of or relating to BNY's breach of certain obligations set forth in the BNY Custodial Services Agreement, including certain confidentiality obligations, business continuity and disaster recovery obligations, any warranty, BNY's willful misconduct, bad faith, gross negligence or fraud or any fines, penalties, sanctions, or similar charges levied on or imposed upon the Trust by any governmental or regulatory authority arising out of or relating to BNY's acts or omissions under the BNY Custodial Services Agreement.

Under the Coinbase Custodial Services Agreement, the Coinbase Custodian's liability is limited as follows, among others: (i) the Coinbase Custodian's aggregate liability under the Coinbase Custodial Services Agreement shall not exceed the greater of (A) (1) the aggregate fees paid by the Trust to the Coinbase Custodian in respect of the custodial services in the 12 months prior to the event giving rise to the Coinbase Custodian's liability and (2) $5 million, and (B) the value of the supported SOL on deposit in the Trust's custodial account(s) giving rise to the Coinbase Custodian's liability at the time of the event giving rise to the Coinbase Custodian's liability; (ii) the Coinbase Custodian's aggregate liability in respect of each cold storage address shall not exceed $100 million; (iii) in respect of any incidental, indirect, special, punitive, consequential or similar losses, Coinbase Custodian is not liable, even if the Coinbase Custodian has been advised of or knew of or should have known of the possibility thereof; and (iv) in no event shall the Coinbase Custodian or its affiliates have any liability to the Trust or any third party with respect to any breach of its obligations under the Coinbase Custodial Services Agreement, express or implied, which does not result solely from its gross negligence, fraud or willful misconduct. The Coinbase Custodian is not liable for delays, suspension of operations, failure in performance, or interruption of service which result directly or indirectly from any cause or condition beyond the reasonable control of the Coinbase Custodian. In the event of potential losses incurred by the Trust as a result of the Coinbase Custodian losing control of the Trust's SOL or failing to properly execute instructions on behalf of the Trust, the Coinbase Custodian's liability with respect to the Trust will be subject to certain limitations which may allow it to avoid liability for potential losses or may be insufficient to cover the value of such potential losses, even if the Coinbase Custodian directly caused such losses. Furthermore, the insurance maintained by the Coinbase Custodian may be insufficient to cover its liabilities to the Trust.

The SOL Custodians are not liable for delays, suspension of operations, failure in performance, or interruption of service to the extent it is directly due to a cause or condition beyond the reasonable control of the SOL Custodians. Under the Custodial Services Agreements, except in the case of their negligence, fraud, material violation of applicable law or willful misconduct, the SOL Custodians shall not have any liability, obligation, or responsibility for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect the Trust's computer or other equipment, or any phishing, spoofing or other attack, unless the SOL Custodians fail to have commercially reasonable policies, procedures and technical controls in place to prevent such damages or interruptions.

BNY may terminate the BNY Custodial Services Agreement upon ninety (90) days' prior notice for any reason, or upon thirty (30) days' prior written notice if any regulator or governmental authority so requests or if continuing would place BNY, the Trust, or any of their affiliates in breach of applicable law.

Coinbase Custodian may terminate the Coinbase Custodial Services Agreement for any reason upon providing ninety (90) days' prior notice to the Trust, or immediately for Cause (as defined in the applicable Custodial Services Agreement), including, among others, if the Trust materially breaches the Prime Broker Agreement and such breach remains uncured, or undergoes a bankruptcy event.

The Trust's Transfer Agent will facilitate the settlement of Shares in response to the placement of creation orders and redemption orders from Authorized Participants. The Trust generally does not intend to hold cash or cash equivalents. However, there may be situations where the Trust will unexpectedly hold cash on a temporary basis, including in connection with the settlement of creation and redemption transactions. The Trust's cash and cash equivalents will be held at its account at the Cash Custodian, pursuant to the Cash Custody Agreement.

The Delegated Sponsor may, with the approval of the Cayman Trustee, terminate SOL custodians at any time. The Delegated Sponsor may also replace the SOL Custodians for the Trust's SOL holdings, but it will have no obligation whatsoever to do so or to seek any particular terms for the Trust from other such SOL custodians. Should the Delegated Sponsor choose to terminate a SOL custodian, the Trust will notify Shareholders in a prospectus supplement and/or a current report on periodic Exchange Act reports or in its annual or quarterly reports.

**STAKING OF THE TRUST'S ASSETS**

*Overview of the Staking Program*

Pursuant to the Trust's investment objective, the Trust intends to engage in Staking Activities with respect to a portion of its SOL holdings in order to earn staking rewards.

Under the Trust's staking program, the Delegated Sponsor monitors and adjusts the amount of the Trust's SOL to be staked in accordance with the Trust's liquidity risk management policy. The Delegated Sponsor may instruct one or more SOL Custodians to stake the Trust's SOL. The SOL Custodians designate (i) the Staking Services Provider as the validator in connection with a specified amount of the Trust's Staked Assets, and (ii) the Trust's own Cold Vault Balance as the withdrawal address for both staking rewards and the underlying staked assets themselves after they are un-staked by the SOL Custodians in accordance with the Trust's liquidity risk management policy at the Delegated Sponsor's instruction. The Staking Services Provider then performs Validation Activities, operating validator software, including validator nodes, with the Trust's Staked Assets staked with such Staking Services Provider. The Staking Services Provider does not control the private keys to transfer or take possession or ownership of the Trust's Staked Assets when staked with such Staking Services Provider. Instead, the Staked Assets are held in stake accounts on the Solana network, over which the SOL Custodians retain the stake authority and withdraw authority, until un-staked by the SOL Custodians in accordance with the Trust's liquidity risk management policy at the Delegated Sponsor's instruction, at which point the Trust's Staked Assets (and any related rewards) are transferred to the Cold Vault Balance at the SOL Custodians. The Staking Services Provider is the node operator and is obligated to perform Validation Activities with the Trust's Staked Assets consistent with the terms of the Trust's agreements with Staking Services Providers. The Trust retains control and ownership of the Trust's staked SOL because the SOL Custodians control the private keys to the Trust's Staked Assets. The Trust also retains control given that the Delegated Sponsor (rather than the Staking Services Provider) will retain the ability through the SOL Custodians to un-stake its SOL at any time in accordance with the Trust's liquidity risk management policy (subject to Solana network processes and delays). The Trust's agreements with the Staking Services Providers also specifically provide that the Staked Assets belong to the Trust and neither the Staking Services Providers have any ownership or property interest in the Trust's Staked Assets. The Trust's agreements with Staking Services Providers require each Staking Services Provider to not commingle the staked assets of any other person (such as the Staking Services Provider or others who stake to the Staking Services Provider) with the Staked Assets of the Trust, despite the Trust delegating the validation rights to the Trust's Staked Assets to the Staking Services Provider, which may serve as a staking services provider for other persons and, as a result, perform validation activities corresponding to staked SOL belonging to other SOL holders. Staking will be a passive activity for the Trust, as it relies on the SOL Custodian, and will not operate its own node or perform validation activities on its own. Moreover, the Trust's role will be limited to determining, from time to time, what portion of the Trust's SOL to stake and un-stake so as to maintain sufficient Trust assets to satisfy all outstanding redemption orders, and informing the Staking Services Provider(s) of those determinations. Under normal market circumstances, the Delegated Sponsor intends to stake up to 100% of the Trust's SOL except that the Trust will periodically maintain a portion of unstaked SOL to support liquidity.

*Staking Services Providers*

One or more SOL Custodians may stake the Trust's SOL with one or more third-party Staking Services Providers selected by the Delegated Sponsor based on a range of factors, including, but not limited to, the performance, reliability, and reputation of each Staking Services Provider, including uptime, slashing history, and rewards earned. Staking Services Providers are required to operate validators in accordance with industry standard performance and security practices, including maintaining high validator uptime and implementing software designed to optimize staking rewards; however, such requirements do not eliminate the risk of missed rewards, slashing, or other protocol level penalties.

The Staking Services Provider shall exercise no discretion as to the amount of the Trust's SOL to be staked or the timing of the Trust's Staking Activities. The SOL Custodians will maintain exclusive possession and control of the private keys associated with transferring any staked SOL at all times while Staking Service Providers will maintain exclusive possession and control of the private keys associated with SOL validation activities at all times. Staking activity on the Solana network involves the delegation of SOL to validators and carries certain risks. Misbehavior or poor performance by validators may result in such validators receiving reduced staking rewards for an epoch during which they misbehaved or performed poorly. Should any of the Trust's Staking Services Providers engage in malicious activity or perform poorly, then such Staking Services Provider may be removed which could negatively impact the Trust's abilities to engage in Staking Activities and/or otherwise result in the Trust earning reduced staking rewards. Additionally, as part of the "activating" and "deactivating" processes of staking, staked SOL will be inaccessible for a variable period of time determined by a range of factors, including network congestion, resulting in potential inaccessibility during those periods. During activation and deactivation, the Trust's staked assets will not earn any rewards. As part of these "activation" and "deactivating" processes of staking on the Solana network, any staked SOL will be inaccessible for a period of time. The duration of activation and exit/withdrawal periods are dependent on a range of factors, including network conditions.

In certain circumstances, a Staking Services Provider may be obligated to compensate the Trust for losses resulting from slashing events attributable to the validator's failure to perform its obligations in accordance with applicable standards. Such compensation, if any, is subject to conditions, exclusions, evidentiary requirements, and timing delays, may not apply to protocol wide events or software failures, and may not fully offset the Trust's losses. There can be no assurance that any such compensation will be available, in whole, in part, or at all, timely, or sufficient.

*Allocation of Staking Rewards*

The Trust expects to receive certain staking rewards from Staking Activities, which would be treated as giving rise to taxable income for U.S. federal income tax purposes under current IRS guidance. See "U.S. Federal Income Tax Consequences" for further description of the tax implications of the activities of the Trust. There is no guarantee that the Trust will receive any rewards with respect to staked SOL. Past rewards are not indicative of future rewards. The Trust will pay a "Staking Fee" which is the aggregate of the SOL Custodians' and Staking Services Providers' respective shares of staking rewards, in accordance with the Staking Services Agreements. The Delegated Sponsor does not receive or retain any portion of the staking consideration earned by the Trust. As of the date hereof, the SOL Custodians' and Staking Services Providers' share of such staking rewards comprises an aggregate of 5% of the gross staking rewards. The Trust will retain the remainder of such gross staking rewards.

The Staking Services Providers will exercise no discretion as to the amount of the Trust's SOL to be staked or the timing of the Staking Activities. While the Trust seeks to stake a maximum of 100% of its SOL holdings, the amount of SOL that remains un-staked is determined based on the Trust's Utilization Rate analysis, and accordingly may vary from time to time. Under normal market circumstances, and in accordance with the Trust's liquidity risk management policy, the Delegated Sponsor intends to stake up to 100% of the Trust's SOL, although the amount of SOL that is staked may be lesser or greater from time to time given that the Trust will periodically maintain a portion of unstaked SOL to support liquidity. The precise percentage to be staked will be based on the estimated liquidity needs of the Trust, as determined by the Delegated Sponsor based on a variety of factors. In determining how to stake the SOL held by the Trust, and how much SOL to stake, the Trust's model operates on the following key parameters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unbonding
 period: The number of days/epochs required for unbonding staked assets as dictated by the
 Solana protocol;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ETF
 Historical redemption patterns: The historical percentages of cumulative drawdowns in redemptions
 during the bonding period for US listed ETFs and other similar instruments listed abroad;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Size
 of the Trust & Concentration: A trust with a high concentration of shareholders
 may have a higher percentage risk of redemption compared to a trust has a diversified shareholder
 base and a large number of assets under management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Staking
 Services Provider performance: The model takes into account the performance, reliability,
 and reputation of staking services providers. This includes adherence to certain minimum
 operating standards, including monitoring their uptime, and slashing history; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Market
 conditions monitoring: The model tracks market conditions, like regime shifts in momentum/liquidity,
 conditions of heightened demand or supply, network events and protocol changes, staking services
 provider risks.

The Trust intends to make available on its website the current percentage of the Trust's SOL being staked on a daily basis.

The Staking Services Providers and SOL Custodians are expected to receive an aggregate of 5% of the staking rewards (the "Staking Fee"), with the remainder being retained by the Trust. The Delegated Sponsor will not receive or retain any portion of the staking rewards earned by the Trust. There is no guarantee as to the amount, if any, of staking rewards that may be earned by Staking Activities. Staking rewards will be added to the Trust's assets and accrete to NAV, and NAV per share would be expected to increase until distributed. The Trust will distribute net staking rewards directly to Shareholders at least quarterly in accordance with current IRS guidance.

The Trust intends to pay cash distributions monthly (but at least quarterly) to Shareholders to distribute staking rewards earned by the Trust. Quarterly distributions are intended to represent all staking rewards accrued during the quarter. These rewards accrue in SOL, and at quarter-end, the Trust intends to sell an equivalent amount of SOL to fund the cash distribution. The Trust expects to fund the distribution solely from liquid (unbonded) SOL held by the Trust. The amount of any distribution, if any, will depend on the staking rewards actually earned by the Trust during each quarter and cannot be predicted with certainty. The amount of staking rewards earned will vary based on factors including, but not limited to, the amount of SOL held by the Trust, the percentage of the Trust's SOL that is staked, network staking participation rates, protocol reward rates on the Solana network, and network conditions. Accordingly, there can be no assurance as to the amount of distributions that will be paid in any quarter, and it is possible that no distributions will be paid in a given quarter if insufficient staking rewards are earned.

On the Solana network, in addition to staking rewards there are block rewards that are paid to private validators. Block rewards are not newly minted SOL from inflation but are composed of transaction fees, with half the fee being burned and the other half going to the validator who produces and validates the block. Validators also earn through inflation rewards for securing the network and may receive additional revenue from MEV. Validators are paid immediately upon block production, and delegators receive their share of rewards from the validator they stake with, usually at the end of an epoch. As such, block rewards and transaction fees are not considered staking rewards and will not accrete to the Trust.

**Liquidity Risk Policies and Procedures**

The Trust's objective is to maximize the percentage of its SOL that is staked, while maintaining a portion of its SOL in unstaked form (the "Liquidity Sleeve") solely to support sufficient liquidity for redemptions in accordance with applicable exchange listing rules. To implement this objective, the Delegated Sponsor sets a target range for the portion of SOL remaining unstaked (the "Utilization Rate" or "UR"), which is determined based on factors relating solely to the requirement under applicable rules requiring that the Trust have sufficient unstaked SOL readily available to meet redemption requests, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· protocol-specific
 lock-up or unbonding periods, and whether such periods are fixed or variable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Trust's historical redemption activity during comparable lock-up horizons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· utilization
 rates and drawdowns observed for related assets, both domestically and abroad, including
 under specific timeframes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 size of the Trust's assets under management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 concentration and distribution of the investor base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 reliability and performance of staking services providers, including uptime and slashing
 history;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· secondary
 market indicators such as share trading volume, bid-ask spreads, and premiums/discounts;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· broader
 forward-looking market conditions, including liquidity regimes, network events, and protocol
 upgrades.

In no case will the Liquidity Risk Policy be applied, nor will the Utilization Rate or Liquidity Sleeve be adjusted, for the purpose of allowing the Trust to take advantage of variations in the market to increase the value of the investments of the Trust or its investors, including variations based on the value of SOL or the amount of staking rewards (e.g., increasing staking percentages if yields rise).

The Delegated Sponsor will convene an internal committee to periodically review the Utilization Rate and the size of any liquidity reserve, based on the foregoing factors. The committee may be convened at any time to align on the range of the Utilization Rate that is prudent to enable the Trust to meet redemptions. This Policy will be revised in accordance with changes adopted by the committee to the Utilization Rate or liquidity reserve range.

In addition to maintaining a liquidity reserve in accordance with its Utilization Rate analysis, the Trust may hold SOL in unstaked form: (a) on a short-term, temporary basis, in connection with (i) the sale of SOL for cash to pay Trust expenses, (ii) creation and redemption orders, (iii) the receipt of staking rewards, or (iv) the sale of SOL for shareholder distributions; and (b) in connection with (i) obtaining or disposing of SOL through a "contingent liquidity arrangement" described in section 6.02(12) of Rev Proc 2025-31, (ii) the sale of SOL for cash in connection with the Trust's liquidation, (iii) the need to take protective measures against potential systemic vulnerabilities in the Solana network's protocol, the staking smart contracts, or the validator client software, (iv) the cessation of the arrangement between the Trust and the Custodian (including any temporary suspension or unstaking instruction intended to protect the Trust's assets against the risk of loss of ownership of the staked digital assets), but only with respect to the SOL affected by the cessation, (v) the cessation of the arrangement between the Custodian and a Staking Services Provider (including any temporary suspension or unstaking instruction intended to protect the Trust's assets against the risk of loss of ownership of the staked digital assets), but only with respect to the staked digital assets affected by the cessation, or (vi) a change in applicable law or regulation.

The Delegated Sponsor will seek to maintain the ratio between staked and unstaked SOL within the applicable Utilization Rate range and will rebalance the Trust's SOL holdings to align with the applicable Utilization Rate range as soon as and to the extent reasonably practicable. If redemption activity pushes the staked portion above the Trust's target range, the Delegated Sponsor will initiate un-staking to bring the Trust back within its liquidity parameters.

The Trust has written liquidity risk policies and procedures reasonably designed to address the redemption risks specified in the generic listing standards. In accordance with the generic listing standards, those liquidity policies address:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Trust's investment strategy and liquidity of the Trust's assets during normal
 and stressed conditions, including whether the investment strategy is appropriate for effective
 and efficient arbitrage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· holdings
 of cash and cash equivalents, as well as borrowing arrangements and other funding sources;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 percentage and description of the Trust's assets that are segregated, pledged, hypothecated,
 encumbered, or otherwise restricted or prevented from being liquidated, sold, transferred,
 or assigned.

There can be no assurance that the Trust will be able to immediately satisfy all redemption requests under all market conditions. Redemption timing may be impacted by multiple factors, including, without limitation, blockchain-level restrictions, Staking Services Provider performance, or extraordinary redemption activity, each of which may be out of the Trust's or Delegated Sponsor's control. Creation and redemption processes in a delayed settlement scenario are described in the Prospectus. In stressed conditions, there remains a risk that redemptions exhaust the Trust's liquidity reserves, that liquidity management policies are unable to sufficiently adjust, and that the Trust is unable to meet redemptions in the typical settlement cycle. In that situation, the Delegated Sponsor plans to initiate a coordinated redemption workflow whereby the Delegated Sponsor will alert the Trust's Authorized Participants in a timely fashion and transparently work with Authorized Participants to facilitate an orderly settlement of redemption orders. The Trust will file a Current Report on Form 8-K if such stressed conditions occur. During stressed conditions, the Delegated Sponsor plans to prioritize redemptions over distribution of staking rewards and payment of fees. Staking reward distributions and fees will continue to accrue during the delayed redemption period. After redemptions have been paid and the Delegated Sponsor has determined, in its discretion, that stressed conditions no longer persist, the Delegated Sponsor will resume its ordinary procedures to pay the Staking Services Provider's fee, the Delegated Sponsor's staking fee, the Delegated Sponsor's management fee, and distributions of staking rewards, including, in each case, any delinquent amounts.

The Trust is permitted to hold only the underlying SOL, but to the extent the Delegated Sponsor in its sole discretion determines that the Trust may do so without undue legal or regulatory risk, such as, without limitation, the risk of jeopardizing the Trust's ability to qualify as a grantor trust for tax purposes, the Trust may enter into cash, and borrowing arrangements and other funding sources.

**PRIME BROKER**

Pursuant to the Prime Broker Agreement, a portion of the Trust's SOL holdings and cash holdings from time to time may be held with the Prime Broker, in the Trading Balance, in connection with the creation and redemption of Shares via cash transactions or to pay for Trust Expenses not assumed by the Delegated Sponsor in consideration for the Delegated Sponsor Fee. The amount of SOL that may be held in the Trading Balance will be limited to the amount necessary to process a given creation or redemption transaction, as applicable, or to pay for Trust Expenses not assumed by the Delegated Sponsor in consideration for the Delegated Sponsor Fee.

The Delegated Sponsor may, in its sole discretion as a delegate of the Cayman Trustee, add or terminate prime brokers at any time. The Delegated Sponsor may, in its sole discretion as a delegate of the Cayman Trustee, change the prime broker for the Trust, but it will have no obligation whatsoever to do so or to seek any particular terms for the Trust from other such prime brokers.

These periodic holdings held in the Trading Balance with the Prime Broker represent an omnibus claim on the Prime Broker's SOL held on behalf of clients; these holdings exist across a combination of omnibus hot wallets, omnibus cold wallets or in accounts in the Prime Broker's name on a trading venue (including third-party venues and the Prime Broker's own execution venue) where the Prime Broker executes orders to buy and sell SOL on behalf of clients (each such venue, a "Connected Trading Venue"). The Prime Broker is not required to hold any of the SOL in the Trust's Trading Balance in cold storage or to hold any such SOL in segregation, and neither the Trust nor the Delegated Sponsor can control the method by which the Prime Broker holds the SOL credited to the Trust's Trading Balance. Within the Trust's Trading Balance, the Prime Broker Agreement provides that the Trust does not have an identifiable claim to any particular SOL (and cash). Instead, the Trust's Trading Balance represents an entitlement to a pro rata share of the SOL (and cash) the Prime Broker holds on behalf of customers who hold similar entitlements against the Prime Broker. In this way, the Trust's Trading Balance represents an omnibus claim on the Prime Broker's SOL (and cash) held on behalf of the Prime Broker's customers.

Within such omnibus hot and cold wallets and accounts, the Prime Broker has represented to the Delegated Sponsor that it keeps the majority of assets in cold wallets, to promote security, while the balance of assets are kept in hot wallets to facilitate rapid withdrawals. However, the Delegated Sponsor has no control over, and for security reasons the Prime Broker does not disclose to the Delegated Sponsor, the percentage of SOL that the Prime Broker holds for customers holding similar entitlements as the Trust which are kept in omnibus cold wallets, as compared to omnibus hot wallets or omnibus accounts in the Prime Broker's name on a trading venue. The Prime Broker has represented to the Delegated Sponsor that the percentage of assets maintained in cold versus hot storage is determined by ongoing risk analysis and market dynamics, in which the Prime Broker attempts to balance anticipated liquidity needs for its customers as a class against the anticipated greater security of cold storage.

The Prime Broker is not required by the Prime Broker Agreement to hold any of the SOL in the Trust's Trading Balance in cold storage or to hold any such SOL in segregation, and neither the Trust nor the Delegated Sponsor can control the method by which the Prime Broker holds the SOL credited to the Trust's Trading Balance.

To the extent the Trust sells SOL through the Prime Broker, the Trust's orders will be executed at Connected Trading Venues that have been approved in accordance with the Prime Broker's due diligence and risk assessment process. The Prime Broker has represented that its due diligence on Connected Trading Venues includes reviews conducted by the legal, compliance, security, finance and credit-risk teams. The Connected Trading Venues, which are subject to change from time to time, currently include exchanges and non bank market makers.

Pursuant to the Prime Broker Agreement, the Trust may engage in purchases or sales of SOL by placing orders with the Prime Broker. The Prime Broker will route orders placed by the Delegated Sponsor through the Prime Broker's execution platform (the "Trading Platform") to a Connected Trading Venue where the order will be executed. Each order placed by the Delegated Sponsor will be sent, processed and settled at each Connected Trading Venue to which it is routed. The Prime Broker Agreement provides that the Prime Broker is subject to certain conflicts of interest, including: (i) the Trust's orders may be routed to a Coinbase owned execution venue where the Trust's orders may be executed against other customers of the Prime Broker or with Coinbase filling orders from inventory when small residual fills are below minimum Connect Trading Venue size as well as trading on Prime for operational purposes, (ii) the beneficial identity of the counterparty purchaser or seller with respect to the Trust's orders may be unknown and therefore may inadvertently be another client of the Prime Broker, (iii) the Prime Broker does not engage in front-running, but is aware of the Trust's orders or imminent orders and may execute a trade for its own inventory (or the account of an affiliate) while in possession of that knowledge. As a result of these and other conflicts, the Prime Broker may have an incentive to favor its own interests and the interests of its affiliates over the Trust's interests.

Subject to the foregoing, and to certain policies and procedures that the Prime Broker Agreement requires the Prime Broker to have in place to mitigate conflicts of interest when executing the Trust's orders, the Prime Broker Agreement provides that other Connected Trading Venues and/or trading venues not used by Coinbase may offer better prices and/or lower costs than the Connected Trading Venue used to execute the Trust's orders.

Either party may terminate the Prime Broker Agreement in its entirety for any reason by providing at least ninety (90) days' prior written notice to the Trust.

The Prime Broker may, in its sole discretion, suspend, restrict or terminate the Trust's prime broker services, including by suspending, restricting or closing any account of the Trust covered under the Prime Broker Agreement immediately upon an Event of Default, at any time and with prior notice to the Trust.

For purposes of the Prime Broker Agreement, an "Event of Default" shall mean: (i) the Trust materially breaches any provision of this Prime Broker Agreement and such breach is not cured within one (1) business day after notice of such breach is given to Trust in the case of a payment-related breach or is not cured within seven (7) business days after notice of such breach is given to Trust in the case of a non-payment related breach; (ii) the Trust breaches any of the representations or warranties contained in the Prime Broker Agreement; (iii) a default or event of default under, or termination of, any other agreement between the Trust and the Prime Broker or its specified affiliates; (iv) the Trust takes any action to dissolve or liquidate, in whole or part; (v) the Trust becomes insolvent, makes an assignment for the benefit of creditors, becomes subject to direct control of a trustee, receiver or similar authority; (vi) the Trust becomes subject to any bankruptcy or insolvency proceeding under any applicable laws, rules and regulations, such termination being effective immediately upon any declaration of bankruptcy; (vii) termination is required pursuant to a court order or binding order of a government authority; (viii) the Prime Broker reasonably perceives a heightened risk of legal regulatory non-compliance, in relation to any account or the Trust's use of the prime broker services; and (ix) The Prime Broker reasonably suspects Trust of attempting to circumvent the Prime Broker's controls or uses the Prime Broker's services in a manner the Prime Broker otherwise deems inappropriate or potentially harmful to itself or third parties, and Trust fails to provide the Prime Broker written evidence reasonably acceptable to the Prime Broker of Trust's non-circumvention of such controls within three (3) business days following written notice from the Prime Broker.

The Trust may terminate the Prime Broker Agreement upon prior notice to the Prime Broker upon an event which constitutes a "Coinbase Event of Default." A "Coinbase Event of Default" means (i) the Prime Broker takes any action to dissolve or liquidate, in whole or part; (ii) the Prime Broker becomes insolvent, makes an assignment for the benefit of creditors, becomes subject to direct control of a trustee, receiver or similar authority; or (iii) the Prime Broker becomes subject to any bankruptcy or insolvency proceeding under any applicable laws, rules and regulations, such termination being effective immediately upon any declaration of bankruptcy.

A decision by the Prime Broker to take certain actions, including suspending, restricting or terminating the Trust's accounts covered under the Prime Broker Agreement, may be based on confidential criteria that are essential to the Prime Broker's risk management and security practices and agrees that the Prime Broker is under no obligation to disclose the details of its risk management and security practices to the Trust. The parent company of the Prime Broker, Coinbase Global, Inc. ("Coinbase Global") maintains a commercial crime insurance policy, which is intended to cover the loss of client assets held by Coinbase Global and all of its subsidiaries, including the Prime Broker (collectively, Coinbase Global and its subsidiaries are referred to as the "Coinbase Insureds"). This policy covers the loss of client assets held by the Prime Broker, including from employee collusion or fraud, physical loss including theft, damage of key material, security breach or hack and fraudulent transfer. The insurance maintained by the Coinbase Insureds is shared among all of their customers, is not specific to the Trust or to customers holding SOL with the Prime Broker and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.

Under the Prime Broker Agreement, the Prime Broker's liability is limited as follows, among others: in no event shall the Prime Broker or its specified affiliates be responsible or liable for any loss, claim, or damage suffered by the Trust, except to the extent that such loss, claim, or damage directly resulted from the negligence, willful misconduct, or fraud of the Prime Broker or its specified affiliates. Neither the Prime Broker nor its specified affiliates shall be liable for any loss caused directly or indirectly by (a) the failure of the Trust to adhere to the Prime Broker's policies and procedures that have been disclosed to the Trust, (b) any failure or delay to act by any service provider to the Trust, or (c) any system failure (other than a system failure caused by the gross negligence, willful misconduct, or fraud of the Prime Broker or its specified affiliates) that prevents the Prime Broker or any of its specified affiliates from fulfilling its obligations under the Prime Broker Agreement. Other than with respect to claims and losses arising from fraud or willful misconduct, among others, the Prime Broker's aggregate liability shall not exceed the greater of (A) the greater of (x) $5 million and (y) the aggregate fees paid by the Trust to the Prime Broker in the 12 months prior to the event giving rise to the Prime Broker's liability, and (B) the value of the cash or affected SOL giving rise to the Prime Broker's liability; (ii) in respect of the Prime Broker's obligations to indemnify the Trust and its affiliates against third party claims and losses to the extent arising out of or relating to, among others, the Prime Broker's violation of any law, rule or regulation with respect to the provision of its services, the Prime Broker's liability shall not exceed the greater of (A) $5 million and (B) the aggregate fees paid by the Trust to the Prime Broker in the 12 months prior to the event giving rise to the Prime Broker's liability; and (iii) in respect of any incidental, indirect, special, punitive, consequential or similar losses, the Prime Broker is not liable, even if the Prime Broker has been advised of or knew or should have known of the possibility thereof. The Prime Broker is not liable for delays, suspension of operations, failure in performance, or interruption of service to the extent it is directly due to a cause or condition beyond the reasonable control of the Prime Broker. Both the Trust and the Prime Broker and its affiliates (including Coinbase Custodian) are required to indemnify each other under certain circumstances. The Prime Broker Agreement is governed by New York law and provides that disputes arising under it are subject to arbitration.

In connection with the Prime Broker Agreement, the Trust expects to enter into a Trade Financing Agreement with Coinbase Credit, Inc., pursuant to which the Trust may borrow SOL or cash as Trade Credit from the Lender on a short-term basis to avoid having to pre-fund the Trust's Trading Balance. This allows the Trust to buy or sell SOL through the SOL Counterparty in an amount that exceeds the cash or SOL credited to the Trust's Trading Balance at the SOL Counterparty at the time such order is submitted to the SOL Counterparty. This is expected to facilitate the Trust's ability to process cash creations and redemptions and pay the Delegated Sponsor Fee and any other Trust expenses not assumed by the Delegated Sponsor, to the extent applicable, in a timely manner by seeking to lock in the SOL price on the trade date for creations and redemptions or the payment date for payment of the Delegated Sponsor's Fee or, to the extent applicable, any other Trust Expenses not assumed by the Delegated Sponsor, rather than waiting for the funds associated with the creation to be transferred by the Cash Custodian to the SOL Counterparty prior to purchasing the SOL or for the SOL held in the Cold Vault Balance to be transferred to a Trading Balance prior to selling the SOL.

In connection with a creation, the Trust may first borrow cash from the Lender using the Trade Financing Agreement and then purchase SOL. In connection with a redemption order, the Trust may first borrow SOL from the Lender using the Trade Financing Agreement and then sell such SOL. In the event Trade Credits are unavailable from the Lender or become exhausted, the Delegated Sponsor may require the Authorized Participant to deliver cash on the trade date so that a purchase order can be settled in a timely manner, and the Trust may be required to pre-fund its Trading Balance with SOL transferred from its Cold Vault Balance in order for a redemption order to be settled in a timely manner.

Because the Trust's Trading Balance may not be funded with cash on trade date for the purchase of SOL associated with the purchase order, the Trust may borrow Trade Credits in the form of cash from the Lender pursuant to the Trade Financing Agreement or may require an Authorized Participant to deliver the required cash for the purchase order on trade date. The extension of Trade Credits on trade date allows the Trust to purchase SOL through a SOL Counterparty on trade date, with such SOL being deposited in the Trust's Trading Balance. For settlement of a redemption, the Trust delivers Shares to the Authorized Participant in exchange for cash received from an Authorized Participant. To the extent Trade Credits were utilized, the Trust uses the cash to repay the Trade Credits borrowed from the Lender. Any Financing Fee owed to the Lender shall be deemed part of trade execution costs and embedded in the trade price for each transaction and therefore is the cash-denominated responsibility of the applicable Authorized Participant. To the extent this position changes and Financing Fees owed to the Lender would be a responsibility of the Trust, such expenses could impact the net assets of the Trust over time by increasing the operational expenses of the Trust.

The Trust is currently not aware of the maximum amount of Trade Credit, but such maximum amount of Trade Credit may exist at some point in the future.

The Lender is not obligated to extend Trade Credits to the Trust. To the extent Trade Credits are extended, the Lender may do so up to an authorized amount (the "Authorized Amount") for use on the Prime Broker's Trading Platform. Once the Lender has approved the Trust to receive Trade Credits up to the Authorized Amount, the Trust may place orders up to amounts up to the then-current amount available to the Trust to place orders (the "Available Balance"). The Authorized Amount will be an amount to be determined, on a daily basis, based on the Lender's sole discretion considering factors including, but not limited to, availability of financing and credit due diligence of the Trust. The Lender will only extend Trade Credits to the Trust to the extent such SOL or cash is actually available to the Lender. For example, if the Lender is unable to itself borrow SOL to lend to the Trust as a Trade Credit, or there is a material market disruption (as determined by the Lender in good faith and in its sole discretion), the Lender is not obligated to extend Trade Credits to the Trust. The Lender is under no obligation to continue to provide Trade Credits for certain specific fiat currencies and/or digital assets, and Lender may impose black-out periods during which Trade Credits for currencies or digital assets may be unavailable.

To the extent that Trade Credits are not available, (i) there may be delays in the selling of SOL, (ii) Trust assets may be in held the Trading Balance for a longer duration than if Trade Credits were available, and (iii) the execution price associated with such trades may deviate significantly from the Pricing Benchmark price used to determine the Trust's NAV. To the extent that the execution price for sales of SOL deviates significantly from the Pricing Benchmark price used to determine the NAV of the Trust, the remaining Shareholders may be negatively impacted. If Trade Credits are unavailable to the Trust, the Trust must pre-fund its Trading Balance with cash and/or SOL in order to sell SOL through the Prime Broker.

The Trust generally must repay Trade Credits by 6:00 p.m. ET (the "Settlement Deadline") on the calendar day immediately following the day the Trade Credit was extended by the Lender to the Trust. Pursuant to the Trade Financing Agreement, the Trust is expected to grant a security interest in, lien on and right of set off against all of the Trust's right, title and interest, the Trust's Trading Balance and custodial account established pursuant to the Prime Broker Agreement and Custodial Services Agreements, in order to secure the repayment by the Trust of the Trade Credits and Financing Fees to the Lender. The Trust and Lender may terminate the Trade Financing Agreement immediately upon giving the other party written notice. Upon such notice of termination, the Coinbase Custodian and the Prime Broker have agreed to comply with instructions and entitlement orders from the Lender with respect to the disposition of the assets in the Trust's Trading Balance without further consent by the Trust. In addition, the Coinbase Custodian has agreed to comply with instructions and entitlement orders from the Lender, as secured party, with respect to the disposition of assets in the Trust's Custodial Account without further consent by the Trust. If the Trust fails to repay the Trade Credits to the Lender on time and in full, the Lender shall have the right to instruct the Prime Broker (and the Prime Broker agrees to comply with such instruction) to transfer the Trust's assets from the Trust's Trading Balance to the Lender to repay the Trade Credit debt owed by the Trust to the Lender and/or liquidate or cancel outstanding orders. If the assets in the Trading Balance are not sufficient to satisfy all outstanding obligations, the Lender shall have the right to liquidate any and all of the Trust's assets held in the Custodial Account to cover any remaining amounts owed. The fee on Trade Credits (the "Financing Fee") will be a fixed amount to be determined.

Other than in connection with the Trade Financing Agreement or any line of credit entered into by the Trust for the purpose of managing liquidity, the Trust, the Delegated Sponsor and the service providers will not loan or pledge the Trust's assets, nor will the Trust's assets serve as collateral for any loan or similar arrangement.

The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.

**FORM OF SHARES**

**Registered Form**

Shares are issued in registered form in accordance with the Trust Agreement. The Transfer Agent has been appointed registrar and transfer agent for the purpose of transferring Shares in certificated form. The Transfer Agent keeps a record of all Shareholders and holders of the Shares in certified form in the registry ("Register"). The Delegated Sponsor recognizes transfers of Shares in certificated form only if done in accordance with the Trust Agreement. The beneficial interests in such Shares are held in book-entry form through participants and/or accountholders in DTC.

**Book Entry**

Individual certificates are not issued for the Shares. Instead, Shares are represented by one or more global certificates, which are deposited by the Administrator with DTC and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies ("DTC Participants"), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant ("Indirect Participants"), and (3) those who hold interests in the Shares through DTC Participants or Indirect Participants, in each case who satisfy the requirements for transfers of Shares. DTC Participants acting on behalf of Shareholders holding Shares through such participants' accounts in DTC will follow the delivery practice applicable to securities eligible for DTC's Same-Day Funds Settlement System. Shares are credited to DTC Participants' securities accounts following confirmation of receipt of payment.

**DTC**

DTC is a limited purpose trust company organized under the laws of the State of New York and is a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered pursuant to the provisions of Section 17A of the Exchange Act. DTC holds securities for DTC Participants and facilitates the clearance and settlement of transactions between DTC Participants through electronic book-entry changes in accounts of DTC Participants.

**TRANSFER OF SHARES**

The Shares are only transferable through the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares. Transfers are made in accordance with standard securities industry practice.

Transfers of interests in Shares with DTC are made in accordance with the usual rules and operating procedures of DTC and the nature of the transfer. DTC has established procedures to facilitate transfers among the participants and/or accountholders of DTC. Because DTC can only act on behalf of DTC Participants, who in turn act on behalf of Indirect Participants, the ability of a person or entity having an interest in a global certificate to pledge such interest to persons or entities that do not participate in DTC, or otherwise take actions in respect of such interest, may be affected by the lack of a certificate or other definitive document representing such interest.

DTC will take any action permitted to be taken by a Shareholder (including, without limitation, the presentation of a global certificate for exchange) only at the direction of one or more DTC Participants in whose account with DTC interests in global certificates are credited and only in respect of such portion of the aggregate principal amount of the global certificate as to which such DTC Participant or Participants has or have given such direction.

**AUDIT SEED/INITIAL SEED CREATION INVESTOR/SELLING SHAREHOLDER**

The Delegated Sponsor served as the Audit Seed Investor to the Trust. On June 15, 2026, the Delegated Sponsor, in its capacity as Audit Seed Investor, subject to conditions, purchased Seed Creation Baskets comprising 5 Shares at a per-Share price of $20.00. Total proceeds to the Trust from the sale of these Seed Creation Baskets were $100.00. Delivery of the Seed Creation Baskets was made on June 15, 2026. These Seed Creation Baskets will be redeemed for cash prior to the effectiveness of the registration statement that this prospectus forms a part.

In connection with the initial listing of the Shares on the Exchange, we expect the Delegated Sponsor to purchase the initial seed creation baskets comprising 50,000 Shares ("Initial Seed Creation Baskets"). In this capacity, the Initial Seed Creation Investor will act as a statutory underwriter in connection with this purchase. The total proceeds to the Trust from the sale of the Initial Seed Creation Baskets are anticipated to be $1 million. Prior to the listing of the Shares on the Exchange, the Trust expects to purchase SOL with the proceeds of the Initial Seed Creation Baskets by transacting with a SOL Counterparty to acquire SOL on behalf of the Trust in exchange for cash provided by the Initial Seed Creation Investor. The SOL acquired in connection with the Initial Seed Creation Baskets will be held by the SOL Custodians. The price of the Shares comprising the Initial Seed Creation Baskets will be determined as of the effective date of the registration statement of which this Prospectus forms a part as described in this Prospectus, and such Shares could be sold at different prices if sold by the Initial Seed Creation Investor at different times. It is anticipated that the Initial Seed Creation Investor may redeem its Shares or sell its Shares to a third party in the weeks following the initial listing of Shares on the Exchange.

The Initial Seed Creation Investor may sell some or all of the Shares pursuant to the registration statement that this Prospectus forms a part (in such capacity, the "Selling Shareholder"), which Shares will have been registered to permit the resale from time to time after purchase. The Shares offered by the Selling Shareholder were acquired by the Selling Shareholder as described in the registration statement and could be sold at different times and at different offering prices. The Trust will not receive any of the proceeds from the resale or redemption by the Selling Shareholder of these Shares. The Delegated Sponsor will not receive from the Trust or any of its affiliates any fee or other compensation in connection with the resale of these Shares.

A Selling Shareholder may sell Shares owned by the Selling Shareholder directly or through broker-dealers, in accordance with applicable law, on any national securities exchange on which the Shares may be listed or quoted at the time of sale, through trading systems, in the OTC market or in transactions other than on these exchanges or systems at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected through brokerage transactions, privately negotiated trades, block sales, entry into options or other derivatives transactions or through any other means authorized by applicable law. A Selling Shareholder may redeem Shares held in Basket size through an Authorized Participant. See "Conflicts of Interest."

**PLAN OF DISTRIBUTION**

**Buying and Selling Shares**

Most investors buy and sell Shares of the Trust in secondary market transactions through brokers. Shares are expected to trade on the Exchange under the ticker symbol "MSOL." Shares are expected to be bought and sold throughout the trading day like other publicly traded securities. When buying or selling Shares through a broker, most investors will incur customary brokerage commissions and charges. Shareholders are encouraged to review the terms of their brokerage account for details on applicable charges.

**Authorized Participants**

The offering of the Trust's Shares is a best-efforts offering. The Trust continuously offers Baskets consisting of 10,000 Shares to Authorized Participants. Authorized Participants pay a transaction fee for each order they place to create or redeem one or more Baskets.

The offering of Baskets is being made in compliance with Rule 2310 of the FINRA Rules. Accordingly, Authorized Participants will not make any sales to any account over which they have discretionary authority without the prior written approval of a purchaser of Shares.

The per share price of Shares offered in Baskets on any subsequent day will be the total NAV of the Trust calculated shortly after the close of the Exchange on that day divided by the number of issued and outstanding Shares of the Trust. An Authorized Participant is not required to sell any specific number or dollar amount of Shares.

By executing an Authorized Participant Agreement, an Authorized Participant becomes part of the group of parties eligible to purchase Baskets from, and put Baskets for redemption to, the Trust. An Authorized Participant is under no obligation to create or redeem Baskets or to offer to the public Shares of any Baskets it does create.

Because new Shares can be created and issued on an ongoing basis, at any point during the life of the Trust, a "distribution," as such term is used in the 1933 Act, will be occurring. Authorized Participants, other broker-dealers and other persons are cautioned that some of their activities may result in their being deemed participants in a distribution in a manner that would render them statutory underwriters and subject them to the prospectus-delivery and liability provisions of the 1933 Act. Any purchaser who purchases Shares with a view towards distribution of such Shares may be deemed to be a statutory underwriter. In addition, an Authorized Participant, other broker-dealer firm or its client will be deemed a statutory underwriter if it purchases a Basket from the Trust, breaks the Basket down into the constituent Shares and sells the Shares to its customers; or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for the Shares. In contrast, Authorized Participants may engage in secondary market or other transactions in Shares that would not be deemed "underwriting." For example, an Authorized Participant may act in the capacity of a broker or dealer with respect to Shares that were previously distributed by other Authorized Participants. A determination of whether a particular market participant is an underwriter must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that would lead to designation as an underwriter and subject them to the prospectus-delivery and liability provisions of the 1933 Act.

Dealers who are neither Authorized Participants nor "underwriters" but are nonetheless participating in a distribution (as contrasted to ordinary secondary trading transactions), and thus dealing with Shares that are part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the 1933 Act, would be unable to take advantage of the prospectus-delivery exemption provided by Section 4(a)(3) of the 1933 Act.

While the Authorized Participants may be indemnified by the Delegated Sponsor, they will not be entitled to receive a discount or commission from the Trust or the Delegated Sponsor for their purchases of Baskets.

**CREATION AND REDEMPTION OF SHARES**

The Trust creates and redeems Shares from time to time, but only in one or more Baskets. Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of, in the event of an in-kind transaction, the amount of SOL represented by the Baskets being created or redeemed, or in the event of a cash transaction, the amount of cash equivalent to the amount of SOL represented by the Baskets being created or redeemed, the amount of which is based on the quantity of SOL attributable to each Share of the Trust (net of accrued but unpaid Delegated Sponsor Fees and any accrued but unpaid extraordinary expenses or liabilities) being created or redeemed determined as promptly as practicable after 4:00 p.m. ET on the day the order to create or redeem Baskets is properly received. For in-kind purchases, Authorized Participants will deliver, or arrange for the delivery by the Authorized Participant's designated agent, of SOL to the Trust's account with the SOL Custodians in exchange for Shares. For in-kind redemptions, when Authorized Participants redeem Shares with the Trust, the Trust, through the SOL Custodians, will deliver SOL to such Authorized Participants or a designated agent thereof, in exchange for their Shares.

Authorized Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered broker-dealers or other securities market participants, such as banks and other financial institutions, which are not required to register as broker-dealers to engage in securities transactions described below, and (2) DTC Participants. In May 2025, the staff of the SEC's Division of Trading and Markets stated that broker-dealers are permitted to facilitate in-kind creations and redemptions in connection with spot digital asset exchange-traded products. As part of the same set of Frequently Asked Questions ("FAQs") clarifying its views on broker-dealers' digital asset activities, the staff noted, among other things, that (i) SEC Rule 15c3-3 applies only to those digital assets that were securities, and (ii) broker-dealers are permitted to facilitate in-kind creations and redemptions in connection with spot digital asset exchange-traded products. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Delegated Sponsor. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of the SOL required for such creation and redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trust, without the consent of any Shareholder or Authorized Participant. Authorized Participants pay the Transfer Agent a fee for each order they place to create or redeem one or more Baskets. The transaction fee may be reduced, increased or otherwise changed by the Delegated Sponsor.

Authorized Participants will deliver only cash or SOL to create Shares and will (either directly, or through their designated agents) receive cash or SOL when redeeming Shares.

The SOL Counterparty is a designated third party with whom the Delegated Sponsor has entered into an agreement on behalf of the Trust that will deliver, receive or convert to U.S. dollars the SOL related to the Authorized Participant's creation or redemption order. The Trust will create Shares by receiving SOL from a SOL Counterparty that is not the Authorized Participant, and the Trust — not the Authorized Participant — is responsible for selecting the SOL Counterparty to deliver the SOL. Further, the SOL Counterparty will not be acting as an agent of the Authorized Participant with respect to the delivery of the SOL to the Trust or acting at the direction of the Authorized Participant with respect to the delivery of the SOL to the Trust.

The Trust will redeem Shares by delivering SOL to a SOL Counterparty that is not the Authorized Participant, and the Trust—not the Authorized Participant—is responsible for selecting the SOL Counterparty to receive the SOL. Further, the SOL Counterparty will not be acting as an agent of the Authorized Participant with respect to the receipt of the SOL from the trust or acting at the direction of the Authorized Participant with respect to the receipt of the SOL from the Trust. The SOL Counterparty reserves the right to refuse or to cancel any pending redemption order at any time before the Delegated Sponsor places a redemption order.

Generally speaking, SOL Counterparties deliver SOL related to the Authorized Participant's purchase order to the Trust's Cold Balances. Authorized Participants and SOL Counterparties are not required to maintain an account with the SOL Custodians.

Creations and redemptions of Shares may result in certain slippage being incurred as a result of, for example, trading fees, spreads, or commissions. Any slippage so incurred will be the responsibility of the Authorized Participant, as a cash liability, and not of the Trust or Delegated Sponsor.

Each Authorized Participant will be required to be registered as a broker-dealer under the Exchange Act and a member in good standing with FINRA, or exempt from being or otherwise not required to be licensed as a broker-dealer or a member of FINRA, and will be qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may also be regulated under federal and state banking laws and regulations. Each Authorized Participant has its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.

As part of this process the Delegated Sponsor assesses SOL Counterparty candidates against various criteria, including those relating to candidates' (1) financial standing, (2) reputation, (3) settlement history with the Delegated Sponsor and (4) regulatory oversight. No affiliates of the Trust or the Delegated Sponsor are expected to serve as a SOL Counterparty.

Creations and redemptions will generally be "on-chain" transactions reflected in the Trust's Cold Vault Balances. For example, transfers of SOL to the Trust's Cold Vault Balance are "on-chain" transactions represented on the SOL blockchain. When the Authorized Participant or its designated agent or client deposits SOL related to the Authorized Participant's purchase order to the Trust's Cold Vault Balance, such transfer is an "on-chain" transaction that is recorded on the SOL blockchain.

Under certain circumstances, these transactions may be "off-chain" transactions that are represented in the books and records of the Prime Broker. For example, transfers of SOL into the Trust's Trading Balance are off-chain transactions. When the Authorized Participant or its designated agent or client deposits SOL related to the Authorized Participant's purchase order to the Trust's Trading Balance, such transfer is an "off-chain" transaction that is represented in the books and records of the Prime Broker.

The Trust will be responsible for SOL-related on-chain transaction fees associated with creation and redemption transactions and transactions with the Prime Broker, and the Delegated Sponsor will assume such expenses of the Trust in consideration for the Delegated Sponsor Fee. The Authorized Participant is responsible for only a cash liability relating to creation and redemption costs, such as trading fees and slippage.

Authorized Participants will place orders through the Transfer Agent. The Transfer Agent will coordinate with the SOL Custodians in order to facilitate settlement of the Shares and SOL as described in more detail in the Creation Procedures and Redemption Procedures sections below.

The following description of the procedures for the creation and redemption of Baskets is only a summary and a Shareholder should refer to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more detail. The Trust Agreement and form of Authorized Participant Agreement will be filed as exhibits to the registration statement of which this Prospectus is a part.

**Creation Procedures**

On any Business Day, an Authorized Participant may place an order with the Transfer Agent via the order taking portal to create one or more Baskets via a cash or in-kind transaction.

Purchase orders must be placed by 2:00 p.m., Eastern Time (in the case of cash orders) and 4:00 p.m., ET (in the case of in-kind orders), the close of regular trading on the Exchange, or another time determined by the Delegated Sponsor. The day on which an order is received by the Transfer Agent is considered the purchase order date.

Upon the Delegated Sponsor's approval, a creation request by an Authorized Participant will produce an affirmation confirming the acceptance of the order by the Delegated Sponsor. Upon publication of the Trust's NAV, the Delegated Sponsor, Transfer Agent and Authorized Participant will receive a confirmation receipt including trade details such as trade date, settlement date, direction of trade, number of Shares, SOL entitlement and Authorized Participant details. On the settlement date, the Delegated Sponsor and Authorized Participant will settle entirely in cash.

Prior to the delivery of Baskets for a purchase order, the Authorized Participant must also have wired to the Transfer Agent the nonrefundable transaction fee due for the creation order. Authorized Participants may not withdraw a creation request. By placing a cash creation order, an Authorized Participant agrees to facilitate the deposit of cash with the Cash Custodian. By placing an in-kind creation order, an Authorized Participant agrees to facilitate the deposit directly, through its designated agents, of SOL with the SOL Custodians.

To effectuate a cash creation order, the Authorized Participant will be required to transfer the cash deposit amount associated with such creation order to the Trust's account with the Cash Custodian. The Delegated Sponsor, on behalf of the Trust, will instruct a SOL Counterparty to purchase the amount of SOL equivalent in value to the cash deposit amount associated with the creation order, with such purchase transaction prearranged to be executed, in the Delegated Sponsor's reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate NAV, taking into account any spread, commissions, or other trading costs on the applicable Creation Order Date. The resulting SOL will be deposited in the Trust's account with the SOL Custodians. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust or Delegated Sponsor.

To the extent the execution price of the SOL acquired by the SOL Counterparty at settlement is less than the cash deposit amount, such cash difference will be remitted to the Authorized Participant. To the extent the execution price of the SOL acquired by the SOL Counterparty exceeds the cash deposit amount, such cash difference will be the responsibility of the Authorized Participant and not the Trust or Delegated Sponsor.

No Shares will be issued unless and until the Delegated Sponsor and Transfer Agent have confirmed that any outstanding SOL or cash (as applicable) due from the Authorized Participant has been settled with the Trust. Disruption of services at the Prime Broker or SOL Custodians would have the potential to delay settlement of the SOL related to Share creations. To the extent the SOL Counterparty is not able to deliver SOL associated with a cash purchase order as of a specified time on the settlement date, the Delegated Sponsor or Transfer Agent will cancel the purchase order. To the extent that SOL transfers from the Trust's Trading Balance to the Trust's Cold Vault Balance are delayed due to congestion or other issues with the Solana network, such SOL will not be held in cold storage in the Cold Vault Balance until such transfers can occur.

For an in-kind creation, following an Authorized Participant's purchase order, the Trust's SOL Custodian account must be credited with the required SOL by the end of the Business Day following the purchase order date, or in the case of cash deposits, the Trust's Cash Custodian account must be credited with the required cash by the end of the Business Day following the purchase order date, as applicable. Under most circumstances, the SOL associated with a Creation Basket Deposit will be deposited with the SOL Custodians in the Trust's Cold Vault Balance, although in some circumstances, SOL may be deposited outside of cold storage. For example, portions of the Trust's SOL may be deposited and held outside of cold storage temporarily in the Trading Balance maintained by the Prime Broker as part of trade facilitation in connection with creations and redemptions of Baskets, to sell SOL including to pay Trust expenses, or to pay the Delegated Sponsor Fee. Upon receipt of the SOL amount in the Trust's SOL Custodian account, or the cash deposit amount in the Trust's Cash Custodian account, the SOL Custodians or the Cash Custodian, as applicable, will notify the Transfer Agent, the Authorized Participant, and the Delegated Sponsor that the SOL or cash has been deposited. Upon confirmation by the Delegated Sponsor and Transfer Agent that any outstanding cash or SOL due from the Authorized Participant has been settled with the Trust, the Transfer Agent will then direct DTC to credit the number of Shares created to the applicable DTC account of the Authorized Participant.

The Authorized Participant understands and agrees that in the event the Creation Basket Deposit is not deposited to the Trust by the time specified above and in compliance with the applicable procedures, and any outstanding cash or SOL due from the Authorized Participant has not been settled with the Trust, the applicable Purchase Order will be canceled by the Delegated Sponsor. In the event the Authorized Participant, or its designated agent, has not deposited the SOL to the Trust by the applicable time on the settlement date of the in-kind creation order, the Authorized Participant will be given the option to (1) cancel the in-kind creation order, (2) delay settlement of the order to enable delivery of SOL at a later date, or (3) accept that the Trust will execute a SOL transaction required for the creation and the Authorized Participant will deliver the U.S. dollars required for this purchase. The Authorized Participant is responsible for the dollar cost of the difference between the SOL price utilized in calculating NAV per Share on trade date and the price at which the Trust acquires the SOL to the extent the price realized in buying the SOL is higher than the SOL price utilized in the NAV. To the extent the price realized in buying the SOL is lower than the price utilized in the NAV, the Authorized Participant shall get to keep the dollar impact of any such difference. For a cash redemption order, an Authorized Participant will deliver Shares to the Trust and will receive cash for the Shares delivered. For an in-kind redemption order, an Authorized Participant will deliver Shares to the Trust and will receive SOL or will have its designated agent receive SOL for the Shares delivered.

None of the Delegated Sponsor, the Trust, the Marketing Agent, or the Transfer Agent shall be liable to the Authorized Participant if a SOL Counterparty fails to deliver SOL or cash, respectively, representing the Creation Basket Deposit for such Authorized Participant's Purchase Order to the Trust's account with the SOL Custodians or Cash Custodian, as applicable, unless such failure is due to an act or omission of the Delegated Sponsor or Trust.

SOL held in the Trust's account with the SOL Custodians is the property of the Trust. The Trust, the Delegated Sponsor and the service providers will not loan or pledge the Trust's assets, including staked assets, nor will the Trust's assets, including staked assets, serve as collateral for any loan or similar arrangement, other than in connection with the Trade Financing Agreement or any line of credit entered into by the Trust for the purpose of managing liquidity. As part of the Trust's liquidity management program, the Trust may establish various liquidity sources, which it may use to finance temporarily the redemption requests of Shareholders or for other short-term liquidity requirements. These liquidity sources may include borrowing arrangements made via uncommitted and committed lines of credit, which may involve the Trust's assets serving as collateral solely in connection with such arrangement. The Trust's access to and use of such liquidity sources are considered by the Delegated Sponsor in assessing, managing, and periodically reviewing the Trust's liquidity risk level.

The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.

**Determination of Required Deposits**

For a creation, the total amount of SOL (for in-kind creations), or cash (for cash creations), required to create each Basket ("Basket Deposit") is the amount of SOL or its cash equivalent that is in the same proportion to the total assets of the Trust, net of accrued expenses and other liabilities, as the number of Shares being created bears to the total number of Shares outstanding on the date the order is properly received, plus a cash buffer determined by the Delegated Sponsor.

The Basket Deposit changes from day to day. On each day that the Exchange is open for regular trading, the Administrator adjusts the quantity of SOL represented by the Basket Deposit as appropriate to reflect accrued expenses and any loss of SOL that may occur. Each night, the Delegated Sponsor will publish the amount of SOL that is represented by each Basket Deposit.

**Delivery of Required Deposits**

An Authorized Participant who places a purchase order must follow the procedures outlined in the "Creation Procedures" section of this Prospectus. When a creation occurs, after the SOL Custodians receive the required SOL (for in-kind creations) or a Cash Custodian receives the required cash (for cash creations), the Delegated Sponsor will notify the Transfer Agent that the SOL or cash, as applicable, has been received, and the Transfer Agent and Sponsor will then determine whether any outstanding cash or SOL due from the Authorized Participant has been settled with the Trust, and the Transfer Agent will direct DTC to credit the number of Shares ordered to the Authorized Participant's DTC account on the Business Day following the purchase order date.

**Suspension or Rejection of Purchase Orders**

The Delegated Sponsor may, in its discretion, suspend the right to submit purchase orders, or postpone the purchase settlement date (1) for any period during which the Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange is suspended or restricted, (2) for any period during which an emergency exists as a result of which acceptance, delivery, or evaluation of SOL is not reasonably practicable, or (3) for such other period as the Delegated Sponsor determines to be necessary for the protection of the Shareholders. For example, the Delegated Sponsor may determine that it is necessary to suspend purchase orders to allow for the orderly acquisition of the Trust's assets or to protect existing Shareholders from dilution. If the Delegated Sponsor has difficulty acquiring SOL positions, e.g., because of a market disruption event, extreme price volatility, or unanticipated constraints on SOL custody capacity, it may be appropriate to suspend purchase orders until such time as such circumstances are rectified. None of the Delegated Sponsor, the person authorized to take purchase orders in the manner provided in the Authorized Participant Agreement, or the SOL Custodians will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

The Delegated Sponsor or its designee has the absolute right, but does not have any obligation, to suspend or reject any purchase order or Basket Deposit if the Delegated Sponsor determines that:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 purchase order or Basket Deposit is not in proper form;

&nbsp;&nbsp;&nbsp;&nbsp;· it
 would not be in the best interest of the Shareholders of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 acceptance of the purchase order or the Basket Deposit would have adverse tax consequences
 to the Trust or its Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 acceptance or receipt of which would, in the opinion of counsel to the Delegated Sponsor,
 be unlawful; or

&nbsp;&nbsp;&nbsp;&nbsp;· circumstances
 outside the control of the Trust, the Delegated Sponsor, the Marketing Agent or the SOL Custodians
 make it, for all practical purposes, not feasible to process Creation Baskets (including
 if the Delegated Sponsor determines that the investments available to the Trust at that time
 will not enable it to meet its investment objective).

None of the Delegated Sponsor, the Transfer Agent or the SOL Custodians will be liable for the suspension or rejection of any purchase order or Basket Deposit.

The Delegated Sponsor will notify Shareholders of a suspension of any creation order in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website. The Delegated Sponsor shall notify the Authorized Participant of a rejection or revocation of any Purchase Order. The Delegated Sponsor is under no duty, however, to give notification of any specific defects or irregularities in the delivery of the Creation Basket Deposit nor shall the Delegated Sponsor or the Trust incur any liability for the failure to give any such notification. The Trust and the Delegated Sponsor may not revoke a previously accepted Purchase Order.

**Redemption Procedures**

On any Business Day, an Authorized Participant may place an order with the Transfer Agent via the order taking portal to redeem one or more Baskets. For purposes of processing redemption orders, a "Business Day" means any day other than a day when the Exchange is closed for regular trading.

Sell orders must be placed by 2:00 p.m., Eastern Time (in the case of cash orders) and 4:00 p.m. ET (in the cash of in-kind orders), or the close of regular trading on the Exchange, or another time as determined by the Delegated Sponsor. The day on which an order is received by the Transfer Agent is considered the sell order date.

Upon the Delegated Sponsor's approval, a redemption request by an Authorized Participant will produce an affirmation confirming the acceptance of the order by the Delegated Sponsor. Upon publication of the Trust's NAV, the Delegated Sponsor, Transfer Agent and Authorized Participant will receive a confirmation receipt including trade details such as trade date, settlement date, direction of trade, number of Shares, SOL entitlement and Authorized Participant details. On the settlement date, the Delegated Sponsor and Authorized Participant will settle entirely in cash in the case of a cash redemption and in SOL in the case of an in-kind redemption.

Because the Shares associated with the redemption order may not be available at the time that the Authorized Participant places the redemption order, the Delegated Sponsor may require cash to be pre-funded to cover related trading costs. The Shares associated with the redemption order are due to be delivered to the Trust's DTC account on the settlement date. Upon receipt of the required cash indicated in the redemption order, the Delegated Sponsor, on behalf of the Trust, will instruct the SOL Counterparty to convert SOL into cash by effectuating a SOL sale executed, in the Delegated Sponsor's reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate NAV, and deposit the cash proceeds of such sale in the Trust's account with the Cash Custodian for settlement with the Authorized Participant (taking into account any spread, commission, or other trading costs).

The redemption distribution due from the Trust is delivered to the SOL Counterparty on the Redemption Distribution Date (which is the next Business Day after the redemption order is received) if the Trust's DTC account has been credited with the Baskets to be redeemed. Once the Delegated Sponsor determines that the Shares have been received in the Trust's DTC account, the Delegated Sponsor authorizes the SOL Custodians to transfer the redemption SOL amount from the Trust's SOL Custodian account to the SOL Counterparty for conversion to cash to be distributed to the Authorized Participant upon settlement. To the extent the Shares associated with the redemption order are not received in the Trust's DTC account on the settlement date, the redemption order will be canceled.

Upon receipt of the redemption distribution of SOL by the SOL Counterparty, the SOL Counterparty, as a counterparty to the Trust, shall convert the SOL associated with the redemption order to cash for settlement with the Trust. Under most circumstances, this transfer of SOL will be made from the Trust's Cold Vault Balance with the SOL Custodians, although in some circumstances, SOL may be transferred from outside of cold storage.

To effectuate a redemption order via an in-kind transaction, the Trust, through a SOL Custodian, will deliver SOL to an Authorized Participant, or designed agent thereof, in exchange for Shares.

SOL held in the Trust's account with the SOL Custodians is the property of the Trust. The Trust, the Delegated Sponsor and the service providers will not loan or pledge the Trust's assets, including staked assets, nor will the Trust's assets, including staked assets, serve as collateral for any loan or similar arrangement, other than in connection with the Trade Financing Agreement or any line of credit entered into by the Trust for the purpose of managing liquidity. As part of the Trust's liquidity management program, the Trust may establish various liquidity sources, which it may use to finance temporarily the redemption requests of Shareholders or for other short-term liquidity requirements. These liquidity sources may include borrowing arrangements made via uncommitted and committed lines of credit, which may involve the Trust's assets serving as collateral solely in connection with such arrangement. The Trust's access to and use of such liquidity sources are considered by the Delegated Sponsor in assessing, managing, and periodically reviewing the Trust's liquidity risk level.

**Determination of Redemption Distribution**

The redemption distribution for cash redemptions from the Trust consists of a transfer to a SOL Counterparty of an amount of SOL equal to the NAV of the Trust multiplied by the number of Shares to be redeemed under the redemption order, with such amount of SOL to be converted by the Trust to cash for settlement with the redeeming Authorized Participant. The redemption distribution for in-kind redemptions from the Trust consists of a transfer to the Authorized Participant or its designated agent of an amount of SOL equal to the NAV of the Trust multiplied by the number of Shares to be redeemed under the redemption order.

**Delivery of Redemption Distribution**

In the case of a cash redemption, the Trust, through the Cash Custodian, will deliver cash to the Authorized Participants when they redeem Shares with the Trust. This distribution of cash will be delivered to the Authorized Participant on the Business Day following the Redemption Order Date if the Trust's DTC account has been credited with the Baskets to be redeemed. If the Trust's DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution will also be delayed. In the case of an in-kind redemption, the Trust will deliver SOL to the Authorized Participants (or their designated agents) when they redeem Shares with the Trust. This distribution of SOL will be delivered to the Authorized Participant (or its designated agent) on the Business Day following the Redemption Order Date if the Trust's DTC account has been credited with the baskets to be redeemed by such time. If the Trust's DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution will also be delayed.

**Suspension or Rejection of Redemption Orders**

The Delegated Sponsor may, in its discretion, suspend the right of redemption, or postpone the redemption settlement date, (1) for any period during which the Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange is suspended or restricted, (2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of SOL is not reasonably practicable, or (3) for such other period as the Delegated Sponsor determines to be necessary for the protection of the Shareholders. For example, the Delegated Sponsor may determine that it is necessary to suspend redemptions to allow for the orderly liquidation of the Trust's assets. If the Delegated Sponsor has difficulty liquidating the Trust's positions, e.g., because of a market disruption event or an unanticipated delay in the liquidation of a position in an over-the-counter contract, it may be appropriate to suspend redemptions until such time as such circumstances are rectified. None of the Delegated Sponsor, the person authorized to take redemption orders in the manner provided in the Authorized Participant Agreement, or the SOL Custodians will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

Redemption orders must be made in whole Baskets. The Delegated Sponsor acting by itself or through the person authorized to take redemption orders in the manner provided in the Authorized Participant Agreement may, in its sole discretion, reject any redemption order (1) the Delegated Sponsor determines not to be in proper form, (2) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, or (3) if circumstances outside the control of the Delegated Sponsor, the person authorized to take redemption orders in the manner provided in the Authorized Participant Agreement or the SOL Custodians make it for all practical purposes not feasible for the Shares to be delivered under the redemption order. The Delegated Sponsor may also reject a redemption order if the number of Shares being redeemed would reduce the remaining outstanding Shares to 10,000 Shares (i.e., 1 Basket) or less.

The Delegated Sponsor will notify Shareholders of a suspension of any redemption order in a prospectus supplement or in its periodic Exchange Act reports, as applicable, and on the Delegated Sponsor's website. The Delegated Sponsor shall notify the Authorized Participant of a rejection or suspension of any redemption order via periodic Exchange Act reports, a prospectus supplement, or the Delegated Sponsor's website. The Delegated Sponsor is under no duty, however, to give notification of any specific defects or irregularities nor shall the Delegated Sponsor or the Trust incur any liability for the failure to give any such notification. The Trust and the Delegated Sponsor may not revoke a previously accepted redemption order.

**Creation and Redemption Transaction Fee**

To compensate the Transfer Agent for expenses incurred in connection with the creation and redemption of Baskets, an Authorized Participant is required to pay a transaction fee to the Transfer Agent to create or redeem Baskets, which does not vary in accordance with the number of Baskets in such order. The transaction fee may be reduced, increased or otherwise changed by the Delegated Sponsor. The Delegated Sponsor will notify DTC of any change in the transaction fee and will not implement any increase in the fee for the redemption of Baskets until thirty (30) days after the date of notice.

**Tax Responsibility**

Authorized Participants are responsible for any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable to the creation or redemption of Baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant, and agree to indemnify the Delegated Sponsor and the Trust if they are required by law to pay any such tax, together with any applicable penalties, additions to tax and interest thereon.

**Secondary Market Transactions**

As noted, the Trust will create and redeem Shares from time to time, but only in one or more Baskets. The creation and redemption of Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount of cash equivalent to the amount of SOL represented by the number of Shares included in the Baskets being created or redeemed, as determined on the day the order to create or redeem Baskets is properly received.

As discussed above, Authorized Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be registered broker-dealers or other securities market participants, such as banks and other financial institutions, which are not required to register as broker-dealers to engage in securities transactions. An Authorized Participant is under no obligation to create or redeem Baskets, and an Authorized Participant is under no obligation to offer to the public Shares of any Baskets it does create.

Authorized Participants that do offer to the public Shares from the Baskets they create will do so at per-Share offering prices that are expected to reflect, among other factors, the trading price of the Shares on the Exchange, the NAV of the Trust at the time the Authorized Participant purchased the Baskets, the NAV of the Shares at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of SOL or other portfolio investments. Baskets are generally redeemed when the price per Share is at a discount to the NAV per Share. Shares initially comprising the same Basket but offered by Authorized Participants to the public at different times may have different offering prices. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple clients. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other forms of compensation or inducement of any kind from the Trust or the Delegated Sponsor and no such person has any obligation or responsibility to the Delegated Sponsor or the Trust to effect any sale or resale of Shares.

Shares are expected to trade in the secondary market on the Exchange. Shares may trade in the secondary market at prices that are lower or higher relative to their NAV per Share. The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by various factors, including the number of Shareholders who seek to purchase or sell Shares in the secondary market and the liquidity of SOL.

**USE OF PROCEEDS**

Proceeds received by the Trust from the issuance of Baskets consist of SOL. Such deposits are held by the SOL Custodians on behalf of the Trust, during which time they may be employed in Staking Activities, until (i) delivered out in connection with redemptions of Baskets or (ii) transferred or sold by the Delegated Sponsor, which may be facilitated by the SOL Custodians to pay fees due to the Delegated Sponsor and Trust expenses and liabilities not assumed by the Delegated Sponsor.

Staking rewards received by the Trust from staking, net of the Staking Fee, is intended to be distributed at least quarterly by the Trust. The Delegated Sponsor intends to arrange for the conversion of all such staking rewards received by the Trust and available for distribution prior to the intended distribution date, net of the Staking Fee, to U.S. dollars shortly before the intended distribution, at the price available through SOL Counterparties which the Delegated Sponsor is able to obtain using commercially reasonable efforts. If no staking rewards from staking have been received by the Trust and is available for distribution prior to the intended distribution date, such as during the activation process for staking (when the Trust's assets will be staked, but no rewards will be earned yet), or during stressed conditions in which, consistent with the Trust's liquidity risk policies, the Delegated Sponsor chooses to prioritize using un-staked SOL to meet redemptions over distribution of staking rewards, or due to failures, delays, or defaults by the Trust's service providers, no distribution of staking rewards will be made at that time. See "Risk Factors- Risks Associated with Solana and the Solana network."

**OWNERSHIP OF BENEFICIAL INTEREST IN THE TRUST**

The beneficial interest in the Trust is divided into Shares. Each Share of the Trust represents an equal beneficial interest in the net assets of the Trust, and each holder of Shares is entitled to receive such holder's pro rata share of distributions of income and capital gains, if any.

All Shares are fully paid and non-assessable. No Share will have any priority or preference over any other Share of the Trust. All distributions, if any, will be made ratably among all Shareholders from the assets of the Trust according to the number of Shares held of record by such Shareholders on the record date for any distribution or on the date of termination of the Trust, as the case may be. Except as otherwise provided by the Delegated Sponsor, Shareholders will have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust.

The Delegated Sponsor will have full power and authority, in its sole discretion as a delegate of the Cayman Trustee, without seeking the approval of the Trustees or the Shareholders (a) to authorize the division of the beneficial interest in the Trust into an unlimited amount of Shares, with or without par value, as the Delegated Sponsor will determine, (b) to authorize the issuance of Shares without limitation as to number (including fractional Shares), to such persons and for such amount of consideration, subject to any restriction set forth in the Trust Agreement, if any, at such time or times and on such terms as the Delegated Sponsor may deem appropriate, (c) to authorize the division or combination of the Shares into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Shares in the assets held, and (d) to take such other action with respect to the Shares as the Delegated Sponsor may deem desirable. The ownership of Shares will be recorded on the books of the Trust or a transfer or similar agent for the Trust. No certificates certifying the ownership of Shares will be issued except as the Delegated Sponsor may otherwise determine from time to time. The Delegated Sponsor may make such rules as it considers appropriate for the issuance of share certificates, transfer of Shares and similar matters. The record books of the Trust as kept by the Trust, or any transfer or similar agent, as the case may be, will be conclusive as to the identity of the Shareholders and as to the number of Shares held from time to time by each.

**CONFLICTS OF INTEREST**

There are present and potential future conflicts of interest inherent in the Trust's structure and operation you should consider before you purchase Shares. The Delegated Sponsor will use this notice of conflicts as a defense against any claim or other proceeding made. If the Delegated Sponsor is not able to resolve these conflicts of interest adequately, it may impact the Trust's ability to achieve its investment objective.

The Delegated Sponsor has implemented policies and procedures reasonably designed to ensure compliance with applicable law, including a Code of Ethics providing guidance on conflicts of interest.

The officers, directors and employees of the Delegated Sponsor do not devote their time exclusively to the Trust. These persons are directors, officers or employees of other entities which may compete with the Trust for their services. They could have a conflict between their responsibilities to the Trust and to those other entities.

The Delegated Sponsor has the authority to manage the investments and operations of the Trust, and this may allow them to act in a way that furthers their own interests which may create a conflict with Shareholders' best interests. Shareholders have very limited voting rights, which limits their ability to influence matters such as amendment of the Trust Agreement, change in the Trust's basic investment policy, dissolution of the Trust, or the sale or distribution of the Trust's assets.

The Delegated Sponsor serves as the delegated sponsor to the Trust. The Delegated Sponsor may have a conflict to the extent that its trading decisions for the Trust may be influenced by the effect they would have on other funds its affiliates may manage. In addition, the Delegated Sponsor may be required to indemnify its officers, directors and key employees with respect to their activities on behalf of other funds, if the need for indemnification arises. This potential indemnification could cause the Delegated Sponsor's assets to decrease. If the Delegated Sponsor's other sources of income are not sufficient to compensate for the indemnification, it could cease operations, which could in turn result in Trust losses and/or termination of the Trust.

Furthermore, the Delegated Sponsor or its affiliates may participate in transactions related to SOL, either for their own account or for the account of a client. Such transactions may not serve to benefit the Shareholders of the Trust and may have a positive or negative effect on the value of the SOL held by the Trust and, consequently, on the market value of SOL. In addition, the Delegated Sponsor or its affiliates may act in other capacities with regard to other investment products offered by either party.

The Delegated Sponsor or its affiliates (but not the Trust) may issue derivative instruments relating to SOL. The Delegated Sponsor's affiliate(s) may offer investment products that offer short exposure to SOL and does offer other products that offer long exposure to SOL, which may take market share from the Trust or affect the value of SOL or an investment in the Trust. Introduction of such competing products may affect the market value of SOL and an investment in the Trust. The Delegated Sponsor and its affiliated companies may also receive non-public information relating to SOL and neither the Delegated Sponsor nor any of its affiliates will undertake to make this information available to investors in the Trust.

The Delegated Sponsor and its employees and affiliates may engage in long or short transactions in SOL in their personal accounts (subject to certain internal employee trading policies and procedures), and in doing so may take positions opposite to those held by the Trust or may compete with the Trust for positions in the marketplace.

Records of trading by these parties will not be available for inspection by Shareholders. Because these parties may trade SOL for their own accounts at the same time as the Trust, prospective Shareholders should be aware that such persons may take positions in SOL which are opposite, or ahead of, the positions taken for the Trust. There can be no assurance that any of the foregoing will not have an adverse effect on the performance of the Trust.

If the Delegated Sponsor acquires knowledge of a potential transaction or arrangement that may be an opportunity for the Trust, it will have no duty to offer such opportunity to the Trust. The Delegated Sponsor will not be liable to the Trust or the Shareholders for breach of any fiduciary or other duty if Sponsor pursues such opportunity or directs it to another person or does not communicate such opportunity to the Trust. Neither the Trust nor any Shareholder will have any rights or obligations by virtue of the Trust Agreement, the trust relationship created thereby, or this Prospectus in such business ventures or the income or profits derived from such business ventures. The pursuit of such business ventures, even if competitive with the activities of the Trust, will not be deemed wrongful or improper.

From time to time, a portion of the Trust's SOL holdings and cash holdings may be held with the Prime Broker, in the Trading Balance, in connection with the creation and redemption of Shares via cash transactions or to pay for Trust Expenses not assumed by the Delegated Sponsor in consideration for the Delegated Sponsor Fee. For a discussion on the potential conflicts of interest associated with such an arrangement, see "Prime Broker."

The Cayman Trustee is responsible for supervising the Delegated Sponsor's performance of Delegated Duties and retains reserved powers requiring the Delegated Sponsor to obtain the Cayman Trustee's prior written consent for certain material actions. However, the Cayman Trustee is itself a paid service provider to the Trust and receives fees and expense reimbursements that continue so long as the Trust and the Delegation Agreement remain in effect. This creates an inherent tension between the Cayman Trustee's role as supervisory principal and its financial interest in the continuation of the current arrangement.

**Resolution of Conflicts Procedures**

The Trust Agreement provides that (i) whenever a conflict of interest exists or arises between the Delegated Sponsor or any of its Affiliates, on the one hand, and the Trust, any Shareholder or any other person, on the other hand; or (ii) whenever the Trust Agreement or any other agreement contemplated by the Trust Agreement provides that the Delegated Sponsor shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, any Shareholder or any other person, the Delegated Sponsor shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Delegated Sponsor, the resolution, action or terms so made, taken or provided by the Delegated Sponsor shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Delegated Sponsor at law or in equity or otherwise.

**DUTIES OF THE DELEGATED SPONSOR AND THE TRUSTEE**

Under Trust Agreement, the Cayman Trustee has certain enumerated duties and responsibilities for the operation and management of the Trust, substantially all of which have been delegated to the Delegated Sponsor, as described below.

The general fiduciary duties which would otherwise be imposed on the Cayman Trustee (and any that may be imposed on the Delegated Sponsor) (which would make its operation of the Trust as described herein impracticable due to the strict prohibition imposed by such duties on, for example, conflicts of interest on behalf of a fiduciary in its dealings with its beneficiaries), will be replaced entirely by the terms of the Trust Agreement (to which terms all Shareholders, by subscribing to the Shares, are deemed to consent).

Pursuant to the Delegation Agreement, the Delegated Sponsor will have the following duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 enter into, execute, accept, deliver and maintain, and to cause the Trust to perform its
 obligations under, contracts, agreements and any or all other documents and instruments incidental
 to the Trust's purposes, including, but not limited to, contracts with third parties
 to provide various services, except as noted below regarding the SOL Custodians or other
 security vendors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 establish, maintain, deposit into, and sign checks and/or otherwise draw upon, accounts on
 behalf of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 cause legal title to any Trust property to be held by or in the name of the Delegated Sponsor,
 or to have any contract entered into in the name of the Delegated Sponsor, on such terms
 as the Delegated Sponsor may determine, with the same effect as if such property were held
 in the name of the Trust or such contract were entered into in the name of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 purchase, sell, exchange, hold, and otherwise trade SOL through one or more exchanges, brokers,
 custodians, or other counterparties, on such terms and at such times as the Cayman Trustee
 deems advisable in furtherance of the Trust's purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 appoint the custodian or other security vendors for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 terminate (without a replacement) the custodian or other security vendors for the Trust,
 with the prior approval of the Cayman Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 maintain control over the Custody Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 deposit, withdraw, pay, retain and distribute the assets of the Trust Estate or any portion
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervise
 the preparation of any offering materials for the Trust and supplements and amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pay
 or authorize the payment of distributions to the Shareholders and expenses of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Arrange
 for and manage the exchange listing of the shares of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Delegate
 those of its duties hereunder to one or more service providers, including but not limited
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the
 Administrator

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the
 Transfer Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the
 SOL Custodians

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the
 Benchmark Provider

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the
 Marketing Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the
 Staking Services Provider

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Authorized
 Participants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ insurer(s)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ any
 other service provider(s) as needed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Recommend
 such other services as the Delegated Sponsor believes that each Trust may from time to time
 require for approval by the Cayman Trustee and perform such services upon the Cayman Trustee's
 approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Effect
 the provisions of the Trust Agreement regarding forks, clones, airdrops and the like and
 exercise discretion regarding hard forks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sole
 discretion, without seeking the approval of the Cayman Trustee or the Trust's Shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ to
 divide the beneficial interest in the Trust into an unlimited amount of shares, with or without
 par value, as the Delegated Sponsor will determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ to
 issue shares without limitation as to number (including fractional shares), to such persons
 and for such amount of consideration, subject to any restriction set forth in the Trust Agreement,
 if any, at such time or times and on such terms as the Delegated Sponsor may deem appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ make
 such rules as it considers appropriate for the issuance of share certificates, transfer
 of shares, and similar matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ to
 divide or combine the shares into a greater or lesser number without thereby materially changing
 the proportionate beneficial interest of the shares in the assets held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 discretion, with the approval of the Cayman Trustee but not the Trust's Shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ to
 establish and designate and to change in any manner and to fix such preferences, voting powers,
 rights, duties and privileges of the Shareholders of the Trust as the Delegated Sponsor may
 from time to time determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ to
 take such other action with respect to the shares as the Delegated Sponsor may deem desirable.

The Cayman Trustee will retain the following non-delegable responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ultimate
 responsibility for the performance of all management duties delegated to the Delegated Sponsor,
 including ongoing oversight and monitoring and taking any steps as necessary to address any
 material deficiency in that performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Approval
 rights over the termination of the custodian or other security vendors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Approval
 rights over the establishment, designation, changes in any manner to and the fixing of such
 preferences, voting powers, rights, duties and privileges of the Shareholders the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Approval
 rights over the termination of the Trust, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 authority to change, reduce or terminate the delegation of duties to the Delegated Sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Approval
 rights over the performance of any other services that the Delegated Sponsor may recommend
 to the Cayman Trustee for approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ultimate
 fiduciary responsibility as set forth under the Trust Agreement.

To the extent that at law (common or statutory) or in equity, the Delegated Sponsor has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Shareholders or to any other person, the Delegated Sponsor will not be liable to the Trust, the Shareholders or to any other person for its good faith reliance on the provisions of the Trust Agreement or this Prospectus unless such reliance constitutes gross negligence, bad faith, or willful misconduct on the part of the Delegated Sponsor, as applicable.

**LIABILITY AND INDEMNIFICATION**

**The DE Trustee**

As further discussed in the Trust Agreement, the DE Trustee will not be liable for the acts or omissions of the Delegated Sponsor, nor will the DE Trustee be liable for supervising or monitoring the performance and the duties and obligations of the Delegated Sponsor or the Trust under the Trust Agreement. The DE Trustee will not be personally liable under any circumstances, except for its own willful misconduct, bad faith or gross negligence. In particular, but not by way of limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the DE Trustee will not be personally liable for any error of judgment
 made in good faith except to the extent such error of judgment constitutes gross negligence
 on its part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no provision of the Trust Agreement will require the DE Trustee to
 expend or risk its personal funds or otherwise incur any financial liability in the performance
 of its rights or powers hereunder, if the DE Trustee shall have reasonable grounds for believing
 that the payment of such funds or adequate indemnity against such risk or liability is not
 reasonably assured or provided to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) under no circumstances will the DE Trustee be personally liable for
 any representation, warranty, covenant, agreement, or indebtedness of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the DE Trustee will not be personally responsible for or in respect
 of the validity or sufficiency of the Trust Agreement or for the due execution hereof by
 the Delegated Sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the DE Trustee will incur no liability to anyone in acting upon any
 signature, instrument, notice, resolution, request, consent, order, certificate, report,
 opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably
 believed by it to be signed by the proper party or parties. The DE Trustee may accept a certified
 copy of a resolution of any governing body of any corporate party as conclusive evidence
 that such resolution has been duly adopted by such body and that the same is in full force
 and effect. As to any fact or matter the manner of ascertainment of which is not specifically
 prescribed herein, the DE Trustee may for all purposes hereof rely on a certificate, signed
 by an authorized officer of the Delegated Sponsor or any other corresponding directing party,
 as to such fact or matter, and such certificate will constitute full protection to the DE
 Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the exercise or administration of the trust hereunder, the DE Trustee
 (i) may act directly or through agents or attorneys pursuant to agreements entered into
 with any of them, and the DE Trustee will not be liable for the default or misconduct of
 such agents or attorneys if such agents or attorneys will have been selected by the DE Trustee
 in good faith and with due care and (ii) may consult with counsel, accountants and other
 skilled persons to be selected by it in good faith and with due care and employed by it,
 and it will not be liable for anything done, suffered or omitted in good faith by it in accordance
 with the advice or opinion of any such counsel, accountants or other skilled persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) except as will be expressly provided in the Trust Agreement, the DE
 Trustee will act solely as a trustee under the Trust Agreement and not in its individual
 capacity, and all persons having any claim against the DE Trustee by reason of the transactions
 contemplated by the Trust Agreement will look only to the Trust's property for payment
 or satisfaction thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the DE Trustee will not be liable for punitive, exemplary, consequential,
 special or other similar damages under any circumstances.

The DE Trustee or any officer, affiliate, director, employee, or agent of the DE Trustee (each, an "Indemnified Person") will be entitled to indemnification from the Delegated Sponsor or the Trust, to the fullest extent permitted by law, from and against any and all losses, claims, taxes, damages, reasonable expenses, and liabilities (including liabilities under State or federal securities laws) of any kind and nature whatsoever (collectively, "Expenses"), to the extent that such Expenses arise out of or are imposed upon or asserted against such Indemnified Persons with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Trust Agreement or the transactions contemplated in the Trust Agreement; provided, however, that the Delegated Sponsor and the Trust will not be required to indemnify any Indemnified Person for any Expenses that are a result of the willful misconduct, bad faith or gross negligence of such Indemnified Person.

The obligations of the Delegated Sponsor and the Trust to indemnify the Indemnified Persons will survive the termination of the Trust Agreement.

**The Cayman Trustee**

Under the Trust Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 definition of "Covered Person" includes the Cayman Trustee and, amongst others,
 its shareholders, members, directors, officers, employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 Covered Person shall have no liability to the Trust, any Shareholder or any other Covered
 Person for any loss suffered by the Trust which arises out of any action or inaction of such
 Covered Person if such Covered Person, in good faith, determined that such course of conduct
 was in the best interest of the Trust and such course of conduct did not constitute fraud,
 gross negligence, bad faith or willful misconduct of such Covered Person. Subject to the
 foregoing, neither the Cayman Trustee nor any other Covered Person shall be personally liable
 for the return or repayment of all or any portion of the capital or profits of any Shareholder
 or assignee thereof, it being expressly agreed that any such return of capital or profits
 made pursuant to this Trust Agreement shall be made solely from the assets of the Trust without
 any rights of contribution from the Cayman Trustee or any other Covered Person. A Covered
 Person shall not be liable for the conduct or misconduct of any delegatee selected by the
 Cayman Trustee with reasonable care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Cayman Trustee will not be liable to the Trust, the Shareholders or to any other person for
 its good faith reliance on the provisions of the Trust Agreement or the Prospectus.

The Cayman Trustee and any Covered Person shall be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims arising out of or in connection with the performance of its obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement, provided that (i) the Cayman Trustee was acting on behalf of, or performing services for, the Trust and has determined, in good faith, that such course of conduct was in the best interests of the Trust and such liability or loss was not the result of fraud, gross negligence, bad faith, willful misconduct, or a material breach of this Trust Agreement on the part of the Cayman Trustee and (ii) any such indemnification will be recoverable only from the Trust Estate.

Pursuant to the relevant powers to do so under the Trust Agreement, the Cayman Trustee will enter into various agreements, including the Appleby Agreements. The Cayman Trustee's liability under the Appleby Agreements is limited to losses or damage arising by reason of its fraud, gross negligence, bad faith, or willful misconduct. The Trust has agreed to indemnify the Cayman Trustee against all actions, suits, proceedings, claims, demands, costs and expenses arising in connection with the provision of services under those agreements, other than those arising by reason of the Cayman Trustee's fraud, gross negligence, bad faith, or willful misconduct. In addition, pursuant to the Appleby Agreements, the Trust shall advance to the Cayman Trustee any expenses (including reasonable legal fees and expenses) incurred by the Cayman Trustee in defending any actions, suits, proceedings, claims or demands arising in connection with the provision of services to the Trust. Notwithstanding the foregoing, the Cayman Trustee shall reimburse the Trust for, and hereby indemnifies the Trust against, any such advanced amounts in the event that a final judgment is entered against the Cayman Trustee finding that it acted fraudulently or with gross negligence, bad faith, or willful misconduct.

**The Delegated Sponsor**

The Delegated Sponsor will not be under any liability to the Trust, the Trustees or any Shareholder for any action taken or for refraining from the taking of any action in good faith pursuant to the Trust Agreement, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any SOL or other assets held in trust hereunder; provided, however, that this provision will not protect the Delegated Sponsor against any liability to which it would otherwise be subject by reason of its own gross negligence, bad faith, or willful misconduct. The Delegated Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustees, the Trustees' counsel or by any other Person for any matters arising hereunder. The Delegated Sponsor will in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustees other than as expressly provided for herein. The Trust will not incur the cost of that portion of any insurance which insures any party against any liability, the indemnification of which is herein prohibited.

In addition, as described in the Trust Agreement, (i) whenever a conflict of interest exists or arises between the Delegated Sponsor or any of its affiliates, on the one hand, and the Trust, on the other hand; or (ii) whenever the Trust Agreement or any other agreement contemplated herein or therein provides that the Delegated Sponsor will act in a manner that is, or provides terms that are, fair and reasonable to the Trust, the Delegated Sponsor will resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Delegated Sponsor, the resolution, action or terms so made, taken or provided by the Delegated Sponsor will not constitute a breach of the Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Delegated Sponsor at law or in equity or otherwise.

The Delegated Sponsor and its Shareholders, members, directors, officers, employees, affiliates and subsidiaries (each a "Sponsor Indemnified Party") will be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims arising out of or in connection with the performance of its obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement, provided that (i) the Delegated Sponsor was acting on behalf of, or performing services for, the Trust and has determined, in good faith, that such course of conduct was in the best interests of the Trust and such liability or loss was not the result of fraud, gross negligence, bad faith, willful misconduct, or a material breach of this Trust Agreement on the part of the Delegated Sponsor and (ii) any such indemnification will be recoverable only from the Trust Estate. Any amounts payable to a Sponsor Indemnified Party under the Trust Agreement may be payable in advance or will be secured by a lien on the Trust. The Delegated Sponsor will not be under any obligation to appear in, prosecute or defend any legal action that in its opinion may involve it in any expense or liability; provided, however, that the Delegated Sponsor may, in its discretion, undertake any action that it may deem necessary or desirable in respect of the Trust Agreement and the rights and duties of the parties hereto and the interests of the Shareholders and, in such event, the legal expenses and costs of any such action will be expenses and costs of the Trust and the Delegated Sponsor will be entitled to be reimbursed therefor by the Trust. The obligations of the Trust to indemnify the Sponsor Indemnified Parties will survive the termination of the Trust Agreement.

**SOL Custodians**

The SOL Custodians have limited liability, impairing the ability of the Trust to recover losses relating to its SOL and any recovery may be limited, even in the event of fraud. In addition, the SOL Custodians may not be liable for any delay in performance of any of its custodial obligations by reason of any cause beyond their reasonable control, including force majeure events, war or terrorism, and may not be liable for any system failure or third-party penetration of its systems. As a result, the recourse of the Trust to the SOL Custodians may be limited.

**PROVISIONS OF LAW**

According to applicable law, indemnification of the Delegated Sponsor is payable only if the Delegated Sponsor determined, in good faith, that the act, omission or conduct that gave rise to the claim for indemnification was in the best interest of the Trust and the act, omission or activity that was the basis for such loss, liability, damage, cost or expense was not the result of negligence or misconduct and such liability or loss was not the result of negligence or misconduct by the Delegated Sponsor, and such indemnification or agreement to hold harmless is recoverable only out of the assets of the Trust.

**Provisions of Federal and State Securities Laws**

This offering is made pursuant to federal and state securities laws. The SEC and state securities agencies take the position that indemnification of the Delegated Sponsor that arises out of an alleged violation of such laws is prohibited unless certain conditions are met.

These conditions require that no indemnification of the Delegated Sponsor or any underwriter for the Trust may be made in respect of any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws unless: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the party seeking indemnification and the court approves the indemnification; (ii) such claim has been dismissed with prejudice on the merits by a court of competent jurisdiction as to the party seeking indemnification; or (iii) a court of competent jurisdiction approves a settlement of the claims against the party seeking indemnification and finds that indemnification of the settlement and related costs should be made, provided that, before seeking such approval, the Delegated Sponsor or other indemnitee must apprise the court of the position held by regulatory agencies against such indemnification. These agencies are the SEC and the securities administrator of the State or States in which the plaintiffs claim they were offered or sold interests.

**MANAGEMENT; VOTING BY SHAREHOLDERS**

Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. Upon redemption of the Shares, the applicable Authorized Participant shall be paid solely out of the funds and property of the Trust. All Shares are transferable, fully paid and non-assessable. The assets of the Trust consist primarily of SOL held by the SOL Custodians on behalf of the Trust.

The Shareholders of the Trust take no part in the management or control, and have no voice in, the Trust's operations or business. Except in limited circumstances described below, Shareholders will have no voting rights under the Trust Agreement. Under the Trust Agreement, Shareholders holding Shares representing (i) at least a majority (over 50%) of the Shares (not including Shares held by the Delegated Sponsor and its Affiliates) may vote to appoint a successor Delegated Sponsor or to continue the Trust.

Owners of Shares do not generally have any voting rights. The Shares do not represent a traditional investment and are not similar to shares of a corporation operating a business enterprise with management and a board of directors. All Shares are of the same class with equal rights and privileges. By acquiring Shares, you are not acquiring the right to elect directors, to receive dividends, to vote on certain matters regarding the issuer of your Shares or to take other actions normally associated with the ownership of shares. The Shares do not entitle their holders to any conversion or pre-emptive rights or any redemption rights. In certain circumstances, Shareholders may vote to appoint a successor Delegated Sponsor following the Voluntary Withdrawal of the Delegated Sponsor, or to continue the Trust in certain instances of dissolution of the Trust. Shareholders shall otherwise have no voting rights with respect to the Trust.

The Delegated Sponsor and the Cayman Trustee will generally have the right to amend the Trust Agreement as it applies to the Trust provided that the Shareholders have the right to vote only if expressly required under Delaware or federal law or rules or regulations of the Exchange, or if submitted to the Shareholders by the Delegated Sponsor in its sole discretion as a delegate of the Cayman Trustee.

The Trust does not have any directors, officers or employees. The creation and operation of the Trust has been arranged by the Delegated Sponsor. The following persons, in their capacities as executive officers of the Delegated Sponsor, a Delaware limited liability company, perform certain functions with respect to the Trust that, if the Trust had directors or executive officers, would typically be performed by them.

Benjamin Huneke is the President of the Delegated Sponsor, Sally Diffley is the Chief Financial Officer of the Delegated Sponsor and James Kirchner is the Managing Director of the Delegated Sponsor. Eric Kayne, Kaushik Goswami, Lisa Buhain Winslow and Scott Steel are directors of the Delegated Sponsor.

***Benjamin Huneke*** is head of Morgan Stanley Investment Management and a member of the Morgan Stanley Management Committee. From 2016 to 2023, Ben was head of investment solutions at Morgan Stanley Wealth Management, focused on delivering industry-leading investment products, programs and platforms to financial advisors and their retail and institutional clients. Previous roles included chief operating officer of field management and head of strategy and business management for the Firm's international Wealth Management businesses across Europe, Latin America and Asia.

Prior to joining Morgan Stanley in 2006, Ben was a management consultant with McKinsey & Co. specializing in advising clients in the wealth and asset management industries. He started his career in investment banking as an analyst working at Donaldson, Lufkin & Jenrette in their Financial Services Group. He has over 20 years of financial services experience. Ben holds an AB from Princeton University and an MBA from Columbia University. He serves on the board and executive committee of the Investment Company Institute.

***Sally Diffley*** is the Chief Financial Officer of Morgan Stanley Investment Management. Ms. Diffley is a member of both the Delegated Sponsor's Operating Committee as well as the Management Committee of the Delegated Sponsor's Finance Division. Ms. Diffley previously served as the Delegated Sponsor's Management Controller. Since joining Morgan Stanley in 2020 Ms. Diffley has held central roles supporting the Delegated Sponsor's Finance Division, including leading the Finance Division's Data Team and serving as the Finance Division's Transformation lead. Prior to joining Delegated Sponsor, Ms. Diffley was E\*TRADE's Assistant Controller and previously led External Financial Reporting and Accounting Policy within E\*TRADE's Finance division. Ms. Diffley is a CPA and began her career as an auditor at Deloitte. She holds a Bachelor of Business Administration Degree in Accounting and a Master of Science Degree in Accountancy, both from the University of Notre Dame.

***Eric Kayne*** is Co-Chief Operating Officer, a member of the Morgan Stanley Investment Management Operating Committee and senior sponsor of the Morgan Stanley Investment Management Diversity Council. Prior to that, Eric was the chief administrative officer of Morgan Stanley Investment Management. He previously held numerous senior positions within Morgan Stanley's Human Resources division, including the head of HR for Investment Management and the Firm's Corporate Infrastructure functions, head of HR for Technology, head of HR for Wealth Management and the COO of Human Resources.

Prior to joining Morgan Stanley, Eric worked at Bear Stearns and Kwasha Lipton. He has over 30 years of financial services experience. Eric has a BA in human resources from the University of Michigan.

 ***Kaushik Goswami*** is a Managing Director of the Delegated Sponsor and, formerly, was the Global Head of Sales & Trading Capital & Funding within the Financial Resources and Strategy Group in Institutional Securities Group ("ISG") at Morgan Stanley. Since joining Morgan Stanley in 2013 as an Associate in Fixed Income, Mr. Goswami has held a range of leadership positions within the Fixed Income Division Strategists group, being named a Vice President in 2015, Executive Director in 2017, and Managing Director in 2022. Mr. Goswami has also been appointed to several of the Firm's most senior governance bodies, including the Asset Liability Committee, the ISG Management Committee, and the US Banks Operating Committee. Prior to Morgan Stanley, Mr. Goswami began his career in the Equity Derivatives division at Société Générale in Hong Kong as part of their analyst program. He holds a degree in Aerospace Engineering from IIT Bombay and a Masters in Financial Engineering from UC Berkeley.

***Lisa Buhain Winslow*** is the Chief Operating Officer of the Global Public Equity business at Morgan Stanley Investment Management, and a Managing Director at Morgan Stanley. She joined Morgan Stanley in 2009 and has 25+ years of investment industry experience. In this capacity, she is responsible for the operational infrastructure and control environment for the $275B Active Fundamental Equity franchise. Lisa develops and executes initiatives for strategic change/restructuring, client governance/policy and regulatory reform across seven distinct investment teams.

Lisa is a senior executive with extensive experience in all aspects of asset management operations, investment risk management and business management combined with the leadership ability to guide and manage a diverse team. She manages a Global Equity trading team of 22 across US, Europe and Asia. Additionally, Lisa is the Co-Chair of the MSIM Philanthropy Committee, participating in key initiatives with strategic philanthropic partners to engage employees in giving back to the community.

Prior to joining MSIM, Lisa was a trader on the Corporate Loan Portfolio desk at Merrill Lynch. Previously, she spent more than a decade at Merrill Lynch in a variety of roles within debt capital markets, corporate strategy and risk management. Lisa received a dual bachelor's degree in International Relations and Economics from Boston University.

***James F. Kirchner*** is the Co-Head of the Global Fund Administration for Morgan Stanley Investment Management. He serves as the Principal Financial Officer and Treasurer of the Eaton Vance Funds, MSIM Funds, Calvert Funds, Morgan Stanley Pathway Funds and the U.S. Charitable Gift Trust®. He also serves as the President of the Eaton Vance Trust Company. His responsibilities include overseeing the Funds' financial reporting, fund accounting, tax compliance, valuation and third-party service providers.

He joined Eaton Vance in 2007, and the firm was acquired by Morgan Stanley in 2021. Prior to joining Eaton Vance, Jim served as a Senior Director at Investors Bank and Trust, and prior to that as a Vice President at Scudder Kemper Investments. Jim earned a bachelor's degree in economics and accounting from the College of the Holy Cross in Worcester, MA.

***Scott M. Steel*** is a Managing Director and the Global Head of Product and Corporate Development at Morgan Stanley Investment Management based in New York City. His responsibilities include global product development, strategy, capital markets, marketing as well as leading Investment Management's efforts as part of the Integrated Firm initiative. Scott is a member of the Investment Management Operating Committee and was recently recognized as a Morgan Stanley MAKER for embracing and promoting women's empowerment and gender equality.

Scott has been at Morgan Stanley for over 10 years, and most recently served as the Chief Operating Officer of the Investment Solutions organization which was responsible for the development, sourcing, onboarding, distribution and servicing of all investment products and solutions across Wealth Management as well as managing its relationships with traditional and alternative asset managers as well as insurance carriers.

Prior to joining the Firm, Scott worked at Merrill Lynch where he was an Investment Banker in the Financial Institutions Group as well as the head of several business strategy teams within investment banking and wealth management.

Scott graduated from Villanova University and lives in New Jersey with his wife and two daughters. He is a member of the Villanova School of Business Deans Advisory Council as well as a member of the Augustinian Province of St. Thomas of Villanova Investment Committee.

**BOOKS AND RECORDS**

The Trust keeps its books of record and account at the office of the Administrator, or such office, including of an administrative agent, as it may subsequently designate upon notice. The books and records are open to inspection by any person who establishes to the Trust's satisfaction that such person is a Shareholder upon reasonable advance notice at all reasonable times during usual business hours of the Trust.

The Trust will also keep a copy of the Trust Agreement on file in the Delegated Sponsor's office which will be available for inspection by any Shareholder at all times during its usual business hours upon reasonable advance notice.

**STATEMENTS, FILINGS, AND REPORTS TO SHAREHOLDERS**

After the end of each fiscal year, the Delegated Sponsor will cause to be prepared an annual report for the Trust containing audited financial statements. The annual report will be in such form and contain such information as will be required by applicable laws, rules and regulations and may contain such additional information which the Delegated Sponsor determines shall be included. The annual report will be filed with the SEC and the Exchange and will be distributed to such persons and in such manner, as is required by applicable laws, rules and regulations.

The Delegated Sponsor is responsible for the registration and qualification of the Shares under the federal securities laws. The Delegated Sponsor will also prepare, or cause to be prepared, and file any periodic reports or updates required under the Exchange Act. The Administrator will assist and support the Delegated Sponsor in the preparation of such reports.

The Administrator will make such elections, file such tax returns, and prepare, disseminate and file such tax reports, as it is advised to by its counsel or accountants or as required from time to time by any applicable statute, rule or regulation.

**FISCAL YEAR**

The fiscal year of the Trust is the calendar year. The Delegated Sponsor may select an alternate fiscal year.

**GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION**

The rights of the Delegated Sponsor, the Trust, DTC (as registered owner of the Trust's global certificate for Shares) and the Shareholders are governed by the laws of the State of Delaware. The Delegated Sponsor, the Trust and DTC and, by accepting Shares, each DTC Participant and each Shareholder, consent to the exclusive jurisdiction of the courts of the State of Delaware and any federal courts located in Delaware. Such consent is not required for any person to assert a claim of Delaware jurisdiction over the Delegated Sponsor, the Trust.

**LEGAL MATTERS**

Dechert LLP has advised the Delegated Sponsor in connection with the Shares being offered. Dechert LLP advises the Delegated Sponsor with respect to its responsibilities as sponsor of, and with respect to matters relating to, the Trust. Certain opinions of counsel, including an opinion of Dechert LLP on the Trust's classification as a "grantor trust" for U.S. federal income tax purposes, are filed herewith as exhibits to the registration statement of which this Prospectus is a part.

**EXPERTS**

The financial statements of the Trust will be included herein in reliance on the report of Ernst & Young LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

**OTHER MATERIAL CONTRACTS**

**Trustee Services Agreement**

Under the Trustee Services Agreement, the Cayman Trustee agrees to provide services to the Trust in exchange for fees and other compensation, as further detailed in the agreement. The Trustee Services Agreement is governed by the laws of the Cayman Islands and may be amended, supplemented, or updated from time to time by mutual agreement of the parties.

**Delegation Agreement**

Under the Delegation Agreement, the Cayman Trustee has delegated substantially all of its day-to-day management and operational duties under the Trust Agreement to the Delegated Sponsor. The Delegated Sponsor shall remain liable to the Cayman Trustee for services delegated as detailed in the Delegation Agreement. The delegated duties include, but are not limited to: entering into and maintaining contracts and agreements; establishing and maintaining accounts; causing legal title to Trust property to be held in the name of the Delegated Sponsor; appointing custodians and other service providers (subject to Cayman Trustee approval for custodians); maintaining control over custody accounts; depositing, withdrawing, paying, retaining and distributing Trust assets; supervising preparation of offering materials and amendments; paying or authorizing distributions and Trust expenses; arranging for and managing exchange listing of Shares; delegating duties to service providers; effecting provisions regarding forks, clones and airdrops; and exercising sole discretion over issuance of Shares, share divisions and combinations, and related matters.

The Cayman Trustee retains oversight responsibilities, the duty to monitor the Delegated Sponsor's performance, approval rights over certain material transactions (including custodian appointments and changes to Trust preferences and powers), and ultimate fiduciary responsibility as set forth under the Trust Agreement.

**Cash Custody Agreement**

The Delegated Sponsor, on behalf of the Trust, has entered into a cash custody agreement ("Cash Custody Agreement") with The Bank of New York Mellon under which The Bank of New York Mellon acts as custodian of the Trust's cash and cash equivalents (in such capacity, the "Cash Custodian"). The Cash Custodian has agreed to provide its services under the Cash Custody Agreement until terminated in accordance with the provisions of the Cash Custody Agreement. Either the Cash Custodian or the Trust may terminate the Cash Custody Agreement with respect to one or more series of the Trust by giving written notice to the counterparty as set forth in the Cash Custody Agreement.

The fees of the Cash Custodian are paid by the Delegated Sponsor as part of the Delegated Sponsor Fee. In addition, the Delegated Sponsor shall reimburse the Cash Custodian for any out-of-pocket and incidental expenses incurred by the Cash Custodian in connection with the Cash Custody Agreement.

The Cash Custodian shall exercise the same standard of care and diligence as a professional custodian engaged in the banking or trust company industry ("Standard of Care"). Except as otherwise expressly provided in the Cash Custody Agreement, the Cash Custodian's liability arising out of or relating to the Cash Custody Agreement shall be limited solely to those direct damages that are caused by the Cash Custodian's failure to perform its obligations under the Cash Custody Agreement in accordance with the Standard of Care, subject to exceptions set forth in the Cash Custody Agreement. The Trust agrees to indemnify the Cash Custodian and hold the Cash Custodian harmless from and against all losses, costs, expenses, damages and liabilities(including reasonable counsel fees and expenses) incurred by the Cash Custodian arising out of or relating to the Cash Custodian's performance under the Cash Custody Agreement, except to the extent resulting from the Cash Custodian's failure to perform its obligations under the Cash Custody Agreement in accordance with the Standard of Care.

The Cash Custody Agreement is governed by the laws of the state of New York.

**Fund Administration and Accounting Agreement**

Under the Fund Administration and Accounting Agreement, the Administrator has agreed to provide its services for an initial term of three years with an automatic renewal of successive one-year terms unless earlier terminated pursuant to the Fund Administration and Accounting Agreement.

In addition, the Administrator may terminate its services for certain material breaches of the Fund Administration and Accounting Agreement.

Pursuant to the Fund Administration and Accounting Agreement, the Administrator is generally responsible for the day-to-day administration of the Trust. The responsibilities of the Administrator include (i) establishing appropriate expense accruals and compute expense ratios, maintaining expense files and coordinating the payment of Trust approved invoices; (ii) calculating Trust approved income and per share amounts required for periodic distributions to be made by the Trust; (iii) calculating total return information; (iv) coordinating the Trust's annual audit and (v) supplying various normal and customary portfolio and Trust statistical data as requested on an ongoing basis.

The responsibilities of the Administrator also include providing various valuation and computation accounting services for the Trust, including (i) maintaining certain financial books and records for the Trust, including creation and redemptions books and records, and Trust accounting records; (ii) computing the Trust's NAV; (iii) obtaining quotes from pricing services as directed and approved by the Delegated Sponsor, or if such quotes are unavailable, then obtaining such prices from the Delegated Sponsor, and in either case, calculating the market value of the Trust's assets in accordance with the Trust's valuation policies or guidelines; and (iv) transmitting or making available a copy of the daily portfolio valuation to the Delegated Sponsor.

The responsibilities of the Administrator also include providing financial reporting services for the Trust, including (i) preparing financial statements for the Trust; (ii) preparing periodic shareholder reports for the Trust; and (iii) preparing, circulating and maintaining the Trust's financial reporting production calendar.

The responsibilities of the Administrator also include providing tax services for the Trust, including preparing annual grantor trust tax reporting statements for the Trust's review and approval.

In addition, the Administrator shall provide, at its expense, office space, facilities, equipment and personnel required to provide such services. The Administrator's principal address is 240 Greenwich Street, New York, New York 10286.

The fees of the Administrator are paid by the Delegated Sponsor as part of the Delegated Sponsor Fee. In addition, the Delegated Sponsor shall reimburse Administrator for reasonably and documented out-of-pocket expenses as are incurred by the Administrator in performing its duties under the Fund Administration and Accounting Agreement.

The Administrator shall exercise the standard of care and diligence that a professional fund administrator engaged in the banking or trust company industry would observe in the provision of the services rendered pursuant to this Agreement, without bad faith, gross negligence or willful misconduct. Except as otherwise provided in the Fund Administration and Accounting Agreement, the Administrator and any affiliate of the Administrator shall not be liable for any costs, expenses, losses, charges, damages, liabilities or claims, including reasonable and documented attorney's and accountants' fees (collectively, "Losses") incurred by or asserted against the Trust, except those Losses arising out of the Administrator's own gross negligence, bad faith or willful misconduct. In addition, the Administrator shall not be liable for any Losses for delays caused by circumstances beyond the reasonable control of the Administrator or any agent of the Administrator and which adversely affect the performance by the Administrator of its obligations and duties under the Fund Administration and Accounting Agreement or by any other agent of the. Upon the occurrence of any such delay or failure, the Administrator shall use commercially reasonable efforts to resume performance as soon as practicable under the circumstances.

The Trust will indemnify the Administrator and any affiliate of the Administrator ("Indemnitees"), and the Indemnitees will incur no liability for its reliance upon (i) any law, act, regulation or interpretation of the same even though the same may thereafter have been altered, changed, amended or repealed, (ii) the Trust's offering materials or documents (excluding information provided by the Administrator), (iii) any instructions or (iv) any written opinion of legal counsel for the Trust or the Administrator, or arising out of transactions or other activities of the Trust which occurred prior to the commencement of the Fund Administration and Accounting Agreement; provided however, that the Trust shall not indemnify any Indemnitee for any losses arising out of the Indemnitees' own bad faith, gross negligence or willful misconduct in the performance of the Fund Administration and Accounting Agreement.

**Transfer Agency and Services Agreement**

Pursuant to the Transfer Agency and Services Agreement, the Transfer Agent is generally responsible for the day-to-day administration of the Trust. The responsibilities of the Transfer Agent include: (i) performing and facilitating the performance of purchases and redemption of Creation Baskets; (ii) preparing and transmitting by means of DTC's book entry system payments for dividends and distributions on or with respect to the Shares, if any, declared by the Trust; (iii) maintaining the record of the name and address of the Shareholder and the number of Shares issued by the Trust and held by the Shareholder; and (iv) recording the issuance of Shares of the Trust and maintain a record of the total number of Shares of the Trust which are outstanding and authorized, based upon data provided to it by the Trust.

The Transfer Agency and Services Agreement will have an initial term beginning on the commencement of trading of the Shares on the Exchange and will automatically be renewed for successive one-year periods, unless terminated pursuant to the terms of the agreement.

The Transfer Agent shall not be liable for any loss, costs, expenses or damage whatsoever which the Trust may sustain or suffer as a result of or in the course of the discharge of its duties hereunder other than loss or damage arising by reason of the fraud, gross negligence, bad faith or willful misconduct of the Transfer Agent.

The Trust shall indemnify the Transfer Agent against all actions, suits, proceedings, claims, demands, costs and expenses which may be made against the Transfer Agent in respect of any loss or damage sustained or suffered by any third party in connection with the provision of the services or the performance of the Transfer Agency Agreement, otherwise than by reason of the fraud, gross negligence, bad faith or willful misconduct of the Transfer Agent.

**Custodial Services Agreements**

The Coinbase Custodian and BNY are the SOL Custodians for the Trust and hold all of the Trust's SOL on the Trust's behalf.

The SOL Custodians will keep custody of all of the Trust's SOL, other than that which is maintained in the Trading Balance with the Prime Broker, in the Cold Vault Balance. All of the Trust's assets and private keys will be held in cold storage of the SOL Custodians on an ongoing basis, but a portion of the Trust's assets may be held in hot trading wallets, from time to time, in connection with the settlement of a creation or redemption transaction (note, however, that not all SOL Custodians may maintain hot wallets for the holding and storage of digital assets).

While the specific security measures around custody may vary across SOL Custodians, cold storage locations of SOL Custodians often feature monitoring by 24x7 on-site security, video surveillance and alarms, hardened room structures, and access to facilities controlled by multi-person controls, multi-team access rules, and multi-factor authentication. The locations of the cold storage sites may change at the discretion of the SOL Custodians and are kept confidential by the SOL Custodians for security purposes.

To the extent a SOL Custodians maintains hot storage locations, transfers from cold to hot storage or vice versa require physical access to one or more cold storage facilities, as well as systematically enforced approvals and integrity verifications, before the secure device can be used to cryptographically complete the transaction. At no point during this process is the private key removed from the secure device(s) or the hot or cold storage facility. Once these security processes have been completed, a transfer on the SOL network can be executed, signed using the private keys held offline in cold storage.

Similarly secure technology used by the SOL Custodians includes a combination of Multi-Party Computation ("MPC"), Hardware Security Modules ("HSMs"), and Cross-Domain Security ("CDS") to safeguard digital assets. MPC is a cryptographic framework that ensures private keys are never fully assembled or exposed during the transaction process. Instead, key shares are distributed across secure, isolated environments, reducing single points of compromise and enabling secure, multi-party transaction approvals. HSMs are dedicated, tamper-resistant cryptographic devices used to securely generate, store, and manage key fragments. HSMs enforce role-based access controls and support transaction signing workflows across designated approval parties. CDS is a high-assurance security architecture originally developed for sensitive government environments. It enhances the integrity of cold storage systems by strictly isolating secure processing domains and preventing unauthorized cross-network interactions. These technologies operate alongside cold storage, where private key material remains entirely offline and physically secured in air-gapped environments. This layered approach ensures that private keys are protected.

Cold storage is a safeguarding method with multiple layers of protections and protocols, by which the private key(s) corresponding to the Trust's SOL is (are) generated and stored in an offline manner. Private keys are generated in offline computers that are not connected to the internet so that they are resistant to being hacked. By contrast, in hot storage, the private keys are necessarily used online, where they are more accessible, leading to more efficient transfers, though they are potentially more vulnerable to being hacked. There is no limit on the size of each cold storage address, and the SOL Custodians will generally keep a substantial portion of the Trust's SOL in cold storage on an ongoing basis. However, it is possible that, from time to time, portions of the Trust's SOL will be held outside of cold storage temporarily in the Trading Balance maintained by the Prime Broker as part of trade facilitation in connection with creations and redemptions of Baskets, to sell SOL including to pay Trust expenses, or to pay the Delegated Sponsor Fee, as necessary. The Trust's SOL held in the Cold Vault Balance by the SOL Custodians are held in segregated wallets and therefore are not commingled with the SOL Custodians' or other customer assets.

Cold storage of private keys may involve keeping such keys on a non-networked computer or electronic device or storing the public key and private keys on a storage device or printed medium and deleting the keys from all computers. The SOL Custodians may receive deposits of SOL but may not send SOL without use of the corresponding private keys. In order to send SOL when the private keys are kept in cold storage, unsigned transactions must be physically transferred to the offline cold storage facility and signed using a software/hardware utility with the corresponding offline keys. At that point, the SOL Custodians can upload the fully signed transaction to an online network and transfer the SOL. Such private keys are stored in cold storage facilities within the United States, Europe, and Asia, exact locations of which are not disclosed for security reasons. A limited number of employees at the SOL Custodians are involved in private key management operations, and the SOL Custodians have represented that no single individual has access to full private keys.

The SOL Custodians' internal audit team performs periodic internal audits over custody operations, and the SOL Custodians have represented that SOC attestations covering private key management controls are also performed on the SOL Custodians by an external provider.

The SOL Custodians maintain a commercial crime insurance policy, which is intended to cover the loss of client assets held in cold storage, including from employee collusion or fraud, physical loss including theft, damage of key material, security breaches or hacks, and fraudulent transfers. The insurance maintained by the SOL Custodians is shared among all of the SOL Custodians' customers, is not specific to the Trust or to customers holding SOL with the SOL Custodians, and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.

SOL held in the Trust's account with the SOL Custodians is the property of the Trust. The Trust, the Delegated Sponsor and the service providers will not loan or pledge the Trust's assets, nor will the Trust's assets, serve as collateral for any loan or similar arrangement, other than in connection with the Trade Financing Agreement or any line of credit entered into by the Trust for the purpose of managing liquidity. As part of the Trust's liquidity management program, the Trust may establish various liquidity sources, which it may use to finance temporarily the redemption requests of Shareholders or for other short-term liquidity requirements. These liquidity sources may include borrowing arrangements made via uncommitted and committed lines of credit, which may involve the Trust's assets serving as collateral solely in connection with such arrangement. The Trust's access to and use of such liquidity sources are considered by the Delegated Sponsor in assessing, managing, and periodically reviewing the Trust's liquidity risk level. The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.

In the event of a fork, the Custodial Services Agreements provide that the SOL Custodians may temporarily suspend services, and may, in their sole discretion, determine whether or not to support (or cease supporting) either branch of the forked protocol entirely, provided that the SOL Custodians shall use commercially reasonable efforts to avoid ceasing to support both branches of such forked protocol and will support, at a minimum, the original digital asset. The Custodial Services Agreements provide that, other than as set forth therein, and provided that the SOL Custodians shall make commercially reasonable efforts to assist the Trust to retrieve and/or obtain any assets related to a fork, airdrop or similar event the SOL Custodians shall have no liability, obligation or responsibility whatsoever arising out of or relating to the operation of the underlying software protocols relating to the SOL network or an unsupported branch of a forked protocol and, accordingly, the Trust acknowledges and assumes the risk of the same. The Custodial Services Agreements further provide that, unless specifically communicated by the SOL Custodians and their affiliates through a written public statement on their respective website, the SOL Custodians do not support airdrops, clones, metacoins, colored coins, side chains, or other derivative, enhanced or forked protocols, tokens or coins, which supplement or interact with SOL.

Under the Trust Agreement and Delegation Agreement, the Delegated Sponsor has the right, in its sole discretion as a delegate of the Cayman Trustee, to determine what action to take in connection with the Trust's entitlement to or ownership of Incidental Rights or any IR Virtual Currency, and the Trust may take any lawful action necessary or desirable in connection with the Trust's ownership of Incidental Rights, including the acquisition of IR Virtual Currency, as determined by the Delegated Sponsor in the Delegated Sponsor's sole discretion as a delegate of the Cayman Trustee, unless such action would adversely affect the status of the Trust as a grantor trust for U.S. federal income tax purposes or otherwise be prohibited by this Trust Agreement. With respect to any fork, airdrop or similar event, the Delegated Sponsor will cause the Trust to irrevocably abandon the Incidental Rights or IR Virtual Currency. In the event the Trust seeks to change this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules.

With respect to any fork, airdrop or similar event, the Delegated Sponsor will cause the Trust to irrevocably abandon the Incidental Rights or IR Virtual Currency. In the event the Trust seeks to change this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules.

Under each of the Custodial Services Agreements, the SOL Custodians' liability is limited. Under the BNY Custodial Services Agreement, BNY's liability is limited as follows: in no event will BNY, its affiliates and service providers, or any of its respective officers, directors, agents, employees or representatives be liable for any indirect, incidental, consequential, exemplary, punitive or special losses or damages, or for any loss of revenues, profits or business opportunity, arising out of or relating to the BNY Custodial Services Agreement (whether or not foreseeable and even if BNY has been advised of the possibility of such losses or damages); provided, that none of the forgoing limitations will apply to direct damages suffered by the Trust or losses arising from BNY's breach of the standard of care; and in no event will BNY, its affiliates and service providers, or any of its respective officers, directors, agents, employees or representatives, be liable in aggregate for any amount greater than the U.S. Dollar value of the credited SOL lost, such value being determined as of the time such loss is sustained. BNY shall not be responsible for (i) reliance on instructions; (ii) BNY's receipt or acceptance of fraudulent or invalid SOL; (iii) BNY's review or non-acceptance of any SOL, including but not limited to delay of the Trust to issue instructions with respect to such SOL pending the completion of such review; (iv) BNY's approval, refusal, or withdrawal of approval with respect to any authorized counterparty; (v) as to any matter with respect to which BNY is required to act only upon the receipt of instructions, (A) BNY's failure to act in the absence of such instructions or (B) instructions that are late or incomplete, whether or not BNY acted upon such Instructions; (vi) BNY's receipt or transmission of any data to or from the Trust or any authorized person via any non-secure method of transmission or communication selected by the Trust; (vii) the Trust's use of any accounts on a basis inconsistent with the BNY Custodial Services Agreement; (viii) BNY's disposition of any SOL, including without limitation (A) provided such SOL was sold on an established exchange for digital assets, any failure to receive best execution therefor, or (B) the imposition of any tax obligations in connection with the disposition of such SOL; the insolvency of any person, including any service provider, digital asset exchange or trading facility, or counterparty to the settlement of a transaction; and (ix) any tax obligations of the Trust or any losses of the Trust in relation to tax obligations; (x) the Trust's or an authorized person's decision to invest in digital assets or to hold Cash in any currency. BNY is not responsible for, and in no event will BNY be liable for any losses arising out of, the operation of any protocols or networks, including any losses resulting from delays in the processing or validation of transfers of supported digital assets on a protocol or network, BNY's inability to retrieve or otherwise deal with any digital asset delivered to BNY without authority hereunder, any hacking or manipulation on any protocols or networks, any on-chain events, or any loss of, or inability of BNY to access or transfer, any digital asset other than as a result of (i) the unauthorized transfer of a credited asset by BNY, or (ii) the disclosure by BNY of any private key with respect to a credited asset in breach of the standard of care, or (iii) delays in BNY's own processing of an instruction in breach of the standard of care. The liability of BNY will not exceed, solely in respect of custodial services provided pursuant to the BNY Custodial Services Agreement, the value, at the time the event giving rise to liability occurred, of the SOL on deposit in Trust's wallet(s) or account(s) directly affected by such event. BNY will value the SOL using commercially reasonable valuation methods as determined by BNY in its sole discretion; provided that no limitation or exclusion of BNY liability shall apply with respect to any claim arising out of or relating to BNY's breach of certain obligations set forth in the BNY Custodial Services Agreement, including certain confidentiality obligations, business continuity and disaster recovery obligations, any warranty, BNY's willful misconduct, bad faith, gross negligence or fraud or any fines, penalties, sanctions, or similar charges levied on or imposed upon the Trust by any governmental or regulatory authority arising out of or relating to BNY's acts or omissions under the BNY Custodial Services Agreement.

Under the Coinbase Custodial Services Agreement, the Coinbase Custodian's liability is limited as follows, among others: (i) the Coinbase Custodian's aggregate liability under the Coinbase Custodial Services Agreement shall not exceed the greater of (A) (1) the aggregate fees paid by the Trust to the Coinbase Custodian in respect of the custodial services in the 12 months prior to the event giving rise to the Coinbase Custodian's liability and (2) $5 million, and (B) the value of the supported SOL on deposit in the Trust's custodial account(s) giving rise to the Coinbase Custodian's liability at the time of the event giving rise to the Coinbase Custodian's liability; (ii) the Coinbase Custodian's aggregate liability in respect of each cold storage address shall not exceed $100 million; (iii) in respect of any incidental, indirect, special, punitive, consequential or similar losses, Coinbase Custodian is not liable, even if the Coinbase Custodian has been advised of or knew of or should have known of the possibility thereof; and (iv) in no event shall the Coinbase Custodian or its affiliates have any liability to the Trust or any third party with respect to any breach of its obligations under the Coinbase Custodial Services Agreement, express or implied, which does not result solely from its gross negligence, fraud or willful misconduct. The Coinbase Custodian is not liable for delays, suspension of operations, failure in performance, or interruption of service which result directly or indirectly from any cause or condition beyond the reasonable control of the Coinbase Custodian. In the event of potential losses incurred by the Trust as a result of the Coinbase Custodian losing control of the Trust's SOL or failing to properly execute instructions on behalf of the Trust, the Coinbase Custodian's liability with respect to the Trust will be subject to certain limitations which may allow it to avoid liability for potential losses or may be insufficient to cover the value of such potential losses, even if the Coinbase Custodian directly caused such losses. Furthermore, the insurance maintained by the Coinbase Custodian may be insufficient to cover its liabilities to the Trust.

The SOL Custodians are not liable for delays, suspension of operations, failure in performance, or interruption of service to the extent it is directly due to a cause or condition beyond the reasonable control of the SOL Custodians. Under the Custodial Services Agreements, except in the case of their negligence, fraud, material violation of applicable law or willful misconduct, the SOL Custodians shall not have any liability, obligation, or responsibility for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect the Trust's computer or other equipment, or any phishing, spoofing or other attack, unless the SOL Custodians fail to have commercially reasonable policies, procedures and technical controls in place to prevent such damages or interruptions.

BNY may terminate the BNY Custodial Services Agreement upon ninety (90) days' prior notice for any reason, or upon thirty (30) days' prior written notice if any regulator or governmental authority so requests or if continuing would place BNY, the Trust, or any of their affiliates in breach of applicable law.

Coinbase Custodian may terminate the Coinbase Custodial Services Agreement for any reason upon providing ninety (90) days' prior notice to the Trust, or immediately for Cause (as defined in the applicable Custodial Services Agreement), including, among others, if the Trust materially breaches the Prime Broker Agreement and such breach remains uncured, or undergoes a bankruptcy event.

The Trust expects to enter into an addendum to the Coinbase Custodial Services Agreement in order to implement its staking program. The Delegated Sponsor will file a Current Report on Form 8-K upon entering into such an addendum.

**Marketing Agent Agreement**

Pursuant to the Marketing Agent Agreement, the Marketing Agent is generally responsible for the day-to-day administration of the Trust. The responsibilities of the Marketing Agent include (i) at the request of the Trust, assisting the Trust with facilitating Authorized Participant Agreements between and among Authorized Participants, the Trust, and the applicable Transfer Agent, for the creation and redemption of Creation Baskets of the Trust; (ii) maintaining copies of confirmations of Creation Basket creation and redemption order acceptances and producing such copies upon reasonable request from the Trust or Delegated Sponsor; (iii) making available copies of the Prospectus to Authorized Participants who have purchased Creation Baskets in accordance with the Authorized Participant Agreements; (iv) maintaining telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent; (v) reviewing and approving, prior to use, certain Trust marketing materials submitted by the Trust for review ("Marketing Materials") for compliance with applicable SEC and FINRA advertising rules, and filing all such Marketing Materials required to be filed with FINRA; (vi) ensuring that all direct requests by Authorized Participants for Prospectuses are fulfilled; and (vii) working with the Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the Transfer Agent. The Marketing Agent Agreement shall have an initial term of two years, which may be renewed for successive one-year terms.

The Trust shall indemnify, defend and hold the Marketing Agent, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled the Marketing Agent within the meaning of Section 15 of the 1933 Act (collectively, the "Marketing Agent Indemnitees"), free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, "Losses") that any Marketing Agent Indemnitee may incur arising out of or relating to (i) the Trust's breach of any of its obligations, representations, warranties or covenants contained in the Marketing Agent Agreement; (ii) the Trust's failure to comply in all material respects with any applicable laws, rules or regulations; or (iii) any claim that the Prospectus, sales literature and advertising materials or other information filed or made public by the Trust (as from time to time amended) includes or included an untrue statement of a material fact or omits or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading provided, however, that the Trust's obligation to indemnify any of the Marketing Agent Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the Prospectus or any such advertising materials or sales literature or other information filed or made public by the Trust in reliance upon and in conformity with information provided by the Marketing Agent to the Trust, in writing, for use in such Prospectus or any such advertising materials or sales literature.

**Pricing Benchmark Licensing Agreement**

Pursuant to the Pricing Benchmark Licensing Agreement, the Benchmark Provider provides the Delegated Sponsor and its affiliates (including the Trust) a global, irrevocable, non-exclusive, transferable license to access, view and use the Index Data for the purposes of the Trust. Such license will have three-year initial term and will automatically be renewed for successive one-year periods, unless terminated pursuant to the terms of the agreement. The liability of the Benchmark Provider and its covered persons shall not exceed the greater of (i) total fees actually received or yet to be received by the Benchmark Provider from the Delegated Sponsor for the service during the 12-month period before the claim or cause of action arose; or (ii) $2,000,000.

**Staking Services Agreements**

The Staking Services Agreements provide that Staking Services Providers are responsible for performing staking and giving effect to un-staking in accordance with the Trust's instructions that are communicated by the SOL Custodians to the Staking Services Providers. The Trust is dependent on the SOL Custodians to communicate instructions to the Staking Services Providers, including in connection with withdrawals, and if the SOL Custodians fail to do so, the Trust could be adversely impacted. Staking Services Providers shall not be responsible or liable for any delay in un-staking that results from the standards, rules, requirements or ordinary course of operations of the Solana network. Staking Services Providers represent, warrant, and agree that the activities relating to staking will be performed outside the United States.

Staking Services Providers agree they shall receive the rewards they are entitled to pursuant to the Staking Services Agreements as their sole compensation for performing staking on behalf of the Trust.

Pursuant to the Staking Services Agreements, Staking Services Providers make certain representations and warranties to the Trust. Staking Services Providers could fail to abide by, default on, or breach any such representations to the Trust.

Either the SOL Custodians (with the Trust's consent) or the Staking Services Providers may terminate the Staking Services Agreements upon 180 days notice, or sooner, if required by applicable law. In addition, the SOL Custodians may, with the Trust's consent (or shall, if instructed by the Trust) terminate the Staking Services Agreements following a material breach by the Staking Services Providers and the expiration of a 20 day cure period (except that no cure period is required in the case of breach of applicable law by the Staking Services Providers). Termination shall be treated as an un-staking instruction that the Staking Services Agreements require the Staking Services Providers to give effect to promptly, subject to Solana network delays and un-staking processes.

Except to the extent caused directly by the Staking Services Providers' gross negligence, breach, willful misconduct, or fraud, or as otherwise expressly provided herein, the Staking Services Providers shall have no liability to the SOL Custodians or the Trust, whether in contract, tort, or otherwise, for any losses, claims, liabilities, or damages arising out of or relating to the Staking Services Agreements (collectively, the "Damages"), including, without limitation, any of the following: (i) acting in accordance with, or relying upon, instructions or information provided by either the SOL Custodians or the Trust; (ii) any errors, inaccuracies, or omissions in the wallet address, account information, or other instructions provided by the SOL Custodians or the Trust; (iii) any loss, penalty, or reduction in rewards resulting from slashing, validator downtime, or other protocol-related events, except as expressly set forth in the Staking Services Agreements; (iv) any delay, failure, or malfunction of the blockchain network, validator software, client software, or any third-party infrastructure, including the SOL Custodian; or (v) any force majeure event. A force majeure event means any event outside the reasonable control of the Staking Services Providers that prevents or delays the Staking Services Providers from complying with their obligations under the Staking Services Agreements, and which the Staking Services Providers could not have avoided, impeded or overcome, including, but not limited to war, terrorist attacks, acts of nature, fire, sabotage, epidemics, quarantine, government sanctions, collective actions, strike, lock-outs, failure of telecommunications carriers, utility company failures, computer viruses and intentional attacks of hackers on computer systems, any material disruption to a relevant blockchain network, including hard forks, soft forks, chain reorganizations, or network splits that affect consensus or transaction finality (including, but not limited to, material delays or inability to process transactions due to sustained network congestion, or network downtime); any material failure, bug, exploit, vulnerability, or unintended behavior in the applicable blockchain protocol, smart contract, virtual machine, or governance mechanism that impairs normal network operations (including, but not limited to, material disruptions caused by validator outages, node failures, or censorship at the protocol level); any failure, delay, or corruption in data feeds from on-chain or off-chain oracles relied upon for pricing, collateral valuation, or other automated functionality; or any other similar causes beyond the reasonable control of the Staking Services Providers (each, a "Force Majeure Event"); provided that, the Staking Services Providers are without fault in failing to prevent or causing such default or delay, and such default or delay could not reasonably be circumvented by the Staking Services Providers through the use of alternate sources, workaround plans or other means. In such event, the Staking Services Providers shall be excused from further performance of services so affected for as long as such circumstances prevail and the Staking Services Providers continue to use commercially reasonable efforts to recommence performance of the services, to the extent possible, without undue delay.

**UNITED STATES FEDERAL INCOME TAX CONSEQUENCES**

The following discussion describes the material U.S. federal income tax consequences associated with the purchase, ownership and disposition of Shares by a U.S. Shareholder, and certain U.S. federal income consequences that may apply to an investment in Shares by a Non-U.S. Shareholder. The discussion represents, insofar as it describes conclusions as to U.S. federal income tax law and subject to the limitations and qualifications described below, the opinion of Dechert LLP. The opinion of Dechert LLP, however, is not binding on the United States Internal Revenue Service (the "IRS") or on the courts, and does not preclude the IRS from taking a contrary position. The discussion below is based on the Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations promulgated thereunder and judicial and administrative interpretations of the Code, all as in effect on the date of this Prospectus and all of which are subject to change either prospectively or retroactively. The tax treatment of Shareholders may vary depending upon their own particular circumstances. Except where noted, this discussion only deals with Shares held as capital assets (generally, property held for investment), and does not address special situations, including those of banks, financial institutions, insurance companies, regulated investment companies, real estate investment trusts, dealers in securities, currencies, or commodities, tax-exempt organizations, tax-exempt or tax-advantaged retirement plans or accounts, traders using a mark-to-market method of accounting, entities that are partnerships for U.S. federal income tax purposes, persons holding Shares as a position in a "hedging," "straddle," "conversion," "constructive sale" or other integrated transaction for U.S. federal income tax purposes, persons whose "functional currency" is not the U.S. dollar, persons required for U.S. federal income tax purposes to accelerate the recognition of any item of gross income with respect to the Shares as a result of such income being recognized on an applicable financial statement, or persons subject to the federal alternative minimum tax. Moreover, the discussion below does not address the effect of any state, local or foreign tax law consequences that may apply to an investment in Shares. Purchasers of Shares are urged to consult their own tax advisers with respect to all federal, state, local and foreign tax law considerations potentially applicable to their investment in Shares.

For purposes of this discussion, a "U.S. Shareholder" is a Shareholder that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an
 individual who is treated as a citizen or resident of the United States for U.S. federal
 income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 corporation (or entity treated as a corporation for U.S. federal income tax purposes) created
 or organized in or under the laws of the United States, any state thereof or the District
 of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an
 estate, the income of which is includible in gross income for U.S. federal income tax purposes
 regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 trust, if a court within the United States is able to exercise primary supervision over the
 administration of the trust and one or more United States persons have the authority to control
 all substantial decisions of the trust.

If a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax purposes holds Shares, the tax treatment of a partner generally depends upon the status of the partner and the activities of the partnership. If you are a partner of a partnership holding Shares, the discussion below may not be applicable and we urge you to consult your own tax adviser for the U.S. federal income tax implications of the purchase, ownership and disposition of such Shares.

**Taxation of the Trust**

The Delegated Sponsor and the Trustees will treat the Trust as a "grantor trust" for U.S. federal income tax purposes.

As a grantor trust, the Trust can undertake only certain types of activities. For example, generally, the Trust cannot vary its investment portfolio to take advantage of market fluctuations. The Trust may receive income from investment activities that do not require such decision-making. To that end, on November 10, 2025, the Treasury Department and IRS issued a revenue procedure that provided a safe harbor for trusts that otherwise qualify as investment trusts and as grantor trusts to stake their digital assets without jeopardizing their tax status as investment trusts and grantor trusts for U.S. federal income tax purposes. The revenue procedure provides specific requirements that must be satisfied by a Trust in order to be eligible to rely on the safe harbor.

The Trust intends to operate so that it will qualify to be treated for U.S. federal income tax purposes as a grantor trust. In the opinion of Dechert LLP, although not free from doubt the Trust should be classified as a "grantor trust" for U.S. federal income tax purposes (and the following discussion assumes such classification).

Because the treatment of staking in a grantor trust is still developing, including interpretation of the requirements under the safe harbor, there remains a risk of adverse regulatory or legal determinations that could affect the tax treatment of the Trust as a grantor trust or affect the Trust's operations.

The opinion of Dechert LLP is based on various assumptions and representations relating to the Trust's organization, operation, assets, activities, and income, including that all such assumptions representations on which the opinion is based and all other factual information set forth in the relevant documents, records, and instruments are true and correct, that all actions described in this offering are completed in a timely fashion and that the Trust will at all times operate in accordance with the method of operation described in the Trust's organizational documents and this offering.

The opinion of Dechert LLP is not binding on the IRS or any court. Accordingly, there can be no assurance that the IRS will agree with the conclusions herein and it is possible that the IRS or another tax authority could assert a position contrary to one or all of those conclusions and that a court could sustain that contrary position. Neither the Delegated Sponsor nor the Trustees will request a ruling from the IRS with respect to the classification of the Trust for U.S. federal income tax purposes or with respect to any other matter. If the IRS were to assert successfully that the Trust is not classified as a "grantor trust," the Trust would likely be classified as a partnership for U.S. federal income tax purposes, which may affect the timing and other tax consequences to the Shareholders. Under such circumstances, the Trust might be classified as a publicly traded partnership that would be taxable as a corporation for U.S. federal income tax purposes, in which case the Trust would be taxed in the same manner as a corporation on its taxable income and distributions to Shareholders out of the earnings and profits of the Trust would be taxed to Shareholders as ordinary dividend income. However, due to the uncertain treatment of digital assets for U.S. federal income tax purposes, there can be no assurance in this regard. Except as otherwise indicated, the remainder of this discussion assumes that the Trust is classified as a grantor trust for U.S. federal income tax purposes.

**Taxation of U.S. Shareholders**

Each Shareholder will be treated, for U.S. federal income tax purposes, as if it directly owned a pro rata share of the underlying assets held in the Trust. A Shareholder also will be treated as if it directly received its respective pro rata share of the Trust's income, if any (including staking income, as applicable), and as if it directly incurred its respective pro rata share of the Trust's expenses. In the case of a Shareholder that acquires Shares as part of the creation of a Basket, the delivery of SOL to the Trust in exchange for a pro rata share of the underlying SOL represented by the Shares will not be a taxable event to the Shareholder, and the Shareholder's tax basis and holding period for the Shareholder's pro rata share of the SOL held in the Trust will be the same as its tax basis and holding period for the SOL delivered in exchange therefor. For purposes of this discussion, and unless stated otherwise, it is assumed that all of a Shareholder's Shares are acquired on the same date and at the same price per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should consult their own tax advisers as to the determination of the tax basis and holding period for the underlying SOL related to such Shares.

Current IRS guidance on the treatment of digital assets classifies SOL as "property" that is not currency for U.S. federal income tax purposes and clarifies that SOL can be held as a capital asset, but it does not address several other aspects of the U.S. federal income tax treatment of SOL. Because SOL is a new technological innovation, the U.S. federal income tax treatment of SOL or transactions relating to investments in SOL may evolve and change from that discussed below, possibly with retroactive effect. In this regard, the IRS has indicated that it has made it a priority to issue additional guidance related to the taxation of digital asset transactions, such as transactions involving SOL. In addition, the IRS and U.S. Treasury Department have issued final regulations regarding the tax information reporting obligations and basis for certain digital asset transactions. While the U.S. federal government has started to issue such additional guidance, whether any future guidance will adversely affect the U.S. federal income tax treatment of an investment in SOL or in transactions relating to investments in SOL is unknown. Moreover, future developments that may arise with respect to digital assets may increase the uncertainty with respect to the treatment of digital assets for U.S. federal income tax purposes.

The Trust will use SOL to pay certain expenses of the Trust, which under current IRS guidance will be treated as a sale of such SOL. Although the Trust generally does not intend to sell SOL, it may do so in connection with cash redemption transactions, cash distribution obligations, or if necessary to pay certain expenses that must be paid in cash. If the Trust sells SOL (for example to generate cash to pay fees or expenses) or is treated as selling SOL (for example by using SOL to pay fees or expenses), a Shareholder will recognize gain or loss in an amount equal to the difference between (a) the Shareholder's pro rata share of the amount realized by the Trust upon the sale and (b) the Shareholder's tax basis for its pro rata share of the SOL that was sold. A Shareholder's tax basis for its share of any SOL sold by the Trust will generally be a pro rata portion of the Shareholder's total tax basis for its share of all of the SOL held in the Trust. After any such sale, a Shareholder's tax basis for its pro rata share of the SOL remaining in the Trust should be equal to its tax basis for its share of the total amount of the SOL held in the Trust immediately prior to the sale less the portion of such basis allocable to its share of the SOL that was sold or treated as sold.

Upon a Shareholder's sale of some or all of its Shares (other than a redemption), the Shareholder will be treated as having sold the pro rata share of the SOL held in the Trust at the time of the sale that is attributable to the Shares sold. Accordingly, the Shareholder generally will recognize gain or loss on the sale in an amount equal to the difference between (a) the amount realized pursuant to the sale of the Shares, and (b) the Shareholder's tax basis for the pro rata share of the SOL held in the Trust at the time of sale that is attributable to the Shares sold, as determined in the manner described in the preceding paragraph. Based on current IRS guidance, such gain or loss (as well as any gain or loss realized by a Shareholder on account of the Trust selling SOL) will generally be long-term capital gain or loss if the Shareholder has a holding period of greater than one year in its pro rata share of the SOL that was sold and otherwise will be short-term capital gain or loss.

The Trust's sales of SOL to fund cash redemptions are expected to result in gains or losses with such gains or losses expected to be treated as incurred by the Shareholder that is being redeemed. These gains or losses generally would equal the difference between the amount realized from the sale of the SOL and the Shareholder's tax basis for the portion of the Shareholder's pro rata share of the SOL held in the Trust that is sold to fund the redemption, as determined in the manner described above. A redemption of some or all of a Shareholder's Shares in exchange for the cash received from such sale is not expected to be treated as a separate taxable event for the Shareholder.

An in-kind redemption of some or all of a Shareholder's Shares in exchange for the underlying SOL represented by the Shares redeemed generally will not be a taxable event to the Shareholder. The Shareholder's tax basis and holding period for the SOL received in the redemption generally will be the same as the Shareholder's tax basis and holding period for the pro rata share of the SOL held in the Trust immediately prior to the redemption that is attributable to the Shares redeemed. A Shareholder's tax basis for SOL received in a redemption generally will be the same as the Shareholder's tax basis for the portion of the Shareholder's pro rata share of the SOL held in the Trust immediately prior to the redemption that is attributable to the Shares redeemed. The Shareholder's holding period for the SOL received generally will include the period during which the Shareholder held the Shares being redeemed. A subsequent sale of the SOL received by the Shareholder generally will be a taxable event.

After any sale or redemption of less than all of a Shareholder's Shares, the Shareholder's tax basis for its pro rata share of the SOL held in the Trust immediately after such sale or redemption generally will be equal to its tax basis in its share of the total amount of the SOL held in the Trust immediately prior to the sale or redemption, less the portion of such basis which is taken into account in determining the amount of gain or loss recognized by the Shareholder upon such sale or cash redemption or, in the case of an in-kind redemption, that is treated as the basis of the SOL received by the Shareholder in the redemption.

If a hard fork occurs in the Solana blockchain and the Trust claims the new forked asset, the Trust could hold both the original SOL and the new "forked" asset. Under current IRS guidance, a hard fork resulting in the receipt of new units of digital assets is a taxable event giving rise to ordinary income equal to the value of the new digital asset. The Trust Agreement will require that, if such a transaction occurs, the Trust will as soon as possible direct the SOL Custodians to distribute the new forked asset in-kind to the Delegated Sponsor, as agent for the Shareholders, and the Delegated Sponsor will arrange to sell the new forked asset and for the proceeds to be distributed to the Shareholders. Such a sale will give rise to gain or loss, for U.S. federal income tax purposes, if the amount realized on the sale differs from the value of the new forked asset at the time it was received by the Trust. A hard fork may therefore give rise to additional tax liabilities for Shareholders.

While the IRS has not addressed all situations in which airdrops occur, it is clear from the reasoning of current IRS guidance that it generally would treat an airdrop as a taxable event giving rise to ordinary income. If the Trust were to receive the economic benefit of an airdrop, it would have similar tax consequences to those described above for a hard fork. The Trust intends to disclaim any digital assets received in an airdrop offered to holders of SOL. Therefore, if an airdrop results in holders of SOL receiving a new digital asset of value, the Trust and the Shareholders will not participate in that value. If the Trust were to claim or receive the economic benefit of an airdrop, it may give rise to additional tax liabilities for Shareholders.

To the extent the Delegated Sponsor determines to stake a portion of the Trust's SOL, if the Trust were to receive staking rewards, any such staking rewards received by the Trust is expected to be treated as taxable income and reportable to Shareholders based on the Trust's interpretation of current IRS guidance. The Trust's receipt of amounts received in connection with staking could have implications for investors sensitive to unrelated business taxable income. Such investors should consult their own tax advisers as to the tax consequences from these activities.

**3.8% Medicare Tax on Net Investment Income**

Certain U.S. Shareholders who are individuals are required to pay a 3.8% Medicare tax on the lesser of the excess of their modified adjusted gross income over a threshold amount ($250,000 for married persons filing jointly and $200,000 for single taxpayers) or their "net investment income," which generally includes capital gains from the disposition of property. This tax is in addition to any capital gains taxes due on such investment income. A similar tax applies to estates and trusts. U.S. Shareholders should consult their own tax advisers regarding the effect, if any, this tax may have on their investment in the Shares.

**Brokerage Fees and Trust Expenses**

Any brokerage or other transaction fee incurred by a Shareholder in purchasing Shares will be treated as part of the Shareholder's tax basis in the underlying assets of the Trust. Similarly, any brokerage fee incurred by a Shareholder in selling Shares will reduce the amount realized by the Shareholder with respect to the sale.

Shareholders will be required to recognize the full amount of gain or loss upon a sale or deemed sale of SOL by the Trust (as discussed above), even though some or all of the proceeds of such sale are used by the Delegated Sponsor to pay Trust expenses. Shareholders may deduct their respective pro rata shares of each expense incurred by the Trust to the same extent as if they directly incurred the expense. However, most trust expenses are expected to result in miscellaneous itemized deductions, and noncorporate taxpayers generally are not allowed any deduction with respect to miscellaneous itemized deductions.

**Investment by Certain Retirement Plans**

Individual retirement accounts ("IRAs") and participant-directed accounts under tax-qualified retirement plans are limited in the types of investments they may make under the Code. Potential purchasers of Shares that are IRAs or participant-directed accounts under a Code section 401(a) plan should consult with their own tax advisors as to the tax consequences of a purchase of Shares. To the extent the Delegated Sponsor determines to stake a portion of the Trust's SOL, the Trust's receipt of amounts received in connection with staking could have implications for investors sensitive to unrelated business taxable income.

**United States Information Reporting and Backup Withholding; Tax Return Reporting for Digital Assets**

The Delegated Sponsor will file certain information returns with the IRS, and provide certain tax-related information to Shareholders, in connection with the Trust. To the extent required by applicable regulations, each Shareholder will be provided with information regarding its allocable portion of the Trust's annual income, expenses, gains and losses (if any). A U.S. Shareholder may be subject to United States backup withholding tax in certain circumstances unless it provides its taxpayer identification number and complies with certain certification procedures. Non-U.S. Shareholders may have to comply with certification procedures to establish that they are not a United States person, and some Non-U.S. Shareholders may be required to meet certain information reporting or certification requirements imposed by Code requirements popularly referred to as "FATCA" in order to avoid certain information reporting and withholding tax requirements.

The amount of any backup withholding will be allowed as a credit against a Shareholder's U.S. federal income tax liability and may entitle the Shareholder to a refund, provided that the required information is furnished to the IRS in a timely manner.

Individual U.S. Shareholders will be required to report on their federal income tax return the receipt, acquisition, sale, or exchange of any financial interest in digital assets, which includes a Shareholder's interest in SOL held by the Trust.

**Taxation in Jurisdictions Other Than the United States**

As used herein, the term "non-U.S. Shareholder" means a beneficial owner of a Share for U.S. federal income tax purposes that is not a U.S. Shareholder. The term "non-U.S. Shareholder" does not include (i) a nonresident alien individual who is present in the United States for 183 days or more in a taxable year, (ii) a former U.S. citizen or U.S. resident or an entity that has expatriated from the United States; (iii) a person whose income in respect of Shares is effectively connected with the conduct of a trade or business in the United States; or (iv) an entity that is treated as a partnership for U.S. federal income tax purposes. Shareholders described in the preceding sentence should consult their tax advisers regarding the U.S. federal income tax consequences of owning Shares.

The sourcing rules applicable to staking rewards and forks, airdrops, or similar occurrences are not clear and are continuing to develop. To the extent the Delegated Sponsor determines to stake a portion of the Trust's SOL, amounts received in connection with staking could be subject to U.S. withholding at source if such amounts were treated as arising from sources within the United States. Similarly, if the Trust were to receive and retain IR Virtual Currency arising from a future fork, airdrop or similar occurrence, the ordinary income resulting from such occurrence may be subject to U.S. withholding at source if it were treated as arising from sources within the United States.

A non-U.S. Shareholder generally will not be subject to U.S. federal income or withholding tax with respect to the sale or disposition of SOL at the Trust level or on the disposition of Shares.

Prospective purchasers of Shares that are based in or acting out of a jurisdiction other than the United States are advised to consult their own tax advisers as to the tax consequences under the laws of such jurisdiction (or any other jurisdiction other than the United States in which they are subject to taxation) of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular, as to whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale, redemption or other dealing.

To the extent the Delegated Sponsor determines to stake a portion of the Trust's SOL, the Trust's receipt of amounts received in connection with staking could be subject to U.S. withholdings at source or have implications for investors sensitive to taxable income effectively connected with a U.S. trade or business. Such investors should consult their own tax advisers as to the tax consequences from these activities.

The foregoing is only a general summary of the material U.S. federal income tax consequences associated with the purchase, ownership and disposition of Shares by a U.S. Shareholder. Each prospective Shareholder should consult the Shareholder's own tax advisor concerning the U.S. federal, state, local, and non-U.S. tax considerations relevant to an investment in Shares in the Shareholder's particular tax situation.

**PROSPECTIVE SHAREHOLDERS ARE URGED TO CONSULT THEIR LEGAL AND TAX ADVISERS BEFORE DECIDING WHETHER TO INVEST IN THE SHARES OF THE TRUST.**

**PURCHASES BY EMPLOYEE BENEFIT PLANS**

The Employee Retirement Income Security Act of 1974 ("ERISA") and/or Section 4975 of the Code impose certain requirements on: (i) employee benefit plans and certain other plans and arrangements, including IRAs and annuities, Keogh plans and certain collective investment funds or insurance company general or separate accounts in which such plans or arrangements are invested, that are subject to Title I of ERISA and/or Section 4975 of the Code (collectively, "Plans"); and (ii) persons who are fiduciaries with respect to the investment of assets treated as "plan assets" within the meaning of U.S. Department of Labor (the "DOL") regulation 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA (the "Plan Assets Regulation"), of a Plan ((i) and (ii) collectively, a "Benefit Plan Investor"). Investments by Plans are subject to the fiduciary requirements and the applicability of prohibited transaction restrictions under ERISA and the Code. It is anticipated that the Shares will constitute "publicly-held offered securities" as defined in the Department of Labor Regulations § 2510.3-101(b)(2). Accordingly, Shares purchased by a Plan, and not the Plan's interest in the underlying SOL held in the Trust represented by the Shares, should be treated as assets of the Plan, for purposes of applying the "fiduciary responsibility" and "prohibited transaction" rules of ERISA and the Code.

"Governmental plans" within the meaning of Section 3(32) of ERISA, certain "church plans" within the meaning of Section 3(33) of ERISA and "non-U.S. plans" described in Section 4(b)(4) of ERISA, while not subject to the fiduciary responsibility and prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code, may be subject to any federal, state, local, non-U.S. or other law or regulation that is substantially similar to the foregoing provisions of ERISA and the Code. Fiduciaries of any such plans are advised to consult with their counsel prior to an investment in the Shares.

In contemplating an investment of a portion of Plan assets in the Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account the facts and circumstances of the Plan, the "Risk Factors" discussed above and whether such investment is consistent with its fiduciary responsibilities. The Plan fiduciary should consider, among other issues, whether: (1) the fiduciary has the authority to make the investment under the appropriate governing plan instrument; (2) the investment would constitute a direct or indirect non-exempt prohibited transaction with a "party in interest" or "disqualified person" within the meaning of ERISA and Section 4975 of the Code respectively; (3) the investment is in accordance with the Plan's funding objectives; and (4) such investment is appropriate for the Plan under the general fiduciary standards of investment prudence and diversification, taking into account the overall investment policy of the Plan, the composition of the Plan's investment portfolio and the Plan's need for sufficient liquidity to pay benefits when due. When evaluating the prudence of an investment in the Shares, the Plan fiduciary should consider the DOL's regulation on investment duties, which can be found at 29 C.F.R. § 2550.404a-1.

The Delegated Sponsor or one or more of its affiliates may be a party in interest or a disqualified person with respect to one or more Benefit Plan Investors considering an investment in the Trust. If the Delegated Sponsor's or an affiliate's initial ownership interest is 50% or more of the Trust (as described in "Audit Seed/Initial Seed Creation Investor/Selling Shareholder"), the Trust would be a party in interest to any Benefit Plan Investor with respect to which the Delegated Sponsor or an affiliate is a party in interest or a disqualified person. Therefore, the purchase by any such Benefit Plan Investor in the Trust would be prohibited under ERISA and/or Section 4975 of the Code absent an exemption. Fiduciaries of Benefit Plan Investors should consider whether a purchase of interests constitutes a non-exempt prohibited transaction under ERISA and/or Section 4975 of the Code. Available exemptions from the prohibited transaction rules of ERISA and the Code include PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23, and Section 408(b)(17) of ERISA (and the corresponding provisions of Section 4975(d)(20) of the Code).

By investing, each Plan shall be deemed to acknowledge and agree that: (a) none of the Delegated Sponsor, the Trustees, the SOL Custodians or any of their respective affiliates (the "Transaction Parties") has through this report and related materials provided any investment advice within the meaning of Section 3(21) of ERISA to the Plan in connection with the decision to purchase, acquire, hold or dispose of such Shares; and (b) the information provided in this report and related materials will not make a Transaction Party a fiduciary to the Plan.

It is anticipated that the Shares will constitute "publicly-held offered securities" as defined in Department of Labor Regulations §2510.3-101(b)(2). Accordingly, Shares purchased by a Plan, and not the Plan's interest in the underlying SOL held in the Trust represented by the Shares, should be treated as assets of the Plan, for purposes of applying the "fiduciary responsibility" and "prohibited transaction" rules of ERISA and the Code.

**INFORMATION YOU SHOULD KNOW**

This Prospectus contains information you should consider when making an investment decision about the Shares. You should rely only on the information contained in this Prospectus or any applicable prospectus supplement. Neither the Trust nor the Delegated Sponsor has authorized any person to provide you with different information and, if anyone provides you with different or inconsistent information, you should not rely on it. This Prospectus is not an offer to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted.

The information contained in this Prospectus was obtained from us and other sources we believe to be reliable.

You should disregard anything we said in an earlier document that is inconsistent with what is included in this Prospectus or any applicable prospectus supplement. Where the context requires, when we refer to this "Prospectus," we are referring to this Prospectus and (if applicable) the relevant prospectus supplement.

You should not assume that the information in this Prospectus or any applicable prospectus supplement is current as of any date other than the date on the front page of this Prospectus or the date on the front page of any applicable prospectus supplement.

We include cross references in this Prospectus to captions in these materials where you can find further related discussions. The table of contents tells you where to find these captions.

**SUMMARY OF PROMOTIONAL AND SALES MATERIAL**

The Trust expects to use the following sales material it has prepared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Delegated Sponsor's website, www.morganstanley.com/im; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Trust Fact Sheet found on the Delegated Sponsor's website.

The materials described above are not a part of this Prospectus or the registration statement of which this Prospectus is a part.

**INTELLECTUAL PROPERTY**

The Delegated Sponsor owns trademark registrations for the Trust. The Delegated Sponsor relies upon these trademarks through which it markets its services and strives to build and maintain brand recognition in the market and among current and potential investors. So long as the Delegated Sponsor continues to use these trademarks to identify its services, without challenge from any third party, and properly maintains and renews the trademark registrations under applicable laws, rules and regulations, it will continue to have indefinite protection for these trademarks under current laws, rules and regulations.

The Delegated Sponsor also owns trademark registrations for the Delegated Sponsor. The Delegated Sponsor relies upon these trademarks through which it markets its services and strives to build and maintain brand recognition in the market and among current and potential investors. So long as the Delegated Sponsor continues to use these trademarks to identify its services, without challenge from any third party, and properly maintains and renews the trademark registrations under applicable laws, rules and regulations; it will continue to have indefinite protection for these trademarks under current laws, rules and regulations.

**WHERE YOU CAN FIND MORE INFORMATION**

The Trust has filed a registration statement on Form S-1 with the SEC under the 1933 Act. This Prospectus does not contain all of the information set forth in the registration statement (including the exhibits to the registration statement), parts of which have been omitted in accordance with the rules and regulations of the SEC. For further information about the Trust or the Shares, please refer to the registration statement, which is available online at www.sec.gov.

Information about the Trust and the Shares can also be obtained from the Delegated Sponsor's website, which is www.morganstanley.com/im. The Delegated Sponsor's website address is only provided here as a convenience to you and the information contained on or connected to the website is not part of this Prospectus or the registration statement of which this Prospectus is part. The Trust is subject to the informational requirements of the Exchange Act and will file certain reports and other information with the SEC under the Exchange Act.

The reports and other information are available online at www.sec.gov.

**PRIVACY POLICY**

The Trust and the Delegated Sponsor may collect or have access to certain nonpublic personal information about current and former Shareholders. Nonpublic personal information may include information received from Shareholders, such as a Shareholder's name, social security number and address, as well as information received from brokerage firms about Shareholder holdings and transactions in Shares of the Trust.

The Trust and the Delegated Sponsor do not disclose nonpublic personal information except as required by law or as described in their Privacy Policy. In general, the Trust and the Delegated Sponsor restrict access to the nonpublic personal information they collect about Shareholders to those of their and their affiliates' employees and service providers who need access to such information to provide products and services to Shareholders.

The Trust and the Delegated Sponsor maintain safeguards that comply with federal law to protect Shareholders' nonpublic personal information. These safeguards are reasonably designed to (1) ensure the security and confidentiality of Shareholders' records and information, (2) protect against any anticipated threats or hazards to the security or integrity of Shareholders' records and information, and (3) protect against unauthorized access to or use of Shareholders' records or information that could result in substantial harm or inconvenience to any Shareholder.

Third-party service providers with whom the Trust and the Delegated Sponsor share nonpublic personal information about Shareholders must agree to follow appropriate standards of security and confidentiality, which includes safeguarding such nonpublic personal information physically, electronically and procedurally.

A copy of the Delegated Sponsor's current Privacy Policy, which is applicable to the Trust, is provided to Shareholders annually and is also available at https://www.morganstanley.com/disclosures/us-privacy-policy-and-notice. The website address is only provided here as a convenience to you and the information contained on or connected to the website is not part of this Prospectus or the registration statement of which this Prospectus is part.

 **Report of Independent Registered Public Accounting Firm**

To the Shareholder of Morgan Stanley Solana Trust

 **Opinion on the Financial Statement**

We have audited the accompanying statement of assets and liabilities of Morgan Stanley Solana Trust (the "Trust") as of June 15, 2026, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Trust at June 15, 2026, in conformity with U.S. generally accepted accounting principles.

 **Basis for Opinion**

This financial statement is the responsibility of the Trust's management. Our responsibility is to express an opinion on the Trust's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

![](tm2534148d4_s1aimg001.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

New York, New York

June 18, 2026

**Morgan Stanley Solana Trust**

**Statement of Assets and Liabilities**

---

| | |
|:---|:---|
|  | June 15, 2026 |
| **ASSETS** |  |
| Cash | $100 |
| &nbsp;&nbsp;&nbsp; Total Assets | 100 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** |  |
| Commitments and Contingent Liabilities (Note 6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $100 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in Capital | $100 |
| Shares Outstanding, held by the Delegated Sponsor (unlimited amount authorized, no par value) | 5 |
| Net Asset Value per Share | $20.00 |

---

The accompanying notes are an integral part of this financial statement.

 

 

**Morgan Stanley Solana Trust**

**Notes to Financial Statement** 

 ****

**1. Organization**

The Morgan Stanley Solana Trust (the "Trust") was organized on December 16, 2025, as a Delaware Statutory Trust. The Trust is sponsored by Morgan Stanley Investment Management Inc. (the "Delegated Sponsor"), a wholly owned subsidiary of Morgan Stanley.

CSC Delaware Trust Company, a Delaware trust company (the "DE Trustee"), acts as the DE Trustee of the Trust for the purpose of creating a Delaware statutory trust in accordance with the Delaware Statutory Trust Act ("DSTA"). The DE Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the DSTA that the Trust have at least one trustee with a principal place of business in the State of Delaware.

Pursuant to a Delegated Sponsor Agreement dated June 17, 2026 (the "Delegated Sponsor Agreement"), among the Trust, the Delegated Sponsor and AGS Trustees Limited (the "Cayman Trustee"), the Trust pays the Delegated Sponsor a unitary fee (the "Delegated Sponsor Fee") accrued daily at an annualized rate of 0.14% of the net asset value of the Trust and payable monthly in arrears, in consideration for which the Delegated Sponsor assumes and pays all ordinary operating expenses of the Trust. The Cayman Trustee has also delegated substantially all of its day-to-day management and operational duties with respect to the Trust to the Delegated Sponsor pursuant to (i) a Trustee Services Agreement dated March 25, 2026, as amended and (ii) a Delegation of Trustee Duties Agreement dated March 25, 2026, as amended (together, the "Appleby Agreements").

The Bank of New York Mellon ("BNY") serves as the Trust's administrator and cash custodian (the "Administrator" or the "Cash Custodian").

**2. Summary of Significant Accounting Policies** 

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statement. The financial statement has been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Trust is an investment company and follows the specialized accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC" or "Codification") Topic 946, Financial Services—Investment Companies. Rules and interpretive releases of the Securities and Exchange Commission ("SEC") under authority of federal laws are also sources of authoritative GAAP for SEC registrants.

**A. Use of Estimates**. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.

**B. Cash.** Cash includes non-interest bearing non-restricted cash with one financial institution.

**C. Income Taxes.** The Trust is classified as a "grantor trust" for United States federal income tax purposes. As a result, the Trust itself will not be subject to United States federal income tax. Instead, the Trust's income and expenses will "flow through" to the shareholders. Consequently, each sale of SOL by the Trust would constitute a taxable event to shareholders.

**3. Indemnifications** 

The Delegated Sponsor has agreed to indemnify, defend and hold harmless the DE Trustee and its officers, employees and agents from and against any losses, damages, liabilities, claims, actions, suits, costs, expenses, disbursements (including the reasonable fees and expenses of counsel), taxes and penalties of any kind arising out of or in connection with the performance of the Trust Agreement, the creation, operation, administration or termination of the Trust, or the transactions contemplated thereby, except to the extent resulting from the willful misconduct, bad faith or gross negligence of the indemnified party.

In addition, in the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses.

**4. Expenses, Organization and Offering Costs**

The Trust will pay the unitary Delegated Sponsor Fee which is accrued daily at an annualized rate of 0.14% of the net asset value of the Trust. The Delegated Sponsor Fee is paid by the Trust to the Delegated Sponsor as compensation for services performed under the Trust Agreement. The Delegated Sponsor will pay all the organizational and offering costs of the Trust.

**5. Beneficial Ownership**

As of June 15, 2026, the Delegated Sponsor owned 100% of the outstanding shares of beneficial interests of the Trust. The Trust had no operations to date other than matters relating to its organization and registration under the Securities Act of 1933, as amended, and the sale and issuance of 5 common shares of beneficial interest for $100 ($20.00 per share) on June 15, 2026. Proceeds from the issuance of these shares were held in cash as presented on the Trust's statement of assets and liabilities.

**6. Commitments and Contingent Liabilities**

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses, as disclosed in Note 3, Indemnifications. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust which cannot be predicted with any certainty.

**7. Subsequent Events**

In preparation of this financial statement, management has evaluated the events and transactions subsequent to June 15, 2026, through June 18, 2026, the date when the financial statement was issued, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Trust's financial statement other than those disclosed above.

**APPENDIX A**

**GLOSSARY OF DEFINED TERMS**

In this Prospectus, each of the following terms have the meanings set forth after such term:

"1933 Act": The Securities Act of 1933, as amended.

"1940 Act": Investment Company Act of 1940, as amended.

"2022 Events": Collectively, a reference to the following events: In the first half of 2022, Celsius Network, Voyager Digital Ltd., and Three Arrows Capital declaring bankruptcy; In November 2022, FTX halted customer withdrawals after corroborated rumors involving liquidity issues and likely insolvency; the resignation of FTX's CEO and many of its affiliates filing for bankruptcy in the United States and abroad following which the U.S. Department of Justice brought criminal fraud and other charges; the SEC and CFTC bringing civil securities and commodities fraud charges against certain of FTX's and its affiliates' senior executives, including its former CEO, who was found guilty of these criminal charges; and, several other entities in the digital asset industry filed for bankruptcy following FTX's bankruptcy filing, such as BlockFi Inc. and Gensis Global Capital, LLC.

"Accepted Asset": A digital asset that is a fully reserve backed digital token, commonly referred to as a "stablecoin," that seeks to peg its value to that of the quote asset, where the issuer operates a 1:1 redemption facility and solely holds reserve assets that are in line with the prevailing regulations enforced for government security money market funds in major jurisdictions such as the United States, United Kingdom and European Union.

"Additional Trust Expenses": Certain extraordinary, non-recurring expenses that are not Sponsor-paid Expenses, which the Delegated Sponsor does not assume, including, but not limited to, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Delegated Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders, any indemnification of the SOL Custodians, Administrator or other agents, service providers or counterparties of the Trust and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters.

"Administrator": The Bank of New York Mellon.

"Advisers Act": The Investment Advisers Act of 1940.

"API": Application Programming Interface.

"Appleby Agreements": The Trustee Services Agreement together with the Delegation Agreement.

"Article 8": Article 8 of the New York Uniform Commercial Code.

"ASC": Accounting Standards Codification.

"ASC 820-10": Accounting Standards Codification 820-10, Fair Value Measurements and Disclosures

"AUL": Authorized User List.

"Authorized Amount": An amount to be determined, on a daily basis, based on the Lender's sole discretion considering factors including, but not limited to, availability of financing and credit due diligence of the Trust.

"Authorized Participant": One that purchases or redeems Baskets from or to the Trust.

"Available Balance": The then-current amount available to the Trust to place orders.

"Basket": A block of 10,000 Shares used by the Trust to issue or redeem Shares.

"Basket Deposit": The total deposit required to create each Basket.

"Benchmark Provider": CoinDesk Indices, Inc.

"Binance": Binance Holdings Ltd.

"Binance Complaint": A June 2023 complaint brought by the SEC against Binance alleging violations of a variety of securities laws.

"Blockchain" or "Solana blockchain": The public transaction ledger of the Solana network on which validators or validating pools solve algorithmic equations allowing them to add records of recent transactions (called "blocks") to the chain of transactions in exchange for an award of Solana from the Solana network and the payment of transaction fees, if any, from users whose transactions are recorded in the block being added.

"BNY": The Bank of New York Mellon.

"BSA": The U.S. Bank Secrecy Act.

"Business Day": Any day other than a day when the Exchange is closed for regular trading.

"Cash Custodian": The Bank of New York Mellon.

"Cash Custody Agreement": An agreement entered into with the Delegated Sponsor, on behalf of the Trust, and the Cash Custodian stating that the Cash Custodian will establish and maintain cash account(s) for the trust, and, upon instructions from the Delegated Sponsor acting on behalf of the Trust, facilitate cash transfers and cash payments from the Trust's account(s).

"Cayman Trustee": AGS Trustees Limited.

"CBDCs": Central bank digital currencies.

"CDS": Cross-Domain Security.

"CEA": Commodity Exchange Act of 1936, as amended.

"CFPB": The U.S. Consumer Financial Protection Bureau.

"CFTC": Commodity Futures Trading Commission, an independent agency with the mandate to regulate commodity futures and options in the United States.

"CME": Chicago Mercantile Exchange.

"Code": Internal Revenue Code of 1986, as amended.

"Coinbase Complaint": A June 2023 complaint brought by the SEC against Coinbase alleging violations of a variety of securities laws.

"Coinbase Custodian": Coinbase Custody Trust Company, LLC.

"Cold Vault Balance": The substantial portion of the private keys associated with the Trust's SOL kept by the SOL Custodians in "cold storage" or similarly secure technology.

"Connected Trading Venue": Third-party exchanges or other trading venues (including the trading venue operated by the Prime Broker).

"Constituent Exchanges": An aggregation of executed trade flow of major Solana trading platforms.

"Creation Basket Deposit": The total deposit required to create each Basket.

"Custodial Services Agreements": The agreements between the SOL Custodians and the Staking Services Providers pursuant to which the Staking Services Providers will stake the Trust's SOL

"DApps": Decentralized applications.

"DE Trustee": CSC Delaware Trust Company.

"DeFi": Decentralized financial services.

"Delegated Sponsor": Morgan Stanley Investment Management Inc., a Delaware corporation.

"Delegated Sponsor Fee": The fee paid by the Trust to the Delegated Sponsor as compensation for services performed under the Trust Agreement.

"Delegation Agreement": The Delegation of Trustee Duties Agreement dated March 25, 2026.

"DFPI": California Department of Financial Protection and Innovation.

"DOL": U.S. Department of Labor.

"DSTA": The Delaware Statutory Trust Act.

"DTC": The Depository Trust Company. DTC will act as the securities depository for the Shares.

"DTC Participant": An entity that has an account with DTC.

"ECASH Act": The Electronic Currency and Secure Hardware Act.

"ERISA": Employee Retirement Income Security Act of 1974.

"Exchange": NYSE Arca, Inc.

"Exchange Act": The Securities Exchange Act of 1934, as amended.

"Expenses": Any and all losses, claims, taxes, damages, reasonable expenses, and liabilities (including liabilities under State or federal securities laws) of any kind and nature whatsoever.

"FASB": Financial Accounting Standards Board.

"FDIC" Federal Deposit Insurance Corporation.

"Financing Fee": The fee on Trade Credits.

"FinCEN": The Financial Crimes Enforcement Network.

"FINRA": Financial Industry Regulatory Authority, formerly the National Association of Securities Dealers.

"FIT21": Financial Innovation and Technology for the 21<sup>st</sup> Century Act.

"FTX": FTX Trading Ltd.

"GAAP": U.S. generally accepted accounting principles.

"Genesis": Genesis Global Capital, LLC.

"HSMs": Hardware Security Modules.

"ICO": An initial coin offering.

"IIV": Intraday Indicative Value.

"Incidental Rights": Rights to acquire, or otherwise establish dominion and control over, any virtual currency or other asset or right, which rights are incident to the Trust's ownership of SOL and arise without any action of the Trust, or of the Delegated Sponsor on behalf of the Trust.

"Indemnified Person": The DE Trustee or any officer, affiliate, director, employee, or agent of the DE Trustee.

"Indirect Participants": Banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly.

"Initial Seed Creation Baskets": Initial seed creation baskets comprising 50,000 Shares.

"Initial Seed Creation Investor": Morgan Stanley Investment Management Inc.

"IRAs": Individual retirement accounts.

"IRS": U.S. Internal Revenue Service.

"IR Virtual Currency": Virtual currency tokens, or other assets or rights, acquired by the Trust through the exercise (subject to the applicable provisions of the Trust Agreement) of any Incidental Right.

"JOBS Act": The Jumpstart Our Business Startups Act of 2012.

"KYT": Know Your Transaction.

"Lender": Coinbase Credit, Inc.

"Liquidating Trustee": Such person as the majority in interest of the beneficial owners of the Trust may propose and approve that shall take full charge of the property of the Trust.

"Marketing Agent": Foreside Fund Services, LLC.

"Marketing Fee": The fee payable to the Marketing Agent for services it provides to the Trust, if applicable.

"McHenry Bill": The Clarity for Payment Stablecoins Act of 2023, as introduced by House Finance Committee Chair Patrick McHenry which would make it unlawful for any entity other than a permitted payment stablecoin issuer to issue a payment stablecoin.

"MPC": Multi-Party Computation.

"NAV": Net asset value of the Trust.

"NAV per Share": NAV per Share outstanding.

"NBMMs": Non-bank market makers.

"NFTs": Non-fungible tokens.

"NYDFS": The New York State Department of Financial Services.

"OFAC": The Office of Foreign Assets Control of the U.S. Treasury Department.

"OTC": Over the counter.

"PCAOB": The Public Company Accounting Oversight Board.

"Plan Assets Regulation": Regulation 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA.

"Plans": The Employee Retirement Income Security Act of 1974 and/or Section 4975 of the Code.

"PoH": Proof-of-history timestamping mechanism.

"Pricing Benchmark": The performance of CoinDesk Solana Benchmark 4PM NY Settlement Rate, adjusted for the Trust's expenses and other liabilities.

"Pricing Benchmark Licensing Agreement": The licensing agreement between the Delegated Sponsor and the Benchmark Provider relating to the use of the Pricing Benchmark by the Delegated Sponsor and its permitted affiliates.

"Prime Broker": Coinbase, Inc.

"Principal Market NAV": Net asset value of the Trust determined on a GAAP basis.

"Principal Market NAV per Share": Net asset value of the Trust per Share determined on a GAAP basis.

"Redemption Order Date": The date a redemption order is received in satisfactory form by the Marketing Agent.

"Register": The record of all Shareholders and holders of the Shares in certificated form kept by the Administrator.

"Relevant Pair": A market that facilitates the spot trading of the relevant digital asset against the corresponding digital asset or legal tender pair, including markets where the digital asset or legal tender pair is made fungible with Accepted Assets.

"Relevant Transaction": Any digital asset base asset versus the quote asset spot trade that occurs during the TWAP Period on a Constituent Exchange in the Relevant Pair that is reported through its API to the Benchmark Provider.

"SEC": The U.S. Securities and Exchange Commission.

"Selling Shareholder": The Initial Seed Creation Investor in its capacity as a seller of some or all of the Shares pursuant to the registration statement that this Prospectus forms a part.

"Settlement Deadline": The Trust must generally repay Trade Credits by 6:00 p.m. ET on the calendar day immediately following the day the Trade Credit was extended by the Lender to the Trust.

"Shareholders": Holders of Shares.

"Shares": Common shares representing fractional undivided beneficial interests in the Trust.

"SIPC": Securities Investor Protection Corporation.

"SOC": Systems and Organizational Control.

"Solana": Is a system for decentralized digital value exchange that is designed to enable units of SOL to be transferred across borders without the need for currency conversion. SOL is not legal tender. The supply of SOL is not determined by a central government, but rather by an open-source software program that limits both the total amount of SOL that will be produced and the rate at which it is released into the network. The responsibility for maintaining the official ledger of who owns what SOL and for validating new SOL transactions is not entrusted to any single central entity. Instead, it is distributed among the network's participants.

"SOL Account": An account, opened by one of the SOL Custodians, that holds the Trust's SOL.

"SOL Counterparty": Designated third party, who is not an Authorized Participant but who may be an affiliate of an Authorized Participant, or the Prime Broker or Lender, as applicable, with whom the Delegated Sponsor has entered into an agreement on behalf of the Trust, that will, acting as a counterparty, deliver, receive or convert to U.S. dollars the SOL related to the Authorized Participant's creation or redemption order.

"SOL Custodians": The Bank of New York Mellon and Coinbase Custody Trust Company, LLC.

"Sponsor Indemnified Party": The Delegated Sponsor and its Shareholders, members, directors, officers, employees, affiliates and subsidiaries.

"Sponsor-paid Expense(s)": The fees and other expenses incurred by the Trust in the ordinary course of its affairs, which the Delegated Sponsor assumes and pays, excluding taxes, but including (i) the Marketing Fee, (ii) fees to the Administrator, if any, (iii) fees to the SOL Custodians, (iv) fees to the Transfer Agent, (v) fees to the Trust's DE Trustee and Cayman Trustee, (vi) the fees and expenses related to the initial listing of Shares on the Exchange, (vii) the fees and expenses related to any listing, trading or quotation of the Shares on any future listing exchange or quotation system (including legal, marketing and audit fees and expenses), (viii) ordinary course legal fees and expenses but not litigation-related expenses, (ix) audit fees, (x) regulatory fees, including if applicable any fees relating to the registration of the Shares under the 1933 Act or the Exchange Act, (xi) printing and mailing costs; (xii) costs of maintaining the Delegated Sponsor's website and (xiii) applicable license fees, provided that any expense that qualifies as an Additional Trust Expense will be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense. The Trust will be responsible for SOL-related on-chain transaction fees associated with creation and redemption transactions, and the Delegated Sponsor will assume such expenses of the Trust in consideration for the Delegated Sponsor Fee.

"Staking Activities": The process by which third parties engaged by the Delegated Sponsor stake a portion of the Trust's SOL.

"Staked Assets": The Trust's SOL that the Delegated Sponsor instructs the SOL Custodians to stake.

"Staking Fee": The Aggregate percentage of staking rewards expected to be received by the SOL Custodians and the Staking Services Providers.

"Staking Provider Consideration": Compensation determined as a portion of the staking rewards provided to each Staking Services Provider that generates staking rewards.

"Staking Services Agreement": An agreement between a SOL Custodian and a Staking Services Provider pursuant to which the Staking Services Provider will stake the Trust's SOL.

"Staking Services Provider": A third party engaged by the Delegated Sponsor to engage in Staking Activities.

"SVB": Silicon Valley Bank.

"Trade Credit": SOL or cash the Trust may borrow from the Lender on a short-term basis to avoid having to pre-fund the Trust's Trading Balance.

"Trade Financing Agreement": An agreement with Coinbase Credit, Inc. pursuant to which the Trust may borrow SOL or cash as trade credit from the Lender on a short-term basis to avoid having to pre-fund the Trust's Trading Balance.

"Trading Balance": A trading balance maintained by the Prime Broker or a SOL Counterparty where portions of the Trust's SOL temporarily may be held outside of cold storage, including in circumstances in which it is necessary in connection with creations or redemptions of Baskets, to sell SOL to pay Trust expenses or make staking-related distributions to Shareholders.

"Trading Platform": The Prime Broker's execution platform.

"Transaction Parties": The Delegated Sponsor, the Trustees, the SOL Custodians or any of their respective affiliates.

"Transfer Agent": The Bank of New York Mellon.

"Trust": Morgan Stanley Solana Trust.

"Trust Agreement": The Amended and Restated Trust Agreement of Morgan Stanley Solana Trust.

"Trust Estate": All of the SOL on deposit in the Custody Account and proceeds from the sale of SOL, as well as any other rights of the Trust pursuant to any agreements, other than the Trust Agreement, to which the Trust is a party.

"Trustee Services Agreement": The Trustee Services Agreement dated March 25, 2026.

"Trustees": CSC Delaware Trust Company and AGS Trustees Limited.

"TWAP Period": The 60 minutes leading up to 4:00 p.m. London time.

"U.S. Treasury Department": U.S. Department of the Treasury.

"Utilization Rate": A target range for the portion of assets staked, which is set by the Delegated Sponsor and which is based on factors including lock-up periods, historical and stressed redemption activity, Trust size, staking services provider reliability, secondary market liquidity, and broader market conditions.

"Validator Keys": The set of public-private validator keys that each Staking Services Provider generates relating to the Trust's Staked Assets.

"Validation Activities": Validation activities which maintain the security and integrity of the Solana network's blockchain, verify transactions and add new blocks.

"You": The owner or holder of Shares.

**Morgan Stanley Solana Trust**

**SHARES**

**PROSPECTUS**

**[·]**

Until 25 calendar days after the date of this Prospectus, all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a Prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

**PART II<br> INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 13. Other Expenses of Issuance and Distribution.**

The Trust shall not bear any expenses incurred in connection with the issuance and distribution of the securities being registered. These expenses shall be paid by Morgan Stanley Investment Management Inc., the delegated sponsor of the Trust. Set forth below is an estimate (except as indicated) of these fees and expenses.

---

| | |
|:---|:---|
| SEC registration fee | $† |
| Listing fee (actual) | $10000 |
| Auditor's fees and expenses | $8500 |
| Legal fees and expenses | $200000 |
| Printing expenses | $38000 |
| Miscellaneous expenses | $200 |
| Total | $256700 |

---

† The Registrant notes that an indeterminate amount of securities
 are being registered to be offered or sold and that the filing fee will be calculated and
 paid in accordance with Rule 456(d) and Rule 457(u).

**Item 14. *Indemnification of Directors and Officers*.**

The Trust Agreement provides that the Delegated Sponsor and its Shareholders, members, directors, officers, employees, Affiliates and subsidiaries (each a "Sponsor Indemnified Party") shall be indemnified by the Trust and held harmless against any loss, liability or expense incurred under the Trust Agreement without gross negligence, bad faith, or willful misconduct on the part of such Sponsor Indemnified Party arising out of or in connection with the performance of its obligations hereunder or any actions taken in accordance with the provisions of the Trust Agreement. Any amounts payable to a Sponsor Indemnified Party under the Trust Agreement may be payable in advance or will be secured by a lien on the Trust. The Delegated Sponsor will not be under any obligation to appear in, prosecute or defend any legal action that in its opinion may involve it in any expense or liability; provided, however, that the Delegated Sponsor may, in its discretion, undertake any action that it may deem necessary or desirable in respect of the Trust Agreement and the rights and duties of the parties hereto and the interests of the Shareholders and, in such event, the legal expenses and costs of any such action will be expenses and costs of the Trust and the Delegated Sponsor will be entitled to be reimbursed therefor by the Trust. The obligations of the Trust to indemnify the Sponsor Indemnified Parties will survive the termination of the Trust Agreement.

**Item 15. *Recent Sales of Unregistered Securities*.**

On June 15, 2026, the registrant issued 5 Shares to Morgan Stanley Investment Management Inc., the sponsor of the registrant, for total consideration of $100.00 in a private placement exempt from registration in reliance on Section 4(a)(2) of the 1933 Act in a transaction by an issuer not involving a public offering.

**Item 16. *Exhibits and Financial Statement Schedules*.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Exhibits.**

---

| |
|:---|
| **Exhibit No.** |
| [3.1](http://www.sec.gov/Archives/edgar/data/2103547/000110465926000988/tm2534148d1_ex3-1.htm) [Trust Agreement<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/2103547/000110465926000988/tm2534148d1_ex3-1.htm) |
| [3.2](tm2534148d4_ex3-2.htm) [Amended and Restated Trust Agreement<sup>(2)</sup>](tm2534148d4_ex3-2.htm) |
| [3.3](https://www.sec.gov/Archives/edgar/data/2103547/000110465926000988/tm2534148d1_ex3-3.htm) [Certificate of Trust<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2103547/000110465926000988/tm2534148d1_ex3-3.htm) |
| [3.4](tm2534148d4_ex3-4.htm) [Trustee Services Agreement<sup>(2)</sup>](tm2534148d4_ex3-4.htm) |
| [3.5](tm2534148d4_ex3-5.htm) [Delegation of Trustee Duties Agreement<sup>(2)</sup>](tm2534148d4_ex3-5.htm) |
| [5.1](tm2534148d4_ex5-1.htm) [Opinion of Dechert LLP as to legality<sup>(2)</sup>](tm2534148d4_ex5-1.htm) |
| [8.1](tm2534148d4_ex8-1.htm) [Tax Opinion of Dechert LLP<sup>(2)</sup>](tm2534148d4_ex8-1.htm) |
| [10.1](tm2534148d4_ex10-1.htm) [Delegated Sponsor Agreement<sup>(2)</sup>](tm2534148d4_ex10-1.htm) |

---

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit Description** |
| [10.2](tm2534148d4_ex10-2.htm) | [Form of Authorized Participant Agreement<sup>(2)</sup>](tm2534148d4_ex10-2.htm) |
| [10.3](tm2534148d4_ex10-3.htm) | [Form of Coinbase Prime Broker Agreement<sup>(2)</sup>](tm2534148d4_ex10-3.htm) |
| [10.4](tm2534148d4_ex10-3.htm#z_002) | [Form of Coinbase Custodial Services Agreement (included as Exhibit A to Form of Coinbase Prime Broker Agreement)<sup>(2)</sup>](tm2534148d4_ex10-3.htm#z_002) |
| [10.5](tm2534148d4_ex10-5.htm) | [Form of Fund Administration and Accounting Agreement<sup>(2)</sup>](tm2534148d4_ex10-5.htm) |
| [10.6](tm2534148d4_ex10-6.htm) | [Form of Transfer Agency and Service Agreement<sup>(2)</sup>](tm2534148d4_ex10-6.htm) |
| [10.7](tm2534148d4_ex10-7.htm) | [Form of CoinDesk Indices Master License Agreement<sup>(2)</sup>](tm2534148d4_ex10-7.htm) |
| [10.8](tm2534148d4_ex10-8.htm) | [Form of Marketing Agent Agreement<sup>(2)</sup>](tm2534148d4_ex10-8.htm) |
| [10.9](tm2534148d4_ex10-9.htm) | [Form of BNY Cash Custody Agreement<sup>(2)</sup>](tm2534148d4_ex10-9.htm) |
| [10.10](tm2534148d4_ex10-10.htm) | [Audit Seed Subscription Agreement<sup>(2)</sup>](tm2534148d4_ex10-10.htm) |
| [10.11](tm2534148d4_ex10-11.htm) | [BNY Digital Assets Custody Agreement<sup>(2)</sup>](tm2534148d4_ex10-11.htm) |
| [10.12](tm2534148d4_ex10-12.htm) | [Form of Coinbase Trade Finance Agreement](tm2534148d4_ex10-12.htm) |
| [14.1](tm2534148d4_ex14-1.htm) | [Code of Ethics<sup>(2)</sup>](tm2534148d4_ex14-1.htm) |
| [23.1](tm2534148d4_ex23-1.htm) | [Consent of Independent Registered Public Accounting Firm<sup>(2)</sup>](tm2534148d4_ex23-1.htm) |
| [23.2](tm2534148d4_ex5-1.htm) | [Consent of Dechert LLP (included in Exhibit 5.1)<sup>(2)</sup>](tm2534148d4_ex5-1.htm) |
| [23.3](tm2534148d4_ex8-1.htm) | [Consent of Dechert LLP (included in Exhibit 8.1)<sup>(2)</sup>](tm2534148d4_ex8-1.htm) |
| [107](https://www.sec.gov/Archives/edgar/data/2103547/000110465926000988/tm2534148d1_ex-filingfees.htm) | [Filing Fee Table<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2103547/000110465926000988/tm2534148d1_ex-filingfees.htm) |

---

(1) Previously filed.

(2) Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules.

Not applicable.

**Item 17. *Undertakings*.**

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers
 or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by section
 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts
 or events arising after the effective date of the registration statement (or the most recent
 post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental
 change in the information set forth in the registration statement. Notwithstanding the foregoing,
 any increase or decrease in volume of securities offered (if the total dollar value of securities
 offered would not exceed that which was registered) and any deviation from the low or high
 end of the estimated maximum offering range may be reflected in the form of prospectus filed
 with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume
 and price represent no more than 20% change in the maximum aggregate offering price set forth
 in the "Calculation of Registration Fee" table in the effective registration
 statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with
 respect to the plan of distribution not previously disclosed in the registration statement
 or any material change to such information in the registration statement;

Provided, however, that:

Paragraphs (1)(i), (ii), and (iii) of this section do not apply if the registration statement is on Form S-1 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any
 liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
 to be a new registration statement relating to the securities offered therein, and the offering
 of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of
 a post-effective amendment any of the securities being registered which remain unsold at
 the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability
 under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the registrant is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each prospectus filed by the registrant
 pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement
 as of the date the filed prospectus was deemed part of and included in the registration statement;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each prospectus required to be filed pursuant
 to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
 on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii),
 or (x) for the purpose of providing the information required by section 10(a) of
 the Securities Act of 1933 shall be deemed to be part of and included in the registration
 statement as of the earlier of the date such form of prospectus is first used after effectiveness
 or the date of the first contract of sale of securities in the offering described in the
 prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person
 that is at that date an underwriter, such date shall be deemed to be a new effective date
 of the registration statement relating to the securities in the registration statement to
 which that prospectus relates, and the offering of such securities at that time shall be
 deemed to be the initial bona fide offering thereof. Provided, however, that no statement
 made in a registration statement or prospectus that is part of the registration statement
 or made in a document incorporated or deemed incorporated by reference into the registration
 statement or prospectus that is part of the registration statement will, as to a purchaser
 with a time of contract of sale prior to such effective date, supersede or modify any statement
 that was made in the registration statement or prospectus that was part of the registration
 statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the registrant is subject to Rule 430C,
 each prospectus filed pursuant to Rule 424(b) as part of a registration statement
 relating to an offering, other than registration statements relying on Rule 430B or
 other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of
 and included in the registration statement as of the date it is first used after effectiveness.
 Provided, however, that no statement made in a registration statement or prospectus that
 is part of the registration statement or made in a document incorporated or deemed incorporated
 by reference into the registration statement or prospectus that is part of the registration
 statement will, as to a purchaser with a time of contract of sale prior to such first use,
 supersede or modify any statement that was made in the registration statement or prospectus
 that was part of the registration statement or made in any such document immediately prior
 to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability
 of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution
 of the securities:

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any preliminary prospectus or prospectus
 of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any free writing prospectus relating to
 the offering prepared by or on behalf of the undersigned registrant or used or referred to
 by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the portion of any other free writing
 prospectus relating to the offering containing material information about the undersigned
 registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other communication that is an offer
 in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Insofar as indemnification for liabilities
 arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
 persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant
 has been advised that in the opinion of the Securities and Exchange Commission such indemnification
 is against public policy as expressed in the Act and is, therefore, unenforceable. In the
 event that a claim for indemnification against such liabilities (other than the payment by
 the registrant of expenses incurred or paid by a director, officer or controlling person
 of the registrant in the successful defense of any action, suit or proceeding) is asserted
 by such director, officer or controlling person in connection with the securities being registered,
 the registrant will, unless in the opinion of its counsel the matter has been settled by
 controlling precedent, submit to a court of appropriate jurisdiction the question whether
 such indemnification by it is against public policy as expressed in the Act and will be governed
 by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of New York, and the State of New York, on June 18, 2026.

---

| | |
|:---|:---|
| **Morgan Stanley Solana Trust** | **Morgan Stanley Solana Trust** |
| Morgan Stanley Investment Management Inc., as the Delegated Sponsor of the Trust | Morgan Stanley Investment Management Inc., as the Delegated Sponsor of the Trust |
| By: | */s/ Scott Steel* |
| Name: | Scott Steel |
| Title\*: | Managing Director |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been *signed* by the following persons in the capacities\* and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title\*** | **Date** |
| */s/ Scott Steel* | Managing Director | June 18, 2026 |
| Scott Steel | (Principal Executive Officer) |  |
| */s/ James Kirchner* | Managing Director | June 18, 2026 |
| James Kirchner | (Principal Finance Officer) |  |

---

\* The registrant is a trust and the persons are signing in their capacities as officers of Morgan Stanley Investment Management Inc., the Delegated Sponsor of the registrant.

## Exhibit 3.2

**Exhibit 3.2**

**AMENDED AND RESTATED TRUST AGREEMENT**

**OF**

**MORGAN STANLEY SOLANA TRUST**

**Dated as of June 10, 2026**

**By and Between**

**AGS TRUSTEES LIMITED**

**and**

**CSC DELAWARE TRUST COMPANY**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| ARTICLE I DEFINITIONS; THE TRUST | ARTICLE I DEFINITIONS; THE TRUST | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 1.01.** | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 1.02.** | Name | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 1.03.** | Trustees; Offices | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 1.04.** | Declaration of Trust | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 1.05.** | Purposes and Powers | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 1.06.** | Assets of the Trust | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 1.07.** | Tax Treatment | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 1.08.** | Legal Title | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 1.09.** | Assets of the Trust | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 1.10.** | Liabilities of the Trust | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 1.11.** | General Prohibitions | 7 |
| ARTICLE II SHARES; CAPITAL CONTRIBUTIONS | ARTICLE II SHARES; CAPITAL CONTRIBUTIONS | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 2.01.** | General | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 2.02.** | Book-Entry-Only System | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 2.03.** | Distributions | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 2.04.** | Voting Rights | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 2.05.** | Equality | 8 |
| ARTICLE III CREATIONS AND REDEMPTIONS | ARTICLE III CREATIONS AND REDEMPTIONS | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 3.01.** | Procedures for Creation and Issuance of Creation Baskets | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 3.02.** | Alternate Procedures | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 3.03.** | Redemption of Redemption Baskets | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 3.04.** | Other Redemption Procedures | 12 |
| ARTICLE IV TRANSFERS OF SHARES | ARTICLE IV TRANSFERS OF SHARES | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 4.01.** | Transfer of Shares | 12 |
| ARTICLE V THE DE TRUSTEE | ARTICLE V THE DE TRUSTEE | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 5.01.** | Term; Resignation; Removal; Successor Trustee | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 5.02.** | Powers | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 5.03.** | Compensation and Expenses of the DE Trustee | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 5.04.** | Indemnification | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 5.05.** | Successor Trustee | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 5.06.** | Liability of DE Trustee | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 5.07.** | Reliance; Advice of Counsel | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 5.08.** | Payments to the DE Trustee | 18 |
| ARTICLE VI THE Cayman Trustee; DELEGATED SPONSOR | ARTICLE VI THE Cayman Trustee; DELEGATED SPONSOR | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 6.01.** | Term | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 6.02.** | Management of the Trust | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 6.03.** | Authority of the Cayman Trustee | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 6.04.** | Obligations of the Cayman Trustee | 20 |

---

i

**TABLE OF CONTENTS** (continued)

---

| | | |
|:---|:---|:---|
|  |  | Page |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 6.05.** | Delegated Sponsor | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 6.06.** | Liability of Covered Persons | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 6.07.** | Fiduciary Duty | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 6.08.** | Indemnification of the Cayman Trustee | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 6.09.** | Expenses and Limitations Thereon | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 6.10.** | Voluntary Withdrawal of the Cayman Trustee | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 6.11.** | Litigation | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 6.12.** | Ownership of Cayman Trustee; Insolvency of Cayman Trustee | 26 |
| ARTICLE VII SHAREHOLDERS | ARTICLE VII SHAREHOLDERS | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 7.01.** | No Management or Control by Shareholders; Limited Liability; Exercise of Rights through an Authorized Participant | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 7.02.** | Rights and Duties | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 7.03.** | Limitation of Liability | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 7.04.** | Derivative Actions | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 7.05.** | Appointment of Agents | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 7.06.** | Business of Shareholders | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 7.07.** | Authorization of Offering Materials | 28 |
| ARTICLE VIII BOOKS OF ACCOUNT AND REPORTS | ARTICLE VIII BOOKS OF ACCOUNT AND REPORTS | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 8.01.** | Books of Account | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 8.02.** | Quarterly Updates, Annual Updates and Account Statements | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 8.03.** | Tax Information | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 8.04.** | Calculation of NAV and NAV per Share | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 8.05.** | Calculation of Principal Market NAV and Principal Market NAV per Share | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 8.06.** | Maintenance of Records | 30 |
| ARTICLE IX FISCAL YEAR | ARTICLE IX FISCAL YEAR | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 9.01.** | Fiscal Year | 30 |

---

---

| | | |
|:---|:---|:---|
| ARTICLE X AMENDMENT OF TRUST AGREEMENT; MEETINGS | ARTICLE X AMENDMENT OF TRUST AGREEMENT; MEETINGS | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 10.01.** | Amendments to the Trust Agreement | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 10.02.** | Meetings of the Trust | 31.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 10.03.** | Action Without a Meeting | 31.0 |
| ARTICLE XI TERM | ARTICLE XI TERM | 31.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 11.01.** | Term | 31.0 |
| ARTICLE XII TERMINATION | ARTICLE XII TERMINATION | 32.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 12.01.** | Events Requiring Dissolution of the Trust | 32.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 12.02.** | Distributions on Dissolution | 33.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 12.03.** | Termination; Certificate of Cancellation | 33.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 12.04.** | Notice | 34.0 |
| ARTICLE XIII MISCELLANEOUS | ARTICLE XIII MISCELLANEOUS | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 13.01.** | Governing Law | 34.0 |

---

ii

**TABLE OF CONTENTS** (continued)

---

| | | |
|:---|:---|:---|
|  |  | Page |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 13.02.** | Provisions In Conflict with Law or Regulations | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 13.03.** | Merger and Consolidation | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 13.04.** | Construction | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 13.05.** | Notices | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 13.06.** | Counterparts | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 13.07.** | No Legal Title to Trust Estate | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 13.08.** | Creditors | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 13.09.** | Integration | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 13.10.** | Goodwill; Use of Name | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Section 13.11.** | Jurisdiction; Venue; Waiver of Jury Trial | 36 |

---

iii

**MORGAN STANLEY SOLANA TRUST<br> AMENDED AND RESTATED TRUST AGREEMENT**

This AMENDED AND RESTATED TRUST AGREEMENT of MORGAN STANLEY SOLANA TRUST (the "Trust") is made and entered into as of the 10<sup>th</sup> day of June, 2026, by and between AGS TRUSTEES LIMITED, a company incorporated in the Cayman Islands, as trustee (the "Cayman Trustee") and CSC DELAWARE TRUST COMPANY, a Delaware corporation, as Delaware trustee (the "DE Trustee").

RECITALS

WHEREAS, THIS AMENDED AND RESTATED TRUST AGREEMENT is made and entered into as of June 10, 2026, by AGS TRUSTEES LIMITED, as trustee, and CSC DELAWARE TRUST COMPANY, as Delaware trustee for the purpose of continuing a Delaware statutory trust in accordance with the provisions hereinafter set forth;

WHEREAS, Morgan Stanley Investment Management Inc. and the DE Trustee have heretofore created a Delaware statutory trust pursuant to the Delaware Act (as hereinafter defined) by entering into a trust agreement, dated as of December 15, 2025 (the "Original Trust Agreement"), and by executing and filing with the Secretary of State of the State of Delaware the Certificate of Trust; and

WHEREAS, Morgan Stanley Investment Management Inc. and the DE Trustee desire to amend and restate the Original Trust Agreement in its entirety and to provide for the matters set forth herein;

NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each party, hereby amends and restates the Original Trust Agreement in its entirety and agrees as follows:

**ARTICLE I<br> DEFINITIONS; THE TRUST**

**Section 1.01.** Definitions. As used in this Amended and Restated Trust Agreement, the following terms shall have the following meanings unless the context otherwise requires:

"Additional Trust Expenses" has the meaning set forth in Section 6.7(b).

"Administrator" means a Person from time to time engaged by the Delegated Sponsor, on behalf of the Trust in its capacity as a delegate of the Cayman Trustee, to assist in the administration of the Shares.

"Administrator Fee" means the fee payable to the Administrator for services it provides to the Trust, which the Delegated Sponsor, on behalf of the Trust in its capacity as a delegate of the Cayman Trustee, shall pay the Administrator as a Delegated Sponsor-paid Expense.

"Affiliate" means (i) any Person directly or indirectly owning, controlling or holding with power to vote 10% or more of the outstanding voting securities of such Person, (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote by such Person, (iii) any Person, directly or indirectly, controlling, controlled by or under common control of such Person, (iv) any employee, officer, director, member, manager or partner of such Person, or (v) if such Person is an employee, officer, director, member, manager or partner, any Person for which such Person acts in any such capacity.

"Aggregate Basket Deposit" means, with respect to any Creation Order or Redemption Order, the applicable Basket Deposit multiplied by the number of Creation Baskets or Redemption Baskets, as specified in the applicable Creation Order or Redemption Order.

"Authorized Participant" means a Person that (i) is a registered broker-dealer, (ii) has entered into an Authorized Participant Agreement with the Delegated Sponsor, on behalf of the Trust in its capacity as a delegate of the Cayman Trustee, and the Trust, and (iii) has access to an Authorized Participant Wallet.

"Authorized Participant Agreement" means an agreement among the Trust, the Delegated Sponsor, on behalf of the Trust in its capacity as a delegate of the Cayman Trustee, and an Authorized Participant, pursuant to which the Authorized Participant will act as authorized participant of the Trust in connection with Creation Baskets and Redemption Baskets.

"Authorized Participant Wallet" means, with respect to any Authorized Participant, a SOL wallet address known to the SOL Custodians as belonging to such Authorized Participant.

"Basket" means a block of 10,000 Shares used by the Trust to issue or redeem Shares.

"Basket Deposit" means the total deposit required to create each Basket.

"Benchmark Provider" means CoinDesk Indices, Inc.

"Business Day" means, with respect to the DE Trustee, each weekday that the DE Trustee is open, and for all other purposes hereunder each weekday on which banks are open in New York, New York.

"Cash Custodian" means any other Person from time to time engaged to provide custodian, security or related services to the Trust's cash assets pursuant to authority delegated by the Delegated Sponsor, on behalf of the Trust in its capacity as a delegate of the Cayman Trustee.

"Cayman Trustee" means AGS Trustees Limited, its successors and assigns, or any substitute therefor as provided herein, acting not in its individual capacity but solely as trustee of the Trust.

"Certificate of Trust" means the Certificate of Trust of the Trust, including all amendments thereto, in the form attached hereto as Exhibit A, filed with the Secretary of State of the State of Delaware pursuant to Section 3810 of the Delaware Trust Statute.

"CFTC" means the Commodity Futures Trading Commission.

"Code" means the Internal Revenue Code of 1986, as amended.

"Commodity Exchange Act" means the U.S. Commodity Exchange Act of 1936, as amended.

"Corporate Trust Office" means the principal office at which at any particular time the corporate trust business of the DE Trustee is administered, which office at the date hereof is located at 251 Little Falls Drive, Wilmington, DE 19808.

"Covered Person" means (i) the Cayman Trustee, its shareholders, members, directors, officers, employees, its Affiliates and subsidiaries and their respective members, managers, directors, officers, employees, agents, and controlling persons; and (ii) the Delegated Sponsor, solely in its capacity as delegate of the Cayman Trustee in connection with the performance of the Delegated Duties, and its shareholders, members, directors, officers, employees, Affiliates, subsidiaries and their respective members, managers, directors, officers, employees, agents, and controlling persons.

"Creation Basket" means a Basket issued by the Trust in exchange for the deposit of the Basket Deposit.

"Creation Order" has the meaning assigned thereto in Section 3.1(b)(i).

"Creation Settlement Date" means, with respect to any Creation Order, the Business Day following the Trade Date for such Creation Order.

"Custody Account" means one or more accounts maintained by the SOL Custodians in the name of the Trust.

"Delaware Trust Statute" means the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as the same may be amended from time-to-time.

"Delegation Agreement" means such agreement that may be entered into between the Cayman Trustee and the Delegated Sponsor, pursuant to which the Cayman Trustee may delegate the Delegated Duties to the Delegated Sponsor.

"Delegated Duties" means those powers, duties, rights, and authorities of the Cayman Trustee under this Trust Agreement that the Cayman Trustee may delegate to the Delegated Sponsor as specified in and subject to the terms of the Delegation Agreement. including but not limited to the day-to-day management and administration of the Trust, the engagement of service providers, the processing of Creation Orders and Redemption Orders, and the preparation of offering materials. The scope of the Delegated Duties shall be determined solely by reference to the Delegation Agreement as in effect from time to time, and no amendment to this Trust Agreement shall be required to modify, expand, or reduce the scope of the Delegated Duties, provided that such modification, expansion, or reduction is effected in accordance with the terms of the Delegation Agreement.

"Delegated Sponsor" means such party that may enter into a Delegation Agreement with the Cayman Trustee, pursuant to which Delegation Agreement the Cayman Trustee may delegate to such entity the Delegated Duties. References in this Trust Agreement to the Delegated Sponsor acting in connection with the Delegated Duties shall be construed as the Delegated Sponsor acting on behalf of and as agent of the Cayman Trustee in its capacity as trustee of the Trust. The Delegated Sponsor is not a trustee of the Trust for the purposes of the Delaware Trust Statute and shall have no authority or responsibility beyond the Delegated Duties.

"Delegated Sponsor-paid Expense" has the meaning set forth in Section 6.7(a)(iv).

"Delegated Sponsor fee" has the meaning set forth in Section 6.7(a)(i).

"DE Trustee" means CSC Delaware Trust Company, its successors and assigns, or any substitute therefor as provided herein, acting not in its individual capacity but solely as Delaware trustee of the Trust.

"Distributor" means a Person from time to time engaged to provide distribution services or related services to the Trust pursuant to authority delegated by the Delegated Sponsor, on behalf of the Trust in its capacity as a delegate of the Cayman Trustee.

"Exchange" means NYSE Arca, Inc.

"Exchange Trading Day" means a day on which the Exchange is open.

"Expenses" has the meaning set forth in Section 5.4.

"FinCEN" means the Financial Crimes Enforcement Network, a bureau of the U.S. Department of Treasury.

"Fiscal Year" has the meaning set forth in Article IX hereof.

"GAAP" means U.S. generally accepted accounting principles.

"Incidental Rights" means rights to receive or acquire non-SOL virtual currency that may come into the possession of the Trust from time to time through airdrops, hard forks or otherwise. These rights are generally expected to arise without any action of the Trust or of the Cayman Trustee or Delegated Sponsor on behalf of the Trust.

"Indemnified Persons" has the meaning assigned to such term in Section 5.4.

"IRS" means the U.S. Internal Revenue Service or any successor thereto.

"IR Virtual Currency" means virtual currency tokens, or other asset or right, acquired by the Trust through the exercise of any Incidental Right.

"Liquid Staking Protocol" means a protocol, and the software and smart contracts comprising such protocol, that (i) accepts digital assets for staking on a proof-of-stake blockchain network, and (ii) issues a corresponding Liquid Staking Token to the party that deposited the digital assets.

"Liquid Staking Token" means a freely-tradeable digital token issued by a Liquid Staking Protocol that represents (i) a principal amount of a digital asset staked with such protocol, and (ii) the rights to any and all network rewards generated by the staked principal, net of any protocol fees or slashing penalties.

"Liquidating Trustee" has the meaning assigned thereto in Section 12.2.

"Marketing Agent" means a Person from time to time engaged by the Delegated Sponsor, on behalf of the Trust in its capacity as a delegate of the Cayman Trustee, to assist in the marketing of the Shares.

"Marketing Fee" means the fee payable to the Marketing Agent for services it provides to the Trust, which the Delegated Sponsor, on behalf of the Trust in its capacity as a delegate of the Cayman Trustee, shall pay the Marketing Agent as a Delegated Sponsor-paid Expense.

"PA Procedures" has the meaning assigned thereto in Section 3.1(b).

"Percentage Interest" means a fraction, the numerator of which is the number of any Shareholder's Shares and the denominator of which is the total number of Shares of the Trust outstanding as of the date of determination.

"Person" means any natural person and any partnership, limited liability company, statutory trust, corporation, association, or other legal entity.

"Pricing Benchmark" means CoinDesk Solana Benchmark 4PM NY Settlement Rate administered by the Benchmark Provider.

"Prime Broker" means a Person from time to time engaged by the Delegated Sponsor, on behalf of the Trust in its capacity as a delegate of the Cayman Trustee, to provide prime brokerage services.

"Principal Market" means the SOL market determined by the Trust to be its principal market (or in the absence of a principal market the most advantageous market) in accordance with GAAP.

"Principal Market NAV" means the net asset value of the Trust determined on a GAAP basis.

"Principal Market NAV per Share" means the net asset value of the Trust determined on a GAAP basis.

"Prospectus" means the prospectus filed with the SEC as part of a registration statement registering the Shares.

"Redemption Basket" means a Basket redeemed by the Trust in exchange for SOL (or an amount of cash equal to the value of such SOL) in an amount equal to the Basket Deposit.

"Redemption Order" has the meaning assigned thereto in Section 3.3(a)(i).

"Redemption Settlement Date" means, with respect to any Redemption Order, the second Business Day (or such earlier day as is industry practice for regular-way trading) following the Trade Date for such Redemption Order.

"Registration Statement" shall mean a registration statement filed by the Trust with the SEC under the Securities Act or the Exchange Act with respect to Shares.

"SEC" means the Securities and Exchange Commission.

"Securities Act" means the U.S. Securities Act of 1933, as amended.

"Shareholder" means any Person that owns Shares.

"Shares" means the common units of fractional undivided beneficial interest in the profits, losses, distributions, capital and assets of, and ownership of, the Trust. Shares may be owned by a Shareholder.

"SOL": A digital asset based on the open-source protocol of the peer-to-peer Solana computer network.

"SOL Counterparty" means a designated third party, who may be an affiliate of an Authorized Participant, or the Prime Broker, as applicable, with whom the Delegated Sponsor, on behalf of the Trust in its capacity as a delegate of the Cayman Trustee, has entered into an agreement on behalf of the Trust, that will, acting as a counterparty, deliver, receive or convert to U.S. dollars the SOL related to the Authorized Participant's creation or redemption order.

"SOL Custodian" means any Person from time to time engaged to provide custodian, security or related services to the Trust's SOL and cash assets pursuant to authority delegated by the Delegated Sponsor, on behalf of the Trust in its capacity as a delegate of the Cayman Trustee.

"SOL Custodians Fee" means the fee payable to the SOL Custodians for the services they provide to the Trust, which the Delegated Sponsor, on behalf of the Trust in its capacity as a delegate of the Cayman Trustee, shall pay to the SOL Custodians as a Delegated Sponsor-paid Expense.

"Staking" means using, or permitting to be used, in any manner, directly or indirectly, through an agent or otherwise (including, for the avoidance of doubt, through a delegation of rights to any third party with respect to any portion of the Trust Estate, by making any portion of the Trust Estate available to any third party or by entering into any similar arrangement with a third party), any portion of the Trust Estate in a proof-of-stake validation protocol.

"Trade Date" means, for any Subscription Agreement, Creation Order or, if applicable, a Redemption Order, the Business Day on which the Basket Deposit with respect to such Subscription Agreement, Creation Order or Redemption Order is determined in accordance with the procedures set forth herein.

"Transfer Agent" means the Bank of New York Mellon, or any other Person from time to time engaged to provide such services or related services to the Trust pursuant to authority delegated by the Delegated Sponsor, on behalf of the Trust in its capacity as a delegate of the Cayman Trustee.

"Treasury Regulations" means regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

"Trust" means Morgan Stanley Solana Trust, a Delaware statutory trust formed pursuant to the Certificate of Trust, the business and affairs of which are governed by this Trust Agreement.

"Trust Agreement" means this Amended and Restated Trust Agreement, as it may at any time or from time-to-time be amended.

"Trust Estate" means all the SOL on deposit in the Custody Account and proceeds from the sale of SOL, as well as any other rights of the Trust pursuant to any agreements, other than this Trust Agreement, to which the Trust is a party.

"U.S. Dollar" means United States dollars.

**Section 1.02.** Name.

The name of the Trust is "Morgan Stanley Solana Trust" in which name the Cayman Trustee shall cause the Trust to carry out its purposes as set forth in Section 1.5, make and execute contracts and other instruments in the name and on behalf of the Trust and sue and be sued in the name and on behalf of the Trust.

**Section 1.03.** Trustees; Offices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The DE Trustee of the Trust is CSC Delaware Trust Company, which is located at the Corporate Trust Office or at such other address in the State of Delaware as the DE Trustee may designate in writing to the Shareholders. The DE Trustee shall receive service of process on behalf of the Trust in the State of Delaware at the foregoing address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Cayman Trustee of the Trust is AGS Trustees Limited, having its registered office at PO Box 500, Suite 210, 2nd Floor, Windward III, Regatta Office Park, Grand Cayman, KY1–1106, Cayman Island.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The principal office of the Trust, and such additional offices as the Delegated Sponsor may establish on behalf of the Cayman Trustee, shall be located at such place or places inside or outside the State of Delaware as the Delegated Sponsor (acting on behalf of the Cayman Trustee) may designate from time to time in writing to the DE Trustee and the Shareholders. Initially, the principal office of the Trust shall be at c/o Morgan Stanley Investment Management Inc., 1585 Broadway, New York, New York 10036.

**Section 1.04.** Declaration of Trust.

The Trust Estate shall be held in trust for the Shareholders. It is the intention of the parties hereto that the Trust shall be a statutory trust, under the Delaware Trust Statute and that this Trust Agreement shall constitute the governing instrument of the Trust. It is not the intention of the parties hereto to create a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust that is treated as a grantor trust for U.S. federal income tax purposes and for purposes of applicable state and local tax laws. Nothing in this Trust Agreement shall be construed to make the Shareholders partners or members of a joint stock association. Effective as of the date hereof, the Trustees shall have all of the rights, powers and duties set forth herein and in the Delaware Trust Statute with respect to accomplishing the purposes of the Trust. The DE Trustee has filed the certificate of trust required by Section 3810 of the Delaware Trust Statute in connection with the formation of the Trust under the Delaware Trust Statute.

**Section 1.05.** Purposes and Powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purposes of the Trust shall be to accept subscriptions or Creation Orders for Shares in SOL or cash in accordance with Article III hereof, to distribute SOL or cash upon Redemption Orders of Shares in accordance with Article III hereof, reflect rewards from staking a portion of the Trust's SOL, to the extent the Delegated Sponsor in its sole discretion determines that the Trust may engage in Staking without undue legal or regulatory risk, such as, without limitation, the risk of jeopardizing the Trust's ability to qualify as a grantor trust for U.S. federal income tax purposes, and to enter into any lawful transaction and engage in any lawful activities in furtherance of or incidental to the foregoing. The Trust shall not engage in any business activity and shall not acquire or own any assets other than SOL, cash or cash from the sale of SOL, pending use of such cash for payment of Additional Trust Expenses or distribution to the Shareholders, as provided in this Trust Agreement, or take any of the actions set forth in Section 1.11. Notwithstanding the preceding sentence, from time to time the Trust may receive Rights as a result of an airdrop or hard fork or similar method. The Trust shall have all of the powers specified in Section 2.1 hereof as powers which may be exercised by the Cayman Trustee on behalf of the Trust under this Trust Agreement. Nothing in this Trust Agreement shall be construed to give the Trustees the power to vary the investment of the Shareholders within the meaning of the Treasury Regulations, nor shall the Trustees take any action that would vary the investment of the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust may earn Staking rewards by investing in Liquid Staking Protocols or acquiring Liquid Staking Tokens to the extent the Delegated Sponsor, in its sole discretion, determines that a Liquid Staking Token represents beneficial ownership of the underlying SOL for U.S. federal income tax purposes and that acquisition of a Liquid Staking Token does not vary the investments of the Trust.

**Section 1.06.** Assets of the Trust.

The Trust shall not acquire or own any assets other than SOL, cash in connection with Creation Orders or Redemption Orders or cash from the sale of SOL pending use of such cash for payment of Additional Trust Expenses or distribution to the Shareholders, as provided in this Trust Agreement, or from time to time, Incidental Rights.

**Section 1.07.** Tax Treatment.

Unless the IRS determines otherwise in a private letter ruling issued to the Trust or to the Cayman Trustee or the Delegated Sponsor on behalf of the Trust, the Trust shall be treated for U.S. federal income tax purposes, and for all applicable state and local tax purposes, as grantor trust and the Shares shall qualify under applicable tax law as interests in a grantor trust which holds the Trust Estate. Each party agrees to use reasonable efforts to notify the other parties promptly upon a receipt of any notice from any taxing authority having jurisdiction over such holders of Shares with respect to the treatment of the Shares as anything other than interests in a grantor trust.

**Section 1.08.** Legal Title.

Legal title to all of the Trust Estate shall be vested in the Trust as a separate legal entity; provided, however, that if applicable law in any jurisdiction requires legal title to any portion of the Trust Estate to be vested otherwise, the Cayman Trustee may cause legal title to such portion of the Trust Estate to be held by or in the name of the Cayman Trustee or any other Person (other than a Shareholder or the DE Trustee) as nominee.

**Section 1.09.** Assets of the Trust.

The Trust Estate shall irrevocably belong to the Trust for all purposes, subject only to the rights of creditors of the Trust and shall be so recorded upon the books of account of the Trust.

**Section 1.10.** Liabilities of the Trust.

The Trust Estate shall be charged with the liabilities of the Trust and with all expenses, costs, charges and reserves attributable to the Trust. The Delegated Sponsor, on behalf of the Trust in its capacity as a delegate of the Cayman Trustee, shall have full discretion, to the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items as capital, and each such determination and allocation shall be conclusive and binding upon the Shareholders.

**Section 1.11.** General Prohibitions.

The Trust shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Receive any property other than SOL upon the issuance of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Hold any property other than SOL, or cash from the sale of SOL or interests in any liquidating trust or other vehicle formed to hold pending distribution of such interests to the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Hold any cash from the sale of SOL for more than thirty (30) Business Days prior to using such cash to pay Additional Trust Expenses and distributing any remaining cash to the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Redeem the Shares other than (i) to satisfy a Redemption Order from an Authorized Participant, (ii) as provided in Section 6.8 or (iii) upon the dissolution of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Borrow money from or loan money to any Shareholder or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge, security interest or encumbrance on or with respect to the Trust Estate, except liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have been established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Commingle the Trust Estate with the assets of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Permit rebates to be received by the Delegated Sponsor or any Affiliate of the Delegated Sponsor, or permit the Delegated Sponsor or any Affiliate of the Delegated Sponsor to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Enter into any contract with the Delegated Sponsor or an Affiliate of the Delegated Sponsor (A) that, except for selling agreements for the sale of Shares, has a term of more than one year and that does not provide that it may be canceled by the Trust without penalty on sixty (60) days prior written notice or (B) for the provision of services, except at rates and terms at least as favorable as those that may be obtained from third parties in arm's length negotiations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Cause the Trust to elect to be treated as an association taxable as a corporation for U.S. federal income tax purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Take any action that would result in the Trust being treated other than a grantor trust for U.S. federal tax purposes.

**ARTICLE II<br> SHARES; CAPITAL CONTRIBUTIONS**

**Section 2.01.** General.

The Delegated Sponsor, on behalf of the Trust in its capacity as a delegate of the Cayman Trustee shall have the power and authority, without action or approval by the Shareholders, to cause the Trust to issue Shares from time to time as it deems necessary or desirable and in the interest of the Trust. The number of Shares authorized shall be unlimited, and the Shares so authorized may be represented in part by fractional Shares, calculated to one one-hundred-millionth of one SOL. From time to time, the Delegated Sponsor, on behalf of the Trust in its capacity as a delegate of the Cayman Trustee may cause the Trust to divide or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interests in the Trust Estate, or in any way affecting the rights, of the Shareholders, without action or approval by the Shareholders. The Trust shall issue Shares solely in exchange for contributions of SOL (or for no consideration if pursuant to a Share distribution or split-up) in accordance with the procedures set forth herein and in any applicable Authorized Participant Agreement. All Shares when so issued shall be fully paid and non-assessable. Every Shareholder, by virtue of having purchased or otherwise acquired a Share, shall be deemed to have expressly consented and agreed to be bound by the terms of this Trust Agreement.

**Section 2.02.** Book-Entry-Only System.

Shares shall be held in book-entry form by the Transfer Agent. The Delegated Sponsor, as delegate of the Cayman Trustee, or its delegate shall direct the Transfer Agent to (i) credit or debit the number of Creation Baskets or Redemption Baskets to the account of the applicable Shareholder or Authorized Participant, as applicable and (ii) issue or cancel Creation Baskets or Redemption Baskets, as applicable, at the direction of the Delegated Sponsor, as delegate of the Cayman Trustee, or its delegate.

**Section 2.03.** Distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Delegated Sponsor, on behalf of the Trust in its capacity as a delegate of the Cayman Trustee may, in its absolute discretion, cause the Trust to make distributions to the Shareholders from the Trust Estate at any time. If the Trust sells SOL, any cash remaining after the payment of any Additional Trust Expenses shall promptly be distributed to the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All distributions on Shares shall be made pro rata to the Shareholders in proportion to their respective Percentage Interests at the date and time of record established for such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions may be made in-kind or in cash, as determined in the sole discretion of the Delegated Sponsor, as a delegate of the Cayman Trustee.

**Section 2.04.** Voting Rights.

Shareholders shall only have such rights as set forth in Article VII hereof. Notwithstanding any other provision hereof, on each matter submitted to a vote of the Shareholders, each Shareholder shall be entitled to a proportionate vote based upon its Percentage Interest at such time.

**Section 2.05.** Equality.

All Shares shall represent an equal proportionate beneficial interest in the Trust Estate subject to the liabilities of the Trust, and each Share's interest in the Trust Estate shall be equal to each other Share.

**ARTICLE III<br> CREATIONS AND REDEMPTIONS**

**Section 3.01.** Procedures for Creation and Issuance of Creation Baskets**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) General. Shares may be created and issued directly by the Trust through Creation Orders (as described below) delivered by Authorized Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Creation and Issuance Through Authorized Participants. The following procedures, as supplemented by the more detailed procedures specified in the Exhibits, annexes, attachments and procedures, as applicable, to each Authorized Participant Agreement (the "PA Procedures"), which may be amended from time to time in accordance with the provisions of the relevant Authorized Participant Agreement (provided that any such amendment shall not constitute an amendment of this Trust Agreement), shall govern the Trust with respect to the creation and issuance of Creation Baskets. Subject to the limitations upon, and requirements for, issuance of Creation Baskets stated herein and in the PA Procedures, the number of Creation Baskets that may be issued by the Trust is unlimited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On any Business Day, an Authorized Participant may place an order for one or more Creation Baskets (each, a "Creation Order") in the manner provided in the PA Procedures. Creation orders must be placed by 2:00 p.m., Eastern Time (in the case of cash orders) and 4:00 p.m., Eastern Time (in the case of in-kind orders) or the close of regular trading on the Exchange, or at a time as determined by the Delegated Sponsor, as a delegate of the Cayman Trustee. The day on which an order is received by the Transfer Agent is considered the purchase order date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Delegated Sponsor, as delegate of the Cayman Trustee, or its delegate shall process Creation Orders only from Authorized Participants with respect to which an Authorized Participant Agreement is in full force and effect. The Delegated Sponsor, as delegate of the Cayman Trustee, or its delegate shall maintain and make available to any Shareholder at the Trust's principal offices during normal business hours a current list of the Authorized Participants with respect to which an Authorized Participant Agreement is in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Trust shall create and issue Creation Baskets in exchange for deposit with the SOL Custodians on the applicable Creation Settlement Date of the applicable Aggregate Basket Deposit, the delivery of which may be facilitated by the SOL Counterparty as part of a cash-settled transaction with the relevant Authorized Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Delegated Sponsor, as delegate of the Cayman Trustee, or its delegate has final determination of all questions as to the calculation of the Aggregate Basket Deposit at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Deposits other than cash received from an Authorized Participant and SOL from the SOL Counterparty shall be rejected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To effectuate a cash creation order, the Authorized Participant will be required to transfer the cash deposit amount associated with such creation order to the Trust's account with the Cash Custodian. The Delegated Sponsor, as delegate of the Cayman Trustee, on behalf of the Trust, will instruct a SOL Counterparty to purchase the amount of SOL equivalent in value to the cash deposit amount associated with the cash creation order, with such purchase transaction prearranged to be executed, in the Delegated Sponsor's, reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate NAV, taking into account any spread, commissions, or other trading costs on the applicable cash Creation Order Date. The resulting SOL will be deposited in the Trust's account with the SOL Custodians. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the Trust, Cayman Trustee or Delegated Sponsor. To the extent the execution price of the SOL acquired by the SOL Counterparty at settlement is less than the cash deposit amount, such cash difference will be remitted to the Authorized Participant. To the extent the execution price of the SOL acquired by the SOL Counterparty exceeds the cash deposit amount, such cash difference will be the responsibility of the Authorized Participant and not the Trust, Cayman Trustee or Delegated Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) To effectuate an in-kind creation order, the Authorized Participant will be required to transfer the amount of SOL associated with such creation order to the Trust's account with the SOL Custodians. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a SOL basis, will be the responsibility of the Authorized Participant and not of the Trust, Cayman Trustee or Delegated Sponsor. Following acceptance of an Authorized Participant's in-kind Purchase order, the Trust's SOL Custodians account must be credited with the required SOL by the end of the next succeeding Business Day following the date of the creation order. In the event the Authorized Participant or its designated agent or client has not deposited the required SOL to the Trust by the applicable time on the settlement date of the in-kind creation order, the Authorized Participant will be given one of the following options by the Trust to: (i) delay settlement of the order to enable delivery of SOL at a later date to be determined by the Delegated Sponsor, as delegate of the Cayman Trustee or (ii) accept that the Trust will execute a SOL transaction required for the creation and the Authorized Participant will deliver the U.S. dollars required for this purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Each Share issued in the initial offering of Shares will represent an amount of SOL as determined by the Delegated Sponsor, as delegate of the Cayman Trustee. For each Creation Order thereafter, the total cash deposit amount required to create each Basket ("Basket Deposit") is the amount of cash equivalent to the amount of SOL that is in the same proportion to the total assets of the Trust, net of accrued expenses and other liabilities, on the date the order to purchase is properly received, as the number of Shares to be created under the purchase order is in proportion to the total number of Shares outstanding on the date the order is received, plus a cash buffer set by the Delegated Sponsor, as delegate of the Cayman Trustee. The Basket Deposit changes from day to day. On each day that the Exchange is open for regular trading, the Administrator adjusts the quantity of SOL represented by the Basket Deposit as appropriate to reflect accrued expenses and any loss of SOL that may occur. The computation is made by the Administrator as promptly as practicable after 4:00 p.m., Eastern Time. Each night, the Delegated Sponsor, as delegate of the Cayman Trustee, will publish the amount of SOL that represented by each Basket Deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All questions as to the calculation of the Basket Deposit will be conclusively determined by the Delegated Sponsor, as delegate of the Cayman Trustee, and will be final and binding on all persons interested in the Trust. The Basket Deposit multiplied by the number of Baskets being created for any Creation Order is the "Aggregate Basket Deposit."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Rejection.

The Delegated Sponsor, as delegate of the Cayman Trustee, or its designee has the absolute right, but does not have any obligation, to reject any purchase order or Basket Deposit if the Delegated Sponsor determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the purchase order or Basket Deposit is not in proper form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it would not be in the best interest of the Shareholders of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the acceptance of the purchase order or the Basket Deposit would have adverse tax consequences to the Trust or its Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the acceptance or receipt of which would, in the opinion of counsel to the Delegated Sponsor, as delegate of the Cayman Trustee, be unlawful; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) circumstances outside the control of the Trust, the Cayman Trustee, the Delegated Sponsor, the Marketing Agent or the SOL Custodians make it, for all practical purposes, not feasible to process Creations Baskets (including if the Delegated Sponsor, as delegate of the Cayman Trustee, determines that the investments available to the Trust at that time will not enable it to meet its investment objective).

None of the Cayman Trustee, the Delegated Sponsor, the Transfer Agent or the SOL Custodians will be liable for the rejection of any purchase order or Basket Deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Conflict. In the event of any conflict between the procedures described in this Section 3.1 and the PA Procedures, the PA Procedures shall control.

**Section 3.02.** Alternate Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Alternate Procedures. Notwithstanding any of the foregoing, the SOL Custodians may accept delivery of SOL by such other means as the Delegated Sponsor, as delegate of the Cayman Trustee, from time to time, may determine to be acceptable for the Trust. The Delegated Sponsor, as delegate of the Cayman Trustee, or its delegates from time to time may, but shall have no obligation to, establish procedures with respect to subscription of Shares in lot sizes smaller than the Creation Basket and permitting the creation distribution to be delivered in a manner other than that specified in Section 3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Alternate Procedures If Successor Custodian Is Appointed. In addition, if a successor or alternative to the SOL Custodians shall be employed, the Trust and the Delegated Sponsor, as delegate of the Cayman Trustee, shall establish procedures acceptable to such successor with respect to the matters addressed in this Article III.

**Section 3.03.** Redemption of Redemption Baskets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) General. Shares may be redeemed by the Trust only through Redemption Orders (as described below) delivered by Authorized Participants.

The following procedures, as supplemented by the PA Procedures, which may be amended from time to time in accordance with the provisions of the Authorized Participant Agreement (provided that any such amendment shall not constitute an amendment of this Trust Agreement), shall govern the Trust with respect to Redemption Orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On any Business Day, an Authorized Participant may place an order to redeem Redemption Baskets (each, a "Redemption Order") in the manner provided in the PA Procedures. Redemption orders must be placed by 2:00 p.m., Eastern Time (in the case of cash orders) and 4:00 p.m., Eastern Time (in the case of in-kind orders) or the close of regular trading on the Exchange, or another time as determined by the Delegated Sponsor, as a delegate of the Cayman Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Delegated Sponsor, as delegate of the Cayman Trustee, or its delegates shall process Redemption Orders only from Authorized Participants with respect to which an Authorized Participant Agreement is in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Trust shall redeem Redemption Baskets only in exchange for deposit with the Transfer Agent on the Redemption Settlement Date Shares equal to the total number of Baskets indicated in the Redemption Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Upon receipt of the required cash indicated in the cash redemption order, the Delegated Sponsor, as a delegate of the Cayman Trustee, on behalf of the Trust, will instruct the SOL Counterparty to convert this SOL into cash by effectuating a SOL sale executed, in the Delegated Sponsor's reasonable efforts, at the Pricing Benchmark price used by the Trust to calculate NAV, and deposit the cash proceeds of such sale in the Trust's account with the Cash Custodian for settlement with the Authorized Participant (taking into account any spread, commission, or other trading costs). The redemption distribution from the Trust is delivered to the SOL Counterparty on the Redemption Distribution Date if the Trust's DTC account has been credited with the Baskets to be redeemed. Once the Delegated Sponsor determines that the Shares have been received in the Trust's DTC account, the Delegated Sponsor, as a delegate of the Cayman Trustee, authorizes the SOL Custodians to transfer the redemption SOL amount from the Trust's SOL Custodians account to the SOL Counterparty for conversion to cash to be distributed to the Authorized Participant upon settlement. Upon receipt of the redemption distribution of SOL by the SOL Counterparty, the SOL Counterparty, as a counterparty to the Trust, shall convert the SOL associated with the cash redemption order to cash for settlement with the Trust. Under most circumstances, this transfer of SOL will be made from the Trust's Cold Vault Balance with the SOL Custodians, although in some circumstances, SOL may be transferred from outside of cold storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To effectuate an in-kind Redemption Order, the Authorized Participant will be required to deposit the Shares into the Trust's DTC account. Once the Delegated Sponsor, as delegate of the Cayman Trustee, determines that the Shares have been received in the Trust's DTC account, the Delegated Sponsor will authorize the SOL Custodians to transfer the redeemed SOL amount from the Trust's SOL Custodians account to the Authorized Participant or, at the Authorized Participant's direction to its designated agent or client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Delegated Sponsor, as delegate of the Cayman Trustee, or its delegate has final determination of all questions as to the determination of the Aggregate Basket Deposit at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Aggregate Basket Deposit shall be delivered only to the Trust's account at the Cash Custodian or a cash account at the SOL Custodians.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Aggregate Basket Deposit shall be subject to the deduction of any applicable tax or other governmental charges that may be due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Rejection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Delegated Sponsor, as delegate of the Cayman Trustee, or its delegate shall reject a Redemption Order if (1) the Redemption Order is not in proper form; (2) the fulfillment of the Redemption Order, in the opinion of its counsel, might be unlawful; (3) the acceptance of the Redemption Order would have adverse tax consequences to the Trust or its Shareholders; or (4) it would not be in the best interest of the Shareholders of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The redemption of Baskets may be suspended generally, or refused with respect to a particular Redemption Order, during any period when the transfer books of the Transfer Agent are closed or if circumstances outside the control of the Delegated Sponsor, as delegate of the Cayman Trustee, or its delegate make it for all practicable purposes not feasible to process Redemption Orders. None of the Delegated Sponsor, its delegates or the SOL Custodians shall be liable for the suspension or rejection of any Redemption Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Conflict. In the event of any conflict between the procedures described in this Section 3.3 and the PA Procedures, the PA Procedures shall control.

**Section 3.04.** Other Redemption Procedures.

The Delegated Sponsor, as a delegate of the Cayman Trustee, or its delegates from time to time may, but shall have no obligation to, establish procedures with respect to redemption of Shares in lot sizes smaller than a Redemption Basket and permitting the redemption distribution to be delivered in a manner other than that specified herein.

**ARTICLE IV<br> TRANSFERS OF SHARES**

**Section 4.01.** Transfer of Shares.

Any transfer of Shares must comply with the provisions of this Article IV. Any act or transaction that does not comply with this Article IV shall be deemed void ab initio and not be binding or recognized by the Trust (regardless of whether the Delegated Sponsor, as a delegate of the Cayman Trustee, shall have knowledge of such act or transaction) unless approved in writing by the Delegated Sponsor in its sole discretion as a delegate of the Cayman Trustee.

Subject to the provisions of this Article IV, Shares shall be transferable on the books of the Trust only by the record holder thereof or by his or her duly authorized agent upon delivery to the Delegated Sponsor, as a delegate of the Cayman Trustee, or the Trust's Transfer Agent or similar agent of a duly executed instrument of transfer, together with a Share certificate if one is outstanding, and such evidence of the genuineness of each such execution and authorization and of such other matters as may be required by the Delegated Sponsor, as a delegate of the Cayman Trustee. Upon such delivery, and subject to any further requirements specified by the Delegated Sponsor, as a delegate of the Cayman Trustee, the transfer shall be recorded on the books of the Trust. Until a transfer is so recorded, the Shareholder of record of Shares shall be deemed to be the Shareholder with respect to such Shares for all purposes hereunder and neither the Delegated Sponsor nor the Trust, nor the Transfer Agent or any similar agent or registrar or any officer, employee or agent of the Trust, shall be affected by any notice of a proposed transfer. The record books of the Trust as kept by the Trust, or any transfer or similar agent, as the case may be, will be conclusive as to the identity of the Shareholders and as to the number of Shares held from time to time by each.

**ARTICLE V<br> THE DE TRUSTEE**

**Section 5.01.** Term; Resignation; Removal; Successor Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) CSC Delaware Trust Company has been appointed and hereby agrees to serve as the DE Trustee of the Trust. The DE Trustee shall serve until such time as the Trust is terminated or if the Cayman Trustee removes the DE Trustee or the DE Trustee resigns. The DE Trustee is appointed to serve as the trustee of the Trust in the State of Delaware and shall at all times satisfy the requirements of Section 3807(a) of the Delaware Trust Statute and be authorized to exercise corporate trust powers under the laws of Delaware, having a combined capital, surplus and undivided profits of at least $50,000,000 and subject to supervision or examination by federal or state authorities. If the DE Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Article V the combined capital, surplus and undivided profits of the DE Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the DE Trustee shall cease to be eligible to serve as trustee of the Trust in accordance with the provisions of this Section 5.1, the DE Trustee shall resign promptly in the manner and with the effect specified in this Article V. The DE Trustee may have normal banking and trust relationships with the Cayman Trustee and their respective affiliates; provided that none of (i) the Cayman Trustee, (ii) any Person involved in the organization or operation of the Cayman Trustee or the Trust or (iii) any affiliate of any of them may be the DE Trustee hereunder. The Trust shall have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the DE Trustee shall have none of the duties, obligations or liabilities of the Cayman Trustee and shall have no obligation to supervise or monitor the Cayman Trustee, the Delegated Sponsor or otherwise manage the Trust and no such duties shall be implied. To the extent, at law or in equity, the DE Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust, any Delegated Sponsor or the Cayman Trustee, it is hereby understood and agreed by the parties hereto that such duties and liabilities are replaced by the duties and liabilities of the DE Trustee expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The DE Trustee is permitted to resign upon at least thirty (30) days' written notice to the Cayman Trustee upon which date such resignation shall be effective. If no successor DE Trustee shall have accepted such appointment within forty-five (45) days after the giving of such notice of resignation, the DE Trustee at the expense of the Trust may petition any court of competent jurisdiction for the appointment of a successor DE Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If at any time the DE Trustee shall cease to be eligible to serve as trustee of the Trust in accordance with the provisions of this Trust Agreement, or if at any time the DE Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the DE Trustee or of its property shall be appointed, or any public officer shall take charge or control of the DE Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Cayman Trustee may remove the DE Trustee and appoint a successor trustee by written instrument, in duplicate, which instrument shall be delivered to the DE Trustee so removed and the successor trustee. The Cayman Trustee may at any time, upon thirty (30) days' prior notice to the DE Trustee, remove the DE Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by the Cayman Trustee or its attorney-in-fact duly authorized, one complete set of which instruments shall be delivered to the DE Trustee so removed and one complete set to the successor so appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any resignation or removal of the DE Trustee and appointment of a successor DE Trustee cannot become effective until a written acceptance of appointment is delivered by the successor DE Trustee to the outgoing DE Trustee and the Cayman Trustee and any fees and expenses due to the outgoing Trustee are paid or waived by the outgoing DE Trustee. Following compliance with the preceding sentence, the successor will become fully vested with the rights, powers, duties and obligations of the outgoing Trustee under the Trust Agreement, with like effect as if originally named as DE Trustee, and the outgoing DE Trustee shall be discharged of its duties and obligations herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the DE Trustee resigns and no successor trustee is appointed within 180 days after the date the DE Trustee issues its notice of resignation, the Cayman Trustee will terminate and liquidate the Trust and distribute its remaining assets.

**Section 5.02.** Powers.

Except to the extent expressly set forth in Section 1.03 and this Article V, the duty and authority to manage the affairs of the Trust is vested in the Cayman Trustee, which duty and authority the Cayman Trustee may further delegate as provided herein pursuant to Section 3806(b)(7) of the Delaware Trust Statute. The duties of the DE Trustee shall be limited to (i) accepting legal process served on the Trust in the State of Delaware, and (ii) the execution of any certificates required to be filed with the Secretary of State of the State of Delaware which the DE Trustee is required to execute under Section 3811 of the Delaware Trust Statute,. The DE Trustee shall provide prompt notice to the Cayman Trustee of its performance of any of the foregoing. The Cayman Trustee shall reasonably keep the DE Trustee informed of any actions taken by the Cayman Trustee with respect to the Trust that would reasonably be expected to affect the rights, obligations or liabilities of the DE Trustee hereunder or under the Delaware Trust Statute.

**Section 5.03.** Compensation and Expenses of the DE Trustee.

The DE Trustee shall be entitled to receive from the Delegated Sponsor, as a Delegated Sponsor-paid Expense, reasonable compensation for its services hereunder as set forth in a separate fee agreement and shall be entitled to be reimbursed by the Delegated Sponsor for reasonable out-of-pocket expenses incurred by it in the performance of its duties hereunder, including without limitation, the reasonable compensation, out-of-pocket expenses and disbursements of counsel, any experts and such other agents as the DE Trustee may employ in connection with the exercise and performance of its rights and duties hereunder (together, the "Trust Expenses"). To the extent that the Delegated Sponsor fails to pay the Trust Expenses, the Trust will be responsible for such Trust Expenses. The DE Trustee may consult with counsel (who may be counsel for the Delegated Sponsor or for the DE Trustee). The reasonable legal fees incurred in connection with such consultation shall be reimbursed to the DE Trustee pursuant to this Section, provided that no such fees shall be payable to the extent that they are incurred as a result of the DE Trustee's gross negligence or willful misconduct. The DE Trustee may earn compensation in the form of short-term interest ("float") on items like uncashed distribution checks (from the date issued until the date cashed), funds that the DE Trustee is directed not to invest, deposits awaiting investment direction or received too late to be invested overnight in previously directed investments. Notwithstanding any other provision of this Trust Agreement, all payments to the DE Trustee, including fees, expenses and any amounts paid in connection with indemnification of the DE Trustee in accordance with the terms of this Trust Agreement will be payable only in U.S. Dollars.

**Section 5.04.** Indemnification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust hereby agrees to be primary obligor and shall indemnify, defend and hold harmless the DE Trustee (including in its individual capacity) and any of the officers, affiliate, directors, employees and agents of the DE Trustee (the "Indemnified Persons") from and against any and all losses, damages, liabilities (including liabilities under any state or federal securities laws), claims, actions, suits, costs, expenses, disbursements (including for each Indemnified Person the reasonable fees and expenses of counsel and fees and expenses (including legal fees and expenses) incurred in connection with enforcement of its indemnification rights hereunder), taxes and penalties of any kind and nature whatsoever (collectively, "Expenses"), to the extent that such Expenses arise out of or are imposed upon or asserted at any time against such Indemnified Persons with respect to the performance of this Trust Agreement, the creation, operation or termination of the Trust or the transactions contemplated hereby; provided, however, that the Trust shall not be required to indemnify any Indemnified Person for any Expenses which are adjudicated by a court of competent jurisdiction to be a direct result of the willful misconduct, bad faith or gross negligence of an Indemnified Person. If the Trust shall have insufficient assets or improperly refuses to pay an Indemnified Person within sixty (60) days of a request for payment owed hereunder, the Delegated Sponsor shall, as secondary obligor, compensate or reimburse the DE Trustee or indemnify, defend and hold harmless an Indemnified Person as if it were the primary obligor hereunder; provided, however, that the Delegated Sponsor shall not be required to indemnify any Indemnified Person for any Expenses which are adjudicated by a court of competent jurisdiction to be a direct result of the willful misconduct, bad faith or gross negligence of an Indemnified Person. To the fullest extent permitted by law, Expenses to be incurred by an Indemnified Person shall, from time to time, be advanced by, or on behalf of, the Delegated Sponsor prior to the final disposition of any matter upon receipt by the Delegated Sponsor of an undertaking by, or on behalf of, such Indemnified Person to repay such amount if it shall be determined by a court of competent jurisdiction that the Indemnified Person is not entitled to be indemnified under this Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligations of the Delegated Sponsor and the Trust to indemnify the Indemnified Persons will survive the termination of the Trust Agreement and the resignation or removal of the DE Trustee.

**Section 5.05.** Successor Trustee. Upon the resignation or removal of the DE Trustee, the Cayman Trustee shall appoint a successor DE Trustee by delivering a written instrument to the outgoing DE Trustee. Any successor DE Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute. The successor DE Trustee shall become fully vested with all of the rights, powers, duties and obligations of the outgoing DE Trustee under this Trust Agreement, with like effect as if originally named as DE Trustee, and the outgoing DE Trustee shall be discharged of its duties and obligations under this Trust Agreement. Any business entity into which the DE Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the DE Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the DE Trustee, shall be the successor of the DE Trustee hereunder, to the fullest extent permitted by law without the execution or filing of any paper or any further act on the part of any of the parties hereto.

**Section 5.06.** Liability of DE Trustee. Except as otherwise provided in this Article V, in accepting the trust created hereby, CSC Delaware Trust Company acts solely as DE Trustee hereunder and not in its individual capacity, and all Persons having any claim against CSC Delaware Trust Company by reason of the transactions contemplated by this Trust Agreement and any other agreement to which the Trust is a party shall look only to the Trust Estate for payment or satisfaction thereof.

The DE Trustee will not be liable for the acts or omissions of the Cayman Trustee or any other party, nor will the DE Trustee be liable for supervising or monitoring the performance and the duties and obligations of the Cayman Trustee or the Trust or any other party under the Trust Agreement. The DE Trustee will not be personally liable under any circumstances, except for their own willful misconduct or gross negligence. In particular, but not by way of limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the DE Trustee will not be personally liable for any error of judgment made in good faith except to the extent such error of judgment constitutes gross negligence on its part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no provision of the Trust Agreement will require the DE Trustee to expend or risk its personal funds or otherwise incur any financial liability in the performance of its rights or powers hereunder, if the DE Trustee shall have reasonable grounds for believing that the payment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) under no circumstances will the DE Trustee be personally liable for any representation, warranty, covenant, agreement, or indebtedness of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the DE Trustee will not be personally responsible for or in respect of the validity or sufficiency of the Trust Agreement or for the due execution hereof by the Cayman Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the DE Trustee shall have no liability or responsibility for the validity or sufficiency of this Trust Agreement or for the form, character, genuineness, sufficiency, enforceability, collectability, location, existence, value or validity of the Trust Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the DE Trustee has not prepared or verified, and shall not be responsible or liable for, any information, disclosure or other statement in the Trust's offering documents or in any other document issued or delivered in connection with the sale or transfer of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the DE Trustee shall not be liable for any actions taken or omitted to be taken by it in accordance with the instructions of the Cayman Trustee or the Liquidating Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the DE Trustee shall have no duty or obligation to supervise the performance of any obligations of the Trust, the Cayman Trustee, the SOL Custodians or their respective delegates, any Authorized Participant or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no provision of this Trust Agreement shall require the DE Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the DE Trustee will incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party or parties. The DE Trustee may accept a certified copy of a resolution of any governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the DE Trustee may for all purposes hereof rely on a certificate, signed by an authorized officer of the Cayman Trustee or any other corresponding directing party, as to such fact or matter, and such certificate will constitute full protection to the DE Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in the exercise or administration of the Trust hereunder, the DE Trustee (i) may act directly or through agents or attorneys pursuant to agreements entered into with any of them, and the DE Trustee will not be liable for the default or misconduct of such agents or attorneys if such agents or attorneys will have been selected by the DE Trustee in good faith and with due care and (ii) may consult with counsel, accountants and other skilled persons to be selected by it in good faith and with due care and employed by it, and it will not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or other skilled persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) except as will be expressly provided in the Trust Agreement, the DE Trustee will act solely as a Delaware trustee under the Trust Agreement and not in its individual capacity, and all persons having any claim against such DE Trustee by reason of the transactions contemplated by the Trust Agreement will look only to the Trust's property for payment or satisfaction thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the DE Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement, or to institute, conduct or defend any litigation under this Trust Agreement or any other agreements to which the Trust is a party, at the request, order or direction of the Cayman Trustee unless the Cayman Trustee has advanced any necessary costs and offered to CSC Delaware Trust Company (in its capacity as DE Trustee and individually) security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by CSC Delaware Trust Company (including, without limitation, the reasonable fees and expenses of its counsel) therein or thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) notwithstanding anything contained herein to the contrary, the DE Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization or order of, or the giving of notice to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware, (ii) result in any fee, tax or other governmental charge becoming payable by the DE Trustee under the laws of any jurisdiction or any political subdivision thereof other than the State of Delaware or (iii) subject the DE Trustee to personal jurisdiction, other than in the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) to the extent that, at law or in equity, the DE Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Cayman Trustee, the Shareholders or any other Person, the DE Trustee, acting under this Trust Agreement, shall not be liable to the Trust, the Cayman Trustee, the Shareholders or any other Person for its good faith reliance on the provisions of this Trust Agreement, and the provisions of this Trust Agreement, to the extent that they restrict or eliminate the duties and liabilities of the DE Trustee otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties and liabilities of the DE Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) whenever the DE Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Trust Agreement or any other document to which the Trust is a party or is unsure as to how to proceed, the DE Trustee may request and rely on written direction from the Cayman Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the DE Trustee shall not be required to take any action hereunder if the DE Trustee shall have reasonably determined or been advised by counsel that such action is likely to result in liability on the part of the DE Trustee or is contrary to the terms hereof or of any document to which the Trust is a party or is otherwise contrary to law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the permissive right of the DE Trustee to perform any discretionary act or exercise any privilege enumerated shall not be construed as a duty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) prior to taking or refraining from taking any action upon direction or request, the DE Trustee shall be entitled to request, receive, rely upon and act in accordance with, officer's certificates or opinions of counsel provided at the expense of the party requesting the DE Trustee to take such action or inaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the DE Trustee shall have no (i) duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the trust estate, or (ii) responsibility for the preparation, correctness, accuracy, existence, or filing of any financing or continuation statement in any public office at any time or the validity, existence, perfection or maintenance of the perfection of any security interest or lien granted to the Trust, nor shall the DE Trustee have any responsibility to monitor the performance of any assets, or to prepare or file any tax, qualification to do business, license, commission or other securities law filing, or other regulatory filing or report for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the DE Trustee shall not be obligated to give any bond or other security for the performance of its duties hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the DE Trustee will not be liable for punitive, exemplary, consequential, special or other similar damages under any circumstances.

**Section 5.07.** Reliance; Advice of Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the absence of bad faith, the DE Trustee may conclusively rely upon certificates or opinions furnished to the DE Trustee and conforming to the requirements of this Trust Agreement in determining the truth of the statements and the correctness of the opinions contained therein, and shall incur no liability to anyone in acting or not acting on any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties and need not investigate any fact or matter pertaining to any such document; provided, however, that the DE Trustee shall have examined any certificates and opinions so as to reasonably determine compliance of such certificates and opinions with the requirements of this Trust Agreement. The DE Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that such resolution is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed in this Trust Agreement, the DE Trustee may for all purposes hereof rely on a certificate, signed by the president, any vice president, the treasurer or any other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the DE Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the exercise or administration of a Trust hereunder and in the performance of its duties and obligations under this Trust Agreement, the DE Trustee, at the expense of the Trust (i) may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and the DE Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the DE Trustee with due care and (ii) may consult with counsel, accountants and other skilled professionals to be selected with due care by it. The DE Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountant or other such Persons.

**Section 5.08.** Payments to the DE Trustee. Any amounts paid to the DE Trustee pursuant to this Article V shall be deemed not to be a part of the Trust Estate immediately after such payment. Any amounts owing to the DE Trustee under this Trust Agreement shall constitute a claim against the Trust Estate.

**ARTICLE VI<br> THE Cayman Trustee; DELEGATED SPONSOR**

**Section 6.01.** Term.

AGS Trustees Limited has been appointed and hereby agrees to serve as the Cayman Trustee of the Trust. The Cayman Trustee shall serve until such time as the Trust is terminated or if the Cayman Trustee resigns. To the extent, at law or in equity, the Cayman Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or to the DE Trustee, it is hereby understood and agreed by the parties hereto that such duties and liabilities are replaced by the duties and liabilities of the Cayman Trustee expressly set forth in this Agreement.

**Section 6.02.** Management of the Trust.

Pursuant to Section 3806(b)(1) of the Delaware Trust Statute, the Trust shall be managed by the Cayman Trustee in accordance with this Trust Agreement. Pursuant to Section 3806(b)(7) of the Delaware Trust Statute, the Cayman Trustee may delegate, as provided herein, the duty and authority to manage the Trust. Any determination as to what is in the interests of the Trust made by the Cayman Trustee in good faith shall be conclusive and binding on all Shareholders and all other persons or entities having an interest in the Trust. In construing the provisions of this Trust Agreement, the presumption shall be in favor of a grant of power to the Cayman Trustee. The enumeration of any specific power in this Trust Agreement shall not be construed as limiting the aforesaid power.

**Section 6.03.** Authority of the Cayman Trustee.

In addition to, and not in limitation of, any rights and powers conferred by law or other provisions of this Trust Agreement, and except as limited, restricted or prohibited by the express provisions of this Trust Agreement or the Delaware Trust Statute, the Cayman Trustee shall have, and may exercise on behalf of the Trust, all powers and rights necessary, proper, convenient or advisable to effectuate and carry out the purposes of the Trust, which powers and rights shall include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To enter into, execute, accept, deliver and maintain, and to cause the Trust to perform its obligations under, contracts, agreements and any or all other documents and instruments incidental to the Trust's purposes, including, but not limited to, contracts with third parties to provide various services, it being understood that any document or instrument so executed or accepted by the Cayman Trustee in the Cayman Trustee's name shall be deemed executed and accepted on behalf of the Trust by the Cayman Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To cause legal title to any Trust property to be held by or in the name of the Cayman Trustee, or to have any contract entered into in the name of the Cayman Trustee, on such terms as the Cayman Trustee may determine, with the same effect as if such property were held in the name of the Trust or such contract were entered into in the name of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To purchase, sell, exchange, hold, and otherwise trade SOL through one or more exchanges, brokers, custodians, or other counterparties, on such terms and at such times as the Cayman Trustee deems advisable in furtherance of the Trust's purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To establish, maintain, deposit into, and sign checks and/or otherwise draw upon, accounts on behalf of the Trust with appropriate banking and savings institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To deposit, withdraw, pay, retain and distribute the Trust Estate or any portion thereof in any manner consistent with the provisions of this Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To supervise the preparation of any offering materials for the Trust (including but not limited to offering memoranda and prospectuses) and supplements and amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To pay or authorize the payment of distributions to the Shareholders and expenses of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To prepare, or cause to be prepared, and file, or cause to be filed, an application to enable the Shares to be traded on any listing exchange or over-the-counter quotation or listing platform as determined by the Cayman Trustee in its sole discretion and to take any other action and execute and deliver any certificates or documents that may be necessary to effectuate such listing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to administer a staking program with associated policies and procedures on behalf of the Trust, to the extent the Delegated Sponsor in its sole discretion determines that the Trust may do so without undue legal or regulatory risk, such as, without limitation, the risk of jeopardizing the Trust's ability to qualify as a grantor trust for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To terminate any custodian or other security vendors, and to otherwise take any action with respect to the SOL Custodians or any custodians or other security vendors to safeguard the Trust Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In the sole and absolute discretion of the Cayman Trustee, to name a replacement Cayman Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Delegate those of its duties hereunder as it shall determine from time to time to the Delegated Sponsor in accordance with the Delegation Agreement, or to one or more service providers, and add any additional service providers, including but not limited to any sub-adviser, administrator, transfer agent, custodian(s), index provider, Authorized Participants, marketing agent(s), insurer(s) and any other service provider(s) and cause the Trust to enter into contracts with such service provider(s) if needed and as applicable, whether directly or through the Delegated Sponsor acting on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Perform such other services as the Cayman Trustee believes that the Trust may from time to time require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Cayman Trustee has the right, in its sole discretion (as may be delegated), to determine what action to take in connection with the Trust's entitlement to or ownership of Incidental Rights or any IR Virtual Currency, and Trust may take any lawful action necessary or desirable in connection with the Trust's ownership of Incidental Rights, including the acquisition of IR Virtual Currency, as determined by the Cayman Trustee in the Cayman Trustee's sole discretion (as may be delegated), unless such action would adversely affect the status of the Trust as a grantor trust for U.S. federal income tax purposes or otherwise be prohibited by this Trust Agreement, it being understood that the actions which the Cayman Trustee may, in its sole discretion (as may be delegated), determine the Trust shall take include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) arranging for the sale of Incidental Rights and/or IR Virtual Currency and distributing the cash proceeds (net of expenses and any applicable withholding taxes) to the Depository Trust Company ("DTC") to be distributed to Shareholders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) distributing Incidental Rights and/or IR Virtual Currency in-kind to DTC,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) using Incidental Rights and/or IR Virtual Currency to pay the Delegated Sponsor Fee and/or additional Trust expenses not assumed by the Delegated Sponsor, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) electing not to acquire, claim, or obtain, and permanently and irrevocably abandoning, Incidental Rights or IR Virtual Currency for no consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Without limiting the generality of the foregoing, in the event of a hard fork of the Solana network, the Cayman Trustee may, in reasonable good faith, determine which peer-to-peer network, among a group of incompatible forks of the Solana network, is generally accepted as the Solana network and should therefore be considered the appropriate network for the Trust's purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) In general, to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any objective or the furtherance of any power herein set forth, either alone or in association with others, and to do every other act or thing incidental or appurtenant to, or growing out of or connected with, the aforesaid purposes, objects or powers.

In addition, and without limiting the foregoing, the Cayman Trustee will have full power and authority, in its sole discretion (as may be delegated), without seeking the approval of the DE Trustee or the Shareholders (a) to establish and designate and to change in any manner and to fix such preferences, voting powers, rights, duties and privileges of the Trust as the Cayman Trustee may from time to time determine, (b) to divide the beneficial interest in the Trust into an unlimited amount of shares, with or without par value, as the Cayman Trustee will determine, (c) to issue shares without limitation as to number (including fractional shares), to such persons and for such amount of consideration, subject to any restriction set forth in the Trust Agreement, if any, at such time or times and on such terms as the Cayman Trustee may deem appropriate, (d) to divide or combine the shares into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the shares in the assets held, and (e) to take such other action with respect to the shares as the Cayman Trustee may deem desirable.

The Cayman Trustee may make such rules as it considers appropriate for the issuance of share certificates, transfer of Shares and similar matters.

**Section 6.04.** Obligations of the Cayman Trustee.

Any fiduciary duties that would otherwise be imposed on the Cayman Trustee the Delaware Trust Statute, at law or in equity are hereby eliminated and replaced entirely by the terms of this Trust Agreement. Except to the extent that any of the following obligations have been delegated to the Delegated Sponsor pursuant to the Delegation Agreement, in which case the Delegated Sponsor shall perform those obligations on behalf of the Cayman Trustee and the Trust, the Cayman Trustee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to carry out the purposes of the Trust, as set forth in Section 1.5, for the benefit of the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Select the Trust's DE Trustee, administrator, transfer agent, custodian(s), index provider, marketing agent(s), insurer(s) and any other service provider(s) and cause the Trust to enter into contracts with such service provider(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Develop a marketing plan for the Trust on an ongoing basis and prepare marketing materials regarding the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter into an Authorized Participant Agreement with each Authorized Participant and discharge the duties and responsibilities of the Trust and the Cayman Trustee thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) receive directly or through its delegates from Authorized Participants and process or cause its delegates to process properly submitted purchase orders, as will be described in the Trust Agreement and in the Authorized Participant Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in connection with purchase orders, receive directly or through its delegates the amount of SOL in a Basket;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in connection with purchase orders, after accepting a purchase order and receiving the corresponding amount of SOL, either directly or through its delegates, direct the Trust's Transfer Agent to credit the Baskets to fill the Authorized Participant's purchase order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) receive directly or through its delegates from Authorized Participants and process or cause its delegates to process properly submitted redemption orders, as will be described in the Trust Agreement and in the Authorized Participant Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in connection with redemption orders, after receiving a redemption order specifying the number of Baskets that the Authorized Participant wishes to redeem and after the Transfer Agent's DTC account has been credited with the Baskets to be redeemed, directly or through its delegates transfer to the redeeming Authorized Participant the quantity of cash attributable to the Shares redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) assist in the preparation and filing of reports and proxy statements (if any) to the Shareholders, the periodic updating of the Registration Statement and Prospectus and other reports and documents for the Trust required to be filed by the Trust with the SEC and other governmental bodies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) perform such other services as the Cayman Trustee believes the Trust may from time to time require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) in general, to carry out any other business in connection with or incidental to any of the foregoing powers, to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power herein set forth, either alone or in association with others, and to do every other act or thing incidental or appurtenant or growing out of or connected with the aforesaid business or purposes, objects or powers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) exercise ongoing oversight and supervision of the Delegated Sponsor's performance of the Delegated Duties in accordance with the Delegation Agreement, and take such steps as may be necessary to address any material deficiency in such performance.

The foregoing clauses of Section 6.2 and this Section 6.3 shall be construed both as objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Cayman Trustee. Any action by the Cayman Trustee hereunder shall be deemed an action on behalf of the Trust, and not an action in an individual capacity.

**Section 6.05.** Delegated Sponsor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Authorization of Delegation. Pursuant to Section 6.02(j), the Cayman Trustee is expressly authorized to delegate to the Delegated Sponsor by means of the Delegation Agreement, any or all of its powers, duties, rights and authorities under this Trust Agreement. The scope, terms, conditions and limitations of any such delegation shall be governed exclusively by the Delegation Agreement as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reliance by Third Parties. Any Person (including any Authorized Participant, SOL Custodian, Transfer Agent, Administrator, Marketing Agent, the DE Trustee, or other counterparty or service provider of the Trust) is expressly authorized and entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) rely on instructions, directions, certificates, confirmation, approvals or notices issued by the Delegated Sponsor in connection with the Delegated Duties without further inquiry as to the Delegated Sponsor's authority to issue the same or as to the contents of the Delegation Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) treat the Delegated Sponsor's execution of any agreement or instrument on behalf of the Trust as constituting the duly authorized execution thereof by the Cayman Trustee and the Trust.

None of the Trust, the Cayman Trustee nor the DE Trustee shall be liable to any Person for acting in good faith in reliance on any instruction, direction, certificate, confirmation or notice issued by the Delegated Sponsor in connection with the Delegated Duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Continuity of Authority upon Termination of Delegation. If the Delegation Agreement is terminated, expires, or otherwise ceases to be effective for any reason (including by reason of the insolvency, dissolution, or withdrawal of the Delegated Sponsor):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Delegated Duties shall, automatically and without further act or formality, revert to and vest in the Cayman Trustee with full force and effect from the date on which the Delegation Agreement ceases to be effective (the "Reversion Date");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) From the Reversion Date, all references in this Trust Agreement to the Delegated Sponsor acting in connection with the Delegated Duties shall be construed as references to the Cayman Trustee acting directly, until a replacement Delegated Sponsor is appointed in accordance with Section 6.05(f);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The termination of the Delegation Agreement shall not, of itself, constitute a dissolution event under Article XII or a withdrawal event under Section 6.07; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Cayman Trustee shall give thirty (30) days' prior written notice to the DE Trustee, all Authorized Participants, the SOL Custodians, and the Transfer Agent, upon the Delegation Agreement ceasing to be effective, identifying the Reversion Date and confirming that the Cayman Trustee is thenceforth exercising the Delegated Duties directly pending appointment of a replacement Delegated Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Replacement of the Delegated Sponsor. The Cayman Trustee shall use reasonable endeavors to appoint a replacement Delegated Sponsor as soon as reasonably practicable following the Reversion Date, and in any event within one hundred and twenty (120) days thereof. Any replacement Delegated Sponsor shall be appointed by written agreement between the Cayman Trustee and the replacement entity, which agreement shall constitute a "Delegation Agreement" for all purposes of this Trust Agreement upon execution, without the need for any amendment to this Trust Agreement. Pending appointment of a replacement Delegated Sponsor, the Cayman Trustee may engage temporary agents or service providers to assist in the performance of any Delegated Duties on such terms as the Cayman Trustee considers appropriate. The Cayman Trustee shall provide at least thirty (30) days' prior written notice to the DE Trustee prior to appointing a replacement Delegated Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Delegation to Other Persons. The Cayman Trustee may, upon thirty (30) days' prior written notice to the DE Trustee, in addition to or in substitution for the delegation to the Delegated Sponsor, delegate any of its powers, duties, rights, or authorities to any other Person by means of a written agreement on terms consistent with this Section 6.04. Any such agreement shall constitute a "Delegation Agreement" for the purposes of this Trust Agreement to the extent it is expressed to be so, without the need for any amendment to this Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No Trustee Status. Nothing in this Section 6.04 or in the Delegation Agreement shall be construed as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) constituting the Delegated Sponsor as a trustee of the Trust for the purposes of the Delaware Trust Statute or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) transferring or assigning the Cayman Trustee's status as trustee of the Trust.

**Section 6.06.** Liability of Covered Persons.

A Covered Person shall have no liability to the Trust, any Shareholder or any other Covered Person for any loss suffered by the Trust which arises out of any action or inaction of such Covered Person if such Covered Person, in good faith, determined that such course of conduct was in the best interest of the Trust and such course of conduct did not constitute fraud, gross negligence, bad faith or willful misconduct of such Covered Person. Subject to the foregoing, neither the Cayman Trustee nor any other Covered Person shall be personally liable for the return or repayment of all or any portion of the capital or profits of any Shareholder or assignee thereof, it being expressly agreed that any such return of capital or profits made pursuant to this Trust Agreement shall be made solely from the assets of the Trust without any rights of contribution from the Cayman Trustee or any other Covered Person. The Cayman Trustee shall not be liable for the conduct or misconduct of any delegate, including the Delegated Sponsor and any sub-delagatee, selected by the Cayman Trustee with reasonable care.

The Cayman Trustee will not be liable to the Trust, the Shareholders or to any other person for its good faith reliance on the provisions of the Trust Agreement or the Prospectus.

**Section 6.07.** Fiduciary Duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent that, at law or in equity, the Cayman Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Shareholders or any other Person, (i) all fiduciary duties are hereby eliminated and replaced entirely by the terms of this Trust Agreement and (ii) the Cayman Trustee acting under this Trust Agreement shall not be liable to the Trust, the Shareholders or to any other Person for its good faith reliance on the provisions of this Trust. The provisions of this Trust Agreement, to the extent that they otherwise restrict or eliminate the duties and liabilities of the Cayman Trustee otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties and liabilities of the Cayman Trustee. To the fullest extent permitted by law, no Person other than the Cayman Trustee and the DE Trustee shall have any duties (including fiduciary duties) or liabilities at law or in equity to the Trust, the Shareholders or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise expressly provided herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whenever a conflict of interest exists or arises between the Cayman Trustee or any of its Affiliates, on the one hand, and the Trust, any Shareholder or any other Person, on the other hand; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) whenever this Trust Agreement or any other agreement contemplated herein provides that the Cayman Trustee shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, any Shareholder or any other Person, the Cayman Trustee shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Cayman Trustee, the resolution, action or terms so made, taken or provided by the Cayman Trustee shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Cayman Trustee at law or in equity or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Cayman Trustee and any Affiliate of the Cayman Trustee may engage in or possess an interest in profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to the Cayman Trustee. If the Cayman Trustee acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity to the Trust, and the Cayman Trustee shall not be liable to the Trust or to the Shareholders for breach of any fiduciary or other duty by reason of the fact that the Cayman Trustee pursues or acquires for, or directs such opportunity to, another Person or does not communicate such opportunity or information to the Trust. Neither the Trust nor any Shareholder shall have any rights or obligations by virtue of this Trust Agreement or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the purposes of the Trust, shall not be deemed wrongful or improper. Except to the extent expressly provided herein, the Cayman Trustee may engage or be interested in any financial or other transaction with the Trust, the Shareholders or any Affiliate of the Trust or the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the fullest extent permitted by law and notwithstanding any other provision of this Trust Agreement or in any agreement contemplated herein or applicable provisions of law or equity or otherwise, whenever in this Trust Agreement a Person is permitted or required to make a decision (a) in its "sole discretion" or "discretion" or under a grant of similar authority or latitude, the Person shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust, the Shareholders or any other Person, or (b) in its "good faith" or under another express standard, the Person shall act under such express standard and shall not be subject to any other or different standard. The term "good faith" as used in this Trust Agreement shall mean subjective good faith as such term is understood and interpreted under Delaware law.

**Section 6.08.** Indemnification of the Cayman Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Cayman Trustee and any Covered Person shall be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims arising out of or in connection with the performance of its obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement, including the appointment and supervision of the Delegated Sponsor, and the performance of the Delegated Sponsor or any sub-delagatee of any Delegated Duties, provided that (i) the Cayman Trustee was acting on behalf of, or performing services for, the Trust and has determined, in good faith, that such course of conduct was in the best interests of the Trust and such liability or loss was not the result of fraud, gross negligence, bad faith, willful misconduct, or a material breach of this Trust Agreement on the part of the Cayman Trustee and (ii) any such indemnification will be recoverable only from the Trust Estate. Any amounts payable to a Covered Person under the Trust Agreement may be payable in advance or will be secured by a lien on the Trust. The Cayman Trustee will not be under any obligation to appear in, prosecute or defend any legal action that in its opinion may involve it in any expense or liability; provided, however, that the Cayman Trustee may, in its discretion, undertake any action that it may deem necessary or desirable in respect of the Trust Agreement and the rights and duties of the parties hereto and the interests of the Shareholders and, in such event, the legal expenses and costs of any such action will be expenses and costs of the Trust and the Cayman Trustee will be entitled to be reimbursed therefor by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All rights to indemnification permitted herein and payment of associated expenses shall not be affected by the dissolution or other cessation of existence of the Cayman Trustee, or the withdrawal, adjudication of bankruptcy or insolvency of the Cayman Trustee, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the Code by or against the Cayman Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the provisions of Section 6.6(a) above, any Covered Person, any Authorized Participant and any other Person acting as a broker-dealer for the Trust shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal or state securities laws unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs) or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and related costs should be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust shall not incur the cost of that portion of any insurance that insures any party against any liability, the indemnification of which is herein prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Expenses incurred in defending a threatened or pending civil, administrative or criminal action suit or proceeding against the Cayman Trustee shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding if (i) the legal action relates to the performance of duties or services by the Cayman Trustee on behalf of the Trust; and (ii) the Cayman Trustee undertakes to repay the advanced funds with interest to the Trust in cases in which it is not entitled to indemnification under this Section 6.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The term "Cayman Trustee" as used only in this Section 6.6 shall include, in addition to the Cayman Trustee, any other Covered Person performing services on behalf of the Trust and acting within the scope of the Cayman Trustee's authority as set forth in this Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the event the Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost or expense as a result of or in connection with any Shareholder's (or assignee's) obligations or liabilities unrelated to Trust business, such Shareholder (or assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust for all such loss, liability, damage, cost and expense incurred, including attorneys' and accountants' fees.

**Section 6.09.** Expenses and Limitations Thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delegated Sponsor fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust shall pay to the Delegated Sponsor a fee (the "Delegated Sponsor fee"), payable in cash, which shall accrue daily in U.S. Dollars at an annual rate equal to a percentage, to be determined by the Delegated Sponsor, of the NAV of the Trust as of 4:00 p.m. Eastern Time on each day, provided that for a day that is not a Business Day, the calculation shall be based on the Pricing Benchmark from the most recent Business Day. The amount of SOL payable in respect of each daily U.S. Dollar accrual shall be determined by reference to the same Pricing Benchmark used to determine such accrual. The Delegated Sponsor fee is payable to the Delegated Sponsor monthly in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To cause the Trust to pay the Delegated Sponsor fee, the Delegated Sponsor shall instruct the SOL Custodians to liquidate from the Custody Wallet a number of SOL equal to the accrued but unpaid Delegated Sponsor fee and to convert such SOL into U.S. Dollars. The proceeds of such conversion shall be transferred to an account designated by the Delegated Sponsor at such times as the Delegated Sponsor determines in its absolute discretion. For the avoidance of doubt, the Delegated Sponsor fee shall be settled exclusively in U.S. Dollars, and no SOL shall be transferred to the Delegated Sponsor in satisfaction of the Delegated Sponsor fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) As partial consideration for receipt of the Delegated Sponsor fee, the Delegated Sponsor shall assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs, excluding taxes, but including (i) the Marketing Fee, (ii) the Administrator Fee, if any, (iii) the SOL Custodians Fee, (iv) the Transfer Agent Fee, (v) the fees payable to the DE Trustee and the Cayman Trustee, (vi) the fees and expenses related to the initial listing of Shares on the Exchange, (vii) the fees and expenses related to any future listing, trading or quotation of the Shares on any listing exchange or quotation system (including legal, marketing and audit fees and expenses), (viii) ordinary course legal fees and expenses that are not litigation-related, up to $100,000 per annum, (ix) audit fees, (x) regulatory fees, including if applicable any fees relating to the registration of the Shares under the Securities Act or Exchange Act, (xi) printing and mailing costs; (xii) costs of maintaining the Trust's website and (xiii) applicable license fees (each, a "Delegated Sponsor-paid Expense" and together, the "Delegated Sponsor-paid Expenses"), provided that any expense that qualifies as an Additional Trust Expense will be deemed to be an Additional Trust Expense and not a Delegated Sponsor-paid Expense. In the Delegated Sponsor's sole discretion, all or any portion of a Delegated Sponsor-paid Expense may be redesignated as an Additional Trust Expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In addition, as partial consideration for arranging for Staking, the Delegated Sponsor may, to the extent agreed upon, be entitled to such additional compensation from the Trust or another third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Additional Trust Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust may incur certain extraordinary, non-recurring expenses that are not Delegated Sponsor-paid Expenses, including, but not limited to, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Delegated Sponsor or Cayman Trustee (or any other service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders, any indemnification of the SOL Custodians, Administrator, the DE Trustee or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, "Additional Trust Expenses").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Cayman Trustee or its delegates shall direct the SOL Custodians to withdraw SOL as needed from the Custody Wallet to pay the Delegated Sponsor fees (as well as the Additional Trust Expenses, if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Delegated Sponsor or any Affiliate of the Delegated Sponsor may be reimbursed only for the actual cost to the Delegated Sponsor or such Affiliate of any expenses that it advances on behalf of the Trust for payment of which the Trust is responsible. In addition, payment to the Delegated Sponsor or such Affiliate for indirect expenses incurred in performing services for the Trust in its capacity as the Delegated Sponsor (or an Affiliate of the Delegated Sponsor) of the Delegated Sponsor, such as salaries and fringe benefits of officers and directors, rent or depreciation, utilities and other administrative items generally falling within the category of the Delegated Sponsor's "overhead," is prohibited.

**Section 6.10.** Voluntary Withdrawal of the Cayman Trustee.

The Cayman Trustee may withdraw voluntarily only upon one hundred and twenty (120) days' prior written notice to all Shareholders and the DE Trustee. Following receipt of such notice and if the withdrawing Cayman Trustee is the last remaining Trustee (other than the DE Trustee), Shareholders holding Shares equal to at least a majority (over 50%) of the Shares (not including Shares held by the Cayman Trustee) may vote to elect and appoint, effective as of a date on or prior to the withdrawal, a successor Cayman Trustee (who need not be organized in the Cayman Islands or any particular jurisdiction) who shall carry on the business of the Trust.

**Section 6.11.** Litigation.

The Delegated Sponsor is hereby authorized to prosecute, defend, settle or compromise actions or claims at law or in equity as may be necessary or proper to enforce or protect the Trust's interests. The Delegated Sponsor shall satisfy any judgment, decree or decision of any court, board or authority having jurisdiction or any settlement of any suit or claim prior to judgment or final decision thereon, first, out of any insurance proceeds available therefor, next, out of the Trust's assets and, thereafter, out of the assets (to the extent that it is permitted to do so under the various other provisions of this Trust Agreement) of the Delegated Sponsor.

**Section 6.12.** Ownership of Cayman Trustee; Insolvency of Cayman Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law, nothing in this Trust Agreement shall be deemed to prevent the merger of the Cayman Trustee with another corporation or other entity, the reorganization of the Cayman Trustee into or with any other corporation or other entity, the transfer of all the capital stock of the Cayman Trustee, the assumption of the rights, duties and liabilities of the Cayman Trustee by, in the case of a merger, reorganization or consolidation, the surviving corporation or other entity by operation of law or the transfer of the Cayman Trustee's Shares; provided, however, that if such merger, reorganization, transfer, or assumption is with an entity that is not an Affiliate of the Cayman Trustee immediately prior to such merger, reorganization, transfer or assumption, the Cayman Trustee shall provide notice to Shareholders at least thirty (30) days prior to the completion of such transaction. Without limiting the foregoing, none of the transactions referenced in the preceding sentence shall be deemed to be a voluntary withdrawal for purposes of Section 6.9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Cayman Trustee shall not cease to be a Cayman Trustee of the Trust merely upon the occurrence of its making an assignment for the benefit of creditors, filing a voluntary petition in bankruptcy, filing a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, filing an answer or other pleading admitting or failing to contest material allegations of a petition filed against it in any proceeding of this nature or seeking, consenting to or acquiescing in the appointment of a trustee, receiver or liquidator for itself or of all or any substantial part of its properties.

**ARTICLE VII<br> SHAREHOLDERS**

**Section 7.01.** No Management or Control by Shareholders; Limited Liability; Exercise of Rights through an Authorized Participant.

The Shareholders shall not participate in the management or control of the Trust nor shall they enter into any transaction on behalf of the Trust or have the power to sign for or bind the Trust, said power being vested solely and exclusively in the Cayman Trustee and Delegated Sponsor, as a delegate of the Cayman Trustee. Except as provided in Section 7.3, no Shareholder shall be bound by, or be personally liable for, the expenses, liabilities or obligations of the Trust in excess of such Percentage Interest of the Trust Estate. Except as provided in Section 7.3 hereof, each Share owned by a Shareholder shall be fully paid and no assessment shall be made against any Shareholder. No salary shall be paid to any Shareholder in his capacity as a Shareholder, nor shall any Shareholder have a drawing account or earn interest on its Percentage Interest of the Trust Estate. By the purchase and acceptance or other lawful delivery and acceptance of Shares, each Shareholder shall be a beneficiary of the Trust and vested with beneficial undivided interest in the Trust to the extent of the Shares owned beneficially by such Shareholder, subject to the terms and conditions of this Trust Agreement.

**Section 7.02.** Rights and Duties.

The Shareholders shall have the following rights, powers, privileges, duties and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Shareholders shall receive the share of the distributions provided for in this Trust Agreement in the manner and at the times provided for in this Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Shareholders shall have the right to demand a redemption of their Shares only upon the dissolution and winding up of the Trust and only to the extent of funds available therefor as provided in Section 12.2. In no event shall a Shareholder be entitled to demand or receive property other than cash upon the dissolution and winding up of the Trust. No Shareholder shall have priority over any other Shareholder as to distributions. A Shareholder shall not have any right to bring an action for partition against the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shareholders holding Shares representing (i) at least a majority (over 50%) of the Shares (not including Shares held by the Cayman Trustee and its Affiliates) may vote to appoint a successor Cayman Trustee as provided in Section 6.8 or to continue the Trust as provided in Section 12.1(a)(vi). Except as set forth in this Section 7.2(d), Shareholders shall have no voting rights with respect to the Trust. For the avoidance of doubt, if the Cayman Trustee is a Shareholder, the provisions of this Article VII shall not limit the rights of the Cayman Trustee in its role as trustee.

**Section 7.03.** Limitation of Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in Section 6.6(f) and as otherwise provided under Delaware law, Shareholders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of Delaware and no Shareholder shall be liable for claims against or debts of the Trust in excess of such Shareholder's Percentage Interest of the Trust Estate, except in the case of a Shareholder that is an Authorized Participant, in the event that the liability is founded upon misstatements or omissions contained in such Shareholder's Authorized Participant Agreement. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the Trust shall not make a claim against a Shareholder with respect to amounts distributed to such Shareholder or amounts received by such Shareholder upon redemption of such Shareholder's Shares unless, under Delaware law, such Shareholders liable to repay such amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall indemnify to the full extent permitted by law and the other provisions of this Trust Agreement, and to the extent of the Trust Estate, each Shareholder against any claims of liability asserted against such Shareholder solely because he is a beneficial owner of one or more Shares as a Shareholder.

**Section 7.04.** Derivative Actions.

In addition to the requirements set forth in Section 3816 of the Delaware Trust Statute, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shareholder or Shareholders must make a pre-suit demand upon the Cayman Trustee to bring the subject action unless an effort to cause the Cayman Trustee to bring such an action is not likely to succeed. For purposes of this Section 7.4(a), a demand on the Cayman Trustee shall only be deemed not likely to succeed and therefore excused if the Cayman Trustee has a personal financial interest in the transaction at issue, and the Cayman Trustee shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a Shareholder demand by virtue of the fact that the Cayman Trustee receives remuneration for his or her service as the Cayman Trustee of the Trust or as a trustee or director of one or more trusts that are under common management with or otherwise affiliated with the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Two or more Shareholders who are eligible to bring such derivative action under the Delaware Trust Statute and who (i) are not Affiliates of one another and (ii) collectively hold at least 10% of the outstanding Shares shall join in the request for the Cayman Trustee to commence such action unless a demand is not required under paragraph (a) of this Section 7.4 and shall join in the bringing or maintaining of such action, suit or other proceeding unless a demand is not required under paragraph (a) of this Section 7.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless a demand is not required under paragraph (a) of this Section 7.4, the Cayman Trustee must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim. the Cayman Trustee shall be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisor in the event the Cayman Trustee determines not to take action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any decision by the Cayman Trustee to bring, maintain, or compromise (or not to bring, maintain, or compromise) such court action, proceeding or claim, or to submit the matter to a vote of Shareholders, shall be made by the Cayman Trustee in good faith and shall be binding upon the Shareholders.

In addition to all suits, claims or other actions (collectively, "claims") that under applicable law must be brought as derivative claims, each Shareholder agrees that any claim that affects all Shareholders of the Trust proportionately based on their number of Shares in the Trust must be brought as a derivative claim subject to this Section 7.4 irrespective of whether such claim involves a violation of the Shareholder's rights under this Trust Agreement or any other alleged violation of contractual or individual rights that might otherwise give rise to a direct claim (and regardless, in each case, of whether such claims sound in tort, fraud or otherwise, or are based on common law, statutory, equitable, legal or other grounds). This ‎Section 7.04 shall not apply to any derivative claims brought under the federal U.S. securities laws and the rules and regulations thereunder.

**Section 7.05.** Appointment of Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By the purchase and acceptance or other lawful delivery, acceptance or holding of the Shares, the Shareholders shall be deemed to agree that the Delegated Sponsor, as delegate of the Cayman Trustee, may cause the Trust to appoint an agent to act on their behalf in connection with any distribution of Incidental Rights and/or IR Virtual Currency if the Delegated Sponsor, as delegate of the Cayman Trustee, has determined in good faith that such appointment is reasonably necessary or in the best interests of the Trust and the Shareholders in order to facilitate the distribution of any Incidental Rights and/or IR Virtual Currency. For the avoidance of doubt, the Delegated Sponsor, as delegate of the Cayman Trustee, may cause the Trust to appoint the Delegated Sponsor or any of its Affiliates to act in such capacity. Any Person appointed as agent of the Shareholders pursuant to this Section 7.5 shall receive an in-kind distribution of Rights and/or IR Virtual Currency on behalf of the Shareholders of record with respect to such distribution and following receipt of any such distribution, shall determine, in such Person's sole discretion and without any direction from the Trust or the Delegated Sponsor, as delegate of the Cayman Trustee, whether and when to sell the distributed Incidental Rights and/or IR Virtual Currency on behalf of the record date Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any agent appointed pursuant to Section 7.5(a) shall not receive any compensation in connection with its role as agent. The foregoing notwithstanding, any such agent shall be entitled to receive from any distribution of Incidental Rights and/or IR Virtual Currency, Incidental Rights and/or IR Virtual Currency with an aggregate fair market value equal to the amount of administrative and other reasonable expenses incurred by such agent in connection with such in-kind distribution of Incidental Rights and/or Additional Currency, including expenses incurred by such agent in connection with any post-distribution sale of such Incidental Rights and/or IR Virtual Currency.

**Section 7.06.** Business of Shareholders.

Except as otherwise specifically provided herein, any of the Shareholders and any shareholder, officer, director, employee or other Person holding a legal or beneficial interest in an entity that is a Shareholder, may engage in or possess an interest in business ventures of every nature and description, independently or with others, and the pursuit of such ventures, even if competitive with the affairs of the Trust, shall not be deemed wrongful or improper.

**Section 7.07.** Authorization of Offering Materials.

Each Shareholder (or any permitted assignee thereof) hereby agrees that the Trust, the Cayman Trustee, and the Delegated Sponsor, as a delegate of the Cayman Trustee are authorized to execute, deliver and perform the agreements, acts, transactions and matters contemplated hereby or described in, or contemplated by, the offering materials on behalf of the Trust without any further act, approval or vote of the Shareholders, notwithstanding any other provision of this Trust Agreement, or as otherwise would have been permissible under the Delaware Trust Statute or any applicable law, rule or regulation.

**ARTICLE VIII<br> BOOKS OF ACCOUNT AND REPORTS**

**Section 8.01.** Books of Account.

Proper books of account for the Trust shall be kept and shall be audited annually by an independent certified public accounting firm selected by the Delegated Sponsor, as a delegate of the Cayman Trustee, in its sole discretion, and there shall be entered therein all transactions, matters and things relating to the Trust as are required by the applicable law and regulations and as are usually entered into books of account kept by trusts. The books of account shall be kept at the principal office of the Trust and no Shareholder shall have any right to inspect any account, book or document of the Trust that is not publicly available, except as conferred by the Cayman Trustee. Such books of account shall be kept, and the Trust shall report its profits and losses on, the accrual method of accounting for financial accounting purposes on a Fiscal Year basis as described in Article IX.

**Section 8.02.** Quarterly Updates, Annual Updates and Account Statements.

The Delegated Sponsor, as a delegate of the Cayman Trustee, shall prepare and distribute or publish, as required, such reports (periodic or otherwise) as required by applicable rules and regulations.

**Section 8.03.** Tax Information.

Appropriate tax information (adequate to enable each Shareholder to complete and file its U.S. federal tax return) shall be delivered by the Delegated Sponsor, as a delegate of the Cayman Trustee, on behalf of the Trust to each Shareholder as soon as practicable following the end of each Fiscal Year but, to the extent possible, no later than April 1 or as otherwise required by applicable laws and regulations. All such information shall be prepared, and all of the Trust's tax returns shall be filed, in a manner consistent with the treatment of the Trust as a grantor trust. The Trust shall comply with all U.S. federal withholding requirements respecting distributions to, or receipts of amounts on behalf of, Shareholders that the Delegated Sponsor, as a delegate of the Cayman Trustee, reasonably believes are applicable under the Code. The consent of Shareholders shall not be required for such withholding.

**Section 8.04.** Calculation of NAV and NAV per Share.

The Delegated Sponsor, as a delegate of the Cayman Trustee, or its delegate shall calculate and publish the Trust's NAV each Exchange Trading Day as of 4:00 p.m., Eastern Time, or as soon thereafter as practicable. In order to calculate the NAV, the Delegated Sponsor, as a delegate of the Cayman Trustee, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Multiply the value of the Pricing Benchmark by the aggregate number of SOL owned by the Trust as of 4:00 p.m., Eastern Time, on the immediately preceding day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Add the U.S. Dollar value of SOL, as calculated using the Pricing Benchmark, receivable under pending Creation Orders, if any, determined by multiplying the number of the Creation Baskets represented by such Creation Orders by the Basket Deposit and then multiplying such product by the Pricing Benchmark, the US Cash and any other assets of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Subtract the accrued but unpaid Delegated Sponsor fee and any other liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Subtract the U.S. Dollar value of the SOL to be distributed under pending Redemption Orders, determined by multiplying the number of Redemption Baskets represented by such Redemption Orders by the Basket Deposit and then multiplying such product by the Pricing Benchmark.

In the event that the Delegated Sponsor, as a delegate of the Cayman Trustee, determines that the methodology used to determine the Pricing Benchmark is not an appropriate basis for valuation of the Trust's SOL, the Delegated Sponsor, as a delegate of the Cayman Trustee, shall use an alternative methodology as determined in the Delegated Sponsor's sole discretion.

**Section 8.05.** Calculation of Principal Market NAV and Principal Market NAV per Share.

In addition to calculating NAV and NAV per Share, for purposes of the Trust's financial statements, the Delegated Sponsor, as a delegate of the Cayman Trustee, or its delegate shall calculate the Principal Market NAV and Principal Market NAV per Share on each valuation date for such financial statements. The determination of the Principal Market NAV and Principal Market NAV per Share shall be identical to the calculation of NAV and NAV per Share, respectively, except that the value of SOL is determined using the fair value of SOL based on the price in the SOL market on the Principal Market as of 4:00 p.m., Eastern Time, on the valuation date, rather than using the Pricing Benchmark.

The Trust shall adopt a valuation policy, which provides for the procedure for valuing the Trust's assets. The policy shall also set forth the procedures to determine the Principal Market for purposes of determining the Principal Market NAV and Principal Market NAV per Share in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820-10.

The Delegated Sponsor, as a delegate of the Cayman Trustee, on behalf of the Trust will determine in its sole discretion the valuation sources and policies used to prepare the Trust's financial statements in accordance with GAAP.

**Section 8.06.** Maintenance of Records.

The Delegated Sponsor, as a delegate of the Cayman Trustee, shall maintain for a period of at least seven Fiscal Years (a) all books of account required by Section 8.1 hereof; (b) a copy of the Certificate of Trust and all certificates of amendment thereto; (c) copies of the Trust's U.S. federal, state and local income tax returns and reports, if any; (d) copies of any effective written Trust Agreements, Authorized Participant Agreements, including any amendments thereto; and (e) any financial statements of the Trust. The Delegated Sponsor, as a delegate of the Cayman Trustee, may keep and maintain the books and records of the Trust in paper, magnetic, electronic or other format as the Delegated Sponsor, as a delegate of the Cayman Trustee, may determine in its sole discretion, provided that the Delegated Sponsor shall use reasonable care to prevent the loss or destruction of such records. If there is a conflict between this Section 8.5 and the rules and regulations of any applicable regulatory authority or listing or quotation entity with respect to the maintenance of records, the records shall be maintained pursuant to the rules and regulations of such applicable regulatory authority or listing or quotation entity.

**ARTICLE IX<br> FISCAL YEAR**

**Section 9.01.** Fiscal Year.

The fiscal year of the Trust for financial accounting purposes (the "Fiscal Year") is the calendar year. The Delegated Sponsor, as a delegate of the Cayman Trustee, may select an alternate fiscal year if it deems it to be in the interest of the Trust.

**ARTICLE X<br> AMENDMENT OF TRUST AGREEMENT; MEETINGS**

**Section 10.01.** Amendments to the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically provided herein, the Cayman Trustee, in its sole discretion and without Shareholder consent, may amend or otherwise supplement this Trust Agreement by making an amendment, an agreement supplemental hereto, or an amended and restated trust agreement. Any such restatement, amendment and/or supplement hereto shall be effective on such date as designated by the Cayman Trustee in its sole discretion; provided that any amendment to this Trust Agreement which materially adversely affects the interests of the Shareholders shall not be effective any earlier than twenty (20) days after receipt by the affected Shareholders of a notice provided by the Cayman Trustee with respect to any such amendment; and provided further that the Cayman Trustee shall not be permitted to make any such amendment, or otherwise supplement this Trust Agreement, if such amendment or supplement would permit the Cayman Trustee, the DE Trustee or any other Person to vary the investment of the Shareholders or would otherwise adversely affect the status of the Trust as a grantor for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon amendment of this Trust Agreement, the Certificate of Trust shall also be amended, if required by the Delaware Trust Statute, to reflect such change. At the expense of the Cayman Trustee, the DE Trustee shall execute and file any amendment to the Certificate of Trust if so directed by the Cayman Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the fullest extent permitted by law, no provision of this Trust Agreement may be amended, waived or otherwise modified orally but only by a written instrument adopted in accordance with this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No amendment affecting the rights or duties of the DE Trustee shall be binding upon or effective against the DE Trustee unless consented to by the DE Trustee in writing. No amendment shall be made to this Trust Agreement without the consent of the DE Trustee if the DE Trustee reasonably believes that such amendment adversely affects any of its rights, duties or liabilities. The DE Trustee shall be under no obligation to execute any amendment to the Trust Agreement until it has received an instruction letter from the Delegated Sponsor, in form and substance reasonably satisfactory to the DE Trustee (i) directing the DE Trustee to execute such amendment, (ii) representing and warranting to the DE Trustee that such execution is authorized and permitted by the terms of the Trust Agreement and (if applicable) such other agreement to which the Trust is a party and does not conflict with or violate any other agreement to which the Trust is a party and (iii) confirming that such execution and acts related thereto are covered by the indemnity provisions of the Trust Agreement in favor of the DE Trustee and do not adversely affect the DE Trustee.

**Section 10.02.** Meetings of the Trust.

Meetings of the Shareholders may be called by the Cayman Trustee. The Cayman Trustee shall provide written notice to all Shareholders thereof of the meeting and the purpose of the meeting, which shall be held on a date not less than thirty (30) nor more than sixty (60) days after the date of mailing of said notice, at a reasonable time and place. Any notice of meeting shall be accompanied by a description of the action to be taken at the meeting. Shareholders may vote in person or by proxy at any such meeting.

**Section 10.03.** Action Without a Meeting.

Any action required or permitted to be taken by Shareholders by vote may be taken without a meeting by written consent setting forth the actions so taken. Such written consents shall be treated for all purposes as votes at a meeting. If the vote or consent of any Shareholder to any action of the Trust or any Shareholder, as contemplated by this Trust Agreement, is solicited by the Cayman Trustee, the solicitation shall be effected by notice to each Shareholder given in the manner provided in Section 13.5. The vote or consent of each Shareholder so solicited shall be deemed conclusively to have been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually received by that Shareholder, unless the Shareholder expresses written objection to the vote or consent by notice given in the manner provided in Section 13.5 and actually received by the Trust within twenty (20) days after the notice of solicitation is sent. The Covered Persons dealing with the Trust shall be entitled to act in reliance on any vote or consent that is deemed cast or granted pursuant to this Section 10.3 and shall be fully indemnified by the Trust in so doing. Any action taken or omitted in reliance on any such deemed vote or consent of one or more Shareholders shall not be void or voidable by reason of any communication made by or on behalf of all or any of such Shareholders in any manner other than as expressly provided in Section 13.5.

**ARTICLE XI<br> TERM**

**Section 11.01.** Term.

The term for which the Trust is to exist shall be perpetual, unless terminated pursuant to the provisions of Article XII hereof or as otherwise provided by law.

**ARTICLE XII<br> TERMINATION**

**Section 12.01.** Events Requiring Dissolution of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust shall dissolve at any time upon the happening of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Shares are delisted from the Exchange and are not approved for listing on another national securities exchange within five business days of their delisting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 180 days have elapsed since the DE Trustee notified the Cayman Trustee of such DE Trustee's election to resign or since the Cayman Trustee removed the DE Trustee, and a successor Delaware trustee has not been appointed and accepted its appointment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the SEC determines that the Trust is an investment company under the 1940 Act, and the Cayman Trustee has made the determination that termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the CFTC determines that the Trust is a commodity pool under the Commodity Exchange Act, and the Cayman Trustee has made the determination that termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Trust is determined to be a "money service business" under the regulations promulgated by FinCEN under the authority of the US Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder or is determined to be a "money transmitter" (or equivalent designation) under the laws of any state in which the Trust operates and is required to seek licensing or otherwise comply with state licensing requirements, and the Cayman Trustee has made the determination that termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a United States regulator requires the Trust to shut down or forces the Trust to liquidate its SOL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any ongoing event exists that either prevents the Trust from making or makes impractical the Trust's reasonable efforts to make a fair determination of the price of SOL for purposes of determining the NAV of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Cayman Trustee determines that the aggregate net assets of the Trust in relation to the operating expenses of the Trust make it unreasonable or imprudent to continue the business of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Trust fails to qualify for treatment, or ceases to be treated, as a "grantor trust" under the Code or any comparable provision of the laws of any State or other jurisdiction where that treatment is sought, and the Cayman Trustee determines that, because of that tax treatment or change in tax treatment, termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) 60 days have elapsed since DTC or another depository has ceased to act as depository with respect to the Shares, and the Cayman Trustee has not identified another depository that is willing to act in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the Shareholders elect to terminate the Trust after the Cayman Trustee is conclusively deemed to have resigned effective immediately as a result of the Cayman Trustee being adjudged bankrupt or insolvent, or a receiver of the Cayman Trustee or of its property being appointed, or a trustee or liquidator or any public officer taking charge or control of the Cayman Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation and a Cayman Trustee has not been appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the Cayman Trustee or the Delegated Sponsor, with the approval of the Cayman Trustee, elects to terminate the Trust after the DE Trustee, Administrator or the SOL Custodians (or any successor trustee, administrator or custodian) resigns or otherwise ceases to be the trustee, administrator or custodian of the Trust, as applicable, and no replacement trustee, administrator and/or custodian acceptable to the Cayman Trustee is engaged.

In respect of termination events that rely on Cayman Trustee's determinations to terminate the Trust (e.g., if the SEC determines that the Trust is an investment company under the 1940 Act; the CFTC determines that the Trust is a commodity pool under the CEA; the Trust is determined to be a money transmitter under the regulations promulgated by FinCEN; the Trust fails to qualify for treatment, or ceases to be treated, as a grantor trust for U.S. federal income tax purposes; or, following a resignation by a trustee or custodian, the Cayman Trustee determines that no replacement is acceptable to it), the Cayman Trustee may consider, without limitation, the profitability to the Cayman Trustee and other service providers of the operation of the Trust, any obstacles or costs relating to the operation or regulatory compliance of the Trust relating to the determination's triggering event, and the ability to market the Trust to investors. To the extent that the Cayman Trustee determines to continue operation of the Trust following a determination's triggering event, the Trust will be required to alter its operations to comply with the triggering event. In the instance of a determination that the Trust is an investment company, the Trust and the Delegated Sponsor would have to comply with the regulations and disclosure and reporting requirements applicable to investment companies and investment advisers. In the instance of a determination that the Trust is a commodity pool, the Trust and the Cayman Trustee would have to comply with regulations and disclosure and reporting requirements applicable to commodity pools and commodity pool operators or commodity trading advisers. In the event that the Trust is determined to be a money transmitter, the Trust and the Cayman Trustee will have to comply with applicable federal and state registration and regulatory requirements for money transmitters and/or money service businesses. In the event that the Trust ceases to qualify for treatment as a grantor trust for U.S. federal income tax purposes, the Trust will be required to alter its disclosure and tax reporting procedures and may no longer be able to operate or to rely on pass-through tax treatment. In each such case and in the case of the Cayman Trustee's determination as to whether a potential successor trustee or custodian is acceptable to it, the Cayman Trustee will not be liable to anyone for its determination of whether to continue or to terminate the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The death, legal disability, bankruptcy, insolvency, dissolution, or withdrawal of any Shareholder shall not result in the termination of the Trust, and such Shareholder, his estate, custodian or personal representative shall have no right to a redemption of such Shareholder's Shares. Each Shareholder (and any assignee thereof) expressly agrees that in the event of his death, he waives on behalf of himself and his estate, and he directs the legal representative of his estate and any person interested therein to waive, the furnishing of any inventory, accounting or appraisal of the Trust Estate and any right to an audit or examination of the books of the Trust, except for such rights as are set forth in Article VIII hereof relating to the books of account and reports of the Trust.

**Section 12.02.** Distributions on Dissolution.

Upon the dissolution of the Trust, the Cayman Trustee (or in the event there is no Cayman Trustee, such person (the "Liquidating Trustee") as the majority in interest of the Shareholders may propose and approve and who agrees to serve hereunder) shall take full charge of the Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Cayman Trustee under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the affairs of the Trust shall be wound up and all assets owned by the Trust shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Shareholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof) other than liabilities for distributions to Shareholders, and (b) to the Shareholders pro rata in accordance with their respective Percentage Interests.

**Section 12.03.** Termination; Certificate of Cancellation.

Following the dissolution and windup of the Trust, including distribution of the assets of the Trust, the Trust shall terminate and the Cayman Trustee or the Liquidating Trustee, as the case may be, shall instruct in writing the DE Trustee to execute and cause such certificate of cancellation of the Certificate of Trust to be filed in accordance with the Delaware Trust Statute at the expense of the Cayman Trustee or the Liquidating Trustee, as the case may be.

Notwithstanding anything to the contrary contained in this Trust Agreement, the existence of the Trust as a separate legal entity shall continue until the filing of such certificate of cancellation. Upon the termination of the Trust, the parties hereto will be discharged from all obligations under the Trust Agreement except for its certain obligations that survive termination of the Trust Agreement.

**Section 12.04.** Notice.

The Cayman Trustee will notify Shareholders at least 30 days before the date for termination of the Trust Agreement.

**ARTICLE XIII<br> MISCELLANEOUS**

**Section 13.01.** Governing Law.

The validity and construction of this Trust Agreement and all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard to the conflict of laws provisions thereof; provided, however, that (other than with respect to the DE Trustee and the Cayman Trustee) causes of action for violations of U.S. federal or state securities laws shall not be governed by this Section 13.1, and provided, further, that the parties hereto intend that the provisions hereof shall control over any contrary or limiting statutory or common law of the State of Delaware (other than the Delaware Trust Statute) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust, the DE Trustee, the Cayman Trustee, the Shareholders or this Trust Agreement any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Trust Statute) pertaining to trusts that relate to or regulate in a manner inconsistent with the terms hereof: (a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees or managers that are inconsistent with the limitations on liability or authorities and powers of the DE Trustee, the Cayman Trustee set forth or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Code shall not apply to the Trust. The Trust shall be of the type commonly called a "statutory trust," and without limiting the provisions hereof, but subject to Sections 1.5 and 1.6, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust under Delaware law. Subject to Sections 1.5 and 1.7, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

**Section 13.02.** Provisions In Conflict with Law or Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Trust Agreement are severable, and if the Cayman Trustee shall determine, with the advice of counsel, that any one or more of such provisions (the "Conflicting Provisions") are in conflict with the Code, the Delaware Trust Statute, the Securities Act or other applicable U.S. federal or state laws or the rules and regulations of any applicable regulatory authority or listing or quotation entity, the Conflicting Provisions shall be deemed never to have constituted a part of this Trust Agreement, even without any amendment of this Trust Agreement pursuant to this Trust Agreement; provided, however, that such determination by the Cayman Trustee shall not affect or impair any of the remaining provisions of this Trust Agreement or render invalid or improper any action taken or omitted prior to such determination. Neither the DE Trustee nor the Cayman Trustee shall be liable for making or failing to make such a determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Trust Agreement shall be held invalid or unenforceable in any jurisdiction, such holding shall not in any manner affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Trust Agreement in any jurisdiction.

**Section 13.03.** Merger and Consolidation.

Subject to the provisions of Section 1.5, the Cayman Trustee may cause (i) the Trust to be merged into or consolidated with, converted to or to sell all or substantially all of its assets to, another trust or entity; (ii) the Shares of the Trust to be converted into beneficial interests in another statutory trust (or series thereof); or (iii) the Shares of the Trust to be exchanged for shares in another trust or company under or pursuant to any U.S. state or federal statute to the extent permitted by law. For the avoidance of doubt, subject to the provisions of Section 1.5, the Cayman Trustee, with written notice to the Shareholders, may approve and effect any of the transactions contemplated under (i), (ii) and (iii) above without any vote or other action of the Shareholders.

**Section 13.04.** Construction.

In this Trust Agreement, unless the context otherwise requires, words used in the singular or in the plural include both the plural and singular and words denoting any gender include all genders. The title and headings of different parts are inserted for convenience and shall not affect the meaning, construction or effect of this Trust Agreement.

**Section 13.05.** Notices.

All notices or communications under this Trust Agreement (other than notices of pledge or encumbrance of Shares, and reports and notices by the Cayman Trustee to the Shareholders) shall be in writing and shall be effective upon personal delivery, or if sent by mail, postage prepaid, or if sent electronically, by facsimile or by overnight courier, and addressed, in each such case, to the address set forth in the books and records of the Trust or such other address as may be specified in writing, of the party to whom such notice is to be given, upon the deposit of such notice in the United States mail, upon transmission and electronic confirmation thereof or upon deposit with a representative of an overnight courier, as the case may be. Notices of pledge or encumbrance of Shares shall be effective upon timely receipt by the Cayman Trustee in writing.

All notices that are required to be provided to the DE Trustee shall be sent to:

CSC Delaware Trust Company

Attention: Corporate Trust Administration

251 Little Falls Drive

Wilmington, DE 19808

All notices that are required to be provided to the Cayman Trustee shall be sent to:

AGS Trustees Limited

Suite 210, 2nd Floor, Windward III

Regatta Office Park

Grand Cayman, PO Box 500

KY1-1106

CAYMAN ISLANDS

All notices that are required to be provided to the Trust shall be sent to:

Morgan Stanley Solana Trust

c/o Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036

Attn: Clare Wlodarczyk

**Section 13.06.** Counterparts. This Trust Agreement may be executed in several counterparts, and all so executed shall constitute one agreement, binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or the same counterpart.

**Section 13.07.** Binding Nature of Trust Agreement.

The terms and provisions of this Trust Agreement shall be binding upon and inure to the benefit of the heirs, custodians, executors, estates, administrators, personal representatives, successors and permitted assigns of the respective Shareholders. For purposes of determining the rights of any Shareholder or assignee hereunder, the Trust and the Cayman Trustee may rely upon the Trust records as to who are Shareholders and permitted assignees, and all Shareholders and assignees agree that the Trust and the Cayman Trustee, in determining such rights, shall rely on such records and that Shareholders and their assignees shall be bound by such determination.

**Section 13.08.** No Legal Title to Trust Estate.

Subject to the provisions of Section 1.8 in the case of the Cayman Trustee, the Shareholders shall not have legal title to any part of the Trust Estate.

**Section 13.09.** Creditors.

No creditors of any Shareholders shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the Trust Estate.

**Section 13.10.** Integration.

This Trust Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto.

**Section 13.11.** Goodwill; Use of Name.

No value shall be placed on the name or goodwill of the Trust, which shall belong exclusively to the Cayman Trustee.

**Section 13.12.** Jurisdiction; Venue; Waiver of Jury Trial.

EACH OF THE PARTIES HERETO HEREBY AGREES TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE, AND THE FEDERAL COURTS LOCATED WITHIN THE STATE OF DELAWARE. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. NOTWITHSTANDING THE FOREGOING, THIS SECTION 13.12 SHALL NOT APPLY TO CAUSES OF ACTIONS FOR VIOLATIONS OF U.S. FEDERAL OR STATE SECURITIES LAWS, INCLUDING THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, OR ANY OTHER CLAIM FOR WHICH THE FEDERAL COURTS OF THE UNITED STATES HAVE EXCLUSIVE JURISDICTION.

*[Remainder of page left blank]*

IN WITNESS WHEREOF, the undersigned have duly executed this Amended and Restated Trust Agreement as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| **CSC DELAWARE TRUST COMPANY**, as DE Trustee | **CSC DELAWARE TRUST COMPANY**, as DE Trustee | **CSC DELAWARE TRUST COMPANY**, as DE Trustee |
| By: | /s/ James Grier | /s/ James Grier |
|  | Name: | James Grier |
|  | Title: | Vice President |
| **AGS TRUSTEES LIMITED**, as Cayman Trustee | **AGS TRUSTEES LIMITED**, as Cayman Trustee | **AGS TRUSTEES LIMITED**, as Cayman Trustee |
| By: | /s/ Timothy Evans | /s/ Timothy Evans |
|  | Name: | Timothy Evans |
|  | Title: | Authorised Signatory |

---

[*Signature Page Form of Amended And Restated Trust Agreement of Morgan Stanley Solana Trust*]

**EXHIBIT A**

**FORM OF CERTIFICATE OF TRUST**

## Exhibit 3.4

**Exhibit 3.4**

**JOINDER AGREEMENT**

This Joinder Agreement ("Joinder"), dated as of June 12th, 2026, is made by MORGAN STANLEY SOLANA TRUST (the "New Trust") and is acknowledged and consented to by AGS TRUSTEES LIMITED ("AGS").

RECITALS

A. AGS and the trusts listed on Appendix A to the Agreement (as defined below) are parties to that certain Trustee Services Agreement dated as of March 25, 2026 (as may be amended from time to time, the "Agreement").

B. New Trust desires to become a party to the Agreement as an additional Trust thereunder and to be added to Appendix A of the Agreement.

C. AGS is willing to consent to New Trust becoming a party to the Agreement on the terms set forth herein.

AGREEMENT

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, New Trust and AGS agree as follows:

1. Joinder to Agreement. New Trust hereby becomes a party to the Agreement as a Trust and agrees to be bound by all terms, conditions, covenants, and obligations of the Agreement as if New Trust were an original signatory thereto. All references to " Trust " in the Agreement shall include New Trust.

2. Addition to Appendix A. Appendix A to the Agreement shall be deemed amended to add the following: Morgan Stanley Solana Trust

3. Representations and Warranties. New Trust hereby makes the same representations and warranties to AGS as were made by the original Companies under the Agreement, which representations and warranties are made as of the date of this Joinder.

4. Effective Date. This Joinder shall become effective upon execution by New Trust and receipt of AGS's written consent as evidenced by AGS's execution below.

5. Governing Law. This Joinder shall be governed by and construed in accordance with the laws of the Cayman Islands.

6. Counterparts. This Joinder may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties have executed this Joinder as of the date first written above.

MORGAN STANLEY SOLANA TRUST

By: Morgan Stanley Investment Management Inc., as Sponsor

---

| | |
|:---|:---|
| By: | /s/ Scott Steel |
| Name: | Scott Steel |
| Title: | MD |
| Date: | June 4, 2026 |

---

ACKNOWLEDGED AND CONSENTED TO:

AGS TRUSTEES LIMITED

---

| | |
|:---|:---|
| By: | /s/ Timothy Evans |
| Name: | Timothy Evans |
| Title: | Authorised signatory |
| Date: | June 8th, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Maria Solas |
| Name: | Maria Solas |
| Title: | Authorised signatory |
| Date: | June 8th, 2026 |

---

![](tm2534148d4_ex3-4img001.jpg)

---

| |
|:---|
| <br> (1) **AGS TRUSTEES LIMITED**<br>(2) **THE MORGAN STANLEY FUNDS AS LISTED ON APPENDIX A**<br>|
| &nbsp;&nbsp; <br> **TRUSTEE SERVICES AGREEMENT**<br>|

---

**THIS AGREEMENT** is dated March 25, 2026 and takes effect from the Commencement Date.

**PARTIES**

(1) **AGS TRUSTEES LIMITED**, a company incorporated in the Cayman Islands having its registered office at PO Box 500, Suite 210, 2 <sup>nd</sup> Floor, Windward III, Regatta Office Park, Grand Cayman, KY1–1106, Cayman Islands, (**AGS**); and

(2) **The Morgan Stanley Funds as listed on Appendix A**, each a statutory trust formed under the laws of the State of Delaware (each, the **Trust**). CSC Delaware Trust Trust, a Delaware trust company, acts as the trustee of each Trust for the purpose of creating a Delaware statutory trust in accordance with the Delaware Statutory Trust Act. CSC Delaware Trust Trust serves as trustee of each Trust and has a principal place of business located at 251 Little Falls Drive, Wilmington, DE 19808, Attn: Corporate Trust.

**AGREED TERMS**

1. **INTERPRETATION** 

1.1 The following terms and expressions in this Agreement shall have the following meanings:

(a) **Documents**: the documents set out in Schedule 3;

(b) **Fees**: the fees set out in Schedule 2;

(c) **Services:** the services set out in Schedule 1;

(d) **Trust:** each trust added to this Agreement by way of the Joinder Agreement;

(e) **us:** AGS and, where the context permits, directors, officers, employees, agents, appointees, designates
 or consultants of AGS, and "We" and "Our" shall be construed accordingly; and

(f) **you:** the Trust and "Your" shall be construed accordingly.

1.2 Any references to this Agreement or any Schedule hereto shall be construed as a reference to such document as amended, varied, modified, supplemented, restated or novated from time to time.

1.3 The Schedules hereto form part of this Agreement and shall have the same force and effect as if they were expressly set out in the body of it. In the event of any inconsistency between the Schedules and the specific provisions set out herein the latter shall prevail.

2. **APPOINTMENT** 

2.1 The Trust hereby appoints and retains AGS to provide, or procure the provision of, the Services subject to and in accordance with this Agreement from March 25, 2026 (**Commencement Date**).

2.2 AGS Trustees Limited is licensed as a Trust and Corporate Services Provider by the Cayman Islands Monetary Authority. The Cayman Islands Monetary Authority can be contacted at PO Box 10052, SIX, Cricket Square, Grand Cayman, KY1-1001, or by telephone at 1 (345) 949-7089.

3. **REMUNERATION** 

3.1 The Trust shall pay to AGS the Fees set out in Schedule 2 as amended from time to time in compliance with this Agreement.

4. **COSTS AND EXPENSES** 

4.1 In addition to the fees set out in clause 3 above, the Trust shall reimburse to AGS:

(a) the reasonable cost of faxes, telephone calls and couriers properly incurred by AGS in the course of carrying out its duties hereunder;

(b) all other out-of-pocket expenses reasonably incurred by AGS in furtherance of its duties under this Agreement.

4.2 AGS may refer any legal question in relation to the Trust Agreement and the exercise by AGS of any discretion vested in it to such attorney or attorneys-at-law as AGS may from time to time select. Subject to Section 9 below, AGS may act on any advice or opinion given by such attorney or attorneys-at-law without being responsible for the correctness thereof or for any result that may follow from so doing. The Trust agrees to reimburse AGS on demand for all such legal costs and expenses properly incurred by AGS.

5. **DOCUMENTS** 

The Trust shall provide to AGS the Documents set out in Schedule 3 in accordance with the terms set out herein.

6. **TERMINATION** 

This Agreement shall terminate in accordance with the terms of the Trust Agreement.

7. **ASSIGNMENT** 

This Agreement may not be assigned by either party without the prior written consent of the other party, which shall not be unreasonably withheld.

8. **NOTICES** 

Any notice to be given hereunder shall be in writing and may be served by courier or personal delivery at or posted by prepaid airmail post or emailed to the following addresses:

(a) the Trust at:

Address: CSC Delaware Trust Trust

251 Little Falls Drive, Wilmington, DE 19808

Attn: Corporate Trust.

*With a copy to:*

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, NY 10036

Attn: Clare Wlodarczyk

Email: Clare.Wlodarczyk@morganstanley.com

(b) AGS at:

Address: AGS Trustees Limited, Suite 210, 2nd Floor, Windward III, Regatta Office Park

Grand Cayman, PO Box 500 KY1-1106 CAYMAN ISLANDS

Email: <u>cayman@global-ags.com</u>

Notices shall be deemed to be delivered, when sent by courier or personal delivery, on receipt, when sent by prepaid airmail post, seven (7) days after mailing and when sent by email, on the business day (at the place of the recipient) after being sent.

9. **INDEMNITIES** 

9.1 AGS shall not be liable for any loss, costs, expenses or damage whatsoever which the Trust may sustain or suffer as a result of or in the course of the discharge of its duties hereunder other than loss or damage arising by reason of the fraud, gross negligence, bad faith or willful misconduct of AGS.

9.2 The Trust shall indemnify AGS against all actions, suits, proceedings, claims, demands, costs and expenses which may be made against AGS in respect of any loss or damage sustained or suffered by any third party in connection with the provision of the Services or the performance of this Agreement, otherwise than by reason of the fraud, gross negligence, bad faith or willful misconduct of AGS as aforesaid. The Trust shall advance any expenses incurred by AGS in defending the relevant proceedings. AGS shall reimburse and hereby indemnifies the Trust for any such advances in the event that a judgment is given against AGS which finds it to have acted fraudulently or with gross negligence, bad faith or willful misconduct.

10. **GOVERNING LAW** 

This Agreement shall be governed by and construed in accordance with the laws of the Cayman Islands to the exclusive jurisdiction of whose courts the parties hereto hereby submit and no proceedings shall be brought in the courts of any other jurisdiction.

11. **COUNTERPARTS** 

This Agreement may be executed in one or more counterparts, each of which shall be deemed originals and all of which together shall constitute one and the same instrument.

12. **Addition of Companies** 

Additional trusts sponsored by Sponsor may become parties to this Agreement as additional Companies by executing and delivering to AGS a Joinder Agreement substantially in the form attached hereto as Appendix B.

Upon execution of such Joinder Agreement and AGS's written consent thereto (not to be unreasonably withheld, conditioned or delayed), such trust shall become a Trust under this Agreement and shall be bound by all terms and conditions hereof and Appendix A shall be deemed automatically amended to include such additional Trust without further action by any party.

**IN WITNESS WHEREOF** the Parties have duly executed this Agreement on the date stated at the beginning of it.

**[signatures follow on next page]**

**SIGNATORIES**

---

| | |
|:---|:---|
| By: | /s/ Timothy Evans |
| Name: | Timothy Evans |
| Position: | Authorised Signatory |
| By: | /s/ Maria Solas |
| Name: | Maria Solas |
| Position: | Authorised Signatory |

---

---

| |
|:---|
| In the presence of: |
| Witness signature |
| Name: |
| Address: |
| Occupation: |

---

---

| | |
|:---|:---|
| By: | /s/ Scott Steel |
| Name: | Scott Steel |
| Position: | Managing Director of the Delegated Sponsor |

---

**SCHEDULE 1**

**SERVICES**

In this Schedule the following terms shall have the meaning given to them below:

**Proper Instructions** means written, cabled, fax or email instructions or instructions given by any other means of electronic transmission in a readable form in respect of any of the matters referred to in this Agreement signed or sent or purported to be signed or sent by such one or more person(s) as you shall from time to time have authorised to give the particular class of instruction in question. In instances indicated in advance by You, and agreed with AGS, AGS may also act pursuant to instructions by telephone given or purported to be given by designated persons and such telephonic instructions shall be deemed to be Proper Instructions;

**"Delegation Agreement"** means and the Delegation of Trustee Duties Agreement dated March 25, 2026, 2026 between AGS and Morgan Stanley Investment Management Inc.

**Trust Agreement** means each Trust Agreement setting forth the terms of the relevant trust as amended from time to time pursuant to which AGS has agreed to be designated "Cayman Trustee":

---

| | |
|:---|:---|
| **Name** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entity Type** |
| Morgan Stanley Bitcoin Trust | Delaware Statutory Trust |

---

(together the **ETFs**).

During the continuance of this Agreement, and provided always that Proper Instructions have been given (as appropriate) and that the requisite information and funds to enable us to do so are available and provided to us as required at the relevant time, we shall:

1. provide or procure the provision of the services to the trust as described in more detail in the Trust Agreement and the Delegation Agreement. AGS acknowledges that it has entered into the Delegation Agreement pursuant to which AGS has delegated certain of its duties under the Trust Agreement (the "Delegated Duties") to the Delegated Sponsor.

2. where AGS's approval or consent is required under the Delegation Agreement, promptly consider any request for such approval or consent and act in good faith in determining whether to grant or withhold the same, provided that AGS shall not unreasonably withhold or delay any approval or consent that is required for the Delegated Sponsor to perform the Delegated Duties in accordance with the Trust Agreement;

3. generally carry out such other duties in connection with the operation of the trust as may be incidental to the provision of the Services and perform all such other functions in relation to the trust as shall be agreed in writing between you and us from time to time; and

4. provide and maintain all administrative services, office staff and non-exclusive accommodation reasonably required for the due performance of its duties under this Agreement.

**SCHEDULE 2**

**FEES**

AGS shall be entitled to receive from the Trust for the Services to be provided:

1. A one-time AGS onboarding fee of USD $1,500 per trust payable within 60 days of the Commencement Date;

2. Commencing on the Commencement Date, a fee of USD $20,000 per annum per trust (or pro rata for lesser periods on a monthly basis and with such initial payment to be payable within 60 days of the Commencement Date) payable in advance by 1 January in each calendar year locked in until 31 December 2027; and

3. Normalization of a per annum fee per trust after 31 December 2027 will be as follows:

· AUM over USD $150 MM - $27,500 USD

· AUM over USD $300 MM - $35,000 USD

· AUM over USD $400 MM - $50,000 USD

4. Should AGS be required to spend in excess of 20 hours per calendar year to discharge its duties under this Agreement, AGS shall charge the Trust for the provision of its services over and above the 20-hour threshold on a time spent basis at such rate(s) from time to time in effect and notified to the Trust. AGS shall maintain a record of its time spent each calendar year and notify the Trust, in writing and as soon as practicable, when AGS has spent approximately 15 hours of its time in a given year discharging its duties for a trust and again when, and if, AGS has spent approximately 20 hours of time in a given year discharging its duties for a trust.

The annual fee may be increased by AGS from time to time by agreement with the Trust.

**SCHEDULE 3**

**DOCUMENTS**

1. All agreements with other service providers, including without limitation the administrator and the custodian (if any).

2. Each Trust Agreement

3. The Delegation Agreement

4. Other information, correspondence or materials provided to unitholders, including marketing materials, performance reports and financial information.

5. Financial Information, including periodic unaudited and audited financial reports and copies of the draft annual financial statements at least three full working days prior to the Board meeting to approve such financial statements, in order to allow for proper review and response to queries.

6. Any material operational information.

7. Letters or other communication received from a regulator and/or legal counsel providing terms and conditions of regulatory license or applicable exemption.

**APPENDIX A**

**COMPANIES**

**Morgan Stanley Bitcoin Trust**

**APPENDIX B**

**FORM OF JOINDER AGREEMENT**

This Joinder Agreement ("Joinder"), dated as of __________, 20__, is made by _________________________ (the "New Trust") and is acknowledged and consented to by (1) AGS TRUSTEES LIMITED ("AGS").

RECITALS

A. AGS and the trusts listed on Appendix A to the Agreement (as defined below) are parties to that certain Trustee Services Agreement dated as of [·] (as may be amended from time to time, the "Agreement").

B. New Trust desires to become a party to the Agreement as an additional Trust thereunder and to be added to Appendix A of the Agreement.

C. AGS is willing to consent to New Trust becoming a party to the Agreement on the terms set forth herein.

AGREEMENT

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, New Trust and AGS agree as follows:

1. Joinder to Agreement. New Trust hereby becomes a party to the Agreement as a Trust and agrees to be bound by all terms, conditions, covenants, and obligations of the Agreement as if New Trust were an original signatory thereto. All references to " Trust " in the Agreement shall include New Trust.

2. Addition to Appendix A. Appendix A to the Agreement shall be deemed amended to add the following: [New Trust Name]

3. Representations and Warranties. New Trust hereby makes the same representations and warranties to AGS as were made by the original Companies under the Agreement, which representations and warranties are made as of the date of this Joinder.

4. Effective Date. This Joinder shall become effective upon execution by New Trust and receipt of AGS's written consent as evidenced by AGS's execution below.

5. Governing Law. This Joinder shall be governed by and construed in accordance with the laws of the Cayman Islands.

6. Counterparts. This Joinder may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties have executed this Joinder as of the date first written above.

[NEW TRUST NAME]

By: Morgan Stanley Investment Management Inc., as Sponsor

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

---

ACKNOWLEDGED AND CONSENTED TO:

AGS TRUSTEES LIMITED

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

---

## Exhibit 3.5

**Exhibit 3.5**

**MORGAN STANLEY INVESTMENT MANAGEMENT INC.**

**AND**

**AGS TRUSTEES LIMITED**

DELEGATION OF TRUSTEE DUTIES AGREEMENT

**THIS AGREEMENT** is made on and effective as of March 25, 2026 (the "Agreement") between Morgan Stanley Investment Management Inc. ("MSIM Inc." or "Delegated Sponsor"), as Delegated Sponsor to each trust named on Schedule A (each, a "Trust" and collectively, the "Trusts"), and AGS Trustees Limited, as Cayman trustee to each Trust ("AGS" and together with MSIM Inc., the "Parties").

**WHEREAS:**

A. Pursuant to that certain Trustee Services Agreement dated March 25, 2026, as may be amended from time to time (the "Trustee Services Agreement"), that appointed AGS as Cayman trustee to each Trust and discusses that AGS will provide certain services to the Trusts (the "Duties");

B. In order to fulfill its obligations under the Trustee Services Agreement, AGS may from time to time decide to delegate certain Duties to MSIM Inc. on the basis of this Agreement; and

NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, the Parties agree as follows:

**1.** **Delegation of Trustee Duties** 

1.1 AGS hereby appoints MSIM Inc., and MSIM Inc. accepts its appointment to perform the Duties discussed further herein and as noted in Schedule B (and all other discretions, responsibilities, and obligations connected with such Duties) in accordance with this Agreement (the "Delegated Duties"), on behalf of (and under the supervision of) AGS as AGS's delegate. Notwithstanding anything to the contrary in this Agreement, AGS remains ultimately responsible for the performance of the Duties <u>under the Trustee Services Agreement.</u> 

1.2 MSIM Inc. shall be entitled to delegate the whole or any part or parts of its functions, powers, discretions, duties and obligations hereunder or any of them to any person, firm or corporation and any such delegation may be on such terms and conditions as MSIM Inc. thinks fit; provided always that MSIM Inc. shall remain liable hereunder for any loss or damage which AGS or a Trust may sustain or suffer arising by reason of the fraud, gross negligence, bad faith or willful misconduct of any such delegate (as provided in clause 14.1 in relation to MSIM Inc. itself) as if such fraud, gross negligence, bad faith or willful misconduct of such delegate were its own, unless AGS shall expressly agree otherwise in writing to hold such delegate only so responsible.

1.3 AGS shall make available to MSIM Inc. copies of all relevant documents and information to enable it to carry out the Delegated Duties in accordance with this Agreement, if any.

**2.** **Performance of Delegated Duties** 

2.1 MSIM Inc. will perform the Delegated Duties to the same standard as if it were providing them under the Trustee Services Agreement. Any fee payable to MSIM Inc. for performing the Delegated Duties shall be determined by mutual agreement of the Parties from time to time. Such fee and any adjustments thereto shall be set forth in writing and may be amended by the Parties.

2.2 MSIM Inc. shall commit adequate resources to the operation, organization and control of the Delegated Duties and ensure it has appropriate internal control and compliance functions. MSIM Inc. shall maintain adequate systems and well-defined compliance procedures which shall address, amongst other things, the key conduct of business risks identified by AGS to MSIM Inc., if any, arising in connection with MSIM Inc.'s performance of the Delegated Duties ()"**Compliance Procedures** "). MSIM Inc. will monitor its performance of the Delegated Duties and compliance with the Compliance Procedures, record the results of such monitoring and enforce compliance with the same and the terms of this Agreement.

2.3 In performing the Delegated Duties, MSIM Inc. shall:

2.3.1 observe high standards of integrity and fair dealing, act with due skill, care and diligence and observe high standards of market conduct; and

2.3.2 subject to any clause in the Trustee Services Agreement relating to material interests, either (i) avoid any conflict of interest arising (directly or indirectly) between it and AGS or between it and a Trust or (ii) where such a conflict arises, ensure fair treatment of the relevant Trust by disclosure, internal rules of confidentiality, declining to act or otherwise all in accordance with Morgan Stanley's Conflicts of Interest Policy.

2.4 MSIM Inc. shall establish, implement and maintain a contingency plan for disaster recovery and business continuity, and periodic testing of backup facilities of a sort and to a standard reasonably required by applicable law where that is necessary having regard to the nature of the Delegated Duties and the duties of AGS under applicable laws and regulations.

**3.** **Records, Valuations and Reports** 

3.1 MSIM Inc. shall keep accurate and detailed records with respect to all Delegated Duties and all records and reports produced in accordance with applicable laws and regulations.

3.1.1 MSIM Inc. shall provide, within such period as is requested by AGS, any information which is relevant to or results from the performance of the Delegated Duties reasonably requested and, in any format reasonably specified by AGS for the purpose of complying with the Trustee Services Agreement and/or any applicable law or regulation or the direction of any regulator of competent jurisdiction.

**4.** **Supervision and Review of Delegated Duties** 

4.1 At all times during the continuation of this Agreement, MSIM Inc. shall provide to AGS and its agents (including its auditors) access to such records as referred to in Clause 3, information and staff, as AGS may reasonably require from time to time to properly supervise and monitor the carrying out of the Delegated Duties and to satisfy itself of:

4.1.1 the integrity, honesty, competence, fitness, and properness of MSIM Inc. for any delegation to MSIM Inc. under this Agreement (including, where appropriate, the reputation of MSIM Inc.'s key management personnel).

4.2 MSIM Inc. shall report, in writing, to AGS periodically (which shall be no less frequently than quarterly) in such form as AGS may reasonably require as to its conduct of the Delegated Duties including, as permitted and/or required by applicable law, giving full details as appropriate on any failings (whether under any applicable law or regulation or otherwise), which are known to have occurred in relation to the Delegated Duties and any disciplinary or enforcement proceedings material to the delegation.

4.3 MSIM Inc. shall promptly notify AGS of any development that may have a material impact on its ability to carry out the Delegated Duties effectively or to comply with applicable laws and regulatory requirements.

4.4 AGS may take copies of any documents held by MSIM Inc. in connection with the provision of its services under this Agreement.

4.5 AGS has retained the necessary expertise to supervise the Delegated Duties effectively and manage the risks associated with the delegation.

4.6 MSIM Inc. must cooperate with the relevant regulatory, supervisory, and competent authority, government body, and/or regulator ()"**Authorities**") in connection with the Delegated Duties, and must provide effective access to such Authorities to data related to the Delegated Duties and to its business premises in order for such Authorities to supervise the compliance of the performance of the Delegated Duties with the requirements of applicable laws and regulations.

4.7 In the event any deficiency in the performance of the Delegated Duties has been identified, MSIM Inc. shall cooperate with AGS and take appropriate remedial action in rectifying the deficiencies. In particular, AGS may reduce or terminate the Delegated Duties where there is:

4.7.1 a change of ownership or control (including insolvency or receivership) of MSIM Inc.;

4.7.2 a significant change in the business operations (including sub-contracting) of MSIM Inc.;

4.7.3 an inadequate provision of services that may lead to AGS being unable to meet its regulatory obligations or perform the Duties under, or otherwise comply with, the Trustee Services Agreement; or

4.7.4 a change in the Duties under the Trustee Services Agreement or the Trust Agreement, as that term is defined in the Trustee Services Agreement .

**5.** **Amendments** 

This Agreement may be amended by written agreement between the parties. Notwithstanding the foregoing, the Delegated Sponsor may amend Schedule A from time to time to add or remove Trusts, subject to AGS's prior consent, such consent not to be unreasonably withheld, conditioned or delayed. Any such amendment to Schedule A shall become effective upon receipt of AGS's consent or such later date as may be specified in the notice.

**6.** **Termination and its consequences** 

6.1 This Agreement shall have an initial term of one (1) year commencing from the Effective Date. Thereafter, the Agreement shall automatically renew for successive one (1) year terms unless either party provides at least ninety (90) days' written notice of its intention not to renew prior to the expiration of the then-current term. Termination by one or more parties in accordance with this provision shall not affect the mutual rights and obligations of the remaining parties under this Agreement. This Agreement shall terminate automatically upon the termination of the Trustee Services Agreement.

6.2 Upon termination, MSIM Inc. will consult with AGS to ensure a smooth transition of the Delegated Duties from MSIM Inc. back to AGS or to a new service provider.

**7.** **Representations and Warranties by MSIM Inc.** 

7.1 MSIM Inc. hereby represents and warrants to AGS that:

7.1.1 MSIM Inc. has and will have full power and capacity to enter into and perform its obligations pursuant to this Agreement and that the terms and conditions contained in this Agreement will be legally binding upon it; and

7.1.2 MSIM Inc. shall have due authorization to act as contemplated by this Agreement and shall obtain and maintain in effect all necessary consents or approvals of any governmental or other regulatory body and shall comply with the terms of the same and with all applicable laws, regulations or directives of such bodies and authorities and shall provide AGS with copies of such consents or approvals as it may reasonably request.

**8.** **Confidentiality** 

MSIM Inc. undertakes to keep private and confidential all information acquired pursuant to the Delegated Duties under this Agreement, and not to disclose such information to any person except to the extent permitted under the relevant agreement. MSIM Inc. shall ensure that AGS's confidential information is stored and processed in accordance with the security standards required by this Agreement.

**9.** **Miscellaneous** 

9.1 The illegality, invalidity or unenforceability of any part of this Agreement under the law of any jurisdiction shall not affect its legality, validity, or enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision.

**10.** **Instructions and Communications** 

10.1 Any notices, records, communications or instructions to be given or served under or in connection with this Agreement will be sufficiently given or served if delivered or sent, by first class post or airmail (or email) to (or such different address as notified in writing):

Morgan Stanley Investment Management Inc.

1585 Broadway, New York, NY 10036

Attn: Clare Wlodarcyzk

Clare.Wlodarczyk@morganstanley.com

AGS Trustees Limited

Suite 210, 2<sup>nd</sup> Floor, Windward III

Regatta Office Park

Grand Cayman, PO Box 500

KY1-1106

CAYMAN ISLANDS

<u>cayman@global-ags.com</u>

10.2 Where delivered by hand or sent by email, delivery is deemed conclusive at time of delivery. If sent by first class post, delivery is deemed conclusive 48 hours after posting. If sent by airmail, delivery is deemed conclusive 7 business days after posting. For the avoidance of doubt, any consent, approval or authorization required to be provided by AGS under this Agreement may be validly given by email and shall be deemed effective and binding upon transmission in accordance with this Section 10.

**11.** **Counterparts** 

This Agreement may be executed in several counterparts and each of which will be deemed an original but all of which will together constitute one and the same instrument.

**12.** **Assignment** 

This Agreement may not be assigned by either party without the prior written consent of the other party, which shall not be unreasonably withheld.

**13.** **Governing Law and Jurisdiction** 

This Agreement shall be construed in accordance with, and governed by, the laws of the State of New York, without regard to its conflict of law principles. The courts located in New York County, New York shall have exclusive jurisdiction to settle any disputes or claims that may arise in connection with this Agreement.

**14.** **Indemnities** 

14.1 MSIM Inc. shall not be liable for any loss or damage arising directly or indirectly out of or in connection with the performance by MSIM Inc. of its duties and obligations under this agreement unless such loss or damage is due to the fraud, gross negligence, bad faith or willful misconduct on the part of MSIM Inc.

14.2 On behalf of a Trust, AGS (out of the assets of such Trust) shall indemnify MSIM Inc. against any and all liabilities, actions, proceedings, claims, demands, costs, damages and expenses which may be incurred by or asserted against MSIM Inc. in connection with the performance of any duty or obligation under this agreement. However, AGS will not be obliged to indemnify MSIM Inc. for any liabilities, actions, proceedings, claims, demands, costs, damages or expenses which are due to the fraud, gross negligence, bad faith or willful misconduct on the part of MSIM Inc.

14.3 MSIM Inc. shall send to AGS as soon as possible all notices of claims, summonses or writs which it receives from third parties in relation to the affairs of each Trust and no liability of any sort shall be admitted and no undertaking given nor shall any offer, promise or payment be made or legal expenses incurred by MSIM Inc. in relation to any such claim, summons or writ without proper instructions and AGS shall be entitled if they so desire, to take over and conduct the defense of any action or to prosecute any claim for indemnity or damages or otherwise against any third party.

14.4 MSIM Inc. shall indemnify, defend and hold harmless AGS, on behalf of each Trust, its directors, officers, employees and controlling persons and affiliates against any and all costs, losses, claims, damages or liabilities, joint or several, including, without limitation, attorneys' fees and disbursements, judgements and amounts paid in settlement actually and reasonably incurred by it as a result of any act or omission of MSIM Inc. relating to such Trust if there has been a final judicial or regulatory determination or, in the event of a settlement of any action or proceeding, to the effect that such acts or omissions violated the terms of this agreement or involved fraud, gross negligence bad faith or willful misconduct on the part of MSIM Inc.

**15.** **Limited Recourse** 

15.1 AGS is acting not in its individual capacity, but solely as trustee of the Trusts.

15.2 If MSIM Inc. makes a claim of whatsoever kind that in any way arises out of, or in connection with, this agreement (including, without limitation, any claim for breach of contract, by way of indemnity, or for fees and expenses, or otherwise):

15.2.1 MSIM Inc.'s recourse will be limited solely to the assets of the relevant Trust;

15.2.2 MSIM Inc.'s claim will be fully satisfied by payment of such amounts as are available to be paid to MSIM Inc. from the assets of the relevant Trust;

15.2.3 and thereupon the claim will be extinguished and MSIM Inc will have no recourse against any assets of AGS in respect of that claim.

15.2.4 However, the limited recourse provisions in this Section 15 shall not apply to the extent such claim is due to the fraud, gross negligence, bad faith or willful misconduct of AGS.

15.2.5 For the avoidance of doubt, the assets of one Trust shall not be available to satisfy the claims against or liabilities of another Trust.

**THIS AGREEMENT** has been entered into on the day and year first above written.

---

| | |
|:---|:---|
| **AGS Limited** | **AGS Limited** |
| By: | /s/ Timothy Evans /s/ Maria Solas |
|  | Timothy Evans & Maria Solas |
|  | Authorised Signatories |

---

---

| | |
|:---|:---|
| **Morgan Stanley Investment Management Inc., as Delegated Sponsor to each Trust on Schedule A** | **Morgan Stanley Investment Management Inc., as Delegated Sponsor to each Trust on Schedule A** |
| By: | /s/ Scott Steel |
|  | Scott Steel |
|  | Managing Director |

---

[*Signature Page to Delegation of Trustee Duties Agreement]*

**Schedule A**

<u>List of Trusts</u>

Morgan Stanley Bitcoin Trust

Morgan Stanley Ethereum Trust

Morgan Stanley Solana Trust

**Schedule B**

<u>Delegated Duties</u>

Capitalized terms used in this Schedule B but not otherwise defined herein shall have the meanings ascribed to them in this Agreement.

· Enter into, execute, accept, deliver and maintain, and to cause each Trust to perform its obligations under, contracts, agreements and any or all other documents and instruments incidental to the Trust's purposes, including, but not limited to, contracts with third parties to provide various services, except as noted below regarding the custodian or other security vendors;

· To establish, maintain, deposit into, and sign checks and/or otherwise draw upon, accounts on behalf of each Trust

· To cause legal title to any Trust property to be held by or in the name of the Delegated Sponsor, or to have any contract entered into in the name of the Delegated Sponsor, on such terms as the Delegated Sponsor may determine, with the same effect as if such property were held in the name of a Trust or such contract were entered into in the name of a Trust;

· Appoint, terminate, or replace the custodian or other security vendors for each Trust, with the prior approval of AGS in the case of any termination;

· Maintain control over the custody account;

· To deposit, withdraw, pay, retain and distribute the assets of the trust estate or any portion thereof;

· Supervise the preparation of any offering materials for each Trust and supplements and amendments thereto;

· Pay or authorize the payment of distributions to the shareholders and expenses of each Trust;

· Arrange for and manage the exchange listing of the shares of each Trust;

· Administer a staking program, if applicable, with associated policies and procedures on behalf of the Trust, to the extent the Delegated Sponsor in its sole discretion determines that the Trust may do so without undue legal or regulatory risk;

· Delegate those of its duties hereunder to one or more service providers in accordance with Section 1.2 of this Agreement, including but not limited to:

▪ administrator

▪ transfer agent

▪ custodian(s)

▪ index or benchmark provider(s)

▪ marketing agent(s)

▪ authorized participants

▪ insurer(s)

▪ staking services provider(s), if applicable

▪ any other service provider(s) as needed

· Recommend such other services as the Delegated Sponsor believes that each Trust may from time to time require for approval by AGS and perform such services upon AGS's approval;

· Effect the provisions of the Trust Agreement regarding forks, airdrops and the like and exercise discretion regarding hard forks;

· Sole discretion, without seeking the approval of AGS or each Trust's shareholders:

▪ to divide the beneficial interest in the Trust into an unlimited amount of shares, with or without par value, as the Delegated Sponsor will determine;

▪ to issue shares without limitation as to number (including fractional shares), to such persons and for such amount of consideration, subject to any restriction set forth in the Trust Agreement, if any, at such time or times and on such terms as the Delegated Sponsor may deem appropriate;

▪ make such rules as it considers appropriate for the issuance of share certificates, transfer of shares, and similar matters; and

▪ to divide or combine the shares into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the shares in the assets held.

· The discretion, with the approval of AGS but not the Trust's shareholders:

▪ to establish and designate and to change in any manner and to fix such preferences, voting powers, rights, duties and privileges of the Trust as the Delegated Sponsor may from time to time determine; and

▪ to take such other action with respect to the shares as the Delegated Sponsor may deem desirable.

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](tm2534148d4_ex5-1img001.jpg) | Three Bryant Park <br> 1095 Avenue of the Americas<br> New York, NY 10036-6797 <br> +1 212 698 3500 Main<br> +1 212 698 3599 Fax<br> www.dechert.com |

---

June 18, 2026

Morgan Stanley Investment Management Inc.

as sponsor to Morgan Stanley Solana Trust

1585 Broadway

New York, NY 10036

Re: Morgan Stanley Solana Trust<br> Registration Statement on Form S-1

Dear Ladies and Gentlemen:

We have acted as counsel for Morgan Stanley Investment Management Inc. (the "<u>Compan</u>y"), a Delaware corporation, the sponsor of Morgan Stanley Solana Trust, a Delaware statutory trust (the "<u>Trust</u>"), in connection with the Trust's filing on the date hereof of its Registration Statement on Form S-1 (the "<u>Registration Statement</u>") under the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), relating to the issuance and sale by the Trust of an indeterminate number of shares of the Trust (the "<u>Shares</u>").

This opinion is limited to the laws of the State of Delaware governing statutory trusts, and we express no opinion with respect to the laws of any other jurisdiction or to any other laws of the State of Delaware. Further, we express no opinion as to compliance with any state or federal securities laws, including the securities laws of the State of Delaware.

In connection with the opinions set forth herein, we have examined the following documents: the Amended and Restated Trust Agreement between CSC Delaware Trust Company, as the Delaware trustee of the Trust and AGS Trustees Limited, as the trustee of the Trust, as amended (the "<u>Trust A</u>g<u>reement</u>"), and such other Trust records, certificates, documents and statutes that we have deemed relevant in order to render the opinions expressed herein.

In rendering this opinion we have assumed, without independent verification, (i) the due authority of all individuals signing in representative capacities and the genuineness of signatures; (ii) the authenticity, completeness and continued effectiveness of all documents or copies furnished to us; (iii) that any resolutions provided have been duly adopted by the sole member of the Company; (iv) that the facts contained in the instruments and certificates or statements of public officials, officers and representatives of the Trust on which we have relied for the purposes of this opinion are true and correct; and (v) that no amendments, agreements, resolutions or actions have been approved, executed or adopted which would limit, supersede or modify the items described above. Where documents are referred to in resolutions approved by the sole member of the Company, or in the Registration Statement, we have assumed such documents are the same as in the most recent form provided to us, whether as an exhibit to the Registration Statement or otherwise.

Based upon the foregoing, we are of the opinion that the Shares have been duly authorized for issuance and, when issued and delivered against payment therefor in accordance with the terms, conditions, requirements and procedures described in the Registration Statement, will be validly issued and, subject to the qualifications set forth in the Trust Agreement, fully paid and non-assessable beneficial interests in the Trust.

Morgan Stanley Investment Management Inc.<br> June 18, 2026<br> Page 2

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, to be filed with the Securities and Exchange Commission, and to the reference to us and discussion of this opinion in the Registration Statement. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act or the rules and regulations thereunder.

Very truly yours,

/s/ Dechert LLP

## Exhibit 8.1

**Exhibit 8.1**

---

| | |
|:---|:---|
| ![](tm2534148d4_ex8-1img001.jpg) | Three Bryant Park <br> 1095 Avenue of the Americas<br> New York, NY 10036-6797 <br> +1 212 698 3500 Main<br> +1 212 698 3599 Fax<br> www.dechert.com |

---

June 18, 2026

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, NY 10036

Appleby Global Services (Cayman) Limited

71 Fort Street, PO Box 500

George Town, Grand Cayman, KY1–1106

Cayman Islands

CSC Delaware Trust Company

251 Little Falls Drive

Wilmington, DE 19808

Dear Ladies and Gentlemen:

We are acting as U.S. tax counsel to Morgan Stanley Solana Trust (the "Trust"), a Delaware statutory trust formed pursuant to the Delaware Statutory Trust Act, in connection with the preparation of a Registration Statement on Form S-1 (the "Registration Statement") filed with the Securities and Exchange Commission (the "SEC") on the date hereof. The Trust was formed on December 15, 2025, and amended in connection with this Registration Statement.

In rendering this opinion, we have examined the Registration Statement and such other documents and materials as we have deemed necessary or appropriate to review for purposes of our opinion and have made such investigations of law as we have deemed appropriate as a basis for the opinion expressed below. In addition, in rendering this opinion, we have relied upon and have assumed, with your permission, the accuracy of the statements contained in the Registration Statement, and that the Trust will operate in the manner discussed in its organizational documents and the prospectus included in the Registration Statement (the "Prospectus").

---

| | |
|:---|:---|
| ![](tm2534148d4_ex8-1img001.jpg) | Page 2<br> Morgan Stanley Solana Trust<br> June 18, 2026 |

---

Our opinion is based on the U.S. Internal Revenue Code of 1986, as amended (the "Code"), the U.S. Treasury Regulations promulgated thereunder, and administrative and judicial interpretations thereof, all as of the date hereof and all of which are subject to change, possibly on a retroactive basis. In rendering this opinion, we are expressing our views only as to United States federal income tax law.

Based on and subject to the foregoing, the discussion relating to tax matters under the heading "United States Federal Income Tax Consequences" in the Prospectus (subject to the qualifications contained therein) expresses our opinion as to the material aspects of the United States federal income tax treatment to a Shareholder, as of the date hereof, of the acquisition, ownership and disposition of a Share pursuant to the Prospectus.

Our opinion relies on, and is subject to, the facts, representations and assumptions set forth or referenced herein. Any inaccuracy or subsequent change in such facts, representations or assumptions could adversely affect our opinion.

We hereby consent to the filing with the SEC of this letter as an exhibit to the Registration Statement and the reference to this letter and to us under the heading "United States Federal Income Tax Consequences" in the Prospectus. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933.

Very truly yours,

/s/ Dechert LLP

## Exhibit 10.1

**Exhibit 10.1**

**<u>DELEGATED SPONSOR AGREEMENT</u>**

**THIS DELEGATED SPONSOR AGREEMENT** (the "Agreement"), dated as of June 17, 2026, is made by and between Morgan Stanley Investment Management Inc., a Delaware corporation (the "Delegated Sponsor"), AGS Trustees Limited, a company incorporated in the Cayman Islands (the "Cayman Trustee"), and Morgan Stanley Solana Trust, a statutory trust organized under the laws of Delaware (the "Trust"). Capitalized terms used herein and not defined shall have the meaning set forth in the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>The Trust</u>**. The Trust is not an investment company under the Investment Company Act of 1940, as amended (the "1940 Act") and it is not required to register thereunder. The Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended, and the Delegated Sponsor is not subject to regulation by the Commodity Futures Trading Commission as a commodity pool operator or a commodity trading advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Appointment</u>**. Pursuant to the terms of the Trust's Amended and Restated Trust Agreement (the "Trust Agreement"), the Cayman Trustee may delegate to the Delegated Sponsor certain duties under a Delegation of Trustee Duties Agreement entered into between the Cayman Trustee and the Delegated Sponsor (the "Delegation Agreement"). The Delegated Sponsor has accepted such delegation and hereby agrees to render such services to the Trust on the terms and conditions set forth in this Agreement, the Trust Agreement and the Delegation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Duties</u>**. The Delegated Sponsor will perform such delegated duties for the Trust as a delegate of the Cayman Trustee as set forth in Schedule B of the Delegation Agreement in accordance with the Delegated Sponsor's good faith. The Cayman Trustee will perform such duties for the Trust as set forth in Article VI of the Trust Agreement in accordance with the Cayman Trustee's good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Execution of Trust Documents</u>**. Pursuant to the terms of the Trust Agreement, the Cayman Trustee, in its sole discretion and without Shareholder consent, may amend or otherwise supplement the Trust Agreement by making an amendment, an agreement supplemental hereto, or an amended and restated trust agreement. The Delegated Sponsor, as delegate of the Cayman Trustee, is authorized to execute documents for and on behalf of the Trust with respect to the Delegated Duties. None of the Trust, the Cayman Trustee nor the DE Trustee shall be liable to any Person for acting in good faith in reliance on any instruction, direction, certificate, confirmation or notice issued by the Delegated Sponsor in connection with the Delegated Duties. For the avoidance of doubt, when a specified officer of the Trust is required to execute, or executes, a document, including but not limited to filings required to be made with regulatory authorities such as the Securities and Exchange Commission, the following officers of the Delegated Sponsor (or persons performing similar functions, including in the event of a vacancy in one or more of the specified Delegated Sponsor's officer positions) or their designated delegees shall be authorized to execute the document in the capacities indicated below:

---

| | |
|:---|:---|
| **Specified Trust Officer** | **Delegated Sponsor Officer Authorized to <br> Execute Trust Document<br> in the Capacity of the Specified Trust <br> Officer** |
| Principal Executive Officer / Chief Executive Officer / President | Chief Executive Officer / President |
| Principal Financial Officer / Chief Financial Officer | Chief Financial Officer / Treasurer |
| Principal Accounting Officer | Chief Financial Officer / Treasurer |
| Comptroller | Chief Financial Officer / Treasurer |
| Treasurer | Chief Financial Officer / Treasurer |
| Vice President | Any Sponsor officer |
| Secretary | Any Sponsor officer |

---

As set forth in Trust Agreement, any Person (including any Authorized Participant, SOL Custodian, Transfer Agent, Administrator, Marketing Agent or other counterparty or service provider of the Trust) is expressly authorized and entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) rely on instructions, directions, certificates, confirmation, approvals or notices issued by the Delegated Sponsor in connection with the Delegated Duties without further inquiry as to the Delegated Sponsor's authority to issue the same or as to the contents of the Delegation Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) treat the Delegated Sponsor's execution of any agreement or instrument on behalf of the Trust as constituting the duly authorized execution thereof by the Cayman Trustee and the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Reporting; Record Keeping</u>**. Delegated Sponsor, as a delegate of the Cayman Trustee, will be available at reasonable times to discuss the activities of the Trust with the trustee of the Trust or its designee. Any written reports supplied by Delegated Sponsor to the Trust discussing the activities of the Trust are intended solely for the benefit of the Trust, and the Trust agrees that it will not disseminate such reports to any other party (other than the Trust's service providers) without the prior consent of Delegated Sponsor, except as may be required by applicable law. Delegated Sponsor shall make or cause to be made, and shall maintain or cause to be maintained, all records as are required to be made or maintained by it in its capacity as Delegated Sponsor of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Other Accounts</u>**. The Trust understands and acknowledges that Delegated Sponsor may act as delegated sponsor for various persons other than the Trust. The Trust acknowledges that Delegated Sponsor may give advice and take action concerning other persons that may be the same as, similar to or different from the advice given, or the timing and nature of action taken, concerning the Trust. Except to the extent necessary to perform Delegated Sponsor's obligations under this Agreement, nothing herein shall be deemed to limit or restrict the right of Delegated Sponsor, or any affiliate of Delegated Sponsor or any employee of Delegated Sponsor to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other corporation, firm, individual or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Delegated Sponsor's Compensation</u>**. The Trust shall pay to Delegated Sponsor a fee as described in Schedule A that is attached hereto and made a part hereof. Such fee shall be computed daily and paid in cash not less than monthly in arrears by the Trust. The Delegated Sponsor performs such services as a delegate of the Cayman Trustee and no other compensation is paid to the Delegated Sponsor by the Trust. Delegated Sponsor's compensation is paid in consideration of Delegated Sponsor's (i) services under this Agreement, the Trust Agreement, and the Delegation Agreement and (ii) the payment by Delegated Sponsor of the Trust expenses described in paragraph 8 below. The Delegated Sponsor may, in its sole discretion, voluntarily waive all or a portion of the fee it receives from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Trust Expenses</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Ordinary Fees and Expenses.* As partial consideration for receipt of the Delegated Sponsor fee, the Delegated Sponsor shall assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs, excluding taxes, but including (i) the Marketing Fee, (ii) the Administrator Fee, if any, (iii) the SOL Custodians Fee, (iv) the Transfer Agent Fee, (v) the fees payable to the Trust's DE Trustee and Cayman Trustee, (vi) the fees and expenses related to the initial listing of Shares on the Exchange, (vii) the fees and expenses related to any future listing, trading or quotation of the Shares on any listing exchange or quotation system (including legal, marketing and audit fees and expenses), (viii) ordinary course legal fees and expenses that are not litigation-related, up to $100,000 per annum, (ix) audit fees, (x) regulatory fees, including if applicable any fees relating to the registration of the Shares under the Securities Act or Exchange Act, (xi) printing and mailing costs; (xii) costs of maintaining the Trust's website and (xiii) applicable license fees (each, a "Delegated Sponsor-paid Expense" and together, the "Delegated Sponsor-paid Expenses"), provided that any expense that qualifies as an Additional Trust Expense will be deemed to be an Additional Trust Expense and not a Delegated Sponsor-paid Expense. In the Delegated Sponsor's sole discretion, all or any portion of a Delegated Sponsor-paid Expense may be redesignated as an Additional Trust Expense. For the avoidance of doubt, nothing in this Agreement is intended to amend, limit, or otherwise affect the Trust's payment obligations to the Cayman Trustee under the Trustee Services Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Additional Trust Expenses*.** The Trust may incur certain extraordinary, non-recurring expenses that are not Delegated Sponsor-paid Expenses, including, but not limited to, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Delegated Sponsor or Cayman Trustee (or any other service provider) on behalf of the Trust to protect the Trust or the interests of Shareholders, any indemnification of the SOL Custodians, Administrator or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, "Additional Trust Expenses").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Liability and Indemnification</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delegated Sponsor will not be liable for losses to the Trust, and Delegated Sponsor shall be indemnified, to the extent provided in Section 6.08 of the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Cayman Trustee shall not be liable for any loss, costs, expenses or damage whatsoever which the Trust may sustain or suffer as a result of or in the course of the discharge of its duties hereunder other than loss or damage arising by reason of the fraud, gross negligence, bad faith or willful misconduct of the Cayman Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall indemnify the Cayman Trustee against all actions, suits, proceedings, claims, demands, costs and expenses which may be made against the Cayman Trustee in respect of any loss or damage sustained or suffered by any third party in connection with the provision of the Services or the performance of the Agreement, otherwise than by reason of the fraud, gross negligence, bad faith or willful misconduct of the Cayman Trustee as aforesaid. The Trust shall advance any expenses incurred by the Cayman Trustee in defending the relevant proceedings. The Cayman Trustee shall reimburse and hereby indemnifies the Trust for any such advances in the event that a judgment is given against the Cayman Trustee which finds it to have acted fraudulently or with gross negligence, bad faith or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Tax Filings</u>**. Except as described in any applicable filings with the SEC, Delegated Sponsor will not be responsible for making any tax credit or similar claim or any legal filing on the Trust's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Governing Law/Disputes</u>**. This Agreement is entered into in accordance with and shall be governed by the laws of the State of Delaware; provided, however, that in the event that any law of the State of Delaware shall require that the laws of another state or jurisdiction be applied in any proceeding, such Delaware law shall be superseded by this paragraph, and the remaining laws of the State of Delaware shall nonetheless be applied in such proceeding. Each party agrees that in the event that any dispute arising from or relating to this Agreement becomes subject to any judicial proceeding, such party waives any right it may otherwise have to (a) seek punitive damages, or (b) request a jury trial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Termination</u>**. This Agreement may be terminated by either party upon not less than 90 days' prior written notice to the Cayman Trustee; or (ii) by either party upon discovery of acts of fraud or willful malfeasance of the other party in performing its duties hereunder. Any obligation or liability of either party resulting from actions or inactions occurring prior to termination shall not be affected by termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the termination or expiration of this Agreement for any reason (including by reason of the insolvency, dissolution, or withdrawal of the Delegated Sponsor), all Delegated Duties shall, automatically and without further act or formality, revert to and vest in the Cayman Trustee with full force and effect from the date on which this Agreement ceases to be effective (the "Reversion Date"). From the Reversion Date, all references in this Agreement to the Delegated Sponsor acting in connection with the Delegated Duties shall be construed as references to the Cayman Trustee acting directly, until a replacement Delegated Sponsor is appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The termination of this Agreement shall not, of itself, constitute a dissolution event under Article XII of the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Cayman Trustee shall give prompt written notice to the DE Trustee, all Authorized Participants, the SOL Custodians, and the Transfer Agent upon the termination of this Agreement, identifying the Reversion Date and confirming that the Cayman Trustee is thenceforth exercising the Delegated Duties directly pending appointment of a replacement Delegated Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Cayman Trustee shall use reasonable endeavors to appoint a replacement Delegated Sponsor as soon as reasonably practicable following the Reversion Date, and in any event within one hundred and twenty (120) days thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Assignment</u>**. This Agreement may not be assigned by either party without the prior written consent of the other party, which shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Notices</u>**. All notices and other communications under this Agreement shall be in writing and shall be addressed to the parties at their respective addresses.

Delegated Sponsor shall comply with, and be entitled to act on, any instructions reasonably believed to be from an authorized representative of the Trust. Delegated Sponsor and its employees and agents shall be fully protected from all liability in acting upon such instructions, without being required to determine the authenticity of the authorization or authority of the persons providing such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Severability</u>**. In the event any provision of this Agreement is adjudicated to be void, illegal, invalid or unenforceable, the remaining terms and provisions of this Agreement shall not be affected thereby, and each of such remaining terms and provisions shall be valid and enforceable to the fullest extent permitted by law, unless a party demonstrates by a preponderance of the evidence that the invalidated provision was an essential economic term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Integration; Amendment</u>**. In the event of any conflict or inconsistency between this Agreement and the Trust Agreement, the Trust Agreement shall prevail; (ii) in the event of any conflict or inconsistency between this Agreement and the Delegation Agreement with respect to the scope of the Delegated Duties, the Delegation Agreement shall prevail; and (iii) amendments to the Trust Agreement or the Delegation Agreement made in accordance with their respective terms shall be effective for purposes of this Agreement without requiring a separate amendment to this Agreement. . This Agreement may not be amended or modified in any respect, nor may any provision be waived, without the written agreement of both parties. No waiver by one party of any obligation of the other hereunder shall be considered a waiver of any other obligation of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. <u>Further Assurances</u>**. Each party hereto shall execute and deliver such other documents or agreements as may be necessary or desirable for the implementation of this Agreement and the consummation of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. <u>Headings</u>**. The headings of paragraphs herein are included solely for convenience and shall have no effect on the meaning of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. <u>Counterparts</u>**. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed to be one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

---

| |
|:---|
| Morgan Stanley Solana Trust |
| By: |
| Name: |
| Title: |
| AGS Trustees Limited |
| By: |
| Name: |
| Title: |
| Morgan Stanley Investment Management Inc. |
| By: |
| Name: |
| Title: |

---

**SCHEDULE A**

**to the**

**DELEGATED SPONSOR AGREEMENT**

**Dated June 17, 2026 between**

**MORGAN STANLEY SOLANA TRUST<br> and<br> AGS TRUSTEES LIMITED**

The Trust will pay to the Delegated Sponsor, as compensation for the Delegated Sponsor's services rendered to the Trust, a fee payable in cash computed daily at an annual rate based on the NAV of the Trust in accordance with the following fee schedule:

---

| | |
|:---|:---|
|  | **Rate** |
| Morgan Stanley Solana Trust | 0.14% |

---

## Exhibit 10.2

**Exhibit 10.2**

**FORM OF AUTHORIZED PARTICIPANT AGREEMENT<br> FOR Morgan STanley CRYPTO EXCHANGE-TRADED PRODUCTS**

This Authorized Participant Agreement (the "Agreement" or the "Authorized Participant Agreement"), dated as of [ ], 2026, is entered into by and between, Morgan Stanley Investment Management Inc., a Delaware corporation and the sponsor (the "Delegated Sponsor") of each of the trusts named on Annex I hereto (each a "Trust" and together the "Trusts"), for itself, and as sponsor of the Trusts, and [·], a [·] (the "Authorized Participant" or "AP"), and is subject to acceptance by The Bank of New York Mellon (the "Transfer Agent").

**SUMMARY**

The Delegated Sponsor serves in its capacity as Delegated Sponsor of each Trust, pursuant to an Amended and Restated Declaration of Trust and Trust Agreement for each Trust, (each a "Trust Agreement"). Transfer Agent and Foreside Fund Services, LLC (the "Order Examiner") each serve as agents of the Delegated Sponsor and/or each Trust for the purposes of this Agreement, and all references to agreements, obligations or duties of Transfer Agent, or Order Examiner herein shall be deemed references to agreements, obligations or duties of the Delegated Sponsor or the Trust acting through the relevant agent. As provided in each Trust Agreement and described in each Trust's prospectus, which is contained in each Trust's Registration Statement (as defined below) as supplemented and amended from time to time (the "Prospectus"), common units of fractional undivided beneficial interest in and ownership of the Trust (the "Shares") may be created or redeemed through the Transfer Agent by the Authorized Participant in aggregations of a specified number of Shares stated in the Prospectus (each aggregation, a "Creation Basket" or "Redemption Basket," respectively; collectively, "Baskets"). Creation Baskets are offered only pursuant to the most recent registration statement of each Trust, as declared effective by the Securities and Exchange Commission (the "SEC") and remaining effective and current, and no stop order having been issued with respect to it, and as the same may be amended from time to time thereafter (collectively, the "Registration Statement"). Authorized Participants are the only persons that may place orders to create and redeem Creation Baskets or Redemption Baskets.

Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the applicable Prospectus. To the extent there is a conflict between any provision of this Agreement (other than the indemnities and limitations on liability provided herein) and the provisions of the relevant Prospectus, the provisions of the relevant Prospectus shall control.

To give effect to the foregoing premises and in consideration of the mutual covenants and agreements set forth below, the parties hereto agree as follows:

**Section 1. Order Placement.**

To place an order for the creation or redemption of one or more Baskets on its behalf or on behalf of a designated agent or client of the Authorized Participant (an "Authorized Participant Client") an Authorized Participant must follow the procedures for creation and redemption referred to in Section 4 of this Agreement and attached to this Agreement as Annex II (the "Procedures") and in the applicable Prospectus.

**Section 2. Status and Obligations of Authorized Participant.**

The Authorized Participant represents and warrants and covenants the following:

(a) The Authorized Participant is a participant of the Depository Trust Company ("DTC") (as such a participant, a "DTC Participant"). If the Authorized Participant ceases to be a DTC Participant, the Authorized Participant shall give prompt notice to the Delegated Sponsor of such event, and this Agreement shall terminate immediately as of the date the Authorized Participant ceased to be a DTC Participant.

(b) Unless Section 2(c) applies, the Authorized Participant either (i) is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and is a member in good standing of the Financial Industry Regulatory Authority, Inc. ("FINRA"), or (ii) is exempt from being, or otherwise is not required to be, licensed as a broker-dealer or a member of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where its responsibilities under this Agreement so require. The Authorized Participant will maintain any such registrations, qualifications and membership in good standing and in full force and effect throughout the term of this Agreement. The Authorized Participant will comply with all applicable federal law, the laws of the states or other jurisdictions in connection with creations and redemptions of the Shares, and the rules and regulations promulgated thereunder, including, but not limited to those applicable to securities and commodities transactions, and with the Constitution, By-Laws and Conduct Rules of FINRA (if it is a FINRA member, and when and as applicable) to the extent the foregoing relate to the Authorized Participant's transactions in, and activities with respect to the Baskets. The Authorized Participant will not directly or indirectly offer or sell Shares in or from any state or jurisdiction where the applicable Prospectus indicates that they may not lawfully be offered or sold.

(c) If the Authorized Participant is offering or selling Shares in jurisdictions outside the several states, territories and possessions of the United States, the Authorized Participant will (i) observe the applicable laws of the jurisdiction in which such offer and/or sale is made, and (ii) comply with the full disclosure requirements of the Securities Act of 1933, as amended (the "1933 Act") and, if applicable, the Commodities Exchange Act (the "CEA"), and the rules and regulations promulgated thereunder (to the extent applicable).

(d) With respect to any Digital Assets that the Authorized Participant sells, transfers and/or delivers hereunder, Authorized Participant is the lawful owner of such Digital Assets with good and marketable title thereto, and Authorized Participant has the absolute right to sell, assign, convey, transfer and deliver such Digital Assets. Such Digital Assets are free and clear of any and all security interests, liens, pledges, claims (pending or threatened), charges, escrows, encumbrances or similar rights.

(e) Authorized Participant is the sole owner of all Digital Assets in each Authorized Participant wallet, and no person or entity, other than the Authorized Participant, has any right, title, or interest in any such Digital Assets. Each Authorized Participant wallet is controlled by, and operated solely for the benefit of, the Authorized Participant.

(f) With respect to any cash that Authorized Participant transfers and/or delivers hereunder, the Authorized Participant is the lawful owner of such cash and the Authorized Participant has the absolute right to transfer and/or deliver such cash. Such cash is free and clear of any and all security interests, liens, pledges, claims (pending or threatened), charges, escrows, encumbrances or similar rights.

(g) Neither Authorized Participant nor any of its subsidiaries, nor any of their respective controlled affiliates, directors, or officers, nor to Authorized Participant's knowledge, any of their respective employees, agents, or representatives is an individual or entity ("**Person**") that is, or is owned or controlled by one or more Persons that are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the subject of any sanctions administered or enforced by the United States Government (including the U.S. Department of the Treasury's Office of Foreign Assets Control ("**OFAC**") and the U.S. Department of State), the United Nations Security Council, the European Union, His Majesty's Treasury, or any other relevant sanctions authority (collectively, "**Sanctions**"), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) located, organized or resident in a country or territory that is the subject of comprehensive territorial Sanctions (including, without limitation, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, or any other Covered Region of Ukraine identified pursuant to Executive Order 14065, Crimea, Cuba, Iran, and North Korea)

((1) and (2) above, collectively, the "**Sanctioned Persons**").

(h) In connection with this Agreement, the Authorized Participant and its subsidiaries have and will act in compliance with (i) all applicable anti-money laundering laws, rules, and regulations, including the financial recordkeeping and reporting requirements contained therein, and including the Bank Secrecy Act of 1970, applicable provisions of the USA PATRIOT Act of 2001, the Money Laundering Control Act of 1986, and the Anti-Money Laundering Act of 2020, (ii) all applicable anti-corruption laws, rules, and regulations, including the U.S. Foreign Corrupt Practices Act of 1977, and (iii) Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Authorized Participant maintains policies, procedures, and controls reasonably designed to comply with the laws, rules, and regulations listed in (i) – (iii) above of this paragraph (h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In connection with this Agreement, including the transfer pursuant to this Agreement of any Digital Assets in-kind, the Authorized Participant will apply such policies, procedures, and controls, including (i) sanctions screening reasonably designed to identify any Sanctioned Persons associated with transactions, Digital Assets, and Digital Asset wallets, and (ii) customer due diligence and enhanced due diligence on counterparties, where required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In connection with this Agreement, the Authorized Participant will not deliver to the applicable Trust any assets (i) derived from unlawful sources or (ii) that would cause or result in a violation of applicable anti-money laundering laws, rules, or regulations, applicable anti-corruption laws, rules, or regulations, or Sanctions.

(i) To the fullest extent permitted by law, the Authorized Participant shall promptly notify the Delegated Sponsor in writing if (i) it becomes aware, through screening or otherwise, of property or transactions in connection with this Agreement that require blocking pursuant to Sanctions and/or reporting to an applicable Sanctions authority, including OFAC, and (ii) if it identifies, in connection with this Agreement, any suspicious activity or any activity that may require further review to determine whether it is suspicious (including, but not limited to, any concerns with the sources of Digital Assets delivered in-kind pursuant to this Agreement).

(j) The Authorized Participant will, to the extent permitted by applicable law, cooperate with the Delegated Sponsor and provide assistance reasonably requested by the Delegated Sponsor in connection with any anti-money laundering and terrorist financing, anti-corruption, or Sanctions government or regulatory inquiries.

(k) The Authorized Participant has the capability to send and receive communications via an authenticated telecommunication facility to and from the Delegated Sponsor and its agents, the Order Examiner and Transfer Agent. The Authorized Participant shall confirm such capability to the satisfaction of the Delegated Sponsor, Transfer Agent and the Order Examiner by the end of the Business Day before placing its first order with Transfer Agent (whether such order is to create or to redeem Baskets). If required by the Order Examiner or Transfer Agent with respect to authorized telecommunications by telephonic facsimile, the Authorized Participant shall enter into a separate agreement with the Order Examiner or Transfer Agent, as the case may be, indemnifying such party with respect to its communications by telephonic facsimile.

(l) Because new Baskets can be created and Shares therein issued on an ongoing basis, at any point during the life of a Trust, a "distribution," as such term is used in the 1933 Act, may be occurring with respect to resales of these Shares. The Authorized Participant understands that some of its activities may result in its being deemed a participant in a distribution in a manner that would render it a statutory underwriter and subject it to the prospectus delivery and liability provisions of the 1933 Act. The Authorized Participant will review the "Plan of Distribution" portion of the applicable Prospectus and consult with its own counsel in connection with entering into this Agreement and placing an Order (as defined in Section 4). The Authorized Participant understands that in addition to satisfying the prospectus delivery and disclosure requirements of the 1933 Act applicable to it, the Authorized Participant and any other participant in the distribution of the Shares purchased by the Authorized Participant also has the obligation to comply with any disclosure delivery requirements under the CEA applicable to it through delivery of the applicable Prospectus to purchasers of Shares.

**Section 3. Procedures.**

This Agreement is intended to set forth certain premises and the procedures by which the Authorized Participant may purchase and/or redeem outside the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company ("**DTC**")) (the "**DTC Process**").

**Section 4. Orders.**

(a) All orders to create or redeem Baskets shall be made in accordance with the terms of the applicable Prospectus, this Agreement and the Procedures. Each party will comply with such foregoing terms to the extent applicable to it. The Delegated Sponsor may issue additional or other procedures from time to time relating to the manner of creating or redeeming Baskets and the Authorized Participant will comply with such procedures.

(b) The Authorized Participant acknowledges and agrees on behalf of itself and any party for which it is acting or which is acting on its behalf (whether such party is a customer or otherwise) that each order to create a Basket or Baskets (a "Purchase Order") and each order to redeem a Basket or Baskets (a "Redemption Order," and each Purchase Order and Redemption Order, an "Order") may not be withdrawn by the Authorized Participant after it has been accepted by the applicable Trust (directly or through the Delegated Sponsor or Order Examiner).

(c) The Delegated Sponsor shall treat the Authorized Participant in an identical manner as it treats other participants with which it has entered in an authorized participant agreement and shall not reject an Order of the Authorized Participant other than for the same reasons as it would reject an Order of any other participant.

(d) The Delegated Sponsor acting by itself or through the Transfer Agent or the Order Examiner shall have the absolute right, but shall have no obligation, to reject any Purchase Order or Creation Basket Deposit (as defined in Section 7) if (i) the order is not in proper form as determined by the Delegated Sponsor, Order Examiner or Transfer Agent, (ii) the Creation Basket Deposit delivered is not as specified by Delegated Sponsor, Order Examiner or Transfer Agent; (iii) acceptance of the Creation Basket Deposit would have certain adverse tax consequences to the Delegated Sponsor or any Trust; (iv) the acceptance of the Creation Basket Deposit would, in the opinion of counsel, be unlawful; (v) the acceptance of the Creation Basket Deposit would otherwise, in the discretion of the Delegated Sponsor, have an adverse effect on the Delegated Sponsor or the rights of beneficial owners of any Trust; or (vi) circumstances outside the control of Delegated Sponsor, Order Examiner or Transfer Agent make it for all practical purposes not feasible to process a Purchase Order. None of the Delegated Sponsor, the Order Examiner or Transfer Agent shall be liable to any person by reason of the rejection of any Purchase Order or Creation Basket Deposit provided such rejection complies with applicable law and the requirements of this Agreement.

(e) The Delegated Sponsor acting by itself or through Transfer Agent may, in its sole discretion, reject any Redemption Order (i) determined by the Delegated Sponsor not to be in proper form provided the Delegated Sponsor discloses to the Authorized Participant the basis for its conclusion and a reasonable opportunity to correct the order so as to allow it to be accepted; (ii) the fulfillment of which its counsel advises would be unlawful and the Delegated Sponsor has disclosed to the Authorized Participant how to revise the order so that it can be accepted without being unlawful, or (iii) if, as a result of the redemption, the number of remaining outstanding Shares would be reduced to fewer than the number of Shares in one Basket or as otherwise stated in the Prospectus provided such rejection complies with applicable law and the requirements of this Agreement.

**Section 5. Fees.**

In connection with each Order by an Authorized Participant to create or redeem one or more Baskets, unless waived by the Delegated Sponsor, the Delegated Sponsor shall charge, and the Authorized Participant shall pay to the Delegated Sponsor, the transaction fee (the "Transaction Fee") prescribed in the Prospectus applicable to such creation or redemption. The Transaction Fee may be adjusted from time to time as set forth in the applicable Prospectus and will on any given day be determined in a uniform manner for all authorized participants for the applicable Trust.

**Section 6. Authorized Persons.**

Concurrently with the execution of this Agreement and as requested in writing from time to time thereafter, the Authorized Participant shall deliver to the Delegated Sponsor and Transfer Agent, duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of Annex III setting forth the names and signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each, an "Authorized Person"). The Delegated Sponsor and Transfer Agent may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Delegated Sponsor and Transfer Agent receive a superseding certificate bearing a subsequent date. Upon the termination or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate written notice of such fact to the Delegated Sponsor and the Transfer Agent, and such notice shall be effective upon receipt by the Delegated Sponsor and Transfer Agent, so long as such notice is received by the Delegated Sponsor and Transfer Agent reasonably in advance of any instructions or orders.

**Section 7. Creation Procedures.**

(a) To the extent permitted under the registration statement for an applicable Trust, Creation Baskets will be created in exchange for a deposit of cash or the applicable digital asset (the "Digital Asset"), in accordance with the terms of the Purchase Order submitted by the Authorized Participant and the procedures set forth in Annex II hereto. The Authorized Participant shall have no obligation to submit a Purchase Order ever hereunder.

(b) On any Business Day, an Authorized Participant, for itself as principal or as an agent for an Authorized Participant Client, may place an order with the Transfer Agent to create one or more Creation Baskets of the applicable Trust in accordance with this Agreement and the Procedures (a "Purchase Order"). Purchase Orders must be placed (and in the cash of cash Orders, to the extent required by the Delegated Sponsor, pre-funded) by 2:00 p.m. ET (in the case of cash Orders) and 4:00 p.m. ET (in the case of in-kind Orders), the close of regular trading on NYSE Arca, or another similar Exchange identified by the Delegated Sponsor (the "Exchange"), or another time determined by the Delegated Sponsor. Except as provided herein, all Purchase Orders of the Authorized Participant shall be accepted by the Delegated Sponsor and the Order Examiner when submitted in good form. The day on which the Order Examiner receives a valid Purchase Order, as approved by the Order Examiner, is the "Purchase Order Date". Under certain circumstances, the Delegated Sponsor, in its sole discretion, may limit Authorized Participant's ability to place Purchase Orders if Digital Asset Counterparties are not able to provide sufficient Digital Asset liquidity to the applicable Trust and if any such Purchase Order has been accepted in such circumstance, the Trust may promptly cancel such Purchase Order before the applicable market close on the Purchase Order Date, return all cash deposited by the Authorized Participant or Authorized Participant Client, as applicable, including the Transaction Fee, and in such event the Authorized Participant and Authorized Participant Client shall have no liability for fees or costs associated with such canceled order. Prior to the delivery of cash or Digital Assets for a Purchase Order, the Authorized Participant must also have wired to the Transfer Agent for the applicable Trust the non-refundable (except upon Order cancellation or non-acceptance of the Order as specified herein) Transaction Fee due for the Purchase Order.

(c) To effectuate a cash Creation Order, the Authorized Participant may, at the Delegated Sponsor's discretion, be required to pre-fund with cash the applicable Trust's purchase of the Digital Asset in an amount set by the Delegated Sponsor. To effectuate a cash Creation Order, the Authorized Participant will be required to transfer the cash deposit amount associated with such Creation Order to the applicable Trust's account with the Cash Custodian. The Delegated Sponsor, on behalf of the applicable Trust, will instruct a Digital Asset Counterparty to purchase the amount of the Digital Asset equivalent in value to the cash deposit amount associated with the Creation Order, with such purchase transaction prearranged to be executed, in the Delegated Sponsor's reasonable efforts, at the Index price used by the applicable Trust to calculate NAV, taking into account any spread, commissions, or other trading costs on the applicable Creation Order Date. The resulting Digital Assets will be deposited in the applicable Trust's account with the applicable Digital Asset Custodian. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the applicable Trust or Delegated Sponsor.

(d) To the extent the execution price of the Digital Asset acquired by the Digital Asset Counterparty at settlement is less than the cash deposit amount, such cash difference will be remitted to the Authorized Participant. To the extent the execution price of the Digital Asset acquired by the Digital Asset Counterparty exceeds the cash deposit amount, such cash difference will be the responsibility of the Authorized Participant and not the applicable Trust or Delegated Sponsor.

(e) To effectuate an in-kind Creation Order, the Authorized Participant or an Authorized Participant Client will be required to deposit the required amount of the Digital Asset associated with such Creation Order to the applicable Trust's account with the Digital Asset Custodian. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a Digital Asset basis, will be the responsibility of the Authorized Participant and not of the applicable Trust or Delegated Sponsor.

(f) No Shares will be issued unless and until the Delegated Sponsor and Transfer Agent of the applicable Trust have confirmed that any outstanding cash or Digital Assets due from the Authorized Participant or Authorized Participant Client, as applicable, have been settled with the applicable Trust. To the extent that Digital Asset transfers from the applicable Trust's Trading Balance to the Trust's vault with the Digital Asset Custodian ("Vault") are delayed due to congestion or other issues with the Digital Asset network, such Digital Asset will not be held in cold storage in the Vault until such transfers can occur.

(g) Following acceptance of an Authorized Participant's in-kind Purchase Order, the applicable Trust's Digital Asset Custodian account must be credited with the required Digital Asset by the end of the next succeeding Business Day following the Purchase Order Date. Under most circumstances, the Digital Assets associated with a Creation Basket Deposit will be deposited with the Digital Asset Custodian in the applicable Trust's Cold Vault Balance, although in some circumstances, Digital Asset may be deposited outside of cold storage. Upon confirmation by the Delegated Sponsor and Transfer Agent that any outstanding cash or Digital Assets, as applicable, due from the Authorized Participant, or Authorized Participant Client, as applicable, have been settled with the applicable Trust, the Transfer Agent of the Trust will then direct DTC to credit the number of Shares created to the applicable DTC account of the Authorized Participant.

(h) The total deposit required to create each Basket ("Creation Basket Deposit") changes from day to day. On each day that the Exchange is open for regular trading, the Administrator adjusts the quantity of Digital Assets and/or cash constituting the Creation Basket Deposit as appropriate to reflect accrued expenses and any loss of Digital Asset that may occur. The computation is made by the applicable Trust's Administrator as promptly as practicable after 4:00 p.m. ET.

(i) Where an Authorized Participant purchases Shares via a cash transaction, the total deposit amount required to create each Basket ("Basket Deposit") is the amount of cash equivalent to the amount of Digital Assets that is in the same proportion to the total assets of the applicable Trust, net of accrued expenses and other liabilities, on the Purchase Order Date, as the number of Shares to be created under the Purchase Order is in proportion to the total number of Shares outstanding on the Purchase Order Date, plus a cash buffer set by the Delegated Sponsor. Where an Authorized Participant purchases Shares via an in-kind transaction, the total Basket Deposit is the amount of Digital Assets that is in the same proportion to the total assets of the applicable Trust, net of accrued expenses and other liabilities, on the Purchase Order Date, as the number of Shares to be created under the Purchase Order is in proportion to the total number of Shares outstanding on the Purchase Order Date. It is the responsibility of the Delegated Sponsor and the Trust to communicate such amount to the Authorized Participant and the Authorized Participant shall have no liability for any failure to deliver such excess upon a failure by the Delegated Sponsor and Trust (or its agents) to communicate such amount to the Authorized Participant.

(j) Each Business Day and after market close, the Delegated Sponsor will publish the amount of cash or Digital Asset that will be required in exchange for each Creation Basket Deposit. By placing a cash Purchase Order, an Authorized Participant agrees to deposit the cash comprising the Creation Basket Deposit. By placing an in-kind Purchase Order, an Authorized Participant agrees that it, or the Authorized Participant Client will deposit the Creation Basket Deposit.

(k) The Authorized Participant shall not have any liability in regard to cancellation of a cash Order (before the cut off time) other than reimbursement of reasonable costs, although the Delegated Sponsor may terminate this Agreement if such failures occur frequently. The applicable Trust and Delegated Sponsor shall not have any liability with regard to any cancellation of a cash Order in accordance with reasons permitted in the applicable Prospectus. Failure to consummate such a deposit (before the cut off time) shall result in the cancellation of the cash Order. Authorized Participants may not withdraw a cash Creation Order request. Once a Purchase Order is accepted by the Delegated Sponsor, the Authorized Participant cannot cancel that Purchase Order.

(l) For an in-kind Purchase Order, in the event the Authorized Participant or an Authorized Participant Client has not deposited the Digital Assets to the applicable Trust by the applicable time on the settlement date of the in-kind Creation Order, the Authorized Participant will be given one of the following options by the Trust to: (i) delay settlement of the order to enable delivery of the Digital Assets at a later date to be determined by the Delegated Sponsor or (ii) accept that the applicable Trust will execute a Digital Asset transaction required for the creation and the Authorized Participant will deliver the U.S. dollars required for this purchase. The Authorized Participant shall be responsible for the dollar cost of the difference between the Digital Asset price utilized in calculating NAV per Share on trade date and the price at which the applicable Trust acquires the Digital Assets to the extent the price realized in buying the Digital Assets is higher than the Digital Asset price utilized in the NAV. To the extent the price realized in buying the Digital Asset is lower than the Digital Asset price utilized in the NAV, the Authorized Participant shall get to keep the dollar impact of any such difference.

(m) The Authorized Participant shall not have any liability in regard to delay or acceptance of the substitution of cash for an in-kind Order in accordance with the procedure provided in the preceding paragraph other than reimbursement of reasonable costs, although the Delegated Sponsor may terminate this Agreement if such failures occur frequently. The applicable Trust and Delegated Sponsor shall not have any liability with regard to any delay or acceptance of the substitution of cash for an in-kind Order in accordance with the procedure provided in the preceding paragraph.

(n) An Authorized Participant who places a Purchase Order is responsible for transferring in accordance with the applicable procedures set forth in Annex II hereto to the applicable Trust the required amount of cash, and the Authorized Participant or Authorized Participant Client is responsible for transferring the Digital Assets, in each case before the cut off time on the Purchase Order Date (T) and shall settle no later than the next Business Day following the Purchase Order Date (T+1) any residual cash amount, except in the case of an Authorized Participant's initial order to purchase one or more Creation Baskets of the applicable Trust on the first day the Baskets of the Trust are to be offered and sold, when the Creation Basket Deposit will be due on the date the Purchase Order was accepted by the Transfer Agent. Upon confirmation by the Delegated Sponsor and Transfer Agent that any outstanding cash or Digital Assets due from the Authorized Participant or Authorized Participant Client, as applicable, has been settled with the applicable Trust, Transfer Agent will direct DTC to credit the number of Baskets ordered to the Authorized Participant's DTC account. Upon the Authorized Participant's failure to deliver the deposit amount by the cut off time on the next Business Day following the Purchase Order Date (T+1), the order will fail.

**Section 8. Redemption Procedures.**

(a) To the extent permitted under the Registration Statement for an applicable Trust, an Authorized Participant may redeem a Basket via cash or in-kind in accordance with Annex II hereto). The Authorized Participant shall have no obligation to submit a Redemption Order ever hereunder.

(b) On any Business Day, an Authorized Participant may, for itself as principal or as an agent for an Authorized Participant Client, place an order with the Transfer Agent of the applicable Trust to redeem one or more Redemption Baskets of the applicable Trust in accordance with this Agreement and the Procedures. Redemption Orders must be placed by 2:00 p.m. ET (in the case of cash Orders) and 4:00 pm ET (in the case of in-kind Orders), or the close of regular trading on the Exchange, or another time as determined by the Delegated Sponsor. Except as provided herein, all Redemption Orders of the Authorized Participant shall be accepted by the Delegated Sponsor and the Order Examiner and shall be accepted when submitted in good form. The day on which the Transfer Agent of the applicable Trust receives a valid Redemption Order, as approved by the Order Examiner, is the "Redemption Order Date."

(c) By placing a Redemption Order, (i) an Authorized Participant agrees to deliver the required cash indicated in the Redemption Order to the applicable Trust's account with Transfer Agent, or (ii) the Authorized Participant or Authorized Participant Client will deliver the required Digital Assets indicated in the Redemption Order to the applicable Trust's account with the Digital Asset Custodian, in each case not later than 4:00 pm ET, or another time as determined by the Delegated Sponsor. Failure to consummate such delivery by the cut off time shall result in the cancellation of the order, and the Authorized Participant shall have no liability in respect thereto other than for reimbursement of costs related to the cancellation. Prior to the delivery of the redemption distribution for a Redemption Order, the Authorized Participant must also have wired to the Transfer Agent of the applicable Trust the non-refundable (except upon cancellation or non-acceptance of the Redemption Order as specified herein) Transaction Fee due for the Redemption Order. Once a Redemption Order is accepted by the Delegated Sponsor, the Authorized Participant cannot cancel that Redemption Order. Under certain circumstances set forth in the applicable Prospectus, the Delegated Sponsor may limit Authorized Participants to place Redemption Orders if Digital Asset Counterparties are not able to provide sufficient Digital Asset liquidity to the applicable Trust.

(d) To effectuate a cash Redemption Order, the Authorized Participant will be required to deposit the Shares into the applicable Trust's DTC account. Once the Delegated Sponsor determines that the Shares have been received in the applicable Trust's DTC account, the Delegated Sponsor authorizes the Digital Asset Custodian to transfer the redemption Digital Asset amount from the Trust's Digital Asset Custodian account to the Digital Asset Counterparty for conversion to cash to be distributed to the Authorized Participant upon settlement.

(e) The Delegated Sponsor, on behalf of the applicable Trust, will instruct a Digital Asset Counterparty to sell the amount of Digital Assets equivalent in value to the Redemption Basket associated with the Redemption Order, with such purchase transaction prearranged to be executed, in the Delegated Sponsor's reasonable efforts, at the Index price used by the applicable Trust to calculate NAV, taking into account any spread, commissions, or other trading costs on the applicable Redemption Order Date. Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be the responsibility of the Authorized Participant and not of the applicable Trust or Delegated Sponsor provided that it is the responsibility of the Delegated Sponsor and the Trust to communicate such amount to the Authorized Participant and the Authorized Participant and the Authorized Participant Client shall have no liability for any failure to deliver such amount upon a failure by the Delegated Sponsor and Trust (or its agents) to communicate such amount to the Authorized Participant.

(f) The redemption distribution and any pre-funded cash due from the applicable Trust is delivered to the Authorized Participant on the Redemption Distribution Date if the Trust's DTC account has been credited with the Baskets to be redeemed, the Redemption Order accepted by the Delegated Sponsor, and the Delegated Sponsor and Transfer Agent for the applicable Trust confirm that any outstanding Shares and cash due from the Authorized Participant have been settled with the Trust.

(g) To effectuate an in-kind Redemption Order, the Authorized Participant will be required to deposit the Shares into the applicable Trust's DTC account. Once the Delegated Sponsor determines that the Shares have been received in the applicable Trust's DTC account, the Delegated Sponsor will authorize the Digital Asset Custodian to transfer the redeemed Digital Asset amount from the Trust's Digital Asset Custodian account to the Authorized Participant or, at the Authorized Participant's direction to the Authorized Participant Client.

(h) The in-kind redemption distribution is delivered to the Authorized Participant or, at the Authorized Participant's direction to the Authorized Participant Client on the Redemption Distribution Date if the applicable Trust's DTC account has been credited with the Baskets to be redeemed, the Redemption Order is accepted by the Delegated Sponsor, and the Delegated Sponsor and Transfer Agent for the applicable Trust confirm that any outstanding Shares from the Authorized Participant have been settled with the Trust.

(i) In the event in-kind Redemption Orders placed during a certain order window cause the Liquidity Sleeve to fall below a certain level, the Delegated Sponsor may, in its sole discretion, require cash-in-lieu Redemption Orders until the Liquidity Sleeve has been restored. In the event an in-kind Redemption Order placed before 4:00 pm EST on a given order date would exhaust the Liquidity Sleeve (each a "Delayed Settlement Scenario"), settlement of such Redemption Orders will be conducted in accordance with Annex II Part B hereof (Procedure to Place a Redemption Order for Creation Basket(s) of Shares of One or More Morgan Stanley Crypto Exchange-Traded Products**)**. For the purposes of this Section 8(i):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "Liquidity Sleeve" shall refer to the allocation of the Digital Assets that is not staked and is held by the Trust's Digital Asset Custodian to meet anticipated redemption activity, as prescribed by the Liquidity Risk Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Liquidity Risk Policy" shall refer to the staking liquidity policy by which the Delegated Sponsor monitors and manages liquidity risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "Staking" or "staked" or means using, or permitting to be used, in any manner, directly or indirectly, through an agent or otherwise (including, for the avoidance of doubt, through a delegation of rights to any third party by making any portion of the Digital Assets held in the Trust available to any third party or by entering into any similar arrangement with a third party), any portion of the Trust's assets in a proof-of-stake validation protocol. For the avoidance of doubt, the mere act of transferring units of Digital Assets on a peer-to-peer virtual currency network that utilizes a proof-of-stake validation protocol shall not be considered to be "staking" nor shall such transferred units be considered "staked".

(j) The Delegated Sponsor, acting by itself or through Transfer Agent, or the Order Examiner may, in its discretion, suspend the right of redemption, or postpone the Redemption Distribution Date subject to prior disclosure to the public, in the case of (i), (iii) and (iv) (below) together with amendment of the Registration Statement and notice as to when redemptions will re-commence and, in the case of (ii) (below) disclosure to the Authorized Participant of all changes to be made to the Redemption Order to cause it to be accepted as in proper form, (i) for any period during which the Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange is suspended or restricted; (ii) the order is not in proper form as determined by the applicable Trust, Transfer Agent or the Order Examiner; (iii) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of Digital Asset is not reasonably practicable; or (iv) for such other period as the Delegated Sponsor reasonably determines to be necessary for the protection of shareholders. None of the Delegated Sponsor, the Order Examiner, or Transfer Agent will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

**Section 9. Role of Authorized Participant.**

(a) The Authorized Participant acknowledges that, for all purposes of this Agreement, the Authorized Participant is and shall be deemed to be an independent contractor and has and shall have no authority to act as agent for any Trust, the Order Examiner, Transfer Agent or the Delegated Sponsor in any matter or in any respect.

(b) The Authorized Participant will, to the extent reasonably practicable, make itself and its employees available, upon reasonable prior request, during normal business hours to consult with the Delegated Sponsor and Transfer Agent concerning the performance of the Authorized Participant's responsibilities under this Agreement; provided that the Authorized Participant shall be under no obligation to divulge or otherwise discuss any information that the Authorized Participant believes (i) is confidential or proprietary in nature or (ii) the disclosure of which to third parties would be prohibited by applicable law or by a non-disclosure agreement to which the Authorized Participant is bound.

(c) Notwithstanding the provisions of Section 9(b), the Authorized Participant will, to the extent required by applicable law and consistent with the provisions of law applicable to it, maintain records of all sales of Creation Baskets made by or through it and, upon reasonable request of the Delegated Sponsor, except if prohibited by applicable law and subject to any privacy obligations or other obligations it may have to its customers arising under contract or the federal or state securities laws, will use its reasonable efforts to furnish the Delegated Sponsor with the names and addresses of the purchasers of such Creation Baskets and the number of Creation Baskets purchased if and to the extent that the Delegated Sponsor has been requested to provide such information to a governmental agency or department or self-regulatory organization that regulates the applicable Trust and its activities and the Delegated Sponsor and its activities (to the extent such activities pertain to such applicable Trust), including but not limited to the Securities Exchange Commission, Financial Industry Regulatory Authority, National Futures Association, Commodity Futures Trading Commission, Internal Revenue Service, FinCen or applicable state regulators ("Trust Regulators"). For the avoidance of doubt, all such information provided by the Authorized Participant shall be confidential and shall not be used for any purpose other than to satisfy requests of Trust Regulators.

(d) Each Trust may from time to time be obligated under applicable law to deliver prospectuses, proxy materials, annual or other reports of the Trust or other similar information ("Trust Documents") to such Trust's shareholders. The Authorized Participant agrees (i) subject to any contractual obligations, privacy obligations, or obligations arising under federal or state securities laws it may have to its customers, to reasonably assist the Delegated Sponsor in ascertaining certain information regarding sales of Creation Baskets made by or through the Authorized Participant that is necessary for the applicable Trust to comply with such obligations upon written request of the Delegated Sponsor or (ii) in lieu thereof, and at the option of the Authorized Participant, the Authorized Participant may undertake to deliver Trust Documents to the Authorized Participant's customers that custody Shares with the Authorized Participant, after receipt from the applicable Trust of sufficient quantities of such Trust Documents to allow mailing thereof to such customers. The expenses associated with such transmissions shall be borne in full by the Delegated Sponsor, and the Delegated Sponsor shall promptly reimburse the Authorized Participant for such costs upon request. The Delegated Sponsor agrees that the names, addresses and other information concerning the Authorized Participant's customers are and shall remain the sole property of the Authorized Participant, and none of the Delegated Sponsor, any Trust or any of their respective affiliates shall use such names, addresses or other information for any purposes except in connection with the performance of their duties and responsibilities hereunder and except to the extent necessary for the applicable Trust to meet its regulatory requirements as set forth in Section 9(c) and in this Section 9(d) of the Agreement.

**Section 10. Indemnification.**

(a) Indemnification of Authorized Participant. The Delegated Sponsor agrees to indemnify, defend and hold harmless the Authorized Participant, its directors, officers, employees, agents and any person who controls such persons within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons (each a "Delegated Sponsor Indemnified Person"), from and against any loss, damage, expense, liability or which the Authorized Participant or any such person may incur under the 1933 Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended or supplemented) or in a Prospectus (the term Prospectus for the purpose of this Section 10 being deemed to include the Prospectus and the Prospectus as amended or supplemented) or any omission or alleged omission to state a material fact required to be stated in either such Registration Statement or such Prospectus or necessary to make the statements made therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in and in conformity with information concerning the Authorized Participant furnished in writing by or on behalf of the Authorized Participant to the Delegated Sponsor expressly for use in such Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any breach by the Delegated Sponsor of any covenant, representation or warranty contained in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the failure by the Delegated Sponsor, a Trust or their respective agents to perform when and as required, any agreement, obligation, duty or covenant contained herein or in the Prospectus unless such failure occurred as a result of the Delegated Sponsor's strict adherence to instructions reasonably given to it by such Delegated Sponsor Indemnified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) actions of such Delegated Sponsor Indemnified Person in reasonable reliance upon any instructions issued or representations made by the Delegated Sponsor or the applicable Trust in accordance with this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the failure by the Delegated Sponsor, a Trust or their respective agents to comply with applicable laws and the rules and regulations of any governmental entity or any self-regulatory organization to the extent the foregoing relates to transactions in and activities with respect to Baskets.

In no case is the indemnity of the Delegated Sponsor in favor of the Authorized Participant and such other persons as are specified in this Section 10(a): (x) to be deemed to protect the Authorized Participant and such persons against any liability to the Delegated Sponsor or the applicable Trust to which the Authorized Participant would otherwise be subject by reason of willful misfeasance, bad faith or negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement or (y) intended to cover any loss of cash or Digital Assets by any third party used by an Authorized Participant in connection with Purchase Orders and Redemption Orders as set forth in Annex II hereto.

If any action, suit or proceeding (each, a "Proceeding") is brought against a Delegated Sponsor Indemnified Person or any such person in respect of which indemnity may be sought against the Delegated Sponsor pursuant to the foregoing paragraph, such Delegated Sponsor Indemnified Person shall promptly notify the Delegated Sponsor in writing of the institution of such Proceeding, provided, however, that the omission to so notify the Delegated Sponsor shall not relieve the Delegated Sponsor or the applicable Trust from any liability which it may have to the Delegated Sponsor Indemnified Person except to the extent that it has been materially prejudiced by such failure and has not otherwise learned of such Proceeding. The Delegated Sponsor Indemnified Person shall have the right to employ its own counsel in any such case and the fees and expenses of such counsel shall be borne by the Delegated Sponsor and the applicable Trust and paid as incurred (it being understood, however, that the Delegated Sponsor shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the Delegated Sponsor Indemnified Persons who are parties to such Proceeding), except for the expenses and fees incurred with respect to matters that are not indemnifiable in accordance with the preceding paragraph. A Delegated Sponsor Indemnified Person shall give the Delegated Sponsor reasonable prior notice of settlement of any Proceeding in respect of which indemnity may be sought against the Delegated Sponsor pursuant to this Section 10(a), provided, however that the omission to so notify the Delegated Sponsor shall not relieve the Delegated Sponsor or the applicable Trust from any liability which it may have to the Delegated Sponsor Indemnified Person.

(b) The Authorized Participant agrees to indemnify, defend and hold harmless each of the applicable Trust, the Transfer Agent, the Delegated Sponsor and its partners, stockholders, members, directors, officers, employees and any person who controls the Delegated Sponsor within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons (each, an "AP Indemnified Person"), from and against any loss, damage, expense, liability or claim (including reasonable attorney fees and the reasonable cost of investigation) which the AP Indemnified Person may incur (i) as a result of or in connection with any untrue statement or alleged untrue statement of a material fact contained in and in conformity with information furnished in writing by or on behalf of the Authorized Participant to the Delegated Sponsor expressly for use in the Registration Statement (or in the Registration Statement as amended or supplemented by any post-effective amendment thereof) or in a Prospectus, (ii) that arises out of or is based upon any omission or alleged omission to state a material fact in connection with such information required to be stated in such Registration Statement or such Prospectus or necessary to make such information not misleading; (iii)(A) any representation by the Authorized Participant, its employees or its agents or other representatives about the Shares, any AP Indemnified Party or the applicable Trust that is not consistent in any material way with the applicable Trust's then-current Prospectus made in connection with the offer or the solicitation of an offer to buy or sell Shares and (B) any untrue statement or alleged untrue statement of a material fact contained in any research reports, marketing material and sales literature described in Section 14(b) or any alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein when read together with the Prospectus, in the light of the circumstances under which they were made, not misleading to the extent that such statement or omission relates to the Shares or any AP Indemnified Party, unless, in either case of clauses (iii)(A) and (iii)(B), such representation, statement or omission was made or included by the Authorized Participant at the written direction of the Delegated Sponsor, the applicable Trust or a service provider to the applicable Trust or is based upon any omission or alleged omission by the Delegated Sponsor or the applicable Trust to state a material fact in connection with such representation, statement or omission necessary to make such representation, statement or omission not misleading (but the Authorized Participant shall not be required to indemnify and hold harmless an AP Indemnified Party for any losses to the extent caused by the gross negligence, fraud or willful malfeasance of an AP Indemnified Party, or violation of law or of the Procedures by any other authorized participant or its agent or customers); (iv) any material breach by the Authorized Participant of any provisions of this Agreement that relates to the Authorized Participant, including its representations, warranties and covenants, unless such breach occurred as a result of the Authorized Participant's strict adherence to instructions reasonably given to it by such AP Indemnified Party; (v) any material failure on the part of the Authorized Participant to perform any of its obligations set forth in this Agreement, unless such failure occurred as a result of the Authorized Participant's strict adherence to instructions reasonably given to it by such AP Indemnified Party; (vi) the Authorized Participant's failure to complete an Order that has been accepted; or (vii) any failure by the Authorized Participant to comply with applicable laws and the rules and regulations of any governmental entity or any self-regulatory organization to the extent the foregoing relates to the Authorized Participant's transactions in, and activities with respect to, Shares under this Agreement, unless such failure occurred as a result of the Authorized Participant's strict adherence to instructions reasonably given to the Authorized Participant by such AP Indemnified Party.

The Authorized Participant will also indemnify each AP Indemnified Person from and against any reasonable loss, damage, expense, liability or claim (including the reasonable cost of investigation) which such AP Indemnified Person may incur as a result of or in connection with any actions of an AP Indemnified Person in accordance with any instructions reasonably believed by an AP Indemnified Party to be genuine and have been given by the Authorized Participant except in the case of any loss, damage, expense, liability or claim resulting from the gross negligence or willful misconduct of an AP Indemnified Person. In no case is the indemnity of the Authorized Participant in favor of each AP Indemnified Person to be deemed to protect the AP Indemnified Person and such persons against any liability to the Authorized Participant to which the AP Indemnified Person would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement.

If any Proceeding is brought against an AP Indemnified Person, such AP Indemnified Person shall promptly notify the Authorized Participant in writing of the institution of such Proceeding; provided, however, that the omission to so notify the Authorized Participant shall not relieve the Authorized Participant from any liability which it may have to such AP Indemnified Person except to the extent that it has been materially prejudiced by such failure and has not otherwise learned of such Proceeding. The AP Indemnified Person shall have the right, at its sole discretion, to employ its own, reasonably priced counsel and the fees and expenses of such counsel shall be borne by the Authorized Participant and paid as incurred (it being understood, however, that the Authorized Participant shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the AP Indemnified Persons who are parties to such Proceeding), except for the expenses and fees incurred with respect to matters that are not indemnifiable in accordance with the preceding paragraph. An AP Indemnified Person shall give the Authorized Participant reasonable prior notice of settlement of any Proceeding in respect of which indemnity may be sought against the Authorized Participant pursuant to this Section 10(b), provided, however that the omission to so notify the Authorized Participant shall not relieve the Authorized Participant from any liability which it may have to the AP Indemnified Person.

(c) The indemnity agreements contained in this Section 10 shall remain in full force and effect regardless of any investigation made by or on behalf of the Authorized Participant, its partners, stockholders, members, directors, officers, employees and or any person (including each partner, stockholder, member, director, officer or employee of such person) who controls the Authorized Participant within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, or by or on behalf of each of the Delegated Sponsor, any applicable Trust, their partners, stockholders, members, directors, officers, employees or any person who controls the Delegated Sponsor or such Trust within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and shall survive any termination of this Agreement or the initial issuance and delivery of the Shares. The Delegated Sponsor and the Authorized Participant agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Delegated Sponsor, against any of the Delegated Sponsor's officers or directors in connection with the issuance and sale of the Shares, or in connection with the Registration Statement or the Prospectus.

**Section 11.**

(a) Limitation of Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In the absence of gross negligence, bad faith or willful misconduct, none of the Delegated Sponsor, the Order Examiner, or Transfer Agent, shall be liable to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided to any of them by each other or any other person or out of any interruption or delay in the electronic means of communications used by them or any interruption or delay in any means of transferring the Digital Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the Delegated Sponsor, the Order Examiner, each applicable Trust or Transfer Agent, shall be liable to the Authorized Participant, each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of any mistake or by a third party facilitator used by such Authorized Participant in connection with Purchase Orders and Redemption Orders set forth in Exhibit B hereto except to the extent caused by the gross negligence, bad faith or willful misconduct of any of such Delegated Sponsor, Order Examiner, Trust or Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In no event shall the Delegated Sponsor, the Order Examiner or Transfer Agent be liable for punitive, special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profit), even if such parties have been advised of the likelihood of such loss or damage and regardless of the form of action. In no event shall the Delegated Sponsor, the Order Examiner or Transfer Agent be liable for the acts or omissions of DTC, NSCC or any other securities depository or clearing corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Delegated Sponsor, the Order Examiner, each Trust, and Transfer Agent may conclusively rely upon, and shall be fully protected in acting or refraining from acting upon, any communication authorized under this Agreement and upon any written or oral instruction, notice, request, direction or consent reasonably believed by them to be genuine, and in no event shall any of the Delegated Sponsor, the Order Examiner, the Trusts, or Transfer Agent be liable for any losses incurred as a result of unauthorized use of any PIN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Order Examiner and Transfer Agent undertake to perform such duties and only such duties as are expressly set forth herein, or expressly incorporated herein by reference, and no implied covenants of obligations shall be read into this Agreement against the Order Examiner or Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) In the absence of bad faith, gross negligence, or willful misconduct, the Transfer Agent, whether acting directly or through its agents, affiliates or attorneys, shall not be liable for any action taken, suffered or omitted or for any error or judgment made by it in the performance of its duties hereunder. Transfer Agent, acting as Transfer Agent or otherwise, shall not be required to advance, expend or risk its own funds or otherwise incur or become exposed to financial liability in the performance of its duties hereunder, except as may be required as a result of its own gross negligence, willful misconduct or bad faith.

(b) Tax Liability.

The Authorized Participant shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant. To the extent the Delegated Sponsor or the applicable Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon.

**Section 12. Acknowledgment.**

The Authorized Participant acknowledges receipt of a copy of the Prospectus and represents that it has reviewed and understands such document and has had an opportunity to ask questions with respect to the terms thereof. The Delegated Sponsor and the applicable Trust agree to process Orders, or cause its agents to process Orders, in accordance with the provisions of the Prospectus of the Trust, the Trust Agreement, and the Procedures.

**Section 13. Effectiveness and Termination.**

Upon the execution of this Agreement by the parties hereto, this Agreement shall become effective in this form as of the date first set forth above, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties unless earlier terminated: (i) in accordance with Section 2(a); (ii) upon notice to the Authorized Participant by the Delegated Sponsor in the event of a breach by the Authorized Participant of this Agreement or the procedures described or incorporated herein; (iii) at such time as the applicable Trust is terminated; or (iv) by the Authorized Participant at any time upon prior written notice in the event of a breach by the applicable Trust or the Delegated Sponsor of any provision of this Agreement, upon the insolvency or bankruptcy of any of them or of the applicable Trust.

**Section 14. Marketing Materials; Representations Regarding Baskets; Identification in Registration Statement.**

(a) The Authorized Participant represents, warrants and covenants that, (i) without the written consent of the Delegated Sponsor, the Authorized Participant will not make, or permit any of its representatives to make, in connection with any sale or solicitation of a sale of Baskets any representations concerning the Shares or the Delegated Sponsor, any Trust, or any AP Indemnified Person other than representations consistent with (A) the then-current Prospectus of the Trust, (B) printed information approved by the Delegated Sponsor as information supplemental to such Prospectus or (C) any promotional materials or sales literature furnished to the Authorized Participant by the Delegated Sponsor or the distributor for the applicable Trust, and (ii) the Authorized Participant will not furnish or cause to be furnished to any person or display or publish any information or material relating to the Baskets or any AP Indemnified Person that is not consistent with the applicable Trust's then current Prospectus. Copies of the then-current Prospectus of the applicable Trust and any such printed supplemental information will be supplied by the Delegated Sponsor to the Authorized Participant in reasonable quantities upon request.

(b) The Authorized Participant agrees to comply with the prospectus and disclosure delivery requirements of the federal securities laws to the extent applicable to it. In connection therewith, the Authorized Participant will provide each purchaser of Shares with a copy of the applicable Trust's Prospectus if required under applicable law.

(c) The Authorized Participant hereby agrees that for the term of this Agreement the Delegated Sponsor or its agent, the Order Examiner, may deliver the then-current Prospectus, and any supplements or amendments thereto or recirculation thereof, to the Authorized Participant in Portable Document Format ("PDF") via electronic mail to such addresses as it provides to the Delegated Sponsor from time to time, in lieu of delivering the Prospectus in paper form. The Authorized Participant may revoke the foregoing agreement at any time by delivering written notice to the Delegated Sponsor and, whether or not such agreement is in effect, the Authorized Participant may, at any time, request reasonable quantities of the Prospectus, and any supplements or amendments thereto or recirculation thereof, in paper form from the Delegated Sponsor or its agent, the Order Examiner. The Authorized Participant acknowledges that it has the capability to access, view, save and print material provided to it in PDF and that it will incur no appreciable extra costs by receiving the Prospectus in PDF instead of in paper form. The Delegated Sponsor will, when requested by the Authorized Participant, make available at no cost the software and technical assistance necessary to allow the Authorized Participant to access, view and print the PDF version of the Prospectus.

(d) The parties acknowledge and agree that the Authorized Participant is not acting as an underwriter for the Shares, and the Delegated Sponsor agrees not to and to cause the other service providers to agree not (both during the term of this Agreement and thereafter) to describe the role of the Authorized Participant as that of an "underwriter" or to name the Authorized Participant in the Prospectus, without written consent of the Authorized Participant regarding the manner it is named, which shall not state or imply that the Authorized Participant is an underwriter for the Shares or the issuer of the Shares. For as long as this Agreement is effective, the Authorized Participant shall not be named or identified as an authorized participant on the Delegated Sponsor's or the applicable Trust's website or in the Trust's Prospectus included within the Registration Statement unless required by the SEC. Upon the termination of this Agreement as to the applicable Trust, (i) during the period prior to when the Delegated Sponsor qualifies and elects to file on Form S-3, the Delegated Sponsor will remove such identification from the Prospectus in the amendment of the Registration Statement next occurring after the date of the termination of this Agreement and, during the period after when the Delegated Sponsor qualifies and elects to file on Form S-3, the Delegated Sponsor will promptly file a current report on Form 8-K indicating the withdrawal of the Authorized Participant as an Authorized Participant of the applicable Trust and (ii) the Delegated Sponsor will promptly update the applicable Trust's website to remove any identification of the Authorized Participant as an Authorized Participant of the applicable Trust.

**Section 15. Certain Representations, Warranties and Covenants of the Delegated Sponsor.**

The Delegated Sponsor, on its own behalf and on behalf of the Trust, covenants and agrees:

(a) to notify in writing the Authorized Participant promptly of the happening of any event during the term of this Agreement which could require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during such time, to prepare and deliver or otherwise make available, at the expense of the applicable Trust, to the Authorized Participant copies of such amendments or supplements to such Prospectus as may be necessary to reflect any such change at such time and in such numbers as necessary to enable the Authorized Participant to comply with any obligation it may have to deliver such revised, supplemented or amended Prospectus to customers;

(b) to furnish directly or cause to be furnished to the Authorized Participant, at each time (i) the Registration Statement or the Prospectus is amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Shares and a single Prospectus is used in reliance on Rule 429 under the 1933 Act, and (iii) there is financial information incorporated by reference into the Registration Statement or the Prospectus, such customary documents and certificates in form and content as reasonably requested and agreed;

(c) to deliver to the Authorized Participant (i) at the time of purchase of the initial Basket of the applicable Trust by such Trust's initial Authorized Participant, and (ii) if requested by the Authorized Participant, at the time of purchase of the first Basket of the applicable Trust subsequent to the registration of additional Shares of such Trust, a certification by a duly authorized officer of the Delegated Sponsor in substantially the form attached hereto as Exhibit D. In addition, any certificate signed by any officer of the Delegated Sponsor and delivered to the Authorized Participant or counsel for the Authorized Participant pursuant hereto shall be deemed to be a representation and warranty by the Delegated Sponsor as to matters covered thereby to the Authorized Participant; and

(d) to furnish directly or through the Transfer Agent or the Order Examiner to the Authorized Participant (i) at the time of purchase of the initial Basket of the applicable Trust by the Trust's initial Authorized Participant, and (ii) at the time of purchase of the first Basket of the applicable Trust subsequent to the registration of additional Shares of the applicable Trust, such documents and certificates in the form as reasonably requested.

The Delegated Sponsor, on its own behalf and on behalf of each applicable Trust, represents and warrants to the Authorized Participant continuously as follows:

(a) The Registration Statement on Form S-1 for each of the Trusts identified in Annex I hereto in respect to the Shares has been filed with the SEC, has been declared effective by the SEC in such form, and no stop order suspending the effectiveness of the Registration Statement, as amended, has been issued and no proceeding for that purpose has been initiated or, to the Delegated Sponsor's knowledge, threatened by the SEC; the Registration Statement complies in all material respects with the requirements of the 1933 Act and the rules thereunder;

(b) The Prospectus, at the time of filing thereof, did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

(c) The Registration Statement and the Prospectus and all amendments or supplements thereto do and will conform, in all material respects to the requirements of the 1933 Act and the rules and regulations of the SEC thereunder and do not and will not, as of the applicable effective date as to each part of the Registration Statement and as of the applicable filing date as to the Prospectus and any amendment or supplement thereto, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;

(d) The Shares, when issued in accordance with a Creation Order, as described in the Prospectus, will be duly and validly authorized and duly and validly issued and fully paid and non-assessable and will conform in all material respects to the description of the Stock contained in the Prospectus, and the issuance of the Shares is not subject to any preemptive or similar rights;

(e) The Trust is not and, immediately after giving effect to the offering and sale of the Shares and the application of the proceeds thereof as described in the Prospectus, will not be an "investment company" as such term is defined in the Investment Company Act of 1940, as amended;

(f) The issue, sale and redemption of the Shares and the consummation of the transactions contemplated in the Prospectus, including, without limitation, execution of Creation and Redemption Orders and listing and trading of the Shares on the Exchange do not and will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under any agreement to which the Trust or the Delegated Sponsor is a party or to which any of their respective assets are subject, (ii) result in any violation of the organizational documents of the Trust or of the Delegated Sponsor, or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over the Trust or the Delegated Sponsor or their properties; and

(g) The Trust maintains disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that material information relating to the Trust is made known to the Trust's principal financial officer and chief executive officer by others and such disclosure controls and procedures are effective.

**Section 16. Third Party Beneficiaries.**

Each AP Indemnified Person, to the extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement and may proceed directly against the Authorized Participant (including by bringing proceedings against the Authorized Participant in its own name) to enforce any obligation of the Authorized Participant under this Agreement which directly or indirectly benefits such AP Indemnified Person. Each AP Indemnified Person and Delegated Sponsor Indemnified Person, to the extent it is not a party to this Agreement, is a third party beneficiary of this Agreement and may proceed directly against the indemnifying party in respect to its indemnity.

**Section 17. Force Majeure.**

No party to this Agreement shall incur any liability for any delay in performance, or for the nonperformance, of any of its obligations under this Agreement by reason of any cause beyond its reasonable control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of transmission in connection with or other unavailability of any wire, communication or computer facilities, an extreme weather event or any statutory or regulatory developments that prohibit the performance of obligations under this Agreement.

**Section 18. Miscellaneous.**

(a) Ambiguous Instructions. If a Purchase Order Form or a Redemption Order Form contains order terms that differ from the information provided in the telephone call at the time of issuance of the applicable order number, the Delegated Sponsor will use commercially reasonable efforts to contact one of the Authorized Persons of the Authorized Participant to request confirmation of the terms of the Order. If an Authorized Person confirms the terms as they appear in the Order, then the Order will be accepted and processed. If an Authorized Person contradicts the Order terms, the Order will be deemed invalid, and a corrected Order must be received by the Delegated Sponsor. If the Delegated Sponsor is not able to contact an Authorized Person, then the Order shall be accepted and processed in accordance with its terms notwithstanding any inconsistency from the terms of the telephone information. In the event that an Order contains terms that are not complete or are illegible, the Order will be deemed invalid and the Delegated Sponsor will attempt to contact one of the Authorized Persons of the Authorized Participant to request retransmission of the Order.

(b) Entire Agreement. This Agreement (including any schedules and exhibits attached hereto) contains all of the agreements among the parties with respect to the transactions contemplated hereby and supersedes all prior agreements or understandings, whether written or oral, among the parties with respect thereto.

(c) Amendment and Modification. This Agreement may be amended, modified or supplemented only by a written instrument executed by all the parties. The list of Trusts on Annex I hereto may be amended, modified or supplemented by the Delegated Sponsor and the Authorized Participant from time to time and at any time, including to add or remove one or more Trusts to or from Annex I, and the Delegated Sponsor and Authorized Participant may agree to any such amendment, modification, addition or deletion to Annex I in writing, including by exchange of electronic mails (e-mails). The Procedures attached as Annex II and the other Annexes hereto may be amended, modified or supplemented by the Trust and the Delegated Sponsor, without consent of the Authorized Participant from time to time by the following procedure. Any amendment to the Procedures shall not apply retroactively to Orders submitted prior to the effectiveness of such amendment. After the amendment, modification or supplement has been agreed to, the Delegated Sponsor will mail a copy of the proposed amendment, modification or supplement to the Authorized Participant in accordance with Section 18(g) below. For the purposes of this Agreement, mail will be deemed received by the recipient thereof on the third (3rd) day following the deposit of such mail into the United States postal system and e-mail will be deemed received on the day the message was sent. Within fifteen (15) calendar days after its deemed receipt, the amendment, modification or supplement will become part of this Agreement, the Attachments or the Exhibits, as the case may be, in accordance with its terms. If at any time there is any material amendment, modification or supplement of any Authorized Participant Agreement for any Trust (other than this Agreement), the Delegated Sponsor will promptly mail a copy of such amendment, modification or supplement to the Authorized Participant. The Delegated Sponsor will prominently post an updated and amended copy of the Agreement on its website, identified as amended, immediately upon adoption and at or about the time of mailing to the Authorized Participant.

(d) Successors and Assigns; Assignment. All the terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. This Agreement shall not be assigned by any party without the prior written consent of the other parties (which shall not be unreasonably withheld), except that any entity into which a party hereto may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the party, shall be the successor of the party under this Agreement and except that the Delegated Sponsor may delegate its obligations hereunder to the Transfer Agent by advance written notice to the Authorized Participant. The party resulting from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the change in writing. Any purported assignment in violation of the provisions hereof shall be null and void. Notwithstanding the foregoing, this Agreement shall be automatically assigned to any successor trustee or Delegated Sponsor at such time such successor qualifies as a successor trustee or Delegated Sponsor under the terms of the Trust Agreement. Furthermore, the Authorized Participant may assign its rights, interests or obligations hereunder to an affiliate without mutual written consent of any other party.

(e) Waiver of Compliance. Except as otherwise provided in this Agreement, any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such waiver, or the failure to insist upon strict compliance with any obligation, covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure or breach.

(f) Severability. The parties hereto desire that the provisions of this Agreement be enforced to the fullest extent permissible under the law and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, in the event that any provision of this Agreement would be held in any jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

(g) Notices. All notices, waivers, or other communications pursuant to this Agreement shall be in writing and shall be deemed to be sufficient if delivered personally, sent by nationally-recognized express courier or mailed by registered or certified mail (return receipt requested), postage prepaid, electronic mail (e-mail), Bloomberg messaging or similar electronic or non-electronic means to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if to Delegated Sponsor or any Trust, to:

One Post Office Square

Boston, Massachusetts 02109<br> Attn: Jon Lahey

Email: jonathan.lahey@morganstanley.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if to the Authorized Participant, to:

[·]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if to Transfer Agent, to:

The Bank of New York Mellon

Attn: ETF Services

240 Greenwich St.

New York, NY 10286

Telephone: (855) 545-1258

bnymETForderdesk@bny.com

All such notices and other communications shall be deemed to have been delivered and received (i) in the case of personal delivery or delivery by e-mail or Bloomberg messaging or similar electronic means, on the date of such delivery if delivered during business hours on a Business Day or, if not delivered during business hours on a Business Day, the first Business Day thereafter, (ii) in the case of delivery by nationally-recognized express courier, on the first Business Day following dispatch, and (iii) in the case of mailing, on the third Business Day following such mailing.

(h) Governing Law; Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) All questions concerning the construction, interpretation and validity of this Agreement and all transactions hereunder shall be governed by and construed and enforced in accordance with the domestic laws of the State of New York, without giving effect to any choice or conflict of law provision or rule (whether in the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. In furtherance of the foregoing, the internal law of the State of New York will control the interpretation and construction of this Agreement, even if under such jurisdiction's choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily or necessarily apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each party irrevocably consents and agrees, for the benefit of the other parties, that any legal action, suit or proceeding against it with respect to its obligations, liabilities or any other matter arising out of or in connection with this Agreement or any related agreement may be brought in the courts of the State of New York and to the appellate courts therefrom and hereby irrevocably consents and submits to the exclusive jurisdiction of each such court in person, generally and unconditionally with respect to any action, suit or proceeding for itself and in respect of its properties, assets and revenues. Each party irrevocably waives any immunity to jurisdiction to which it may otherwise be entitled or become entitled (including sovereign immunity, immunity to pre-judgment attachment and execution) in any legal suit, action or proceeding against it arising out of or based on this Agreement or any related agreement or the transactions contemplated hereby or thereby which is instituted in any court of the State of New York. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

(i) Survival. The provisions of Sections 10 (Indemnification), 11 (Limitation of Liability), 14(d) (Marketing Material), 16 (Third Party Beneficiaries), 18 (Miscellaneous) and 19 (No Promotion) hereof as well as all confidentiality undertakings contained herein shall survive any termination of this Agreement, in whole or in part.

(j) No Partnership. Nothing in this Agreement is intended to, or will be construed to constitute the Delegated Sponsor or each Trust, on the one hand, and the Authorized Participant or any of its Affiliates, on the other hand, as partners or joint venturers; it being intended that the relationship between them will at all times be that of independent contractors.

(k) Interpretation. The article and section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement.

(l) No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party.

(m) Counterparts; Facsimile Signatures. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Facsimile, PDF, DocuSign or other electronic counterpart signatures to this Agreement shall be acceptable and binding.

(n) Other Usages. The following usages shall apply in interpreting this Agreement: (i) references to a governmental or quasi-governmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; (ii) "including" means "including, but not limited to"; and (iii) references to any "Trust" in the singular shall, unless the context otherwise dictates, include references to "Trusts" in the plural.

**Section 19. No Promotion**

(a) Except as provided in Section 14(d) of this Agreement, Authorized Participant agrees that it will not, without the prior written consent of the applicable Trust and the Delegated Sponsor in each instance, (i) use in advertising, publicity or otherwise the name of the applicable, Trust, Delegated Sponsor or any affiliate of Trust and/or Delegated Sponsor, or any partner or employee of the applicable Trust or the Delegated Sponsor, nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by the applicable Trust or the Delegated Sponsor or any affiliate of such Trust or the Delegated Sponsor, or (ii) represent, directly or indirectly, that any product or any service provided by the Authorized Participant has been approved or endorsed by any Trust, the Delegated Sponsor or any affiliate of the Trust or the Delegated Sponsor.

IN WITNESS WHEREOF, the Authorized Participant and the Delegated Sponsor have caused this Agreement to be executed by their duly authorized representatives as of the date first set forth above.

**SPONSOR**

**MORGAN STANLEY INVESTMENT MANAGEMENT INC.,** as Delegated Sponsor of each of the Trusts named in Annex I

---

| | |
|:---|:---|
| By: |  |
| Name: |  |
| Title: |  |
| Address: | 1585 Broadway, New York, New York 10036 |
| Telephone: |  |
| Email: |  |
| **[AUTHORIZED PARTICIPANT]** | **[AUTHORIZED PARTICIPANT]** |
| By: |  |
| Name: |  |
| Title: |  |
| Address: |  |
| Telephone: |  |
| Email: |  |
| Accepted by: **THE BANK OF NEW YORK MELLON** | Accepted by: **THE BANK OF NEW YORK MELLON** |
| By: |  |
| Name: |  |
| Title: |  |
| Address: |  |
| Telephone: |  |
| Email: |  |

---

**ANNEX I<br> TO<br> AUTHORIZED PARTICIPANT AGREEMENT**

**LIST OF TRUST PARTIES<br> TO AUTHORIZED PARTICIPANT AGREEMENT**

---

| | | |
|:---|:---|:---|
| **Trusts** | **Trusts** | **CUSIP** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Morgan Stanley Bitcoin Trust | 61692G109 |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Morgan Stanley Ethereum Trust | 61780R108 |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Morgan Stanley Solana Trust | 61780V109 |

---

**ANNEX II**

**TO**

**AUTHORIZED PARTICIPANT AGREEMENT**

**FOR MORGAN STANLEY CRYPTO EXCHANGE-TRADED PRODUCTS**

**<u>PROCEDURES FOR PROCESSING</u>**

**<u>PURCHASE ORDERS AND REDEMPTION ORDERS</u>**

This Annex II to the Authorized Participant Agreement supplements the Prospectus with respect to the procedures to be used in processing (1) a Purchase Order for the purchase of Shares of any Trust in Creation Baskets of each Trust and (2) a Redemption Order for the redemption of Shares of each Trust in Creation Baskets of each Trust. Capitalized terms, unless otherwise defined in this Annex II, have the meanings attributed to them in the Authorized Participant Agreement or the Prospectus.

An Authorized Participant is required to have signed the Authorized Participant Agreement. Upon acceptance of the Agreement and execution thereof by the Delegated Sponsor (acting for each of the Trusts) and in connection with the initial Purchase Order submitted by the Authorized Participant, the Transfer Agent will assign a PIN to each Authorized Person authorized to act for an Authorized Participant. This will allow an Authorized Participant through its Authorized Person(s) to place a Purchase Order or Redemption Order with respect to the purchase or redemption of Creation Baskets of Shares of each Trust. **Purchase and Redemption Orders will only be accepted in accordance with the applicable Trust's then-current registration statement.**

**ANNEX II -- PART A**

**TO**

**AUTHORIZED PARTICIPANT AGREEMENT**

**FOR** **MORGAN STANLEY CRYPTO EXCHANGE-TRADED PRODUCTS**

**TO PLACE A PURCHASE ORDER FOR**

**CREATION BASKET(S) OF SHARES OF ONE OR MORE**

**MORGAN STANLEY CRYPTO EXCHANGE-TRADED PRODUCTS**

**1. PLACING A PURCHASE ORDER.**

The AP submitting an order to create shall submit such orders containing the information required by to the Transfer Agent in the following manner: (a) by telephone to the Transfer Agent's representative ("Transfer Agent Representative") followed up with the faxed order form according to the procedures set forth below, or; (b) through Transfer Agent's electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions attached hereto as Annex V; or (c) by telephone to the Transfer Agent Representative according to the procedures set forth below. The order so transmitted (either in writing, orally or electronic form) is hereinafter referred to as the "Submission" or the "Purchase Order" as applicable, and the Business Day on which a Submission is made is hereinafter referred to as the "Transmittal Date". Notwithstanding the foregoing, the Delegated Sponsor may, but is not required to, permit an order until 4:00 p.m., Eastern time, or until the market close (in the event the Exchange closes early).

NOTE THAT WHEN THE TELEPHONIC METHOD OF SUBMITTING ORDERS IS USED, THE TELEPHONE CALL IN WHICH THE SUBMISSION NUMBER IS ISSUED INITIATES THE ORDER PROCESS BUT DOES NOT ALONE CONSTITUTE THE ORDER. AN ORDER OR REQUEST IS ONLY COMPLETED AND PROCESSED UPON RECEIPT OF THE FAXED SUBMISSION.

To begin a Purchase Order that is not submitted through the BNYM Interface, the AP must telephone the BNYM ETF Order Desk Administrator at 844-545-1258 or such other number as the Transfer Agent designates in writing to the AP. This telephone call must be made by an Authorized Person of the AP and answered by the BNYM ETF Order Desk before the closing time of the regular trading session on the Exchange, which is ordinarily 4:00 p.m. Eastern Standard Time ("Exchange Closing Time or Order Cutoff Time"). Upon verifying the authenticity of the AP (as determined by the use of the appropriate PIN), the BNYM ETF Order Desk Administrator will request that the AP place the Purchase Order. To do so, the AP must provide the appropriate ticker symbols when referring to each Trust. After the AP has placed the Purchase Order, the BNYM ETF Order Desk Administrator will read the Purchase Order back to the AP. The AP then must affirm that the Purchase Order has been taken correctly by the BNYM ETF Order Desk Administrator. If the AP affirms that the Purchase Order has been taken correctly, the BNYM ETF Order Desk Administrator will issue a confirmation number to the AP, which completes the order. All orders may also be placed by the AP via the BNYM Interface by the times described above.

Purchase Orders for select Trusts T-1 (T minus 1) Next Day are to be placed (and if so required by the Delegated Sponsor, pre-funded) after the Exchange Closing Time of 4:00 PM Eastern Standard Time on any Business Day. Such Purchase Orders, if accepted, will receive the next Business Day's NAV per Creation Basket. The Transfer Agent's telephone number for all T- l orders is 844-545-1261.

Upon verifying the authenticity of the AP (as determined by the use of the appropriate PIN), Transfer Agent will request that the AP place the Purchase Order. To do so, the AP must provide the appropriate ticker symbols when referring to each Trust. After the AP has placed the Purchase Order, Transfer Agent will read the Purchase Order back to the AP. The AP then must affirm that the Purchase Order has been taken correctly by Transfer Agent. If the AP affirms that Purchase Order has been taken correctly, Transfer Agent will issue a Confirmation Number to the AP. PLEASE NOTE: A PURCHASE ORDER REQUEST IS NOT COMPLETE UNTIL THE CONFIRMATION NUMBER IS ISSUED BY THE TRANSFER AGENT REPRESENTATIVE. AN ORDER CANNOT BE CANCELED BY THE AP REPRESENTATIVE AFTER THE PURCHASE CLOSING TIME APPLICABLE TO THAT ORDER. INCOMING TELEPHONE CALLS ARE QUEUED AND WILL BE HANDLED IN THE SEQUENCE RECEIVED. ACCORDINGLY, THE AP SHOULD NOT HANG UP AND REDIAL. FOR STANDARD ORDERS, CALLS THAT ARE IN PROGRESS BY 3:59:59 ARE VALID FOR PROCESSING AND IF OTHERWISE IN ORDER, WILL BE TAKEN SUBMITTED FOR ACCEPTANCE. FOR CUSTOM ORDERS, CALLS THAT ARE IN PROGRESS BY 2:59:59 ARE VALID FOR PROCESSING AND IF OTHERWISE IN ORDER, WILL BE TAKEN SUBMITTED FOR ACCEPTANCE. PLEASE NOTE THAT "IN PROGRESS" IS DEFINED AS AN AP ACTUALLY SPEAKING WITH A TRANSFER AGENT REPRESENTATIVE. CALLS THAT ARE PLACED BEFORE 3:59:59 (OR 2:59:59 FOR CUSTOM ORDERS) BUT THAT ARE STILL HOLDING IN QUEUE UNANSWERED AT OR AFTER 4:00 PM (OR 3:00 PM FOR CUSTOM ORDERS) WILL NOT BE PROCESSED OR ACCEPTED. INCOMING CALLS RECEIVED AFTER THE APPLICABLE PURCHASE CLOSING TIME WILL NOT BE ANSWERED. ALL TELEPHONE CALLS WILL BE RECORDED.

**2. RECEIPT OF TRADE CONFIRMATION**.

Subject to the conditions that a properly completed telephone Purchase Order has been placed by the AP (either on its own or its customer's behalf) not later than the applicable Purchase Closing Time, the Order Examiner will accept the Purchase Order on behalf of Delegated Sponsor and Order Examiner and will confirm in writing to the AP that its Purchase Order has been accepted within 45 minutes after the designated Order Cutoff Time (i.e., 4:45 p.m. Eastern Time) on the Business Day the Purchase Order is received. Once the Purchase Order has been approved by the Order Examiner, the Order Examiner will sign or time-stamp the order and send the Purchase Order to the Transfer Agent.

**3. QUALITY ASSURANCE.**

After a Confirmation Number is issued by Administrator to the AP, AP will fax a written version of the Purchase Order to Administrator. Upon receipt, Administrator should immediately telephone AP if Administrator believes that the Purchase Order has not been indicated correctly by AP. In addition, Administrator will telephone the AP within 15 minutes of the call if the Purchase Order form has not been received.

**4. REJECTING OR SUSPENDING PURCHASE ORDERS.**

The Delegated Sponsor reserves the absolute right to reject or revoke acceptance of a Purchase Order if (i) the order is not in proper form as determined by the Delegated Sponsor, Order Examiner or Transfer Agent, (ii) the Creation Basket Deposit delivered is not as specified by Delegated Sponsor, Order Examiner or Transfer Agent; (iii) acceptance of the Creation Basket Deposit would have certain adverse tax consequences to the Delegated Sponsor or any Trust; (iv) the acceptance of the Creation Basket Deposit would, in the opinion of counsel, be unlawful; (v) the acceptance of the Creation Basket Deposit would otherwise, in the discretion of the Delegated Sponsor, have an adverse effect on the Delegated Sponsor or the rights of beneficial owners of any Trust; or (vi) circumstances outside the control of Delegated Sponsor, Order Examiner or Transfer Agent make it for all practical purposes impossible to process a Purchase Order. The Delegated Sponsor, Order Examiner or Transfer Agent shall notify the AP of a rejection or revocation of any Purchase Order. The Delegated Sponsor, Order Examiner and Transfer Agent are under no duty, however, to give notification of any defects or irregularities in the delivery of Creation Basket Deposits nor shall either of them incur any liability for the failure to give any such notification.

Except as provided herein, all Purchase Orders for Creation Baskets of Shares of the applicable Trust are irrevocable by the AP.

**5. CONTRACTUAL SETTLEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Except as provided below, the cash comprising the Creation Basket Deposit (the "Cash Component") may be delivered through the National Securities Clearing Corporation ("NSCC") to a Depository Trust Company ("DTC") account maintained at the applicable custodian of any Trust on or before the Contractual Settlement Date (defined below). The AP must also make available on or before the Contractual Settlement Date, by means satisfactory to Delegated Sponsor, immediately available or same day funds estimated by Delegated Sponsor to be sufficient to pay the Cash Component next determined after acceptance of the Purchase Order, together with the applicable purchase Transaction Fee. Any excess funds will be returned following settlement of the issue of the Creation Basket of Shares of the applicable Trust. The "Contractual Settlement Date" is the earlier of (i) date upon which all of the required Creation Basket Deposit and any other cash amounts which may be due are delivered to Delegated Sponsor, Order Examiner or Transfer Agent and (ii) trade date plus one (T+1) Business Day. Except as provided in the next two paragraphs, a Creation Basket of Shares of any Trust will be issued concurrently with the transfer to the Trust of the Creation Basket Deposit through the NSCC's Continuous Net Settlement ("CNS") system and the payment of the Cash Component and the purchase Transaction Fee through CNS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In the event that a Creation Basket Deposit is incomplete on the settlement date for a Creation Basket of Shares because certain or all of the Digital Assets are missing, the Trust may issue a Creation Basket of Shares notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such the AP's delivery and maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing Digital Assets. The parties hereto agree that the delivery of such collateral shall be made in accordance with the terms of this Agreement. The parties hereto further agree that the Delegated Sponsor, acting in good faith on behalf of the applicable Trust, may purchase the missing Digital Assets at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust of purchasing such securities and the value of the collateral, which may be sold by the Trust at such time, and in such manner, as the Delegated Sponsor may determine in its sole discretion.

**6.** **CASH PURCHASES**

When, in the sole discretion of the Delegated Sponsor, cash purchases of Creation Baskets of Shares are available or specified for a Trust, such purchases shall be effected in essentially the same manner as in-kind purchases thereof. In the case of a cash purchase, the AP must pay the cash equivalent of the Digital Assets it would otherwise be required to provide through an in-kind purchase, plus the Cash Component required to be paid by an in-kind purchaser. In addition, to offset the Delegated Sponsor's brokerage and other transaction costs associated with using the cash to purchase the requisite Deposit Securities, the AP must pay a Transaction Fee. The Transaction Fees for in-kind and cash purchases of Creation Baskets of Shares are described in the Prospectus.

**ANNEX II -- PART B**

**TO**

**AUTHORIZED PARTICIPANT AGREEMENT**

**FOR** **MORGAN STANLEY CRYPTO EXCHANGE-TRADED PRODUCTS**

**PROCEDURES TO PLACE A REDEMPTION ORDER FOR**

**CREATION BASKET(S) OF SHARES OF ONE OR MORE**

**MORGAN STANLEY CRYPTO EXCHANGE-TRADED PRODUCTS**

**1. PLACING A REDEMPTION ORDER**

**Redemption Orders for Creation Baskets of Shares may be initiated only on days that the Exchange is open for trading. Redemption Orders may only be made in whole Creation Baskets of shares of each Trust.**

The AP submitting a request to redeem shall submit such requests containing the information required to the Transfer Agent in the following manner: (a) by telephone to the Transfer Agent Representative followed up with the faxed or e-mailed order form according to the procedures set forth below, or; (b) through Transfer Agent's electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions attached hereto as Annex V; or (c) by telephone to the Transfer Agent Representative and the Order Examiner, as applicable, according to the procedures set forth below. The request so transmitted (either in writing, orally or electronic form) is hereinafter referred to as the "Submission" or the "Redemption Order" as applicable, and the Business Day on which a Submission is made is hereinafter referred to as the "Transmittal Date." Notwithstanding the foregoing, the Delegated Sponsor may, but is not required to, permit an order until 4:00 p.m., Eastern time, or until the market close (in the event the Exchange closes early).

NOTE THAT WHEN THE TELEPHONIC METHOD OF REQUESTING A REDEMPTION IS USED, THE TELEPHONE CALL IN WHICH THE REQUEST NUMBER IS ISSUED INITIATES THE REQUEST PROCESS BUT DOES NOT ALONE CONSTITUTE THE REQUEST. A REQUEST IS ONLY COMPLETED AND PROCESSED UPON RECEIPT OF THE FAXED SUBMISSION.

Redemption Orders for Creation Baskets of Shares may be initiated only on days that the Exchange is open for trading. Redemption Orders may only be made in whole Creation Baskets of shares of each Trust. To begin a Redemption Order, that is not submitted through the BNYM Interface, the AP must telephone the BNYM ETF Order Desk Administrator at 844-545-1258. This telephone call must be made by an Authorized Person of the AP and answered by the BNYM ETF Order Desk before the closing time of the regular trading session on the Exchange which is ordinarily 4:00 p.m. Eastern Standard Time ("Exchange Closing Time or Order Cutoff Time"). Upon verifying the authenticity of the AP (as determined by the use of the appropriate PIN), the BNYM ETF Order Desk Administrator will request that the AP place the Redemption Order. To do so, the AP must provide the appropriate ticker symbols when referring to a Trust. After the AP has placed the Redemption Order, the BNYM ETF Order Desk Administrator will read the Redemption Order back to the AP. The AP then must affirm that the Redemption Order has been taken correctly by the BNYM ETF Order Desk Administrator. If the AP affirms that the Redemption Order has been taken correctly, the BNYM ETF Order Desk Administrator will issue a confirmation number to the AP which completes the order. All orders may also be placed by the AP via the BNYM ETF Center Interface by the times described above.

Upon verifying the authenticity of the AP (as determined by the use of the appropriate PIN), Transfer Agent will request that the AP place the Redemption Order. To do so, the AP must provide the appropriate ticker symbols when referring to each Trust. After the AP has placed the Redemption Order, Transfer Agent will read the Redemption Order back to the AP. The AP then must affirm that the Redemption Order has been taken correctly by Transfer Agent. If the AP affirms that Redemption Order has been taken correctly, Transfer Agent will issue a Confirmation Number to the AP. PLEASE NOTE: A REDEMPTION ORDER REQUEST IS NOT COMPLETE UNTIL THE CONFIRMATION NUMBER IS ISSUED BY THE TRANSFER AGENT REPRESENTATIVE. AN ORDER CANNOT BE CANCELED BY THE AP REPRESENTATIVE AFTER THE REDEMPTION ORDER CLOSING TIME APPLICABLE TO THAT ORDER. INCOMING TELEPHONE CALLS ARE QUEUED AND WILL BE HANDLED IN THE SEQUENCE RECEIVED. ACCORDINGLY, THE AP SHOULD NOT HANG UP AND REDIAL. FOR STANDARD ORDERS, CALLS THAT ARE IN PROGRESS BY 3:59:59 ARE VALID FOR PROCESSING AND IF OTHERWISE IN ORDER, WILL BE TAKEN SUBMITTED FOR ACCEPTANCE. PLEASE NOTE THAT "IN PROGRESS" IS DEFINED AS AN AP ACTUALLY SPEAKING WITH A TRANSFER AGENT REPRESENTATIVE. CALLS THAT ARE PLACED BEFORE 3:59:59 BUT THAT ARE STILL HOLDING IN QUEUE UNANSWERED AT OR AFTER 4:00 PM (OR 3:00 PM FOR CUSTOM ORDERS) WILL NOT BE PROCESSED OR ACCEPTED. INCOMING CALLS RECEIVED AFTER THE APPLICABLE REDEMPTION CLOSING TIME WILL NOT BE ANSWERED. ALL TELEPHONE CALLS WILL BE RECORDED.

**2. RECEIPT OF CONFIRMATION.**

Subject to the conditions that a duly completed Redemption Order is received by Transfer Agent from the AP on behalf of itself or another redeeming investor by the applicable Redemption Closing Time, the Transfer Agent will accept the Redemption Order on behalf of Delegated Sponsor and Order Examiner and will confirm in writing to the AP that its Redemption Order has been accepted within 45 minutes after the designated Order Window Cut-off Time (e.g., 4:45 p.m. or 5:30 p.m. Eastern Time, as appropriate) on the Business Day the Redemption Order is received.

**3. QUALITY ASSURANCE**.

(a) After a Confirmation Number is issued by Administrator to the AP, AP will fax a copy of the Redemption Order to the Transfer Agent. Upon receipt, Transfer Agent should immediately telephone AP if the Transfer Agent believes that the Redemption Order has not been indicated correctly by the AP. In addition, Administrator will telephone the AP within 15 minutes of the call if the Redemption Order form has not been received.

(b) In the Redemption Order, the AP will be required to acknowledge its agreement on behalf of itself and any party for which it is acting (whether as a customer or otherwise) to return to the applicable Trust any yield from staking, dividend, distribution or other corporate action paid to it or to the party for which it is acting in respect of any Digital Asset that is transferred to the AP or any party for which it is acting that, based on the valuation of such Digital Asset at the time of transfer, should be paid to the Trust to which the Redemption Order relates. In the Redemption Order, the AP will also be required to acknowledge its agreement on behalf of itself and any party for which it is acting (whether as a customer or otherwise) that Trust is entitled to reduce the amount of money or other proceeds due to the AP or any party for which it is acting by an amount equal to any yield from staking, dividend, distribution or other corporate action to be paid to it or to the party for which it is acting in respect of any Digital Asset that is transferred to the AP or any party for which it is acting that, based on the valuation of such Digital Asset at the time of transfer, should be paid to the Trust to which the Redemption Order relates.

**4. TAKING DELIVERY OF DIGITAL ASSETS.**

The Digital Assets constituting in-kind redemption proceeds will be delivered to the appropriate account which must be indicated in the AP's Standing Redemption Instructions. An Authorized Person of the AP may amend the AP's Standing Redemption Instructions from time to time in writing to Administrator and Delegated Sponsor in a form approved by Delegated Sponsor. The AP or the Authorized Participant must maintain an appropriate wallet or other custody arrangements to which account such Digital Assets will be delivered. Redemptions of Shares for Digital Assets will be subject to compliance with applicable United States federal and state securities laws.

**5.** **CONTRACTUAL SETTLEMENT.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Except as provided below, the Shares of any Trust must be delivered through the National Securities Clearing Corporation ("NSCC") to a Depository Trust Company ("DTC") account maintained at the applicable custodian of any Trust on or before the Contractual Settlement Date (defined below). The Delegated Sponsor will make available on the Contractual Settlement Date, the Cash Component next determined after acceptance of the Redemption Order, less the applicable purchase Transaction Fee. The "Domestic Contractual Settlement Date" is the date upon which all of the required Shares must be delivered to the Delegated Sponsor and, the Digital Assets, Cash Component less any fees are delivered by the Delegated Sponsor to the AP (ordinarily trade date plus one (T+1) Business Day). Except as provided in the next two paragraphs, the Digital Assets representing Creation Baskets of Shares will be issued concurrently with the transfer of good title to Delegated Sponsor of the required number of Shares through the NSCC's Continuous Net Settlement (CNS) system and the delivery of the Cash Component less the purchase Transaction Fee through CNS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In the event that the number of Shares is insufficient on the settlement date for Creation Basket(s) of Shares, the Delegated Sponsor may deliver the Digital Assets notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Shares as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash having a value at least equal to 115% of the value of the missing Shares marked to market daily. The parties hereto further agree that the Delegated Sponsor may purchase the missing Shares at any time and the AP agrees to accept liability for any shortfall between the cost to the Delegated Sponsor of purchasing such Shares and the value of the collateral, which may be sold by the Delegated Sponsor at such time, and in such manner, as the Delegated Sponsor may determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) During a Delayed Settlement Scenario, APs will be given the option to (1) cancel the Redemption Order, (2) modify the Redemption Order, or (3) replace the in-kind Redemption Order with a cash Redemption Order in the next cash order window. The AP must cancel, modify, or choose to replace the Redemption Order before the Order Cutoff Time, which will be (a) 4:00 p.m. ET on the order date or (b) any other time agreed to with the Delegated Sponsor and of which all existing APs have been previously notified. In the event the AP fails to cancel, modify, or replace its Redemption Order by the Order Cutoff Time, the AP will be unable to modify its Redemption Order. Notwithstanding the foregoing, the AP will remain fully responsible for Delivering to the applicable Trust's account at DTC the total number of Shares to be redeemed by such Authorized Participant pursuant to its Redemption Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The terms of the Redemption Orders during Delayed Settlement Scenarios will be finalized by the Order Cutoff Time. The AP will receive either the amount specified in the Redemption Order or the modified amount specified before the Order Cutoff Time. The Transfer Agent will settle the order date's Redemption Orders one business day after the Digital Asset Custodian has enough unstaked Digital Assets to fulfill all in-kind Redemption Orders for that date. Once Redemption Orders for a particular order date have been fully settled, the Transfer Agent and Digital Asset Custodian will begin fulfilling Redemption Orders for a subsequent order date.

**6. CASH REDEMPTIONS**.

In the event that, in the sole discretion of Delegated Sponsor, cash redemptions are permitted or required by Delegated Sponsor, proceeds will be paid to the AP redeeming Shares on behalf of the redeeming investor as soon as practicable after the date of redemption.

In the event there is a Delayed Settlement Scenario**,** for cash Redemption Orders, the Delegated Sponsor will notify the Authorized Participant and provide the expected date the Redemption Order can be settled. In a Delayed Settlement Scenario, APs will be given the option to (1) cancel the Redemption Order or (2) modify the Redemption Order. The Authorized Participant must cancel or modify before the Order Cutoff Time. In the event the Authorized Participant fails to cancel or modify its Redemption Order by the Order Cutoff Time, the Authorized Participant will be unable to modify its Redemption Order. Notwithstanding the foregoing, the Authorized Participant will remain fully responsible for delivering to the applicable Trust's account at DTC the total number of Shares to be redeemed by such Authorized Participant pursuant to its Redemption Order.

The terms of the Redemption Orders during Delayed Settlement Scenarios will be finalized by the Order Cutoff Time. The Authorized Participant will receive either the amount specified in the Redemption Order or the modified amount specified before the Order Cutoff Time. Only once the Redemption Orders for a particular order date have been fully settled will the Trust begin fulfilling Redemption Orders for a subsequent order date.

**7. STANDING REDEMPTION INSTRUCTIONS.**

Annex IV hereto contains the AP's Standing Redemption Instructions, which includes information identifying the account(s) and/or wallet(s) into which the cash and Digital Assets of each Trust and any other redemption proceeds should be delivered by the Delegated Sponsor pursuant to a Redemption Order.

**ANNEX III**

**<u>FORM OF CERTIFIED AUTHORIZED PERSONS</u>**

**<u>OF THE AUTHORIZED PARTICIPANT</u>**

The following are the names, titles and signatures of all persons (each an "Authorized Person") authorized to give instructions relating to any activity contemplated by this Agreement on behalf of the AP pursuant to this Agreement.

---

| |
|:---|
| Name: |
| Title: |
| Signature: |
| Email address: |
| Telephone Number: |
| Name: |
| Title: |
| Signature: |
| Email address: |
| Telephone Number: |
| Name: |
| Title: |
| Signature: |
| Email address: |
| Telephone Number: |

---

The undersigned, [name], [title], _________________________________, does hereby certify that the persons listed above have been duly elected to the offices set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons of this institution in its capacity as an AP pursuant to the Agreement by and between [_______________ ] (the "Trust"), Morgan Stanley Investment Management Inc. (as Delegated Sponsor), The Bank of New York Mellon (as Transfer Agent) and _________________________________ (the AP) dated [date] and that their signatures set forth above are their own true and genuine signatures.

IN WITNESS WHEREOF, the undersigned has hereby set his/her hand and the seal of _________________________________.

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

---

**ANNEX IV**

**TO**

**AUTHORIZED PARTICIPANT AGREEMENT**

**<u>THE AP ACCOUNT AND WALLET</u>**

**<u>FOR DELIVERY OF CASH AND DIGITAL ASSETS RESPECTIVELY</u>**

The account into which each Trust should, through the Cash Custodian, deposit the cash distribution from the Trust upon redemption by the AP is set forth below:

Account: __________________

The wallet address into which each Trust should, through the applicable Digital Asset Custodian, deposit the Digital Asset distribution from the Trust upon redemption by the AP is set forth below:

Account: __________________

**ANNEX V**

**TO**

**AUTHORIZED PARTICIPANT AGREEMENT**

**FOR (XXX) TRUST**

**ORDER ENTRY SYSTEM TERMS AND CONDITIONS**

This Annex shall govern use by an Authorized Participant of the electronic order entry system for placing Purchase Orders and Redemption Orders for Shares (the "System"). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Authorized Participant Agreement. In the event of any conflict between the terms of this Annex V and the main body of the AP Agreement with respect to the placing of Purchase Orders and Redemption Orders, the terms of this Annex V shall control.

1. (a) Authorized Participant shall provide to the Transfer Agent a duly executed authorization letter, in a form satisfactory to Transfer Agent, identifying those Authorized Persons who will access the System. Authorized Participant shall notify the Transfer Agent promptly in writing, including, but not limited to, by electronic mail, in the event that any person's status as an Authorized Person is revoked or terminated, in order to give the Transfer Agent a reasonable opportunity to terminate such Authorized Person's access to the System. The Transfer Agent shall promptly revoke access of such Authorized Person to the electronic entry systems through which Purchase Orders and Redemption are submitted by such person on behalf of the Authorized Participant.

(b) It is understood and agreed that each Authorized Person shall be designated as an authorized user of Authorized Participant for the purpose of the Agreement. Upon termination of the Agreement, the Authorized Participant's and each Authorized Person's access rights with respect to System shall be immediately revoked.

2. Transfer Agent grants to Authorized Participant a personal, nontransferable and nonexclusive license to use the System solely for the purpose of transmitting Purchase Orders and Redemption Orders and otherwise communicating with Transfer Agent in connection with the same. Authorized Participant shall use the System solely for its own internal and proper business purposes. Except as set forth herein, no license or right of any kind is granted to Authorized Participant with respect to the System. Authorized Participant acknowledges that Transfer Agent and its suppliers retain and have title and exclusive proprietary rights to the System. Authorized Participant further acknowledges that all or a part of the System may be copyrighted or trademarked (or a registration or claim made therefore) by Transfer Agent or its suppliers. Authorized Participant shall not take any action with respect to the System inconsistent with the foregoing acknowledgments. Authorized Participant may not copy, distribute, sell, lease or provide, directly or indirectly, the System or any portion thereof to any other person or entity without Transfer Agent's prior written consent. Authorized Participant may not remove any statutory copyright notice or other notice included in the System. Authorized Participant shall reproduce any such notice on any reproduction of any portion of the System and shall add any statutory copyright notice or other notice upon Transfer Agent's request.

3. (a) Authorized Participant acknowledges that any user manuals or other documentation (whether in hard copy or electronic form) (collectively, the "Material"), which is delivered or made available to Authorized Participant regarding the System is the exclusive and confidential property of Transfer Agent. Authorized Participant shall keep the Material confidential by using the same care and discretion that Authorized Participant uses with respect to its own confidential property and trade secrets, but in no event less than reasonable care. Authorized Participant may make such copies of the Material as is reasonably necessary for Authorized Participant to use the System and shall reproduce Transfer Agent's proprietary markings on any such copy. The foregoing shall not in any way be deemed to affect the copyright status of any of the Material which may be copyrighted and shall apply to all Material whether or not copyrighted. TRANSFER AGENT AND ITS SUPPLIERS MAKE NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE MATERIAL OR ANY PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

(b) Upon termination of the Agreement for any reason, Authorized Participant shall return to Transfer Agent all copies of the Material which is in Authorized Participant 's possession or under its control.

4. Authorized Participant agrees that it shall have sole responsibility for maintaining adequate security and control of the user IDs, passwords and codes for access to the System, which shall not be disclosed to any third party without the prior written consent of Transfer Agent. Transfer Agent shall be entitled to rely on the information received by it from the Authorized Participant and Transfer Agent may assume that all such information was transmitted by or on behalf of an Authorized Person regardless of by whom it was actually transmitted, unless the Authorized Participant shall have notified the Transfer Agent a reasonable time prior that such person is not an Authorized Person.

5. Transfer Agent shall have no liability in connection with the use of the System, the access granted to the Authorized Participant and its Authorized Persons hereunder, or any transaction effected or attempted to be effected by the Authorized Participant hereunder, except for damages incurred by the Authorized Participant as a direct result of Transfer Agent's gross negligence or willful misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT SHALL TRANSFER AGENT OR ANY MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES BE RESPONSIBLE OR LIABLE FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS HAVING ENTERED INTO OR RELIED ON THIS AGREEMENT, OR IN CONNECTION WITH THE ACCESS GRANTED TO THE AUTHORIZED PARTICIPANT HEREUNDER, OR ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY THE AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF TRANSFER AGENT OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, NOR SHALL TRANSFER AGENT OR ANY SUCH MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND SUCH PERSON'S REASONABLE CONTROL.

6. Transfer Agent reserves the right to revoke Authorized Participant's access to the System, with written notice, upon any breach by the Authorized Participant of the terms and conditions of this Annex V.

7. Transfer Agent shall acknowledge through the System its receipt of each Purchase Order or Redemption Order communicated through the System, and in the absence of such acknowledgment Transfer Agent shall not be liable for any failure to act in accordance with such orders and Authorized Participant may not claim that such Purchase Order or Redemption Order was received by Transfer Agent. Transfer Agent may in its discretion decline to act upon any instructions or communications that are insufficient or incomplete or are not received by Transfer Agent in sufficient time for Transfer Agent to act upon, or in accordance with such instructions or communications.

8. Authorized Participant agrees to use its reasonable best efforts consistent with its own procedures used in the ordinary course of business to prevent the transmission through the System of any software or file which contains any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to interfere or attempt to interfere with the proper working of the Systems.

9. Authorized Participant acknowledges and agrees that encryption may not be available for every communication through the System, or for all data. Authorized Participant agrees that Transfer Agent may deactivate any encryption features at any time, without notice or liability to Authorized Participant, for the purpose of maintaining, repairing or troubleshooting its systems.

## Exhibit 10.3

**Exhibit 10.3**

**FORM OF COINBASE PRIME BROKER AGREEMENT**

**General Terms and Conditions**

**1.** **Introduction** 

1.1 This agreement dated as of [ ], 2026 (the " <u>Effective Date</u> ") (including, the Coinbase Custody Services Agreement attached hereto as Exhibit A (the " <u>Custody Agreement</u> "), the Coinbase Master Trading Agreement attached hereto as Exhibit B (the " <u>MTA</u> "), and all other exhibits, addenda, and supplements attached hereto or referenced herein, (collectively, the " <u>Coinbase PBA</u> ")), is entered into by and between each entity listed in Schedule A, (each a " <u>Client</u> " and referred to together herein as the "Client", except as otherwise expressly indicated), and Coinbase, Inc. (" <u>Coinbase</u> "), for and on behalf of itself and on behalf of Coinbase Custody Trust Company, LLC (" <u>Coinbase Custody</u> "), and, if applicable, Coinbase Credit, Inc. (" <u>Coinbase Credit</u>,") or Coinbase Custody International Ltd. (" <u>CCI")</u> and collectively with Coinbase and Coinbase Custody, the " <u>Coinbase Entities</u> "). This Coinbase PBA shall constitute separate agreements, each between a single Client and the Coinbase Entities, as if such Client had executed a separate Coinbase PBA naming only itself as the Client, and no Client shall have any liability for the obligations of any other Client.

1.2 This Coinbase PBA sets forth the terms and conditions pursuant to which the Coinbase Entities will provide to Client custody, trade execution, lending, post-trade credit (if applicable), and other services (collectively, the " <u>PB Services</u> ") for certain digital assets (" <u>Digital Assets</u> ") and cash as set forth herein. As part of the PB Services, Coinbase will establish and maintain for Client the Trading Account (as defined and described in Section 2 of the MTA), and Coinbase Custody will establish and maintain for Client the Vault Account (as defined and described in Sections 1.1 and 2 of the Custody Agreement) (collectively with the Trading Account, the " <u>Accounts</u> ").

1.3 Client's Digital Assets are referred to as " <u>Client Digital Assets</u>," Client's cash is referred to as " <u>Client Cash</u>," and Client Digital Assets and Client Cash are together referred to as " <u>Client Assets</u>."

1.4 Client and the Coinbase Entities (individually or collectively, as the context requires) may also be referred to as a " <u>Party</u>." Capitalized terms not defined in these General Terms and Conditions (the " <u>General Terms</u> ") shall have the meanings assigned to them in the respective exhibit, addendum, or supplement. Any singular term in this Coinbase PBA will be deemed to include the plural, and any plural term the singular and the words "such as," "include," "includes," or "including" are deemed to be followed by the words "without limitation," whether or not expressly stated. The word "will" shall be construed to have the same meaning and effect as the word "shall." In the event of a conflict between these General Terms and any exhibit, addendum, or supplement hereto, the document governing the specific relevant PB Service shall control in respect of such PB Service.

**2.** **Conflicts of Interest Acknowledgement** 

Client acknowledges that the Coinbase Entities may have actual or potential conflicts of interest in connection with providing the PB Services including that (i) Orders (as such term is defined in the MTA) may be routed to Coinbase's exchange platform where Orders may be executed against other Coinbase clients or with Coinbase acting as principal, (ii) the beneficial identity of the purchaser or seller with respect to an Order is unknown and therefore may be another Coinbase client, (iii) Coinbase does not engage in front-running, but is aware of Orders or imminent Orders and may execute a trade for its own inventory (or the account of an affiliate) while in possession of that knowledge; provided that, in no event shall any Coinbase Entity use any Client Confidential Information to execute a trade for its own inventory (or the account of an affiliate), and (iv) Coinbase may act in a principal capacity with respect to certain Orders (e.g., to fill residual Order size when a portion of an Order may be below the minimum size accepted by the CTV (as defined in Section 1.1 of the MTA)). As a result of these and other conflicts, the Coinbase Entities may have an incentive to favor their own interests and the interests of their affiliates over a particular client's (including Client's) interests. Coinbase has in place certain policies and procedures that are designed to mitigate such conflicts. To manage this risk, Coinbase has implemented and maintains policies, processes and controls, including the use of separate teams and an information barrier between the agency trading business and principal trading at Coinbase, intended to avoid any conflicts of interest and ensure compliance with applicable law and regulation. Notwithstanding anything herein to the contrary, the Coinbase Entities shall execute trades pursuant to such policies and procedures; provided that the Coinbase Entities (a) shall execute (i) any marketable orders sent by Client and (ii) any other pending Client orders received by the Coinbase Entities that become marketable, and (b) shall not knowingly enter into a transaction for the benefit of (x) the Coinbase Entities, or (y) any other client received after Client's order, ahead of any order received from Client. For purposes of the foregoing, a marketable order is a sell order equivalent to or better than the best bid price, or a buy order equivalent to or better than the best ask price, on any Connected Trading Venue (or any venue that a Coinbase Entity may use) at a given moment.

**3.** **Account Statements** 

Coinbase will make available to Client an electronic account statement every month. Each account statement will identify the amount of cash and each Digital Asset credited to Client's Accounts at the end of the period and set forth of Client's activity during that period.

**4.** **Client Instructions** 

4.1 In a written notice to the relevant Coinbase Entity, Client may designate persons or entities authorized to act on behalf of Client with respect to the PB Services (the " <u>Authorized Representative</u> "). Upon such designation, the Coinbase Entities may rely on the validity of such appointment until such time as Coinbase receives Instructions from Client revoking such appointment or designating a new Authorized Representative.

4.2 The Coinbase Entities may only act upon instructions duly received from Client or Client's Authorized Representative (" <u>Instructions</u> ") provided that such Instructions are received by the Coinbase Entities pursuant to the reasonable security procedures set forth by Coinbase Entities (" <u>Security Procedures</u> "), which may involve two-factor authentication and messaging only through certain Coinbase systems. For the avoidance of doubt, the Coinbase Entity shall only act upon Instructions if the Coinbase Entity reasonably believes that such Instructions have been provided by Client's Authorized Representatives and have been authorized and approved in accordance with Coinbase's multi-approval authorization process. When taking action upon Instructions, the applicable Coinbase Entity shall act in a reasonable manner, and in conformance with the following: (a) Instructions shall continue in full force and effect until executed, canceled, or superseded; (b) if any Instructions are ambiguous, the applicable Coinbase Entity shall as soon as reasonably practicable notify Client or Client's Authorized Representative of any ambiguity and may refuse to execute such Instructions until any such ambiguity has been resolved to the Coinbase Entity's reasonable satisfaction; (c) the Coinbase Entities may refuse to execute Instructions if in the applicable Coinbase Entity's reasonable opinion such Instructions are outside the scope of its obligations under this Coinbase PBA or are contrary to any applicable law, rule, regulation, court order, or binding order of a government authority, provided that it shall, as soon as reasonably practicable, notify Client or Client's Authorized Representative of its decision to refuse to execute such Instruction and its basis for the foregoing (provided such notification is not prohibited under law, a government order or similar binding legal or regulatory order); and (d) the Coinbase Entities may rely on any Instructions, notice, or other communication believed by it in good faith to be given by Client or Client's Authorized Representative. Client shall be fully responsible and liable for, and the Coinbase Entities shall have no liability with respect to, any and all Claims and Losses (each as defined below) arising out of or relating to inaccurate or ambiguous Instructions. If Client is a trust, Client agrees that the Coinbase Entities shall have no liability for following the trustee's Instructions.

4.3 Each Coinbase Entity will comply with Client's Instructions to stake, stack, or vote Client Digital Assets to the extent the applicable Coinbase Entity supports proof of stake validation, proof of transfer validation, or voting for such Digital Assets. The Coinbase Entities may, in their sole discretion, decide whether or not to support or cease supporting staking services, stacking, or voting for a Digital Asset; provided that in each case where the Coinbase Entities have decided to change their practices with respect to staking, stacking or voting for one or more Digital Assets, the relevant Coinbase Entity shall inform the Client, provided that (i) such notice is being given to all Clients of the PB Services, and (ii) that such notice may be in the same form and manner as Coinbase provides to its other Clients.

**5.** **Representations, Warranties, and Additional Covenants** 

The Client represents, warrants, and covenants (which shall be deemed to repeat each of the following on each day on which it provides an Instruction) that:

5.1 Client has the full power, authority, and capacity to enter into this Coinbase PBA and to engage in transactions with respect to all Digital Assets relating to the PB Services;

5.2 To the best of its knowledge, Client is and shall remain in material compliance with all applicable laws, rules, and regulations in each jurisdiction in which Client operates or otherwise uses the PB Services, including U.S. securities laws and regulations, as well as any applicable state and federal laws, including applicable AML and Sanctions Laws and Regulations (as defined below), and other applicable anti-terrorism statutes, regulations, and conventions of the U.S. or other international jurisdictions; provided that any violation or alleged violation of law by Client resulting from or in connection with (a) Client's use of the services provided by the Coinbase Entities pursuant to this Coinbase PBA and (b) Coinbase's violation of Section 5.25 hereof, shall not be in violation of this Section 5.2;

5.3 Client is and shall remain in good standing with all relevant government agencies, departments, regulatory, self-regulatory, and supervisory bodies in all relevant jurisdictions in which it does business, and to the extent relevant and material to its performance hereunder or its use of the PB Services, it will promptly notify Coinbase if it ceases to be in good standing with any regulatory authority;

5.4 Client is not a resident in or organized under the laws of any country that is the subject of comprehensive economic sanctions imposed by the U.S., the United Nations, the European Union, or the United Kingdom (collectively, " <u>Sanctions Regimes</u> "), nor is it a person or entity that is, or is owned or controlled by one or more persons, entities or governments that are, the subject of economic sanctions issued by an applicable Sanctions Regime;

5.5 To the extent required by applicable law, it has implemented an AML and sanctions program that is reasonably designed to comply with applicable AML, anti-terrorist, anti-bribery/corruption, and Sanctions Regime laws and regulations, including, but not limited to, the Bank Secrecy Act, as amended by the USA PATRIOT Act (collectively, " <u>AML and Sanctions Laws and Regulations</u> "). Said program includes: (a) a customer due diligence program designed to identify and verify the identities of Client's customers; (b) enhanced due diligence on high-risk customers, including but not limited to customers designated as politically exposed persons; (c) processes to conduct ongoing monitoring of customer transactional activity and report, as required by applicable law, any activity deemed to be suspicious; (d) ongoing customer sanctions screening against applicable Sanctions Regimes lists; and (e) processes to maintain records related to the above controls as required by applicable law;

5.6 To the best of its knowledge, Client does not maintain any asset in an Account which is derived from any unlawful activity and it will use commercially reasonable efforts not to instruct or otherwise cause Coinbase to hold any assets or engage in any transaction that would cause Coinbase to violate applicable laws and regulations, including applicable AML and Sanctions Laws and Regulations;

5.7 Client shall reasonably promptly provide such information as the Coinbase Entities may reasonably request from time to time regarding: (a) its policies, procedures, and activities which relate to the PB Services, including information on Client's underlying customers, where applicable; and (b) its use of the PB Services, in each case to the extent reasonably necessary for the Coinbase Entities to comply with any applicable laws, rules, and regulations (including money laundering statutes, regulations, and conventions of the U.S. or other jurisdictions), or the guidance or direction of, or request from, any regulatory authority or financial institution, provided that such information may be redacted to remove Confidential information not relevant to the scope of this Agreement;

5.8 Client's use of the PB Services shall be for commercial, business purposes to the extent relevant or material to either Party's performance under this Coinbase PBA or the Client's use of the PB Services, and shall not include any personal, family, or household purposes. It shall promptly notify Coinbase in writing in the event it intends to use the PB Services in connection with any business activities not previously disclosed to Coinbase. Coinbase may, in its sole discretion, prohibit Client from using the PB Services in connection with any business activities not previously disclosed;

5.9 Client's Authorized Representatives have the: (a) full power, authority, and capacity to access and use the PB Services; and (b) appropriate sophistication, expertise, and knowledge necessary to understand the nature and risks, and make informed decisions, in respect of Digital Assets and the PB Services;

5.10 This Coinbase PBA is a legal, valid, and binding obligation, enforceable against it in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors' rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law));

5.11 Client has not relied on any Coinbase Entity for any investment, legal, tax, or accounting advice, and Client is solely responsible, and shall not rely on any Coinbase Entity, for determining whether any investment, investment strategy, transaction, legal consideration, or tax or accounting treatment involving any assets (including Digital Assets) is appropriate for Client based on its investment objectives, financial circumstances, risk tolerance, legal considerations, and tax or accounting consequences;

5.12 Client has duly appointed and authorized the individual(s) whose signatures are stated below to execute and deliver this Coinbase PBA;

5.13 Client has the right to deliver any assets it transfers to a Coinbase Entity and all such assets are free and clear of all liens, claims, and encumbrances and Client will not cause or allow any of the Accounts, whether now owned or hereafter acquired, to be or become subject to any liens, security interests, mortgages, or encumbrances of any nature (other than liens solely in favor of any of the Coinbase Entities);

5.14 To the best of Client's knowledge, there is no pending action, suit, or proceeding at law or in equity or before any court, tribunal, governmental body, agency, official, or arbitrator against Client that is likely to affect the legality, validity, or enforceability against it of this Coinbase PBA or the ability of Client to perform its obligations hereunder;

5.15 Unless it advises Coinbase to the contrary in writing, at all times, none of Client's assets constitute, directly or indirectly, plan assets subject to the fiduciary responsibility and prohibited transaction sections of the Employment Retirement Income Security Act of 1974, as amended (" <u>ERISA</u> "), the prohibited transaction provisions of the Internal Revenue Code of 1986, as amended, or any federal, state, local, or non-U.S. law that is similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended, and Client shall immediately provide Coinbase with a written notice in the event that it becomes aware that it is in breach of the foregoing;

5.16 To the extent Client provides a Coinbase Entity with Instructions (which may include standing Instructions) to implement a vesting or lockup schedule for a particular token in connection with Client's obligations to a token issuer, such vesting or lockup schedule (and any subsequent changes made by Client to the vesting or lockup schedule, if any) will accurately reflect the terms of Client's obligations to the token issuer; and

5.17 Client will promptly inform Coinbase in writing if any of the above representations, warranties, and covenants cease to be true.

For the avoidance of doubt, each Client has made each of the above representations and warranties in Sections 5.1 through 5.18 (inclusive) solely as to itself and not as to any other Client.

Coinbase, on behalf of itself and each other Coinbase Entity, represents, warrants, and covenants that:

5.18 Coinbase possesses and will maintain all licenses, registrations, authorizations, and approvals required by any applicable government agency or regulatory authority for it to operate its business and provide the PB Services;

5.19 Coinbase will not, directly or indirectly, lend, pledge, hypothecate, rehypothecate or otherwise alienate or transfer Client Assets unless otherwise agreed in writing by Client;

5.20 Coinbase has the full power, authority, and capacity to enter into and be bound by this Coinbase PBA;

5.21 This Coinbase PBA is a legal, valid, and binding obligation, enforceable against it in accordance with its terms;

5.22 Other than the rights set forth in Section 10 and Section 19 of this Coinbase PBA and the rights set forth in Appendix 1 attached hereto, Coinbase has no right, interest, or title in Client's Digital Assets;

5.23 Coinbase will maintain adequate capital and reserves to the extent required by applicable law;

5.24 Coinbase will not make any public statement, including any press release, media release, or blog post which mentions or refers to Client or a partnership between Coinbase and Client, without the prior written consent of Client;

5.25 To the best of its knowledge, Coinbase is and shall remain in compliance in all material respects with all applicable laws, rules, and regulations in each jurisdiction in which Coinbase operates, including U.S. securities laws and regulations, as well as any applicable state and federal laws, including applicable AML and Sanctions Laws and Regulations, USA Patriot Act and Bank Secrecy Act requirements, and other anti-terrorism statutes, regulations, and conventions of the United States or other international jurisdictions;

5.26 Coinbase is not a resident in or organized under the laws of any country that is the subject of comprehensive economic sanctions imposed by the Sanctions Regimes, nor is it a person or entity that is, or is owned or controlled by one or more persons, entities or governments that are, the subject of economic sanctions issued by an applicable Sanctions Regime;

5.27 Its performance under this Coinbase PBA will not breach (a) any agreement between it and a third party; (b) any obligation of confidentiality regarding the proprietary information of a third party or (c) any third party intellectual property rights;

5.28 Reserved.

5.29 To the best of Coinbase's knowledge, it is currently in good standing with all relevant government agencies, departments, regulatory, self-regulatory and supervisory bodies in all relevant jurisdictions in which it does business, including, as applicable, the Financial Industry Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investor Protection Corporation, the National Futures Association, the Commodity Futures Trading Commission, the Securities and Exchange Commission, Federal Deposit Insurance Corporation, and the New York State Department of Financial Services;

5.30 To the extent permitted by law, Coinbase shall promptly notify the Client in writing if, in connection with this Agreement, (i) Coinbase blocks or freezes property or assets pursuant to Sanctions Regime laws and regulations and/or reports it to an applicable Sanctions Regime authority, including the Office of Foreign Assets Control of the U.S. Department of the Treasury , and (ii) if it identifies, in connection with this Agreement, any suspicious activity or any activity that may require further review to determine whether Morgan Stanley Investment Management, Inc., as delegated sponsor for and on behalf of each of (i) Morgan Stanley Solana Trust, has any reporting obligations related to the activity; and

5.31 It will promptly provide such information as Client reasonably requests from time to time regarding the use of the PB Services, to the extent required to comply with any applicable laws, rules and regulations; provided that such information may be redacted to remove Confidential Information not relevant to the requirements of this Coinbase PBA.

For the avoidance of doubt, Coinbase, on behalf of itself and each other Coinbase Entity, has made each of the above representations and warranties in Sections 5.19 through 5.30 (inclusive) to each Client individually.

**6.** **No Investment Advice or Brokerage** 

6.1 Client assumes responsibility for each transaction executed by or for it in connection with this Coinbase PBA. For the avoidance of doubt, nothing in this paragraph is intended to modify Coinbase's responsibility for carrying out Client's Instructions in accordance with Section 4. Client understands and agrees that none of the Coinbase Entities is acting as a "broker" as defined in the Securities Exchange Act of 1934 or as an investment adviser as defined in the Investment Advisers Act of 1940 (the " <u>Investment Advisers Act</u> ") with respect to their activities in connection with this Coinbase PBA, and except as expressly set forth herein, the Coinbase Entities have no liability, obligation, or responsibility whatsoever for Client decisions relating to the PB Services. Client should consult its own legal, tax, investment, and accounting professionals.

6.2 While the Coinbase Entities may make certain general information available to Client (including Market Data, as defined in Section 7 of the MTA), the Coinbase Entities are not providing and will not provide Client with any investment, legal, tax, or accounting advice regarding Client's specific situation. Except as expressly set forth herein, the Coinbase Entities shall have no liability, obligation, or responsibility whatsoever regarding any decision to enter into in any transaction with respect to any asset (including Digital Assets).

**7.** **Opt-In to Article 8 of the Uniform Commercial Code** 

Each item of property (including Client Assets) credited to an Account will be treated as "financial assets" under Article 8 of the New York Uniform Commercial Code ("<u>Article 8</u>"). Coinbase and Coinbase Custody are "securities intermediaries," the Accounts are each "securities accounts," and Client is an "entitlement holder" under Article 8. This Coinbase PBA sets forth how the Coinbase Entities will satisfy their Article 8 duties. Treating property in the Accounts as financial assets under Article 8 does not determine the characterization or treatment of such property under any other law or rule. New York will be the securities intermediary's jurisdiction with respect to Coinbase and Coinbase Custody, and New York law will govern all issues addressed in Article 2(1) of the Hague Securities Convention. Coinbase and Coinbase Custody will credit Client with any payments or distributions on any Client Assets it holds for Client's Accounts, unless (i) the payment or distribution is an Advanced Protocol (as defined below) that Coinbase does not support (as described in Section 14.2), (ii) Coinbase lacks the technological capabilities to provide Client with these payments or distributions, or (iii) Coinbase cannot deliver the distributions for legal or other reasons that make providing such distributions impossible or impracticable. Coinbase and Coinbase Custody will comply with Client's Instructions with respect to Client Assets in the Accounts, subject to the terms of this Coinbase PBA, and related Coinbase rules, including the Prime Trading Rules (as defined in preamble to the MTA).

**8.** **General Use, Security and Prohibited Use** 

8.1 *Prime Broker Site and Content*. During the term of this Coinbase PBA, the Coinbase Entities hereby grant Client a limited, nonexclusive, non-transferable, non-sublicensable, revocable, and royalty-free license, subject to the terms of this Coinbase PBA, to access and use the Coinbase Prime Broker Site accessible at prime.coinbase.com (the " <u>Coinbase PB Site</u> ") and related content, materials, Market Data, and information (collectively, the " <u>Content</u> ") solely for Client's internal business use and other purposes as permitted by Coinbase in writing from time to time. Any other use of the Coinbase PB Site or Content is hereby prohibited. All other right, title, and interest (including all copyright, trademark, patent, trade secrets, and all other intellectual property rights) in the Coinbase PB Site, Content, and PB Services is and will remain the exclusive property of the Coinbase Entities and their licensors. Client shall not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, create derivative works from, or in any other way exploit any of the PB Services or Content, in whole or in part. "Coinbase," "Coinbase Prime," "prime.coinbase.com," and all logos related to the PB Services or displayed on the Coinbase PB Site are either trademarks or registered marks of the Coinbase Entities or their licensors. Client may not copy, imitate, or use them without Coinbase's prior written consent. The license granted under this Section will automatically terminate upon termination of this Coinbase PBA, or the suspension or termination of Client's access to the Coinbase PB Site or PB Services. Coinbase may not use the Client's logos, trademarks, copyrights or other intellectual property without the prior written consent of Client.

8.2 *Supported Digital Assets*. Coinbase determines in its sole discretion which Digital Assets to support for use with the Trading Services (as defined in the preamble to the MTA), as specified on the Coinbase PB Site. Not all Digital Assets supported for Custodial Services (as defined in Section 1.1 of the Custody Agreement) are also supported for Trading Services.

8.3 *Use of the Coinbase PB Site.* Client agrees to access and use the Coinbase PB Site to review any Orders, deposits, or withdrawals or required actions to confirm the authenticity of any communication or notice from the Coinbase Entities.

8.4 *Unauthorized Users.* Client shall not permit any person or entity that is not Client or an Authorized Representative (each, an " <u>Unauthorized User</u> ") to access, connect to, or use the Coinbase PB Site or the PB Services. Except to the extent caused by a Coinbase Entity's gross negligence, fraud, or willful misconduct, the Coinbase Entities shall have no liability, obligation, or responsibility whatsoever for, and Client shall be fully responsible and liable for, any and all Claims and Losses arising out of or relating to the acts and omissions of any Unauthorized User in respect of the Coinbase PB Site or the PB Services. Client shall notify Coinbase immediately if Client believes or becomes aware that an Unauthorized User has accessed, connected to, or used the Coinbase PB Site or the PB Services (each such notification, an "Access Compromise Notice") and request that the Client's Prime Broker Account is suspended. Upon the suspension of the Client's Prime Broker Account, Client shall not be responsible for any subsequent act or omission of the Unauthorized User responsible for the initial suspension of the Prime Broker Account. Upon the cessation of the suspension of the Client's Prime Broker Account then the Client's obligations under this Section 8.4 will resume. Coinbase shall use commercially reasonable efforts to cancel, terminate or otherwise disable the unauthorized access method as soon as reasonably practicable but in no event later than two Business Days following receipt of an Access Compromise Notice.

8.5 *Password Security; Contact Information*. Client is fully responsible for maintaining adequate security and control of any and all IDs, passwords, hints, personal identification numbers (PINs), API keys, YubiKeys, other security or confirmation information or hardware, and any other codes that Client or an Authorized Representative uses to access the Coinbase PB Site or the PB Services. Client agrees to keep Client's email address and telephone number on the Coinbase PB Site up to date in order to receive any notices or alerts that the Coinbase Entities may send to Client. Client shall be fully responsible for, and the Coinbase Entities shall have no liability, obligation, or responsibility whatsoever for, any Losses that Client may sustain due to compromise of Client's login credentials. In the event Client believes Client's login credentials or other information with respect to the Coinbase PB Site or the PB Services has been compromised, Client must contact Coinbase immediately.

8.6 *AML and Sanctions Compliance:* The Coinbase Entities have adopted and implemented, and will continue to maintain and implement, compliance programs reasonably designed to comply with AML and Sanctions Laws and Regulations. Such programs provide additional protections to ensure that the Client and its sponsor do not transact with any individual or entity that is, or is owned or controlled by one or more individuals or entities that are, (i) resident in or organized under any country that is the subject of comprehensive economic sanctions imposed by the Sanctions Regimes, or (ii) the subject of economic sanctions issued by an applicable Sanctions Regime. The Coinbase Entities perform Know-Your-Transaction ("KYT") screening using blockchain analytics to identify, detect, and mitigate the risk of transacting with a sanctioned or other unlawful actor, and the Coinbase Entities will apply such KYT screening processes to all Digital Assets that are delivered to the Client's Accounts.

8.7 *Prohibited Use*. Client will comply with the Prohibited Use Policy found at https://www.coinbase.com/legal/prohibited_use and the Coinbase Entities shall provide the Client with commercially reasonable notice of amendments and/or updates to such policy to the same extent and in the same manner as provided to all other Clients of the PB Services.

**9.** **Taxes** 

9.1 *Taxes*. Except as otherwise expressly stated herein, Client shall be fully responsible and liable for, and the Coinbase Entities shall have no liability, obligation, or responsibility whatsoever for, the payment of any and all present and future tariffs, duties, or taxes (including withholding taxes, transfer taxes, stamp taxes, documentary taxes, value added taxes, personal property taxes, and all similar costs) imposed or levied by any government or governmental agency (collectively, " <u>Taxes</u> ") and any related Claims and Losses or the accounting or reporting of income or other Taxes arising from or relating to any transactions Client conducts through the PB Services. Client acknowledges that Coinbase shall have no responsibility to file any tax returns, reports, and disclosures required by applicable law for Client.

9.2 *Withholding Tax*. Except as required by applicable law, each payment under this Coinbase PBA or collateral deliverable by Client to any Coinbase Entities shall be made, and the value of any collateral or margin shall be calculated, without withholding or deducting of any Taxes. If any Taxes are required to be withheld or deducted, Client (a) authorizes the Coinbase Entities to effect such withholding or deduction and remit such Taxes to the relevant taxing authorities and (b) shall pay such additional amounts or deliver such further collateral as necessary to ensure that the actual net amount received by the Coinbase Entities is equal to the amount that the Coinbase Entities would have received had no such withholding or deduction been required. Client agrees that the Coinbase Entities may disclose any information with respect to Client Assets and the PB Services, including the Accounts and Client's transactions and Orders, required by any applicable taxing authority or other governmental entity, provided that such disclosure is limited to information that is legally required to be disclosed to the applicable taxing authority or other governmental entity. Client agrees that the Coinbase Entities may withhold or deduct Taxes as may be required by applicable law. From time to time, Coinbase Entities shall ask Client for tax documentation or certification of Client's taxpayer status as required by applicable law, and any failure by Client to comply with this request in the time frame identified may result in withholding or remission of taxes to a tax authority as required by applicable law. Coinbase will provide Client tax receipts issued by the appropriate taxing authority or such other evidence as is reasonably requested by Client to establish that such taxes have been paid.

**10.** **PB Services Fees** 

10.1 Client agrees to pay all undisputed commissions and fees in connection with Orders and the PB Services on a timely basis. This includes the fees set out in the Fee Schedule, as amended from time-to-time, pass-through fees such as bank fees, and network fees (as calculated by the Coinbase Entities in their sole discretion). If such fees remain unpaid following the payment date, Client authorizes the Coinbase Entities to deduct any such unpaid amounts from Client's Accounts. The Coinbase Entities will in their sole discretion determine the appropriate level of rounding of amounts to minimize any rounding error. In the event that Client in good faith disputes any commissions or fees owed under this Coinbase PBA, Client shall provide notice in writing to the appropriate Coinbase Entity within seven (7) days of an applicable Order. The undisputed portion of the commissions and fees of an applicable Order shall be paid in accordance with the payment terms set forth in this Section 10 and the disputed portion of any commissions and fees shall be resolved by the Parties within seven (7) days of the notice and that agreed upon amount shall be paid within seven (7) days after resolution of the dispute in accordance with the payment terms of this Section 10.1. If the Parties do not resolve the dispute, then the Parties' liabilities and remedies shall be in accordance with the terms of this Coinbase PBA, which may include termination or suspension of the PB Services.

10.2 In addition to any fees payable pursuant to the Fee Schedule, as payment in part for the Custodial Services Coinbase provides under this Coinbase PBA, Client agrees to pay Coinbase an additional fee equal to the amount of any interest and other earnings attributable or allocable to Client Cash. Client agrees and understands that Coinbase will collect any such fees at the time such interest or other earnings are received by Coinbase and therefore Client's account statements will not reflect any such interest.

**11.** **Confidentiality** 

11.1 Client and the Coinbase Entities each agree that with respect to: (i) any non-public information regarding Client's use of or Coinbase's performance of the Prime Services, including but not limited to any technical issues, errors, omissions, delays, or service interruptions, regardless of whether such issues, errors, omissions, delays, or service interruptions were experienced or caused by Client or Coinbase; and (ii) any non-public, confidential, or proprietary information of the other Party, including the existence and terms of this Coinbase PBA, the other Party's business operations or business relationships (including the Coinbase Entities' fees), (collectively, " <u>Confidential Information</u> "), it will not disclose such Confidential Information to any third party except to such party's officers, directors, agents, employees, consultants, contractors and professional advisors who need to know the Confidential Information for the purpose of assisting in the performance of this Coinbase PBA and who are informed of, and agree to be bound by obligations of confidentiality no less restrictive than those set forth herein, and will protect such Confidential Information from unauthorized use and disclosure. Each Party shall use any Confidential Information that it receives pursuant to or in connection with this Coinbase PBA solely for purposes of providing or using the Prime Broker Services with respect to the Accounts, exercising their rights and performing their duties under this Coinbase PBA, complying with any applicable laws, rules and regulations and in the case of the Coinbase Entities, for internal risk management purposes and to develop and enhance products and services, using only aggregated and de identified information that does not identify the Accounts or Client. In addition, the Coinbase Entities may use and disclose personal information as otherwise provided in the Coinbase Privacy Policy at https://www.coinbase.com/legal/privacy, and may use and disclose other Confidential Information to the same extent. Confidential Information shall not include any (i) information that is or becomes generally publicly available through no fault of the recipient, (ii) information that the recipient obtains from a third party (other than in connection with this Test Agreement) that, to the recipient's best knowledge, is not bound by a confidentiality agreement prohibiting such disclosure; (iii) information that is independently developed or acquired by the recipient without the use of Confidential Information provided by the disclosing Party; (iv) disclosure with the prior written consent of the disclosing Party.

11.2 Notwithstanding the foregoing, (i) each party may disclose Confidential Information of the other party to the extent required by a court of competent jurisdiction or governmental authority or otherwise required by law (additionally, in Coinbase's case, to the extent so requested by its partners); provided, however, the Party making such required disclosure shall first notify the other Party (to the extent legally permissible) and shall afford the other Party a reasonable opportunity to seek confidential treatment if it wishes to do so; (ii) each party may disclose Confidential Information of the other party in connection with examination and oversight of the disclosing party by a governmental authority with supervisory authority over such party and (iii) no affiliate of Coinbase shall be considered a third party of any Coinbase Entity for purposes of this Coinbase PBA and the Coinbase Entities may freely share Client's Confidential Information among each other and the Client, as well as Morgan Stanley Investment Management Inc. and its affiliates, may share Confidential Information of the Coinbase Entities among each other to the same extent as personal information consistent with the Coinbase Privacy Policy, as amended and updated from time to time at https://www.coinbase.com/legal/privacy or a successor website. All documents and other tangible objects containing or representing Confidential Information and all copies or extracts thereof or notes derived therefrom that are in the possession or control of the recipient shall be and remain the property of the disclosing party and shall be promptly returned to the disclosing party or destroyed, each upon the disclosing party's request; provided, however, notwithstanding the foregoing, the recipient may retain one (1) copy of Confidential Information if (a) required by law or regulation, or (b) retained pursuant to a bona fide and consistently applied document retention policy; provided, further, that in either case, any Confidential Information so retained shall remain subject to the confidentiality obligations of this Coinbase PBA.

11.3 Notwithstanding anything contained in this Section 11, the Parties agree that the Client may file the Coinbase PBA as an exhibit in public filings with the Securities and Exchange Commission or equivalent regulatory body in the applicable jurisdiction, as may be required under applicable law, provided that Client shall give the Coinbase Entities reasonable advance notice of such filing and shall comply with the Coinbase Entities' instruction to redact certain information in the Coinbase PBA that the Coinbase Entities deem proprietary and confidential. Client acknowledges and agrees that any pricing or fee information is highly confidential and shall not be shared with any third parties or included in any public filings without the prior express written approval of Coinbase, which shall not be unreasonably withheld.

**12.** **Security and Business Continuity** 

Coinbase's information security standards and business continuity standards shall at minimum comply with the terms addressing information security, data protection and business continuity standards as set forth in Addendum No. 1.

**13.** **Acknowledgement of Risks** 

Client hereby acknowledges, that:

(i) Digital Assets are not legal tender, are not backed by any government or government agency, and the Vault Account and the Trading Account are not subject to the Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections;

(ii) Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect (1) the use, transfer, exchange, and value of Digital Assets or (2) Coinbase's ability or willingness to support one or more Digital Assets;

(iii) Transactions in Digital Assets are irreversible, and, accordingly, Digital Assets lost due to fraudulent or accidental transactions may not be recoverable;

(iv) Certain Digital Asset transactions will be deemed to be made when recorded on a public blockchain ledger, which is not necessarily the date or time that Client initiates the transaction or such transaction enters the pool;

(v) The value of Digital Assets may be derived from the continued willingness of market participants to exchange any fiat currency for Digital Assets, which may result in the permanent and total loss of value of a Digital Asset should the market for that Digital Asset disappear;

(vi) There is no assurance that a person or entity who accepts any Digital Asset as payment today will continue to do so in the future;

(vii) The volatility and unpredictability of the price of Digital Assets relative to fiat currency may result in significant losses over a short period of time;

(viii) The nature of Digital Assets may lead to an increased risk of fraud or cyber-attack;

(ix) The nature of Digital Assets means that any technological difficulties experienced by a Coinbase Entity may prevent access to or use of Client Digital Assets; and

(x) Any bond or trust account maintained by Coinbase Entities for the benefit of its customers may not be sufficient to cover all losses (including Losses) incurred by customers.

**14.** **Operation of Digital Asset Protocols** 

14.1 The Coinbase Entities do not own or control the underlying software protocols which govern the operation of Digital Assets. Generally, the underlying software protocols and, if applicable, related smart contracts (referred to collectively as " <u>Protocols</u> " for purposes of this Section) are open source and anyone can use, copy, modify, or distribute them. By using the PB Services, Client acknowledges and agrees that: (i) the Coinbase Entities make no guarantee of the functionality, security, or availability of underlying Protocols; (ii) some underlying Protocols are subject to consensus-based proof of stake validation methods which may allow, by virtue of their governance systems, changes to the associated blockchain or digital ledger (" <u>Governance Modifiable Blockchains</u> "), and that any Client transactions validated on such Governance Modifiable Blockchains may be affected accordingly; and (iii) the underlying Protocols are subject to sudden changes in operating rules (a/k/a "forks"), and that such forks may materially affect the value, function, and even the name of the Digital Assets. In the event of a fork relating to a Supported Digital Asset, Client agrees that the Coinbase Entities may temporarily suspend PB Services (with or without notice to Client) and that the Coinbase Entities may, in their sole discretion, determine whether or not to support or cease supporting either branch of the forked protocol entirely. The Coinbase Entities shall use commercially reasonable efforts to timely select at least one of the forked protocol branches to support and will identify such selection in a notice reasonably in advance of such fork (to the extent practicable) to provide Client the opportunity to arrange for the transfer of the relevant Digital Assets, which the Coinbase Entities shall use commercially reasonable efforts to accomplish in advance of such fork. In the event that Coinbase decides not to support (or ceases supporting) either branch of a forked protocol, Coinbase will use reasonable efforts to notify Client in advance wherever reasonably practicable to do so. Client agrees that the Coinbase Entities shall have no liability, obligation, or responsibility whatsoever arising out of or relating to the operation of Protocols, transactions affected by Governance Modifiable Blockchains, or an unsupported branch of a forked protocol and, accordingly, as between Coinbase and Client, Client acknowledges and assumes the risk of the same.

14.2 Except to the extent otherwise specifically communicated by the Coinbase Entities through a written public statement on the Coinbase website, the Coinbase Entities do not support airdrops, metacoins, colored coins, side chains, or other derivative, enhanced, or forked protocols, tokens, or coins, which supplement or interact with a Digital Asset (collectively, " <u>Advanced Protocols</u> ") in connection with the PB Services. The PB Services are not configured to detect, process, or secure Advanced Protocol transactions and neither Client nor any Coinbase Entity will be able to retrieve any unsupported Advanced Protocol. No Coinbase Entity shall have liability, obligation, or responsibility whatsoever in respect of Advanced Protocols.

**15.** **Disclaimer of Warranties** 

EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE PB SERVICES AND THE COINBASE WEBSITE ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT ANY WARRANTY OF ANY KIND, AND THE COINBASE ENTITIES HEREBY SPECIFICALLY DISCLAIM ALL WARRANTIES WITH RESPECT TO THE PB SERVICES, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING THE IMPLIED WARRANTIES OR CONDITIONS OF TITLE, MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, THE COINBASE ENTITIES DO NOT WARRANT THAT THE PB SERVICES, INCLUDING ACCESS TO AND USE OF THE COINBASE WEBSITES, OR ANY OF THE CONTENT CONTAINED THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, TIMELY, COMPATIBLE WITH ANY SOFTWARE, SYSTEM OR OTHER SERVICES, SECURE, COMPLETE, FREE OF HARMFUL CODE, OR ERROR-FREE.

**16.** **Indemnification** 

16.1 Client shall defend, indemnify, and hold harmless each Coinbase Entity, its affiliates, and their respective officers, directors, agents, employees, and representatives (each, a " <u>Coinbase Party</u> " and collectively, the " <u>Coinbase Parties</u> ") from and against any and all Claims and Losses arising out of, or relating to (i) Client's material breach of this Coinbase PBA, (ii) Client's violation of any applicable law, rule, or regulation, (iii) any negligent, dishonest, fraudulent, or criminal act or omission on the part of the Client or any Client Party (as defined below), (iv) Client's gross negligence, willful misconduct, or fraud, in each case unless such Claims or Losses arise out of or relate to Coinbase's gross negligence, fraud, or willful misconduct. This obligation will survive any termination of this Coinbase PBA. Client shall not accept any settlement of any Claims or Losses if such settlement imposes any financial or non-financial liabilities, obligations or restrictions on, or requires an admission of guilt or wrong-doing from, any Coinbase Party, without such Coinbase Party's prior written consent.

16.2 Coinbase shall defend and indemnify and hold harmless Client and their respective officers, directors, agents, employees and representatives (each, a " <u>Client Party</u> " and collectively, the " <u>Client Parties</u> ") from and against any and all direct Claims and Losses arising out of or relating to any (i) violation, misappropriation, or infringement by Client in its access or use of the PB Services in accordance with the terms and conditions of this Coinbase PBA upon any United States patent, copyright, trademark, trade secret or other intellectual property right of a third party, (ii) breach by Coinbase of the confidentiality, data protection, or information security obligations of Coinbase expressly provided in this Coinbase PBA, (iii) violation of applicable law, rule or regulation by Coinbase with respect to the provision of the PB Services, or (iv) gross negligence, fraud, or willful misconduct of Coinbase; unless such Claims or Losses arise out of or relate to Client's gross negligence, fraud, willful misconduct, or breach of this Coinbase PBA. This obligation will survive any termination of this Coinbase PBA. Coinbase shall not accept any settlement of any Claims or Losses if such settlement imposes any financial or non-financial liabilities, obligations or restrictions on, or requires an admission of guilt or wrong-doing from, any Client Party, without such Client Party's prior written consent.

16.3 Each Party's indemnification obligation under Section 16 of this Coinbase PBA shall apply only if the indemnified Party does the following: (a) notifies the indemnifying Party promptly in writing, not later than thirty (30) days after the indemnified Party receives notice of the Claim (or sooner if required by applicable law); (b) gives the relevant indemnifying Party sole control of the defense and any settlement negotiations (subject to the below); and (c) gives the relevant indemnifying Party the information, authority, and assistance such indemnifying Party needs to defend against or settle the Claim. In any such Claim brought against any indemnified party, the indemnifying party shall assume the defense thereof, subject to the provisions herein stated, with counsel reasonably satisfactory to such indemnified party. The indemnifying party shall keep the indemnified party informed of the status of the defense of such Claims. The indemnified party shall have the right to employ separate counsel in any such action and to participate in the defense thereof, but the fees and expenses of such counsel shall not be at the expense of the indemnifying party. If the indemnifying party fails to appoint counsel within 10 days after the indemnified party has notified the indemnifying party of the Claim, or after the indemnifying party becomes aware of it, whichever is earlier, the indemnified party shall have the right to select and appoint counsel and conduct the defense of such Claim, and the reasonable expense thereof shall be paid by the indemnifying party.

16.4 For the avoidance of doubt, Coinbase shall not be obligated to defend or indemnify Client (1) to the extent that such a Claim is based upon any information, specification, instruction, software, service, data, or material not furnished by Coinbase; (2) for any portion of such a Claim that is based upon the combination of the PB Services with any information, specification, instruction, software, service, data, or material not provided by Coinbase; or (3) for any such Claims known to Client at the time the PB Services are used or accessed.

16.5 No Party providing indemnification pursuant to this Section 16 shall accept any settlement of any Claims or Losses if such settlement imposes any financial or non-financial liabilities, obligations, or restrictions on, or requires an admission of guilt or wrong-doing from, any party indemnified pursuant to this Section 16, without such party's prior written consent.

16.6 For the purposes of this Coinbase PBA:

(a) "<u>Claim</u>" means any action, suit, litigation, demand, charge, arbitration, proceeding (including any civil, criminal, administrative, investigative, or appellate proceeding), hearing, inquiry, audit, examination, or investigation commenced, brought, conducted, or heard by or before, or otherwise involving, any court or other governmental, regulatory, or administrative body, or any arbitrator or arbitration panel; and

(b) "<u>Losses</u>" means any liabilities, damages, diminution in value, payments, obligations, losses, interest, costs and expenses, security, or other remediation costs (including any regulatory investigation or third party subpoena costs, reasonable attorneys' fees, court costs, expert witness fees, and other expenses relating to investigating or defending any Claim); fines, taxes, fees, restitution, or penalties imposed by any governmental, regulatory, or administrative body, interest on and additions to tax with respect to, or resulting from, Taxes imposed on Client's assets, cash, other property, or any income or gains derived therefrom; and judgments (at law or in equity) or awards of any nature.

16.7 For the avoidance of doubt, (a) the indemnification of the Coinbase Parties under Section 16.1 above is provided by each Client severally, and not jointly with any other Client; and (b) the indemnification by Coinbase under Section 16.2 above is provided to each Client severally, and not jointly with any other Client.

**17.** **Limitation of Liability** 

17.1 *Standard of Care*.

IN NO EVENT SHALL ANY COINBASE PARTY BE RESPONSIBLE OR LIABLE FOR ANY LOSS, CLAIM, OR DAMAGE SUFFERED BY CLIENT, EXCEPT TO THE EXTENT THAT SUCH LOSS, CLAIM, OR DAMAGE DIRECTLY RESULTED FROM THE NEGLIGENCE, WILLFUL MISCONDUCT, OR FRAUD OF A COINBASE ENTITY.

NO COINBASE PARTY SHALL BE LIABLE FOR ANY LOSS CAUSED DIRECTLY OR INDIRECTLY BY (A) THE FAILURE OF CLIENT TO ADHERE TO COINBASE'S POLICIES AND PROCEDURES THAT HAVE BEEN DISCLOSED TO THE CLIENT, (B) ANY FAILURE OR DELAY TO ACT BY ANY SERVICE PROVIDER TO CLIENT, OR (C) ANY SYSTEM FAILURE (OTHER THAN A SYSTEM FAILURE CAUSED BY THE GROSS NEGLIGENCE, WILLFUL MISCONDUCT, OR FRAUD OF A COINBASE ENTITY) THAT PREVENTS A COINBASE ENTITY FROM FULFILLING ITS OBLIGATIONS UNDER THIS COINBASE PBA.

17.2 *Liability Caps*.

THE LIABILITY OF SUCH COINBASE PARTY WILL NOT EXCEED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) THE GREATER OF (A) THE AGGREGATE AMOUNT OF FEES PAID BY CLIENT TO THE RELEVANT COINBASE ENTITY IN RESPECT OF THE PB SERVICES IN THE 12-MONTH PERIOD PRIOR TO THE OCCURRENCE OF THE EVENT GIVING RISE TO SUCH LIABILITY (SUCH EVENT, THE "<u>LIABILITY EVENT</u>") AND (B) FIVE MILLION U.S. DOLLARS (US$5,000,000), OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) SOLELY IN RESPECT OF CUSTODIAL SERVICES PROVIDED PURSUANT TO THE CUSTODY AGREEMENT, THE GREATER OF:

(i) THE GREATER OF (A) THE AGGREGATE AMOUNT OF FEES PAID BY CLIENT TO COINBASE CUSTODY IN RESPECT OF THE CUSTODIAL SERVICES IN THE 12-MONTH PERIOD PRIOR TO THE LIABILITY EVENT, AND (B) FIVE MILLION U.S. DOLLARS (US$5,000,000); OR

(ii) THE VALUE, AT THE TIME THE LIABILITY EVENT OCCURRED, OF THE SUPPORTED DIGITAL ASSETS ON DEPOSIT IN CLIENT'S VAULT ACCOUNT(S) DIRECTLY AFFECTED BY SUCH LIABILITY EVENT. THE COINBASE ENTITIES WILL VALUE THE SUPPORTED DIGITAL ASSETS USING THE SAME VALUATION METHODS AND PROCESSES THAT ARE OTHERWISE USED WHEN A COINBASE CUSTOMER SELLS AN ASSET ON THE COINBASE PB SITE OR ANY OTHER COMMERCIALLY REASONABLE VALUATION METHOD AS DETERMINED BY COINBASE IN ITS SOLE DISCRETION;

PROVIDED THAT, NOTWITHSTANDING THE FOREGOING OR ANYTHING TO THE CONTRARY CONTAINED IN THIS SECTION 17, NO LIMITATION OR EXCLUSION SHALL APPLY TO EITHER PARTY'S LIABILITY FOR: (a) FRAUD OR WILLFUL MISCONDUCT; OR (b) ANY MATTER FOR WHICH LIABILITY MAY NOT LAWFULLY BE LIMITED OR EXCLUDED.

PROVIDED FURTHER THAT IN NO EVENT SHALL COINBASE CUSTODY'S AGGREGATE LIABILITY IN RESPECT OF ANY CUSTODY WALLET EXCEED ONE HUNDRED MILLION U.S. DOLLARS (US$100,000,000). IN THE EVENT OF ANY LOSS SUSTAINED BY CLIENT FOR WHICH A COINBASE PARTY IS LIABLE HEREUNDER, THE LIABILITY OF SUCH COINBASE PARTY SHALL BE REDUCED TO THE EXTENT THAT CLIENT'S OWN BREACH CONTRIBUTED TO SUCH LOSS.

17.3 *Waiver of Consequential Damages* 

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, NO PARTY HERETO SHALL BE LIABLE FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, SPECIAL, OR PUNITIVE LOSS OR DAMAGE OR SIMILAR LOSSES OR DAMAGES (INCLUDING LOST PROFITS), EVEN IF THE OTHER PARTY HAD BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY THEREOF.

21.1 *No Joint and Several Liability* 

NOTHING IN THIS COINBASE PBA SHALL BE DEEMED TO CREATE ANY JOINT OR SEVERAL LIABILITY AMONG ANY OF THE COINBASE ENTITIES.

**18.** **Term, Termination and Suspension** 

This Coinbase PBA shall remain in effect until terminated by a Coinbase Entity or Client as follows:

18.1 Client or any Coinbase Entity may terminate this Coinbase PBA in whole or in part for any reason and absent an Event of Default by providing at least 90 days' prior notice to the other party.

18.2 Regardless of any other provision of this Coinbase PBA, the Coinbase Entities may, in their sole discretion, suspend, restrict, or terminate Client's PB Services, including by suspending, restricting, or closing Client's Accounts or any provision of credit (as applicable), immediately upon the occurrence of an Event of Default, at any time and with notice to Client where practicable and not prohibited by applicable law, orders, rules or regulations. Coinbase will promptly restore any suspended or restricted access upon Client's cure of the cause. Client may terminate this Agreement for Coinbase Event of Default, at any time. An Event of Default by one Client shall not constitute an Event of Default by any other Client unless an Event of Default has also independently occurred with respect to such other Client.

"<u>Event of Default</u>" shall mean:

(i) Client breaches any material provision of this Coinbase PBA and such breach is not cured within one (1) Business Day after notice of such breach is given to Client in the case of a payment-related breach or is not cured within seven (7) Business Days after notice of such breach is given to Client in the case of a non-payment related breach;

(ii) Client breaches any of the representations or warranties contained in Section 5 of this Coinbase PBA;

(iii) A default or event of default under, or termination of, any other agreement between Client and a Coinbase Entity, including the Events of Default listed in the Post Trade Financing Agreement;

(iv) Client takes any action to dissolve or liquidate, in whole or in part;

(v) Client becomes insolvent, makes an assignment for the benefit of creditors, or becomes subject to the direct control of a trustee, receiver, or similar authority;

(vi) Client institutes or becomes subject to any bankruptcy or insolvency proceeding under any applicable laws, rules, or regulations, such termination being effective immediately upon any declaration of bankruptcy ; provided however, that solely in respect of a petition or proceeding against Client seeking a judgment of insolvency or bankruptcy that is not instituted by Client, such petition or proceeding is not dismissed, discharged, stayed or restrained within 15 days of the institution or presentation thereof;

(vii) Termination is required pursuant to a facially valid subpoena, court order, or binding order of a government authority;

(viii) Any Account or Client's use of the PB Services is subject to any pending litigation, investigation, or government proceeding or a Coinbase Entity reasonably perceives a heightened risk of legal regulatory non-compliance, in each case as associated with any Account or Client's use of the PB Services;

(ix) A Coinbase Entity reasonably suspects Client of attempting to circumvent a Coinbase Entity's controls or uses the PB Services in a manner a Coinbase Entity otherwise deems inappropriate or potentially harmful to itself or third parties, and Client fails to provide Coinbase written evidence reasonably acceptable to Coinbase of Client's non-circumvention of such controls within 3 Business Days following written notice from Coinbase; except that such notice may not be provided in cases involving transfers to wallet addresses associated with the identity of an individual or entity that is on the Specially Designated Nationals and Blocked Persons List published by the Office of Foreign Assets Control of the U.S. Department of the Treasury from time to time or in the event such notice is not permitted under applicable law ; or

(x) " <u>Coinbase Event of Default</u> " shall mean: (i) Coinbase takes any action to dissolve or liquidate, in whole or part; (ii) Coinbase becomes insolvent, makes an assignment for the benefit of creditors, becomes subject to direct control of a trustee, receiver or similar authority; or (iii) Coinbase becomes subject to any bankruptcy or insolvency proceeding under any applicable laws, rules and regulations, such termination being effective immediately upon any declaration of bankruptcy.

18.3 If Client receives written notice from Coinbase specifically stating or referencing that there has occurred an event which would give rise to a termination of this Agreement pursuant to section 18.2, ("Termination Event of Default"), then notwithstanding anything in this Agreement to the contrary, upon receipt of a notice from Client requesting a waiver by Coinbase of such Termination Event of Default, if Coinbase fails (i) to provide such waiver or (ii) to exercise any of its rights and remedies above for a period of 90 days following the receipt of such notice requesting a waiver from Client, then Coinbase shall have waived its right to terminate by reason of such event; provided however that this provision (i) does not limit Coinbase's right to designate a Termination Event of Default as the result of the separate occurrence of such event or the occurrence of any other such event, (ii) shall not apply in the case of termination pursuant to section (vi) of Event of Default above and (iii) does not limit Coinbase's right to designate a Termination Event of Default absent a notice from Client.

18.4 Client acknowledges that the Coinbase Entities' decision to take certain actions, including suspending, restricting, or terminating the provision of PB Services, may be based on confidential criteria that are essential to a Coinbase Entity's risk management and security practices and agrees that the Coinbase Entities are under no obligation to disclose the details of its risk management and security practices to Client.

18.5 *Inactive Accounts*. Client agrees that to the extent that Client has not utilized the PB Services or the Accounts have been inactive or dormant for a period of at least twelve (12) months, the Coinbase Entities may close any such dormant Accounts or cease to provide one or more PB Services or immediately, upon notice, terminate this Coinbase PBA.

18.6 *Termination and Closure*.

Upon notice by one Party hereunder to the other of the termination of this Coinbase PBA or the termination of a service provided hereunder or closure of an Account pursuant to 18.1, Client shall withdraw affected Client Assets ("<u>Affected Assets</u>") within ninety (90) days following such notice to the extent not prohibited under applicable law, including applicable AML and Sanctions Laws and Regulations, or by a facially valid subpoena, court order, or binding order of a government authority. Client agrees that failure to do so within such period may result in Client Assets being transferred to Client's linked bank account or Digital Asset wallet on file.

Client is liable to pay fees until all Client Assets are removed. However, the relevant Coinbase Entities will provide no services other than continuing to maintain Affected Assets following termination or closure. Notwithstanding anything provided herein to the contrary, the relevant Coinbase Entities may retain sufficient Client Assets to close out or complete any transaction that was in process prior to such termination or to satisfy any remaining obligations or indebtedness. Client is responsible for all fees, debits, costs, commissions, and losses arising from any actions a Coinbase Entity must take to liquidate or close transactions. In the event that Client terminates this Coinbase PBA in accordance with the terms herein, Coinbase shall use reasonable efforts to assist Client to transfer any Digital Assets, Fiat Currency or funds associated with the Digital Assets Wallet(s) or Fiat Wallet(s) as applicable to another provider within ninety (90) days of receipt of *Client's termination notice.*

18.7 For the avoidance of doubt, the termination of this PBA by, or with respect to any Client shall not be interpreted as the termination of this PBA by, or with respect to any other Client.

**19.** **Set off** 

Upon the occurrence of an Event of Default, each Coinbase Entity may set off and net the amounts due from it or any other Coinbase Entity to Client and from Client to it or any other Coinbase Entity, so that a single payment (the "<u>Net Payment</u>") shall be immediately due and payable by Client or the Coinbase Entity to the other (subject to the other provisions hereof and of any agreement with a Coinbase Entity). If any amounts cannot be included within the Net Payment, such amounts shall be excluded but may still be netted against any other similarly excluded amounts. Upon the occurrence of an Event of Default, each Coinbase Entity may also (a) liquidate, apply, and set off any or all Client Assets against any Net Payment, unpaid trade credits, or any other obligation owed by Client to any Coinbase Entity and (b) set off and net any Net Payment or any other obligation owed to Client by any Coinbase Entity against (i) any or all collateral or margin posted by any Coinbase Entity to Client (or the U.S. dollar value thereof, determined by Coinbase in its sole discretion on the basis of a recent price at which the relevant Digital Asset was sold to clients via the Trading Services), and (ii) any Net Payment, unpaid trade credits, or any other obligation owed by Client to any Coinbase Entity (in each case, whether matured or unmatured, fixed or contingent, or liquidated or unliquidated). Client agrees that in the exercise of setoff rights or secured party remedies, the Coinbase Entities may value Client Digital Assets using the same valuation methods and processes that are otherwise used when a Coinbase client sells an asset via the Trading Services or any other commercially reasonable valuation method as determined by Coinbase in its sole discretion. In taking any actions under this Section 19, subject to the prevailing market conditions, the liquidity of the relevant assets and the Coinbase Entities' rights to preserve or protect the value of assets in order to fully satisfy any outstanding obligations of Client, the Coinbase Entities will use their reasonable efforts to take such actions, first, with respect to the Trading Balance and, second, with respect to the Vault Balance. For the avoidance of doubt, and notwithstanding anything to the contrary contained in this Agreement, this Section 19 shall not permit any Coinbase Entity to set-off any amount owed to, or by any one Client against any amount owed to, or by any other Client.

**20.** **Privacy** 

The Coinbase Entities shall use and disclose Client's and its Authorized Representatives' non-public personal information in accordance with the Coinbase Privacy Policy, as set forth at https://www.coinbase.com/legal/privacy or a successor website, and as amended and updated from time to time; provided, however, that Coinbase may not use any trade related information or data about the Client in a manner that is adverse to Client.

**21.** **Arbitration** 

21.1 Any Claim arising out of or relating to this Coinbase PBA, or the breach, termination, enforcement, interpretation, or validity thereof, including any determination of the scope or applicability of the agreement to arbitrate as set forth in this Section, shall be determined by arbitration in the state of New York or another mutually agreeable location before three arbitrators. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures, and the award of the arbitrator (the " <u>Award</u> ") shall be accompanied by a reasoned opinion. Judgment on the Award may be entered in any court having jurisdiction.

21.2 Within 15 days after the commencement of the arbitration, each Party shall select one person to act as arbitrator, and the two so selected shall select a third arbitrator within 30 days of the commencement of the arbitration. If the arbitrators selected by the Parties are unable or fail to agree upon the third arbitrator within the allotted time, the third arbitrator shall be appointed by JAMS in accordance with its rules. All arbitrators shall serve as neutral, independent and impartial arbitrators.

21.3 This Agreement shall not preclude the Parties from seeking provisional relief, including injunctive relief, in any court of competent jurisdiction. Seeking any such provisional relief shall not be deemed to be a waiver of such party's right to compel arbitration. The Parties expressly waive their right to a jury trial to the extent permitted by applicable law.

21.4 The Parties acknowledge that this Coinbase PBA evidences a transaction involving interstate commerce. Notwithstanding the provision herein with respect to applicable substantive law, any arbitration conducted pursuant to the terms of this Coinbase PBA shall be governed by the Federal Arbitration Act (9 U.S.C. §§ 1‒16).

**22.** **Recording of Conversations** 

For compliance and monitoring purposes, Client authorizes each Coinbase Entity at its sole discretion to record conversations between such Coinbase Entity and Client or its Authorized Representatives relating to this Coinbase PBA and the PB Services. In the event a dispute arises between Client and a Coinbase entity, the Coinbase Entity shall provide any available recordings to the Client upon request.

**23.** **Waiver** 

Any waivers of rights by the Coinbase Entities or the Client under this Coinbase PBA must be in writing and signed by Coinbase on behalf of the relevant Coinbase Entities, or by the Client, as applicable. A waiver will apply only to the particular circumstance giving rise to the waiver and will not be considered a continuing waiver in other similar circumstances. A Party's failure to insist on strict compliance with this Coinbase PBA or any other course of conduct by such Party shall not be considered a waiver of its rights under this Coinbase PBA.

**24.** **Survival** 

All provisions of this Coinbase PBA which by their nature extend beyond the expiration or termination of this Coinbase PBA shall survive the termination or expiration of this Coinbase PBA.

**25.** **Governing Law** 

This Coinbase PBA and the PB Services will be governed by and construed in accordance with the laws of the State of New York, excluding its conflicts of laws principles.

**26.** **Force Majeure** 

Neither any Coinbase Entity nor the Client shall be liable to the other for delays, suspension of operations, whether temporary or permanent, failure in performance (except for any Client obligations to make payments to Coinbase hereunder), or interruption of service which result directly or indirectly from any cause or condition beyond the reasonable control of the Party affected by it, including any act of God; embargo; natural disaster; act of civil or military authorities; act of terrorists; hacking; government restrictions; market volatility or disruptions in order trading on any CTV, exchange or market; suspension of trading; civil disturbance; war; strike or other labor dispute; fire; severe weather; interruption in telecommunications, Internet services, or network provider services; failure of equipment or software; failure of computer or other electronic or mechanical equipment or communication lines; unauthorized access; theft; outbreaks of infectious disease or any other public health crises, including quarantine or other employee restrictions; acts or omissions of any CTV; or any other catastrophe or other occurrence which is beyond the reasonable control of the Party affected by it; provided, however, that this Section 26 shall only apply for so long as such delay or prevention is occurring.

In the event that Client fails to perform its obligations hereunder as a result of the unavailability of the Federal Reserve Bank Wire or other systems required for the transfer of money or assets (an "<u>Extraordinary Event</u>"), such failure shall not result in a default, event of default, termination event, or constitute Cause, in each case, under this Coinbase PBA if (i) Client is able to demonstrate that such failure is materially due to an Extraordinary Event as determined by Coinbase in its reasonable good faith discretion, (ii) Client would have otherwise would have been able to perform the relevant obligations when due, and (iii) Client promptly performs its obligations following the termination or completion of the Extraordinary Event or upon being able to operationally perform its obligations if able to do so earlier than the termination or completion of the relevant Extraordinary Event.

**27.** **Unclaimed Property** 

If a Coinbase Entity (i) is holding Client Assets, (ii) has no record of Client's use of the Custodial Services or Trading Services as applicable for an extended period, and/or (iii) is otherwise unable to contact Client or its Authorized Representative, then the Coinbase Entity may be required under applicable laws, rules, or regulations to report these assets as unclaimed property and to deliver such unclaimed property to the applicable authority. The Coinbase Entity may deduct a dormancy fee or other administrative charge from such unclaimed funds, as permitted by applicable laws, rules, or regulations.

**28.** **Independent Contractor; Personnel Matters** 

Coinbase acknowledges that it is acting as an independent contractor, that Coinbase is solely responsible for its acts and omissions, and that nothing in this Agreement shall be construed to create an employment, worker, agency, partnership or joint venture relationship between the Client or any of its affiliates and Coinbase or any Coinbase personnel.

**29.** **Entire Agreement; Headings; Severability** 

This Coinbase PBA, together with all exhibits, addenda, and supplements attached hereto or referenced herein, comprise the entire understanding between Client and the Coinbase Entities as to the PB Services and supersedes all prior discussions, agreements, and understandings, including any previous version of this Coinbase PBA, and a Custodial Services Agreement between Client and any Coinbase Entity, including all exhibits, addenda, policies, and supplements attached thereto or referenced therein. Section headings in this Coinbase PBA are for convenience only and shall not govern the meaning or interpretation of any provision of this Coinbase PBA.

If any provision or condition of this Coinbase PBA shall be held invalid or unenforceable, the remainder of this Coinbase PBA shall continue in full force and effect.

**30.** **Amendments** 

Any modification or addition to this Coinbase PBA must be in writing and either (a) signed by a duly authorized representative of each party, or (b) approved by Coinbase and accepted and agreed to by Client.

**31.** **Assignment** 

Any assignment of Client's rights or licenses granted under this Coinbase PBA without obtaining the prior written consent of Coinbase shall be null and void; provided such consent shall not be unreasonably withheld, conditioned, or delayed. Coinbase reserves the right to assign its rights under this Coinbase PBA without restriction, including to any of the Coinbase Entities or their affiliates or subsidiaries, or to any successor in interest of any business associated with the PB Services (such affiliate, subsidiary or successor, an "<u>Assignee</u>"), provided that Coinbase shall notify Client within a commercially reasonable amount of time after such assignment; provided further, that any such Assignee has at the time of such assignment the operational capacity and all necessary legal and/or regulatory approvals, licenses and permissions to provide the PB Services to Client, and that the security measures utilized by such Assignee shall be substantially as secure as those employed by Coinbase. Subject to the foregoing, this Coinbase PBA will bind and inure to the benefit of the Parties, their successors, and permitted assigns.

**32.** **Electronic Delivery of Communications and Notices** 

32.1 Client agrees and consents to receive electronically (including through a posting on the Coinbase PB Site) all communications, agreements, documents, notices, information, and disclosures (collectively, " <u>Communications</u> ") that the Coinbase Entities provide in connection with the PB Services. Communications include: (a) terms of use and policies Client agrees to, including updates to policies or the Coinbase PBA; (b) details of Client's use of the PB Services, including transaction receipts, confirmations, records of deposits, withdrawals, or transaction information; (c) legal, regulatory, and tax disclosures or statements the Coinbase Entities may be required to make available to Client; (d) responses to claims or customer support inquiries filed in connection with Client's use of the PB Services; and (e) notice of termination or closure.

32.2 Client agrees that electronically delivered Communications may be accepted and agreed to by Client through the PB Services interface. Furthermore, the Parties consent to the use of electronic signatures in connection with Client's use of the PB Services.

32.3 If a notice is not provided electronically as provided for in Section 32.1 above, then the notice shall be in writing delivered to the Party at its address specified below via an overnight mailing company of national reputation. Any Party that changes its notice address or principal place of business must notify the other Party promptly of such change.

If to any Coinbase Entity:

Legal Department

Coinbase, Inc.

248 3rd St, #434

Oakland, CA 94607

legal@coinbase.com

If to Client:

CSC Delaware Trust Company

Attention: Corporate Trust Administration

251 Little Falls Drive

Wilmington, DE 19808

**with a copy to Sponsor of the Client:**

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036

Attn: Clare Wlodarcyzk

32.4 In the event of any market operations, connectivity, or erroneous trade issues that require immediate attention including any unauthorized access to the PB Services or the Coinbase PB Site, please contact:

To Coinbase: https://help.coinbase.com/en/contact-us

To Client: <u>msim_crypto_etp@morganstanley.com</u>

Client has the sole responsibility to provide the Coinbase Entities with true, accurate, and complete contact information including any e-mail address, and to keep such information up to date. Client understands and agrees that if a Coinbase Entity sends Client an electronic Communication but Client does not receive it because Client's primary email address on file is incorrect, out of date, blocked by Client's service provider, or Client is otherwise unable to receive electronic Communications, such Coinbase Entity will be deemed to have provided the Communication to Client. Client may update Client's information on the Coinbase PB Site or by providing a notice to Coinbase as prescribed above.

Any notice or other communication in respect of this Coinbase PBA shall be deemed effective: (i) if sent by email, on the date it is sent; (ii) if posted on a website, the date on which it is posted; or (iii) if by overnight mail, the following Business Day after it is sent. If a communication is sent (or delivery is attempted) on a non-Business Day, the communication will be deemed effective on the first following day that is a Business Day.

"<u>Business Day</u>" means any day on which it is not (i) a public holiday in New York, or (ii) a Saturday or Sunday.

32.5 To see more information about our regulators, licenses, and contact information for feedback, questions, or complaints, please visit *https://www.coinbase.com/legal/licenses*.

**33.** **Address for Process** 

Client hereby appoints the entity located in the state of New York detailed below to receive for itself and on its behalf any service of process (the "<u>Process Agent</u>") with respect to any claim, action, or proceeding arising hereunder or related to this Coinbase PBA. Client will promptly notify Coinbase of any change in Process Agent and provide details of the substitute process agent who is acceptable to Coinbase.

Process Agent:

Address:

CSC Delaware Trust Company

Attention: Corporate Trust Administration

251 Little Falls Drive

Wilmington, DE 19808

Client irrevocably consents to service of process in a manner provided for in Section 32. Nothing in this Coinbase PBA will affect the right of Coinbase to serve process in any other manner permitted by applicable law.

**34.** **Natural Persons** 

To the extent Client is a natural person over 18 years of age, if Coinbase receives legal documentation confirming Client's death or other information leading Coinbase to believe Client is deceased, Coinbase will freeze Client's access to the PB Services ("<u>Freeze Period</u>"). During the Freeze Period, no transactions may be completed until (i) Client's designated fiduciary has entered into a new Coinbase Prime Broker Agreement and the entirety of Client Assets have been transferred to the accounts subject to that Coinbase Prime Broker Agreement, or (ii) Coinbase has received proof in a form satisfactory to Coinbase that Client is not deceased. If Coinbase has reason to believe Client is deceased but Coinbase does not have proof of Client's death in a form satisfactory to Coinbase, Client authorizes Coinbase to make inquiries, whether directly or through third parties, that Coinbase considers necessary to ascertain whether Client is deceased. Upon receipt by Coinbase of proof satisfactory to Coinbase that Client is deceased, the fiduciary Client designated in a valid will or similar testamentary document will be required to enter into a new Coinbase Prime Broker Agreement. If Client has not designated a fiduciary, then Coinbase reserves the right to (i) treat as Client's fiduciary any person entitled to inherit Client's Client Assets, as determined by Coinbase upon receipt and review of the documentation Coinbase, in its sole and absolute discretion, deems necessary or appropriate, including (but not limited to) a will, a living trust, or a small estate affidavit, or (ii) require an order designating a fiduciary from a court having competent jurisdiction over Client's estate. In the event Coinbase determines, in its sole and absolute discretion, that there is uncertainty regarding the validity of the fiduciary designation, Coinbase reserves the right to require an order resolving such issue from a court of competent jurisdiction before taking any action relating to the PB Services. Pursuant to the above, the entry into a new Coinbase Prime Broker Agreement by a designated fiduciary is mandatory following the death of Client, and Client hereby agrees that its fiduciary shall be required to enter into a new Coinbase Prime Broker Agreement and provide required account opening information to gain access to the contents of Client's PB Services.

**35.** **Counterparts** 

This Coinbase PBA may be executed in one or more counterparts, including by email of .pdf signatures or DocuSign (or similar electronic signature software), each of which shall be deemed to be an original document, but all such separate counterparts shall constitute only one and the same Coinbase PBA.

***[Signatures on following page]***

**IN WITNESS WHEREOF**, the Parties have caused this Coinbase PBA, including the Custody Agreement and MTA, to be duly executed and delivered on the Effective Date.

![](tm2534148d4_ex10-3img001.jpg)

---

| |
|:---|
| **COINBASE, INC. For itself and as agent for the Coinbase Entities** |
| **By:** |
| **Name:** |
| **Title:** |
| **Date:** |

---

---

| |
|:---|
| **MORGAN STANLEY INVESTMENT MANAGEMENT, INC. AS DELEGATED SPONSOR FOR AND ON BEHALF OF MORGAN STANLEY SOLANA TRUST** |
| **By:** |
| **Name:** |
| **Title:** |
| **Date:** |
| **Address:** |
| **E-Mail:** |

---

**Schedule A**

**List of Client Entities**

**Clients:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Morgan Stanley Bitcoin Trust

&nbsp;&nbsp;&nbsp;&nbsp;2. Morgan Stanley Ethereum Trust

&nbsp;&nbsp;&nbsp;&nbsp;3. Morgan Stanley Solana Trust

**EXHIBIT A**

**to the Coinbase Prime Broker Agreement**

**<u>COINBASE CUSTODY SERVICES AGREEMENT</u>**

This Coinbase Custody Services Agreement (the "Custody Agreement") is entered into between by and between each entity listed in Schedule A to then Coinbase PBA, (each a "Client" and referred to together herein as the "Client", except as otherwise expressly indicated) and Coinbase Custody and forms a part of the respective Coinbase PBA between each Client and the Coinbase Entities. Capitalized terms used in this Custody Agreement that are not defined herein shall have the meanings assigned to them in the other parts of the Coinbase PBA. This Custody Agreement shall constitute separate agreements, each between a single Client and the Coinbase Custody, as if such Client had executed a separate Custody Agreement naming only itself as the Client, and no Client shall have any liability for the obligations of any other Client.

**1.** **Custody Accounts.** 

1.1 *Accounts Established*. Coinbase Custody shall establish and maintain a vault account for the purpose of storing Digital Assets (the "Vault Account") and effecting Custody Transactions (as defined below) (the " <u>Custodial Services</u> "). Digital Assets credited to the Vault Account will be held by Coinbase Custody in one or more segregated cold wallets (each, a " <u>Custody Wallet</u> ") in Client's name controlled and secured by Coinbase Custody. Coinbase Custody shall, upon written request, provide Client's authorized independent auditor confirmation of or access to information sufficient to confirm (i) Client's Digital Assets held and all Custody Transactions undertaken during any relevant period of investigation as reasonably requested by the auditor, and (ii) Client's Digital Assets are held either in a separate account under Client's name or in accounts under Client's name as agent or trustee for Client's clients.

1.2 *Maintenance of Assets.* Coinbase Custody is a fiduciary under Section 100 of the New York Banking Law and a qualified custodian for purposes of Rule 206(4)-2(d)(6) under the Investment Advisers Act, and has the regulatory approvals necessary to custody Client Digital Assets in trust on Client's behalf. Unless Client instructs Coinbase Custody to hold these assets as a bailee, Coinbase Custody will hold these assets in trust and administer them for Client's benefit consistent with New York Estates, Powers, and Trusts Law § 13-A-4.1 and New York Banking Law § 100. Client Assets in Client's Vault Account shall (i) be segregated from, and not commingled with, the assets held by Coinbase Custody as principal and the assets of other clients of Coinbase Custody, (ii) not be treated as general assets of Coinbase Custody, and except as otherwise provided herein, Coinbase Custody shall have no right, title, or interest in such Client Assets, and (iii) at all times, constitute custodial assets and Client's property. Coinbase Custody shall maintain adequate capital and reserves to the extent required by applicable law. Coinbase Custody shall not sell, transfer, assign, lend, hypothecate, pledge, or otherwise use or encumber Client Digital Assets in the Vault Account, except to sell, transfer, or assign such assets upon the Client's Instructions.

**2.** **Vault Account.** 

2.1 *Services Provided.* The Custodial Services shall (a) permit Client (i) to transfer Client Digital Assets to and from the Vault Account, (ii) to deposit supported Digital Assets from a public blockchain address controlled by Client into the Vault Account, and (iii) to withdraw supported Digital Assets from the Vault Account to a public blockchain address controlled by Client, and (b) include certain additional services as may be agreed to between Client and Coinbase Custody from time to time. Each such transfer, deposit, or withdrawal shall be referred to as a " <u>Custody Transaction</u> " and shall conform to Instructions provided by Client through the Coinbase PB Site. Client must withdraw or deposit Digital Assets to public blockchain addresses and accounts owned by Client or an address for which Client (or a third party at the direction of the Client) has conducted the necessary Know Your Customer (" <u>KYC</u> ") and anti-money laundering (" <u>AML</u> ") due diligence. **Coinbase Custody reserves the right to delay, refuse to process, or to cancel any pending Custody Transaction to comply with applicable law, including in response to a facially valid subpoena, court order, or other binding government order, or to enforce transaction, threshold, and condition limits, or if Coinbase Custody reasonably believes that the Custody Transaction may violate or facilitate the violation of an applicable law, regulation, or rule of a governmental authority or self-regulatory organization, or if it reasonably perceives a risk of fraud or illegal activity.** Where Coinbase Custody refuses to process or cancels any pending Custody Transaction pursuant to this Section, it shall notify Client's Authorized Representative as soon as practicable that it has taken such action, provided such notification is not prohibited under law, or a binding legal or regulatory order.

2.2 *Digital Asset Deposits and Withdrawals.* Coinbase Custody will process Custody Transactions according to Instructions received from Client or Client's Authorized Representatives. Client must verify all deposit and withdrawal information prior to submitting Instructions to Coinbase Custody regarding a Custody Transaction. Coinbase Custody shall have no liability, obligation, or responsibility whatsoever for Client Digital Asset transfers sent to or received from a wrong party or sent or received with inaccurate Instructions, and Coinbase Custody does not guarantee the identity of any user, receiver, requestee, or other party. Coinbase Custody reserves the right to charge network fees (reasonably calculated by Coinbase Custody) to process a Custody Transaction on Client's behalf. Once Client has initiated a Digital Asset withdrawal, the associated Client Digital Assets will be in a pending state and will not be included in the Vault Account. Client acknowledges that Coinbase may not be able to reverse a withdrawal once initiated.

2.3 *Digital Asset Storage and Transmission Delays.* Coinbase Custody requires up to twenty-four (24) hours between any request to withdraw Digital Assets held in a Custody Wallet and submission of Client's withdrawal to the applicable Digital Asset network. Coinbase Custody securely stores all Digital Asset private keys in offline storage, so it may be necessary to retrieve certain information from offline storage in order to facilitate a withdrawal in accordance with Client's Instructions, which may delay the initiation or crediting of such withdrawal. Client acknowledges and agrees that a Custody Transaction may be delayed, and that Digital Assets shall not be deposited or withdrawn upon less than twenty-four (24) hours' notice initiated from a Custody Wallet. The time of such request shall be the time such notice is transmitted from a Custody Wallet. With respect to the foregoing, Coinbase Custody makes no representations or warranties with respect to the availability or accessibility of (1) the Digital Assets, (2) a Custody Transaction, (3) the Vault Account, or (4) the Custodial Services. While Coinbase Custody will make reasonable efforts to process Client-initiated deposits in a timely manner, Coinbase Custody makes no representations or warranties regarding the amount of time needed to complete processing, as such processing is dependent upon many factors outside of Coinbase Custody's control. Digital Assets deposited by Client will be regarded as within the custody of Coinbase Custody if a Custody Transaction achieves a sufficient number of confirmations on the relevant blockchain and appears in Client's Custodial Account. Coinbase Custody will endeavor to process Client-initiated withdrawals in a timely manner and will as soon as practicable notify Client of any anticipated delays in processing a withdrawal beyond forty-eight (48) hours.

2.4 *Supported Digital Assets.* The Custodial Services are available only in connection with those Digital Assets that Coinbase Custody, in its sole discretion, decides to support, which may change from time to time. Prior to initiating a deposit of a Digital Asset to Coinbase Custody, Client must confirm that Coinbase Custody offers Custodial Services for that specific Digital Asset. By initiating a deposit of any Digital Asset to the Vault Account, Client attests that Client has confirmed that the Digital Asset being transferred is a supported Digital Asset offered by Coinbase Custody. Under no circumstances should Client attempt to initiate a Custody Transaction or use the Custodial Services to deposit or store Digital Assets in any forms that are not supported by Coinbase Custody. Depositing or attempting to deposit Digital Assets that are not supported by Coinbase Custody may result in such Digital Asset being irretrievable by Client and Coinbase Custody. Client shall be fully responsible and liable, and Coinbase Custody shall have no liability, obligation, or responsibility whatsoever, regarding any unsupported Digital Asset sent or attempted to be sent to it, or regarding any attempt to use the Custodial Services for Digital Assets that Coinbase Custody does not support. Digital Assets supported by Coinbase Custody shall be listed on the Coinbase PB Site. Coinbase Custody shall provide Client with thirty (30) days' written notice before ceasing to support a Digital Asset, unless Coinbase Custody is required to cease such support sooner by court order, statute, law, rule (including a self-regulatory organization rule), regulation, code, or other similar requirement, in which case Coinbase Custody shall provide Client with notice as soon as reasonably practicable thereafter, provided such notification is not prohibited under law, a government order or similar binding legal or regulatory order.

2.5 *Use of the Custodial Services.* Client acknowledges and agrees that Coinbase Custody may monitor use of the Vault Account and the Custodial Services. The resulting information may be utilized, reviewed, retained, and or disclosed by Coinbase Custody for its internal purposes or in accordance with the rules of any applicable legal, regulatory, or self-regulatory organization or as otherwise may be required to comply with relevant law, sanctions programs, legal process, or government request.

2.6 *Independent Verification.* If Client is subject to Rule 206(4)-2 under the Investment Advisers Act, Coinbase Custody shall, upon written request, provide Client's authorized independent public accountant confirmation of or access to information sufficient to confirm (i) Client's Assets as of the date of an examination conducted pursuant to Rule 206(4)-2(a)(4) or an audit conducted pursuant to Rule 206(4)-2(b)(4), and (ii) that Client Digital Assets are held either in a separate account under Client's name or in accounts under Client's name as agent or trustee for Client's clients.

2.7 *Third Party Payments.* The Custodial Services are not intended to facilitate third party payments of any kind. As such, Coinbase Custody has no control over, or liability for, the delivery, quality, safety, legality, or any other aspect of any goods or services that Client may purchase or sell to or from a third party (including other users of Custodial Services) involving Digital Assets that Client intends to store, or have stored, in Client's Vault Account.

**3.** **Staking** 

3.1 *Staking with Coinbase Custody Validators.* For certain supported Digital Assets, Client may engage with Coinbase Custody to provide validator services for such supported Digital Assets pursuant to a separate agreement.

3.2 *Staking With Third Party Validators*. Client may engage with third-party service providers (" <u>Third Party Staking Service Providers</u> ") to provide validator services for Client's Digital Assets. From time to time, Coinbase Custody may allow Client to select or designate (A) certain Third Party Staking Service Providers directly via the Coinbase PB Site, or (B) an arbitrary Third Party Staking Service Provider by manually entering the applicable staking or delegate address for such provider via the Coinbase PB Site (collectively, the " <u>Third Party Staking Services</u> "). Notwithstanding the affiliate relationship between the Coinbase Entities and Coinbase Crypto Services, LLC (d/b/a " <u>Coinbase Cloud</u>," f/k/a Bison Trails), all staking services provided by Coinbase Cloud shall be deemed Third Party Staking Services and Coinbase Cloud shall be deemed a Third Party Staking Service Provider for purposes of this Section.

(i) Third Party Staking Service Providers may require that Client withdraw its Digital Assets from Client's Vault Account and transfer such assets to such Third Party Staking Service Provider, in which case, subject to any bonding, unbonding, warm-up, lockup, or any other restrictions on the applicable blockchain network, Client may do so in accordance with this Coinbase PBA.

(ii) Client hereby acknowledges and agrees that: (1) the availability of any Third Party Staking Service Providers on the Coinbase PB Site does not constitute an endorsement or approval by any Coinbase Entity of any such Third Party Staking Service Provider; (2) by electing to stake or delegate Client's Digital Assets to any Third Party Staking Service Provider, including via the Third Party Staking Services, Client is subject to such Third Party Staking Service Provider's terms of use, terms of service, or other applicable agreements; and (3) Third Party Staking Service Providers may require that Client's Digital Assets be transferred on-chain to a wallet, public key, or smart contract address not controlled by Coinbase Custody or any other Coinbase Entity.

(iii) Client is solely responsible for Client's use of any Third Party Staking Service Providers and Third Party Staking Services. Client must ensure that the applicable staking or delegate address for any Third Party Staking Service Provider is accurately entered and updated from time to time, as necessary. There is no assurance that the Third Party Staking Services or any Third Party Staking Service Provider will be available, function, or operate as expected. Client may not receive any rewards regardless of the amount of time or the number of Digital Assets staked or delegated to Third Party Staking Service Providers. In addition, Client's Digital Assets may be subject to slashing or a total loss due to Client's use of Third Party Staking Service Providers, including via the Third Party Staking Services. The Coinbase Entities bear no responsibility whatsoever with respect to any decision made by Client to stake or delegate Digital Assets to any Third Party Staking Service Provider, including via the Third Party Staking Services, or any losses, damages, or liabilities arising therefrom.

**4.** **Coinbase Custody Obligations** 

4.1 *Bookkeeping*. Coinbase Custody shall keep timely and accurate records as to the deposit, disbursement, investment, and reinvestment of Client Assets, as required by applicable law and in accordance with Coinbase Custody's internal document retention policies.

4.2 [Redacted].

**5.** **Additional Matters** 

In addition to any additional service providers that may be described in an addendum or attachment hereto, Client acknowledges and agrees that the Custodial Services may be provided from time to time by, through, or with the assistance of affiliates of, or vendors to, Coinbase Custody. Client shall receive notice of any material change in the entities that provide the Custodial Services, and Coinbase Custody shall remain subject to all obligations set forth herein notwithstanding such delegation.

***[Remainder of page intentionally left blank]***

**EXHIBIT B**

**to the Coinbase Prime Broker Agreement**

**<u>COINBASE MASTER TRADING AGREEMENT</u>**

Client should carefully consider whether trading or holding Digital Assets is suitable for its purpose, including in relation to Client's knowledge of Digital Assets and Digital Asset markets and Client's financial condition. All investments involve risk, and the past performance of a financial product does not guarantee future results or returns.

This MTA sets forth the terms and conditions for Client to access Coinbase's trade execution and automated trade routing services and Coinbase Execution Services to enable Client to submit orders ("<u>Orders</u>") to purchase and sell specified Digital Assets (such services, the "<u>Trading Services</u>"). Client's use of the PB Services, including the Trading Services, is subject to the terms of the Prime Trading Rules set forth at *https://www.coinbase.com/legal/trading_rules* or a successor website (as amended and updated from time to time, the "<u>Prime Trading Rules</u>"). Capitalized terms used in this MTA that are not defined herein shall have the meanings assigned to them in the other parts of the Coinbase PBA.

**1.** **Order Routing and CTVs** 

1.1 *Trade Execution Service.* The Trading Services include a trade execution service through which Client may submit Orders to purchase or sell Digital Assets. After Client submits an eligible Order, Coinbase will automatically route Orders, or a portion of such Orders, to one of the trading venues to which Coinbase has established connections (each such venue, a " <u>CTV</u> "), with the exception of certain stablecoins transactions, which Coinbase may execute on its exchange. Each Order sent to a CTV will be processed and settled at each CTV to which it is routed. Once an Order to purchase Digital Assets has been placed, the associated Client Assets (as defined below) used to fund the Order will be placed on hold and will generally not be eligible for other use or withdrawal.

1.2 *CTVs.* With each CTV, Coinbase shall establish an account in its name, or in its name for the benefit of its clients, to trade on behalf of its clients. Neither the establishment of such accounts nor the use of the Trading Services will cause Client to have a direct legal relationship, or account with, any CTV. Coinbase conducts commercially reasonable diligence prior to establishing connections to a new CTV. Coinbase will not intentionally match the buy and sell orders of its clients against each other and will not intentionally settle Orders against or otherwise trade with Coinbase's principal funds. Client acknowledges that Coinbase and its other clients may trade in their own interests on the CTVs and could, therefore, be the counterparty to a Client's Order on a CTV.

1.3 *Selection of CTVs.* Client acknowledges that Coinbase has sole discretion to determine the CTVs with which it will establish connections. Coinbase conducts commercially reasonable diligence prior to establishing connections to a new CTV. Coinbase directs Orders to the CTVs on an automated basis and generally will not manually route orders. In designing algorithms that determine an Order's routing logic, Coinbase considers a variety of factors relating to the Order and the CTVs, including the speed of execution, whether the venue is able to consummate off-chain transactions, the availability of efficient and reliable systems, the level of service provided, and the cost of executing orders. Coinbase may receive cash payments or other financial incentives (such as reciprocal business arrangements) from CTVs.

1.4 *Responsibility for CTVs.* Other than with respect to any CTV that is an affiliate of Coinbase, Coinbase makes no representation or warranty of any kind regarding any CTV, including as to its financial condition, data, security, or quality of its execution services, and Coinbase shall have no liability, obligation, or responsibility whatsoever for the selection or performance of any CTV. Digital Assets may trade at different prices on different trading venues, and other CTVs or trading venues not used by Coinbase may offer better prices or lower costs than the CTV used to execute Client's Order.

1.5 *Coinbase as Agent and Principal.* Coinbase acts in an agency capacity for purposes of certain Orders, and may also act in a principal capacity for certain other Orders, as specified in the Prime Trading Rules. Each Client must independently evaluate whether such services are appropriate given its own investing profile and sophistication, among other considerations.

1.6 Unless otherwise disclosed, Coinbase agrees to direct Client's Orders in a manner that does not systematically favor Coinbase's exchange platform or CTVs that provide financial incentives to Coinbase; provided, however, that under certain circumstances Coinbase may choose to intentionally route to the Coinbase exchange platform due to temporary conditions affecting CTVs (e.g. connectivity problems or funding constraints).

**2.** **Accounts for Trading** 

2.1 *The Accounts.* In connection with the Trading Services, the Coinbase Entities may provide access to two types of accounts: (1) the " <u>Trading Account</u> " (as described below in Sections 2.2 and 2.3), and (2) the Vault Account described in the Custody Agreement. The Coinbase PB Site provides Client a record of the Accounts. Client determines the allocation of Client Digital Assets between the Accounts. Maintenance of the Vault Account shall be subject to the terms of the Custody Agreement. The Trading Account is separate from any Digital Assets Client maintains directly with Coinbase Custody.

2.2 *Client Digital Assets in the Trading Account.* Client Digital Assets credited to the Trading Account are immediately available to Client for purposes of submitting an Order. Coinbase holds Digital Assets credited to the Trading Account in one of three ways: (i) in hot wallets containing the assets of multiple clients (each, an " <u>Omnibus Hot Wallet</u> "); (ii) in cold wallets containing multiple client assets (each, an " <u>Omnibus Cold Wallet</u> "); and (iii) in Coinbase's accounts with CTVs (each, a " <u>Coinbase CTV Digital Asset Account</u> "). Client agrees that Coinbase has sole discretion in determining the allocation of Digital Assets credited to the Trading Account. Because Digital Assets credited to the Trading Account may be held on an omnibus basis and because of the nature of certain Digital Assets, Client does not have an identifiable claim to any particular Digital Asset. Instead, the Trading Account represents an entitlement to a *pro rata* share of the Digital Assets Coinbase has allocated to the Omnibus Hot Wallets, Omnibus Cold Wallets, and Coinbase CTV Digital Asset Accounts. Coinbase relies on the CTVs for the Coinbase CTV Digital Asset Accounts, and Client has no contractual relationship with the CTVs with respect to Digital Assets credited to the Trading Account.

2.3 *Client Cash in Trading Account.* Coinbase may hold Client Cash credited to the Trading Account in the following manner: (i) in one or more omnibus accounts in Coinbase's name for the benefit of Coinbase's clients at one or more U.S. insured depository institutions (each, a " <u>Trading FBO Account</u> "); or (ii) with respect to USD, liquid investments, which may include but are not limited to U.S. treasuries and money market funds, in accordance with state money transmitter laws. Each such account is separate from any Coinbase business or operating account. Coinbase will title the Trading FBO Accounts it maintains with U.S. insured depository institutions and maintain records of Client's interest therein in a manner designed to make available Federal Deposit Insurance Corporation (" <u>FDIC</u> ") pass-through deposit insurance, up to the per-depositor coverage limit then in place (currently $250,000 per depositor per insured depository institution). Availability of pass-through deposit insurance with respect to the portion of Client Cash held in a Trading FBO Account is contingent upon Coinbase having correct information about Client as a customer, maintaining accurate records, and on a determination by the FDIC as receiver, at the time of a receivership of an insured depository institution holding a Trading FBO Account, that all regulatory conditions have been satisfied. Coinbase does not guarantee that pass-through FDIC deposit insurance will apply to Client Cash.

2.4 *Pass-Through Insurance Availability.* The list of the insured depository institutions at which Coinbase may place Client Cash in a Trading FBO Account is located at: https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured. If Client holds other deposits at one of these institutions, it is possible that Client's total deposits at such institution may exceed the per-depositor coverage limit. FDIC deposit insurance applies to cash deposits at an insured depository institution in the event of a failure of that institution. FDIC deposit insurance does not apply in the event of a failure of any Coinbase Entity or to any Digital Asset held by a Coinbase Entity on Client's behalf. Client Cash is immediately available for purposes of submitting an Order, unless a restriction applies.

2.5 *Transfer of Client Digital Assets Between Accounts.* At Client's election, all or a portion of Client Digital Assets may also be allocated, pursuant to the Custody Agreement, to the Vault Account at Coinbase Custody. A transfer of Client Digital Assets held in a Custody Wallet to Client's Trading Account will be subject to Coinbase Custody's standard cold storage withdrawal procedures. Client agrees that an Instruction to Coinbase to settle an Order to or from the Vault Account constitutes authorization to Coinbase to transfer Client Digital Assets to or from the Vault Account as necessary or appropriate to consummate such settlement.

2.6 *Internal Ledgers.* In all circumstances and consistent with laws and regulations applicable to the Coinbase Entities, the Coinbase Entities will keep an internal ledger that specifies Client Assets credited to each Account in each instance to enable the Coinbase Entities and their auditors and regulators to identify Client and Client Assets.

2.7 *Ownership of Client Assets.* Coinbase treats all Client Assets as custodial assets held for the benefit of Client. No Client Assets shall be considered to be the property of, or loaned to, Coinbase, except as provided in any loan agreement between Client and any Coinbase Entity.

**3.** **Role of Coinbase Custody** 

3.1 *Relationship with Coinbase Custody.* To facilitate the Trading Services with respect to the Trading Account, Coinbase may at its sole discretion maintain portions of the Omnibus Hot Wallet and the Omnibus Cold Wallet in one or more custodial accounts with its affiliate, Coinbase Custody, in the name of Coinbase for the benefit of its clients. In such circumstances, although the Omnibus Hot Wallet and the Omnibus Cold Wallet are held in Coinbase's accounts at Coinbase Custody for the benefit of its clients, Client's legal relationship for purposes of Digital Assets held in the Omnibus Hot Wallet and the Omnibus Cold Wallet will not be, directly or indirectly, with Coinbase Custody and the terms, conditions, and agreements relating to those wallets are to be governed by this MTA.

3.2 *Client Digital Assets Held in Vault Account.* Client Digital Assets held in the Vault Account are maintained directly with Coinbase Custody in Client's name and are subject to the terms of the Custody Agreement.

**4.** **Cash and Digital Asset Deposits and Withdrawals (Trading Account)** 

4.1 *Deposits of Client Cash in the Trading Account*. Client must initiate a transfer from a linked bank account, a wire transfer, a SWIFT transfer, a deposit, or other form of electronic payment approved by Coinbase from time to time to a Trading FBO Account, the instructions for which are available on the Coinbase PB Site. Coinbase will credit the Trading Account with Client Cash once the applicable insured depository institution reflects the deposit into the Trading FBO Account.

4.2 *Withdrawal of Client Cash from the Trading Accounts.* Client may also initiate a withdrawal of Client Cash from the Trading Account at any time using the withdrawal function on the Coinbase PB Site.

4.3 *Deposits of Client Digital Assets in the Trading Account.* Client may transfer Client Digital Assets directly to the Omnibus Hot Wallet or Omnibus Cold Wallet, the instructions for which are available on the Coinbase PB Site. When Client transfers Digital Assets to Coinbase, it delivers custody and control of the Digital Assets to Coinbase or Coinbase's designee, as applicable.

4.4 *Withdrawal of Client Digital Assets from the Trading Account.* In order to withdraw Digital Assets from the Trading Account, Client must provide applicable withdrawal Instructions via the Coinbase PB Site (each, a " <u>Withdrawal Transfer</u> "). Once Client has initiated a Withdrawal Transfer, the associated Client Digital Assets will be in a pending state and will not be included in Client's Trading Account balance. Client acknowledges that Coinbase may not be able to reverse a Withdrawal Transfer once initiated.

4.5 *Verification of Transactions.* Client must verify all transaction information prior to submitting withdrawal Instructions to Coinbase, as Coinbase cannot and does not guarantee the identity of the wallet owner or bank account to which Client is sending Client Digital Assets or Client Cash, as applicable. Coinbase shall have no liability, obligation, or responsibility whatsoever for Client Digital Assets or Client Cash transfers sent to or received from an incorrect party or sent or received via inaccurate Instructions.

**5.** **Disruption to Coinbase Systems** 

5.1 *Client Acknowledgement of Risks.* Client acknowledges that electronic facilities and systems such as trade routing, Coinbase PB Site, and other systems used by Coinbase to process orders are vulnerable to disruption, delay, or failure and, consequently, such facilities and systems may be unavailable to Client as a result of foreseeable and unforeseeable events. Client understands and agrees that the Coinbase Entities do not guarantee uninterrupted access to the Trading Services or all features of the Trading Services. Client acknowledges that although Coinbase will attempt to provide notice of any scheduled unavailability that would result in Client being unable to access the Trading Services, the Coinbase Entities cannot guarantee advanced notice to Client. Coinbase will use reasonable efforts to attempt to provide notice of any scheduled unavailability that would result in Client being unable to access the Trading Platform or the Trading Services.

5.2 *Coinbase Actions Upon Disruption.* Coinbase may, in its sole discretion, take any of the following actions: (i) halt or suspend Trading Services, including the trading of any Digital Assets or currency, and Coinbase shall use reasonable efforts to provide Client with prior notice if practicable, or (ii) impose limits on the amount or size of Client's Orders. The Coinbase Entities shall have no liability, obligation, or responsibility to Client as a result of making any changes to or suspending Trading Services.

**6.** **Prime Trading Rules and Order Types** 

6.1 *Prime Trading Rules.* Client agrees to comply with the Prime Trading Rules in effect at the time of any Order. Client agrees to review and become familiar with the terms of the various types of Orders (each, an " <u>Order Type</u> ") available through the Trading Services. Coinbase reserves the right to modify the terms of any Order Type and the Prime Trading Rules at any time and without prior notice to Client, and Client acknowledges that it is solely responsible for ensuring its knowledge of applicable Order Types and Prime Trading Rules prior to placing an Order.

6.2 *Modifications.* Coinbase may cancel any Order if Coinbase determines in its sole reasonable discretion that the Order was clearly erroneous according to the Prime Trading Rules; provided, however, Coinbase will notify Client prior to taking such action where practicable. The Coinbase Entities shall have no liability, obligation, or responsibility to Client as a result of exercising its rights under this Section.

**7.** **Market Data** 

Client agrees that its use of data made available to it through the Coinbase PB Site or any application programming interface(s), which may include the prices and quantities of orders and transactions executed on via the Trading Services (collectively "<u>Market Data</u>"), is subject to the Market Data Terms of Use, as amended and updated from time to time at https://www.coinbase.com/legal/market_data or a successor website.

**8.** **Coinbase Execution Services** 

8.1 *Coinbase Execution Services.* At Coinbase's sole discretion, Client may elect to submit Orders (which terms shall include asset, quantity, price, settlement timing and fees) to Coinbase Execution Services (" <u>CES</u> "), a Trading Service through which CES personnel will execute Orders on behalf of Client. CES will execute Orders by using automated trade routing services or by filling Orders on Coinbase's over-the-counter (" <u>OTC</u> ") trading service (" <u>OTC Services</u> "). Coinbase has sole and absolute discretion to accept or reject any Order. Coinbase and Client may communicate regarding Instructions related to Orders on a mutually agreed communication medium, including instant messaging, email, and telephone.

8.2 *CES Order Process.* CES brokers Orders on a commercially reasonable basis as Client's agent and may exercise discretion in executing Orders. Client must pre-fund its Trading Account or establish a credit arrangement with Coinbase prior to submitting Orders. By electing to use CES, Client agrees that it is authorizing CES personnel to access the Accounts to initiate and execute Orders on Client's behalf. Client acknowledges that CES personnel will retain the ability to execute Orders on Client's behalf until Client provides Coinbase with Instructions to terminate such ability. Absent express written agreement between the Parties, Coinbase will accept Orders only from Authorized Representatives as having trading authority for Client.

8.3 *OTC Services.* For OTC Services, CES personnel will confirm the Order with Client prior to executing the Order. Coinbase has policies and procedures in place that are reasonably designed to prevent the disclosure of any Client identity to its OTC counterparty. Coinbase may, in its sole and absolute discretion, accept the following statements (or similar or analogous statements) as Client's final and binding agreement to the terms of an Order: "done," "I buy," "bought," "I sell," or "sold." A completed, executed, and settled Order will be reflected on the Coinbase PB Site.

8.4 For Orders fulfilled via OTC Services (" <u>OTC Orders</u> "), each of Client's and its OTC counterparty's confirmations of the terms of the OTC Order deems such OTC Order as binding and final, and thereby executed. Client's failure to timely settle an executed OTC Order in accordance with the settlement terms will constitute a default under the Coinbase PBA. Upon Client's default of an OTC Order:

(a) In addition to all rights under this Coinbase PBA, Coinbase may exercise any rights of a secured creditor with respect to its interests in Client's assets, and may exercise all other rights under agreements between Client and any of the Coinbase Entities. The Coinbase Entities agree that they will exercise their secured creditor rights, including rights to setoff under Section 19 of the General Terms, with respect to Client's Trading Account before exercising their secured creditor rights with respect to the Vault Account.

(b) Client hereby grants to Coinbase a continuing first priority security interest in, lien on and right of set off against all of Client's right, title and interest, whether now owned or existing or hereafter acquired or arising, in Client's Trading Account and Vault Account in the Client's Custodial Account together with proceeds thereof, in order to secure repayment of costs, fees, and all other obligations of Client to Coinbase arising hereunder from time to time. Client shall execute such documents and take such other actions as Coinbase shall reasonably request in order to perfect and maintain the priority of the Coinbase's security interest with respect to Client's Trading Account and Vault Account.

(c) Client hereby authorizes Coinbase Custody, as securities intermediary with respect to the Vault Account, to comply with all instructions and entitlement orders from Coinbase, as secured party, with respect to the disposition of assets in Client's Vault Account as contemplated herein without further consent or direction from Client or any other party. Coinbase Custody agrees to follow such instructions and entitlement orders without further consent or direction from Client or any other party.

(d) Without prior notice to Client, Coinbase shall have the right to: (i) transfer Client Assets from Client's Trading Account to Coinbase to settle the OTC Order subject to default, and/or (ii) liquidate or cancel outstanding OTC Orders (including OTC Orders that have been submitted or are in the process of being fulfilled).

(e) Without prior notice to Client, Coinbase may suspend or terminate the Client's ability to receive extensions of credit from Coinbase Credit, regardless of whether Client has cured the default.

If the above actions are not sufficient to satisfy all obligations of Client to Coinbase in respect of OTC Orders subject to default, Coinbase shall have the right to liquidate any and all of Client's assets and positions held with Coinbase or Coinbase Custody, including the Trading Account and Vault Account, to cover any Losses incurred by Client's failure to settle the OTC Order. In connection with liquidating such assets, Client authorizes Coinbase, in Coinbase's sole discretion, to liquidate any of Client's Digital Assets in a commercially reasonable sale at the market price that otherwise applies to such Digital Assets at the time of liquidation, without regard to whether Client would recognize a gain or loss on such sale or would recognize a greater or lesser gain or loss if different Digital Assets were sold. Client understands that the value of Digital Assets may rise or fall quickly, and Coinbase has no obligation to liquidate Client's Digital Assets at a time that provides the best price for Client. Client agrees that Digital Assets held in its Trading Account and the Vault Account are of a kind or type customarily sold on recognized markets, subject to standard price quotations and may decline speedily in value. Client agrees that if Coinbase exercises its setoff rights or secured party remedies against Client's Digital Assets, that Coinbase may value such Digital Assets using the same valuation method and same process that is otherwise used when Digital Assets are sold on the Trading Platform or any other commercially reasonable valuation method. A sale by Coinbase of Client's Digital Assets, without notice, at a private sale using the valuation and method described above shall be a commercially reasonable method of disposition.

**9.** **Determination of Suitability; All Risks Not Disclosed** 

Coinbase's provision of the Trading Services is neither a recommendation that Client enter into a particular Order nor a representation that any product described on the Coinbase PB Site is suitable or appropriate for Client. Many of the Trading Services described on Coinbase PB Site involve significant risks, and Client should not use the Trading Services unless it has fully understood all such risks and has independently determined that such Orders are appropriate. Any discussion of the risks contained in this MTA or on the Coinbase PB Site should not be considered to be a disclosure of all risks or a complete discussion of the applicable risks.

**10.** **Characterization of Trading Services; Not a Registered Broker-Dealer or Investment Adviser** 

Client understands and acknowledges that no transactions executed in connection with the Trading Services are securities transactions, and the Coinbase Entities are not registered with either of the U.S. Securities and Exchange Commission or Financial Industry Regulatory Authority as broker-dealers or investment advisers or licensed under any state securities laws. Further, Coinbase is not acting as a fiduciary in respect of Client (including in connection with its rights under this MTA) and does not have any responsibility under the standards governing the conduct of broker-dealers, fiduciaries, investment advisers, or investment managers. Client agrees and acknowledges that any information or advice provided by Coinbase or any other Coinbase Entity does not and will not serve as the basis of any investment decision.

**11.** **Coinbase Corporate Accounts** 

Coinbase and its affiliates may transact through corporate trading accounts ("<u>Coinbase Corporate Accounts</u>") for purposes including inventory management, to facilitate Orders, and for other corporate purposes. To the extent that a Coinbase Corporate Account transacts through Coinbase or the Coinbase PB Site, the Coinbase Corporate Account (i) will not have any special priority vis-a-vis Client Orders and will be subject to the Prime Trading Rules, (ii) will trade only on Market Data available to all Clients, and (iii) will not access any non-public data of other Clients. The Coinbase Entities' internal ledger(s) will indicate the amount of each Digital Asset held for each Client and each such Coinbase Corporate Account.

**12.** **Term, Termination and Suspension** 

Regardless of any other provision of this MTA, Coinbase may, in its sole discretion, suspend, restrict, or terminate the Trading Services, including by suspending, restricting, or closing Client's access to the Trading Account and related services, or CES, in accordance with the General Terms.

**ADDENDUM NO. 1**

**<u>COINBASE SECURITY ADDENDUM</u>**

[Redacted]

**Appendix 1**

**to the Coinbase Prime Broker Agreement**

**<u>COINBASE PRIME FEE SCHEDULE</u>**

[Redacted]

## Exhibit 10.5

**Exhibit 10.5**

EXECUTION VERSION

![](tm2534148d4_ex10-5img01.jpg)

**<u>FORM OF FUND ADMINISTRATION AND ACCOUNTING AGREEMENT</u>**

THIS AGREEMENT is made as of [ ], 2026 by and between the Morgan Stanley Trusts listed on Appendix A, which may be amended from time to time (each, a "Trust" and referred to together herein as the "Trust," except as otherwise expressly indicated), each a Delaware statutory trust having its principal office and place of business at 1585 Broadway, New York, NY 10036 and The Bank of New York Mellon, a New York corporation authorized to do a banking business ("BNY").

This Agreement shall constitute separate agreements, each between a single Trust and BNY, as if such Trust had executed a separate Agreement naming only itself as the Trust, and no Trust shall have any liability for the obligations of any other Trust.

<u>W I T N E S S E T H:</u>

WHEREAS, the Trust will issue shares pursuant to the 1933 Act;

WHEREAS, the Trust desires to retain BNY to provide the services described herein, and BNY is willing to provide such services, all as more fully set forth below;

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>.

Whenever used in this Agreement, unless the context otherwise requires, the following words shall have the meanings set forth below:

"<u>1933 Act</u>" means the Securities Act of 1933, as amended.

"<u>1934 Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Anti-Money Laundering Laws</u>" means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority over the Trust.

"<u>Authorized Person</u>" shall mean each person, whether or not an officer or an employee of the Trust, duly authorized to execute this Agreement and to give Instructions on behalf of the Trust as set forth in Exhibit A hereto and each Authorized Person's scope of authority may be limited by setting forth such limitation in a written document signed by both parties hereto. From time to time the Trust may deliver a new Exhibit A to add or delete any person and BNY shall be entitled to rely on the last Exhibit A actually received by BNY.

"<u>BNY Affiliate</u>" shall mean any office, branch, or subsidiary of The Bank of New York Mellon Corporation.

"<u>Cayman Trustee</u>" means Appleby Global Services (Cayman) Limited.

"<u>Confidential Information</u>" shall have the meaning given in Section 19 of this Agreement.

"<u>Delegated Sponsor</u>" means Morgan Stanley Investment Management Inc.

"<u>Documents</u>" shall mean such other documents, including but not limited to, resolutions of the Cayman Trustee or Delegated Sponsor authorizing the execution, delivery and performance of this Agreement by the Trust, and opinions of outside counsel, as BNY may reasonably request from time to time, in connection with its provision of services under this Agreement.

"<u>Instructions</u>" shall mean Oral Instructions or written communications actually received by BNY by S.W.I.F.T., tested telex, letter, facsimile transmission, or other method or system specified by BNY as available for use in connection with the services hereunder, from an Authorized Person or person believed in good faith to be an Authorized Person.

"<u>Net Asset Value</u>" shall mean the per share value of the Trust, calculated in the manner described in the Trust's Offering Materials.

"<u>Offering Materials</u>" shall mean the Trust's currently effective prospectus and most recently filed registration statement with the SEC, as applicable, relating to shares of the Trust.

"<u>Organizational Documents</u>" shall mean certified copies of the Trust's articles of incorporation, certificate of incorporation, certificate of formation or organization, certificate of limited partnership, bylaws, limited partnership agreement, memorandum of association, limited liability company agreement, operating agreement, confidential offering memorandum, material contracts, Offering Materials, all SEC exemptive orders issued to the Trust, required filings or similar documents of formation or organization, as applicable, delivered to and received by BNY.

"<u>Oral Instructions</u>" shall mean oral instructions received by BNY under permissible circumstances specified by BNY, in its sole discretion, as being from an Authorized Person or person believed in good faith by BNY to be an Authorized Person.

"<u>Sanctions</u>" means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) and any other applicable domestic or foreign authority with jurisdiction over the Trust.

"<u>SEC</u>" means the United States Securities and Exchange Commission.

"<u>Securities Laws</u>" means the 1933 Act and the 1934 Act.

"<u>Shares</u>" means the shares of beneficial interest of any series or class of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Appointment</u>.

The Trust hereby appoints BNY as its agent for the term of this Agreement to perform the services described herein. BNY hereby accepts such appointment and agrees to perform the duties hereinafter set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust hereby represents and warrants to BNY, which representations and warranties shall be deemed to be continuing, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered by the Trust in accordance with all requisite action and constitutes a valid and legally binding obligation of the Trust, enforceable in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Delegated Sponsor is in good standing and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is conducting its business in compliance with all applicable laws and regulations, both state and federal, has made and will continue to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no statute, regulation, rule, order or judgment binding on it and no provision of its Organizational Documents, nor of any mortgage, indenture, credit agreement or other contract binding on it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust will maintain or will be subject to policies and procedures reasonably designed to ensure that all investments for the Trust are conducted in compliance with anti-corruption laws, Anti-Money Laundering Laws, and Sanctions applicable to the Trust. The Trust shall cooperate with BNY and provide assistance reasonably requested by BNY in connection with any anti-money laundering, terrorist financing or sanctions-related inquiries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The method of valuation of the assets of the Trust and the method of computing the Net Asset Value shall be as set forth in the Offering Materials of the Trust. To the extent the performance of any services described in Schedule I attached hereto by BNY in accordance with the then effective Offering Materials for the Trust would violate any applicable laws or regulations, the Trust shall immediately so notify BNY in writing and thereafter shall either furnish BNY with the appropriate values of Trust assets, net asset value or other computation, as the case may be, or, instruct BNY in writing to value Trust assets and/or compute Net Asset Value or other computations in a manner the Trust specifies in writing, and either the furnishing of such values or the giving of such instructions shall constitute a representation by the Trust that the same is consistent with all applicable laws and regulations and with its Offering Materials, all subject to confirmation by BNY as to its capacity to act in accordance with the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each person named on Exhibit A hereto is duly authorized by the Trust to be an Authorized Person hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It has implemented, and is acting in accordance with, procedures reasonably designed to ensure that it will disseminate to all market participants, other than Authorized Participants (as defined in its Prospectus and Statement of Additional Information), each calculation of net asset value provided by BNY hereunder to Authorized Participants at the time BNY provides such calculation to Authorized Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Without limiting the provisions of Section 18 herein, the Trust shall treat as confidential the terms and conditions of this Agreement and shall not disclose nor authorize disclosure thereof to any other person, except (i) to its employees, regulators, examiners, internal and external accountants, auditors, and counsel, (ii) for a summary description of this Agreement in the Offering Materials with the prior written approval of BNY, (iii) to any other person when required by a court order or legal process, or (iv) whenever advised by its counsel that it would be liable for a failure to make such disclosure. The Trust shall instruct its employees, regulators, examiners, internal and external accountants, auditors, and counsel who may be afforded access to such information of the Trust's obligations of confidentiality hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Trust shall promptly notify BNY in writing of any and all legal proceedings or securities investigations filed or commenced against or related to the Trust or the Delegated Sponsor where legally permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY hereby represents and warrants, which representations and warranties shall be deemed to be continuing, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY maintains policies and procedures reasonably designed to ensure compliance with anti-corruption laws, anti-money laundering laws, and sanctions applicable to BNY's provisions of Services under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is duly organized and existing under the laws of the jurisdiction of its organization with full power to carry on its business as now conducted, to enter into this Agreement, and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement has been duly authorized, executed and delivered by BNY and constitutes a valid and legally binding obligation of BNY, enforceable in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is conducting its business in material compliance with all laws and regulations applicable to BNY in its capacity as a service provider hereunder, has made and will continue to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no provision of its organizational documents, nor of contract which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Delivery of Documents</u>.

The Trust shall promptly provide, deliver, or cause to be delivered from time to time, to BNY the Trust's Organizational Documents, a copy of any and all SEC exemptive orders issued to the Trust, and Documents and other materials used in the distribution of Shares and all amendments thereto as may be necessary for BNY to perform its duties hereunder. BNY shall not be deemed to have notice of any information (other than information supplied by BNY) contained in such Organizational Documents, Documents or other materials until they are actually received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Duties and Obligations of BNY</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the direction of the Delegated Sponsor and the provisions of this Agreement, BNY shall provide to the Trust the administrative services and the valuation and computation services listed on Schedule I attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In performing hereunder, BNY shall provide, at its expense, office space, facilities, equipment and personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNY shall not provide any services relating to the management, investment advisory or sub-advisory functions of the Trust, distribution of shares of the Trust, maintenance of the Trust's financial records, other than those listed in Schedule I attached hereto, or other services normally performed by the Trust's counsel or independent auditors and the services provided by BNY do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of the Trust or any other person, and the Trust acknowledges that BNY does not provide public accounting or auditing services or advice and will not be making any tax filings, or doing any tax reporting on its behalf, other than those specifically agreed to hereunder. The scope of services provided by BNY under this Agreement shall not be increased as a result of new or revised regulatory or other requirements that may become applicable with respect to the Trust, unless the parties hereto expressly agree in writing to any such increase in the scope of services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust shall cause its officers, advisors, Delegated Sponsor, Cayman Trustee, distributor, legal counsel, independent accountants, current administrator (if any), transfer agent, and any other service provider to cooperate with BNY and to provide BNY, upon request, with such information, documents and advice relating to the Trust as is within the possession or knowledge of such persons, and which in the opinion of BNY, is necessary in order to enable BNY to perform its duties hereunder. In connection with its duties hereunder, BNY shall not be responsible for, under any duty to inquire into, or be deemed to make any assurances with respect to the accuracy, validity or propriety of any information, documents or advice provided to BNY by any of the aforementioned persons. BNY shall not be liable for any loss, damage or expense resulting from or arising out of the failure of the Trust to cause any information, documents or advice to be provided to BNY as provided herein and shall be held harmless by the Trust when acting in reliance upon such information, documents or advice relating to the Trust. All fees or costs charged by such persons shall be borne by the Trust. In the event that any services performed by BNY hereunder rely, in whole or in part, upon information obtained from a third party service utilized or subscribed to by BNY which BNY in its reasonable judgment deems reliable, BNY shall not have any responsibility or liability for, under any duty to inquire into, or deemed to make any assurances with respect to, the accuracy or completeness of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing in this Agreement shall limit or restrict BNY, any BNY Affiliate or any officer or employee thereof from acting for or with any third parties, and providing services similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trust shall furnish BNY with any and all instructions, explanations, information, specifications and documentation deemed necessary by BNY in the performance of its duties hereunder, including, without limitation, the amounts or written formula for calculating the amounts and times of accrual of Trust liabilities and expenses. BNY shall not be required to include as Trust liabilities and expenses, nor as a reduction of net asset value, any accrual for any federal, state, or foreign income taxes unless the Trust shall have specified to BNY in Instructions the precise amount of the same to be included in liabilities and expenses or used to reduce net asset value. The Trust shall also furnish BNY with valuations for assets of the Trust if BNY notifies the Trust that same are not available to BNY from a pricing service utilized, or subscribed to, by BNY which the Trust directs BNY to utilize, and which BNY in its judgment deems reliable at the time such information is required for calculations hereunder. At any time and from time to time, the Trust also may furnish BNY with valuations for assets of the Trust and instruct BNY in Instructions to use such information in its calculations hereunder. BNY shall at no time be required or obligated to commence or maintain any utilization of, or subscriptions to, any pricing service. In no event shall BNY be required to determine, or have any obligations with respect to, whether a market price represents any fair or true value, nor to adjust any price to reflect any events or announcements, including, without limitation, those with respect to the issuer thereof, it being agreed that all such determinations and considerations shall be solely for the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) BNY may apply to an Authorized Person of the Trust for Instructions with respect to any matter arising in connection with BNY's performance hereunder, and BNY shall not be liable for any action taken or omitted to be taken by it in good faith without gross negligence or willful misconduct in accordance with such Instructions. Such application for Instructions may, at the option of BNY, set forth in writing any action proposed to be taken or omitted to be taken by BNY with respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken. BNY shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application on or after the date specified therein unless, prior to taking or omitting to take any such action, BNY has received Instructions from an Authorized Person in response to such application specifying the action to be taken or omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Trust acknowledges that while it is not part of BNY's normal practices and procedures to accept Oral Instructions, BNY may in certain limited circumstances accept Oral Instructions. In such event, such Oral Instructions will be deemed to be Instructions for purposes of this Agreement. An Authorized Person issuing such an Oral Instruction will promptly confirm such Oral Instruction to BNY in writing. Notwithstanding the foregoing, the Trust agrees that the fact that such written confirmation is not received by BNY, or that such written confirmation contradicts the Oral Instruction, will in no way affect (i) BNY's reliance on such Oral Instruction or (ii) the validity or enforceability of transactions authorized by such Oral Instruction and effected by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY will have no obligation to act in accordance with purported Instructions to the extent BNY reasonably believes that they are ambiguous or unclear or conflict with the terms of this Agreement or applicable law; provided, however, that BNY will have no obligation to ensure that any instruction received by it would not contravene any of the terms of this Agreement or any such law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) BNY will provide Customer with commercially reasonable notification in light of the relevant circumstances if it decides not to act in accordance with purported Instructions and such notice will specify the reasons for its determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Notwithstanding any other provision contained in this Agreement or Schedule I attached hereto, BNY shall have no duty or obligation with respect to, including, without limitation, any duty or obligation to determine, or advise or notify the Trust of: (i) the taxable nature of any distribution or amount received or deemed received by, or payable to, the Trust, (ii) the taxable nature or effect on the Trust or its shareholders of any corporate actions, class actions, tax reclaims, tax refunds or similar events, (iii) the taxable nature or taxable amount of any distribution or dividend paid, payable or deemed paid, by the Trust to its shareholders; or (iv) the effect under any federal, state, or foreign income tax laws of the Trust making or not making any distribution or dividend payment, or any election with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) BNY shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement and Schedule I attached hereto, and no covenant or obligation shall be implied against BNY in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) BNY, in performing the services required of it under the terms of this Agreement, shall be entitled to rely fully on the accuracy and validity of any and all Instructions, explanations, information, specifications, Documents and documentation furnished to it by the Trust and shall have no duty or obligation to review the accuracy, validity or propriety of such Instructions, explanations, information, specifications, Documents or documentation, including, without limitation, evaluations of assets; the amounts or formula for calculating the amounts and times of accrual of the Trust's liabilities and expenses; the amounts receivable and the amounts payable on the sale or purchase of Trust assets; and amounts receivable or amounts payable for the sale or redemption of Trust Shares effected by or on behalf of the Trust. BNY's computations hereunder will rely upon information, including, without limitation, bid, offer or market values of securities or other assets of the Trust, or accruals of interest or earnings thereon, from a pricing or similar service utilized, or subscribed to, by BNY which the Trust directs BNY to utilize. BNY shall not be responsible for, under any duty to inquire into, or deemed to make any assurances with respect to, the accuracy or completeness of such information. Without limiting the generality of the foregoing, BNY shall not be required to inquire into any valuation of any Trust assets by the Trust or any third party described in this sub-section (k) even though BNY in performing services similar to the services provided pursuant to this Agreement for others may receive different valuations of Trust assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) BNY, in performing the services required of it under the terms of this Agreement, shall not be responsible for determining whether any interest accruable to the Trust is or will be actually paid, but will accrue such interest until otherwise instructed by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) BNY shall not be responsible for damages (including without limitation damages caused by delays, failure, errors, interruption or loss of data) which occurring directly or indirectly by reason of circumstances beyond its reasonable control in the performance of its duties under this Agreement, including, without limitation, labor difficulties within or without BNY, mechanical breakdowns, flood or catastrophe, acts of God, failures of transportation, interruptions, loss, or malfunctions of utilities, action or inaction of civil or military authority, national emergencies, public enemy, war, terrorism, riot, sabotage, non-performance by a third party, failure of the mails, communications, computer (hardware or software) services, or functions or malfunctions of the internet, firewalls, encryption systems or security devices caused by any of the above. Nor shall BNY be responsible for delays or failures to supply the information or services specified in this Agreement where such delays or failures are caused by the failure of any person(s) other than BNY to supply any instructions, explanations, information, specifications or documentation deemed necessary by BNY in the performance of its duties under this Agreement. Upon the occurrence of any such delay or failure BNY shall use commercially reasonable efforts to resume performance as soon as reasonably practicable in light of the relevant circumstances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Allocation of Expenses</u>.

Except as otherwise provided herein, all costs and expenses arising or incurred in connection with the performance of this Agreement shall be paid by the Trust, including but not limited to, organizational costs and costs of maintaining corporate existence, taxes, interest, brokerage fees and commissions, insurance premiums, compensation and expenses of the Sponsor, officers or employees, legal, accounting and audit expenses, management, advisory, sub-advisory, administration and shareholder servicing fees, charges of custodians, transfer and dividend disbursing agents, expenses (including clerical expenses) incident to the issuance, redemption or repurchase or qualifications under the Securities Laws, state or other applicable securities laws of the Trust or its shares or membership interests, as applicable, costs (including printing and mailing costs) of preparing and distributing Offering Materials, reports, notices and proxy materials to the Trust's shareholders, and extraordinary expenses as may arise, including litigation affecting the Trust and legal obligations relating thereto for which the Trust may have to indemnify its officers, managers, and/or members, as may be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Standard of Care; Indemnification; Information Security and Business Continuity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In performing its duties under this Agreement, BNY will exercise the same standard of care and diligence that a professional fund administrator engaged in the banking or trust company industry would observe in these affairs taking into account the prevailing rules, practices, procedures and circumstances in the relevant market acting without bad faith, gross negligence or willful misconduct ("Standard of Care").

Except as otherwise provided herein, BNY and any BNY Affiliate shall not be liable for any costs, expenses, damages, liabilities or claims (including attorneys' and accountants' fees) incurred by the Trust, except those costs, expenses, damages, liabilities or claims arising out of BNY's failure to perform its obligations under this Agreement in accordance with the Standard of Care. In no event shall the Trust or BNY or any BNY Affiliate be liable to each other or any third party for any special, indirect or consequential damages, or lost profits or loss of business, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages and regardless of the form of action; provided that this Section 7(a)'s consequential damages waiver shall not apply to the Trust's duty to indemnify BNY pursuant to Section 7(c). BNY and any BNY Affiliate shall not be liable for any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability, resulting from, arising out of, or in connection with its performance hereunder, including its actions or omissions, the incompleteness or inaccuracy of any specifications or other information furnished by the Trust, or for delays caused by circumstances beyond BNY's reasonable control, unless such loss, damage or expense arises out of BNY's failure to perform its obligations under this Agreement in accordance with the Standard of Care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY's liability arising out of or relating to this Agreement will be limited solely to those direct damages caused by its failure to perform its obligations under this Agreement in accordance with the Standard of Care, subject to the clarifications and exceptions set forth in this Section 7.

1) Pursuant to Section 12(b) BNY will be liable for direct costs, expenses, damages, and liabilities or claims incurred by the Trust as a result of the acts or failures to act by its subcontractors to the same extent as if BNY was itself performing the relevant duties subject to the Standard of Care;

2) Each party (and their respective affiliates) will have a duty to mitigate damages or losses hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall indemnify and hold harmless BNY and any BNY Affiliate from and against any and all costs, expenses, damages, liabilities and claims (including claims asserted by the Trust), and reasonable attorneys' and accountants' fees relating thereto, which are sustained or incurred or which may be asserted against BNY or any BNY Affiliate, by reason of or as a result of any action taken or omitted to be taken by BNY or any BNY Affiliate without bad faith, gross negligence, or willful misconduct, or in reliance upon (i) any law, act, regulation or interpretation of the same even though the same may thereafter have been altered, changed, amended or repealed, (ii) the Trust's Offering Materials or Documents (excluding information provided by BNY), (iii) any Instructions, or (iv) any opinion of legal counsel for the Trust, or arising out of transactions or other activities of the Trust which occurred prior to the commencement of this Agreement; <u>provided</u>, that the Trust shall not indemnify BNY nor any BNY Affiliate for costs, expenses, damages, liabilities or claims for which BNY or any BNY Affiliate is liable under the preceding sub-section 7(a). This indemnity shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. Without limiting the generality of the foregoing, the Trust shall indemnify BNY and any BNY Affiliate against and save BNY and any BNY Affiliate harmless from any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability, arising from any one or more of the following:

1) Errors in records or instructions, explanations, information, specifications or documentation of any kind, as the case may be, supplied to BNY by any third party described above or by or on behalf of the Trust;

2) Action or inaction taken or omitted to be taken by BNY or any BNY Affiliate pursuant to Instructions of the Trust or otherwise;

3) Any action taken or omitted to be taken by BNY in good faith in accordance with the advice or opinion of counsel for the Trust or its own counsel;

4) Any improper use by the Trust or its agents, distributor or Delegated Sponsor of any valuations or computations supplied by BNY pursuant to this Agreement;

5) The method of valuation and the method of computing the Trust's net asset value; or

6) Any valuations or net asset value provided by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Actions taken or omitted in reliance on Instructions or upon any information, order, indenture, stock certificate, membership certificate, power of attorney, assignment, affidavit or other instrument believed by BNY in good faith to be from an Authorized Person, or upon the opinion of legal counsel for the Trust or its own counsel, shall be conclusively presumed to have been taken or omitted in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) During the Term of this Agreement, BNY will implement and maintain an information security program ("ISP") with written policies and procedures reasonably designed to protect the confidentiality and integrity of the Trust's Confidential Information provided to BNY in accordance with this Agreement and when in BNY's possession or under BNY's control ("Trust Data"). The ISP will include administrative, technical and physical safeguards, appropriate to the type of Trust Data concerned, reasonably designed to: (i) maintain the integrity, confidentiality and availability of Trust Data; (ii) protect against anticipated threats or hazards to the security or integrity of Trust Data; (iii) protect against unauthorized access to or use of Trust Data that could result in substantial harm or inconvenience to the Trust or its clients; and, (iv) provide for secure disposal of Trust Data. BNY's program is dynamic and may be modified to address technological changes or changes in the threat landscape, BNY's business activities or other factors. BNY reserves the right to modify the ISP at any time, provided that BNY shall not diminish the overall level of protection the ISP is intended to provide.

1) *Logging*. The ISP will require the maintenance of network and application logs as part of BNY's security information and event management processes. Logs are retained in accordance with law applicable to BNY's provision of the services as well as BNY's applicable policies. BNY uses various tools in conjunction with such logs, which may include behavioral analytics, security monitoring case management, network traffic monitoring and analysis, IP address management and full packet capture. Logs may be centralized and correlated for security event alerting.

2) *Data Security*.

A. *Identity & Access Management*. BNY will implement reasonable and industry
 recognized user access rules for users accessing Trust Data based on the need to know and the principle of least privilege,
 including user ID and password requirements, session timeout and reauthentication requirements, unsuccessful login attempt limits,
 privileged access limits and multifactor authentication or equivalent safeguard where risk factors indicate that single factor is
 inadequate. BNY's identity and access management processes include the identification, authentication, authorization and periodic
 recertification of information users at BNY.

B. *Data Segregation*. The ISP will require that: (i) Trust Data is
 stored in either physically or logically segregated databases from other BNY data; and (ii) different databases are maintained
 for development, testing, staging and production environments used in the provision of services.

C. *Encryption*.
 BNY will: (i) encrypt Trust Data in transit to an external network using transport layer security or other encryption method;
 and (ii) protect Trust Data at rest, in each case as BNY determines to be appropriate in accordance with the ISP and law applicable
 to BNY's provision of the services.

D. *Remote Access*. The ISP will restrict remote access to the BNY systems
 used to provide the services to authorized users using multifactor authentication or equivalent safeguard, and will require such
 access to be logged.

E. *Devices.* BNY will restrict the transfer of Trust Data from its network
 to mass storage devices. BNY will use a mobile device management system or equivalent tool when mobile computing is used to provide
 the services. Applications on such authenticated devices will be housed within an encrypted contained and BNY will maintain the ability
 to remote wipe the contents of the container.

F. *Disposal.* BNY will maintain chain of custody procedures and require that
 any Trust Data requiring disposal be rendered inaccessible, cleaned or scrubbed from such hardware and/or media using industry recognized
 methods.

G. *Physical Security.* BNY will deploy perimeter security such as barrier
 access controls around its facilities processing or storing Trust Data. The ISP will include: (i) procedures for validating
 visitor identity and authorization to enter the premises, which may include identification checks, issuance of identification badges
 and recording of entry purpose of visit; and (ii) physical security policies for personnel, such as a "clean desk"
 policy. In accordance with its ISP and applicable law, BNY will install closed circuit television ("CCTV") systems and
 CCTV recording systems to monitor and record access to controlled areas, such as data centers and server rooms.

3) Audit Rights.

A. BNY shall,
 no more than once in a 12 month period: (i) upon request, provide a copy of its most recent System and Organization Controls
 (SOC) or equivalent external audit report to the Trust, which Trust may disclose solely to its internal or external auditors that
 are subject to written confidentiality obligations to use reasonable care to safeguard the report and not to disclose the report
 to any third party or use the report for any purpose other than evaluating BNY's security controls; (ii) engage a third
 party provider to perform penetration testing of the BNY systems used to provide the services (subject to agreed upon rules of
 engagement) and, upon request, provide the Trust confirmation of such testing; and (iii) upon request, participate in the Trust's
 reasonable information security due diligence questionnaire process.

B. BNY shall
 also, no more than once in any 12 month period and upon request, on a mutually agreed date during business hours and subject to BNY's
 facility security policies and availability of personnel:

i. Meet with
 the Trust subject matter experts in a BNY clean room to review information security policies, procedures and similar related information;
 provided that no documentation may be copied, disclosed to any third party, or transmitted or removed from BNY premises except as
 mutually agreed in writing;

ii. Permit
 access to a BNY data center used to process Trust Data and provide the services by no more than 3 Trust representatives, including
 employees of a regulatory or supervisory authority of the Trust that is also a regulatory or supervisory authority of BNY, for a
 maximum of 3 hours in order to conduct a visual inspection of the environment and its controls.

iii. Notwithstanding
 any other provision in the Agreement to contrary, the Trust shall not disclose any verbal or written information obtained during
 the foregoing meetings described in the above subjections 7.4(a)(iii)(B)(1) and (2) to any third party or use it for any
 purpose other than evaluating BNY's security controls, without BNY's prior written consent. The Trust shall reimburse
 BNY for any costs and expenses reasonably incurred in connection with the Trust's review (including that of the regulatory
 or supervisory authority personnel) of BNY's security controls and data center.

4) *Security Incident Management & Breach Notification*.

A. BNY will
 maintain a documented incident management process designed to detect security events and response to the same.

B. In the
 event of a declared Security Incident, BNY will activate its incident response plan, including to: (i) notify the Trust within
 three business days; (ii) provide updates to the Trust regarding BNY's response; and (iii) use reasonable efforts
 to implement measures designed to prevent reoccurrence of Security Incidents of a similar nature.

i. "Security
 Incident" means any known: (i) breach of nonpublic personal information as defined in the Gramm-Leach-Bliley Act of 1999
 ("NPPI") that is notifiable under state law; or (ii) unauthorized access to, disruption, or misuse of a component
 of BNY's network that directly impacts its provisions of the Services.

5) BNY will implement business continuity and disaster recovery plans designed to minimize interruptions of service and enhance recovery of systems and applications used to provide the Services under this Agreement. Such plans will cover the facilities, systems, backups, applications and employees that are critical to the provision of the Services, and such plans will be tested regularly to assess if the recovery strategies, requirements and protocols are viable and sustainable. BNY will maintain encrypted data backups to the same extent that the data is encrypted in the production environment based on BNY's policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Compensation</u>.

For the services provided hereunder, the Trust agrees to pay BNY such compensation as is mutually agreed to in writing by the Trust and BNY from time to time and such reasonable out-of-pocket expenses (<u>e.g.</u>, telecommunication charges, postage and delivery charges, costs of independent compliance reviews, record retention costs, reproduction charges and transportation and lodging costs) as are incurred by BNY in performing its duties hereunder. Except as hereinafter set forth, compensation shall be calculated and accrued daily and, unless otherwise agreed by the parties, paid monthly. Upon termination of this Agreement before the end of any month, the compensation for such part of a month shall be prorated according to the proportion which such period bears to the full monthly period and shall be payable upon the effective date of termination of this Agreement. For the purpose of determining compensation payable to BNY, the Trust's net asset value shall be computed at the times and in the manner specified in the Trust's Offering Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Records; Visits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The books and records pertaining to the Trust which are in the possession or under the control of BNY shall be the property of the Trust. The Trust and Authorized Persons shall have access to such books and records at all times during BNY's normal business hours. Upon the reasonable request of the Trust, copies of any such books and records shall be provided by BNY to the Trust or to an Authorized Person, at the Trust's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY shall keep all books and records with respect to the services to be performed by BNY hereunder in the form and manner required by Section 31 of the Investment Company Act of 1940 and the rules thereunder, as if the Trust was subject to such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Term of Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective commencing upon the date set forth in the preamble of this Agreement the, and, unless terminated pursuant to its terms, shall continue until 11:59 PM on the date which is the third anniversary of such date (the "Initial Term"), at which time this Agreement shall terminate, unless renewed in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall automatically renew for successive terms of one (1) year each (each, a "Renewal Term"), unless the Trust or BNY gives written notice to the other party of its intent not to renew and such notice is received by the other party not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a "Non-Renewal Notice"). In the event a party provides a Non-Renewal Notice, this Agreement shall terminate at 11:59 PM on the last day of the Initial Term or Renewal Term, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a party materially breaches this Agreement (a "Defaulting Party") the other party (the "Non-Defaulting Party") may give written notice thereof to the Defaulting Party ("Breach Notice"), and if such material breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the Non- Defaulting Party may terminate this Agreement by giving written notice of termination to the Defaulting Party ("Breach Termination Notice"), in which case this Agreement shall terminate as of 11:59 PM on the 30th day following the date the Breach Termination Notice is given, or such later date as may be specified in the Breach Termination Notice (but not later than the last day of the Initial Term or then-current Renewal Term, as appropriate). In all cases, termination by the Non-Defaulting Party shall not constitute a waiver by the Non-Defaulting Party of any other rights it might have under this Agreement or otherwise against the Defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Agreement, either party may in its sole discretion terminate this Agreement immediately by sending notice thereof to the other party upon the happening of any of the following: (i) the other party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against the other party any such case or proceeding; (ii) the other party commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for the other party or any substantial part of its property or there is commenced against the other party any such case or proceeding; (iii) the other party makes a general assignment for the benefit of creditors; or (iv) the other party admits in any recorded medium, written, electronic or otherwise, its inability to pay its debts as they come due. Either party may exercise its termination right under this Section 10(d) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. Any exercise by either party of its termination right under this Section 10(d) shall be without any prejudice to any other remedies or rights available to each party and shall not be subject to any fee or penalty, whether monetary or equitable. Notwithstanding the provisions of Section 18, notice of termination under this Section 10(d) shall be considered given and effective when given, not when received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust may terminate this Agreement at any time upon thirty (30) days' prior written notice in the event that the Cayman Trustee or Delegated Sponsor determines to liquidate the Trust. BNY may terminate this Agreement at any time upon ninety (90) days' written notice for any reason and upon thirty (30) days' written notice in the event of a breach of the Trust's representations contained in Section 3(i)(e) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Either party may terminate this Agreement on written notice if the other Party undergoes a Change of Control (as defined below); provided that such notice may only be given within sixty (60) days of the terminating Party first becoming aware of such Change of Control having occurred or of the terminating Party receiving written notification of it having occurred from the other Party, whichever is the later. "Change of Control" for these purposes means either: (i) the sale of all or substantially all of the assets of a Party to an unaffiliated party; or (ii) any merger, consolidation or acquisition of the capital stock of a Party the result of which is that an unaffiliated third-party holds more than twenty-five percent (25%) of either the economics or voting capital stock of such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the event this Agreement terminates or expires prior to the end of a calendar quarter, other than as a result of a termination described in Sections 10(c) and 10(d) above or a termination in the event of a breach of the Trust's representations contained in Section 3(i)(e) hereof, BNY shall provide data in its possession and control as of the termination date to the Trust for the Trust's preparation and filing of its applicable Form 10-K or 10-Q.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Amendment</u>.

This Agreement may not be amended, changed or modified in any manner except by a written agreement executed by BNY and the Trust to be bound thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Assignment; Subcontracting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not be assignable or delegable by the Trust without the written consent of BNY, or by BNY without the written consent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing: (i) BNY may assign or transfer this Agreement to any BNY Affiliate or transfer this Agreement in connection with a sale of a majority or more of its assets, equity interests or voting control, provided that BNY gives the Trust thirty (30) days' prior written notice of such assignment or transfer and such assignment or transfer does not impair the provision of services under this Agreement in any material respect, and the assignee or transferee agrees to be bound by all terms of this Agreement in place of BNY; (ii) BNY may delegate, subcontract with, hire, engage or otherwise outsource to any delegee, agent or subcontractor with respect to the performance of any one or more of the material functions, services, duties or obligations of BNY under this Agreement ("Outsourcing"), without the prior consent of the Trust, but with commercially reasonable notice to the Trust in light of the relevant circumstances of any Outsourcing of the material services, whenever and on such terms and conditions as it deems necessary or appropriate to perform its services hereunder. However, no such Outsourcing shall relieve BNY from its obligations, and subject to the Standard of Care BNY will be liable for the acts or omissions of any delegee, agent, or subcontractor to the same extent that BNY itself would be liable for such acts or omissions under this Agreement had it performed or not performed the relevant act or omission itself; and, (iii) BNY, in the course of providing certain additional services requested by the Trust, including but not limited to, Typesetting or eBoard Book services ("Vendor Eligible Services") as further described in Schedule I, may in its sole discretion, enter into an agreement or agreements with a financial printer, or electronic services provider ("Vendor") to provide BNY with the ability to generate certain reports or provide certain functionality. BNY shall not be obligated to perform any of the Vendor Eligible Services unless an agreement between BNY and the Vendor for the provision of such services is then-currently in effect, and shall only be liable for the failure to reasonably select the Vendor. Upon request, BNY will disclose the identity of the Vendor and the status of the contractual relationship, and the Trust is free to attempt to contract directly with the Vendor for the provision of the Vendor Eligible Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As compensation for the Vendor Eligible Services rendered by BNY pursuant to this Agreement, the Trust will pay to BNY such fees as may be agreed to in writing by the Trust and BNY. In turn, BNY will be responsible for paying the Vendor's fees. For the avoidance of doubt, BNY anticipates that the fees it charges hereunder will be more than the fees charged to it by the Vendor, and BNY will retain the difference between the amount paid to BNY hereunder and the fees BNY pays to the Vendor as compensation for the additional services provided by BNY in the course of making the Vendor Eligible Services available to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Governing Law; Consent to Jurisdiction.</u>

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflict of laws principles thereof. The Trust hereby consents to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder, and waives to the fullest extent permitted by law its right to a trial by jury. To the extent that in any jurisdiction the Trust may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, the Trust irrevocably agrees not to claim, and it hereby waives, such immunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Severability</u>.

In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all other persons and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>No Waiver</u>.

Each and every right granted to BNY hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of BNY to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by BNY of any right preclude any other or future exercise thereof or the exercise of any other right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Notices</u>.

Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions), all notices, requests, consents and other communications pursuant to this Agreement in writing and shall be sent as follows:

if to the Trust, at

CSC Delaware Trust Company<br> Attention: Corporate Trust Administration<br> 251 Little Falls Drive<br> Wilmington, DE 19808

**with a copy to Sponsor of the Trust:**

Morgan Stanley Investment Management Inc.<br> 1585 Broadway<br> New York, New York 10036<br> Attn: Clare Wlordarcyzk

if to BNY, at

The Bank of New York Mellon<br> 240 Greenwich Street<br> New York, New York 10286<br> Attention: ETF Operations

with a copy to:

The Bank of New York Mellon<br> 240 Greenwich Street<br> New York, New York 10286<br> Attention: Legal Dept. – Asset Servicing

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Counterparts</u>.

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original; but such counterparts together shall constitute only one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each party shall keep confidential any information relating to the other party's business ("Confidential Information"). Confidential Information shall include (a) the terms of this agreement, (b) any data or information that is competitively sensitive material, and not generally known to the public, including, but not limited to, information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance results relating to the past, present or future business activities of the Trust or BNY and their respective subsidiaries and affiliated companies; (c) any scientific or technical information, design, process, procedure, formula, or improvement that is commercially valuable and secret in the sense that its confidentiality affords the Trust or BNY a competitive advantage over its competitors; (d) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, know-how, and trade secrets, whether or not patentable or copyrightable; and (e) anything designated as confidential.

Notwithstanding the foregoing, information shall not be Confidential Information and shall not be subject to such confidentiality obligations if it: (a) is already known to the receiving party at the time it is obtained; (b) is or becomes publicly known or available through no wrongful act of the receiving party; (c) is rightfully received from a third party who, to the best of the receiving party's knowledge, is not under a duty of confidentiality; (d) is released by the protected party to a third party without restriction; (e) is requested or required to be disclosed by the receiving party pursuant to a court order, subpoena, governmental or regulatory agency request or law; (f) is relevant to the defense of any claim or cause of action asserted against the receiving party; (g) is Trust information provided by BNY in connection with an independent third party compliance or other review; (h) is released in connection with the provision of services under this Agreement; or (i) has been or is independently developed or obtained by the receiving party. The provisions of this Section 18 shall survive termination of this Agreement for a period of one (1) year after such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the "BNY Group"). The BNY Group may centralize functions including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the "Centralized Functions") in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) the Trust consents to the disclosure of and authorizes BNY to disclose information regarding the Trust ("Customer-Related Data") to the BNY Group and to its third-party service providers who are subject to confidentiality obligations with respect to such information and (ii) BNY may store the names and business contact information of the Trust's employees and representatives on the systems or in the records of the BNY Group or its service providers. The BNY Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Group, and notwithstanding anything in this Agreement to the contrary the BNY Group will own all such aggregated data, provided that the BNY Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with a particular customer. The Trust confirms that it is authorized to consent to the foregoing. Any distribution of such aggregated data shall not be in a format that can be reverse engineered to identify customer-related data with respect to Customer or any particular Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Non-Solicitation</u>.

During the term of this Agreement and for one (1) year thereafter, the Trust shall not (with the exceptions noted in the immediately succeeding sentence) knowingly solicit or recruit for employment or hire any of BNY's employees, and the Trust shall cause the Trust's Delegated Sponsor and any affiliates of the Trust to not (with the exceptions noted in the immediately succeeding sentence) knowingly solicit or recruit for employment or hire any of BNY's employees. To "knowingly" solicit, recruit or hire within the meaning of this provision does not include, and therefore does not prohibit, solicitation, recruitment or hiring of a BNY employee by the Trust, the Delegated Sponsor or an affiliate of the Trust if the BNY employee was identified by such entity solely as a result of the BNY employee's response to a general advertisement by such entity in a publication of trade or industry interest or other similar general solicitation by such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Several Nature of Trust Obligations</u>

The Parties acknowledge and agree that where "Trust" refers to multiple trusts as listed on Appendix A, each such trust is a separate Trust under this Agreement. The obligations of each Trust under this Agreement are several and not joint. If at any time one or more Trust ceases to be a party to this Agreement (whether by reason of termination of this Agreement with respect to such Trust, dissolution, liquidation or otherwise), this Agreement shall continue in full force and effect with respect to all remaining Trusts. No Trust shall have any liability or responsibility for the obligations, representations, warranties, acts or omissions of any other Trust under this Agreement.

[Signature page follows.]

IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by their duly authorized officers and their seals to be hereunto affixed, all as of the latest date set forth below.

---

| |
|:---|
| MORGAN STANLEY INVESTMENT MANAGEMENT, INC. AS SPONSOR FOR AND ON BEHALF OF EACH ENTITY LISTED ON APPENDIX A |
| By: |
| Name: |
| Title: |
| Date: |
| THE BANK OF NEW YORK MELLON |
| By: |
| Name: |
| Title: |
| Date: |

---

**<u>EXHIBIT A</u>**

________________________________, a [Delaware] trust (the "Trust"), by its Sponsor, Morgan Stanley Investment Management Inc., hereby certifies that:

The following individuals are officers or authorized representatives of the Sponsor who are authorized to act on behalf of the Trust as an Authorized Person under the Fund Administration and Accounting Agreement dated as of _____________________, 2026, between the Trust and The Bank of New York Mellon.

Name Position Signature <br>      

The signatures set forth above are the true and correct signatures of such individuals

Morgan Stanley Solana Trust

By: Morgan Stanley Investment Management Inc., as Sponsor

**<u>SCHEDULE I</u>**

<u>Schedule of Services</u>

All services provided in this Schedule of Services are subject to the review and approval of the appropriate Trust officers, Trust counsel and accountants of the Trust, as may be applicable. The services included on this Schedule of Services may be provided by BNY or a BNY Affiliate, collectively referred to herein as "BNY".

**<u>VALUATION AND COMPUTATION ACCOUNTING SERVICES</u>**

BNY shall provide the following valuation and computation accounting services for the Trust:

▪ Journalize
 investment, capital share and income and expense activities. For the avoidance of doubt, "income" may also include staking
 rewards, as instructed to BNY from the Fund;

▪ Maintain
 individual ledgers for Trust assets;

▪ Maintain
 certain financial books and records for the Trust, including creation and redemption books and records, and Trust accounting records;

▪ Maintain
 historical lots for Trust assets;

▪ Reconcile
 cash (if applicable) and investment balances of the Trust with the Trust's custodian;

▪ Calculate
 various contractual expenses;

▪ Calculate
 capital gains and losses;

▪ Obtain
 quotes from pricing services as directed and approved by the Delegated Sponsor, or if such quotes are unavailable, then obtain such
 prices from the Delegated Sponsor, and in either case, calculate the market value of the Trust's assets in accordance with
 the Trust's valuation policies or guidelines; provided, however, that BNY shall not under any circumstances be under a duty
 to independently price or value any of the Trust's assets itself or to confirm or validate any information or valuation provided
 by the Delegated Sponsor or any other pricing source, nor shall BNY have any liability relating to inaccuracies or otherwise with
 respect to such information or valuations;

▪ Compute
 net asset value, calculated in the manner described in the Trust's Offering Materials;

▪ Transmit
 or make available a copy of the daily portfolio valuation to the Delegated Sponsor;

▪ Publish
 basket to NSCC on each day on which trading occurs on the primary exchange on which the Trust's shares trade.

**<u>FINANCIAL REPORTING</u>**

BNY shall provide the following financial reporting services for the Trust:

▪ *Financial Statement Preparation & Review* 

▪ Prepare financial statements
 for the Trust;

▪ Prepare
 the Trust's periodic shareholder reports, including certain information furnished by the Trust to BNY, as required pursuant
 to the Securities and Exchange Act of 1934; and

▪ Prepare, circulate and maintain
 the Trust's financial reporting production calendar;

**<u>TAX SERVICES</u>**

BNY shall provide the following tax services for the Trust:

▪ Prepare
 annual widely held fixed investment trust tax reporting statements for client review and approval by no later than 20 days after
 the close of the tax reporting year.

**<u>FUND ADMINISTRATION SERVICES</u>**

BNY shall provide the following fund administration services for the Trust:

▪ Establish
 appropriate expense accruals and compute expense ratios, maintain expense files and coordinate the payment of Trust approved invoices;

▪ Calculate
 Trust approved income and per share amounts required for periodic distributions to be made by the Trust;

▪ Calculate
 total return information;

▪ Coordinate
 the Trust's annual audit;

▪ Supply
 various normal and customary portfolio and Trust statistical data as requested on an ongoing basis; and

IRS CIRCULAR 230 DISCLOSURE:

To ensure compliance with requirements imposed by the Internal Revenue Service, BNY informs the Trust that any U.S. tax advice contained in any communication from BNY to the Trust (including any future communications) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein or therein.

**APPENDIX A**

**Trusts**

**Morgan Stanley Bitcoin Trust**

**Morgan Stanley Ethereum Trust**

**Morgan Stanley Solana Trust**

## Exhibit 10.6

**Exhibit 10.6**

![](tm2534148d4_ex10-6img001.jpg)

**FORM OF TRANSFER AGENCY AND SERVICE AGREEMENT**

THIS AGREEMENT is made as of the [●] day of [●], 20[●], (the "Effective Date") by and between the Morgan Stanley Trusts as listed on Appendix A (collectively, as Appendix A may be amended from time to time, the "Trust"), each a Delaware statutory trust, having its principal office and place of business at 1585 Broadway, New York, NY 10036 and THE BANK OF NEW YORK MELLON, a New York corporation authorized to do a banking business having its principal office and place of business at 240 Greenwich Street, New York, New York 10286 (the "Bank").

This Agreement shall constitute separate agreements, each between a single Trust and the Bank, as if such Trust had executed a separate Agreement naming only itself as the Trust, and no Trust shall have any liability for the obligations of any other Trust.

WHEREAS, the Trust will ordinarily issue for purchase and redeem shares of the Trust (the "Shares) only in aggregations of Shares known as "Creation Units" (currently 10,000 shares) (each a "Creation Unit") principally in kind;

WHEREAS, The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York ("DTC"), or its nominee (Cede & Co.), will be the registered owner (the "Shareholder") of all Shares; and WHEREAS, the Trust desires to appoint the Bank as its transfer agent, dividend disbursing agent, and agent in connection with certain other activities, and the Bank desires to accept such appointment;

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

1. <u>Terms of Appointment; Duties of the Bank</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. Subject to the terms and conditions set forth in this Agreement, the Trust hereby employs and appoints the Bank to act as, and the Bank agrees to act as, its transfer agent for the authorized and issued Shares, and as the Trust's dividend disbursing agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. Pursuant to such appointment, the Bank agrees that it will perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with the terms and conditions of this Agreement and the Authorized Participant Agreements prepared by the Trust's distributor ("Distributor"), a copy of which is attached hereto as Exhibit A, the Bank shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Perform and facilitate the performance of purchases and redemption of Creation Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Prepare and transmit by means of DTC's book-entry system payments for dividends and distributions on or with respect to the Shares, if any, declared by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Maintain the record of the name and address of the Shareholder and the number of Shares issued by the Trust and held by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Record the issuance of Shares of the Trust and maintain a record of the total number of Shares of the Trust which are outstanding and authorized, based upon data provided to it by the Trust. The Bank shall have no obligation, when recording the issuance of Shares, to monitor the issuance of such Shares or to take cognizance of any laws relating to the issue or sale of such Shares, which functions shall be the sole responsibility of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Prepare and transmit to the Trust and the Trust's administrator and to any applicable securities exchange (as specified to the Bank by the Trust or its administrator) information with respect to purchases and redemptions of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) On days that the Trust may accept orders for purchases or redemptions, calculate and transmit to the Distributor and the Trust's administrator the number of outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) On days that the Trust may accept orders for purchases or redemptions (pursuant to the Authorized Participant Agreement), transmit to the Bank, the Trust and DTC the amount of Shares purchased on such day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Confirm to DTC the number of Shares issued to the Shareholder, as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Prepare and deliver other reports, information and documents to DTC as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Extend the voting rights to the Shareholder for extension by DTC to DTC participants and the beneficial owners of Shares in accordance with policies and procedures of DTC for book-entry only securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Distribute or maintain, as directed by the Trust, amounts related to purchases and redemptions of Creation Units, dividends and distributions, variation margin on derivative securities and collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Maintain those books and records of the Trust specified by the Trust in Schedule A attached hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Prepare a monthly report of all purchases and redemptions of Shares during such month on a gross transaction basis, and identify on a daily basis the net number of Shares either redeemed or purchased on such Business Day and with respect to each Authorized Participant (as defined in each Authorized Participant Agreement) purchasing or redeeming Shares, the amount of Shares purchased or redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Receive from the Distributor (as defined in the Authorized Participant Agreement) or from its agent purchase orders from Authorized Participants for Creation Unit Aggregations of Shares received in good form and accepted by or on behalf of the Trust by the Distributor, transmit appropriate trade instructions to the National Securities Clearance Corporation, if applicable, and pursuant to such orders issue the appropriate number of Shares of the Trust and hold such Shares in the account of the Shareholder of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Receive from the Authorized Participants redemption requests, deliver the appropriate documentation thereof to the Trust's sponsor (which, for the purposes of this agreement, references to "sponsor" may mean a delegated sponsor) with respect to redemptions for cash and for redemptions in-kind, generate and transmit or cause to be generated and transmitted confirmation of receipt of such redemption requests to the Authorized Participants submitting the same; transmit appropriate trade instructions to the National Securities Clearance Corporation, if applicable, and redeem the appropriate number of Creation Unit Aggregations of Shares held in the account of the Shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Confirm the name, U.S taxpayer identification number and principle place of business of each Authorized Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) The Bank may execute transactions directly with Authorized Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) to the extent necessary or appropriate to enable the Bank to carry out any of the duties set forth in items (i) through (xvi) above. The Trust will be responsible for confirming the receipt of assets in connection with creation activity and the withdrawal of assets in connection with redemption activity prior to the creation or redemption of Creation Units by the Bank. The Bank has no responsibility to independently verify the accuracy of such information provided to it by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) Except as otherwise instructed by the Trust, the Bank shall process all transactions for the Trust in accordance with the policies and procedures mutually agreed upon between the Trust and the Bank with respect to the proper net asset value to be applied to purchases received in good order by the Bank or from an Authorized Participant before any cut-offs established by the Trust, and such other matters set forth in items (i) through (xvi) above as these policies and procedures are intended to address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank may maintain and manage, as agent for the Trust, such accounts as the Bank shall deem necessary for the performance of its duties under this Agreement, including, but not limited to, the processing of Creation Unit purchases and redemptions; and the payment of dividends and distributions. The Bank may maintain such accounts at financial institutions deemed appropriate by the Bank in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the services set forth in the above sub-section 1.2(a), the Bank shall: perform the customary services of a transfer agent and dividend disbursing agent including, but not limited to, maintaining the account of the Shareholder, maintaining the items set forth on Schedule A attached hereto, and performing such services identified in each Participant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The following shall be delivered to DTC participants as identified by DTC as the Shareholder for book-entry only securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Annual and semi-annual reports of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Trust proxies, proxy statements and other proxy soliciting materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Trust prospectus and amendments and supplements thereto, including stickers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Other communications as the Trust may from time to time identify as required by law or as the Trust may reasonably request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Bank shall provide additional services, if any, as may be agreed upon in writing by the Trust and the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Bank shall keep records relating to the services to be performed hereunder, in the form and manner to the extent required by Section 31 of the Investment Company Act of 1940 and the rules thereunder (the "Rules") as if the Trust was subject to such Rules all such books and records shall be the property of the Trust will be preserved, maintained and made available in accordance with such Section and Rules, and will be surrendered promptly to the Trust on and in accordance with its request.

2. <u>Fees and Expenses</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The Bank shall receive from the Trust such compensation for its services provided pursuant to this Agreement as may be agreed to from time to time in a written fee schedule approved by the parties. The fees are accrued daily and billed monthly and shall be due and payable upon receipt of the invoice. Upon the termination of this Agreement before the end of any month, the fee for the part of the month before such termination shall be prorated according to the proportion which such part bears to the full monthly period and shall be payable upon the date of termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. In addition to the fee paid under Section 2.1 above, the Trust agrees to reimburse the Bank for reasonable out-of-pocket expenses, including but not limited to confirmation production, postage, forms, telephone, microfilm, microfiche, tabulating proxies, records storage, or advances incurred by the Bank for the items set out in the fee schedule or relating to dividend distributions and reports (whereas all expenses related to creations and redemptions of Trust securities shall be borne by the relevant Authorized Participant in such creations and redemptions). In addition, any other expenses incurred by the Bank at the request or with the consent of the Trust, will be reimbursed by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. The Trust agrees to pay all fees and reimbursable expenses within thirty (30) days following the receipt of the respective billing notice accompanied by supporting documentation, as appropriate, unless otherwise agreed by the Parties. Postage for mailing of dividends, proxies, Trust reports and other mailings to all shareholder accounts shall be advanced to the Bank by the Trust at least seven (7) days prior to the mailing date of such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. The Trust hereby represents and warrants to the Bank that (i) the terms of this Agreement, (ii) the fees and expenses associated with this Agreement, and (iii) any benefits accruing to the Bank or to the adviser to, or sponsor of, the Trust in connection with this Agreement, including, but not limited to, any fee waivers, reimbursements, or payments made, or to be made, by the Bank to such adviser or sponsor or to any affiliate of the Trust relating to this Agreement have been fully disclosed to the Trust or the Trust's sponsor and that, if required by applicable law, the Trust or the Trust's sponsor has approved or will approve the terms of this Agreement, and any such fees, expenses, and benefits.

3. <u>Representations and Warranties of the Bank</u> 

The Bank represents and warrants, which representations and warranties shall be deemed to be continuing, to the Trust that:

It is a banking company duly organized and existing and in good standing under the laws of the State of New York.

It is duly qualified to carry on its business in the State of New York.

It is empowered under applicable laws and by its Charter and By-Laws to act as transfer agent and dividend disbursing agent and to enter into, and perform its obligations under, this Agreement.

All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement.

It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement.

The Bank maintains policies and procedures reasonably designed to ensure compliance with anti-corruption laws, anti-money laundering laws, and sanctions laws applicable to the Bank's provision of services under this Agreement. It is conducting its business in material compliance with all laws and regulations applicable to the Bank in its capacity as a service provider hereunder, has made and will continue to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; and there is no provision of its organizational documents, nor of contract which would prohibit its execution or performance of this Agreement.

4. <u>Representations and Warranties of the Trust</u> 

The Trust represents and warrants to the Bank that:

It is duly organized and existing and in good standing under the laws of Delaware.

It is empowered under applicable laws and by its Declaration of Trust and Trust Agreement to enter into and perform this Agreement.

A registration statement under the Securities Act of 1933, as amended, on behalf of the Trust will become effective and will remain effective and appropriate state securities law filings will be made and will continue to be made, with respect to all Shares of the Trust being offered for sale.

5. <u>Indemnification</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. The Bank shall not be responsible for, and the Trust shall indemnify and hold the Bank and its directors, officers, employees and agents harmless from and against, any and all losses, damages, costs, charges, counsel fees, including, without limitation, those incurred by the Bank in a successful defense of any claims by the Trust, payments, expenses and liability ("Losses") which may be sustained or incurred by or which may be asserted against the Bank in connection with or relating to this Agreement or the Bank's actions or omissions with respect to this Agreement, or as a result of acting upon any instructions reasonably believed by the Bank to have been duly authorized by the Trust or upon reasonable reliance of information or records given or made by the Trust; except for any Losses for which the Bank has accepted liability pursuant to Article 6 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. This indemnification provision shall apply to actions taken or omissions pursuant to this Agreement or a Participant Agreement.

6. <u>Standard of Care and Limitation of Liability</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. In performing its duties under this Agreement, the Bank will exercise the same standard of care and diligence that a professional transfer agent, dividend disbursing agent, and agent engaged in the banking or trust company industry would observe in these affairs taking into account the prevailing rules, practices, procedures and circumstances in the relevant market acting without bad faith, gross negligence, or willful misconduct ("Standard of Care").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. The Bank shall have no responsibility and shall not be liable for any Losses incurred by the Trust, except for those Losses arising out of the Bank's failure to perform its obligations under this Agreement, in accordance with the Standard of Care, subject to the clarifications and exceptions set forth in this Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Consistent with Section 7.1 herein, subject to the Standard of Care, the Bank will be liable for all acts and omissions of its subcontractors to the same extent as if the Bank was itself performing the relevant duties, except as provided in this Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each party (and their respective affiliates) will have a duty to mitigate damages or Losses hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. The parties agree that any encoding or payment processing errors shall be governed by this Standard of Care, and not Section 4-209 of the Uniform Commercial Code which shall be superseded by this Article. In no event shall the Bank or the Trust be liable for special, indirect or consequential damages, regardless of the form of action and even if the same were foreseeable, provided that this consequential damages waiver contained in Section 6.3 shall not apply to the Trust's duty to indemnify the Bank pursuant to Section 5 herein. For purposes of this Agreement, none of the following shall be or be deemed a breach of the Bank's Standard of Care:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The conclusive reliance on or use by the Bank or its agents or subcontractors of information, records, documents or services which (i) are received by the Bank or its agents or subcontractors, and (ii) have been prepared, maintained or performed by the Trust or any other person or firm on behalf of the Trust including but not limited to any previous transfer agent or registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The conclusive reliance on, or the carrying out by the Bank or its agents or subcontractors of, any instructions or requests of the Trust or instructions or requests on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The offer or sale of Shares by or for the Trust in violation of any requirement under the federal securities laws or regulations, or the securities laws or regulations of any state that such Shares be registered in such state, or any violation of any stop order or other determination or ruling by any federal agency, or by any state with respect to the offer or sale of Shares in such state.

7. <u>Concerning the Bank</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank may delegate, subcontract with, hire, engage or otherwise outsource to any delegee, agent, or subcontractor with respect to the performance of any one or more of the material functions, services, duties or obligations of the Bank under this Agreement ("Outsourcing"), without the prior consent of the Trust, but with commercially reasonable notice to the Trust in light of the relevant circumstances,— whenever and on such terms and conditions as it deems necessary or appropriate to perform its services hereunder. However, no such Outsourcing shall discharge the Bank from its obligations hereunder, and the Bank will be liable for the acts or omissions of any delegee, agent, or subcontractor to the same extent that the Bank itself would be liable for such acts or omissions under this Agreement had it performed or not performed the relevant act or omission itself subject to the Standard of Care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. Trust and/or its designee (including any of Trust's investment managers) will furnish the Bank with one or more written lists or other documentation acceptable to the Bank specifying the names and titles of, or otherwise identifying, all persons authorized to act on behalf of the Trust with respect to this Agreement (each, an "Authorized Person"). Trust will be responsible for keeping such lists and/or other documentation current, and will update such lists and/or other documentation, as necessary from time to time. The Bank shall be entitled to conclusively rely upon any written or oral instruction issued by an Authorized Person actually received by the Bank and reasonably believed by the Bank to be duly authorized and delivered. The Trust agrees to forward to the Bank written instructions confirming oral instructions by the close of business of the same day that such oral instructions are given to the Bank. The Trust agrees that the fact that such confirming written instructions are not received or that contrary written instructions are received by the Bank shall in no way affect the validity or enforceability of transactions authorized by such oral instructions and effected by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. Information Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Term of this Agreement, the Bank will implement and maintain an information security program ("ISP") with written policies and procedures reasonably designed to protect the confidentiality and integrity of the Trust's Confidential Information provided to the Bank in accordance with this Agreement and when in the Bank's possession or under the Bank's control ("Trust Data"). The ISP will include administrative, technical and physical safeguards, appropriate to the type of Trust Data concerned, reasonably designed to : (i) maintain the integrity, confidentiality and availability of Trust Data; (ii) protect against anticipated threats or hazards to the security or integrity of Trust Data; (iii) protect against unauthorized access to or use of Trust Data that could result in substantial harm or inconvenience to the Trust or its clients; and, (iv) provide for secure disposal of Trust Data. The Bank's program is dynamic and may be modified to address technological changes or changes in the threat landscape, the Bank's business activities or other factors. The Bank reserves the right to modify the ISP at any time, provided that the Bank shall not diminish the overall level of protection the ISP is intended to provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Logging.* The ISP will require the maintenance of network and application logs as part of the Bank's security information and event management processes. Logs are retained in accordance with law applicable to the Bank's provision of the services as well as the Bank's applicable policies. The Bank uses various tools in conjunction with such logs, which may include behavioral analytics, security monitoring case management, network traffic monitoring and analysis, IP address management and full packet capture. Logs may be centralized and correlated for security event alerting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Data Security.*

(A) *Identity and Access Management.* The Bank will implement reasonable and industry recognized user access rules for users accessing Trust Data based on the need to know and the principle of least privilege, including user ID and password requirements, session timeout and reauthentication requirements, unsuccessful login attempt limits, privileged access limits and multifactor authentication or equivalent safeguard where risk factors indicate that single factor is inadequate. The Bank's identity and access management processes include the identification, authentication, authorization and periodic recertification of information users at the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) *Data Segregation.* The ISP will require that: (i) Trust Data is stored in either physically or logically segregated databases from other Bank data; and (ii) different databases are maintained for development, testing, staging and production environments used in the provision of services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) *Encryption.* The Bank will: (i) encrypt Trust Data in transit to an external network using transport layer security or other encryption method; and (ii) protect Trust Data at rest, in each case as the Bank determines to be appropriate in accordance with the ISP and law applicable to the Bank's provision of the services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) *Remote Access.* The ISP will restrict remote access to the Bank systems used to provide the services to authorized users using multifactor authentication or equivalent safeguard, and will require such access to be logged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) *Devices.* The Bank will restrict the transfer of Trust Data from its network to mass storage devices. The Bank will use a mobile device management system or equivalent tool when mobile computing is used to provide the services. Applications on such authenticated devised will be housed within an encrypted contained and the Bank will maintain the ability to remote wipe the contents of the container.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) *Disposal.* The Bank will maintain chain of custody procedures and require that any Trust Data requiring disposal be rendered inaccessible, cleaned or scrubbed from such hardware and/or media using industry recognized methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) *Physical Security.* The Bank will deploy perimeter security such as barrier access controls around its facilities processing or storing Trust Data. The ISP will include: (i) procedures for validating visitor identity and authorization to enter the premises, which may include identification checks, issuance of identification badges and recording of entry purpose of visit; and (ii) physical security policies for personnel, such as a "clean desk" policy. In accordance with its ISP and applicable law, the Bank will install closed circuit television ("CCTV") systems and CCTV recording systems to monitor and record access to controlled areas, such as data centers and server rooms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Audit Rights*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Bank shall, no more than once in a 12 month period: (i) upon request, provide a copy of its most recent System and Organization Controls (SOC) or equivalent external audit report to the Trust, which the Trust may disclose solely to its internal or external auditors that are subject to written confidentiality obligations to use reasonable care to safeguard the report and not to disclose the report to any third party or use the report for any purpose other than evaluating the Bank's security controls; (ii) engage a third party provider to perform penetration testing of the Bank's systems used to provide the services (subject to agreed upon rules of engagement) and, upon request, provide the Trust confirmation of such testing; and (iii) upon request, participate in the Trust's reasonable information security due diligence questionnaire process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Bank shall also, no more than once in any 12 month period and upon request, on a mutually agreed date during business hours and subject to the Bank's facility security policies and availability of personnel

1. Meet with the Trust's subject matter experts in a Bank clean room to review information security policies, procedures and similar related information; provided that no documentation may be copied, disclosed to any third party, or transmitted or removed from Bank premises except as mutually agreed in writing; and

2. Permit access to a Bank data center used to process Trust Data and provide the services by no more than 3 Trust representatives, including employees of a regulatory or supervisory authority of the Trust that is also a regulatory or supervisory authority of the Bank, for a maximum of 3 hours in order to conduct a visual inspection of the environment and its controls.

3. Notwithstanding any other provision in the Agreement to contrary, the Trust shall not disclose any verbal or written information obtained during the foregoing meetings described in the above subjections 7.4(a)(iii)(B)(1) and (2) to any third party or use it for any purpose other than evaluating the Bank's security controls, without the Bank's prior written consent. The Trust shall reimburse the Bank for any costs and expenses reasonably incurred in connection with the Trust's review (including that of the regulatory or supervisory authority personnel) of the Bank's security controls and data center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Security Incident Management & Breach Notification*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Bank will maintain a documented incident management process designed to detect security events and respond to the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event of a declared Security Incident, the Bank will activate its incident response plan, including to: (i) notify the Trust within three business days; (ii) provide updates to the Trust regarding the Bank's response; and, (iii) use reasonable efforts to implement measures designed to prevent reoccurrence of Security Incidents of a similar nature.

(A) "Security Incident" means any known: (i) breach of nonpublic personal information as defined in the Gramm-Leach-Bliley Act of 1999 ("NPPI") that is notifiable under state law; or (ii) unauthorized access to, disruption, or misuse of a component of the Bank's network that directly impacts its provision of the services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Business Continuity/Disaster Recovery.* The Bank will implement business continuity and disaster recovery plans designed to minimize interruptions of service and enhance recovery of systems and applications used to provide the services under this Agreement. Such plans will cover the facilities, systems, backups, applications and employees that are critical to the provision of the services, and such plans will be tested regularly to assess if the recovery strategies, requirements and protocols are viable and sustainable. The Bank will maintain encrypted data backups to the same extent that the data is encrypted in the production environment based on the Bank's policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. The Bank shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement and the Participation Agreement, and no covenant or obligation shall be implied against the Bank in connection with this Agreement, except as set forth in this Agreement and the Participation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. At any time the Bank may apply to an officer of the Trust, but is not obligated to do so, for written instructions with respect to any matter arising in connection with the Bank's duties and obligations under this Agreement, and the Bank, its agents, and subcontractors shall not be liable for any action taken or omitted to be taken in good faith in accordance with such instructions. Such application by the Bank for instructions from an officer of the Trust may, at the option of the Bank, set forth in writing any action proposed to be taken or omitted to be taken by the Bank with respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken, and the Bank shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application on or after the date specified therein unless, prior to taking or omitting to take any such action, the Bank has received written or oral instructions in response to such application specifying the action to be taken or omitted. In connection with the foregoing, the Bank may consult with legal counsel of its own choosing, but is not obligated to do so, and advise the Trust if any instructions provided by the Trust at the request of the Bank pursuant to this Article or otherwise would, to the Bank's knowledge, cause the Bank to take any action or omit to take any action contrary to any law, rule, regulation or commercially reasonable practice for similarly situated service providers. In the event a situation or circumstance arises whereby the Bank adopts a course of conduct in reliance upon written legal advice it has received (which need not be a formal opinion of counsel) and the course of conduct is not identical to the course of conduct contained in the instructions received from the Trust, the Bank may reply upon and follow the written legal advice without liability hereunder provided it otherwise acts in compliance with this Agreement and notifies the Trust of its determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. The Bank, its agents and subcontractors may act upon any paper or document, reasonably believed to be genuine and to have been signed by the proper person or persons, or upon any instruction, information, data, records or documents provided to the Bank or its agents or subcontractors by or on behalf of the Trust by machine readable input, telex, CRT data entry, e-mail or other similar means authorized by the Trust, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. The Bank shall retain title to and ownership of any and all data bases, computer programs, screen formats, report formats, interactive design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise, patents, copyrights, trade secrets, and other related legal rights utilized by the Bank in connection with the services provided by the Bank hereunder. Notwithstanding the foregoing, the parties hereto acknowledge that the Trust shall retain all ownership rights in Trust data residing on the Bank's electronic system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8. Notwithstanding any provisions of this Agreement to the contrary, the Bank shall be under no duty or obligation to inquire into, and shall not be liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The legality of the issue, sale or transfer of any Shares, the sufficiency of the amount to be received in connection therewith, or the authority of the Trust to request such issuance, sale or transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The legality of the purchase of any Shares, the sufficiency of the amount to be paid in connection therewith, or the authority of the Trust to request such purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The legality of the declaration of any dividend by the Trust, or the legality of the issue of any Shares in payment of any stock dividend; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The legality of any recapitalization or readjustment of the Shares.

8. <u>Providing of Documents by the Trust and Transfers of Shares</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. The Trust shall promptly furnish to the Bank with a copy of its Declaration of Trust and Trust Agreement and all amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. In the event that DTC ceases to be the Shareholder, the Bank shall re-register the Shares in the name of the successor to DTC as Shareholder upon receipt by the Bank of such documentation and assurances as it may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. The Bank shall have no responsibility whatsoever with respect to of any beneficial interest in any of the Shares owned by the Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. The Trust shall deliver to the Bank the following documents on or before the effective date of any increase, decrease or other change in the total number of Shares authorized to be issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A certified copy of the amendment to the Trust's Declaration of Trust and Trust Agreement with respect to such increase, decrease or change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to the validity of the Shares, the obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or regulations (i.e., if subject to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. Prior to the issuance of any additional Shares pursuant to stock dividends, stock splits or otherwise, and prior to any reduction in the number of Shares outstanding, the Trust shall deliver to the Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A certified copy of the order or consent of each governmental or regulatory authority required by law as a prerequisite to the issuance or reduction of such Shares, as the case may be, and an opinion of counsel for the Trust that no other order or consent is required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to the validity of the Shares, the obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or regulations (i.e., if subject to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. The Bank and the Trust agree that all books, records, confidential, non-public, or proprietary information, information that is either marked or identified in writing as confidential, proprietary, or secret and data pertaining to the business of the other party which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement ("Confidential Information") shall remain confidential, and shall not be voluntarily disclosed to any person other than its auditors, accountants, regulators, employees, agents, attorneys in fact or counsel, except as may be or may become required by law, by administrative or judicial order or by rule. Each party agrees to a) secure and protect the Confidential Information of the other party from unauthorized use or disclosure by using at least the same degree of care as the party employs to avoid unauthorized use of or disclosure of its own Confidential Information, but in no event less than reasonable care and (b) not duplicate any material containing the Confidential Information of the other party except in the direct performance of its obligations hereunder. The foregoing confidentiality obligation shall not apply to any information to the extent: (i) it is already known to the receiving party at the time it is obtained; (ii) it is or becomes publicly known or available through no wrongful act of the receiving party: (iii) it is rightfully received from a third party who, to the receiving party's knowledge, is not under a duty of confidentiality; (iv) it is released by the protected party to a third party without restriction; or (v) it has been or is independently developed or obtained by the receiving party without reference to the information provided by the protected party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. In case of any requests or demands for the inspection of the Shareholder records of the Trust, the Bank will promptly employ reasonable commercial efforts to notify the Trust and secure instructions from an authorized officer of the Trust as to such inspection. The Bank reserves the right, however, to exhibit the Shareholder records to any person whenever it is advised by its counsel that it may be held liable for the failure to exhibit the Shareholder records to such person.

9. <u>Termination of Agreement</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. The term of this Agreement shall be three years commencing upon the Effective Date (the "Initial Term") and shall automatically renew for additional one-year terms (each a "Subsequent Term") unless either party provides written notice of termination at least ninety (90) days prior to the end of the Initial Term or any Subsequent Term or, unless earlier terminated as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Either party hereto may terminate this Agreement prior to the expiration of the Initial Term in the event the other party breaches any material provision of this Agreement, including, without limitation in the case of the Trust, its obligations under Section 2.1, provided that the non-breaching party gives written notice of such breach to the breaching party and the breaching party does not cure such violation within ninety (90) days of receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Either party hereto may terminate this Agreement immediately by sending notice thereof to the other party upon the happening of any of the following: (i) a party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against such party any such case or proceeding; (ii) a party commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for such party or any substantial part of its property or there is commenced against the party any such case or proceeding; (iii) a party makes a general assignment for the benefit of creditors; or (iv) a party states in any medium, written, electronic or otherwise, any public communication or in any other public manner its inability to pay debts as they come due. Either party hereto may exercise its termination right under this Section 9.1(b) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust may terminate this Agreement at any time upon thirty (30) days' prior written notice in the event that the Trust's sponsor determines to liquidate the Trust. The Bank may terminate this Agreement at any time upon ninety (90) days' written notice for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. Should the Trust exercise its right to terminate, all out of pocket expenses associated with the movement of records and material will be borne by the Trust. Termination by a party of this Agreement will be without prejudice to and with full reservation of any other rights and remedies available to the other party. Termination will not affect any of the obligations either party owes to the other arising under this Agreement prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. The terms of Article 2 (with respect to fees and expenses incurred prior to termination), Article 5 and Article 6 shall survive any termination of this Agreement.

10. <u>Additional Series</u> 

In the event that the Trust establishes one or more additional series of Shares with respect to which it desires to have the Bank render services as transfer agent under the terms hereof, it shall so notify the Bank in writing, and if the Bank agrees in writing to provide such services, such additional issuance shall become Shares hereunder.

11. <u>Assignment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. Neither this Agreement nor any rights or obligations hereunder may be assigned by either party without the written consent of the other party; provided, however that the Bank may, without the consent of the Trust, assign this Agreement or any of its rights, or delegate any of its duties hereunder: (a) to any Bank affiliate; (b) to any successor to the business of the Bank to which this Agreement relates, in which event the Bank agrees to provide notice of such successor to the Trust or (c) as otherwise permitted in this Agreement; provided further that any entity to which this Agreement is assigned by the Bank without the prior written consent of the Trust pursuant to the foregoing will satisfy the requirements for serving as a transfer agent. Any purported assignment or delegation by a party in violation of this provision will be voidable at the option of the other party. This Agreement will be binding upon, and inure to the benefit of, the parties and their respective permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. This Agreement shall inure to the benefit of and be binding upon the parties and their respective permitted successors and assigns.

12. <u>Severability and Beneficiaries</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, the legality and enforceability of the remaining provisions shall not in any way be affected thereby provided obligation of the Trust to pay is conditioned upon provision of services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. This Agreement is solely for the benefit of the Bank and the Trust, and none of any Authorized Participant (as defined in the Authorized Participant Agreement), the Distributor, any Shareholder or beneficial owner of any Shares shall be or be deemed a third party beneficiary of this Agreement.

13. <u>Amendment</u> 

This Agreement may be amended or modified by a written agreement executed by both parties.

14. <u>New York Law to Apply</u> 

This Agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof The Trust and the Bank hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. The Trust hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient forum. The Trust and the Bank each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.

15. <u>Merger of Agreement</u> 

This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written.

16. <u>Notices</u> 

Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions), all notices, requests, consents and other communications pursuant to this Agreement in writing shall be sent as follows:

If to the Bank:

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: ETF Operations

with a copy to:

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: Legal Dept. — Asset Servicing

If to the Trust:

CSC Delaware Trust Company<br> Attention: Corporate Trust Administration<br> 251 Little Falls Drive<br> Wilmington, DE 19808

**with a copy to Sponsor of the Trust:**

Morgan Stanley Investment Management Inc.<br> 1585 Broadway<br> New York, New York 10036<br> Attn: [●]

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt.

17. <u>Information Sharing</u> 

The Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the `BNY Group"). The BNY Group may centralize functions including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the "Centralized Functions") in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) the Trust consents to the disclosure of and authorizes the Bank to disclose information regarding the Trust ("Customer-Related Data") to the BNY Group and to its third-party service providers who are subject to confidentiality obligations with respect to such information and (ii) the Bank may store the names and business contact information of the Trust's employees and representatives on the systems or in the records of the BNY Group or its service providers. The BNY Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Group, and notwithstanding anything in this Agreement to the contrary the BNY Group will own all such aggregated data, provided that the BNY Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with a particular customer. The Trust confirms that it is authorized to consent to the foregoing. Any distribution of such aggregated data shall not be in a format that can be reverse engineered to identify customer-related data with respect to any Particular Trust.

18. <u>Counterparts</u> 

This Agreement may be executed by the parties hereto in any number of counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

19. <u>Several Nature of Trust Obligations</u> 

The Parties acknowledge and agree that where "Trust" refers to multiple trusts as listed on Appendix A, each such trust is a separate Trust under this Agreement. The obligations of each Trust under this Agreement are several and not joint. If at any time one or more Trust ceases to be a party to this Agreement (whether by reason of termination of this Agreement with respect to such Trust, dissolution, liquidation or otherwise), this Agreement shall continue in full force and effect with respect to all remaining Trusts, and Appendix A shall be deemed automatically amended to remove any such exiting Trust without further action by the Parties. No Trust shall have any liability or responsibility for the obligations, representations, warranties, acts or omissions of any other Trust under this Agreement.

[Signature page follows.]

**EXECUTION VERSION**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the latest date set forth below.

---

| | |
|:---|:---|
| MORGAN STANLEY INVESTMENT | MORGAN STANLEY INVESTMENT |
| MANAGEMENT, INC. AS SPONSOR FOR AND ON BEHALF OF EACH ENTITY LISTED ON APPENDIX A | MANAGEMENT, INC. AS SPONSOR FOR AND ON BEHALF OF EACH ENTITY LISTED ON APPENDIX A |
| By: |  |
|  | Name: |
|  | Title: |
|  | Date: [·], 2026 |

---

---

| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: |  |
|  | Name: |
|  | Title: |
|  | Date: [·], 2026 |

---

**EXECUTION VERSION**

**SCHEDULE A**

**<u>Books And Records To Be Maintained By The Bank</u>**

Source Documents requesting Creations and Redemptions (including dates and times of orders)

Correspondence/AP Inquiries

Reconciliations, bank statements, copies of canceled checks, cash proofs

Daily/Monthly reconciliation of outstanding Shares between the Trust and DTC

Dividend Records

Year-end Statements and Tax Forms

**EXECUTION VERSION**

**<u>EXHIBIT A</u>**

Form of Authorized Participant Agreement

**EXECUTION VERSION**

**APPENDIX A**

**Trusts**

**Morgan Stanley Bitcoin Trust** 

**Morgan Stanley Ethereum Trust** 

**Morgan Stanley Solana Trust**

## Exhibit 10.7

**Exhibit 10.7**

---

| | |
|:---|:---|
| ![](tm2534148d4_ex10-7img001.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**<u>Form of CoinDesk Indices Master License Agreement</u>**

This Master License Agreement (this "Master Agreement") is made as of [●], 2026 (the "Effective Date") by and between CoinDesk Indices, Inc., a Delaware corporation ("CDI"), having its principal place of business at 169 Madison Ave, Suite 2635, New York, NY 10016 and Morgan Stanley Investment Management Inc., a corporation organized under the laws of the State of Delaware ("Client") having its primary place of business at 1585 Broadway, New York, NY 10036, to enable Client and Client's affiliates, including certain trusts sponsored by the Client (the "Trusts"), to make use of, as required, certain of CDI products and services as further discussed and defined below. Each of the parties hereto may be referred to herein collectively as the "Parties" or each, a "Party."

**1. <u>Service(s)</u>**. Subject to the terms hereunder, CDI will provide Client with the Services (defined below) as set forth on the applicable Service Schedule(s) (defined below). As used herein the following terms have the following ascribed meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** "Agreement" means the terms and conditions of this Master Agreement together with the applicable Service Schedule, as the same may be amended in writing by the Parties from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** "Applicable Law" means all applicable laws, rules, regulations, administrative, judicial and governmental orders, including the rules of any applicable self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.** "CDI Materials" means any, or part of, the Data, Marks and Methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.** "Data" means all index data, trend indicators, rates, and/or related information made available to Client as part of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5.** "Services" means the CDI Materials, which may include Data, and related and/or ancillary products and/or services to be provided or licensed by CDI to Client, as set forth and/or further described in a Service Schedule and as may be updated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6.** "Service Schedule" means a schedule in a form mutually agreed to by CDI and Client and entered into by the Parties from time to time setting out the Services to be provided and/or licensed by CDI to Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7.** "Marks" means the trademarks CoinDesk and/or CoinDesk Indices, including any particular CDI index name, together with any other trade names, trademarks, or service marks used by CDI or its third-party licensors in commerce in association with CDI's indices and as may expressly be set forth in a Service Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8.** "Methodology" means the methodology, process, procedure, formula, algorithm, and/or rules relating to the construction, calculation, and/or distribution of Data.

**2. <u>Fees and Payments</u>**. Client agrees to pay the fees as set forth on the applicable Service Schedule and as otherwise set forth herein in accordance with the payment terms in the Agreement. Unless otherwise set forth on the applicable Service Schedule, all amounts payable hereunder shall be payable in full, within sixty (60) days of the receipt of a valid invoice. A one and a half percent (1.5%) monthly service charge or the highest amount permissible by Applicable Law, if less, is payable on all undisputed overdue balances that are outstanding more than ninety (90) days after the due date of the invoice. Such service charge is in addition to the overdue balance. All fees are exclusive of, and Client is responsible for paying, pre-approved reimbursable expenses mutually agreed in writing, and applicable federal, state and local sales, use, excise or other applicable taxes other than taxes on the net income of CDI. CDI may reflect any such taxes in invoices submitted to Client by CDI.

---

| | |
|:---|:---|
| ![](tm2534148d4_ex10-7img001.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**3. <u>Term</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** The Master Agreement shall be effective on and from the Effective Date and shall continue in effect until no Service Schedules are in effect, or as otherwise terminated in accordance with its terms or in accordance with law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** Each Service Schedule shall, unless otherwise set forth therein, be effective on and from the applicable effective date set forth therein, shall continue for an initial term of three (3) years ("Initial Term"), and shall automatically renew for successive one (1) year renewal terms (each a "Renewal Term" and, with the Initial Term, the "Term"), unless either Party notifies the other Party of its intent not to renew a Service Schedule with no less than ninety (90) days written notice to the other Party prior to the commencement of any Renewal Term, as applicable. This is always subject to the earlier termination of such Service Schedule in accordance with this Master Agreement, the provisions of a particular Service Schedule or otherwise in accordance with law or equity.

**4. <u>Termination</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** Either Party may terminate the Agreement due to a material breach of the Agreement by the other Party: (a) 30 days' following its receipt of notice of the breach where the breach is reasonably capable of being cured and the breaching Party fails to cure such breach to the non-breaching Party's reasonable satisfaction or (b) with immediate effect where such breach is not reasonably capable of being cured. Either Party may terminate this Agreement on written notice if the other Party undergoes a Change of Control (as defined below); provided that such notice may only be given within 60 days of the terminating Party first becoming aware of such Change of Control having occurred or of the terminating Party receiving written notification of it having occurred from the other Party, whichever is the later. "Change of Control" for these purposes means either: (i) the sale of all or substantially all of the assets of a Party to an unaffiliated party; or (ii) any merger, consolidation or acquisition of the capital stock of a Party the result of which is that an unaffiliated third-party holds more than twenty-five percent (25%) of either the economics or voting capital stock of such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.** Upon any termination or expiration of the Agreement or cancellation of Client's subscription to any Services, except with respect to any Service that includes Data for which Client has purchased an ongoing history product from CDI and paid to CDI all fees and other amounts associated with such ongoing data history product, Client shall with respect to such terminated Services: (i) cease, within sixty (60) days of the termination or expiration of this Agreement, all use of the applicable Services, including use of the relevant Data and other CDI Materials to operate, maintain, support, and wind down any financial products or services issued by Client prior to the effective date of termination or expiration; and (ii) expunge all Data and other CDI Materials and any portion or copies thereof accessed or obtained from such Services from all of Client's electronic systems within sixty (60) days of the termination or expiration of this Agreement, provided that Client may retain portions of such Data and other CDI Materials only to the extent necessary for compliance with Applicable Law and only if such retained Data and other CDI Materials are: (1) maintained in a secure, archival-type environment; (2) used by Client solely to the extent necessary to respond to investigations and/or audit requests from relevant regulatory agencies or as otherwise required by Applicable Law following termination of the Agreement or cancellation of Client's subscription to such Data and/or other CDI Materials thereunder. At CDI's request, Client shall certify to CDI in writing that Client has fully complied with this paragraph. Sections 2, 4, 5, 6.2, 7, 8, 9, 10, 11, 12, and 15 shall survive termination or expiration of the Term for any reason.

---

| | |
|:---|:---|
| ![](tm2534148d4_ex10-7img001.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**5. <u>Use of Brands; Marketing</u>**. Each Party (the "Using Party") may use the other Party's (the "Brand Owner") name, trade name, trademarks and logos (collectively, the "Brands") solely (a) during the Term and solely for the purposes of the Services provided under the Agreement; (b) for certain marketing and promotional purposes as mutually agreed upon in advance, in writing, by both Parties; and (c) in accordance with reasonable guidelines published or provided by the Brand Owner in connection therewith. In connection with the foregoing, Client acknowledges that CDI's brand is "CoinDesk Indices" and not simply "CoinDesk." CDI may, with Client's prior written consent, identify Client as a customer of CDI and describe the Services used by Client and Client's experience with such Services, and CDI may, with Client's prior written consent, develop and make available a case study, magazine article, video, press release (including a win release announcement) and/or podcast related to Client's use of the Services. All use of the Brands and the goodwill associated therewith shall inure to the sole benefit of the Brand Owner. The Using Party acknowledges that, as between the Parties, the Brand Owner is the exclusive owner of the Brands and use of the Brands pursuant to the Agreement does not convey to the Using Party any right, title or interest in or to the Brands. At no time shall the Using Party challenge or assist others in challenging the Brands or the registration thereof (except where such a limitation is prohibited by local law) or attempt to register any trademarks, service marks or trade names confusingly similar to those of the Brands. For clarity, Client's and its affiliates' use of CDI's Brands as reasonably necessary in relation to financial products or services issued by Client and/or any of its affiliates that reference the Services, including associated regulatory, disclosure, reporting, investor-communication and product-related materials (such as required prospectuses, shareholder reports, fact sheets, and website disclosures), shall not be considered "marketing and promotional purposes" requiring separate mutual written agreement under subsection (b), provided such use includes appropriate attribution and complies with CDI's reasonable Brand guidelines. Client shall under no circumstances give the impression, either expressly or by implication, that any such financial products or services are created, purchased, sold and/or traded by CDI.

**6. <u>License Grant; Restrictions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.** Subject to the terms of this Agreement, CDI hereby grants to Client and Client's affiliates during the Term a worldwide, irrevocable (save where this Agreement is terminated in accordance with its terms), non-exclusive, transferable, sublicensable license to access and use the Services for its business purposes and for no other purpose whatsoever except as may expressly set forth in a Service Schedule(s). All rights not expressly granted to Client under this Agreement are reserved by CDI. For clarity, use by the Client and its affiliates includes use by their respective officers, employees and contractors, provided always that such use is on behalf of the Client and its affiliates only.

---

| | |
|:---|:---|
| ![](tm2534148d4_ex10-7img001.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.** Client may not use the Services in any manner not expressly permitted by the Agreement. Without limiting the foregoing, Client shall not, and shall not permit any third party to, unless expressly permitted via the applicable Service Schedule: (a) reverse engineer, decompile, disassemble or modify in any way the CDI Materials, or any part thereof; (b) rent, lease, loan, create or prepare derivative works of the CDI Materials or any part thereof, except that nothing in this Section 6.2(b) prohibits Client from generating regulatory, disclosure, reporting, investor-communication or product-related materials that reference or include the Services, Data or CDI Materials as expressly permitted under this Agreement; (c) resell, provide, make available to or permit use of or access to the CDI Materials, in whole or in part, by any person or entity other than Client and its affiliates except to the extent such use or access is expressly permitted under this Agreement or the applicable Service Schedule (including where reasonably necessary in relation to financial products or services issued by Client that reference the Services) except that Client may redistribute *de minimis* portions of Data on an occasional basis as part of Client's externally published reports, provided that Client clearly identifies CDI as the source of the Data, disclaims all liability of CDI with respect to such Data, and provided further that such reports and the information contained therein cannot be used as a source or substitute for any product or service offered by CDI); (d) use the Services to create or enhance a competitive offering or for any purpose which is competitive to CDI; (e) intentionally perform or fail to perform any other act which would result in a misappropriation or infringement of CDI's intellectual property rights in the CDI Materials; (f) attempt to use or gain unauthorized access to CDI's or to any third party's networks or equipment; (g) engage in fraudulent or otherwise illegal activity or intentionally engage in any activity that infringes the intellectual property rights or privacy rights of any individual or third party; (h) attempt to probe, scan or test the vulnerability of any system, account or network of CDI; (i) restrict, or interfere with the ability of any other person to use or enjoy CDI Materials, or cause a performance degradation to any systems used to provide the Services. Client agrees to be liable to CDI for acts and omissions of its internal users as if they were done or omitted by Client itself. Client shall use the Services in compliance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.** Client is responsible for obtaining the software, hardware, equipment, and data network access necessary to use the Services. Client's mobile network data and messaging rates and fees may apply if it accesses or uses the Services from a mobile device. Client is responsible for acquiring and updating compatible software, hardware, and devices necessary to access and use the Services. Client agrees to notify CDI promptly upon learning of any actual or suspected loss, theft or unauthorized use of CDI Materials or any other breach of security relating to the Service.

---

| | |
|:---|:---|
| ![](tm2534148d4_ex10-7img001.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**7. <u>Intellectual Property Rights</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** The Services are compiled, prepared, revised, selected, and arranged by CDI through the application of methods and standards of judgment developed and applied through the expenditure of substantial time, effort and money, and the Services constitute the valuable intellectual property of CDI. Client acknowledges and agrees that, as between CDI and Client, to the fullest extent permitted by Applicable Law, all right, title and interest in and to the content of Services, and all modifications and enhancements thereof or thereto, including, without limitation, all rights under copyright and patent and other intellectual property rights, belong to and are retained solely by CDI. Nothing in this Agreement prevents Client from using the Services, Data or CDI Materials as expressly permitted under this Agreement or as required by the Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.** Except as otherwise provided in any applicable Service Schedule(s) or elsewhere in this Agreement, Client agrees that it will not broadcast, retransmit, reproduce, create any derivative of the Services. Client is prohibited from violating or attempting to violate the security of the Services or interfering in any manner with any security-related feature of any method of delivering or accessing the Services. For clarity, customary use of the Services, and required attribution in connection with financial products or services issued by Client that reference the Services, including associated regulatory, disclosure, reporting, investor-communication and other product-related materials, shall not be deemed a prohibited broadcast, retransmission or derivative work, provided such use complies with the license granted under this Master Agreement and CDI's reasonable brand and attribution guidelines.

**8. <u>Privacy; Data Protection; Information Sharing</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.** Each Party is responsible for complying with all Applicable Laws including regarding data protection or privacy regarding information relating to an identified or identifiable natural person (collectively, "Personal Data") and shall act as independent data controllers with respect to Personal Data. Neither Client nor CDI shall not disclose to the other any irrelevant or unnecessary information about individuals. The Parties shall use reasonable efforts to assist one another in relation to the investigation and remedy of any claim, allegation, action, suit, proceeding or litigation with respect to alleged unauthorized access, use, processing or disclosure of Personal Data. Each Party will maintain, and will require all third-party data processors each such party engages to maintain, appropriate physical, technical and organizational measures to protect Personal Data against accidental, unauthorized or unlawful destruction, loss, alteration, disclosure or access. If in respect of its processing of Personal Data, Client or CDI is required by Applicable Law to include privacy terms with the other Party, such additional data privacy terms shall be as notified to Client by CDI from time to time. The Service, including its content, together with all non-public information regarding this Agreement, CDI, its affiliates, and/or their respective businesses is proprietary to CDI, and, as between Client and CDI, constitutes CDI's sole property and confidential information. Client will not use such information except as necessary to use the Services pursuant to the Agreement and will not disclose such information to other than as expressly permitted by the Agreement or as required by Applicable Law.

---

| | |
|:---|:---|
| ![](tm2534148d4_ex10-7img001.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** In order to cooperate with governmental requests and/or to comply with Applicable Law, CDI may disclose information regarding Client to the extent it is required to do so, provided, however, that in the event CDI is required to disclose any information relating to Client, CDI will promptly notify Client in writing of such required disclosure so that Client has a reasonable opportunity to oppose or challenge such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.** Each of Client and CDI is part of a global group of businesses, which currently include various businesses including financial services, venture capital, proprietary investment and trading and data services businesses. Information obtained hereunder will be shared and used by each of CDI and Client with its affiliates for legitimate business purposes, such as business development, risk management and security, and developing, enhancing and marketing the group's products and services. Applicable Law may give rise to the right to opt out of sharing for non-essential purposes, in which case notification should be made in writing.

**9. <u>Disclaimers</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.** From time to time, the Services may include data or content from third parties ("Third-Party Content" and the providers of such Third-Party Content, collectively, "Third-Party Content Providers"). CDI represents and warrants that it has, and shall maintain during the Term, all rights, licenses and approvals necessary to provide any Third-Party Content included in the Services to Client for Client's permitted use under this Agreement, and that such provision and use shall not infringe the intellectual property rights of any third party. CDI shall be responsible for its selection and integration of any Third-Party Content. CDI reserves the right to pass along reasonable costs associated with Third-Party Content used or included in the Services. CDI shall not introduce any new Third-Party Content or pass through any associated fees without Client's prior written approval. CDI does not endorse any Third-Party Content; provided that nothing in this paragraph limits CDI's warranties or responsibilities with respect to its provision of Third-Party Content to Client as set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.** Client may not use, export, re-export, import or transfer the Services (or any portion thereof or any rights thereto granted by CDI) except as authorized by the Applicable Law of the United States, the Applicable Law of the jurisdiction in which Client gained access to the Services, and all other Applicable Law. In particular, but without limitation, neither the Services nor any portion thereof or any rights thereto may be exported or re-exported: (a) into any United States embargoed countries; or (b) to anyone on the U.S. Treasury Department's list of Specially Designated Nationals or the U.S. Department of Commerce's Denied Person's List or Entity List. By accessing and using the Services, Client represents and warrants that it is not located in any such country or on any such list. Subject to the terms of this Agreement, CDI reserves the right to limit, in its reasonable discretion, the availability of the Services to any person, entity, geographic area, or jurisdiction, at any time, solely to the extent required for compliance with Applicable Law (including applicable export-control and sanctions laws).

---

| | |
|:---|:---|
| ![](tm2534148d4_ex10-7img001.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.** TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, AND EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH IN THIS AGREEMENT: (I) CDI DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, CONCERNING OR RELATED TO THIS AGREEMENT, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE; AND (II) THE SERVICE AND ALL CONTENT AND INFORMATION AVAILABLE IN OR VIA THE SERVICE, IS PROVIDED "AS IS" AND "AS AVAILABLE," WITHOUT ANY WARRANTIES OF TITLE OR EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE. WITHOUT LIMITING THE FOREGOING, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, AND SUBJECT ALWAYS TO CDI'S OBLIGATIONS UNDER THIS AGREEMENT, CDI SHALL NOT BE LIABLE FOR LOSSES OR DAMAGES ARISING SOLELY FROM INTERRUPTIONS, DELAYS, OR ERRORS INHERENT IN ELECTRONIC DELIVERY SYSTEMS, OR OTHER SIMILAR TECHNICAL LIMITATIONS OUTSIDE CDI'S REASONABLE CONTROL (AND NOT CAUSED BY CDI'S BREACH OF THIS AGREEMENT), CONTRACT, TORTIOUS BEHAVIOR, NEGLIGENCE OR UNDER ANY OTHER CAUSE OF ACTION.

**10. <u>Limitation of Liability</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.** NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED AS EXCLUDING OR LIMITING A PARTY'S LIABILITY FOR INDEMNIFICATION OBLIGATIONS (IF ANY), BREACH OF ITS CONFIDENTIALITY OBLIGATIONS, OR A PARTY'S GROSS NEGLIGENCE, FRAUD OR WILLFUL MISCONDUCT. SUBJECT TO THE FOREGOING, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL EITHER PARTY, OR ANY OF THEIR RESPECTIVE AFFILIATES, DIRECTORS, OFFICERS, PARTNERS, MEMBERS, CONSULTANTS, ADVISORS, LICENSORS, OR EMPLOYEES (COLLECTIVELY, "COVERED PERSONS") BE LIABLE FOR ANY EXTRAORDINARY, EXEMPLARY, INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF DATA, BUSINESS OR PROFITS) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, THE SERVICE, THE USE OF OR INABILITY TO USE THE SERVICE OR ANY CONTENT, WORK PRODUCT, PRODUCTS, DATA OR INFORMATION OBTAINED OR STORED IN OR FROM THE SERVICE, CONTENT PROVIDED AS PART OF THE SERVICE, OR TRANSACTIONS ENTERED INTO IN CONNECTION THEREWITH, WHETHER BASED ON CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE, EVEN IF ANY COVERED PERSON HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND NOTWITHSTANDING THE FAILURE OF THE ESSENTIAL PURPOSE OF ANY REMEDY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.** SUBJECT TO 10.1, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL ANY COVERED PERSON BE LIABLE FOR ANY CAUSE OR CLAIM WHATSOEVER IN EXCESS OF THE GREATER OF (i) TOTAL FEES ACTUALLY RECEIVED OR YET TO BE RECEIVED BY CDI FROM CLIENT FOR THE SERVICE DURING THE 12-MONTH PERIOD BEFORE THE CLAIM OR CAUSE OF ACTION AROSE; OR (ii) USD $2,000,000. MULTIPLE CLAIMS WILL NOT EXPAND ANY LIMITATION OF LIABILITY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.** THE FOREGOING LIMITATIONS AND EXCLUSIONS WILL APPLY REGARDLESS OF WHETHER THE CAUSE OF ACTION ARISES IN CONTRACT, IN TORT OR OTHERWISE, AND NOTWITHSTANDING THE FAILURE OF THE ESSENTIAL PURPOSE OF ANY REMEDY OR NEGLIGENCE. THE PARTIES EXPRESSLY ACKNOWLEDGE AND AGREE THAT THE PARTIES HAVE AGREED TO THE PRICING AND ENTERED INTO THIS AGREEMENT, IN RELIANCE UPON THE LIMITATIONS OF LIABILITY SPECIFIED HEREIN, WHICH ALLOCATE THE RISK BETWEEN CDI AND CLIENT AND CONTRIBUTES TO THE BASIS OF THE BARGAIN BETWEEN THE PARTIES.

---

| | |
|:---|:---|
| ![](tm2534148d4_ex10-7img001.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**11. <u>Indemnity</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.** To the fullest extent permitted by Applicable Law, Client shall indemnify and hold harmless CDI and its Covered Persons from and against, any and all losses, liabilities, damages, fines, penalties, deficiencies, costs or expenses, including the reasonable fees and expenses of attorneys or other experts and professional advisers ("Losses") incurred, sustained or suffered as a result of a claim brought by a third-party ("Third-Party Claim") arising from or relating to Client's use of the Services in breach of Section 6.1 and Section 6.2 (License Grant; Restrictions), except to the extent that such Losses result from CDI's breach of this Agreement, gross negligence, fraud, willful misconduct or CDI is obligated to indemnify Client for such Losses under Section 11.2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.** CDI shall indemnify and hold Client harmless from and against, any and all Losses suffered, incurred or sustained by Client as a result of any Third Party Claim alleging that the use of any portion of the Services infringes a third party's patent, copyright or trademark rights, provided that such Third-Party Claim has not resulted in whole or in part from Client's use of the Service in violation of this Agreement or any modification of the Service except modifications made, or authorized in writing and in advance by CDI. This indemnification obligation shall be subject to Client promptly notifying CDI upon becoming aware of the Third-Party Claim. Client shall provide CDI with all information and assistance reasonably necessary to, and joint authority to, defend or settle any such action, provided that: (a) Client shall have the right to participate at its sole expense in any such defense with counsel of its own choosing; and (b) CDI shall not enter into any settlement that requires an admission or other action (other than the payment of money) by or on behalf of Client or imposes any restriction or obligation on Client (other than to cease using the Service) without Client's prior written consent. If CDI is unable to make the Service or any portion thereof available because of a claim of infringement, CDI reserves the right to (i) modify the affected portion of the Service so that it is non-infringing, (ii) obtain permission for Client to continue to use the affected portions of the Service; or (iii) terminate the Agreement as it relates to the affected Service without any liability. For clarity, nothing in this Section limits or affects any other rights or remedies available to Client under this Agreement.

**12. <u>Usage Review</u>**. During the Term, CDI shall have the right to require an authorized representative of Client to provide a written certification of Client's full compliance with this Agreement.

---

| | |
|:---|:---|
| ![](tm2534148d4_ex10-7img001.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**13. <u>Notices</u>**. All notices shall be in writing and shall be sent by certified or express mail, return receipt requested, by recognized expedited courier, or by email (if receipt is confirmed) to the respective contact at the address set forth below or to such other address as a Party may, by notice, provide to the other Party:

If to Client, to:<br> CSC Delaware Trust Company<br> Attention: Corporate Trust Administration<br> 251 Little Falls Drive<br> Wilmington, DE 19808

**with a copy to Sponsor of the Client:**<br> Morgan Stanley Investment Management Inc.<br> 1585 Broadway<br> New York, New York 10036<br> Attn: [●]

If to CDI, to:<br> CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016<br> Attention: Legal<br> E-mail: <u>legal@coindesk-indices.com</u> with a copy to <u>info@coindesk-indices.com</u>

**14. <u>Representations, Acknowledgements, Warranties, Covenants and Restrictions</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1.** Each Party hereby represents and warrants that it has full power and authority to enter into and perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.** Client hereby expressly acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.1. CDI is not undertaking nor responsible for providing individualized or personalized investment advice to Client's customers and users;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.2. the Services were created without consideration of the investment objectives, risk tolerance, suitability, or financial circumstances of any specific adviser or investor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.3. this Agreement does not create any advisory, fiduciary, or other responsibility on the part of CDI or its affiliates to any investment adviser or investor utilizing Client's products or solutions in connection with delivery of the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.4. Client and its customers, investors, or users are responsible for making investment recommendations and decisions, and the appropriateness of a particular investment or strategy will depend on an investor's circumstances and objectives (including, without limitation, financial circumstances, investment time frame, and risk tolerance level) as determined by Client's customer, investor or user or other third party, as applicable, with no input from CDI.

---

| | |
|:---|:---|
| ![](tm2534148d4_ex10-7img001.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**15. <u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1.** Each Service Schedule shall form part of the Agreement and be read together with the Master Agreement. The Agreement is the entire agreement of the Parties regarding its subject matter, and supersedes all previous and contemporaneous communications, proposals, or agreements between the Parties. Each Party confirms that it has not relied upon, and shall have no remedy in respect of, any agreement, warranty, statement, representation, understanding or undertaking made by any party (whether or not a Party) unless that warranty, statement, representation, understanding or undertaking is expressly set out in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2.** The Parties are independent contractors and neither this Agreement nor the provision of the Services hereunder shall create an association, partnership, joint venture, or relationship of principal and agent, master and servant, or employer and employee, between the Parties; and neither Party will have the right, power or authority (whether expressed or implied) to enter into or assume any duty or obligation on behalf of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3.** CDI may from time to time change any aspect of the Services, including any Methodology that forms part of the CDI Materials. Client shall comply with or adapt to any such changes, as applicable. With respect to material changes to an index Methodology, CDI shall use reasonable best efforts to provide Client with advanced written notice prior to implementation of any such changes in accordance with its general consultation procedures for material changes as set forth from time-to-time in CDI's governance and policy documents (currently here: https://www.coindesk.com/indices/crypto-index-governance). CDI shall have no obligation to provide Client with separate notice in advance of a general notice to be distributed to all applicable users. For clarity, CDI's rights under this Section 15.3 are subject to Section 15.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4.** No failure of either Party to exercise or enforce any rights under this Agreement shall act as a waiver of such rights. This Agreement shall be binding and shall inure to the benefit of the Parties hereto and their respective successors and permitted assigns. Neither Party will, in whole or part, assign or transfer any part of this Agreement, whether licenses or any other rights, interests or obligations, whether voluntarily, by contract, by operation of law or by merger (whether that party is the surviving or disappearing entity), stock or asset sale, consolidation, dissolution, through government action or order or otherwise without the other Party's prior written consent. Any attempted transfer or assignment by a Party that this Agreement does not permit will be null and void. If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions of this Agreement will remain in full force and the unenforceable provision shall be interpreted so as to render it enforceable while approximating the Parties' intent as closely as possible. This Agreement shall be governed in all respects, including validity, interpretation, enforcement and effect, by the laws of the State of New York. Any dispute arising out of or relating to this Agreement shall be subject to the exclusive jurisdiction of the state and federal courts located in the Borough of Manhattan, City and State of New York. Each Party expressly waives its right to a trial by jury. The application of the UN Convention on Contracts for International Sale of Goods is expressly excluded. This Agreement should not be construed in favor of or against any Party by reason of the extent to which any Party or its professional advisors participated in the preparation or drafting of this Agreement. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement. The counterparts of this Agreement and all ancillary documents may be executed and delivered by emailed electronic signature. The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.5. Material Index Changes**.

If any cessation, suspension, replacement, or other material change affecting any index or reference rate set forth in the applicable Service Schedule (each, a "Material Index Change") occurs including any material change to the Methodology, and has a materially adverse effect on Client's use of the Services under the applicable Service Schedule, Client may terminate the affected portion of such Service Schedule upon written notice, without penalty. CDI shall refund to Client any prepaid fees allocable to the terminated portion of the Services on a pro-rata basis. CDI will endeavor to provide sixty (60) days prior written notice of Material Index Changes to the extent practicable and commercially reasonable.

---

| | |
|:---|:---|
| ![](tm2534148d4_ex10-7img001.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**16. <u>Confidentiality</u>**.

The receiving party shall: (i) keep all Confidential Information secure and strictly confidential using procedures no less rigorous than those used to protect its own similar confidential and/or proprietary information; (ii) not use any Confidential Information for any purpose other than in connection with this Agreement; (iii) not copy or reproduce any Confidential Information except as reasonably necessary for the purposes of this Agreement; and (iv) not remove any copyright, proprietary or confidentiality notices contained in or on any Confidential Information and shall reproduce such notices in any permitted copies. All Confidential Information shall remain, as between the Parties, the property of the disclosing party, and no license or other intellectual property right is granted or implied except the limited right to use such Confidential Information in accordance with this Agreement. The receiving party shall not disclose or permit access to any Confidential Information to any person except: (a) to its affiliates and its and their respective officers, employees, contractors or professional advisers who have a need to know such Confidential Information solely for the purposes of this Agreement and who are bound by confidentiality obligations no less protective than those set out in this Section; or (b) to the extent required by Applicable Law, regulation, legal process or the rules of any securities exchange or regulatory authority, or to any regulator within such regulator's remit and scope of authority (including voluntary 'whistleblowing' reporting), provided that the receiving party (to the extent legally permissible) gives prompt notice to the disclosing party before such disclosure so that the disclosing party may seek confidential treatment or other protective measures. The receiving party shall promptly notify the disclosing party if it becomes aware that any Confidential Information has been lost, misused, disclosed to or accessed by any unauthorized person. Subject to Section 4.2, upon written request by the disclosing party following termination or expiration of this Agreement, the receiving party shall return or securely destroy the disclosing party's Confidential Information, subject to any retention required by Applicable Law or maintained in accordance with the receiving party's reasonable archival or back-up policies, provided that any retained Confidential Information remains subject to this Section. This Section shall survive termination or expiration of this Agreement. For clarity, Client's use or disclosure of Data, the Services or CDI Materials as expressly permitted under this Agreement (including in connection with financial products or services that reference the Services and any associated regulatory, disclosure, reporting, investor-communication and product-related materials) shall not constitute a breach of this Section. "Confidential Information" means all confidential or proprietary information related to: (i) the business of the other party and/or any of its affiliates; and/or (ii) any of their respective former, existing and prospective personnel (but not including their names and business contact information alone), clients, suppliers and other counterparties, to which a party has access, acquires or otherwise processes (whether before or after signing this Agreement), whether in oral, written or other form, in the course of or in connection with this Agreement, together with all copies of and all materials incorporating any such information. Confidential Information shall not include information that: (a) is in the public domain at the time of disclosure; (b) was in the possession of or demonstrably known by the receiving party prior to its receipt by the receiving party without restriction on its use or disclosure; (c) is independently developed by the receiving party (as contemporaneously documented) without use of, reference to or reliance on the other party's Confidential Information; or (d) becomes known by the receiving party from a source apart from the other party without breach of this Agreement and is not subject to an obligation of confidentiality.

[<u>Signature Page(s) Follow</u>]

---

| | |
|:---|:---|
| ![](tm2534148d4_ex10-7img001.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

IN WITNESS WHEREOF, the Parties hereto by their duly authorized representatives have executed this Agreement as of the Effective Date set forth above.

---

| | | | |
|:---|:---|:---|:---|
| **Morgan Stanley Investment Management, Inc.** | **Morgan Stanley Investment Management, Inc.** | **CoinDesk Indices, Inc.** | **CoinDesk Indices, Inc.** |
| Signature: | | Signature: | |
| Name: | Ally Wallace | Name: | David LaValle |
| Title: | Managing Director | Title: | President |

---

---

| | |
|:---|:---|
| ![](tm2534148d4_ex10-7img001.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**<u>Service Schedule</u>**

This Service Schedule (the "Service Schedule"), with an effective date of [ ], 2026, is between CDI and Client and incorporates by reference all the terms and conditions contained in the Master License Agreement, with an effective date of [ ], 2026, entered into between CDI and Client ("Master Agreement"), except as such may be modified by this Service Schedule. This Service Schedule together with the Master Agreement shall be referred to hereinafter as the "Agreement." To the extent there is a conflict between the provisions of this Service Schedule and the Master Agreement, this Service Schedule shall prevail with respect to such conflict and as it pertains to the subject matter of this Service Schedule only.

**1. <u>CDI Service(s)</u>**

CDI will provide Client with the licensed CDI index (each a "Licensed Index" and collectively, the "Licensed Indices") listed below via an application programming interface ("API") along with the ancillary services described below (collectively, the "Services"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Licensed Index Name** | **End of Day** | **Live** | **History** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate | X | X | X |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;CoinDesk Ether Benchmark 4PM NY Settlement Rate | X | X | X |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;CoinDesk Solana Benchmark 4PM NY Settlement Rate | X | X | X |

---

The Services include the following:

a) Daily End of Day Data for the Licensed Index. For purposes of this Service Schedule, "End of Day" is defined as Data as of immediately prior to 4:00 PM Eastern Time (ET) ("End of Day").

b) Live updates to the Licensed Index. For purposes of this Service Schedule, "Live" is defined as Data that is intended to be updated in real-time in accordance with the methodology of the Licensed Index ("Live").

c) All available historical End of Day data for the Licensed Index ("Historical").

d) Ancillary Information for each of the Licensed Indices. For purposes of this Service Schedule, "Ancillary Information" means information such as reconstitutions, rebalances, consultations, announcements, etc., as applicable.

e) Client is hereby granted the right to use the Licensed Indices to offer ETFs, ETPs or other products in the US (the "ETFs").

f) Client will ensure that proper attribution shall be provided to CDI with respect to the use and display of the Licensed Index in the Client Solution and related marketing and informational materials, which will include using the disclaimer set forth on <u>Exhibit A</u> (as CDI may update upon written notice to Client from time to time).

---

| | |
|:---|:---|
| ![](tm2534148d4_ex10-7img001.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

Client will ensure that the terms of service and/or contractual arrangements applicable to its users that (among other things) CDI owes no fiduciary obligation to Client's users, and all data and services are provided by CDI 'as is' with no warranty of any kind, including for being error or interruption free.

**2. <u>Delivery of Services</u>**

a) For End of Day Data, CDI agrees to provide such portion of the Services to Client via an API.

b) For Live updates, CDI agrees to provide such portion of the Services to Client via an API.

c) For historical End of Day Data, CDI agrees to provide such portion of the Services to Client via a one-time delivery of a flat file.

d) For Ancillary Information, CDI agrees to provide the Services to Client via email and/or API, as applicable.

e) Should CDI update its file delivery mechanism(s) from time to time (e.g., SFTP), Client agrees to receive delivery of the Services via such updated mechanism.

**3. <u>Fees</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** The fees for the Services are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1. Within fifteen (15) days of the end of each calendar month, Client shall report (the "AUM Report") to CDI on the daily average assets held in each ETF separately over such month (the "Fee Liable Monthly AUM"). The Report shall have such detail as CDI may request to understand Client's calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2. Beginning with the listing of the respective ETFs, Client agrees to pay (the "Product Fees") CDI an amount based on Table A below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**AUM Tiers (USD)** | **Greater of:** | **Greater of:** |
| &nbsp;&nbsp;From $0 to $500M | 10% MER | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 bps |
| &nbsp;&nbsp;From $500M to $1B | 9% MER | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 bps |
| &nbsp;&nbsp;From $1B to $5B | 8% MER | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 bps |
| &nbsp;&nbsp;From $5B+ | 1.5 bps | 1.5 bps |

---

---

| | |
|:---|:---|
| ![](tm2534148d4_ex10-7img001.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**4. <u>Invoices</u>**

CDI agrees to invoice Client on a monthly basis, for the Product Fees. CDI agrees to send all invoices to Client via email to the following address, as applicable:

<u>fundadmin-invoices@morganstanley.com</u><br> Attention: Lisa Meyerberg and Robert Rizza

[*Service Schedule Signature Page(s) Follow*]

---

| | |
|:---|:---|
| ![](tm2534148d4_ex10-7img001.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

IN WITNESS WHEREOF, the Parties hereto by their duly authorized representatives have executed this Service Schedule as of the Effective Date set forth above.

---

| | |
|:---|:---|
| **Morgan Stanley Investment Management, Inc.** | **CoinDesk Indices, Inc.** |
| Signature: | Signature: |
| Name: | Name: |
| Title: | Title: |

---

---

| | |
|:---|:---|
| ![](tm2534148d4_ex10-7img001.jpg) | CoinDesk Indices, Inc.<br> 169 Madison Ave, Suite 2635<br> New York, NY 10016 |

---

**Exhibit A**

**Disclaimer**

COINDESK<sup>®</sup> and the name(s) of the CoinDesk index or indices referenced herein, including the CoinDesk 20 Index ("CDI Indices") are trade or service marks of CoinDesk Indices, Inc. (with CC Data Limited, its affiliate which performs certain outsourced administration services on its behalf, "CDI"), and/or its licensors. CDI or CDI's licensors own all proprietary rights in CDI Indices. CDI is not the issuer, sponsor or producer of any financial product, derivative, portfolio, bundle, basket, separately managed account, or any other investment exposure that tracks, seeks to track, references, or settles against CDI Indices (collectively, "Products") and CDI has no responsibilities, obligations, or duties to investors in or holders of Products. CDI Indices are licensed for use by the financial services provider named herein ("Provider"). CDI does not approve, endorse, review, or recommend any Product. CDI does not guarantee the timeliness, accurateness, or completeness of any data or information relating to CDI Indices and shall not be liable in any way to investors in or holders of any Product or other third parties in respect of the use or accuracy, completeness, or timeliness of any CDI Indices or any data included therein. CoinDesk Indices 2026.

## Exhibit 10.8

**Exhibit 10.8**

**FORM OF MARKETING AGENT AGREEMENT**

THIS AGREEMENT is made and entered into as of this [●] day of [●], 2026, by and among each entity listed on Exhibit B hereto, separately and not jointly (each, individually, a "Trust"), each of which is sponsored by Morgan Stanley Investment Management Inc., a Delaware corporation (the "Delegated Sponsor"), and Foreside Fund Services, LLC, a Delaware limited liability company ("ACA Foreside").

**WHEREAS**, the Trust is a statutory trust organized under the laws of the State of Delaware;

**WHEREAS**, the Trust filed with the U.S. Securities and Exchange Commission (the "SEC") a Registration Statement for the Trust under the Securities Act of 1933, as amended (the "1933 Act");

**WHEREAS**, the Trust intends to create and redeem shares of beneficial interest in the Trust (the "Shares") only in creation unit aggregations ("Creation Unit") on a continuous basis, and list the Shares on one or more national securities exchanges;

**WHEREAS**, the Trust desires to retain ACA Foreside to provide certain services in connection with the offering of the Shares (as amended from time to time);

**WHEREAS**, ACA Foreside is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA");

**WHEREAS**, the Trust desires to retain ACA Foreside to provide certain services to the Trust; and

**WHEREAS**, ACA Foreside is willing to provide certain services for the Trust on the terms and conditions hereinafter set forth.

**NOW THEREFORE**, in consideration of the promises and mutual covenants herein contained, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**1. Services.**

ACA Foreside agrees to serve as the marketing agent of the Trust on the terms and for the period set forth in this Agreement.

**2. Definitions**.

Wherever they are used herein, the following terms have the following respective meanings:

"<u>Prospectus</u>" means the Prospectus constituting parts of the Registration Statement of the Trust under the 1933 Act as such Prospectus may be amended or supplemented and filed with the SEC from time to time;

"<u>Registration Statement</u>" means the registration statement most recently filed from time to time by the Trust with the SEC and effective under the 1933 Act, as such registration statement is amended by any amendments thereto at the time in effect;

All other capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Registration Statement and the Prospectus.

**3. Duties of ACA Foreside**

a) ACA Foreside shall use commercially reasonable efforts to provide the following services to the Trust:

(i) at the request of the Trust, ACA Foreside shall assist the Trust with facilitating Authorized Participant Agreements between and among Authorized Participants, the Trust, and the applicable Transfer Agent, for the creation and redemption of Creation Units of the Trust;

(ii) maintain copies of confirmations of Creation Unit creation and redemption order acceptances and produce such copies upon reasonable request from the Trust or Delegated Sponsor;

(iii) make available copies of the Prospectus to Authorized Participants who have purchased Creation Units in accordance with the Authorized Participant Agreements;

(iv) maintain telephonic, electronic mail and/or access to direct computer communications links with the Transfer Agent;

(v) review and approve, prior to use, all Trust marketing materials submitted to ACA Foreside for review by the Trust ("Marketing Materials") for compliance with applicable SEC and FINRA advertising rules, and file all such Marketing Materials required to be filed with FINRA. ACA Foreside agrees to furnish to the Trust or the Delegated Sponsor any comments provided by FINRA with respect to such Marketing Materials;

(vi) ensure that all direct requests by Authorized Participants for Prospectuses are fulfilled;

(vii) work with the Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the Transfer Agent. The Trust acknowledges that ACA Foreside shall not be obligated to approve any certain number of orders for Creation Units; and

b) The services furnished by ACA Foreside hereunder are not to be deemed exclusive and ACA Foreside shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby.

**4. Duties of the Trust**

a) The Trust agrees to create, issue, and redeem Creation Units of the Trust in accordance with the procedures described in the Prospectus. Upon reasonable notice to ACA Foreside, and in accordance with the procedures described in the Prospectus, the Trust reserves the right to reject any order for Creation Units or to stop all receipts of such orders at any time.

b) The Trust shall deliver to ACA Foreside copies of the following documents:

(i) the current Prospectus for the Trust;

(ii) any relevant policies and procedures adopted by the Delegated Sponsor or the Trust or its service providers that are applicable to the services provided by ACA Foreside; and

(iii) any other documents, materials or information that ACA Foreside shall reasonably request to enable it to perform its duties pursuant to this Agreement.

c) The Trust shall thereafter deliver to ACA Foreside as soon as is reasonably practical any and all amendments to the documents required to be delivered under this Section.

d) The Trust shall arrange to provide the listing exchanges with copies of Prospectuses, Statements of Additional Information, and product descriptions that are required to be provided by the Trust to purchasers in the secondary market.

e) The Trust will make it known that Prospectuses and Statements of Additional Information and product descriptions are available by making sure such disclosures are in all marketing and advertising materials prepared by the Trust.

**5. Representations, Warranties and Covenants of the Client.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Trust hereby represents and warrants to ACA Foreside, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

(i) it is duly organized and in good standing under the laws of its jurisdiction of organization;

(ii) this Agreement has been duly authorized, executed and delivered by the Trust and, when executed and delivered, will constitute a valid and legally binding obligation of the Trust, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

(iii) it is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted;

(iv) the Trust's Registration Statement and the Trust's Prospectus, and marketing and promotional literature have been prepared, in all material respects, in conformity with the requirements of the 1933 Act and SEC rules and regulations;

(v) the Trust's Registration Statement (including its statement of additional information) and Prospectus do not and shall not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that all statements or information furnished to ACA Foreside pursuant to this Agreement shall be true and correct in all material respects; and

(vi) all marketing or promotional literature shall contain all statements required to be stated therein in accordance with the 1933 Act and SEC rules and regulations; and do not and shall not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading;

(vii) all necessary approvals, authorizations, consents, or orders of or filings with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency have been or will be obtained by the Trust in connection with the issuance and sale of the Shares, including registration of the Shares under the 1933 Act, and any necessary qualification under the securities or blue-sky laws of the various jurisdictions in which the Shares are being offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Trust shall fully cooperate in the efforts of ACA Foreside in the provision of the services. In addition, the Trust shall keep ACA Foreside fully informed of its affairs as they relate to the Trust and shall provide to ACA Foreside from time-to-time copies of all information that ACA Foreside may reasonably request for use in connection with the provision of the Services.

**6. Representations, Warranties and Covenants of ACA Foreside.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. ACA Foreside hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

(i) it is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

(ii) this Agreement has been duly authorized, executed and delivered by ACA Foreside and, when executed and delivered, will constitute a valid and legally binding obligation of ACA Foreside, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

(iii) it is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; and

(iv) it is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA.

**7. Compensation.**

As compensation for the services performed by ACA Foreside under this Agreement, Trust shall pay to ACA Foreside the fees and expenses set forth in Exhibit A hereto (as amended from time to time).

**8. Indemnification.**

a) The Trust shall indemnify, defend and hold ACA Foreside, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled ACA Foreside within the meaning of Section 15 of the 1933 Act (collectively, the "ACA Foreside Indemnitees"), free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, "Losses") that any ACA Foreside Indemnitee may incur arising out of or relating to (i) the Trust's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) the Trust's failure to comply in all material respects with any applicable laws, rules or regulations; or (iii) any claim that the Prospectus, marketing literature and advertising materials or other information filed or made public by the Trust (as from time to time amended) includes or included an untrue statement of a material fact or omits or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading provided, however, that the Trust's obligation to indemnify any of the ACA Foreside Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the Prospectus or any such advertising materials or marketing literature or other information filed or made public by the Trust in reliance upon and in conformity with information provided by ACA Foreside to the Trust, in writing, for use in such Prospectus or any such advertising materials or marketing literature.

b) ACA Foreside shall indemnify, defend and hold the Trust, its affiliates, and each of their respective directors, officers, employees, representatives, and any person who controls or previously controlled the Trust within the meaning of Section 15 of the 1933 Act (collectively, the "Trust Indemnitees"), free and harmless from and against any and all Losses that any Trust Indemnitee may incur under the 1933 Act, the 1934 Act, any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or relating to (i) ACA Foreside's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) ACA Foreside's failure to comply in all material respects with any applicable laws, rules, or regulations; or (iii) any claim that the Prospectus, marketing literature and advertising materials or other information filed or made public by the Trust (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with information furnished to the Trust by ACA Foreside, in writing, for use in such Prospectus, marketing literature and advertising materials or other information filed or made public by the Trust.

c) In no case (i) is the indemnification provided by an indemnifying party to be deemed to protect against any liability the indemnified party would otherwise be subject to by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

d) Failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought, on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them. The indemnifying party agrees to notify the indemnified party promptly of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the purchase or redemption of any of the Creation Units or the Shares.

e) No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of section 8(a) or 8(b) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action. This section 8 shall survive the termination of this Agreement.

**9. Limitations on Damages.**

Neither Party shall be liable for any consequential, special or indirect losses or damages suffered by the other Party, whether or not the likelihood of such losses or damages was known by the Party.

**10. Force Majeure.**

Neither party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, Acts of Nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption, loss or malfunction of utilities, transportation, computer or communications capabilities, and the other party shall have no right to terminate this Agreement in such circumstances.

**11. Duration and Termination.**

a) This Agreement shall become effective as of the date first set forth above. Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the date hereof. Thereafter, if not terminated, this Agreement shall continue automatically in effect for successive one-year periods.

b) Notwithstanding the foregoing, this Agreement may be terminated, without the payment of any penalty, upon no less than (i) thirty (30) days' written notice by the Delegated Sponsor or (ii) sixty (60) days' written notice by ACA Foreside.

**12. Confidentiality.**

During the term of this Agreement, ACA Foreside and the Trust may have access to non-public confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "<u>Confidential Information</u>" means non-public or proprietary information belonging to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party. Confidential Information includes non-public or proprietary information that may be financial information, proposals and presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either party in the course of engaging in the activities provided for in this Agreement, unless: (i) the information is or becomes publicly known through lawful means; (ii) the information is disclosed to the other party without a confidential restriction by a third party who rightfully possesses the information and did not obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of their respective principals, employees, affiliated persons, or affiliated entities. The parties understand and agree that all Confidential Information shall be kept confidential by the other both during and after the term of this Agreement. Each party shall maintain commercially reasonable information security policies and procedures for protecting Confidential Information. The parties further agree that they will not, without the prior written approval by the other party, disclose such Confidential Information, or use such Confidential Information in any way, either during the term of this Agreement or at any time thereafter, except (i) as required in the course of this Agreement, (ii) as provided by the other party, or (iii) as required by applicable law, rule, or regulation or (iv) in response to (A) a routine self-regulatory examination or (B) a request for information directed at the receiving party. In the event ACA Foreside becomes aware of critical vulnerabilities in any of its proprietary system(s) in which the Trust's data is stored or through which the Trust's data can be accessed, ACA Foreside will use commercially reasonable efforts to mitigate material risks related to such vulnerabilities within 30 days or as promptly thereafter as reasonably practicable. Upon termination of this Agreement for any reason, or as otherwise requested by the Delegated Sponsor, upon request, all Confidential Information held by or on behalf of the Delegated Sponsor shall be promptly returned to the Delegated Sponsor, or an authorized officer of ACA Foreside will certify to the Delegated Sponsor in writing that all such Confidential Information has been destroyed.

**13. Notice**

Any notice required or permitted to be given hereunder by either party to the other shall be deemed sufficiently given if in writing and personally delivered or sent by electronic mail, or registered, certified or overnight mail, postage prepaid, addressed by the party giving such notice to the other party at the address furnished below unless and until modified by ACA Foreside or the Trust, as the case may be. Notice shall be given to each party at the following address, as amended from time to time:

---

| | |
|:---|:---|
| &nbsp;&nbsp;(i) **To ACA Foreside:** | &nbsp;&nbsp;(ii) **If to a Trust:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreside Fund Services, LLC<br> 190 Middle Street, Suite 301<br> Portland, ME 04101<br> Attn: Legal Department<br> Telephone: (207) 553-7110<br> Email: legal@Foreside.com<br>With a copy to:<br> etp-services@Foreside.com | &nbsp;&nbsp; <br> [Trust Name]<br> Attn: [●]<br> Telephone: [●]<br> Email: [●]<br>With a copy to:<br> [●] |
| &nbsp;&nbsp;**With a copy to Delegated Sponsor:** |  |
| &nbsp;&nbsp; Morgan Stanley Investment Management, Inc.<br> One Post Office Square, Boston, MA 02109<br> Telephone: [●]<br> Attn: [●]<br> Email: [●]<br>With a copy to:<br> [●] |  |

---

**14. Transfer Agent**

ACA Foreside and the Trust agree that in the course of ACA Foreside's services that ACA Foreside may need information from time to time from the transfer agent ("Transfer Agent") as depicted below. The Trust shall promptly notify ACA Foreside in writing of any changes to the Transfer Agent or its contact information.

The Bank of New York Mellon, 240 Greenwich Street, New York, New York 10286, <u>bnymetforderdesk@bnymellon.com</u>, 1-844-545-1258

**15. Modifications.** The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written instrument signed by ACA Foreside and the Trust.

**16. Governing Law.** This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law principles thereof.

**17. Assignment.** This Agreement may not be assigned by either party without the prior written consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties' representatives, successors, heirs, and permitted assigns, as applicable. A change in control shall not be construed to be an assignment.

**18. Survival.** The provisions of Sections 8, 9, 10, 12, 15, 18, 19 and 21 of this Agreement shall survive any termination of this Agreement.

**19. Anti-Money Laundering.** ACA Foreside represents and warrants to the Trust that it has, and shall maintain, an anti-money laundering program ("AML Program") that, at a minimum, (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books and records. The Trust represents and warrants to ACA Foreside that it has and will implement, or will be subject to an AML Program that meets the same minimum standard as described above.

**20. Miscellaneous.** The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement shall be construed as if drafted jointly by both ACA Foreside and the Trust and no presumptions shall arise favoring any party by virtue of authorship of any provision of this Agreement. This Agreement may be executed by the parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same document. Nothing herein contained shall prevent ACA Foreside from entering into similar distribution arrangements or from providing the services contemplated hereunder to other investment companies or investment vehicles. This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

**21. Liability of Delegated Sponsor**. It is expressly understood and agreed by ACA Foreside that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement is executed and delivered on behalf of the Trust by the Delegated Sponsor, not individually or personally, but solely as Delegated Sponsor of the Trust in the exercise of the powers and authority conferred and vested in it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the representations, covenants, undertakings and agreements herein made on the part of the Trust are made and intended not as personal representations, undertakings and agreements by the Delegated Sponsor but are made and intended for the purpose of binding only the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) nothing herein contained shall be construed as creating any liability on the Delegated Sponsor, individually or personally, to perform any covenant of the Trust either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) under no circumstances shall the Delegated Sponsor be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made or undertaken by the Trust under this Agreement or any other related document.

**22. Entire Agreement.** This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereto, and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether oral or written.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

---

| |
|:---|
| Foreside Fund Services, LLC |
| By: |
| Name: |
| Title: |
| Morgan Stanley Investment Management, Inc. |
| For and on behalf of itself and each entity listed on Exhibit B |
| By: |
| Name: |
| Title: |

---

EXHIBIT A

<u>Compensation</u>

**<u>FEES</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Price** | &nbsp;&nbsp;**Term** |
| &nbsp;&nbsp;Implementation Fee | &nbsp;&nbsp; $5,000.00<br>Payable upon execution (**Waived**) | &nbsp;&nbsp;One-time service |
| &nbsp;&nbsp;Marketing Agent (33 Act Commodity Pool) | &nbsp;&nbsp; Asset<sup>1</sup> fee breakdown:<br>Up to $500 MM: 0.50 basis point<br>$500 MM to $1B: 0.30 basis point<br>Over $1B: 0.20 basis point<br>Asset fee is subject to an annual minimum fee based on the total number of Funds:<br>1 to 5 Funds: $15,000 per Fund<br>6 or more Funds: $10,000 per Fund (starting with the 6<sup>th</sup> Fund) | &nbsp;&nbsp;Annually recurring<br>|
| &nbsp;&nbsp;Review of Fund Marketing Material | &nbsp;&nbsp; $125 standard review<br>$10 per page/minute<br>$600 expedited review<br>$25 per page/minute | &nbsp;&nbsp; Standard fee per communication piece for the first 10 pages (minutes if audio or video)<br>Fee after 10 pages/minutes<br>Expedited fee per communication piece requiring 24 hour expedited review for the first 10 pages (minutes if audio or video)<br>Fee after 10 pages/minutes (expedited) |

---

*<sup>1</sup> Asset Fee based on total assets in the Funds (calculated and billed monthly).*

*Recurring fees are subject to standard 3% annual increase.*

**<u>OUT-OF-POCKET EXPENSES</u>**

Out-of-pocket and ancillary expenses incurred by ACA Foreside in connection with the provision of services pursuant to this Agreement. Such expenses may include, without limitation, regulatory filing fees, marketing materials regulatory review fees, communications, postage and delivery service fees, bank fees, and reproduction and record retention fees; travel, lodging and meals with advance written approval from Delegated Sponsor; provided that no approval is necessary for expenses related to FINRA charges.

Note:

Fees will be calculated and payable quarterly.

EXHIBIT B

Morgan Stanley Bitcoin Trust

Morgan Stanley Ethereum Trust

Morgan Stanley Solana Trust

## Exhibit 10.9

**Exhibit 10.9**

**BNY AND CUSTOMER CONFIDENTIAL**

![](tm2534148d4_ex10-9img001.jpg)

**FORM OF CUSTODY AGREEMENT**

**By and Between**

**THE BANK OF NEW YORK MELLON**

**And**

**THE MORGAN STANLEY TRUSTS AS LISTED ON APPENDIX A**

**TABLE OF CONTENTS**

Page

**1.** **DEFINITIONS** **1** 

**2.** **APPOINTMENT OF CUSTODIAN; ACCOUNTS** **3** 

2.1. Appointment of Custodian 3

2.2. Establishment of Accounts 4

**3.** **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** **4** 

3.1. Authorized Persons 4

3.2. Instructions 4

3.3. BNY Actions Without Instructions 6

3.4. Funds Transfers 6

3.5. Electronic Access 6

**4.** **AGENTS** **6** 

4.1. Use of Agents 6

**5.** **TAX MATTERS** **7** 

5.1. Responsibility for Taxes 7

5.2. Payments 7

**6.** **CREDITS AND ADVANCES** **7** 

6.1. Advances 7

6.2. Repayment 7

6.3. Securing Repayment 8

6.4. Setoff 8

**7.** **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** **8** 

7.1. Statements 8

7.2. Books and Records 9

7.3. Third Party Data 9

7.4. Information Security 9

7.5. Reserved. 12

**8.** **DISCLOSURES** **13** 

8.1. Foreign Exchange Transactions 13

8.2. Investment of Cash 13

**9.** **REGULATORY MATTERS** **13** 

9.1. USA PATRIOT Act 13

9.2. Sanctions; Anti-Money Laundering 13

**10.** **COMPENSATION** **15** 

10.1. Fees and Expenses 15

10.2. Other Compensation 15

i

**TABLE OF CONTENTS** (continued)

Page

**11.** **REPRESENTATIONS, WARRANTIES AND COVENANTS** **15** 

11.1. BNY 15

11.2. Customer 16

**12.** **LIABILITY** **16** 

12.1. Standard of Care 16

12.2. Limitation of Liability 16

12.3. Force Majeure 17

12.4. Indemnification 18

**13.** **CONFIDENTIALITY** **18** 

13.1. Confidentiality Obligations 18

13.2. Exceptions; Return or Destruction of Confidential Information 19

**14.** **TERM AND TERMINATION** **19** 

14.1. Term 19

14.2. Termination 20

14.3. Effect of Termination; Transition 20

14.4. Survival 21

**15.** **GENERAL** **21** 

15.1. Assignment 21

15.2. Amendment 21

15.3. Governing Law/Forum 21

15.4. Reserved. 22

15.5. Non-Fiduciary Status 22

15.6. Notices 22

15.7. Entire Agreement 22

15.8. No Third Party Beneficiaries 23

15.9. Counterparts/Facsimile 23

15.10. Interpretation 23

15.11. No Waiver 23

15.12. Headings 23

15.13. Severability 24

15.14. Several Nature of Customer Obligations 24

ii

**CUSTODY AGREEMENT**

This Custody Agreement (or this "**Agreement**") is made and entered into as of the latest date set forth on the signature page hereto (the "**Effective Date**") by and between **THE BANK OF NEW YORK MELLON**, a New York state chartered bank ("**BNY**"), and **the Morgan Stanley Trusts as listed on Appendix A** (each, a "**Customer**" and, collectively, as Appendix A may be amended from time to time, the "**Customers**"). BNY and Customer are collectively referred to as the "**Parties**" and individually as a "**Party**".

This Agreement shall constitute separate agreements, each between a single Customer and BNY, as if such Customer had executed a separate Agreement naming only itself as the Customer, and no Customer shall have any liability for the obligations of any other Customer.

**RECITALS**

WHEREAS, Customer wishes to appoint BNY as the custodian of certain of its assets, and BNY is willing to provide such services on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound, the Parties agree as follows.

**1.** **DEFINITIONS** 

Whenever used in this Agreement, the following words have the meanings set forth below:

"**Account**" or "**Accounts**" has the meaning set forth in Section 2.2.

"**Affiliate**" means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by or under common control with such entity.

"**Agreement**" means, collectively, this Custody Agreement, any Exhibits hereto and any other documents incorporated herein by reference.

"**Anti-Money Laundering Laws**" means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Assets**" has the meaning set forth in Section 2.1(a).

"**Authorized Person**" has the meaning set forth in Section 3.1.

"**BNY**" has the meaning set forth in the introductory paragraph.

"**Cash**" means the money and currency of any jurisdiction which BNY accepts for deposit in an Account.

"**Confidential Information**" means, with respect to a Party, the terms of this Agreement and all non-public business and financial information or other information designated as confidential or proprietary information, of such Party (including, with respect to Customer, information regarding the Accounts, and with respect to BNY, information regarding its practices and procedures related to the services provided hereunder) disclosed to the other Party in connection with this Agreement.

"**Customer**" has the meaning set forth in the introductory paragraph.

"**Data Terms Website**" means *<u>http://www.bny.com/products/assetservicing/vendoragreement.pdf</u>* or any successor website the address of which is provided by BNY to Customer.

"**Effective Date**" has the meaning set forth in the introductory paragraph.

"**Electronic Access Services**" means such services made available by BNY or a BNY Affiliate to Customer to electronically access information relating to the Accounts and/or transmit Instructions.

"**Foreign Depository**" means each eligible securities depository identified by BNY to Customer from time to time.

"**Instructions**" means, with respect to this Agreement, instructions issued to BNY by way of (a) one of the following methods (each as and to the extent specified by BNY as available for use in connection with the services hereunder): (i) the Electronic Access Services; (ii) third-party electronic communication services containing, where applicable, appropriate authorization codes, passwords or authentication keys, or otherwise appearing on their face to have been transmitted by an Authorized Person or (iii) third-party institutional trade matching utilities used to effect transactions in accordance with such utility's customary procedures or (b) such other method as may be agreed upon by the Parties and that appear on their face to have been transmitted by an Authorized Person.

"**Market Data**" means pricing, valuations or other commercially sourced data applicable to any security. Market Data also includes security identifiers, bond ratings and classification data.

"**Market Data Providers**" means vendors and analytics providers and any other Person providing Market Data to BNY.

"**Oral Instructions**" means, with respect to this Agreement, spoken instructions issued to BNY and reasonably believed by BNY to be from an Authorized Person.

"**Party**" or "**Parties**" has the meaning set forth in the introductory paragraph.

"**Person**" or "**Persons**" means any entity or individual.

"**Sanctions**" means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) and any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Series**" means the respective portfolios, if any, of Customer listed on Appendix A to this Agreement. If no portfolios are listed on Appendix A to this Agreement then a reference to a Series means Customer.

"**Standard of Care**" has the meaning set forth in Section 12.1.

"**Tax Obligations**" means taxes, withholding, certification and reporting requirements, claims for exemptions or refund, interest, penalties, additions to tax and other related expenses.

"**Term**" has the meaning set forth in Section 14.1.

"**Third Party Data**" has the meaning set forth in Section 7.3(a).

**2.** **APPOINTMENT OF CUSTODIAN; ACCOUNTS** 

**2.1.** **Appointment of Custodian** 

(a) Customer
hereby appoints BNY as custodian of all Cash to be held under, and in accordance with the terms of, this Agreement (collectively, "**Assets** "),
and BNY hereby accepts such appointment. The Parties acknowledge and agree that BNY's duties pursuant to such appointment will
be limited solely to those duties expressly undertaken pursuant to this Agreement.

As set forth within this Agreement and subject to the Standard of Care, BNY shall have general responsibility for the safekeeping of all Assets of Customer that are received and accepted by BNY under this Agreement. All Assets shall be segregated on BNY's books and records from property held by BNY for the account of BNY's other customers. All such Assets will be held or disposed of by BNY subject to the terms of this Agreement and BNY's receipt of Instructions from Customer concerning the Assets as set forth within this Agreement (which may be standing Instructions if accepted by BNY).

(b) Notwithstanding
the foregoing, BNY has no obligation:

(i) With
respect to any Assets until they are actually received in an Account;

(ii) To inquire
into, make recommendations, supervise or determine the suitability of any transactions affecting any Account or to question any Instructions;

(iii) To determine
the adequacy of title to, or the validity or genuineness of, any Assets received by it or delivered by it pursuant to this Agreement;
or

(iv) With
respect to any matters related to: the establishment, maintenance operation or termination of Customer; or the offer, sale or distribution
of the shares of, or interests in, Customer.

(c) Cash
held hereunder may be subject to additional deposit terms and conditions issued by BNY from time to time, including rates of interest
and deposit account access.

**2.2.** **Establishment of Accounts** 

(a) BNY will
establish and maintain a separate account in the name of each Customer (or in another name requested by the Customer that is acceptable
to BNY) for the deposit and collection of the Assets in any currency supported and received by or on behalf of BNY for the account of
such Customer and for each Series in which BNY will hold Assets relating to the relevant Series as provided herein (each, an
 "**Account**," and collectively, the "**Accounts** "). The Account of each Customer and each Series established
under this Agreement shall be maintained separately from the Account of each other Customer or Series. Each such Account may be denominated
in U.S. Dollars. Any amount standing to the credit of the Accounts is a debt due from BNY, as a deposit liability. BNY will maintain,
at all times during the term of this Agreement, errors and omissions insurance, fidelity bonds and such other insurance as BNY may deem
appropriate, in each case in a commercially reasonable amount deemed by BNY to be sufficient to cover its potential liabilities under
this Agreement. Upon reasonable request, BNY agrees to provide Customer with certificates of Insurance.

**3.** **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** 

**3.1.** **Authorized Persons** 

Promptly following the Effective Date, Customer and/or its designee (including any of Customer's investment managers) will furnish BNY with one or more written lists or other documentation acceptable to BNY specifying the names and titles of, or otherwise identifying, all Persons authorized to act on behalf of Customer (with respect to a particular Series, if applicable) with respect to this Agreement (each, an "**Authorized Person**"). Customer will be responsible for keeping such lists and/or other documentation current, and will update such lists and/or other documentation, as necessary from time to time, pursuant to Instructions.

**3.2.** **Instructions** 

(a) Except
as otherwise expressly provided in this Agreement, BNY will have no obligation to take any action hereunder unless and until it receives
Instructions issued in accordance with this Agreement.

(b) Customer
will be responsible for ensuring that (i) only Authorized Persons issue Instructions to BNY and (ii) all Authorized Persons
safeguard and treat with extreme care any user and authorization codes, passwords and authentication keys used in connection with the
issuance of Instructions.

(c) Where
Customer may or is required to issue Instructions, such Instructions will be issued by an Authorized Person.

(d) BNY will
be entitled to deal with any Authorized Person until notified otherwise pursuant to Instructions, and will be entitled to act and rely
upon any Instruction received by BNY.

(e) All Instructions
must include all information necessary, and must be delivered using such methods and in such format as BNY may require and be received
within BNY's established cut-off times and otherwise in sufficient time, to enable BNY to act upon such Instructions.

(f) BNY may
in its sole discretion decline to act upon any Instructions that do not comply with requirements set forth in Section 3.2(e) or
that conflict with applicable law or regulations or BNY's operating policies and practices, in which event BNY will promptly notify
Customer.

(g) Customer
acknowledges that while it is not part of BNY's normal practices and procedures to accept Oral Instructions, BNY may in certain
limited circumstances accept Oral Instructions. In such event, such Oral Instructions will be deemed to be Instructions for purposes
of this Agreement. An Authorized Person issuing such an Oral Instruction will promptly confirm such Oral Instruction to BNY in writing.
Notwithstanding the foregoing, Customer agrees that the fact that such written confirmation is not received by BNY, or that such written
confirmation contradicts the Oral Instruction, will in no way affect (i) BNY's reliance on such Oral Instruction or (ii) the
validity or enforceability of transactions authorized by such Oral Instruction and effected by BNY.

(h) Customer
acknowledges and agrees that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions
to BNY and that there may be more secure methods of transmitting Instructions than the method selected by the sender. Customer agrees
that the security procedures, if any, to be followed by Customer and BNY with respect to the transmission and authentication of Instructions
provide to Customer a commercially reasonable degree of protection in light of its particular needs and circumstances.

(i) Reserved.

(j) BNY will
have no obligation to act in accordance with purported Instructions to the extent BNY reasonably believes that they are ambiguous or
unclear or conflict with the terms of this Agreement or applicable law; provided, however, that BNY will have no obligation to ensure
that any instruction received by it would not contravene any of the terms of this Agreement or any such law.

(k) BNY will
provide Customer with commercially reasonable notification in light of the relevant circumstances if it decides not to act in accordance
with purported Instructions and such notice will specify the reasons for its determination.

**3.3.** **BNY Actions Without Instructions** 

Notwithstanding anything to the contrary set forth in this Agreement, Customer hereby authorizes BNY, without Instructions, to take any administrative or ministerial actions with respect to the Accounts that it deems reasonably necessary or appropriate to perform its obligations under this Agreement, including the following:

(a) Receive
income and other payments due to the Accounts;

(b) Endorse
for collection checks, drafts or other negotiable instruments received on behalf of the Accounts; and

(c) Execute
and deliver, solely in its capacity as custodian, certificates, documents or instruments incidental to BNY's performance under
this Agreement.

**3.4.** **Funds Transfers** 

With respect to each Instruction for a Cash transfer, when the Instruction is to credit or pay a party by both a name and a unique numeric or alpha-numeric identifier (e.g., IBAN or ABA or account number), BNY and any other bank participating in the Cash transfer will be entitled to rely solely on such numeric or alpha-numeric identifier, even if it identifies a party different from the party named. Such reliance on an identifier will apply to beneficiaries named in the Instruction, as well as any financial institution that is designated in the Instruction to act as an intermediary in such Cash transfer. To the extent permitted by applicable law, the Parties will be bound by the rules of any transfer system used to effect a Cash transfer under this Agreement.

**3.5.** **Electronic Access** 

If Customer elects to use the Electronic Access Services in connection with this Agreement, the use thereof will be subject to any terms and conditions contained in a separate written agreement between the Parties or their Affiliates. If an Authorized Person elects, with BNY's prior consent, to transmit Instructions through a third-party electronic communications service, BNY will not be responsible or liable for the reliability or availability of any such service.

**4.** **AGENTS** 

**4.1.** **Use of Agents** 

BNY may appoint agents, including BNY Affiliates, on such terms and conditions as it deems appropriate to perform its obligations hereunder. Except as otherwise specifically provided herein, no such appointment will discharge BNY from its obligations hereunder. BNY shall provide commercially reasonable notice in light of the relevant circumstances of the appointment of an agent to perform a material service hereunder to Customer.

**5.** **TAX MATTERS** 

**5.1.** **Responsibility for Taxes** 

Customer will be responsible and liable for all Tax Obligations with respect to any Assets held on behalf of Customer and any transaction related thereto. Customer acknowledges and agrees that BNY and its Affiliates are not tax advisers and will not under any circumstances provide tax advice to Customer. Customer will obtain its own independent tax advice for any tax-related matters.

**5.2.** **Payments** 

Where BNY receives Instructions to make distributions or transfers out of an Account in order to pay Customer's third-party service providers, Customer acknowledges that in making such payments BNY is acting in an administrative or ministerial capacity, and not as the payor, for tax information reporting and withholding purposes.

**6.** **CREDITS AND ADVANCES** 

**6.1.** **Advances** 

If BNY receives an Instruction that, if processed, would result in an overdraft in an Account, BNY may, in its sole discretion, advance funds in any currency hereunder.

**6.2.** **Repayment** 

If: (a) BNY has advanced funds to an Account; (b) an overdraft has occurred in an Account (including overdrafts incurred in connection with funds transfers or foreign exchange transactions) or (c) Customer is for any other reason indebted to BNY, Customer agrees to repay BNY (on demand or upon becoming aware thereof) the amount of such advance, overdraft or indebtedness, plus accrued interest at a rate then charged by BNY to its institutional custody clients in the relevant currency.

**6.3.** **Securing Repayment** 

In order to secure repayment of Customer's obligations and liabilities relating to a Series (whether or not matured) to BNY or any BNY Affiliate, whether or not relating to or arising under this Agreement, and without limiting BNY's or such BNY Affiliate's rights under applicable law or any other agreement, Customer hereby pledges and grants to BNY and such BNY Affiliate, and agrees BNY and such BNY Affiliate will have to the maximum extent permitted by law, a continuing first lien and security interest in: (a) all of Customer's and such Series' right, title and interest in and to the Account relating to such Series and the Assets now or hereafter held in such Account (including proceeds thereof) and (b) any other property at any time held by BNY or any BNY Affiliate relating to such Series; provided that Customer does not hereby grant a security interest in any securities issued by an affiliate (as defined in Section 23A of the U.S. Federal Reserve Act) of BNY. Customer represents, warrants and covenants that it owns the Assets in the Accounts, and such other property at any time held by BNY or any BNY Affiliate relating to Customer, free and clear of all liens, claims and security interests (except as otherwise acknowledged in writing by BNY), and that the first lien and security interest granted herein with respect to each Series will be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any third party (other than specific liens granted preferred status by statute). Customer will take any additional steps required to assure BNY of such priority security interest, including notifying third parties or obtaining their consent. BNY will be entitled to collect from the relevant Account sufficient Cash for reimbursement. In this regard, BNY will be entitled to all the rights and remedies of a pledgee, secured creditor and/or securities intermediary under applicable laws, rules and regulations as then in effect as if Customer or the relevant Series is in default.

**6.4.** **Setoff** 

BNY has the right to debit any Cash held in an Account for a Customer for any amount payable by such Customer in connection with any and all obligations and liabilities (whether or not matured) of such Customer to BNY or any BNY Affiliate whether or not relating to or arising under this Agreement. In addition to the rights of BNY or such BNY Affiliate under applicable law or any other agreement, at any time when a Customer has not honored any of its obligations relating to a Series to BNY or such BNY Affiliate, BNY will have the right, upon providing prior written notice to such Customer within a commercially reasonable time in light of the relevant circumstances, to retain or set-off against any obligations relating to such Customer any cash BNY or any BNY Affiliate may directly or indirectly hold with respect to such Customer and any obligations (whether or not matured) that BNY or any BNY Affiliate may have with respect to such Customer in any currency. Any such cash or obligation relating to such Customer may be transferred to BNY and any BNY Affiliate in order to effect the above rights. Notwithstanding any other provision of this Agreement, BNY shall not have the right to setoff, debit or otherwise apply the Cash held in an Account for one Customer against the obligations, liabilities or indebtedness of any other Customer. Each Customer's obligations under this Agreement are several and not joint, and the Cash of each Customer shall be held separately and may only be applied to satisfy that Customer's own obligations to BNY or any BNY Affiliate.

**7.** **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** 

**7.1.** **Statements** 

BNY will make available to Customer, through the Electronic Access Services, a monthly statement (or report for such other time period as the Parties may agree upon from time to time) reflecting all transfers to or from the Accounts during such month and all holdings in the Accounts as of the last business day of such month (or as of such other date(s) as the Parties may agree from time to time). Customer will promptly review each such statement and, within ninety (90) days of when such statement is made available by BNY, notify BNY of any exception or objection thereto. Notwithstanding the foregoing, Customer may notify BNY of any such exceptions or objections at any time; provided, however, that BNY will not be responsible or liable for any losses that could have been mitigated had such notice been provided during such ninety (90) day period.

**7.2.** **Books and Records** 

The books and records directly pertaining to the Accounts which are in the possession of BNY will be the property of Customer. BNY will identify on its books and records the Assets belonging to Customer with respect to each Series. Customer and its authorized representatives will have the right, at Customer's own expense and with reasonable prior written notice to BNY, to have reasonable access to those books and records directly pertaining to the Accounts. Any such access will occur during BNY's normal business hours and will be subject to BNY's applicable security policies and procedures. Upon Customer's reasonable request, copies of those books and records directly pertaining to the Accounts will be provided by BNY to Customer or its authorized representative.

**7.3.** **Third Party Data** 

(a) Customer
acknowledges that BNY will be receiving, utilizing and relying on Market Data and other data provided by Customer and/or by third parties
in connection with its performance of the services hereunder (collectively, "**Third Party Data** "). BNY is entitled to
rely without inquiry on all Third Party Data provided to BNY hereunder (and all Instructions related to Third Party Data), and BNY makes
no assurances or warranties in relation to the accuracy or completeness of Third Party Data and will not be responsible or liable for
any losses or damages incurred as a result of any Third Party Data that is inaccurate or incomplete. BNY may follow Instructions with
respect to Third Party Data, even if such Instructions direct BNY to override its usual procedures and data sources or if BNY, in performing
services for itself or others (including services similar to those performed for Customer), receives different Third Party Data for the
same or similar Assets.

(b) Certain
Market Data may be the intellectual property of Market Data Providers, which impose additional terms and conditions upon Customer's
use of such Market Data. Such additional terms and conditions can be found on the Data Terms Website. Customer agrees to those terms
and conditions as they are posted on the Data Terms Website from time to time.

**7.4.** **Information Security** 

(a) During
the Term of this Agreement, BNY will implement, and maintain an information security program ("ISP") with written policies
and procedures reasonably designed to protect the confidentiality and integrity of Customer's Confidential Information provided
to BNY in accordance with this Agreement and when in BNY's possession or under BNY's control ("Customer Data").
The ISP will include administrative, technical and physical safeguards, appropriate to the type of Customer Data concerned, reasonably
designed to: (i) maintain the integrity, confidentiality and availability of Customer Data; (ii) protect against anticipated
threats or hazards to the security or integrity of Customer Data; (iii) protect against unauthorized access to or use of Customer
Data that could result in substantial harm or inconvenience to Customer or its clients; and, (iv) provide for secure disposal of
Customer Data. BNY's program is dynamic and may be modified to address technological changes or changes in the threat landscape,
BNY's business activities or other factors. BNY reserves the right to modify the ISP at any time, provided that BNY shall not diminish
the overall level of protection the ISP is intended to provide.

(b) *Logging*.
The ISP will require the maintenance of network and application logs as part of BNY's security information and event management
processes. Logs are retained in accordance with law applicable to BNY's provision of the services as well as BNY's applicable
policies. BNY uses various tools in conjunction with such logs, which may include behavioral analytics, security monitoring case management,
network traffic monitoring and analysis, IP address management and full packet capture. Logs may be centralized and correlated for
security event alerting.

(c) Data
Security.

(i) *Identity & Access Management.* BNY will implement reasonable and industry recognized user access rules for users accessing Customer Data
based on the need to know and the principle of least privilege, including user ID and password requirements, session timeout and reauthentication
requirements, unsuccessful login attempt limits, privileged access limits and multifactor authentication or equivalent safeguard where
risk factors indicate that single factor is inadequate. BNY's identity and access management processes include the identification,
authentication, authorization and periodic recertification of information users at BNY.

(ii) *Data Segregation*. The ISP will require that: (i) Customer Data is stored in either physically or logically segregated databases from
other BNY data; and (ii) different databases are maintained for development, testing, staging and production environments used in
the provision of services.

(iii) *Encryption*.
BNY will: (i) encrypt Customer Data in transit to an external network using transport layer security or other encryption method;
and (ii) protect Customer Data at rest, in each case as BNY determines to be appropriate in accordance with the ISP and law applicable
to BNY's provision of the services.

(iv) *Remote Access*. The ISP will restrict remote access to the BNY systems used to provide the services to authorized users using multifactor
authentication or equivalent safeguard, and will require such access to be logged.

(v) *Devices.* BNY will restrict the transfer of Customer Data from its network to mass storage devices. BNY will use a mobile device management
system or equivalent tool when mobile computing is used to provide the services. Applications on such authenticated devices will be housed
within an encrypted contained and BNY will maintain the ability to remote wipe the contents of the container.

(vi) *Disposal.* BNY will maintain chain of custody procedures and require that any Customer Data requiring disposal be rendered inaccessible, cleaned
or scrubbed from such hardware and/or media using industry recognized methods.

(vii) *Physical Security.* BNY will deploy perimeter security such as barrier access controls around its facilities processing or storing Customer
Data. The ISP will include: (i) procedures for validating visitor identity and authorization to enter the premises, which may include
identification checks, issuance of identification badges and recording of entry purpose of visit; and (ii) physical security policies
for personnel, such as a "clean desk" policy. In accordance with its ISP and applicable law, BNY will install closed circuit
television ("CCTV") systems and CCTV recording systems to monitor and record access to controlled areas, such as data centers
and server rooms.

(d) Audit
Rights.

(i) BNY shall,
no more than once in a 12 month period: (i) upon request, provide a copy of its most recent System and Organization Controls (SOC)
or equivalent external audit report to Customer, which Customer may disclose solely to its internal or external auditors that are subject
to written confidentiality obligations to use reasonable care to safeguard the report and not to disclose the report to any third party
or use the report for any purpose other than evaluating BNY's security controls; (ii) engage a third party provider to perform
penetration testing of the BNY systems used to provide the services (subject to agreed upon rules of engagement) and, upon request,
provide Customer confirmation of such testing; and (iii) upon request, participate in Customer's reasonable information security
due diligence questionnaire process.

(ii) BNY shall
also, no more than once in any 12-month period and upon request, on a mutually agreed date during business hours and subject to BNY's
facility security policies and availability of personnel

(A) Meet
with Customer subject matter experts in a BNY clean room to review information security policies, procedures and similar related information;
provided that no documentation may be copied, disclosed to any third party, or transmitted or removed from BNY premises except as mutually
agreed in writing; and

(B) Permit
access to a BNY data center used to process Customer Data and provide the services by no more than 3 Customer representatives, including
employees of a regulatory or supervisory authority of Customer that is also a regulatory or supervisory authority of BNY, for a maximum
of 3 hours in order to conduct a visual inspection of the environment and its controls.

(C) Notwithstanding
any other provision in the Agreement to the contrary, Customer shall not disclose any verbal or written information obtained during the
foregoing meetings described in the above subjections 7.4(a)(iii)(B)(1) and (2) to any third party or use it for any purpose
other than evaluating BNY's security controls, without BNY's prior written consent. Customer shall reimburse BNY for any
costs and expenses reasonably incurred in connection with Customer's review (including that of the regulatory or supervisory authority
personnel) of BNY's security controls and data center.

(e) Security
Incident Management & Breach Notification.

(i) BNY will
maintain a documented incident management process designed to detect security events and respond to the same.

(ii) In the
event of a declared Security Incident, BNY will activate its incident response plan, including to: (i) notify Customer within three
business days; (ii) provide updates to Customer regarding BNY's response; and, (iii) use reasonable efforts to implement
measures designed to prevent reoccurrence of Security Incidents of a similar nature.

(A) "Security
Incident" means any known: (i) breach of nonpublic personal information as defined in the Gramm-Leach-Bliley Act of 1999 ("NPPI")
that is notifiable under state law; or (ii) unauthorized access to, disruption, or misuse of a component of BNY's network
that directly impacts its provision of the Services.

(f) BNY will
implement business continuity and disaster recovery plans designed to minimize interruptions of service and enhance recovery of systems
and applications used to provide the Services under this Agreement. Such plans will cover the facilities, systems, backups, applications
and employees that are critical to the provision of the Services, and such plans will be tested regularly to assess if the recovery strategies,
requirements and protocols are viable and sustainable. BNY will maintain encrypted data backups to the same extent that the data is encrypted
in the production environment based on BNY's policies.

**7.5.** **Reserved.** 

**8.** **DISCLOSURES** 

**8.1.** **Foreign Exchange Transactions** 

In connection with this Agreement, Customer may enter into foreign exchange transactions (including foreign exchange hedging transactions) with BNY or a BNY Affiliate acting as a principal or otherwise through customary channels. Customer may issue standing Instructions with respect to any such foreign exchange transactions, subject to any rules or limitations that may apply to any foreign exchange facility made available to Customer. With respect to any such foreign exchange transactions, BNY or such BNY Affiliate is acting as a principal counterparty on its own behalf and is not acting as a fiduciary or agent for, or on behalf of, Customer, a Series, an investment manager or any Account.

**8.2.** **Investment of Cash** 

In connection with this Agreement, Customer may issue standing Instructions to invest Cash in one or more sweep investment vehicles. Such investment vehicles may be offered by a BNY Affiliate or by a client of BNY, and BNY may receive compensation therefrom. By making investment vehicles available, BNY and its Affiliates will not be deemed to have recommended, endorsed or guaranteed any such investment vehicle in any way or otherwise to have acted as a fiduciary or agent for, or on behalf of, Customer, its investment manager or any Account. BNY will have no liability for any loss incurred on any such investments. Customer understands that Cash may be uninvested if it is received or reconciled to an Account after the applicable deadline to be swept into Customer's selected investment vehicle.

**9.** **REGULATORY MATTERS** 

**9.1.** **USA PATRIOT Act** 

Section 326 of the U.S. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (including its implementing regulations) requires BNY to implement a customer identification program pursuant to which BNY must obtain certain information from Customer in order to verify Customer's identity prior to establishing an Account. Accordingly, prior to establishing an Account, Customer will be required to provide BNY with certain information, including Customer's name, physical address, tax identification number and other pertinent identifying information, to enable BNY to verify Customer's identity. Customer acknowledges that BNY cannot establish an Account unless and until BNY has successfully performed such verification.

**9.2.** **Sanctions; Anti-Money Laundering** 

(a) Throughout
the Term of this Agreement, Customer will: (i) have in place and implement, or will be subject to, policies and procedures reasonably
designed to comply with Sanctions; (ii) have in place and will implement, or will be subject to, policies and procedures reasonably
designed to (a) prevent violations of Sanctions, including measures to accomplish effective and timely scanning of all relevant
data with respect to its clients (to the extent the Assets are client Assets) and with respect to incoming or outgoing assets or transactions
relating to this Agreement and (b) ensure that neither Customer nor any of its controlled Affiliates, directors, officers, or employees
or clients (to the extent the Assets are client assets) is an individual or entity that is, or is owned or controlled by an individual
or entity that is: (A) the target of Sanctions or (B) located, organized or resident in a country or territory that is, or
whose government is, the target of comprehensive Sanctions; and (iii) will not, directly or indirectly, use the Accounts in any
manner that would result in a violation by Customer or BNY of Sanctions. BNY has adopted and implemented, and will continue to maintain
and implement, compliance programs reasonably designed to comply with the anti-money laundering and sanctions laws applicable to BNY's
provision of Services hereunder. To the fullest extent permitted by law, each of BNY and Customer shall provide commercially reasonable
in light of the relevant circumstances notice to the other Party if it becomes aware, through screening or otherwise, of property or
transactions in connection with this Agreement that require blocking pursuant to Sanctions and/or reporting to an applicable Sanctions
authority, including OFAC.

(b) Customer
acknowledges and agrees that, in connection with the services provided by BNY under this Agreement, each of Customer's authorized
participants is not a customer of, or joint customer with, BNY. Customer (and not BNY) has the responsibility to, and will, fulfill any
of Customer's compliance requirements or obligations with respect to each of its authorized participants and/or direct investors
under all Anti-Money Laundering Laws. Without limiting any obligation imposed on Customer by Anti-Money Laundering Laws, throughout the
term of this Agreement, Customer will maintain a compliance program with respect to its direct investors, if any, that includes the following
as required by applicable law: (i) a know-your-customer program in order to understand and verify the identity of each authorized
participant and/or direct investor, in accordance with the requirements of the Bank Secrecy Act and the relevant regulations thereunder,
(ii) a transaction surveillance and monitoring program, and (iii) a policy for identifying and reporting any suspicious transactions
and/or activities with respect to each authorized participant and/or direct investor to the appropriate law enforcement and regulatory
authorities and to BNY where related to the services provided by BNY hereunder to the extent permitted by law.

(c) Customer
will, to the extent permitted by applicable law promptly provide to BNY such information as BNY reasonably requests in writing in connection
with the matters referenced in this Section 9.2, including information regarding (i) the Accounts, (ii) the Assets and
the source thereof, (iii) the identity of any individual or entity having or claiming an interest therein, and (iv) Customer's
anti-money laundering and Sanctions compliance programs and any related records and/or transaction information, including with respect
to any investor, regardless of whether such request is made under USA PATRIOT Act Section 314(b) (where applicable). Customer
will, to the extent permitted by applicable law, cooperate with BNY and provide assistance reasonably requested by BNY in connection
with any anti-money laundering and terrorist financing or Sanctions, government or regulatory inquiries. Prior to delivering to BNY the
assets of any authorized participant, Customer will obtain from each such authorized participant, and will continue to maintain in effect
throughout the Term of this Agreement, any consents or waivers that may be required under applicable law in order to comply with the
foregoing obligations.

(d) BNY may
decline to act or provide services in respect of any Account, and take such other actions as it, in its reasonable discretion, deems
necessary or advisable, in connection with the matters referenced in this Section 9.2. If BNY declines to act or provide services
as provided in the preceding sentence, except as otherwise prohibited by applicable law or official request, BNY will inform Customer
as soon as reasonably practicable.

**10.** **COMPENSATION** 

**10.1.** **Fees and Expenses** 

In consideration of BNY's services provided hereunder, Customer will (a) pay to BNY the fees set forth in the agreed upon fee schedule (as such fee schedule may be amended by BNY and Customer from time to time upon mutual agreement) and (b) reimburse BNY for reasonable out-of-pocket and incidental expenses incurred by BNY in connection therewith. Unless otherwise agreed by the Parties, such amounts will be payable to BNY within thirty (30) days of Customer's receipt of the relevant invoice. Without limiting BNY's other rights set forth in this Agreement, BNY may charge interest on overdue amounts at a rate then charged by BNY to its institutional custody clients in the relevant currency.

**10.2.** **Other Compensation** 

(a) Customer
acknowledges that, as part of BNY's compensation, BNY will earn interest on Cash balances held by BNY (including disbursement balances,
balances arising from purchase and sale transactions and when Cash otherwise remains uninvested) as provided in BNY's compensation
disclosures.

(b) Where
a processing error has occurred under this Agreement that results in an unintended gain, provided that Customer is put in the same or
equivalent position as it would have been in had such processing error not occurred, any such gain will be solely for the account of
BNY without any duty to report such gain to Customer.

**11.** **REPRESENTATIONS, WARRANTIES AND COVENANTS** 

**11.1.** **BNY** 

BNY represents and warrants that: (a) it is duly organized, validly existing and in good standing in its jurisdiction of organization; (b) it has the requisite corporate power and authority to enter into and to carry out the transactions contemplated by this Agreement and (c) the individual executing this Agreement on its behalf has the requisite authority to bind BNY to this Agreement.

**11.2.** **Customer** 

(a) Customer
represents and warrants that: (i) it is duly organized, validly existing and in good standing in its jurisdiction of organization;
(ii) it has the requisite corporate power and authority to enter into and to carry out the transactions contemplated by this Agreement
and (iii) the individual executing this Agreement on its behalf has the requisite authority to bind Customer to this Agreement.

(b) Customer
represents and warrants that all actions taken, or to be taken, by or on behalf of Customer in connection with establishing, maintaining,
operating or termination Customer (including, any offer, sale or distribution of the shares of, or interest in, Customer) shall be done
in material compliance with all applicable U.S. state and federal securities laws and regulations and all other applicable laws and regulations
of all applicable jurisdictions.

**12.** **LIABILITY** 

**12.1.** **Standard of Care** 

In performing its duties under this Agreement, BNY will exercise the same standard of care and diligence that a professional custodian engaged in the banking or trust company industry and having professional expertise in financial and securities processing transactions and custody would exercise in similar circumstances, taking into account the prevailing rules, practices, procedures and circumstances in the relevant market, and acting without bad faith, negligence or willful misconduct ("**Standard of Care**").

**12.2.** **Limitation of Liability** 

(a) BNY's
liability arising out of or relating to this Agreement will be limited solely to those direct damages caused by BNY's failure to
perform its obligations under this Agreement in accordance with the Standard of Care, subject to the clarifications and exceptions set
forth in this Section 12.

(i) Consistent
with Section 4.1 herein and subject to the Standard of Care, BNY will be liable for direct costs, expenses, damages, liabilities
or claims incurred by the Customer as a result of the acts or failures to act by any subcontractor, agent, or outsourcing party to the
extent that BNY itself would be liable for such acts or omissions under this Agreement had it performed or not performed the relevant
act or omission itself, except as provided in this Section 12.

(ii) Each
Party (and their respective Affiliates) will have a duty to mitigate damages or Losses hereunder.

(b) In no
event will either Party be liable for any indirect, incidental, consequential, exemplary, punitive or special losses or damages, or for
any loss of revenues, profits or business opportunity, arising out of or relating to this Agreement (whether or not foreseeable and even
if such Party has been advised of the possibility of such losses or damages); provided, that this Section 12.2(b) will not
apply to Losses arising from a Party's fraud, willful misconduct or gross negligence, or Customer's duty to indemnify BNY
pursuant to Section 12.4(a).

(c) Notwithstanding
anything to the contrary set forth in this Agreement, in no event will BNY be liable for any losses or damages arising out of any of
the following:

(i) Customer's
or an Authorized Person's decision to invest in or hold Assets in any particular country, including any losses or damages arising
out of or relating to: (A) the financial infrastructure of a country; (B) a country's prevailing custody and settlement
practices; (C) nationalization, expropriation or other governmental actions; (D) a country's regulation of the banking
or securities industry; (E) currency and exchange controls, restrictions, devaluations, redenominations, fluctuations or asset freezes;
(F) laws, rules, regulations or orders that at any time prohibit or impose burdens or costs on the transfer of Assets to, by or
for the account of Customer or (G) market conditions which affect the orderly execution of securities transactions or affect the
value of securities;

(ii) BNY's
reliance on Instructions,;

(iii) For any
matter with respect to which BNY is required to act only upon the receipt of Instructions, (A) BNY's failure to act in the
absence of such Instructions or (B) Instructions that are late or incomplete or do not otherwise satisfy the requirements of Section 3.2(e),
whether or not BNY acted upon such Instructions;

(iv) BNY receiving
or transmitting any data to or from Customer or any Authorized Person via any non-secure method of transmission or communication selected
by Customer;

(v) Customer's
or an Authorized Person's decision to hold Cash in any currency; or

(vi) The insolvency
of any Person.

**12.3.** **Force Majeure** 

BNY will not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement to the extent caused, directly or indirectly, by any event beyond its reasonable control, including acts of God, strikes or other labor disputes, work stoppages, acts of war, terrorism, general civil unrest, governmental or military actions, legal constraint or the interruption, loss or malfunction of utilities or communications or computer systems. BNY will promptly notify Customer upon the occurrence of any such event and will use commercially reasonable efforts to minimize its effect.

**12.4.** **Indemnification** 

(a) Customer
will indemnify and hold harmless BNY from and against all losses, costs, expenses, damages and liabilities (including reasonable counsel
fees and expenses) ("Losses") incurred by BNY arising out of or relating to BNY's performance under this Agreement,
except to the extent resulting from BNY's failure to perform its obligations under this Agreement in accordance with the Standard
of Care. The Parties agree that the foregoing will include reasonable counsel fees and expenses incurred by BNY in its successful defense
of claims that are asserted by Customer against BNY arising out of or relating to BNY's performance under this Agreement. Any obligations
of a Customer under this Section 12.4 will not be satisfied out of the assets of any other Customer and any obligations of any Customer
under this Section 12.4 shall be several, and not joint, with respect to any other Customer.

(b) Subject
to BNY's limitations of liability contained within Section 12.2 and Section 12.3, BNY will indemnify and hold harmless
the Customer from and against direct Losses incurred by Customer as the direct result of BNY's failure to perform its obligations
under this Agreement in accordance with the Standard of Care; except in each case to the extent such Losses result from Customer's
own fraud, negligence or willful misconduct or failure to perform its obligations under this Agreement.

**13.** **CONFIDENTIALITY** 

**13.1.** **Confidentiality Obligations** 

Each Party agrees to (a) use the Confidential Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with such purposes or as otherwise permitted herein, not to disclose, publish, release, transfer or otherwise make available (except its personnel and external professional advisers who have a need to know such Confidential Information) without the prior written consent of the other Party; and (b) secure and protect the Confidential Information of the other Party from unauthorized use or disclosure by using at least the same degree of care as the Party employs to avoid unauthorized use of or disclosure of its own Confidential Information, but in no event less than reasonable care; and (c) not duplicate any material containing the Confidential Information of the other Party except in the direct performance of its obligations hereunder. Notwithstanding the foregoing, BNY may:(a) use Customer's Confidential Information in connection with certain functions performed on a centralized basis by BNY, its Affiliates and joint ventures and their service providers, including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, compilation and analysis of customer related data and storage); (b) disclose such information to its Affiliates and joint ventures and to its and their service providers who are subject to confidentiality obligations and (c) store the names and business contact information of Customer's employees and representatives relating to this Agreement on the systems or in the records of its Affiliates and joint ventures and its and their service providers. In addition, BNY may aggregate information regarding Customer and the Accounts on an anonymized basis with other similar client data for BNY's and its Affiliates' reporting, research, product development and distribution, and marketing purposes, provided that any distribution of such aggregated data shall not be in a format that can be reverse engineered to identify customer-related data with respect to Customer or any particular Trust.

**13.2.** **Exceptions; Return or Destruction of Confidential Information.** 

(a) The Parties'
respective obligations under Section 13.1 will not apply to any such information: (a) that is, as of the time of its disclosure
or thereafter becomes, part of the public domain through a source other than the receiving Party; (b) that was known to the receiving
Party as of the time of its disclosure and was not otherwise subject to confidentiality obligations; (c) that is independently developed
by the receiving Party without reference to such information; (d) that is subsequently learned from a third party not known to be
under a confidentiality obligation to the disclosing Party or (e) that is required to be disclosed (in the reasonable opinion of
its legal counsel) pursuant to applicable law, rule, regulation, requirement of any law enforcement agency, court order or other legal
process or at the request of a regulatory authority; provided that, in all cases of such disclosure under (e), the receiving Party will,
if legally permissible under applicable law, endeavor to provide commercially reasonable notice to the other Party, and where it is practicable
under the relevant circumstances, will do so prior to disclosure, so that the other Party may seek a protective order or other appropriate
remedy, if it thinks fit.

(b) Upon
the earlier of: (i) the Confidential Information (or the relevant portion of it) becoming no longer required for the receiving Party's
performance under this Agreement; or (ii) termination or expiration of this Agreement; and upon written request, the receiving Party
shall securely destroy the Confidential Information (or the relevant portion of it), ensuring it is irrecoverable disclosing Party requests
the return of its Confidential Information, in which case receiving Party shall promptly return it (in a format and by a method reasonably
acceptable to disclosing Party), and promptly certify such destruction or return (as applicable), if so requested. Notwithstanding the
foregoing, the receiving Party may retain copies of such Confidential Information as required by applicable law or, in accordance with
the receiving Party's records retention or back-up policies or procedures, so long as they continue to be kept in accordance with
the provisions of this Section 13. The receiving Party shall endeavor to notify the other Party within a commercially reasonable
time in light of the relevant circumstances in the event that Confidential Information has been lost, misplaced, or disclosed in contravention
to the terms of this Section 13.

**14.** **TERM AND TERMINATION** 

**14.1.** **Term** 

The term of this Agreement will commence on the Effective Date and will continue in effect until terminated in accordance with the provisions herein.

**14.2.** **Termination** 

(a) Each
Party may terminate this Agreement with respect to one or more Series by giving to the other Party a notice in writing specifying
the date of such termination, which will be not less than ninety (90) days after the date of such notice. Notwithstanding anything to
the contrary in this Agreement, either Party may, on thirty (30) days' written notice or shorter timeframe as required by applicable
law, terminate this Agreement (in whole or in part) in the event any regulator or governmental authority so requests or if continuing
would place BNY, Customer, and/or any of their Affiliates in breach of applicable law. Either Party may terminate this Agreement on written
notice if the other Party undergoes a Change of Control (as defined below); provided that such notice may only be given within sixty
(60) days of the terminating Party first becoming aware of such Change of Control having occurred or of the terminating Party receiving
written notification of it having occurred from the other Party, whichever is the later. "Change of Control" for these purposes
means either: (i) the sale of all or substantially all of the assets of a Party to an unaffiliated party; or (ii) any merger,
consolidation or acquisition of the capital stock of a Party the result of which is that an unaffiliated third-party holds more than
twenty-five percent (25%) of either the economics or voting capital stock of such Party. Termination by a Party of this Agreement will
be without prejudice to and with full reservation of any other rights and remedies available to the other Party. Termination will not
affect any of the obligations either Party owes to the other arising under this Agreement prior to such termination, including any outstanding
compensation payable or amounts reimbursable under this Agreement.

**14.3.** **Effect of Termination; Transition** 

(a) Upon
termination hereof, BNY will follow such reasonable Instructions as Customer issues concerning the transfer of custody of records, Assets
and other items; provided that (a) BNY will have no responsibility or liability for shipping and insurance costs associated therewith
and (b) full payment has been made to BNY of its compensation, costs, expenses and other amounts to which it is entitled hereunder.
If any Assets remain in any Account after termination, BNY shall deliver to Customer such Assets.

(b) Notwithstanding
any provision of this Section 14 to the contrary, in the event that this Agreement is terminated in its entirety, the Parties agree
to continue operating under the terms of this Agreement as if this Agreement remained in full force and effect for up to one (1) year
or for such shorter period of time as the Parties mutually agree is necessary for BNY to transfer custody records, Assets and other items
to a successor custodian pursuant to Instructions (the "Transition Period"); provider, that during any such Transition Period,
BNY will be entitled to compensation for BNY's Transition Period services pursuant to Section 10 and the provisions of this
Agreement relating to the duties and obligations of BNY will remain in full force and effect. If any Assets remains in any Account after
the Transition Period, BNY shall deliver to Customer such Assets.

**14.4.** **Survival** 

Any and all provisions of this Agreement which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination of this Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties' benefit, including Section 11 (Representations, Warranties and Covenants); Section 12 (Liability); Section 13 (Confidentiality); Section 14.3 (Effect of Termination); Section 14.4 (Survival) and Section 15.3 (Governing Law/Forum).

**15.** **GENERAL** 

**15.1.** **Assignment** 

Neither Party may, without the other Party's prior written consent, assign any of its rights or delegate any of its duties under this Agreement (whether by change of control, operation of law or otherwise); provided, however that BNY may, without the prior written consent of Customer, but with commercially reasonable notice to the Customer in light of the relevant circumstances, assign this Agreement or any of its rights, or delegate any of its duties hereunder: (a) to any BNY Affiliate; (b) to any successor to the business of BNY to which this Agreement relates, in which event BNY agrees to provide notice of such successor to Customer or (c) as otherwise permitted in this Agreement; provided further that any entity to which this Agreement is assigned by BNY without the prior written consent of Customer pursuant to a foregoing item (a), (b) or (c) will satisfy the requirements for serving as a custodian under applicable law. Any purported assignment or delegation by a Party in violation of this provision will be voidable at the option of the other Party. This Agreement will be binding upon, and inure to the benefit of, the Parties and their respective permitted successors and assigns.

**15.2.** **Amendment** 

This Agreement may be amended or modified only in a written agreement signed by an authorized representative of each Party. For purposes of the foregoing, email exchanges between the Parties will not be deemed to constitute a written agreement.

**15.3.** **Governing Law/Forum** 

(a) The substantive
laws of the state of New York (without regard to its conflicts of law provisions) will govern all matters arising out of or relating
to this Agreement, including the establishment and maintenance of the Accounts and for purposes of the Uniform Commercial Code and all
issues specified in Article 2(1) of the Hague Securities Convention.

(b) Each
Party irrevocably agrees that all legal actions or proceedings brought by it against the other Party arising out of or relating to this
Agreement will be brought solely and exclusively before the state or federal courts situated in New York City, New York. Each Party irrevocably
submits to personal jurisdiction in such courts and waives any objection which it may now or hereafter have based on improper venue or *forum non conveniens*. The Parties hereby unconditionally waive, to the fullest extent permitted by applicable law, any right to
a jury trial with respect to any such actions or proceedings.

**15.4.** **Reserved.** 

**15.5.** **Non-Fiduciary Status** 

Customer hereby acknowledges and agrees that BNY is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and has not accepted any fiduciary duties, responsibilities or liabilities with respect to its services hereunder, including with respect to the management, investment advisory or sub-advisory functions of Customer.

**15.6.** **Notices** 

Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions), all notices, requests, consents and other communications pursuant to this Agreement in writing shall be sent as follows:

**If to DE Trustee of the Customer:**

CSC Delaware Trust Company<br> Attention: Corporate Trust Administration<br> 251 Little Falls Drive<br> Wilmington, DE 19808

**with a copy to Sponsor of the Customer:**

Morgan Stanley Investment Management Inc.<br> 1585 Broadway<br> New York, New York 10036<br> Attn: [●]

**If to BNY:**

The Bank of New York Mellon<br> 240 Greenwich St.<br> New York, NY 10286<br> Attn: Legal Department

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt.

**15.7.** **Entire Agreement** 

This Agreement constitutes the sole and entire agreement among the Parties with respect to the matters dealt with herein, and merges, integrates and supersedes all prior and contemporaneous discussions, agreements and understandings between the Parties, whether oral or written, with respect to such matters.

**15.8.** **No Third Party Beneficiaries** 

This Agreement is entered into solely between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity other than the Parties. It is expressly understood and agreed by BNY that this Agreement is executed and delivered on behalf of the Customer by the Sponsor, not individually or personally, but solely as Sponsor of the Customer in the exercise of the powers and authority conferred and vested in it; the representations, covenants, undertakings and agreements herein made on the part of the Customer are made and intended not as personal representations, undertakings and agreements by the Sponsor but are made and intended for the purpose of binding only the Customer; nothing herein contained shall be construed as creating any liability on the Sponsor, individually or personally, to perform any covenant of the Customer either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto; and (d) under no circumstances shall the Sponsor be personally liable for the payment of any indebtedness or expenses of the Customer or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made or undertaken by the Customer under this Agreement or any other related document.

**15.9.** **Counterparts/Facsimile** 

This Agreement may be executed in any number of counterparts, each of which will be deemed an original, and said counterparts when taken together will constitute one and the same instrument and may be sufficiently evidenced by one set of counterparts. This Agreement may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

**15.10.** **Interpretation** 

The terms and conditions of this Agreement are the result of negotiations between the Parties. The Parties intend that this Agreement will not be construed in favor of or against a Party by reason of the extent to which such Party or its professional advisors participated in the preparation or drafting of this Agreement.

**15.11.** **No Waiver** 

No failure or delay by a Party to exercise any right, remedy or power it has under this Agreement will impair or be construed as a waiver of such right, remedy or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision. All waivers will be in writing and signed by an authorized representative of the waiving Party.

**15.12.** **Headings** 

All section and subsection headings in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope or intent of any provision of this Agreement.

**15.13.** **Severability** 

If a court of competent jurisdiction determines that any provision of this Agreement is illegal or invalid for any reason, such illegality or invalidity will not affect the validity of the remainder of this Agreement. In such case, the Parties will negotiate in good faith to replace each illegal or invalid provision with a valid, legal and enforceable provision that fulfills as closely as possible the original intent of the Parties.

**15.14.** **Several Nature of Customer Obligations** 

The Parties acknowledge and agree that where "Customer" refers to multiple trusts as listed on Appendix A, each such trust is a separate Customer under this Agreement. The obligations of each Customer under this Agreement are several and not joint. If at any time one or more Customers ceases to be a party to this Agreement (whether by reason of termination of this Agreement with respect to such Customer, dissolution, liquidation or otherwise), this Agreement shall continue in full force and effect with respect to all remaining Customers. No Customer shall have any liability or responsibility for the obligations, representations, warranties, acts or omissions of any other Customer under this Agreement.

**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **MORGAN STANLEY INVESTMENT MANAGEMENT, INC. AS SPONSOR FOR AND ON BEHALF OF EACH ENTITY LISTED ON APPENDIX A** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |

---

**APPENDIX A**

**Customers**

**Morgan Stanley Bitcoin Trust**

**Morgan Stanley Ethereum Trust**

**Morgan Stanley Solana Trust**

## Exhibit 10.10

**Exhibit 10.10**

SUBSCRIPTION AGREEMENT

THIS SUBSCRIPTION AGREEMENT is entered into as of the 15<sup>th</sup> day of June, 2026, between Morgan Stanley Solana Trust, a Delaware statutory trust organized and existing under the laws of Delaware (the "<u>Trust</u>"), and Morgan Stanley Investment Management Inc., a corporation organized and existing under the laws of Delaware (the "<u>Purchaser</u>").

THE PARTIES HEREBY AGREE AS FOLLOWS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. PURCHASE AND SALE OF THE SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) SALE AND ISSUANCE OF SHARES. Subject to the terms and conditions of this Agreement, the Trust agrees to sell to the Purchaser, and the Purchaser agrees to purchase from the Trust, 5 shares of beneficial interest, representing fractional undivided beneficial interests in the net assets of the Trust (the "<u>Shares</u>"), at a price per Share of $20.00 for an aggregate purchase price of $100.00 (the "Purchase Price") (such Shares, the "<u>Seed Creation Baskets</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASER. The Purchaser hereby represents and warrants to, and covenants for the benefit of, the Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) PURCHASE ENTIRELY FOR OWN ACCOUNT. This Agreement is made by the Trust with the Purchaser in reliance upon the Purchaser's representation to the Trust, which by the Purchaser's execution of this Agreement the Purchaser hereby confirms, that the Shares are being acquired for investment for the Purchaser's own account, and not as a nominee or agent and not with a view to the resale or distribution by the Purchaser of any of the Shares, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the Shares, in either case in violation of any securities registration requirement under applicable law, but subject nevertheless, to any requirement of law that the disposition of its property shall at all times be within its control.

By executing this Agreement, the Purchaser further represents that the Purchaser does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation to such person or to any third person, with respect to any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) INVESTMENT EXPERIENCE. The Purchaser acknowledges that it can bear the economic risk of the investment for an indefinite period of time and has such knowledge and experience in financial and business matters (and particularly in the business in which the Trust operates) as to be capable of evaluating the merits and risks of the investment in the Shares. The Purchaser is an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the "<u>1933 Act</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) RESTRICTED SECURITIES. The Purchaser understands that the Shares are characterized as "restricted securities" under the United States securities laws inasmuch as they are being acquired from the Trust in a transaction not involving a public offering and that under such laws and applicable regulations such Shares may be resold without registration under the 1933 Act only in certain circumstances. In this connection, the Purchaser represents that it understands the resale limitations imposed by the 1933 Act and is generally familiar with the existing resale limitations imposed by Rule 144 under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) LEGENDS. It is understood that the certificate evidencing the Shares, if any, may bear either or both of the following legends:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "These securities have not been registered under the Securities Act of 1933. They may not be sold, offered for sale, pledged or hypothecated in the absence of a registration statement in effect with respect to the Shares under such Act or an opinion of counsel reasonably satisfactory to the Trustee of Morgan Stanley Solana Trust that such registration is not required."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any legend required by the laws of any other applicable jurisdiction.

The Purchaser and the Trust agree that the legends contained in the paragraph above shall be removed at a holder's request when they are no longer necessary to ensure compliance with federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) COUNTERPARTS. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **Morgan Stanley Solana Trust**\*<br> Morgan Stanley Investment Management Inc., as Delegated Sponsor of the Trust | **Morgan Stanley Solana Trust**\*<br> Morgan Stanley Investment Management Inc., as Delegated Sponsor of the Trust |
| By: | /s/ Scott Steel |
|  | Name: Scott Steel |
|  | Title: Managing Director |

---

---

| | |
|:---|:---|
| **Morgan Stanley Investment Management Inc.** | **Morgan Stanley Investment Management Inc.** |
| By: | /s/ Michael Key |
|  | Name: Michael Key |
|  | Title: Managing Director |

---

\*The registrant is a trust, and the undersigned is signing in their capacity as an officer of Morgan Stanley Investment Management Inc., the Delegated Sponsor of the Trust.

## Exhibit 10.11

**Exhibit 10.11**

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXCHANGE TRADED PRODUCTS** |

---

**EXECUTION VERSION**

![](tm2534148d4_ex10-11img001.jpg)

**DIGITAL ASSETS**

**CUSTODY AGREEMENT**

**By and Between**

**THE BANK OF NEW YORK MELLON**

**And**

**MORGAN STANLEY SOLANA TRUST**

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| **1.** | **DEFINITIONS** | **DEFINITIONS** | **1** |
| **2.** | **CUSTODIAL SERVICES** | **CUSTODIAL SERVICES** | **5** |
|  | 2.1 | Appointment of Custodian | 5 |
|  | 2.2 | Accounts and Wallets | 5 |
|  | 2.3 | Supported Digital Assets | 6 |
|  | 2.4 | Customer Use of Accounts and Wallets | 6 |
|  | 2.5 | The New York Uniform Commercial Code | 6 |
| **3.** | **RECEIPT AND TRANSFER OF SUPPORTED DIGITAL ASSETS** | **RECEIPT AND TRANSFER OF SUPPORTED DIGITAL ASSETS** | **7** |
|  | 3.1 | Receipt, Transfer and Settlement | 7 |
|  | 3.2 | Authorized Counterparties | 8 |
| **4.** | **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** | **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** | **8** |
|  | 4.1 | Authorized Persons | 8 |
|  | 4.2 | Instructions | 9 |
|  | 4.3 | BNY Actions Without Instructions | 10 |
|  | 4.4 | Funds Transfers | 10 |
|  | 4.5 | Electronic Access | 11 |
|  | 4.6 | Security; Access to Notices and Push Notifications | 11 |
| **5.** | **USE OF AGENTS** | **USE OF AGENTS** | **11** |
| **6.** | **SETOFF; CURRENCY CONVERSION** | **SETOFF; CURRENCY CONVERSION** | **12** |
|  | 6.1 | Setoff | 12 |
|  | 6.2 | Currency Conversion | 12 |
| **7.** | **Reserved** | **Reserved** | **12** |
| **8.** | **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** | **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** | **12** |
|  | 8.1 | Statements | 12 |
|  | 8.2 | Books and Records | 12 |
|  | 8.3 | Third Party Data | 13 |
|  | 8.4 | Information Security | 13 |
| **9.** | **ANTI-MONEY LAUNDERING; SANCTIONS** | **ANTI-MONEY LAUNDERING; SANCTIONS** | **16** |
| **10.** | **COMPENSATION** | **COMPENSATION** | **18** |
|  | 10.1 | Fees and Expenses | 18 |
|  | 10.2 | Other Compensation | 18 |
| **11.** | **REPRESENTATIONS, WARRANTIES, COVENANTS AND CUSTOMER ACKNOWLEDGEMENTS** | **REPRESENTATIONS, WARRANTIES, COVENANTS AND CUSTOMER ACKNOWLEDGEMENTS** | **19** |
|  | 11.1 | BNY | 19 |
|  | 11.2 | Customer | 19 |
| **12.** | **LIABILITY** | **LIABILITY** | **22** |
|  | 12.1 | Standard of Care | 22 |
|  | 12.2 | Limitation of Liability | 22 |
|  | 12.3 | Force Majeure | 25 |
|  | 12.4 | Indemnification | 25 |

---

i

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

****TABLE OF CONTENTS**<br> (continued)**

**13.** **CONFIDENTIALITY** **26** 

13.1 Confidentiality Obligations 26

13.2 Exceptions; Return or Destruction of Confidential Information 26

**14.** **TERM AND TERMINATION** **27** 

14.1 Term 27

14.2 Termination 27

14.3 Effect of Termination; Transition 28

14.4 Survival 29

**15.** **MISCELLANEOUS** **29** 

15.1 Operating Procedures and Schedules 29

15.2 Amendment 30

15.3 Push Notifications 30

15.4 Assignment 30

15.5 Governing Law/Forum 30

15.6 Business Continuity/Disaster Recovery 31

15.7 Sovereign Immunity 31

15.8 Non-Fiduciary Status 31

15.9 Notices 31

15.10 Entire Agreement 32

15.11 No Third Party Beneficiaries 32

15.12 Counterparts 33

15.13 Interpretation 33

15.14 No Waiver 33

15.15 Headings 33

15.16 Severability 33

ii

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

**DIGITAL ASSETS CUSTODY AGREEMENT**

This Digital Asset Custody Agreement (or "this Agreement") is made and entered into as of the latest date set forth on the signature page hereto (the "**Effective Date**") by and between **THE BANK OF NEW YORK MELLON**, a bank organized under the laws of the state of New York ("**BNY**"), and **MORGAN STANLEY SOLANA TRUST**, a statutory trust organized under the laws of the state of Delaware ("**Customer**"). BNY and Customer are collectively referred to as the "**Parties**" and individually as a "**Party**".

**RECITALS**

WHEREAS, Customer wishes to appoint BNY as the custodian of certain of its digital assets, and BNY is willing to provide such services on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound, the Parties agree as follows.

**1.** **DEFINITIONS** 

Whenever used in this Agreement, the following words have the meanings set forth below:

"**Account**" or "**Accounts**" has the meaning set forth in Section 2.2(a).

"**Affiliate**" means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by, or is under common control with such entity.

"**Agreement**" means, collectively, this Digital Assets Custody Agreement, any Schedules and Exhibits hereto, and any other documents incorporated herein by reference.

"**Airdrop**" means any Digital Asset Received at an Asset Address related to a Wallet, whether or not solicited by Customer, that (i) is not a Supported Digital Asset, (ii) is a Supported Digital Asset Received from a Person other than an Authorized Counterparty, or (iii) is a Supported Digital Asset Received without a prior Instruction of Customer as provided by Section 3.1(b)(ii) or as to which a prior Instruction of Customer was materially inaccurate (as determined in the sole discretion of BNY).

"**Alternative Address**" means, with respect to any Digital Asset, an Asset Address maintained with an Authorized Counterparty for the benefit of Customer to which, in the circumstances identified in Section 3.1(e), BNY may transfer such Digital Asset.

"**Anti-Money Laundering Laws**" means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT Act, the Money Laundering Control Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Asset Address**" means, with respect to any Supported Digital Asset, (i) a public key address code maintained with BNY or an Authorized Counterparty and identified as a source or destination with respect to a transaction in such Digital Asset (in the case of a Supported Digital Asset in the manner specified by the applicable Supported Digital Asset Disclosure Schedule); and (ii) such other information as may be required by the Operating Procedures.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

"**Authorized Counterparty**" means an Intermediary and related Asset Addresses, as may be approved from time to time by BNY. A list of Authorized Counterparties will be provided to Customer from time to time and/or will be posted on a website, the address of which is provided by BNY to Customer. BNY reserves the right to withdraw the approval of any Authorized Counterparty at any time as provided in Section 3.2(c).

"**Authorized Person**" has the meaning set forth in Section 4.1.

"**BNY**" has the meaning set forth in the introductory paragraph.

"**Cash**" means the money and currency of any jurisdiction which BNY accepts for deposit in an Account.

"**Confidential Information**" means, with respect to a Party, the terms of this Agreement, and all non-public business and financial information or other information designated as confidential or proprietary information, of such Party (including, with respect to Customer, information regarding the Accounts, and including with respect to BNY, information regarding its practices and procedures related to the services provided hereunder) disclosed to the other Party in connection with this Agreement. For the avoidance of doubt, "Confidential Information" does not include information that can be determined, derived, or otherwise ascertained from the public protocols, networks, or other public features of any Digital Assets, including without limitation the identification of Asset Addresses linked to Wallets for the benefit of Customer and other similar transactional data.

"**Contingency Service Provider**" means a Person that is selected and used by BNY in the event of a contingency in connection with the settlement of transactions, holding of assets, and/or other provision of services hereunder, including any successors to, and/or nominee of, such Person.

"**Customer**" has the meaning set forth in the introductory paragraph.

"**Credited Asset**" means, with respect to any Account, a Supported Digital Asset which is credited to such Account in accordance with the terms of this Agreement.

"**Data Terms Website**" means *<u>http://www.bnymellon.com/products/assetservicing/vendoragreement.pdf</u>*

or any successor website, the address of which is provided by BNY to Customer.

"**Default Account**" means a deposit account maintained with BNY for the account of Customer established concurrently with entry into this Agreement.

"**Designated Asset Address**" means, with respect to any Supported Digital Asset, an Asset Address maintained with an Authorized Counterparty for the benefit of Customer and specified in accordance with Section 3.1(d) to which, in the circumstances identified in Section 3.1(e), BNY may transfer such Supported Digital Asset.

"**Digital Asset**" or "**Digital Assets**" means Solana or other cryptocurrency or token.

"**Effective Date**" has the meaning set forth in the introductory paragraph.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

"**Electronic Access Services**" means such services made available by BNY or a BNY Affiliate to Customer to electronically access information relating to the Accounts and/or transmit Instructions.

"**Electronic Communication Systems**" means such systems made available by BNY or a BNY Affiliate to Customer and its Authorized Persons, including those for the delivery of Push Notifications to Customer in accordance with Section 13.3.

"**Electronic Signature**" means an image, representation, or symbol inserted into an electronic copy of the Agreement by electronic, digital, or other technological methods.

"**Instructions**" means, with respect to this Agreement, instructions issued to BNY by way of (a) one of the following methods (each as and to the extent specified by BNY in the Operating Procedures as available for use in connection with the services hereunder): (i) the Electronic Access Services; (ii) third-party electronic communication services containing, where applicable, appropriate authorization codes, passwords, or authentication keys, or otherwise appearing on their face to have been transmitted by an Authorized Person or (b) such other method as may be agreed upon by the Parties and that appear on their face to have been transmitted by an Authorized Person.

"**Insurance Policies**" has the meaning set forth in Section 10.1(d).

"**Intermediary**" means any Digital Asset exchange or service provider duly licensed under United States law and engaged in the business in the United States of acting as an intermediary through which Persons may acquire or transmit Digital Assets or any bank or trust company or other service provider that engages in the business of holding Digital Assets in custody.

"**Key**" or "**Keys**" has the meaning set forth in Section 2.2(c).

"**Loss**" means, with respect to any Person, any loss, cost, expense, damage, or liability (including reasonable counsel fees and expenses, and any liability for indemnity) suffered or incurred by such Person as a result of a specified event or cause.

"**Market Data**" means pricing, valuations, or other commercially sourced data applicable to any Credited Asset.

"**Market Data Providers**" means vendors and analytics providers and any other Person providing Market Data to BNY.

"**Operating Procedures**" means procedures governing the conduct and administration of services under this Agreement and/or Services under any applicable Service Schedule, as in effect from time to time and issued by BNY and available in accordance with Section 15.1.

"**Party**" or "**Parties**" has the meaning set forth in the introductory paragraph.

"**Person**" or "**Persons**" means any entity or individual.

"**Push Notification**" means a notification broadcast through the Electronic Communication Systems as provided in Section 13.3.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

"**Programmatic Requirements**" has the meaning set forth in Section 7.

"**Receive**", "**Received**", or "**Receipt**" means, with respect to any Digital Asset and Asset Address, that the public blockchain network associated with such Digital Asset reflects the receipt by BNY of the transfer of the Digital Asset at such Asset Address through a certain number of confirmations. Such certain number will be determined by BNY in its sole discretion.

"**Sanctions**" means all economic sanctions laws, rules, regulations, executive orders, and requirements administered by any governmental authority of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) and any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Secretary**" has the meaning set forth in Section 7.

"**Schedule**" means any Service Schedule or Supported Digital Assets Disclosure Schedule.

"**Service**" means, in connection with the services provided by BNY under this Agreement, an ancillary service provided by BNY or its Affiliates, for which Customer separately subscribes.

"**Service Schedule**" means, with respect to any Service, the schedule setting forth the terms and conditions under which BNY may provide such Service, as the same may be in effect from time to time and issued by BNY and available in accordance with Section 15.1.

"**Standard of Care**" has the meaning set forth in Section 12.1.

"**Supported Digital Assets**" means types of Digital Assets supported by BNY, in each case as may be approved from time to time by BNY and for which BNY has published a Supported Digital Assets Disclosure Schedule.

"**Supported Digital Assets Disclosure Schedule**" means, with respect to each type of Supported Digital Asset, a schedule specifying the technical requirements and parameters applicable to such type of Supported Digital Asset and/or setting forth the terms and conditions under which BNY supports such type of Supported Digital Asset, as in effect from time to time and issued by BNY and available in accordance with Section 15.1.

"**Tax Obligations**" means taxes (including without limitation taxes on income, capital gains or transactions), withholding, certification, and reporting requirements, claims for exemptions or refund, interest, penalties, additions to tax, and other related expenses.

"**Term**" has the meaning set forth in Section 13.1.

"**Third Party Data**" has the meaning set forth in Section 8.3(a).

"**Travel Rule**" means 31 CFR 1010.410(e) and 31 CFR 1010.410(f), as amended, modified, updated, or replaced from time to time, which requires all financial institutions to pass on certain information to the next financial institution, in certain funds transmittals involving more than one financial institution.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

"**UCC**" means the Uniform Commercial Code as in effect in the State of New York on the Effective Date.

"**Wallet**" or "**Wallets**" has the meaning set forth in Section 2.2(b).

The terms "entitlement holder", "entitlement order", "financial asset", "security entitlement" and "securities intermediary" shall have the meanings set forth in Article 8 of the UCC.

**2.** **CUSTODIAL SERVICES** 

**2.1** **Appointment of Custodian** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer hereby appoints BNY to act as custodian of all Credited Assets and Cash to be held under, and
in accordance with the terms of, this Agreement, and BNY hereby accepts such appointment. The Parties acknowledge and agree that: (i) subject
to the terms hereof, Customer will remain the beneficial owner of the Credited Assets; and (ii) BNY's duties pursuant to such
appointment will be limited solely to those duties expressly undertaken pursuant to this Agreement. For the avoidance of doubt, BNY shall
have no liability or responsibility for any Digital Assets or for any activities, actions, inactions related thereto, prior to the time
that such Digital Assets are received by BNY in accordance with Section 3 of this Agreement and qualify as Credited Assets hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As set forth within this Agreement and subject to the Standard of Care, BNY shall have general responsibility
for the safekeeping of all Credited Assets of Customer that are received and accepted by BNY under this Agreement. All Credited Assets
are segregated on BNY's books and records from property held by BNY for the account of BNY's other customers. All such Assets
will be held or disposed of by BNY subject to the terms of this Agreement and BNY's receipt of Instructions from Customer concerning
the Credited Assets within this Agreement (which may be standing Instructions if accepted by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Cash held hereunder may be subject to additional deposit terms and conditions issued by BNY or the applicable
Contingency Service Provider or subcustodian from time to time, including rates of interest and deposit account access.

**2.2** **Accounts and Wallets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY will establish and maintain one or more accounts in the name of the Customer on its books and records
to which BNY will credit Supported Digital Assets as provided herein (each, an "**Account**," and collectively, the "**Accounts** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY will establish and maintain one or more wallets for holding private cryptographic keys (each, a "**Wallet**,"
and collectively, the "**Wallets**") related to Asset Addresses identified to Customer in a Notice by BNY from time to
time. Customer acknowledges and agrees that BNY owns and controls the Wallets for the benefit of its customer(s) and that, on Receipt
of any Digital Asset at the unique Asset Address associated with a Wallet with the related private cryptographic keys, regardless of the
Asset Address to which it is directed, BNY will have control and shall be the legal owner, for the benefit of its customer(s), thereof.
Customer acknowledges and agrees that it has no direct claim to the Wallets or the related private cryptographic keys.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNY will control and assume responsibility and liability for
securing the private cryptographic keys necessary to receive or transfer Supported Digital Assets to or from the applicable Asset Address
on the blockchain (each, a "**Key**," and collectively, the "**Keys** "). Under no circumstance will Customer
have access to or control the Keys.

**2.3** **Supported Digital Assets.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY's services under this Agreement are only available
with respect to those types of Digital Assets that it determines, from time to time and in its sole discretion, to be Supported Digital
Assets. For the avoidance of doubt, Supported Digital Assets do not include Digital Assets, including tokens or coins, which result from
or are otherwise associated with derivative, enhanced, or forked protocols, or Digital Assets which supplement or interact with Supported
Digital Assets, until and unless BNY determines to support such Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If BNY determines to cease support for a Supported Digital Asset
or to revise the applicable Supported Digital Asset Disclosure Schedule, it will provide Customer with a Push Notification one-hundred
and twenty (120) days' before (i) ceasing support for such Supported Digital Asset, or (ii) the effective date of any
revision to the applicable Supported Digital Asset Disclosure Schedule. The period of notice will be less if such cessation or revision
is required by court order, law, regulation, rule, or other similar requirement which in BNY's judgment requires such cessation
or revision to be effective with less notice, in which case the Push Notification will be provided in such shorter period as may be determined
by BNY before the effective date of such cessation or revision.

**2.4** **Customer Use of Accounts and Wallets.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer will only use the Accounts and the Asset Address to
receive or hold investments in Supported Digital Assets as permitted by, and consistent with, applicable law and will not use any Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To originate or receive third-party payments, other than transfers or receipts of Supported Digital Assets
in respect of the exchange of Digital Assets or other assets held or to be held by Customer for investment or the acquisition or sale
of Digital Assets in exchange for fiat funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To receive, send, or store any Digital Assets other than Supported Digital Assets.

**2.5** **The New York Uniform Commercial Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For all purposes under the UCC, BNY hereby agrees, and Customer
acknowledges and agrees, that BNY: (i) is and will act as a "securities intermediary" within the meaning of Section 8-102(a)(14)
of the UCC with respect to the Accounts; (ii) will treat Supported Digital Assets accepted by BNY and credited to an Account as
property which constitutes "financial assets"; and (iii) undertakes to treat Customer, the Person for whom an Account
is maintained, as the "entitlement holder" entitled to exercise the rights that comprise the financial assets credited thereto.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer acknowledges and agrees that until and unless BNY has
accepted a Supported Digital Asset for credit to the Account after the satisfactory completion of its review as provided in Section 3.1(b),
BNY shall have no obligation to treat Customer as the "entitlement holder" with respect to such Supported Digital Asset or
to accept Instructions for the disposition of such Supported Digital Asset other than as provided in Section 3.1(d).

**3.** **RECEIPT AND TRANSFER OF SUPPORTED DIGITAL ASSETS** 

**3.1** **Receipt, Transfer and Settlement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY has no obligation to credit any Supported Digital Asset to an Account until the Supported Digital
Asset has been reviewed and accepted by BNY in accordance with the Operating Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY has no obligation to undertake to review and accept Supported Digital Assets for credit to an Account
(i) unless such Supported Digital Assets are Received from an Authorized Counterparty, and (ii) unless BNY receives an Instruction,
given before such Supported Digital Assets are Received from the Customer specifying the type and quantity of such Supported Digital Assets,
the relevant Authorized Counterparties, and associated Asset Addresses from which such Supported Digital Assets will be Received, and
such other information as BNY may require from time to time. BNY undertakes no duty or responsibility to review or accept Airdrops.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNY has no obligation to undertake to transfer Credited Assets from an Account unless (i) such transfer
is made to an Authorized Counterparty and associated Asset Addresses, (ii) BNY receives an Instruction from the Customer specifying
the type and quantity of such Supported Digital Assets, the relevant Authorized Counterparties, Asset Addresses, and such other information
as BNY may require from time to time, (iii) Customer has sufficient assets or Cash, in specie, to pay any relevant transfer, gas,
or other fees for such transfer, and (iv) BNY is able to determine, in its sole but reasonable discretion, that the Authorized Counterparty
is materially compliant with applicable law, including without limitation, the Travel Rule. Customer acknowledges and agrees that the
Authorized Counterparty must acknowledge that the Asset Address contained in the Instruction provided by Customer belongs to such Authorized
Counterparty prior to the transmittal of any Supported Digital Asset by BNY. In the event the Authorized Counterparty fails to acknowledge
such Asset Address, BNY will not be obligated to transfer any Supported Digital Asset to such Authorized Counterparty. Customer acknowledges
and agrees that, unless otherwise agreed between the Parties in a Service Schedule, BNY: (i) will deliver or receive Digital Assets
from or to an Account free of payment and will have no obligation to deliver or receive any Digital Assets against payment; (ii) will
have no obligation hereunder to advance funds hereunder for the settlement or purchase of any Digital Asset; (iii) is not responsible
hereunder for ensuring timely prepositioning of funds or Digital Assets for settlement of any transaction undertaken by Customer, whether
on a DVP/RVP or any other basis; and (iv) will not be obligated to carry or record credit balances in any Account.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At all times during the Term of the Agreement, Customer will ensure that BNY has a Designated Asset Address
for each Supported Digital Asset on a basis consistent with the applicable Supported Digital Assets Disclosure Schedule and the Operating
Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If BNY determines for any reason not to accept a Digital Asset for credit to an Account, including, without
limitation, any Airdrop, such Digital Asset will not be credited to an Account and, to the extent permitted by applicable law and consistent
with the reasonable technical capability of BNY, BNY may in its sole discretion upon an Instruction from Customer to transfer such Digital
Asset to the Designated Asset Address or, if such Designated Asset Address does not support such Digital Asset, to an Alternative Address
to be provided by Customer as soon as practicable through an Instruction, in either case at the expense of Customer. Notwithstanding the
foregoing, Customer acknowledges and agrees that (i) BNY has no obligation to obey such Instruction, (ii) any transfer of Digital
Assets to BNY that are not Supported Digital Assets may result in such Digital Assets being unretrievable, and (iii) BNY assumes
no responsibility or liability whatsoever with respect to such Digital Assets.

**3.2** **Authorized Counterparties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer may from time to time furnish BNY with documentation in form acceptable to BNY specifying any
Intermediaries and related Asset Addresses that Customer proposes to be Authorized Counterparties. Customer agrees to respond fully to
requests for information by BNY with respect to proposed and existing Authorized Counterparties and Asset Addresses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY reserves the right to refuse to approve a proposed Authorized Counterparty in its discretion, which
discretion will be exercised in good faith and in a commercially reasonable manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNY reserves the right to from time to time withdraw its approval of any Authorized Counterparty. If it
does so, it will provide Customer with thirty (30) days' written notice before such change unless the change is required by court
order, law, regulation, rule, or other similar requirement or potential reputational risk for BNY which in BNY's judgment requires
such change to be made with a shorter period of notice or with no notice, or if circumstances make it impracticable for BNY to provide
such written notice.

**4.** **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** 

**4.1** **Authorized Persons** 

Promptly following the Effective Date, Customer and/or its designee (including any of Customer's investment managers) will furnish BNY with one or more written lists or other documentation acceptable to BNY specifying the names and titles of, or otherwise identifying, all Persons authorized to act on behalf of Customer with respect to this Agreement (each, an "**Authorized Person**"). Customer will be responsible for keeping such lists and/or other documentation current and will update such lists and/or other documentation, as necessary from time to time, pursuant to Instructions.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

**4.2** **Instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided in this Agreement, BNY will have no obligation to take any action
hereunder unless and until it receives Instructions issued in accordance with this Agreement, the Operating Procedures, and any applicable
Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer will be responsible for ensuring that (i) only Authorized Persons issue Instructions to
BNY and (ii) all Authorized Persons safeguard and treat with extreme care any user and authorization codes, passwords and authentication
keys used in connection with the issuance of Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer acknowledges and agrees that: (i) Customer is solely responsible for the accuracy of its
Instructions, including, without limitation its entry of any Asset Addresses; (ii) BNY has no obligation to verify the accuracy of
any Asset Address provided by Customer, even if an Approved Counterparty was specified in the Instruction; and (iii) transfers of
Credited Assets from an Account are irreversible, therefore, any Credited Assets transmitted to an erroneous Asset Address may not be
retrievable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Customer acknowledges and agrees that it is fully informed of the protections and risks associated with
the various methods of transmitting Instructions to BNY and acknowledges and agrees that, if Customer elects to use a means other than
the Electronic Access Service, the means selected (i) may be less secure than the Electronic Access Service, (ii) will be deemed
to be commercially reasonable, and (iii) Customer will be bound by the Instruction received thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Where Customer may or is required to issue Instructions, Customer shall maintain and monitor a system
of internal controls sufficient to provide reasonable assurance that Instructions will be issued by an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY will be entitled to deal with any Authorized Person until notified otherwise pursuant to Instructions
and will be entitled to act and rely upon any Instruction received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any Instructions must include all information necessary (including as specified under the Operating Procedures
and applicable Supported Digital Asset Disclosure Schedule) and must be delivered using such methods and in such format as BNY may require
and be received within BNY's established cut-off times and otherwise in sufficient time, to enable BNY to act upon such Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) BNY reserves the right, as it in its discretion determines is necessary or appropriate, before executing
any Instruction to confirm that the execution of the Instruction is consistent with the terms of this Agreement, the Operating Procedures,
the applicable Schedule, and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY may in its sole discretion delay acting upon any Instructions in respect of a Supported Digital
 Asset in accordance with Sections 3.1(a) or 3.1 (c) until it receives from (a) the sending Authorized Counterparty
 any Travel Rule message required by 31 CFR §§ 1010.410(f) or (b) the receiving Authorized Counterparty
 claims the Asset Address to which Customer has directed BNY to transfer a Credited Asset and provides a channel over which BNY may
 send to the receiving Authorized Counterparty the Travel Rule message
required by 31 CFR § 1010.410(f).

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) BNY may in its sole discretion decline to act upon any Instructions that do not satisfy the requirements
set forth in this Agreement, including without limitation, Sections 3, 4.2(g), and 9.1(b) or that conflict with applicable law or
regulations or the Operating Procedures, operating policies and practices, in which event BNY will promptly notify Customer unless prevented
from doing so by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) BNY may in its sole discretion decline to act upon or delay acting upon any Instruction in the event of
a fork, any on-chain event, any change in protocol, or any other event over which BNY has no control, including, but not limited to, mechanical
or electronic failure or market congestion, in which event and to the extent reasonably practicable, BNY will promptly notify Customer
unless prevented from doing so by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To the fullest extent permitted by law, BNY is not responsible for, and in no event will BNY be liable
for any Loss arising out of its acceptance of a Instruction, its rejection of an Instruction or its failure to take action in accordance
with the foregoing, and Customer shall indemnify and hold harmless BNY from and against all Losses resulting from any action by BNY on
Customer's Instruction (in addition and without limitation to any rights of indemnity BNY may otherwise have under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) BNY will have no obligation to act in accordance with purported Instructions to the extent BNY reasonably
believes that they are ambiguous or unclear or conflict with the terms of this Agreement or applicable law; provided, however, that BNY
will have no obligation to ensure that any instruction received by it would not contravene any of the terms of this Agreement or any such
law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) BNY will provide Customer with commercially reasonable notification if it decides not to act in accordance
with purported Instructions and such notice will specify the reasons for its determination.

**4.3** **BNY Actions Without Instructions** 

Notwithstanding anything to the contrary set forth in this Agreement, Customer hereby authorizes BNY, without Instructions, to take any administrative or ministerial actions with respect to an Account that it deems reasonably necessary or appropriate to perform its obligations under this Agreement.

**4.4** **Funds Transfers** 

With respect to each Instruction for a Cash transfer, when the Instruction is to credit or pay a party by both a name and a unique numeric or alpha-numeric identifier (e.g., IBAN or ABA or account number), BNY and any other bank participating in the Cash transfer will be entitled to rely solely on such numeric or alpha-numeric identifier, even if it identifies a party different from the party named. Such reliance on an identifier will apply to beneficiaries named in the Instruction, as well as any financial institution that is designated in the Instruction to act as an intermediary in such Cash transfer. To the extent permitted by applicable law, the parties will be bound by the rules of any transfer system used to effect a Cash transfer under this Agreement.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

**4.5** **Electronic Access** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer's use of the Electronic Access Services in connection with this Agreement will be subject
to any terms and conditions contained in a separate written agreement between the Parties or their Affiliates. If an Authorized Person
elects, with BNY's prior consent, to transmit Instructions through a third-party electronic communications service, BNY will not
be responsible or liable for the reliability or availability of any such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer agrees that the security procedures, if any, to be followed by Customer and BNY with respect
to the transmission and authentication of Instructions provide to Customer a commercially reasonable degree of protection in light of
its particular needs and circumstances.

**4.6** **Security; Access to Notices and Push Notifications** 

Customer is responsible for maintaining adequate security and control, and ensuring that its Authorized Person maintain adequate security and control, of any and all IDs, passwords, hints, personal identification numbers (PINs), non-custodial wallet keys, API keys, hardware-based security keys or configurable security keys, 2-factor authentication devices or backups, or any other codes that Customer uses to access the services provided by BNY. Any loss or compromise of the foregoing information and/or Customer's Confidential Information may result in unauthorized access to the Accounts by third parties and the loss or theft of Digital Assets. Customer is responsible for keeping Customer's email address and telephone number up to date in Customer's profile in order to receive any notices and enrolling in the Electronic Communication System in order to receive Push Notifications that BNY may send Customer. BNY assumes no responsibility for any Loss that Customer may sustain due to compromise of login credentials due to no fault of BNY and/or failure to follow or act on any notices or Push Notifications that BNY may send to Customer.

**5.** **USE OF AGENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY may appoint agents, including BNY Affiliates, on such terms
and conditions as it deems appropriate to perform its obligations hereunder. Prior to appointing any such agents, BNY shall i) provide
commercially reasonable notice to Customer of the appointment of an agent to perform a material service hereunder to Customer, and ii)
conduct third-party due diligence pursuant to its policies and procedures. However, no such appointment shall discharge BNY from its
obligations hereunder, and BNY will be liable for the acts or omissions of any agent to the same extent that BNY itself would be liable
for such acts or omissions under this Agreement had it performed or not performed the relevant act or omission itself subject to the
Standard of Care.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

**6.** **SETOFF; CURRENCY CONVERSION** 

**6.1** **Setoff.** 

BNY has the right to debit any Digital Assets held in an Account for a Customer for any amount payable by such Customer in connection with any and all obligations and liabilities (whether or not matured) of such Customer to BNY or any BNY Affiliate whether or not relating to or arising under this Agreement. In addition to the rights of BNY or such BNY Affiliate under applicable law or any other agreement, at any time when a Customer has not honored any of its obligations to BNY or such BNY Affiliate, BNY will have the right, upon providing prior written notice to such Customer within a commercially reasonable time, to retain or set-off against any obligations relating to such Customer any Digital Assets BNY or any BNY Affiliate may directly or indirectly hold with respect to such Customer and any obligations (whether or not matured) that BNY or any BNY Affiliate may have with respect to such Customer. Any such Digital Assets relating to such Customer may be transferred to BNY and any BNY Affiliate in order to effect the above rights.

**6.2** **Currency Conversion.** 

BNY is hereby authorized to effect any necessary (a) currency conversions in order to exercise its rights under this Agreement at BNY's own rate of exchange then prevailing, or (b) exchanges of Digital Assets for fiat currency, including as provided in Section 3.1(e).

**7.** **Reserved** 

**8.** **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** 

**8.1** **Statements** 

BNY will make available to Customer, through the Electronic Access Services or such other method as may be agreed upon by the Parties, a monthly statement reflecting all transfers to or from the Accounts during such month and all holdings in the Accounts as of the last business day of such month. Customer will promptly review each such statement and, within ninety (90) days of when such statement is made available by BNY, notify BNY of any exception or objection thereto. Notwithstanding the foregoing, Customer may notify BNY of any such exceptions or objections at any time; provided, however, that BNY will not be responsible or liable for any Losses that could have been mitigated had such notice been provided during such ninety (90) day period.

**8.2** **Books and Records** 

The books and records directly pertaining to the Accounts which are in the possession of BNY will be the property of Customer. BNY will identify on its books and records the Credited Assets held in the Accounts, which will be segregated on BNY's books and records from BNY's own property. Customer and its authorized representatives will have the right, at Customer's own expense and with reasonable prior written notice to BNY, to have reasonable access to those books and records directly pertaining to the Accounts. Any such access will occur during BNY's normal business hours and will be subject to BNY's applicable security policies and procedures. Upon Customer's reasonable request, copies of those books and records directly pertaining to the Accounts will be provided by BNY to Customer or its authorized representative.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

**8.3** **Third Party Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer acknowledges that BNY will be receiving, utilizing and relying on Market Data and other data
provided by Customer and/or by third parties in connection with its performance of the services hereunder (collectively, "**Third Party Data** "). BNY is entitled to rely without inquiry on all Third Party Data provided to BNY hereunder (and all Instructions
related to Third Party Data), and BNY makes no assurances or warranties in relation to the accuracy, staleness or completeness of Third
Party Data and will not be responsible or liable for any losses or damages incurred as a result of any Third Party Data that is inaccurate,
stale or incomplete. BNY may follow Instructions with respect to Third Party Data, even if such Instructions direct BNY to override its
usual procedures and data sources or if BNY, in performing services for itself or others (including services similar to those performed
for Customer), receives different Third Party Data for the same or similar Supported Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Although statements and reports provided by BNY hereunder with respect to the Accounts may contain values
of, and pricing information in relation to, Credited Assets held pursuant to this Agreement, BNY does not undertake any duty or responsibility
under this Agreement to report such values or pricing information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Certain Market Data may be the intellectual property of Market Data Providers, which impose additional
terms and conditions upon Customer's use of such Market Data. Such additional terms and conditions can be found on the Data Terms
Website. Customer agrees to those terms and conditions as they are posted on the Data Terms Website from time to time.

**8.4** **Information Security** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Term of this Agreement, BNY
 will implement, and maintain an information security program ("ISP") with written
 policies and procedures reasonably designed to protect the confidentiality and integrity
 of Customer's <u>Confidential Information</u> provided to BNY in accordance with this
 Agreement and when in BNY's possession or under BNY's control ("Customer
 Data"). The ISP will include administrative, technical and physical safeguards, appropriate
 to the type of Customer Data concerned, reasonably designed to: (i) maintain the integrity,
 confidentiality and availability of Customer Data; (ii) protect against anticipated
 threats or hazards to the security or integrity of Customer Data; (iii) protect against
 unauthorized access to or use of Customer Data that could result in substantial harm or inconvenience
 to Customer or its clients; and (iv) provide for secure disposal of Customer Data. BNY's
 program is dynamic and may be modified to address technological changes or changes in the
 threat landscape, BNY's business activities or other factors. BNY reserves the right
 to modify the ISP at any time, provided that BNY shall not diminish the overall level of
 protection the ISP is intended to provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Logging. The ISP will require the maintenance of network and application logs as part of BNY's security
information and event management processes. Logs are retained in accordance with law applicable to BNY's provision of the services
as well as BNY's applicable policies. BNY uses various tools in conjunction with such logs, which may include behavioral analytics,
security monitoring case management, network traffic monitoring
and analysis, IP address management and full packet capture. Logs may be centralized and correlated for security event alerting.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Data Security*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Identity & Access Management.* BNY will implement reasonable and industry recognized
 user access rules for users accessing Customer Data based on the need to know and the principle of least privilege, including
 user ID and password requirements, session timeout and reauthentication requirements, unsuccessful login attempt limits, privileged
 access limits and multifactor authentication or equivalent safeguard where risk factors indicate that single factor is
 inadequate. BNY's identity and access management processes include the identification,
 authentication, authorization and periodic recertification of information users at BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* *Data Segregation*. The ISP will require that: (i) Customer Data is stored in either physically
or logically segregated databases from other BNY data; and (ii) different databases are maintained for development, testing, staging
and production environments used in the provision of Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii)* *Encryption*. BNY will: (i) encrypt Customer Data in transit to an external network using transport
layer security or other encryption method; and (ii) protect Customer Data at rest, in each case as BNY determines to be appropriate
in accordance with the ISP and law applicable to BNY's provision of the services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iv)* *Remote Access*. The ISP will restrict remote access to the BNY systems used to provide the services
to authorized users using multifactor authentication or equivalent safeguard, and will require such access to be logged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(v)* *Devices.* BNY will restrict the transfer of Customer Data from its network to mass storage devices.
BNY will use a mobile device management system or equivalent tool when mobile computing is used to provide the services. Applications
on such authenticated devises will be housed within an encrypted contained and BNY will maintain the ability to remote wipe the contents
of the container.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(vi)* *Disposal.* BNY will maintain chain of custody procedures and require that any Customer Data requiring
disposal be rendered inaccessible, cleaned or scrubbed from such hardware and/or media using industry recognized methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(vii)* *Physical Security.* BNY will deploy perimeter security such as barrier access controls around its
facilities processing or storing Customer Data. The ISP will include: (i) procedures for validating visitor identity and authorization
to enter the premises, which may include identification checks, issuance of identification badges and recording of entry purpose of visit;
and (ii) physical security policies for personnel, such as a "clean desk" policy. In accordance with its ISP and applicable
law, BNY will install closed circuit television ("CCTV")
systems and CCTV recording systems to monitor and record access to controlled areas, such as data centers and server rooms.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Audit Rights*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY shall, no more than once in a 12 month period: (i) upon request, provide a copy of its most recent
System and Organization Controls (SOC) or equivalent external audit report to Customer, which Customer may disclose solely to its internal
or external auditors that are subject to written confidentiality obligations to use reasonable care to safeguard the report and not to
disclose the report to any third party or use the report for any purpose other than evaluating BNY's security controls; (ii) engage
a third party provider to perform penetration testing of the BNY systems used to provide the services (subject to agreed upon rules of
engagement) and, upon request, provide Customer confirmation of such testing; and (iii) upon request, participate in Customer's
reasonable information security due diligence questionnaire process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY shall also, no more than once in any 12-month period and upon request, on a mutually agreed date during
business hours and subject to BNY's facility security policies and availability of personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Meet with Customer subject matter experts in a BNY clean room to review information security policies,
procedures and similar related information; provided that no documentation may be copied, disclosed to any third party, or transmitted
or removed from BNY premises except as mutually agreed in writing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Permit access to a BNY data center used to process Customer Data and provide the Services by no more than
3 Customer representatives, including employees of a regulatory or supervisory authority of Customer that is also a regulatory or supervisory
authority of BNY, for a maximum of 3 hours in order to conduct a visual inspection of the environment and its controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Notwithstanding any other provision in the Agreement to the contrary, Customer shall not disclose any
verbal or written information obtained during the foregoing meetings described in the above subjections 7.4(a)(iii)(B)(1) and (2) to
any third party or use it for any purpose other than evaluating BNY's security controls, without BNY's prior written consent.
Customer shall reimburse BNY for any costs and expenses reasonably incurred in connection with Customer's review (including that
of the regulatory or supervisory authority personnel) of BNY's security controls and data center.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Security Incident Management & Breach Notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY will maintain a documented incident management process designed to detect security events and respond
to the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event of a declared Security Incident, BNY will activate its incident response plan, including
to: (i) notify Customer within three business days; (ii) provide updates to Customer regarding BNY's response; and, (iii) use
reasonable efforts to implement measures designed to prevent reoccurrence of Security Incidents of a similar nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "Security Incident" means any known: (i) breach
of nonpublic personal information as defined in the Gramm-Leach-Bliley Act of 1999 ("NPPI") that is notifiable under state
law; or (ii) unauthorized access to, disruption, or misuse of a component of BNY's network that directly impacts its provision
of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY will implement business continuity and disaster recovery
plans designed to minimize interruptions of service and enhance recovery of systems and applications used to provide the Services under
this Agreement. Such plans will cover the facilities, systems, backups, applications and employees that are critical to the provision
of the Services, and such plans will be tested regularly to assess if the recovery strategies, requirements and protocols are viable
and sustainable. BNY will maintain encrypted data backups to the same extent that the data is encrypted in the production environment
based on BNY's policies.

**8.5** **Reserved.** 

**9.** **ANTI-MONEY LAUNDERING; SANCTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 326 of the U.S. Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism Act of 2001 (including its implementing regulations) requires BNY to implement a customer identification
program pursuant to which BNY must obtain certain information from Customer in order to verify Customer's identity prior to establishing
an Account. Accordingly, prior to establishing an Account, Customer will be required to provide BNY with certain information, including
Customer's name, physical address, tax identification number and other pertinent identifying information, to enable BNY to verify
Customer's identity. Customer acknowledges that BNY cannot establish an Account unless and until BNY has successfully performed
such verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If Customer at any time holds assets on behalf of its customers through the Account and is either (i) a
 "financial institution" of a class required to by the Secretary of the Treasury ()"**Secretary**") to maintain
appropriate procedures, including the collection and reporting of certain information, as required by the Secretary under 31 USC 5318(a)(2) ()"**Programmatic Requirements** "), or (ii) is an entity subject to anti-money laundering or similar requirements under any other law of any
jurisdiction, then (in either case):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Customer has the responsibility to, and shall with reasonable
diligence, satisfy any compliance requirement or obligation with respect to each of its customers under the Programmatic Requirements
or any other applicable anti-money laundering laws or similar requirements.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Throughout the Term of this Agreement, Customer will: (i) have in place and will implement, or will
be subject to, policies and procedures reasonably designed to comply with Sanctions; (ii) have in place and will implement, or will
be subject to, policies and procedures reasonably designed to (a) prevent violations of Sanctions, including measures to accomplish
effective and timely scanning of all relevant data with respect to its clients (to the extent the Assets are client assets) and with respect
to incoming or outgoing assets or transactions relating to this Agreement and (b) ensure that neither Customer nor any of its controlled
Affiliates, directors, officers, or employees or clients (to the extent the Assets are client assets) is an individual or entity that
is, or is owned or controlled by an individual or entity that is: (A) the target of Sanctions or (B) located, organized or resident
in a country or territory that is, or whose government is, the target of comprehensive Sanctions, and (iii) will not directly or
indirectly, use the Accounts in any manner that would result in a violation by Customer or BNY of Sanctions. BNY has adopted and implemented,
and will continue to maintain and implement, compliance programs reasonably designed to comply with the anti-money laundering laws and
sanctions laws applicable to BNY's provision of Services hereunder. To the fullest extent permitted by law, each of BNY and Customer
shall provide commercially reasonable notice in light of the relevant circumstances to the other Party if it becomes aware, through screening
or otherwise, of property or transactions in connection with this Agreement that require blocking pursuant to Sanctions and/or reporting
to an applicable Sanctions authority, including OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Customer acknowledges and agrees that, in connection with the services provided by BNY under this Agreement,
each of Customer's authorized participants is not a customer of, or joint customer with, BNY. Customer (and not BNY) has the responsibility
to, and will, fulfill any of Customer's compliance requirement or obligation with respect to each of its authorized participants
and/or direct investors under all Anti-Money Laundering Laws. Without limiting any obligation imposed on Customer by Anti-Money Laundering
Laws, throughout the Term of this Agreement, Customer will maintain a compliance program with respect to its authorized participants and/or
direct investors, if any, that includes the following as required by applicable law: (i) a know-your-customer program in order to
understand and verify the identity of each authorized participant and/or direct investor, in accordance with the requirements of the Bank
Secrecy Act and the relevant regulations thereunder, (ii) a transaction surveillance and monitoring program, and (iii) a policy
for identifying and reporting any suspicious transactions and/or activities with respect to each authorized participant and/or direct
investor to the appropriate law enforcement and regulatory authorities and to BNY where related to the services provided by BNY hereunder
to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Customer will, to the extent permitted by applicable law promptly provide to BNY such information as BNY
reasonably requests in writing connection with the matters referenced in this Section 9, including: (i) information regarding
the Accounts, (ii) the Assets, and the source thereof, (iii) the identity of any individual or entity having or claiming an
interest therein and (iv) Customer's anti-money laundering and Sanctions compliance programs and any related records and/or
transaction information, including with respect to any authorized participant and/or investor, regardless of whether such request
is made under USA PATRIOT Act Section 314(b) (where applicable). Customer will, to the extent permitted by applicable law, cooperate
with BNY and provide assistance reasonably requested by BNY in connection with any anti-money laundering and terrorist financing or Sanctions,
government or regulatory inquiries. Prior to delivering to BNY the assets of any authorized participant, Customer will obtain from each
such authorized participant, and will continue to maintain in effect throughout the Term of this Agreement, any consents or waivers that
may be required under applicable law in order to comply with the foregoing obligations.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY may decline to act or provide services in respect of any
Account, and take such other actions as it, in its reasonable discretion, deems necessary or advisable, in connection with the matters
referenced in this Section 9. If BNY declines to act or provide services as provided in the preceding sentence, except as otherwise
prohibited by applicable law or official request, BNY will inform Customer as soon as reasonably practicable.

**10.** **COMPENSATION** 

**10.1** **Fees and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of BNY's services provided hereunder, Customer will (i) pay to BNY the fees
set forth in the agreed upon fee schedule (as such fee schedule may be amended by BNY and Customer from time to time upon mutual agreement)
and (ii) reimburse BNY for reasonable out-of-pocket expenses incurred by BNY in connection therewith. Unless otherwise agreed by
the Parties, such amounts will be payable to BNY within thirty (30) days of Customer's receipt of the relevant invoice. Without
limiting BNY's other rights set forth in this Agreement, BNY may charge interest on overdue amounts at a rate then charged by BNY
to its institutional custody clients in the relevant currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY reserves the right to charge any public network fees (including miner fees) to process a Supported
Digital Asset, or any other, transaction on behalf or on the Instruction of Customer. Customer acknowledges and agrees that it is solely
responsible for the correct specie of the transfer fee or other gas fee required to perform any transaction, and that BNY has no obligation
to exchange or convert any Cash or other Supported Digital Asset for such transfer or gas fee. Any fee quoted by BNY may be stale by the
time of transfer and subject to the pricing disclaimer in Section 11.2(i) and any relevant disclaimer in the fee schedule. BNY
is not liable for any differences between any quoted fee and the actual fee or if the transfer does not occur because of insufficient
fees, even if the insufficient fees were caused by the delay.

**10.2** **Other Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer acknowledges that, as part of BNY's compensation,
BNY will earn interest on Cash balances held by BNY (including disbursement balances, balances arising from purchase and sale transactions
and when Cash otherwise remains uninvested) as provided in BNY's compensation disclosures.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where a processing error has occurred under this Agreement that results in an unintended gain, provided
that Customer is put in the same or equivalent position as it would have been in had such processing error not occurred, any such gain
will be solely for the account of BNY without any duty to report such gain to Customer.

**11.** **REPRESENTATIONS, WARRANTIES, COVENANTS AND CUSTOMER ACKNOWLEDGEMENTS** 

**11.1** **BNY** 

BNY represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized, validly existing and in good standing in its jurisdiction of organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has the requisite corporate power and authority to enter into and to carry out the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The individual executing this Agreement on its behalf has the requisite authority to bind BNY to this Agreement including by Electronic Signature, and any such Electronic Signature represents an intent to enter into this Agreement and an agreement with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Throughout the Term of this Agreement, BNY will maintain insurance coverage in such types and amounts as are commercially reasonable for the services provided by BNY hereunder in respect of the Supported Digital Assets. Such Insurance Policies related to the Supported Digital Assets and the related services hereunder will apply to both the Customer's Wallets as well as the Customer's Accounts. BNY will maintain, at all times during the term of this Agreement, errors and omissions insurance, fidelity bonds and such other insurance ("Insurance Policies") as BNY may deem appropriate, in each case in a commercially reasonable amount deemed by BNY to be sufficient to cover its potential liabilities under this Agreement. Upon reasonable request, BNY agrees to provide Customer with certificates of insurance.

**11.2** **Customer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer represents, warrants, and covenants to BNY that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) Customer is duly organized, validly existing and in good standing in its jurisdiction of organization;
(B) Customer has the requisite corporate power and authority to enter into and to carry out the transactions contemplated by this
Agreement; and (C) the individual executing this Agreement on its behalf has the requisite authority to bind Customer to this Agreement
including by Electronic Signature, and any such Electronic Signature represents an intent to enter into this Agreement and an agreement
with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Customer represents and warrants that all actions taken, or to be taken, by or on behalf of Customer in
connection with establishing, maintain, operating or termination Customer (including, any offer, sale or distribution of the shares of,
or interest in, Customer) shall be done in material compliance with all applicable U.S.
state and federal securities laws and regulations and all other applicable laws and regulations of all applicable jurisdictions.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as otherwise acknowledged in writing by BNY, Customer is the sole beneficial owner of the Credited
Assets, and such other property at any time held by BNY or any of its Affiliates for Customer, free and clear of all liens, claims and
security interests (except for those granted in accordance with this Agreement or as otherwise acknowledged in writing by BNY).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each time Customer gives an Instruction providing for a transaction in Digital Assets with an Authorized
Counterparty, Customer will be deemed to have represented and warranted to BNY the information, including without limitation the name,
street address, and Asset Addresses with respect to each such Authorized Counterparty disclosed to BNY is complete and accurate in all
material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Customer acknowledges that the risk of loss in trading or holding Digital Assets, including the use of
Digital Assets and any related networks and protocols, can be substantial. Customer has made its own suitability determination as to engaging
in such activities and BNY makes no representations or warranties regarding the value of Digital Assets or the security or performance
of any related network or protocol or recommendations as to whether to purchase or sell Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any transfer of Digital Assets to BNY that are not Supported Digital Assets may result in such Digital
Assets being unretrievable and to that extent BNY assumes no responsibility or liability whatsoever with respect to such Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) None of BNY nor any of its Affiliates is a tax advisor and none of BNY nor any of its Affiliates will,
under any circumstances, provide tax advice to Customer. Customer will obtain its own independent tax advice for any tax-related matters
or Tax Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Approval by BNY of any Authorized Counterparty shall not be deemed to be an endorsement or validation
of such Authorized Counterparty by BNY and Customer shall be solely responsible for its decision to transact with such Authorized Counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) BNY does not own or control the underlying software protocols or blockchain networks for any Digital Assets
and is not responsible for their design or the means by which consensus is achieved on such networks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) BNY is not able to determine independently of the consensus achieved by the underlying software protocols
or on the blockchain network the adequacy of the entitlement to, the validity or genuineness of, any Digital Assets received by it or
delivered by it pursuant to this Agreement.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) BNY makes no guarantee of the functionality, security, or availability the underlying software protocols
or networks for any Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) BNY has no obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to credit any Supported Digital Asset to an Account until the Supported Digital Asset has been reviewed
and accepted by BNY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to any Supported Digital Asset after such Supported Digital Asset is, pursuant to an Instruction,
withdrawn from an Account and transferred to an external Asset Address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to inquire into, make recommendations, supervise, or determine the suitability of any transactions specified
in, or to otherwise question any, Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to review or accept Airdrops;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to monitor the Credited Assets to determine whether Customer complies with limitations on ownership or
any restrictions on investors provided for by local law, regulations, or market practice, or provisions in the white paper, any smart
contract, or any other requirement associated with any Digital Asset.BNY has no duty to notify Customer of on-chain events or any other
on-chain matter, whether or not likely to, affect the utility, value or security of any Credited Assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) with respect to any matters related to: the establishment, maintenance operation or termination of Customer;
or the offer, sale, or distribution of the shares of, or interests in, Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) BNY has no duty to cause the exercise of any right that may be exercised or alternate courses of action
that may be taken with respect to Credited Assets in connection with an on-chain event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) BNY has no responsibility or liability for failing to solicit or comply with Instructions with respect
to an on-chain event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The protocols associated with any Digital Asset may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cause a Digital Asset transferred to an Asset Address not, given the limitations of BNY's systems
and technology, to be visible to BNY or subject to its control, and that BNY is not responsible for monitoring or otherwise interacting
with any such Digital Asset on behalf of Customer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be subject to forks that may materially affect the value, function, or other attributes of the Supported
Digital Assets credited to an Account or Digital Asset transferred to an Asset Address and that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in the event of a fork, BNY may temporarily or permanently suspend
any affected Supported Digital Assets, without advance notice to Customer, and may in its sole discretion decide whether or not to support
or cease supporting any branch of the forked protocol; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNY assumes no responsibility whatsoever in respect of an unsupported
branch of a forked protocol.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

**12.** **LIABILITY** 

**12.1** **Standard of Care** 

The duties and responsibilities of BNY under this Agreement shall be limited to those expressly set forth in this Agreement. No implied duties may be imputed to BNY by the terms of this Agreement or otherwise. In performing its duties under this Agreement, BNY will exercise the same standard of care and diligence that a peer financial institution acting as professional custodian engaged in the banking or trust company industry and having professional expertise in financial and securities processing transactions and custody of digital assets would exercise in similar circumstances, taking into account the prevailing rules, practices, procedures and circumstances applicable to said custodian in the performance of the duties set forth in this Agreement and acting without bad faith, negligence or willful misconduct ("**Standard of Care**").

**12.2** **Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law, and without regard to the legal theory of any claim asserted against BNY: (i) BNY's liability arising out of or relating to this Agreement will be limited solely to those direct damages that are caused by BNY's failure to perform its obligations under this Agreement in accordance with the Standard of Care; (ii) in no event will either Party, its Affiliates and service providers, or any of their respective officers, directors, agents, employees or representatives be liable for any indirect, incidental, consequential, exemplary, punitive or special losses or damages, or for any loss of revenues, profits or business opportunity, arising out of or relating to this Agreement (whether or not foreseeable and even if such Party has been advised of the possibility of such losses or damages), provided that this Section 12.2(a)(ii) will not apply to Losses arising from Customer's duty to indemnify BNY pursuant to Section 12.4(a); and () in no event shall BNY, its Affiliates and service providers, or any of their officers, directors, agents, employees or representatives, be liable in aggregate for any amount greater than the U.S. Dollar value of the Credited Digital Assets lost, such value being determined as of the time such Loss is sustained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted by law, without regard to the
legal theory of any claim asserted against BNY, and notwithstanding anything to the contrary set forth in this Agreement, in no event
will BNY be liable for any Losses arising out of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY's reliance on Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY's receipt or acceptance of fraudulent or invalid Digital Assets or any Digital Assets that are
not Supported Digital Assets;

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNY's review or non-acceptance of any Supported Digital Assets as described in Section 3.1(b),
including but not limited to delay of Customer to issue Instructions with respect to such Supported Digital Asset pending the completion
of such review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) BNY's approval, refusal, or withdrawal of approval with respect to any Authorized Counterparty as
described in Section 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) As to any matter with respect to which BNY is required to act only upon the receipt of Instructions, (A) BNY's
failure to act in the absence of such Instructions or (B) Instructions that are late or incomplete or do not otherwise satisfy the
requirements of Section 4.2(g), whether or not BNY acted upon such Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) BNY's receipt or transmission of any data to or from Customer or any Authorized Person via any non-secure
method of transmission or communication selected by Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Customer's use of any Accounts on a basis inconsistent with Section 0;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) BNY's disposition of any Supported Digital Asset or any other Digital Asset as provided in
 Section3.1(e), including without limitation (A) provided such Digital Asset was sold on an established exchange for Digital
 Assets, any failure to receive best execution therefor, or (B) the imposition of any Tax Obligations in connection with the
 disposition of such Digital Asset; The insolvency of any Person, including any Service Provider, Digital Asset exchange or trading
 facility, or counterparty to the settlement of a transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Any Tax Obligations of Customer or any Losses of Customer in relation to Tax Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) BNY's delay in acting, or declining to act, upon Instructions as described in Section 4.2;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Customer's or an Authorized Person's decision to invest in Digital Assets or to hold Cash
in any currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer acknowledges and agrees that, to the fullest extent
permitted by law, BNY is not responsible for, and in no event will BNY be liable for any Losses arising out of, the operation of any
protocols or networks, including any Losses resulting from delays in the processing or validation of transfers of Supported Digital Assets
on a protocol or network, BNY's inability to retrieve or otherwise deal with any Digital Asset delivered to BNY without authority
hereunder, any hacking or manipulation on any protocols or networks, any on-chain events, or any loss of, or inability of BNY to access
or transfer, any Digital Asset other than as a result of (i) the unauthorized transfer of a Credited Asset by BNY, or (ii) the
disclosure by BNY of any private Key with respect to an Credited Asset in breach of the Standard of Care, or (iii) delays in BNY's
own processing of an Instruction in breach of the Standard of Care.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY may in its sole discretion transfer affected Digital Assets in accordance with Section 3.1(d).
To the fullest extent permitted by law, BNY is not responsible for, and in no event will BNY be liable for any losses or damages arising
out of the foregoing and Customer shall indemnify and hold harmless BNY from and against all losses, costs, expenses, damages, and liabilities
(including reasonable counsel fees and expenses) resulting from any action by BNY on Customer's Instruction involving an unsupported
branch of a forked protocol or tokens or coins associated therewith (in addition and without limitation to any rights of indemnity BNY
may otherwise have under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Customer acknowledges that: (i) BNY does not provide investment, tax, or legal advice, including
with regard to the suitability or value of any Supported Digital Assets; (ii) that BNY has no liability regarding any selection of
any Supported Digital Asset that is held by Customer through the Accounts; and (iii) Customer is solely responsible for all transactions
in Supported Digital Assets hereunder, which will be executed based on Instructions from Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Customer acknowledges that, in performing its duties and responsibilities under this Agreement, so long
as BNY has acted materially within BNY's then existing standards and policies applicable to such duties and responsibilities, including,
without limitation, applicable Operating Procedures and Schedules, BNY will be deemed to have met the Standard of Care and Customer will
not claim that any Losses arise from BNY's failure to meet the Standard of Care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Unless otherwise agreed in writing by the parties, BNY has no obligation to provide any staking services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Customer acknowledges and assumes sole responsibility for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This agreement and other related information provided by BNY to Customer cannot and does not disclose
all of the risks, associated with Digital Assets, Customer is responsible for understanding those risks and understands and agrees, except
as specifically provided herein, that informing Customer of such risks is not a duty or responsibility of BNY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The price and liquidity of Digital Assets has been subject to substantial fluctuations in the past and
may be subject to similar fluctuations in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Digital Assets are not legal tender, are not backed by the government, and Account and the Supported Digital
Assets accepted into the Account are not considered deposits under the applicable law and are not subject to deposit insurance protection,
including, but not limited to, Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) legislative and regulatory changes or actions at the State, Federal, or international level may adversely
affect the use, transfer, exchange, and value of Digital Assets;

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) transactions in Digital Assets may be irreversible, and, accordingly, losses due to fraudulent or accidental
transactions may not be recoverable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) some Digital Assets transactions shall be deemed to be made when recorded on a public ledger, which is
not necessarily the date or time that the customer initiates the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the value of Digital Assets may be derived from the continued willingness of market participants to exchange
fiat currency for Digital Assets, which may result in the potential for permanent and total loss of value of a particular Digital Assets
should the market for that Digital Assets disappear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) there is no assurance that a person who accepts a Digital Assets as payment today will continue to do
so in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the volatility and unpredictability of the price of Digital Assets relative to fiat currency may result
in significant loss over a short period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the nature of Digital Assets may lead to an increased risk of fraud or cyber attack; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the nature of Digital Assets means that any technological difficulties experienced by the BNY may prevent
the access or use of Customer's Digital Assets.

**12.3** **Force Majeure** 

BNY will not be responsible or liable for any failure, suspension of operations, interruption of service, or delay in the performance of its obligations under this Agreement to the extent caused, directly or indirectly, by any natural disasters, fire, acts of God, strikes or other labor disputes, work stoppages, acts of war or, terrorism, including but not limited to cyber-related terrorism, hacking, general civil unrest, actual or threatened epidemics, disease, act of any government, governmental authority or police or military authority, declared or threatened state of emergency, legal constraint or the interruption, loss or malfunction of utilities or transportation, communications or computer systems, or any other similar events beyond its reasonable control. BNY will use commercially reasonable efforts to minimize the effect of any such events.

**12.4** **Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer will indemnify and hold harmless BNY from and against
all losses, costs, expenses, damages and liabilities (including reasonable counsel fees and expenses) incurred by BNY arising out of
or relating to BNY's performance under this Agreement except to the extent resulting from BNY's failure to perform its obligations
under this Agreement in accordance with the Standard of Care. The Parties agree that the foregoing will include reasonable counsel fees
and expenses incurred by BNY in its successful defense of claims that are asserted by Customer or by third parties against BNY arising
out of or relating to BNY's performance under this Agreement.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to BNY's limitations of liability contained within
Section 12.2 and Section 12.3, BNY will indemnify and hold harmless the Customer from and against direct Losses incurred by Customer
as the direct result of BNY's failure to perform its obligations under this Agreement in accordance with the Standard of Care;
except in each case to the extent such Losses result from Customer's own fraud, negligence or willful misconduct or failure to
perform its obligations under this Agreement.

**13.** **CONFIDENTIALITY** 

**13.1** **Confidentiality Obligations** 

Each Party agrees to (a) use the Confidential Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with such purposes or as otherwise permitted herein, not to disclose, publish, release, transfer or otherwise make available (except its personnel and external professional advisers who have a need to know such Confidential Information) without the prior written consent of the other Party; and (b) secure and protect the Confidential Information of the other Party from unauthorized use or disclosure by using at least the same degree of care as the Party employs to avoid authorized use of or disclosure of its own Confidential Information, but in no event less than reasonable care; and (c) not duplicate any material containing the Confidential Information of the other Party except in the direct performance of its obligations hereunder. Notwithstanding the foregoing, BNY may: (a) use Customer's Confidential Information in connection with certain functions performed on a centralized basis by BNY, its Affiliates and joint ventures and their service providers (including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, compilation and analysis of customer-related data and storage); (b) disclose such information to its Affiliates and joint ventures and to its and their service providers or any other person that BNY reasonable believes is required to receive such information in connection with BNY's provision of relevant services under this Agreement, including, without limitation, any Authorized Counterparty, agent, or Contingency Services provider, who are subject to confidentiality obligations; (c) store the names and business contact information of Customer's employees and representatives relating to this Agreement on the systems or in the records of its Affiliates and joint ventures and its and their service providers; and (iv) permit service providers to identify transaction to or from the Wallets as being for the account of BNY. In addition, BNY may aggregate information regarding Customer and the Accounts on an anonymized basis with other similar client data for BNY's and its Affiliates reporting, research, product development and distribution, and marketing purposes, provided that any distribution of such aggregated data shall not be in a format that can be reverse engineered to identify customer-related data with respect to Customer or any particular Trust.

**13.2** **Exceptions; Return or Destruction of Confidential Information.** 

The Parties' respective obligations under Section 13.1 will not apply to any such information: (a) that is, as of the time of its disclosure or thereafter becomes, part of the public domain through a source other than the receiving Party; (b) that can be derived from or through the public protocols or networks for, or any other public features of, any Digital Asset; (c) that was known to the receiving Party as of the time of its disclosure and was not otherwise subject to confidentiality obligations; (d) that is independently developed by the receiving Party without reference to such information; (e) that is subsequently learned from a third party not known to be under a confidentiality obligation to the disclosing Party or (f) that is required to be disclosed (in the reasonable opinion of its legal counsel) pursuant to applicable law, rule, regulation, requirement of any law enforcement agency, court order or other legal process or at the request of a regulatory authority; provided that, in all cases of such disclosure under (f), the receiving Party will, if legally permissible under applicable law, endeavor to provide commercially reasonable notice to the other Party, and where it is practicable under the relevant circumstances, will do so prior to disclosure, so that the other Party may seek a protective order or other appropriate remedy, if it thinks fit.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

Upon the earlier of: (i) the Confidential Information (or the relevant portion of it) becoming no longer required for the receiving Party's performance under this Agreement; or, (ii) termination or expiration of this Agreement; and upon written request, the receiving Party shall securely destroy the Confidential Information (or the relevant portion of it), ensuring it is irrecoverable disclosing Party requests the return of its Confidential Information, in which case receiving Party shall promptly return it (in a format and by a method reasonably acceptable to disclosing Party),. Notwithstanding the foregoing, the receiving Party may retain copies of such Confidential Information as required by applicable law or, in accordance with the receiving Party's records retention or back-up policies or procedures, so long as they continue to be kept in accordance with the provisions of this Section 13. The receiving Party shall notify the other Party <u>within</u> a commercially reasonable time in the event that Confidential Information has been lost, misplaced, or disclosed in contravention to the terms of this Section 13.

**14.** **TERM AND TERMINATION** 

**14.1** **Term** 

The term of this (the "Term") Agreement will commence on the Effective Date and will continue in effect until terminated in accordance with the provisions herein.

**14.2** **Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Either Party may terminate this Agreement by giving to the other
Party a notice in writing specifying the date of such termination, which will be not less than ninety (90) days after the date of such
notice. Notwithstanding anything to the contrary in this Agreement, either Party may, on thirty (30) days' written notice or shorter
timeframe as required by applicable law, terminate this Agreement (in whole or in part) in the event any regulator or governmental authority
so requests or if continuing would place BNY, Customer, and/or any of their Affiliates in breach of applicable law. Either Party may
terminate this Agreement on written notice if the other Party undergoes a Change of Control (as defined below); provided that such notice
may only be given within sixty (60) days of the terminating Party first becoming aware of such Change of Control having occurred or of
the terminating Party receiving written notification of it having occurred from the other Party, whichever is the later. "Change
of Control" for these purposes means either: (i) the sale of all or substantially all of the assets of a Party to an unaffiliated
party; or (ii) any merger, consolidation or acquisition of the capital stock of a Party the result of which is that an unaffiliated
third-party holds more than twenty-five percent (25%) of either the economics or voting capital stock of such Party. Termination by a
Party of this Agreement will be without prejudice to and with full reservation of any other rights and remedies available to
the other Party. Termination will not affect any of the obligations either Party owes to the other arising under this Agreement prior
to such termination, including any outstanding compensation payable or amounts reimbursable under this Agreement.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

**14.3** **Effect of Termination; Transition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon termination hereof, Customer will pay to BNY such compensation as may be due to BNY, and will reimburse
BNY for other amounts payable or reimbursable to BNY hereunder, through the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Credited Assets remain in any Account after termination, Customer shall give Instructions to BNY
for the transfer of all such Credited Assets from the Accounts as soon as practicable in accordance with the Operating Procedures, but
in any event by no later than five (5) days following termination. Incremental Transfers of Digital Assets into the Account are not
permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon termination hereof, BNY will follow such reasonable Instructions as Customer issues concerning the
transfer of custody of records, Credited Assets and other items; provided that (i) BNY will have no responsibility or liability for
shipping and insurance costs associated therewith and (ii) full payment has been made to BNY of its compensation, costs, expenses
and other amounts to which it is entitled hereunder. If any Assets remain in any Account after termination, BNY shall deliver to Customer
such Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any provision of this Section 16 to the contrary, in the event that this Agreement
is terminated in its entirety, the Parties agree to continue operating under the terms of this Agreement as if this Agreement remained
in full force and effect for up to one (1) year or for such shorter period of time as the Parties mutually agree is necessary for
BNY to transfer the custody records, Credited Digital Assets and other items to a successor custodian pursuant to Instructions (the "Transition
Period"); provided, that during any such Transition Period, BNY will be entitled to compensation for BNY's Transition Period
services pursuant to Section 10 and the provisions of this Agreement relating to the duties and obligations of BNY will remain in
full force and effect. If any Credited Digital Assets remain in any Account after the Transition Period, BNY shall deliver to Customer
such Credited Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The terms of this Agreement (including the terms relating to fees payable to BNY) will continue to apply
from day to day until all Credited Assets and Cash are transferred in accordance with this Section 14.3, except that no additional
Digital Assets or Cash will be accepted by BNY or any Service Provider after such date, and Customer agrees not to transfer any Digital
Asset to BNY, other than with BNY's express prior consent, and Customer will have a continuing obligation to provide BNY as soon
as possible with the details of the Authorized Counterparty or Authorized Counterparties, with applicable Asset Addresses, to whom any
remaining Credited Assets are to be transferred.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

**14.4** **Survival** 

Any and all provisions of this Agreement which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination of this Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties' benefit, including Section 11 (Representations, Warranties and Covenants); Section 12 (Liability); Section 13 (Confidentiality); Section 14.3 (Effect of Termination); Section 14.4 (Survival) and Section 15.5 (Governing Law/Forum).

**15.** **MISCELLANEOUS** 

**15.1** **Operating Procedures and Schedules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Operating Procedures are available, as in effect and as the same may be amended from time to time, and
provided to Customer and/or posted on a website, the address of which is provided by BNY to Customer. BNY may, from time to time, issue
amended Operating Procedures that, upon their effective date, will supersede any preceding Operating Procedures. BNY will provide Customer
at least thirty (30) days' prior written notice of any amendment to the Operating Procedures. Customer shall be deemed to acknowledge
its acceptance of, and to agree to, any such amendment by not closing and/or by continuing to use the Accounts after the effective date
of such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY may offer Services that are incidental to and supplement the services provided under this Agreement.
Each Service will be described, and the terms and conditions (including compensation) applicable to a subscription to such Service will
be set forth, in a Service Schedule available, as the same may be amended from time to time, and provided to Customer and/or posted on
a website, the address of which is provided by BNY to Customer. BNY may, from time to time, issue an amendment to a Service Schedule that,
upon its effective date, will supersede any preceding version of such Service Schedule. If Customer has subscribed to the relevant Service,
Customer shall be deemed to acknowledge its acceptance of, and to agree to, any such amendment by not closing and/or by continuing to
use such Service after the effective date of such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) When BNY determines to support a particular type of Digital Asset as a Supported Digital Asset, it will
issue a Supported Digital Asset Disclosure Schedule with respect to such Supported Digital Asset. Such Supported Digital Asset Disclosure
Schedule, as the same may be amended from time to time, and provided to Customer and/or posted on a website, the address of which is provided
by BNY to Customer. BNY may, from time to time, issue an amendment to a Supported Digital Asset Disclosure Schedule as provided in Section 2.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of Customer and BNY are bound by any Operating Procedures, Service Schedules for Services subscribed
to by Customer, Supported Digital Asset Disclosure Schedules, and, on the effective dates thereof, any amendments thereto, in the same
manner as it is bound by the provisions of this Agreement.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

**15.2** **Amendment** 

This Agreement may be amended or modified only in a written agreement signed by an authorized representative of each Party. For purposes of the foregoing, email exchanges between the Parties will not be deemed to constitute a written agreement.

**15.3** **Push Notifications** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer will be responsible for enrolling its designated Authorized Persons in the Electronic Communication
System. BNY will broadcast Push Notifications using the Electronic Communication System. Whether or not a designated Authorized Person
or Authorized Persons of Customer are enrolled in the Electronic Communication System or have actually received notice of such Push Notification,
Customer will be deemed to have received a Push Notification on the date of its broadcast on the Electronic Communication System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time BNY issues any amendment to this Agreement as provided in Section 15.2, issues or
reissues Operating Procedures as provided in Section 15.1(a), or any Schedule (or any amendment thereto) as provided in Section 2.2(b) or
Section 15.1(b), BNY will broadcast a Push Notification on the Electronic Communication System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whether or not Authorized Persons of Customer are enrolled in the Electronic Communication System or actually
receive notice of such Push Notification, Customer will be deemed to have received a Push Notification broadcast on the Electronic Communication
System and, on the effective day of such issuance.

**15.4** **Assignment** 

Neither Party may, without the other Party's prior written consent, assign any of its rights or delegate any of its duties under this Agreement (whether by change of control, operation of law or otherwise); provided, however that BNY may, without the prior written consent of Customer, but with commercially reasonable notice to the Customer, assign this Agreement or any of its rights, or delegate any of its duties hereunder: (a) to any BNY Affiliate; (b) to any successor to the business of BNY to which this Agreement relates, in which event BNY agrees to provide notice of such successor to Customer or (c) as otherwise permitted in this Agreement. Any purported assignment or delegation by a Party in violation of this provision will be voidable at the option of the other Party. This Agreement will be binding upon, and inure to the benefit of, the Parties and their respective permitted successors and assigns.

**15.5** **Governing Law/Forum** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The substantive laws of the state of New York (without regard to its conflicts of law provisions) will
govern all matters arising out of or relating to this Agreement, including the establishment and maintenance of the Accounts and for purposes
of the UCC and all issues specified in Article 2(1) of the Hague Securities Convention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party irrevocably agrees that all legal actions or proceedings brought by it against the other Party
arising out of or relating to this Agreement will be brought solely and exclusively before the state or federal courts situated in New
York City, New York. Each Party irrevocably submits to personal jurisdiction in such courts and waives any objection which it may
now or hereafter have based on improper venue or *forum non conveniens*. The Parties hereby unconditionally waive, to the fullest
extent permitted by applicable law, any right to a jury trial with respect to any such actions or proceedings.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

**15.6** **Business Continuity/Disaster Recovery** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY will implement business continuity and disaster recovery plans designed to minimize interruptions
of service and enhance recovery of systems and applications used to provide the Services under this Agreement. Such plans will cover the
facilities, systems, backups, applications and employees that are critical to the provision of the Services, and such plans will be tested
regularly to assess if the recovery strategies, requirements and protocols are viable and sustainable. BNY will maintain encrypted data
backups to the same extent that the data is encrypted in the production environment based on BNY's policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY is entitled to utilize Contingency Service Providers as it deems necessary for the performance of
services hereunder in the event of a contingency that impairs BNY's ability to perform such service directly. BNY's liability
for the activities of any Contingency Service Provider under this Agreement will be limited to the extent resulting directly from BNY's
failure to exercise the Standard of Care in selecting, retaining and/or monitoring such Contingency Service Provider.

**15.7** **Sovereign Immunity** 

To the extent that in any jurisdiction Customer may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, Customer irrevocably agrees not to claim, and it hereby waives, such immunity.

**15.8** **Non-Fiduciary Status** 

Customer hereby acknowledges and agrees that BNY is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and has not accepted any fiduciary duties, responsibilities or liabilities with respect to its services hereunder, including with respect to the management, investment advisory or sub-advisory functions of Customer.

**15.9** **Notices** 

Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions) and Push Notifications, as specified in Sections 2.3(b) and 14.3, all notices, requests, consents and other communications pursuant to this Agreement in writing shall be sent as follows:

**If to DE Trustee of the Customer:**

CSC Delaware Trust Company

Attention: Corporate Trust Administration

251 Little Falls Drive

Wilmington, DE 19808

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

**with a copy to Sponsor of the Customer:**

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036

Attn: Clare Wlodarcyzk

<u>Clare.Wlodarczyk@morganstanley.com</u>

**If to BNY:**

The Bank of New York Mellon

240 Greenwich St.

New York, NY 10286

Attn: Ralf Roth

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt.

**15.10** **Entire Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement, the Operating Procedures and any applicable Schedules constitute the sole and entire agreement
among the Parties with respect to the matters dealt with herein, and merge, integrate and supersede all prior and contemporaneous discussions,
agreements, and understandings between the Parties, whether oral or written, with respect to such matters. The performance by BNY hereunder
and the obligations of each Customer shall be subject to, and bound by, as appropriate, this Agreement (as amended from time to time,
and provided to Customer and/or posted on a website, the address of which is provided by BNY to Customer), as may be supplemented by the
Operating Procedures (as amended from time to time and provided to Customer and/or posted on a website, the address of which is provided
by BNY to Customer), any applicable Service Schedules (as amended from time to time available here) and the Supported Digital Assets Disclosure
Schedules (as amended from time to time and provided to Customer and/or posted on a website, the address of which is provided by BNY to
Customer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is intended that the Agreement, the Operating Procedures, and the Schedules will together govern the
relationship between BNY and Customer. If there is a conflict between this Agreement (including this Agreement as amended pursuant to
Section 15.3) and the Operating Procedures or any applicable Schedules, this Agreement controls (except as to any Service that is
specifically excluded under the Agreement). If there is a conflict between the Operating Procedures and the Schedules, the Operating Procedure
controls.

**15.11** **No Third Party Beneficiaries** 

This Agreement is entered into solely between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity other than the Parties. It is expressly understood and agreed by BNY that this Agreement is executed and delivered on behalf of the Customer by the Sponsor, not individually or personally, but solely as Sponsor of the Customer in the exercise of the powers and authority conferred and vested in it; the representations, covenants, undertakings and agreements herein made on the part of the Customer are made and intended not as personal representations, undertakings and agreements by the Sponsor but are made and intended for the purpose of binding only the Customer; nothing herein contained shall be construed as creating any liability on the Sponsor, individually or personally, to perform any covenant of the Customer either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto; and (d) under no circumstances shall the Sponsor be personally liable for the payment of any indebtedness or expenses of the Customer or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made or undertaken by the Customer under this Agreement or any other related document.

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

**15.12** **Counterparts** 

This Agreement may be executed in any number of counterparts, either manually or by Electronic Signature, each of which will be deemed an original, and said counterparts when taken together will constitute one and the same instrument and may be sufficiently evidenced by one set of counterparts. Executed counterparts may be delivered by facsimile or email.

**15.13** **Interpretation** 

The terms and conditions of this Agreement are the result of negotiations between the Parties. The Parties intend that this Agreement will not be construed in favor of or against a Party by reason of the extent to which such Party or its professional advisors participated in the preparation or drafting of this Agreement.

**15.14** **No Waiver** 

No failure or delay by a Party to exercise any right, remedy, or power it has under this Agreement will impair or be construed as a waiver of such right, remedy or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision.

**15.15** **Headings** 

All section and subsection headings in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope or intent of any provision of this Agreement.

**15.16** **Severability** 

If at any time any provision of this Agreement becomes, or is deemed by an authority of competent jurisdiction to be, invalid, unenforceable or contrary to applicable law, neither the legality, validity or enforceability of the remaining provisions of the Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired by such provision. In such case, the Parties will negotiate in good faith to replace each illegal, invalid, or unenforceable provision with a valid, legal, and enforceable provision that fulfills as closely as possible the original intent of the Parties.

[Signature page follows]

---

| | |
|:---|:---|
| **BNY AND CUSTOMER CONFIDENTIAL** | **EXECUTION VERSION** |

---

**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** | **MORGAN STANLEY INVESTMENT MANAGEMENT INC. AS DELEGATED SPONSOR FOR AND ON BEHALF OF MORGAN STANLEY SOLANA TRUST** | **MORGAN STANLEY INVESTMENT MANAGEMENT INC. AS DELEGATED SPONSOR FOR AND ON BEHALF OF MORGAN STANLEY SOLANA TRUST** |
| By: | /s/ Ralf Roth | By: | /s/ Andrew Onslow |
| Name: | Ralf Roth | Name: | Andrew Onslow |
| Title: | Managing Director | Title: | Managing Director |
| Date: June 8, 2026 | Date: June 8, 2026 |  |  |

---

## Exhibit 10.12

**Exhibit 10.12**

**CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT AS MARKED WITH [\*\*\*] BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**EXHIBIT C**

**to the Coinbase Prime Broker Agreement**

**<u>COINBASE TRADE FINANCE AGREEMENT</u>**

**1.** **Introduction** 

This Coinbase Trade Finance Agreement ("<u>TFA</u>") dated as of [ ] pursuant to the Coinbase Prime Broker Agreement dated as of March 16, 2026 (including the Custody Agreement, and the Coinbase Master Trading Agreement), as amended from time to time, is entered into by and among the Client (i.e., each entity named in Schedule A to the Coinbase Prime Broker Agreement, each as "<u>Borrower</u>"), Coinbase Credit ("<u>Lender</u>"), Coinbase, Inc. ("<u>Agent</u>" or "<u>Coinbase</u>"), and Coinbase Custody as agent with respect to the Borrower's balance of Digital Assets held in its Custodial Account (including any Vault Balance) or Vault Account (in each case for purposes of this TFA, the "<u>Custodial Account</u>") pursuant to Borrower's Custody Agreement, as applicable, to govern the extension of credit from Lender to Borrower for use in connection with trading Digital Assets on Agent's Trading Platform. "<u>Digital Assets</u>" shall mean a digital asset (also called a "cryptocurrency," "virtual currency," "digital currency," or "digital commodity") such as bitcoin, which is based on the cryptographic protocol of a computer network that may be (i) centralized or decentralized, (ii) closed or open-source, and (iii) used as a medium of exchange and/or store of value. Lender extends Trade Credits to Borrower in its sole discretion.

Unless otherwise defined herein, capitalized terms used in this TFA shall have the meanings assigned to them in the Coinbase Prime Broker Agreement.

**2.** **Trade Credits and Trading** 

Lender agrees to lend to Borrower a quantity of Cash and/or Digital Assets, to be determined in Lender's discretion, in connection with the purchase or sale of Digital Assets via the Agent's Trading Platform ("<u>Trade Credits</u>") for use on the Trading Platform. In the absence of Trade Credits or other financing arrangement authorized by Agent, Borrower must pre-fund its Trading Balance or Trading Account (in each case for purposes of this TFA, the "<u>Trading Balance</u>") on Agent's Trading Platform with Cash or Digital Assets (collectively and as defined in the MTA, "<u>Client Assets</u>") in order to buy or sell Digital Assets. Trade Credits may only be available for specified Digital Assets, as determined by Lender in its discretion. "<u>Cash</u>" shall mean USD or any other currency as agreed between the Borrower and Lender.

Lender will provide Client with information setting forth the terms under which Lender may extend Trade Credits (the "TF Terms"). Such information may be available (i) in the Coinbase Prime Broker Site, (ii) via API, or (iii) in the form of a Trade Finance Schedule, which Lender may provide from time to time substantially in the form of the Schedule attached hereto. The TF Terms shall include the fee associated with each Trade Credit, the Digital Assets and/or Cash eligible for Trade Credits and acceptable as collateral (including any relevant haircuts or liability multipliers associated therewith), and any other additional terms that may be required by Lender in its reasonable discretion. The TF Terms in effect at the time a Trade Credit is extended, together with this TFA, will constitute conclusive evidence of the terms agreed between Borrower and Lender with respect to the Trade Credits.

**3.** **Requesting a Trade Credit and the Trade Finance Debit Account** 

Once Lender has approved Borrower to receive Trade Credits, Borrower may place Order(s) pursuant to the MTA, as applicable, in amounts up to Borrower's then-current Available Balance with respect to the specific asset, which may include Cash, being borrowed. "<u>Available Balance</u>" shall mean the amount available to Borrower to place Order(s), such amount to be calculated by the Agent and communicated to the Borrower (which notice may be delivered in accordance with the Coinbase Prime Broker Agreement). Borrower may request extension of a Trade Credit at any time during the term of this TFA by placing an Order(s) with Agent via the Trading Platform to buy or sell Digital Assets in an amount that exceeds the relevant Client Assets in the Borrower's Trading Balance at the time such Order(s) is submitted. The amount by which Borrower's Order exceeds the applicable Client Assets available in the Borrower's Trading Balance shall constitute the specific quantity of a Trade Credit. The USD notional amount of each Trade Credit drawn in a Digital Asset will be determined by Agent, on the basis of the price for that Digital Asset that the Agent is indicating via the Trading Platform.

Lender is under no obligation to provide Trade Credits or to continue to provide Trade Credits for certain specific fiat currencies and/or Digital Assets, and may in its discretion impose black-out periods during which Trade Credits for any or all fiat currencies and/or Digital Assets may be unavailable; provided, however, that Lender will provide Borrower advance notice of such black-out periods to the extent reasonably practicable to do so.

Lender will establish in the name of Borrower a ledger entry for purposes of tracking Trade Credits extended by Lender ("<u>Trade Finance Debit Account</u>"). The Trade Finance Debit Account shall reflect the cumulative Trade Credits that Lender has extended during each Defined Interval (as defined below), both in terms of the aggregate notional value of the Trade Credits and the Trade Credits denominated in specific Digital Assets. The Trade Finance Debit Account shall be conclusive, absent manifest error, of the amount of Trade Credits extended by the Lender to the Borrower. "<u>Defined Interval</u>" shall mean a twenty-four (24) hour period starting at 6:00 A.M. ET (or such other time as may be notified by Lender to Borrower from time to time) on any day that Lender has extended Trade Credit to Borrower. Lender may revise the Defined Interval time period referenced above upon notice to Borrower.

Each separate extension of Trade Credits is due and payable by the Settlement Deadline (as defined below) for that Trade Credit, as dictated in Section 5.

Borrower and Lender agree that Borrower may use the Trade Credits extended hereunder exclusively for the purpose of the execution of trades on the Trading Platform. Borrower agrees that (i) it is required to maintain the Trading Balance to be equal to or greater than the USD notional value of all outstanding Trade Credits at the time of execution of trades on the Trading Platform, by asset, until such Trade Credits have been repaid; and (ii) if Borrower fails to maintain such amount in its Trading Balance at the Settlement Deadline, Agent will automatically lock the Trading Balance to prevent withdrawals. For the avoidance of doubt, Borrower shall maintain the types of collateral in its Trading Balance acceptable to Lender as may be specified in the TF Terms.

Borrower acknowledges that this TFA is not intended to be utilized for short selling of Digital Assets.

**4.** **Credit Protection** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *"Financial Assets" Election*. Each party hereby agrees that any Digital Assets and any item of property (whether investment property, financial asset, security, general intangible or instrument (each as defined in the UCC) or Cash) and all proceeds of the foregoing, credited to the Borrower's Trading Balance and Custodial Account shall be treated as a "financial asset" within the meaning of NY UCC §8-102(a)(9).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties further agree and acknowledge that the Borrower's Trading Balance and Custodial Account constitute "securities accounts" under the UCC of the State of New York, and that Agent and Coinbase Custody are each a "securities intermediary" with respect to the Trading Balance and Custodial Account, respectively, as that term is defined under NY UCC §8-102(a)(14).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Grant of Security Interest*. Borrower hereby grants to Lender and Agent a continuing first priority security interest in, lien on and right of set off against all of Borrower's right, title and interest, whether now owned or existing or hereafter acquired or arising, in Borrower's Trading Balance and Custodial Account together with proceeds thereof, in order to secure (i) repayment of Trade Credits to Lender, (ii) payment of all fees and other amounts owed by Borrower to Lender or Agent hereunder, and (iii) all other obligations of Borrower's to the Lender and Agent arising hereunder from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *No Other Liens*. Borrower represents that the Trading Balance and Custodial Account shall be free and clear of all prior liens, claims and encumbrances (other than liens solely in favor of the Lender and the Agent), and Borrower will not cause or allow the Trading Balance or Custodial Account, whether now owned or hereafter acquired, to be or become subject to any liens, security interests, mortgages or encumbrances of any nature other than security interests solely in favor of the Lender and the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Perfection*. Borrower shall execute such documents and take such other actions as the Lender or Agent shall reasonably request in order to perfect and maintain the priority of the Lender's and Agent's security interest with respect to Borrower's Trading Balance and Custodial Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Control by Agent and Coinbase Custody.* For purposes of perfecting Lender's security interest in the Trading Balance, Agent holds Borrower's Trading Balance for itself and also as agent for Lender, and has control over Borrower's Trading Balance for its own benefit and for the benefit and on behalf of Lender. Agent agrees to follow entitlement orders of Lender as secured party with respect to the Trading Balance without further consent of the Borrower.

For purposes of perfecting Lender's and Agent's security interest in the Custodial Account, Coinbase Custody holds Borrower's Custodial Account as agent for Lender and Agent, and has control over Borrower's Custodial Account for the benefit and on behalf of Lender and Agent. Coinbase Custody agrees to follow entitlement orders of Lender or Agent as secured parties with respect to the Custodial Account without further consent of the Borrower.

Each of the Lender and Agent is authorized, but is not obligated, to use, apply, credit or transfer any and all interests in Borrower's Trading Balance and Custodial Account among the Coinbase Entities at any time, and without prior notice to Borrower, but only to the extent necessary to satisfy any unpaid obligations of Borrower existing under a relevant agreement with the Coinbase Entities.

**5.** **Repayment of the Trade Credits** 

Borrower agrees to fully repay to Lender the Trade Credits extended during a Defined Interval by the Settlement Deadline for that Defined Interval. The "<u>Settlement Deadline</u>" shall mean 6:00 P.M. Eastern Time on the calendar day immediately following the start of a Defined Interval. Borrower is permitted to repay the Trade Credits at any time during the Defined Interval. Failure of Borrower to fully repay the Trade Credits by the Settlement Deadline may result in an Event of Default (as defined in Section 7 below).

Borrower must repay Lender with the same type of asset that Lender provided in extending the applicable Trade Credit. Borrower's repayment obligation shall be satisfied only when Lender receives good funds for Cash Trade Credits or the relevant Digital Asset for Digital Asset Trade Credits. All Cash repayments must be made to Lender in good funds by the Settlement Deadline.

Any Trade Credits that are repaid during a Defined Interval can be re-borrowed during the same Defined Interval, but must be fully repaid by the Settlement Deadline for that Defined Interval. Borrower agrees to comply with Lender's and Agent's settlement instructions to fund Borrower's Trading Balance in order to repay the Trade Credits.

**6.** **Fees for Trade Credits** 

Borrower agrees to pay Lender a fee for Lender's extension of financing to Borrower, and in accordance with the TF Terms ("<u>Fees</u>"). Unless otherwise specified by Lender, fees for Cash Trade Credits and Digital Asset Trade Credits shall be paid on the basis of the aggregate USD notional value of each Digital Asset and/or Cash borrowed during a Defined Interval.

**7.** **Event of Default** 

Borrower understands and agrees that the following events shall constitute an event of default hereunder, and each shall be referred to as an "<u>Event of Default</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The failure of Borrower to repay Trade Credits by the applicable Settlement Deadline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than as contemplated by 8(a), a default by Borrower in the payment or performance of any of obligations, conditions, covenants, representations, provisions or stipulations between Borrower and Lender, Agent, Coinbase Custody, or other Coinbase Entities in this TFA or any other agreement provided that, the Borrower shall have [\*\*\*] after notice from Lender or Agent to cure any such non-payment related default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any event or circumstance occurs or exists that has a material adverse effect on the business, operations, prospects, property, assets, liabilities or financial condition of Borrower, taken as a whole, or has a material adverse effect on the ability of Borrower to perform its obligations under this TFA or any other agreement, including the ability to repay any and all outstanding Trade Credits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors or dissolution proceedings are instituted by or against the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If Borrower notifies Lender of its inability to or its intention not to perform its obligations under this TFA or any other agreement, or otherwise disaffirms, rejects, or repudiates any of its obligations this TFA or any other agreement.

**8.** **Remedies on Default** 

If Borrower fails to make payment of Trade Credits by the applicable Settlement Deadline or pay any other amounts due hereunder when due, Agent, on behalf of Lender, may freeze the Borrower's ability to use the Trading Platform.

Additionally, upon the occurrence of an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any outstanding extension of Trade Credit shall be immediately due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to all rights under the Coinbase Prime Broker Agreement, Lender or Agent may exercise any rights of a secured creditor with respect to its interests in Borrower's assets, and may exercise all other rights under Agreements between Borrower and Lender, Agent or Coinbase Custody, including the Lender's, Agent's or Coinbase Custody's rights under the Coinbase Prime Broker Agreement. Lender and Agent agree that they will exercise their secured creditor rights with respect to the Trading Balance before exercising their secured creditor rights with respect to the Custodial Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Borrower hereby authorizes Agent, as securities intermediary with respect to the Trading Balance, to comply with all instructions and entitlement orders from Lender, as secured party, with respect to the disposition of assets in Borrower's Trading Balance as contemplated herein without further consent or direction from Borrower or any other party. Agent agrees to follow such instructions and entitlement orders without further consent or direction from Borrower or any other party. Borrower hereby authorizes Coinbase Custody, as securities intermediary with respect to the Custodial Account, to comply with all instructions and entitlement orders from Lender or Agent, as secured party, with respect to the disposition of assets in Borrower's Custodial Account as contemplated herein without further consent or direction from Borrower or any other party. Coinbase Custody agrees to follow such instructions and entitlement orders without further consent or direction from Borrower or any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without prior notice to Borrower, Lender shall have the right to instruct Agent (and Agent agrees to comply with such instruction) to: (i) transfer the Borrower's Client Assets from the Borrower's Trading Balance to the Lender to repay the unpaid Trade Credits, and/or (ii) liquidate or cancel outstanding Orders (including Orders that have been submitted or are in the process of being fulfilled).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without prior notice to Borrower, Lender may suspend or terminate the Borrower's ability to receive extensions of Trade Credits, regardless of whether Borrower has cured the Event of Default.

If the above actions are not sufficient to satisfy all obligations of Borrower to Lender and Agent, Lender or Agent shall have the right to liquidate any and all of Borrower's assets and positions held with Lender, Agent, or Coinbase Custody, including the Trading Balance, and Custodial Account, to cover any losses incurred by Borrower's failure to repay the Trade Credits. In connection with liquidating such assets, Borrower authorizes Lender or Agent, on Lender's behalf, in Lender's discretion, to liquidate any of Borrower's Digital Assets in a commercially reasonable sale at the market price that otherwise applies to such Digital Assets at the time of liquidation, without regard to whether Borrower would recognize a gain or loss on such sale or would recognize a greater or lesser gain or loss if different Digital Assets were sold. Borrower understands that the value of Digital Assets may rise or fall quickly, and neither Lender nor Agent has any obligation to liquidate Borrower's Digital Assets at a time that provides the best price for Borrower. Borrower agrees that Digital Assets held in its Trading Balance and Custodial Account are of a kind or type customarily sold on recognized markets, subject to standard price quotations and may threaten to decline speedily in value. Borrower agrees that if Lender or Agent exercises its setoff rights or secured party remedies against Borrower's Digital Assets, that Lender or Agent may value such Digital Assets using the same valuation method and same process that is otherwise used when Digital Assets are sold on the Trading Platform or any other commercially reasonable valuation method. A sale by Lender or Agent of Borrower's Digital Assets, without notice, at a private sale using the valuation and method described above shall be a commercially reasonable method of disposition.

**9.** **Financial Reporting; Information Requests** 

Borrower will deliver to Lender each of the following, in form and substance acceptable to Lender in its reasonable discretion:

(a) as
soon as available, and in any event within 120 days after the end of each fiscal year of Borrower, the annual audited financial statements
of Borrower prepared in accordance with generally accepted accounting principles in the United States of America (" <u>GAAP</u> "),
together with an audit report thereon issued by independent certified public accountants certified in the United States of America and
of recognized national standing (without a "going concern" or like qualification or exception and without any qualification
or exception as to the scope of such audit); and

(b) within
20 days after the end of each calendar month, a monthly statement setting forth Client's Net Asset Value (exclusive of withdrawals
and redemptions), Total Assets and Total Liabilities as of such date (as each term is defined or understood under GAAP), together with
percentage changes in Net Asset Value (exclusive of withdrawals and redemptions) compared to the last business day of the immediately
preceding calendar month, the last business day of the third calendar month immediately preceding such calendar month, and as of the
last business day of the same month in the immediately preceding calendar.

**10.** **Effect of Forks or Airdrops** 

In the event that the blockchain of a Digital Asset for which a Trade Credit is extended is the subject of a "hard fork" or "airdrop" while the Trade Credit is outstanding, Borrower will receive the benefit and ownership of any incremental tokens generated with respect to that Trade Credit as a result of the hard fork or airdrop, <u>provided</u> that Lender or Agent may, in their reasonable discretion, decide whether or not to support (or cease supporting) either branch of the forked blockchain or any airdropped Digital Asset entirely. Borrower acknowledges and agrees that Lender and Agent assume absolutely no liability, obligation, or responsibility whatsoever in respect to unsupported hard forks or airdrops.

**11.** **Termination** 

The Parties may terminate this TFA immediately upon giving the other Party written notice. Upon notice of termination under this provision, all outstanding extensions of Trade Credits shall become due and payable immediately. All obligations of Borrower with respect to outstanding Trade Credits and other amounts due hereunder, and rights of Lender and Agent in connection therewith shall survive the termination of this TFA, including Lender's and Agent's security interest in Borrower's Trading Balance and Custodial Account, and Lender, Agent's and Coinbase Custody's right of set-off under the Coinbase Prime Broker Agreement.

**12.** **Borrower and Lender Representations and Warranties** 

Borrower hereby represents and warrants that, as of the date of this TFA and continuing through the term of this TFA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It (i) has the power to execute and deliver this TFA, to enter into the extension of Trade Credits contemplated hereby and to perform its obligations hereunder, (ii) has taken all necessary action to authorize such execution, delivery and performance, and (iii) this TFA constitutes a legal, valid, and binding obligation enforceable against it in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is an eligible contract participant ("<u>ECP</u>") for purposes of the Commodity Exchange Act (the "<u>CEA</u>") and all U.S. Commodity Futures Trading Commission regulations thereunder ("<u>CFTC Regulations</u>"). Any information provided to Lender, Agent, or their affiliates for purposes of onboarding and due diligence regarding Borrower's ECP status and other financial information is true and correct in all material respects. Borrower further agrees that it will at all times maintain its status as an ECP as that term is defined in the CEA and CFTC Regulations. If Borrower at any time during the pendency of this TFA ceases to be an ECP, Borrower will notify Lender and Agent immediately. Borrower acknowledges and understands that if it ceases to be an ECP during the pendency of this TFA, Lender will not make any new Trade Credits to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has not relied on other party for any tax or accounting advice concerning this TFA and that it has made its own determination as to the tax and accounting treatment of any Trade Credit, any Digital Assets or funds received or provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is acting for its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is sophisticated and fully familiar with the inherent risks involved in the transaction contemplated in this TFA, including risk of new financial regulatory requirements, potential loss of money and risks due to volatility of the price of Digital Assets and voluntarily takes full responsibility for any risk to that effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It is not insolvent and is not subject to any bankruptcy or insolvency proceedings under any applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There are no proceedings pending or, to its knowledge, threatened, which could reasonably be anticipated to have any adverse effect on the transactions contemplated by this TFA or the accuracy of the representations and warranties hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To its knowledge the transactions contemplated in this TFA are not prohibited by law or other authority in the jurisdiction of its place of incorporation, place of principal office, or residence and that it has necessary licenses and registrations to operate in the manner contemplated in this TFA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It has, or will have at the time of repayment of any Trade Credits, the right to deliver such Cash and Digital Assets subject to the terms and conditions hereof, free and clear of all liens and encumbrances other than those arising under this TFA.

Lender hereby represents and warrants that, as of the date of this TFA and continuing through the term of this TFA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) It (i) has the power to execute and deliver this TFA, to enter into the extension of Trade Credits contemplated hereby and to perform its obligations hereunder, (ii) has taken all necessary action to authorize such execution, delivery and performance, and (iii) this TFA constitutes a legal, valid, and binding obligation enforceable against it in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) It has not relied on other party for any tax or accounting advice concerning this TFA and that it has made its own determination as to the tax and accounting treatment of any Trade Credit, any Digital Assets or funds received or provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To its knowledge the transactions contemplated in this TFA are not prohibited by law or other authority in the jurisdiction of its place of incorporation, place of principal office, or residence and that it has necessary licenses and registrations to operate in the manner contemplated in this TFA.

**13.** **Rights and Remedies Cumulative** 

No delay or omission by the Lender or Agent in exercising any right or remedy hereunder shall operate as a waiver of the future exercise of that right or remedy or of any other rights or remedies hereunder. All rights of the Lender and Agent stated herein are cumulative and in addition to all other rights provided by law, in equity.

**14.** **Collection Costs** 

In the event Borrower fails to pay its Fees or any other amounts due, or to return any Digital Assets or Cash upon the occurrence of any Event of Default in Section 7 hereunder, Borrower shall, upon demand, pay to Lender all reasonable costs and expenses, including reasonable attorneys' fees and court costs, trading fees, and technology costs incurred by the Lender, Agent or Coinbase Custody in connection with the enforcement of its rights hereunder.

**15.** **Incorporation by Reference** 

The Coinbase Prime Broker Agreement, including the General Terms and all exhibits, addenda, policies, and supplements attached thereto and referenced therein, are hereby incorporated by reference in this TFA and made a part hereof.

This TFA and the Coinbase Prime Broker Agreement shall not be deemed in conflict based on the fact that a document is silent on a topic that is affirmatively addressed in another document. In the event of an irreconcilable conflict between this TFA and the Coinbase Prime Broker Agreement, this TFA shall control as it relates to the extension of Trade Credits from Lender to Borrower for use in connection with trading Digital Assets on Agent's Trading Platform. For the avoidance of doubt, the Coinbase Master Trading Agreement shall control as it relates to Borrower's Trading Account and the trading on the Trading Platform.

***[Signatures on following page]***

**IN WITNESS WHEREOF**, this TFA is executed as of the date above.

**LENDER: COINBASE CREDIT, INC.**

**By:**

**Name:**

**Title:**

**Date:**

**BORROWER: MORGAN STANLEY INVESTMENT MANAGEMENT INC. AS DELEGATED SPONSOR FOR AND ON BEHALF OF MORGAN STANLEY BITCOIN TRUST**

---

| |
|:---|
| **By:** |
| **Name:** |
| **Title:** |
| **Date:** |

---

**AGENT: COINBASE, INC.**

**By:**

**Name:**

**Title:**

**Date:**

**COINBASE CUSTODY TRUST COMPANY, LLC**

**By:**

**Name:**

**Title:**

**Date:**

## Exhibit 14.1

**Exhibit 14.1**

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 14.1 MORGAN STANLEY INVESTMENT MANAGEMENT PUBLIC AND PRIVATE SIDE CODE OF ETHICS AND PERSONAL TRADING GUIDELINES March 23, 2026 1  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TABLE OF CONTENTS** I. INTRODUCTION 3 A. General 3 B. Standards of Business Conduct 3 C. Mandatory Training Requirements 4 D. Overview of Code Requirements 5 E. Personal Conflicts 6 II. TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS 7 A. Personal Securities Accounts 7 B. Fully Managed Account\* 7 C. Other Morgan Stanley Sponsored Accounts 8 D. Non-Morgan Stanley Accounts 8 E. Individual Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL 8 F. Mutual Fund Accounts 8 G. Automatic Investment Plans 9 H. Investment Clubs 9 I. Cryptocurrencies 9 III. PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS 10 A. General 10 B. Initiating a Trade 10 C. Requirements for Tier 1 Employee 10 D. Restrictions and Requirements for Tier 2 Employees and IM Public Side Investment Personnel 11 E. Restrictions and Requirements that apply to Research Recommendations or Conclusions 11 F. Restrictions and Requirements for Omni and Those Who Have Access to Flex One 12 G. IM Private Side Employees and Those Designated to be "Above-the-Wall" 12 H. Transacting in Morgan Stanley Securities 12 I. Trading Derivatives 13 J. Other Restrictions 14 K. Other Activities Requiring Pre-Clearance 14 IV. HOLDING REQUIREMENTS 15 A. Proprietary or Sub-advised Mutual Funds and Single-Stock Exchange-Traded Funds 15 B. Covered Securities 15 C. Holding Requirements Specific to MSIMJ Employees 15 D. Holding Requirements Specific to HK Type 9 License Holder Employees 15 V. REPORTING REQUIREMENTS 16 A. Initial Reporting and Holdings Certification 16 B. Quarterly Reporting and Certification 16 C. Annual Reporting and Holdings Certification 17 VI. OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS 19 A. Approval to Engage in an Outside Business Activity 19 B. Approval to Invest in a Private Investment 20 VII. REVIEW, INTERPRETATIONS AND EXCEPTIONS 20 VIII. ENFORCEMENT AND SANCTIONS 20 IX. RELATED POLICIES 21 X. RECORDKEEPING 21 A. Firm Requirements 21 B. MSIM Maintenance of Records Relevant to this Code 22 SCHEDULE A 23 XI. DEFINITIONS 26 SCHEDULE B 33 2  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. INTRODUCTION A. General The Morgan Stanley Investment Management ("MSIM") Public and Private Side Code of Ethics (the "Code") is intended to fulfill MSIM's requirements under Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Company Act") and similar requirements applicable to our business globally. The Code is reasonably designed to prevent legal, business and ethical conflicts, to guard against the misuse of confidential information, and to avoid even the appearance of impropriety that may arise in connection with your personal trading and Outside Business Activities as an MSIM Employee. It is very important for you to read the "Definitions" section to understand the scope of this Code, including the individuals, accounts, securities and transactions it covers. You are required to acknowledge receipt and your understanding of this Code at the start of your employment at MSIM or when you become a Covered Person, as defined below, and annually thereafter. In addition to this Code, there are separate Funds Code of Ethics applicable to each of the Morgan Stanley, Eaton Vance, Calvert Mutual Funds and MSIM China Co. Ltd. B. Standards of Business Conduct MSIM seeks to comply with the Federal securities laws and regulations applicable to its business. The Code is designed to assist you in fulfilling your regulatory and fiduciary duties as an MSIM Employee as they relate to your personal securities transactions. Please keep in mind that the Code is only a guide and it cannot and does not attempt to cover all possible situations that may arise in the ordinary course of MSIM's business. In addition, the Code does not supersede, amend or interpret the Morgan Stanley Code of Conduct, the Firm's Code of Ethics and Business Conduct, Firmwide Global Employee Trading Policy, or any other Morgan Stanley personal employee trading policy or compensation plan to which Covered Persons are subject. Fiduciary Duties You have a duty to act in utmost good faith with respect to each Client, particularly where the interests of MSIM may be in conflict with those of a Client. MSIM has a duty to deal fairly and act in the best interests of its Clients at all times. The following fiduciary principles govern your activities and the interpretation / administration of these rules: • The interests of Clients must always be placed first. • All personal securities transactions must be conducted in compliance with the rules contained in this Code and in such manner as to avoid any actual or potential conflict of interest or any abuse of your position of trust and responsibility. • You should never use your position with MSIM, or information acquired through your employment, in your personal trading in a manner that may create a conflict-or the appearance of a conflict-between your personal interests and the interests of MSIM and / or its Clients. If 3  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such a conflict or potential conflict arises, you must report it immediately to your local Compliance group. • Ensure investment advice is suitable given the Client's investment objectives and strategies. • Provide Clients and the IM Private Side Investment Committee(s) with full and fair disclosure of all material facts, as appropriate; communicate in a way that is clear and not misleading. In connection with providing investment advisory services to Clients, this includes avoiding any activity which directly or indirectly: • Defrauds a Client in any manner. • Misleads a Client, including any statement that omits material facts. • Operates or would operate as a fraud or deceit of a Client. • Functions as a manipulative practice with respect to a Client or securities. Personal Securities Transactions and Relationship to MSIM Clients MSIM prohibits you from engaging in personal trading in a manner that would distract you from your daily responsibilities. MSIM strongly encourages you to invest for the long term and discourages short-term, speculative trading. You are cautioned that short-term strategies may attract a higher level of scrutiny. Excessive or inappropriate trading that interferes with job performance or that compromises the duty that MSIM owes to its Clients will not be tolerated. These standards do not identify all possible conflicts of interest, and literal compliance with each of the specific provisions of this Code will not shield you from liability for personal trading or other conduct that is designed to circumvent its restrictions or violates a fiduciary duty to Clients. Ignorance of the law or rules is not a defense from, or an excuse for, penalties or sanctions. Any Covered Person who is uncertain about their requirements under this Code of Ethics, or whether certain practices are in compliance with the law, should consult Compliance. If you become aware that you or someone else may have violated any aspect of this Code, you must report the suspected violation to Compliance, or your Designated Manager immediately in accordance with the Global Speaking Up and Reporting Concerns Policy. C. Mandatory Training Requirements The training of all Covered Persons is one of the various ways that Morgan Stanley exhibits its commitment to maintaining integrity and operating with the highest ethical standards on regulatory and Firm issues at a global, divisional and regional level. Completion of required training is an ongoing focus of the regulators and important to mitigate risk across all areas. In addition, all Covered Persons are responsible for understanding and abiding by all policies, procedures, industry Please note that the trainings listed immediately below may have a shorter due date than others. Any late training may result in a violation. Training Name Description Morgan Stanley Investment Management Initial Disclosure Form Used to report internal accounts with Morgan Stanley and E\*TRADE, DRIPS, Stock Purchase Plans, Physical Stock and Bond Certificates, Company Stock in External 401k, ESPP and ESOP Outside Business Interests - New Hires Part of the Global NFR Code of Conduct New Hire Curriculum which provides an overview on how to report: outside securities accounts, outside business activities, and private investments 4  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;standards, best practices and regulatory requirements discussed and outlined within their assigned Training Requirements. To ensure compliance, MSIM educates its Covered Persons on laws related to its activities, which may include periodically issuing training, bulletins, manuals and memoranda. Covered Persons are expected to read all such materials and be familiar with their contents. Covered Persons who fail to complete all or part of their Training Requirements or are repeatedly tardy in their completion may be subject to disciplinary action, up to and including termination of employment. Disciplinary actions can be issued orally or in writing and may include, but are not limited to: • Notifying an employee's Manager of the delinquency in writing or via the Performance Management Dashboard; • Issuance of a Letter of Warning / Education to the employee and employee's Manager; • Record delinquency in the Compliance Incident Tracking of Employees database; or • Suspension or termination of employment Non-completion of the Code of Conduct or the Code of Ethics training and applicable certifications and supplements can result in additional disciplinary actions prior to suspension or termination of employment, such as, restriction of trading privileges and reduction of discretionary bonus. In addition, non-completion of mandatory training by contingent workers may result in termination of their engagement with Morgan Stanley. D. Overview of Code Requirements Compliance with the Code is a matter of understanding its basic requirements and making sure the steps you take regarding activities covered by the Code are in accordance with the letter and spirit of the Code. Generally, you have the following obligations: You must examine the specific provisions of the Code for more details on each of these activities. Please contact Compliance if you have any questions. 5  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Personal Conflicts As per the Firm's Code of Conduct, personal conflicts can arise from your outside activities or investments, or those of your family. You must avoid any investment, activity or relationship that could, or could appear to, impair your judgment or interfere with your responsibilities to Morgan Stanley (the "Firm") and our Clients. If you become aware of an actual or potential conflict, you must act in accordance with applicable regulatory requirements and our policies. You also must notify your supervisor, the Conflicts Management Officer (CMO) for your business unit in your region, a member of LCD or the Firm's Global Conflicts Office (GCO)-including if an actual or potential conflict arises from an investment or activity that was previously approved through the Outside Business Interests (OBI) System. Consult the Conflicts of Interest InfoPage for additional information. To reinforce our commitment to avoid conflicts of interest and act in the best interest of our Clients, the following rules have been adopted: • Covered Persons may not act on behalf of MSIM or a Client in connection with any transaction in which they have a personal interest. • Broker-dealers, service providers and suppliers should be selected based on quality, reliability, price, service and technical advantages in accordance with applicable firm policies. Examples of Potential Personal Conflicts include, but are not limited to: ∎ Having a personal or family interest in a transaction involving Morgan Stanley. ∎ Competing with Morgan Stanley for the purchase or sale of services. ∎ Taking advantage of outside business opportunities that arise because of your position at Morgan Stanley. ∎ Accepting special benefits offered based on your relationship with Morgan Stanley (such as discount prices, more favorable loan terms or investment opportunities), unless the terms are offered to a broad group of individuals (for example, discounted banking services offered to all Firm employees at the same location). ∎ Engaging in personal financial arrangements or certain other personal relationships with other Morgan Stanley employees. ∎ Working for a competitor, customer or supplier of MSIM while a Covered Person. ∎ Directing business to a broker-dealer, service provider or supplier owned or managed by, or that employs, a relative or friend. 6  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS A. Personal Securities Accounts Generally, you and your Immediate Family must maintain all Personal Securities Accounts that may invest in Covered Securities at a Morgan Stanley Broker or Preferred Brokers, as applicable to the respective jurisdiction. Requirements may vary in non-U.S. offices. New Employees or newly designated Covered Persons must disclose their Personal Securities Account(s) and accounts of their Immediate Family within 10 calendar days of hire/becoming a Covered Person and transfer their Personal Securities Account(s) to a Morgan Stanley Broker or Preferred Brokers, as applicable in non-US jurisdictions, at their own expense, within 60 calendar days of Compliance's review. Failure to do so may be considered a significant violation of this Code. New accounts due to marriage, inheritance, etc. are required to be disclosed within 10 calendar days of the event. Opening a Morgan Stanley or E\*TRADE Brokerage Account. When opening a Personal Securities Account, you must notify the Broker that you are an Employee and that the relevant account must be coded as an Employee or Employee-related account. U.S. Employees can open a new account at etrade.com/msemployee or going to myfinances/ to open a Morgan Stanley account. Employees do not need prior approval via the OBI system to open accounts with Morgan Stanley or E\*TRADE. B. Fully Managed Account\* With prior approval, Fully Managed Accounts are generally permitted to be maintained outside of the Firm. For Fully Managed Accounts maintained outside of the Firm, Employees must provide Employee Investing and Activities Compliance ("EIAC") with a copy of the executed management agreement or equivalent documents, with the respective account numbers, which EIAC will review for the relevant provisions. For certain brokers, the management agreement is not required (e.g., robo-advisors). If the account is managed by a firm other than Morgan Stanley, you must submit a request in the OBI System and may be required to periodically upload duplicate copies of statements into the system upon Compliance's request or where applicable, EIAC will arrange for copies of the statements to be sent to the Firm. With prior approval, you may open a Fully Managed Account for yourself or an Immediate Family member if the account meets the standards set forth below. In certain circumstances and with approval from Compliance, you may appoint non-Morgan Stanley managers (e.g., trust companies, banks or registered investment advisers) to manage your account. To establish a Fully Managed Account, you must grant the manager complete investment discretion over your account. Pre-clearance is not required for trades in this account; however, you may not participate, directly or indirectly, in individual investment decisions or be made aware of such decisions before transactions are executed. This restriction does not preclude you from establishing investment guidelines for the manager, such as indicating industries in which you desire to invest, the types of securities you want to purchase or your overall investment objectives. However, those guidelines may not be changed so frequently as to give the appearance that you are directing account investments. \*Pursuant to local regulation, Employees of MSIM Private Limited and IM Public Side Employees of the Global In-house Centers as listed in Schedule B are prohibited from opening Fully Managed Accounts. 7  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Other Morgan Stanley Sponsored Accounts You do not have to pre-clear participation in Morgan Stanley Sponsored Accounts (e.g., Morgan Stanley 401 (k), Employee Incentive Compensation Plan, etc.) with Compliance. However, you must disclose participation in these and similar plans during the annual certification process. Changes made to existing investments in the Morgan Stanley 401(k) Plan that result in funds being moved in or out of the Morgan Stanley Stock Fund are subject to applicable window periods, and if you are an Access Person, to pre-clearance in accordance with Section III. D. Non-Morgan Stanley Accounts Exceptions to the requirement to maintain Personal Securities Accounts at a Morgan Stanley Broker are rare and require Compliance approval. If your request is approved, you will be required to ensure that missing statements are uploaded directly into the OBI System periodically upon Compliance's request. Requirements may vary in non-U.S. offices. If you open an account other than with a Morgan Stanley Broker (inclusive of E\*TRADE) without obtaining the required Compliance pre-approval, you must immediately disclose it to Compliance through the OBI System. You may be required to close such account. Maintaining a non-Morgan Stanley 401(k) plan or similar account that permits you to trade Covered Securities must be disclosed in the OBI System for review by Compliance. Similar plans that do not have brokerage capabilities, but hold Covered Securities, must be disclosed during the Initial Disclosure Process and as part of the annual certification process. Any approval to open or maintain a Held-Away Spousal Account, is subject to you, as the employee, providing or arranging to provide relevant account information and duplicate account statements. In addition, at such time as your spouse or domestic partner is no longer employed by another financial institution, you must promptly transfer the account to Morgan Stanley or E\*TRADE and update the relevant OBI disclosure. E. Individual Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL Fully Managed Accounts for ISAs (i.e., an independent manager makes the investment decisions) and non-discretionary ISAs (including single company ISAs) where you make investment decisions, may only be established and maintained as long as the account is pre-approved by Compliance through the OBI System. In addition, for non-discretionary ISAs you must obtain pre-clearance approval for each transaction you wish to undertake via the Trade Pre-Clearance ("TPC") system. Duplicate statements must be supplied to Compliance and applicable quarterly and yearly reporting requirements must be met. For the avoidance of doubt, Fully Managed Accounts for ISAs do not require pre-clearance approval for each transaction undertaken by the independent investment manager. However, yearly reporting requirements apply. F. Mutual Fund Accounts You and your Immediate Family may open an account for the purpose of transacting in affiliated open-end Mutual Funds, including Sub-Advised and Proprietary Mutual Funds (i.e., an account directly with a fund transfer agent) without prior approval from Compliance. You must report participation in these accounts via the Initial Disclosure Process or during the next quarterly certification cycle and as part of the annual certification process. Accounts invested only in non-affiliated open-end Mutual Funds do not require disclosure in the OBI System if the account does 8  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not have the ability to trade in Covered Securities. G. Automatic Investment Plans With prior approval, you may open an account directly with an issuer to purchase its shares, such as a dividend reinvestment plan, ("DRIP") or Direct Purchase Plan ("DPP") by submitting a pre-clearance request via the TPC system for the initial purchase. H. Investment Clubs You may not participate in or solicit transactions on behalf of investment clubs in which members pool their funds to make investments in securities or other financial products. I. Cryptocurrencies You are generally not required to disclose accounts for Cryptocurrency (wallets/accounts) if they do not have brokerage capability (i.e., cannot hold Covered Securities) and are not linked to an account with brokerage capability (whether such capability is utilized). Employees are not required to preclear automatic investments made as part of an established DRIP or DPP; however, any future, offscheduled, self-directed transactions (buys, sells and gifts) require pre-clearance. You must report DRIP or DPP holdings to Compliance initially via the Initial Disclosure Process or during the next quarterly certification cycle and as part of the annual certification process. Please note that these accounts do not require OBI disclosure. While trading Cryptocurrencies does not require disclosure or pre-clearance, other types of participation in Cryptocurrency activities (e.g., private investments, outside business activities (including mining), and participating in Initial Coin Offerings ("ICOs")) require disclosure and pre-approval through the OBI System(please see the Global Employee Trading, Investing and Outside Business Activities Policy). 9  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS A. General You and your Immediate Family are required to pre-clear and receive prior approval for all personal securities transactions in Covered Securities (including the gifting of Covered Securities) unless your personal securities transaction is subject to an exemption under this Code. Should an Employee be made aware of a proposed transaction in a Fully Managed Account or have personally directed or asked another person to direct a trade in a Fully Managed Account, the Employee is required to pre-clear that trade prior to execution. See the Securities Transaction Matrix in Schedule A for additional information regarding the requirements for pre-clearance. In keeping with the general principles and objectives of the Code, Compliance, in its sole • Open the TPC system (type "TPC/" into your browser. • Select the correct account, transaction type (buy/sell) and quantity. • Pre-clear all Covered Securities unless an exemption applies. • All Single-Stock ETFs are subject to pre-clearance requirements and the 30-calendar day holding period requirements. • Execute only after receiving an APPROVAL e-mail from the system. • You can only execute within your approval window. • Contact Compliance with questions prior to trading. discretion, may refuse to grant approval of a personal securities transaction, without specifying a reason for the refusal. Personal trade requests for IM Public Side employees will be denied if there is an order for a Client in the same or related security at the time the personal trade request is submitted. Exceptions may be granted if the Covered Security is being purchased or sold for a passively-managed index fund or index portfolio. Any transaction that is prohibited by the Code may be required to be reversed and any profits (or any differential between the sale price of the personal security transaction and the subsequent purchase or sale price by a Client during the relevant period) are subject to disgorgement. See "Enforcement and Sanctions". Please consult with your local Compliance if you have any questions. B. Initiating a Trade Transactions requiring pre-clearance may not be executed prior to receiving an "Approval" e-mail from the TPC system. Approval is obtained by entering your trade request into the TPC system. Upon completion of the necessary compliance checks, you will receive a system generated e-mail notification advising whether your request has been approved or rejected and the time frame in which you are permitted to execute your trade. You must wait for notification from the TPC system advising that your trade request has been approved before executing the trade. C. Requirements for Tier 1 Employee Covered Persons deemed Tier 1 Employees have until the close of next business day from the date of approval to execute the trade. Note: Omni Personnel and those who have access to Flex One; see Section III.F "Restrictions and Requirements for Omni Personnel and those who have access to Flex One" below. 10  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Restrictions and Requirements for Tier 2 Employees and IM Public Side Investment Personnel Tier 2 Employees are required to pre-clear Covered Securities through the TPC system during the open market session they intend to execute the trade. Approved requests are valid only during the market session for which it is granted and expires at market session close that same day. Any transaction not completed (whether in whole or in part) during that market session will require a new approval. This means that you are not permitted to enter "good-till-canceled" orders. Only market orders and limit orders for the day are permitted. Open orders, such as limit orders and stop-loss orders, must be pre-cleared each day until the transaction is effected. In the case of trades in international markets where the market has already closed when approval is granted, transactions must be executed by the next close of trading in that market. In addition, no purchase or sale transaction may be made in any Covered Security or a related investment (i.e., derivatives) by IM Public Side Investment Personnel or other Employees who have knowledge of client trading (excluding Omni Personnel and those who have access to Flex One) for a period of five (5) calendar days before and five (5) calendar days after the IM Public Side Investment Personnel purchases or sells the security on behalf of a Client. Exceptions from the Blackout Period may be granted if the Covered Security was traded for an index fund or index portfolio. E. Restrictions and Requirements that apply to Research Recommendations or Conclusions Where research recommendations or conclusions are involved, IM Public Side Investment Personnel must adhere to the following. If within the five (5) calendar days prior to and including the day you seek pre-clearance and approval to enter into a personal securities transaction for a security: • that security or a related financial instrument has been added to or removed from the Analyst Select Portfolio (a paper portfolio (non-cash) that enables analysts to express their opinions on their coverage sector or a specific stock within the coverage sector), or an existing position in the Analyst Select Portfolio has been increased or decreased; • the weighted price potential ("WPP") of that security (as determined by a Research Analyst) or a related financial instrument has been changed (the amount of the change in order to trigger the restrictions set forth herein as determined from time to time) on the relevant system; or • for purposes of CRM, that security (or its issuer) has been designated as "eligible" or "ineligible" or its designation as a "eligible" or ineligible has changed, then you CANNOT trade the security and your pre-clearance request will be denied. Blackout Period related to the Rebalance and Reconstitution of a Calvert Index If you are an Employee with knowledge of the decisions of the CRM Research, Review and Recommendation Committee or the actions taken by the CRM Index Committee (or any new or successor committees that CRM may form to perform similar functions) as determined by the CRM Chief Compliance Officer or their designee, for the 5 calendar days prior to and including the day that the relevant Calvert Index is rebalanced or reconstituted, you may NOT enter into a Personal Securities Transaction in your personal account. A Compliance Officer will notify you if you are subject to this blackout period. 11  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Requirements Pertaining to Research Analysts in the Eaton Vance Affiliated Entities Research Analysts and their Immediate Family are subject to the requirements and restrictions listed below. Personal Securities Transactions for Securities in Your Coverage Area. You and your Immediate Family may not enter into a personal securities transaction in any security for which you have coverage responsibility: • If you are in the process of making a new recommendation, have changed a recommendation or conclusion for the security or a related financial instrument, but have not yet communicated it to the IM Public Side Investment Personnel in your department; or • Until the 5th calendar day after you have communicated your new or changed recommendation or research conclusion throughout the relevant investment group. You may then proceed according to the requirements set forth above under sub-sections A, B and C above. F. Restrictions and Requirements for Omni and Those Who Have Access to Flex One IM Public Side Investment Personnel who trade for Omni or those who have access to the Flex One system, are required to receive approval from their Designated Manager, via e-mail, for any personal securities trades one (1) calendar day prior to the intended transaction. Upon receipt of their Designated Managers approval, the employee is then required to request approval, the following trade date, via the TPC system and must wait until they receive notification from the TPC system, prior to executing. Final approval is valid for that day only. Please consult your local Compliance if you have questions. G. IM Private Side Employees and Those Designated to be "Above-the-Wall" IM Private Side Employees and MSIM Employees designated as Above-the-Wall ("ATW") are required to pre-clear their transactions with their Designated Manager and the Control Group. H. Transacting in Morgan Stanley Securities Transacting in, including the gifting of, Morgan Stanley securities and options is subject to the Global Employee Trading, Investing and Outside Business Activities Policy (see section 7) and must take place during the designated window periods. Consult MS Today or MSIM Code of Ethics Employee Jive site for the window period announcement prior to trading. You may, from time to time, receive or have access to MNPI related to Morgan Stanley BDCs. This could include, for example, information about BDCs' financial performance or possible strategic transactions. As with any other situation involving MNPI, you are prohibited from transacting in Morgan Stanley BDC securities, including through your Morgan Stanley 401(k) Plan or other deferred compensation or retirement plans (including those held outside the Firm) while in possession of any MNPI. For further information regarding what types of information may 12  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;constitute MNPI, see the Global Confidential and Material Non- Public Information Policy. Subject to approval, you, your spouse or domestic partner or dependent may only transact in (e.g. purchase, sell, transfer, or gift) Morgan Stanley BDC securities during specified open window periods (including transactions in the Morgan Stanley Stock Fund option of the 401(k) Plan). The window period for transactions in Morgan Stanley BDC securities generally begins on the next business day after the Company publicly releases quarterly or annual financial results and extends until the undisclosed financials for the current (or just-completed) quarter become close enough to being finalized to constitute inside information. To the extent, these dates are set in advance, the same will be provided to Control Group for inclusion on the relevant Restricted Lists. All Morgan Stanley employees (including on behalf of their spouse or domestic partner or dependent) must preclear trading in Morgan Stanley BDC securities as per standard pre-clearance procedure. There may be a need to close the trading window in case of material non-cyclical (i.e., non-earnings) information, such as potential M&A activity. Each applicable Business Unit is responsible for timely Control Group notification for these non-cyclical situations. I. Trading Derivatives MSIM Employees who work in the PPA business and India employees are prohibited from trading ALL Derivatives. The following is a list of permitted options trading (for non-PPA Employees) that must be pre-cleared by your local Compliance and submitted through the TPC system: Call Options Listed Call Options. You may purchase a listed call option on common stock if the call option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the call option for at least 30 calendar days prior to sale. If you choose to exercise the option, you must also hold the underlying security delivered pursuant to the exercise for 30 calendar days after the date of option exercise. Covered Calls. You may also sell (or "write") a call option only if you have held the underlying security (in the corresponding amount) for at least 30 calendar days. Put Options Listed Put Options. You may purchase a listed put option on common stock if the put option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the put option for at least 30 calendar days prior to sale. If you purchase a put option on a security you already own, you may exercise the put once you have held the underlying security for 30 calendar days. If you purchase a put on a security that you do not own, you may not exercise the put; and must sell the option prior to its expiration date. You may not trade futures, forward contracts, including currency forwards, physical commodities and related derivatives, over-the-counter options, warrants or swaps. You are prohibited from selling ("writing") a put. The prohibition on commodities trading applies to trades directly on commodities markets rather than holding the physical commodity (e.g., gold bullion). 13  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Other Restrictions Primary and Secondary Public Offerings You and your Immediate Family are generally prohibited from purchasing any equity security in an initial or secondary/follow on public offering. In addition, unless otherwise notified by Compliance, you may not purchase an equity security that is part of a primary or secondary public offering that the Firm is underwriting or selling until the distribution has been completed. This restriction does not apply to rights issuances to which Personal Securities Accounts would be entitled with regard to their existing holdings. Note that this restriction also applies to your Immediate Family, regardless of whether the securities are purchased into a Personal Securities Account. Purchases of new issue debt are permitted, provided such purchases are pre-cleared by Compliance and meet other relevant requirements of the Code. Short Sales You and your Immediate Family may not engage in short selling of Covered Securities. Restricted List You and your Immediate Family may not transact in Covered Securities that appear on the Firmwide Restricted List or the MSIM Restricted List. You must check the Restricted Lists prior to submitting a TPC request and executing the trade. Cross Trades MSIM Employees and their Immediate Family are not allowed to engage in cross trades or pre-arranged trades between their Personal Securities Accounts, MSIM funds and MSIM Client accounts. Changes to Normal Settlement Cycles Hong Kong Type 9 License Holders are not permitted to make changes to normal settlement cycle or delay settlement for any trades in Personal Securities Accounts. K. Other Activities Requiring Pre-Clearance Activity Resources/Additional Information Outside Business Activities Please see Section VI "Outside Business Activities and Private Investments" of this Code. Outside Brokerage Accounts Please see Section II "Types of Accounts and Account Opening Requirements" of this Code. Transactions in Private Investments Please see Section VI "Outside Business Activities and Private Investments" of this Code. Political Contributions Please consult the Firm Policy on U.S. Political Contributions and Activities. 14  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. HOLDING REQUIREMENTS A. Proprietary or Sub-advised Mutual Funds and Single-Stock Exchange-Traded Funds You may not redeem or exchange Proprietary or Sub-advised Mutual Funds or Single-Stock Exchange- Traded Funds until at least 30 calendar days from the purchase trade date. Employees are subject to the terms and restrictions of an open-end fund's prospectus, including restrictions such fund may impose on excessive trading. You may not engage in trading of shares of an open-end fund that is inconsistent with the prospectus of that fund. Where a proprietary or sub-advised fund's prospectus has a holding period that is less than 30 calendar days, Employees are required to hold shares for at least 30 calendar days before selling. B. Covered Securities You may not sell a Covered Security until you have held it for at least 30 calendar days. For calculation purposes, the trade date counts as day one and the position may be closed on the 31st calendar day or thereafter. C. Holding Requirements Specific to MSIMJ Employees When selling equity (i.e., domestic and foreign equity shares and rights as well as corporate bonds, etc. that can be converted into shares such as corporate bonds with share warrants or share options), Covered Persons at MSIMJ must hold such instruments for at least six months. This includes transactions in Morgan Stanley Securities. D. Holding Requirements Specific to HK Type 9 License Holder Employees All personal account investments (including Exempt Securities) made by Hong Kong SFC Type 9 License Holders are required to be held for a minimum of 30 calendar days. 15  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• V. REPORTING REQUIREMENTS A. Initial Reporting and Holdings Certification When you commence employment with MSIM or otherwise become a Covered Person, you must complete the Initial Disclosure Process (the "Initial Report") no later than 10 calendar days after you become a Covered Person. The information you provide must not be more than 45 calendar days old from the day you became a Covered Person and must include: • The title and type, and, as applicable, the exchange ticker symbol or CUSIP number, number of shares and the (current) principal amount of any Covered Security; • The name of any broker-dealer, bank or financial institution where you maintain an account in which any securities are held; and • The date you submitted the Initial Report. All new Covered Persons will receive training on the principles and procedures of the Code. As a Covered Person, you must also certify that you have reviewed, understand and agree to abide by the terms of As a new hire, you have 10 calendar days to: • Complete your Initial Disclosure Process. • Disclose your Outside Accounts and Private Investments. Within 30 calendar days of hire you must: • Complete your new hire trainings. • Disclose your Outside Business Activities. Within 60 calendar days of Compliance's review you must: • Transfer and close any non-approved personal securities account. this Code, including but not limited to, the disclosure of outside accounts and Private Investments that are required to be logged in the OBI System within 10 calendar days and the transfer or closure of the account within 60 calendar days of Compliance's review. Your Outside Business Activities must be disclosed within 30 calendar days. If you have any questions, contact your local Compliance group. B. Quarterly Reporting and Certification You must submit a Quarterly Transactions Report to Compliance no later than 30 calendar days after the end of each calendar quarter, or in accordance with regulatory requirements applicable to your region. You do not have to submit a Quarterly Transactions Report if it would duplicate information provided in broker account statements that Compliance already receives or may access. The Quarterly Transactions Report must contain the information set forth below. • For transactions in a Personal Securities Account during the previous quarter you must provide: Each quarter you will receive a Quarterly Transactions Report. You are only required to submit the report if one of the conditions is met. The report is required to be submitted no later than 30 calendar days after the end of each calendar quarter. o The date of the transaction, the title, and, as applicable, the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares and principal 16  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amount of any Covered Security; o The nature of the transaction (i.e., purchase, sale or other type of acquisition or disposition); o The price of the security at which the transaction was effected; o The name of the broker-dealer or bank with or through which the transaction was effected; and o The date you submitted the Quarterly Transaction Report. • For any new account, including accounts for your Immediate Family, established by you during the previous quarter in which any securities are held for your direct or indirect benefit, you must provide: o The name of the broker-dealer, bank or financial institution with which you established the account; o The date the account was established; and o The date you submitted the Quarterly Transaction Report. A reminder to complete the Quarterly Transaction Report will be provided to you by Compliance. C. Annual Reporting and Holdings Certification You must update, as applicable, and certify to the following information on an annual basis (the "Annual Report"): • A list of your current brokerage account(s), including those for your Immediate Family; • A list of all securities and current principal amount Beneficially Owned by you in these account(s); • A list of all your approved Outside Business Activities, and Private Investments; • A list of all other additional reportable investments you hold outside of Morgan Stanley (such as DRIPs, other 401(k) accounts and any Covered Securities held in certificate form); • A list of financial institutions (broker dealers, banks, transfer agents, etc.) with which you maintain an account in which any securities are held; and Each year, Covered Persons will receive an Annual Certification for Employees ("ACE") where you are required to confirm that the information the Firm has in its records is both accurate and complete. As part of ACE, you will be required to read and understand both the Code of Conduct and the MSIM Code of Ethics. ACE includes sections regarding Morgan Stanley Accounts, Morgan Stanley Sponsored Plans, Outside Business Interests and Additional Reportable Investments. You are required to complete this certification on or before it's due date. • That you have not made, directly or indirectly, any individual investment decision related to any Fully Managed Account(s), nor have you directed another person to make such investments without first pre-clearing those transactions in accordance with Section III. 17  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in the Annual Report must be current as of 45 calendar days before the report is submitted. You must also certify that you have reviewed and agree to abide by the requirements of the Code and that you are in compliance with the Code. The link to the Annual Report will be provided to you by Compliance. Hong Kong Type 9 License Holders are required to submit their holdings annually (via Annual report) and semi-annually each year. 18  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS A. Approval to Engage in an Outside Business Activity You may not engage in any Outside Business Activity, regardless of whether you receive compensation or are asked to engage in such activity by the Firm, without prior approval first from your Designated Manager and then from Compliance. If you receive approval, it is your responsibility to notify Compliance immediately if any conflict or potential conflict of interest arises during the Outside Business Activity or if the nature of the activity changes, materially. Examples of an Outside Business Activity, as per the Global Employee Trading, Investing and Outside Business Activities Policy, include providing consulting services, organizing a company, giving a formal lecture or publishing a book or article, accepting compensation from any person or organization other than the Firm, serving as an officer, employee, director, partner, member, or advisory board member of a company or organization not affiliated with the Firm, whether or not related to the financial services industry (including charitable organizations or activities for which you do not receive compensation), setting up a holding company for investments, investing in rental properties or acting as power of attorney and receiving compensation for such role. Generally, Compliance will not approve any Outside Business Activity related to the securities or financial services industry other than activities that reflect the interests of the industry as a whole and that are not in competition with those of the Firm. In the case of employees of Morgan Stanley AIP GP LP ("AIP"), where serving on an advisory board for a company in which AIP invests is part of the AIP employee's roles and responsibilities as an employee of AIP, such service shall not be considered an Outside Business Activity and approval via the OBI System is not required. The relevant senior business managers are responsible for approving Employees to serve on advisory boards, documenting such approvals, maintaining a list of such Employees, and reviewing the list in consultation with the relevant Compliance officers at least annually. • Disclose existing activities within 30 calendar days of hire. • All times thereafter, you must receive pre-approval through OBI System before participating. • As part of the Annual Certification process, you are required to review/edit each disclosure for completeness and accuracy. • U.S. Registered Employees only, real estate investments that generate rental income require disclosure in OBI, unless the property is also used by you as a primary, secondary or vacation residence. • Non-U.S. Registered Employees are not required to disclose real estate investment that generate rental income. Employees in Morgan Stanley's Private Infrastructure, Private Real Estate Investing and Private Credit and Equity business units ("Private Side Investing") are permitted upon Morgan Stanley's request to join boards of public or private companies in which Private Side Investing funds have an investment. Private Side Investing maintains a database of directorships held by Private Side Investing employees on behalf of Private Side Investing funds. Therefore, these employees are not required to disclose these directorships in OBI but through BluePrint and IM Legal Entity Management (LEM) should be informed. However, where a Private Side Investing employee wants to join the board of a company where no Private Side Investing fund has an investment, this must be disclosed through the OBI System.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A request to serve on the board of any company, particularly the board of a public company, will be granted in very limited instances only. If you receive approval, your directorship may be subject to the implementation of information barrier procedures to isolate you from making investment decisions for Clients concerning the company in question, as applicable. 19  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Approval to Invest in a Private Investment You must request and receive approval through the OBI System for all Private Investments that are not offered on the Morgan Stanley platform and not held in a Morgan Stanley account. Private Investments include investments in privately held corporations, limited partnerships, tax shelter programs, hedge funds and holding companies (e.g., LLC, LP, S-Corp, C-Corp, etc.). Singapore-licensed Employees are prohibited from conducting (by way of Outside Business Activity or Private Investment) the following non-financial advisory activities: Being engaged in any of the following: • Carrying on or being involved in the business of money lending • Organizing, promoting or conducting any casino marketing arrangement in or with respect to any casino • Acting as an associate of an international market agent • Being engaged in the business of an international market agent • Being an applicant for an international market agent license • Carrying on the business of an estate agent, or acting/representing as an estate agent • Acting or holding himself out as a salesperson for any licensed estate agent • Marketing any investment that is not an investment product Being invested in, or holding any interest in the following: • Any money lending business • Any business of an international market agent • Any business of an estate agent VII. REVIEW, INTERPRETATIONS AND EXCEPTIONS Compliance is responsible for administering the Code and reviewing your Initial, Quarterly and Annual Reports. Compliance has the authority to make final decisions regarding Code policies and may grant an exception to a policy if it determines that no abuse or potential abuse is involved. Exceptions are granted only in rare and unusual circumstances, such as financial hardship. You must contact Compliance with any questions regarding the applicability, meaning or administration of the Code, including requests for an exception, in advance of any contemplated transaction. If Compliance determines that an exception would not be against the interests of any Client and is consistent with applicable laws and regulations, including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act, Compliance may approve an exception and will document the exception, including the circumstances and rationale. VIII. ENFORCEMENT AND SANCTIONS Violations of the Code must be reported promptly to Compliance and, as appropriate, senior management. On a quarterly basis, violations of the Code are reported to the applicable funds' board of directors. Compliance may issue letters of warning/education or impose sanctions as appropriate, including notifying your Designated Manager, issuing a reprimand (orally or in writing), restricting your trading privileges, reducing your discretionary bonus, if any, requiring reversal of a trade made in violation of the Code or other applicable policies, or taking other disciplinary action, including, but not limited to, suspension or termination of your employment. Violations are considered on a cumulative basis. 20  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing sanctions are intended to be guidelines only. Compliance, in its discretion, may recommend alternative actions if deemed warranted by the facts and circumstances of each situation. MSIM management, including the Head of MSIM Compliance, is authorized to determine the choice of actions to be taken in specific cases. Sanctions may vary based on applicable law and regulatory requirements in your jurisdiction. In addition, pursuant to the terms of Section 9 of the Investment Company Act of 1940, as amended, no director, officer or Employee of MSIM may become, or continue to remain, an officer, director or Employee of MSIM without an exemptive order issued by the U.S. Securities and Exchange Commission, if such director, officer or Employee: • Within the past ten years has been convicted of any felony or misdemeanor (i) involving the purchase or sale of any security; or (ii) arising out of his or her conduct as an underwriter, broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person, salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act; or • Is or becomes permanently or temporarily enjoined by any court from: (i) acting as an underwriter, broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person, salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act; or (ii) engaging in or continuing any conduct or practice in connection with any such activity or in connection with the purchase or sale of any security. You are obligated to immediately report any conviction or injunction described here to Compliance. In addition to the above, you may also be subject to similar fit and proper/conduct related requirements to the extent you are employed or licensed in non-US jurisdictions. Please reach out to your local Compliance coverage if you are unclear about the requirements that apply to you. IX. RELATED POLICIES In addition to this Code, you are also subject to the policies and procedures documented in the Compliance Manual applicable to your region; the Global Employee Trading Investing and Outside Business Activities Policy; the Morgan Stanley Code of Conduct; the Global Confidential and Material Non-Public Information Policy; the Policy on U.S. Political Contributions and Activities; and the MSIM Global Gifts, Entertainment and Charitable Giving Policy (requirements may vary in non-U.S. offices). X. RECORDKEEPING A. Firm Requirements Records are retained in accordance with the Firm's Global Information Management Policy, which establishes general Firm-wide standards and procedures regarding the retention, handling, and destruction of official books and records and other information of legal or operational significance. The Global Information Management Policy incorporates the Firm's Master Retention Schedule, 21  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;which lists various record classes and associated retention periods on a global basis. B. MSIM Maintenance of Records Relevant to this Code Compliance shall maintain records relevant to this Code as may be necessary under the provisions of this Code including all educational materials distributed or training sessions held relating to the Code. Previous versions include: August 16, 2002, February 24, 2004, June 15, 2004, December 31, 2004, December 15, 2006, May 12, 2008, August 19, 2010, September 17, 2010, February 15, 2011, March 1, 2011, September 28, 2011, June 29, 2012, September 16, 2013, October 10, 2014, March 26, 2016, December 7, 2017, December 12, 2018, December 12, 2019, December 11, 2020, January 1, 2022, December 15, 2022, December 12, 2023 December 12, 2024 and July 25, 2025. 22  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE A SECURITIES TRANSACTION MATRIX TYPE OF SECURITY Pre-Clearance Required Reporting Required 30 Calendar Days Holding Period Required Covered Securities Pooled Investment Vehicles: Closed-End Funds Yes Yes Yes Proprietary or Sub-advised Mutual Fund No Yes Yes Unit Investment Trusts No Yes Yes Single-Stock ETFs Yes Yes Yes Exchange-Traded Funds (ETFs) including Commodity ETFs and Cryptocurrency ETFs No Yes No Exchange-Traded Notes (ETNs) No Yes No Hedge Funds Yes Yes No Equities: Morgan Stanley Securities1 Yes Yes Yes Listed Morgan Stanley BDC Securities Yes Yes Yes Common Stocks Yes Yes Yes Listed Depository Receipts e.g. ADRs, Ads, GDRs Yes Yes Yes DRIPs2 Yes Yes Yes Corporate Non-Voluntary Actions (e.g., Stock Splits, Mergers, Spin-off, etc.) No Yes No Rights Yes Yes Yes Stock Dividend No Yes No Warrants (Listed and Exercised) Yes Yes Yes Preferred Stock Yes Yes Yes Listed Real Estate Investment Trusts (REITs) Yes Yes Yes Initial Public Offerings (equity IPOs) and Secondary/Follow on offerings PROHIBITED 1 Employees may transact in Morgan Stanley securities only during designated window periods. Pre-clearance of transactions in Morgan Stanley securities is required for all Access Persons. Non-Access Person are exempt from pre-clearance. 2 Automatic purchases for dividend reinvestment plan are not subject to pre-approval requirements. Only the initial set up/purchase requires preclearance. 23  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TYPE OF SECURITY Pre-Clearance Required Reporting Required 30 Calendar Days Holding Period Required Private Investments in Public Equity Securities (PIPES) Yes Yes N/A Derivatives (Employees who work in the PPA businesses and India Employees are prohibited from trading ALL derivatives): Morgan Stanley (stock options) Yes Yes Yes Listed Common Stock Options Yes Yes Yes Listed call and put options on broad-based or single sector indices that have at least 30 days to expiration No Yes No Listed call and put options on ETFs No Yes No Forward Contracts (including currency forwards) PROHIBITED Commodities Contracts PROHIBITED OTC options, warrants or swaps PROHIBITED Futures PROHIBITED Fixed Income Instruments: Asset Backed Securities Yes Yes Yes Fannie Mae Yes Yes Yes Freddie Mac Yes Yes Yes Corporate Bond Yes Yes Yes Convertible Bonds (converted) Yes Yes Yes Municipal Bonds Yes Yes Yes New Issues (fixed income) Yes Yes Yes Government Sponsored Entities (GSE) / Agency Bonds Yes Yes Yes Structured Notes (Equity-Linked and Credit-Linked) Yes Yes Yes High Yield Sovereign Debt (as rated by S&P) Yes Yes Yes High Yield Securities3 PROHIBITED Private Investment and Outside Activities: Private Investments (e.g. limited partnerships) Yes Yes N/A Outside Activities Yes Yes N/A Investment Clubs PROHIBITED Exempt Securities (The following are exempt from pre-clearance, reporting and holding requirements, except that for Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities): Mutual Funds (open-end) not advised or sub-advised by MSIM Brokerage CDs GNMA Bankers' Acceptances Direct Obligations of the US and Foreign Governments (US Treasury/Investment Grade Sovereign Debt4) Money Market Funds (Inclusive of Morgan Stanley Money Market Funds) Commercial Paper Investment Grade Short-Term Debt Instruments5 Variable Annuity Contracts Regulated Collective Investment Schemes Physical Commodities Currencies 24  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Securities rated below investment grade by S&P. 4 Sovereign debt security rated below investment grade will be subject to pre-clearance and 30-calendar day holding period requirement. Ratings from other rating agencies besides S&P should not be used to determine whether pre-clearance is required. 5 For these purposes, repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated as investment grade by a nationally recognized statistical rating organization. 25  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI. DEFINITIONS These definitions are here to help you understand the application of the Code to various activities undertaken by you and other persons related to you who may be covered by the Code. The definitions are an integral part of the Code and a proper understanding of them is essential. Refer back to these definitions as you read the Code. "Above-the-Wall" is the status of specific identified senior management personnel and the related support groups entitling them to receive and have access on an ongoing basis to MNPI from the Private Side in order to perform their duties without following formal Wall Crossing procedures. "Access Persons" (for purposes of transacting in Morgan Stanley securities) is defined in the Global Employee Trading, Investing and Outside Business Activities Policy and means those individuals or divisions that, as part of their job function may receive or have access to Morgan Stanley-related material non-public information that is recurring or cyclical in nature. "Applicable Laws" means all applicable rules and regulations in the jurisdictions in which MSIM conducts business (which jurisdictions shall include, without limitation, those in North America, Europe and Asia). "Beneficially Owned" generally means an interest where you or a member of your Immediate Family, directly or indirectly: (i) have investment discretion or the ability (including joint ability or discretion) to purchase or sell securities or direct the disposition of securities; (ii) have voting power over securities, or the right to direct the voting of securities; or (iii) have a direct or indirect financial interest in securities (or other benefit substantially equivalent to ownership of securities). For purposes of this Code, "beneficial ownership" shall be interpreted in the same manner as it would be under Section 16 of the Securities and Exchange Act, as amended, and the rules and regulations thereunder. "Blackout Period" for purposes of this Code, means a temporary period of time as determined by Compliance during which you may be restricted from all personal securities trading or a temporary or indefinite restriction on transactions in certain specific Covered Securities based upon your job responsibilities. "Chief Compliance Officer" or "CCO" refers to the Chief Compliance Officers that are selected and appointed from time to time by MSIM's SEC-registered investment advisers. "Client" means shareholders or limited partners of registered and unregistered investment companies and other investment vehicles, institutional, high net worth and retail separate account clients, employee benefit trusts and all other types of clients advised by MSIM. "Closed-End Fund" means any fund with a fixed number of shares and which does not issue and redeem shares on a continuous basis. While Closed-End Funds are often listed and trade on stock exchanges, they are not "Exchange traded funds" as defined below in the Covered Securities definition. "Compliance" means your applicable local Compliance group (e.g., Atlanta, Boston, Dublin, London, Minneapolis, Mumbai, New York, Paris, Seattle, Singapore, Tokyo, and Washington, D.C.). "Control Group" is a team within Legal and Compliance that is responsible for maintaining the Firm's Information Barriers (often referred to as "the Wall"). The Control Group serves as a buffer between the Firm's various business units, controlling and coordinating communications between these areas, as well as conducting global surveillance to ensure that applicable laws and rules are 26  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;followed. "Covered Persons" means: • All MSIM Employees; • All directors and officers of MSIM; • Any person (such as certain consultants, leased workers or temporary workers and any member of an Investment Committee to an IM Private Side-sponsored fund that is advised by an adviser, including SEC registered investment advisers under the Advisers Act and those advisers authorized under applicable EU law) who provides investment advice to clients on behalf of MSIM, is subject to the supervision and control of MSIM or who has access to nonpublic information regarding any Client's purchase or sale of securities, or portfolio holdings, or who is involved in making securities recommendations to Clients, or who has access to such recommendations that are nonpublic. Contingents that are hired for positions lasting more than one year or are otherwise classified as a Covered Person by their assignment contacts/managers or Compliance may be required to transfer brokerage accounts to a Morgan Stanley Broker or Firm approved third party broker as applicable to the respective jurisdiction. • Any person with responsibilities related to MSIM or who supports MSIM as a business and has frequent interaction with Covered Persons or Investment Personnel, as determined by Compliance (e.g., Participating Affiliate Employees and certain designated personnel in IT, Tax, Legal, Compliance, and Human Resources). • Any other persons falling within the definition of "Access Person" under Rule 17j-1 of the Company Act or Rule 204A-1 under the Advisers Act (such as those supervised persons who have access to nonpublic information regarding the portfolio holdings of a client fund) and such other persons that may be so deemed by Compliance from time to time. IM Private Side employees who meet the criteria of Category B Consultant Advisors, as set forth in the Global Advisory Directors and Senior Advisors Policy, shall not be classified Covered Persons as defined above. IM Private Side Compliance, in conjunction with the applicable business unit, shall be responsible for maintaining a schedule of all IM Private Category A and Category B Consultant Advisers. The definition of "Covered Person" may vary by location. Contact Compliance if you have any question as to your status as a Covered Person. "Covered Securities" includes generally: • All equity or debt securities (excluding high yield securities, which are prohibited), including but not limited to, derivatives of securities (such as options on securities, on indexes and on currencies, warrants and American depositary receipts); • Asset-backed securities; • Closed-End Funds; • Commodities; • Corporate and municipal bonds, and similar instruments; • Exchange-Traded Funds including single-stock Exchange-Traded Funds, Exchange-Traded Notes and Cryptocurrency Exchange-Traded Funds; 27  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures; • Initial Coin Offerings and Secondary Coin Offerings; • Investments in all kinds of limited partnerships; • Investments in real estate investment trusts (REITs); • Investments in private investment funds, hedge funds, private equity funds, and venture capital funds; • Open-end mutual funds and Exchange-Traded Funds for which MSIM or Eaton Vance Management or an Eaton Vance Affiliated Entity acts as adviser or sub-adviser (including those funds that consist of Exempt Securities as listed in Schedule A and excluding money market funds); • Preferred securities; • Securities indices; • Structured Notes, such as equity-linked or credit- linked notes; • Unit investment trusts. Covered Securities does not include "Exempt Securities," as defined below. Refer to Schedule A for application of the Code to various security types. "Cryptocurrency" means any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets, which is not a security or otherwise characterized as a security under the relevant law. This includes initial coin offerings ("ICOs") and secondary coin offerings ("SCOs"). "Derivative" means (1) any Futures and (2) a forward contract, a "swap", a "cap", a "collar", a "floor" and an over-the-counter option. Questions regarding whether a particular instrument or transaction is a Derivatives for purposes of this Code should be directed to your local Compliance group. For avoidance of doubt, a Derivative on a Cryptocurrency is considered to be a "Derivative" for purposes of this. "Designated Manager" means manager designated by your business unit or department to supervise your personal trading and investing activities. "Eaton Vance Affiliated Entity" means each of the following: Atlanta Capital Management LLC ("ACM"); Boston Management and Research; Calvert Research and Management ("CRM"); Eaton Vance Advisers International Ltd.; Eaton Vance Management; Eaton Vance Management (International) Limited; Parametric Portfolio Associates LLC. ("PPA"). "Employee" means all MSIM employees globally on the Public and Private Sides of the Morgan Stanley Investment Management Division business and, as appropriate, their Immediate Family. "Exempt Securities" are securities that are not subject to the pre-clearance, holding or reporting requirements. Examples of Exempt Securities include: • Bankers' acceptances, bank certificates of deposit and commercial paper; • Investment grade, short-term debt instruments, including repurchase agreements (which for these purposes are repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated in one of the two highest categories by a nationally recognized statistical rating organization); • Direct obligations of the U.S. Government (including securities that are backed by the full faith and credit of the U.S. Government for the timely payment of principal and interest) 28  |

---

![GRAPHIC](tm2534148d4_ex14-1img030.jpg) and equivalent securities issued by non-U.S. governments, such as: ○ Ginnie Maes, ○ U.S. savings bonds, and U.S. Treasuries; and ○ Securities issued by non-U.S. governments e.g., premium bonds, indexed- linked savings certificates, fixed income savings certificates, guaranteed equity bonds, capital bonds, children's bonus bonds, fixed rate savings bonds, income bonds and pensioner's guaranteed income bonds issued and sold directly to the public through the National Savings and Investments agency of the United Kingdom's Chancellor of the Exchequer. Note: Non-U.S. government debt securities must be rated Investment Grade or higher by S&P. Otherwise, they will be subject to pre-clearance and 30-day holding period requirement); • Shares held in money market funds; • Variable insurance products that invest in funds for which MSIM does not act as adviser or sub-adviser; • Open-end mutual funds or equivalent in other jurisdictions (e.g., UCITS, SICAVs, UK Authorized Unit Trusts, open-end investment companies ("OEICS")) for which MSIM does not act as adviser or sub-adviser; • Currencies (including Spot FX); • Holding physical commodities; and • 529 Plans provided that the plan is not invested in MSIM Sub-Advised or Proprietary Funds Refer to Schedule A for application of the Code to various security types and additional requirements for Morgan Stanley Asia Limited Employees who hold a Hong Kong Type 9 license. "Firm" means Morgan Stanley, MSIM's parent company. "Fully Managed Account" means an account (including fully managed Individual Savings Accounts ("ISAs") and an account managed on a discretionary basis by a professional financial adviser or investment adviser (e.g., a robo-advisor) for which an MSIM Employee or Immediate Family has authorized a professional financial advisor or investment manager, in its sole discretion, to acquire and dispose of assets held in the account. Neither the MSIM Employee nor the Immediate Family may make, directly or indirectly, any investment decision, be made aware of any such decisions before transactions are executed by the advisor or manager, or otherwise direct the advisor or manager to effect any transactions in the account. A Fully Managed Account is not considered a Personal Securities Account. "Hong Kong Type 9 License Holder" means MSIM Investment Personnel housed in Hong Kong entity Morgan Stanley Asia Limited who holds a Hong Kong Type 9 license. "Immediate Family" pursuant to this Code includes a Covered Persons spouse or domestic partner, dependents and all other persons for whom the Covered Person, their spouse, or domestic partner contributes substantial financial support. This does not include an unrelated person who shares the same residence with the employee provided that the unrelated person and employee are financially independent of one another. "Initial Public Offering" ("IPO") means an offering of securities registered under the Securities 29

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities and Exchange Act of 1934. As used in this Code, the term "Initial Public Offering" shall also mean a one- time offering of stock to the public by the issuer of such stock which is not an initial public offering. "Investment Committee" refers to any committee established to be primarily responsible for making investment decisions on behalf of, or investment recommendations to, a Client of IM Private Side. "Investment Personnel" means MSIM Employees and any other Covered Persons who (i) obtain or have access to information concerning investment recommendations made to any Client; (ii) any persons designated as Investment Personnel by Compliance; (iii) who, with respect to a Client: (a) provides information or advice with respect to the purchase or sale of a financial instrument for the Client (e.g., portfolio manager, or, in some cases a Research Analyst) or (b) helps execute the investment decisions of a portfolio manager, or, where applicable, Research Analyst on behalf of a Client. "IM Private Side" refers, individually and collectively, to the regulated investment advisers that provide investment advisory and management services to Clients of the Private Real Estate Investing, Private Infrastructure, and Private Credit and Equity, and AIP Private Markets Fund of Funds business units of MSIM's division, including SEC registered investment advisers and those advisers authorized under applicable EU law. "Morgan Stanley Broker" means a broker-dealer affiliated with Morgan Stanley, including E\*TRADE. "Morgan Stanley Investment Management" or "MSIM" or "IM" means the companies and businesses comprising the Public and Private Sides of Morgan Stanley's Investment Management Division. "Morgan Stanley Securities" means equity, preferred and debt securities issued by Morgan Stanley, including the Morgan Stanley Stock Fund, but excludes structured products, such as equity-linked or credit- linked notes. "Mutual Funds" means (i) all open-end mutual funds; and (ii) similar pooled investment vehicles established in non-U.S. jurisdictions, such as registered investment trusts in Japan. For purposes of the Code, Mutual Fund does not include shares of open-end money market mutual funds (unless otherwise advised by Compliance). "Omni Personnel and Those Who Have Access to Flex One" means designated Omni Investment Personnel who are involved in the portfolio management, trading, and research & strategy, as well as others who may have access to Flex One transactions and may have additional pre-clearance requirements as determined by Compliance. "Outside Business Activity" means any organized or business activity conducted by a MSIM Employee outside of MSIM. This includes, but is not limited to, participation on a board of directors or advisory board, including that of a charitable organization, working part-time outside of MSIM, establishing a holding company for investments, establishing an LLC that invests in rental properties, or forming a limited partnership. "Participating Affiliate Employee" means any professional located outside of the U.S. who is employed by or seconded to a foreign affiliate of IM Private Side and who provides investment advisory-related services to IM Private Side, including, without limitation: assisting in sourcing 30  |

---

![GRAPHIC](tm2534148d4_ex14-1img032.jpg) and providing information regarding investment and disposal opportunities, providing information and recommendations to Investment Committees, and/or providing ongoing asset or property management services. "Personal Securities Accounts" are any accounts in your own name and other accounts you could be expected to influence or control, in whole or in part, directly or indirectly, whether for securities or other financial instruments, and that can hold Covered Securities, whether or not such capability is utilized. Personal Securities Accounts include: • Accounts owned by you; • Accounts owned by your Immediate Family (as defined above); • Accounts where you obtain benefits substantially equivalent to ownership of securities; • Accounts that you or the persons described above could be expected to influence or control, such as: ○ Joint accounts; ○ Family accounts; ○ Retirement accounts; ○ Corporate accounts; ○ Trust accounts for which you act as trustee where you have the power to effect investment decisions or that you otherwise guide or influence; ○ Arrangements similar to trust accounts that benefit you directly; ○ Accounts for which you act as custodian; and ○ Partnership accounts. "Portfolio Managers" means MSIM Employees who are primarily responsible for the day- to-day management of a Client portfolio. "Preferred Broker" means a Firm-approved third-party broker for Personal Securities Accounts. "Private Investment" means a securities offering that is exempt from registration under certain provisions of the U.S. securities laws and/or similar laws of non-U.S. jurisdictions. It includes investments in hedge funds, private equity funds, limited partnerships, real estate, peer to peer lending clubs and private businesses. "Proprietary or Sub-advised Mutual Fund" means any open-end Mutual Fund for which MSIM acts as investment adviser or sub-adviser. "Proprietary or Sub-advised Exchange-Traded Funds" means any Exchange-Traded Fund for which MSIM acts as the investment adviser or sub-adviser. "IM Public Side" means the MSIM businesses and entities and their Employees who work in the public securities markets (e.g., equities, fixed income and money markets). "Research Analysts" are MSIM Employees who (1) perform financial, qualitative and/or quantitative analysis of financial instruments or their issuers that result in a recommendation or conclusion to Investment Personnel regarding investments for a Client; or (2) is involved in the construction or rebalancing of an index (as applicable); or (3) are assigned to make investment recommendations to, or for the benefit of, any Client portfolio; or (4) anyone deemed by Compliance to have access to investment recommendations. "Restricted Lists" means any list of issuers or securities maintained by Morgan Stanley where 31

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img033.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;trading in Personal Securities Accounts is restricted due to Firm policies or regulation. "Single-Stock Exchange-Traded Funds" ("ETFs")" are exchanged-traded funds that track the performance of a single underlying stock. "Tier 1 Employee" includes all Covered Persons except those that are deemed Tier 2 Employees (e.g., non-Investment Personnel and IM Private Side). "Tier 2 Employee" includes all IM "Public Side Investment Personnel". "Public Side Investment Personnel" refers to ("Investment Personnel" as defined above, such as Portfolio Manager, Traders and Research Analysts who are part of the MSIM "Public Side" businesses as defined above). 32  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img034.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE B INVESTMENT MANAGEMENT Registered Investment Advisers Mesa West Capital, LLC Morgan Stanley Infrastructure Inc. Morgan Stanley Investment Management Inc.\* Morgan Stanley AIP GP LP\* Morgan Stanley Investment Management Limited (MSIM Ltd.) Morgan Stanley Investment Management Company Morgan Stanley Private Equity Asia Inc. Morgan Stanley Real Estate Advisor, Inc. MS Capital Partners Adviser Inc. MSREF Real Estate Advisor, Inc. MSRESS III Manager, L.L.C. Eaton Vance Management (EVM)\* Boston Management and Research (BMR) Eaton Vance Advisers International Ltd. (EVAIL) Parametric Portfolio Associates LLC (PPA)\* Atlanta Capital Management Company, LLC (ACM) Calvert Research and Management (CRM) Registered Commodity Pool Operator/Commodity Trading Advisor Ceres Managed Futures LLC Investment Advisers that are not registered MSIM Fund Management (Ireland) Limited Morgan Stanley Investment Management (ACD) Limited Morgan Stanley Investment Management Private Limited (MSIM Private Limited) (with respect to Public Side Investment Management Employees only) Morgan Stanley Investment Management (Australia) Pty Limited Morgan Stanley Asia Limited (MSAL) (with respect to Public Side Investment Management Employees only) Morgan Stanley Investment Management (Japan) Co., Ltd. (MSIMJ) Private Investment Partners, Inc. Morgan Stanley Investment Management (China) Co. Ltd. Morgan Stanley Investment Management Limited Morgan Stanley Asia (Singapore) PTE Morgan Stanley Capital K.K. Morgan Stanley Australia Limited Morgan Stanley India Financial Services Private Limited Morgan Stanley Asia Limited Morgan Stanley Business Consulting (Shanghai) Limited Morgan Stanley Private Equity Management Korea, Ltd. Morgan Stanley & Co. International plc Morgan Stanley Investment Management Private Limited Morgan Stanley (Thailand) Limited 33  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534148d4_ex14-1img035.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker-Dealer Morgan Stanley Distribution Inc. Eaton Vance Distributors, Inc. (EVD) \*The entity is also a registered Commodity Trading Advisor and/or a registered Commodity Pool Operator. Transfer Agent Morgan Stanley Services Company Inc. Global In-house Centers (India) Morgan Stanley Advantage Services Pvt. Ltd. (with respect to Public Side Investment Management Employees only) Others: Eaton Vance Management International Limited (EVMI) Eaton Vance Asia Pacific Ltd. (EVAPac) Eaton Vance Trust Company (EVTC) MSIP Seoul Branch ("MSK") (with respect to Public Side Investment Management Employees only) 34  |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the reference to our firm under the caption "Experts" and to the use of our report dated June 18, 2026, in Amendment No. 2 to the Registration Statement (Form S-1 No. 333-292587) and related Preliminary Prospectus of Morgan Stanley Solana Trust dated June 18, 2026.

/s/ Ernst & Young LLP

New York, New York

June 18, 2026