The Franklin Solana ETF (SOEZ) experienced a significant decline in its Net Asset Value (NAV) per Share, falling by 41.21% from $24.51 to $14.41 between December 3, 2025, and March 31, 2026. This decrease in NAV is directly attributed to a 42.37% drop in the price of Solana during the same period. The Fund holds 112,336.0666 Solana tokens, valued at $9,365,458 as of March 31, 2026, with an original cost of $12,191,899. The Fund generated $98,962 in investment income from staking rewards, which partially offset the net realized and change in unrealized loss of $2,954,111 on its Solana holdings. The Sponsor waived its entire fee for the first $5.0 billion of the Fund's assets until May 31, 2026, resulting in no Sponsor fees being paid for the reporting period.