Before the VanEck Solana ETF filing, asset manager 3iQ also filed an application for a SOL ETF in Canada. If approved by the Ontario Securities Commission, the product will be traded on the Toronto Stock Exchange. It is reported that the 3iQ product is a closed-end fund, which means it will offer a fixed number of shares, while the VanEck Solana ETF will authorize participants to create and redeem shares based on market demand. Bloomberg Intelligence analyst James Seyffart said on X that 3iQ's Solana fund will be more similar to the Grayscale Trust product.