Recently, it was claimed that the first Solana ETF was launched with built-in staking. However, perhaps due to the fact that the issuer is not a well-known large institution such as BlackRock Grayscale, there has been little discussion in the market about it. Many people saw that the coin price remained unchanged after its approval and thought it was over. Today, they took the time to look up the information and specifically looked at the situation. First of all, the fund is called REX Osprey Solana Staking ETF, which is a series of ETF funds specially designed for cryptocurrencies launched by REX Shares and Osprey Funds. Therefore, the management scale is very small and there is little popularity. Secondly, what everyone is most curious about is why everyone has been continuously tracking the approval progress of institutions such as Grayscale BlackRock before, and why did this REX Osprey suddenly appear and go live directly? The main reason is that they did not use the standard ETF process of BlackRock Grayscale that required SEC approval before, but the 1940 Company Investment Act, so the threshold is low and the approval speed is fast. From submission to approval, as long as the SEC does not object, it can be completed within 75 days. However, the disadvantage is that on the one hand, because it has not undergone very strict approval, the strictness of subsequent disclosure will be much higher than that of 19b-4 Regular disclosure is required instead of daily disclosure, which increases management costs and is subject to double taxation. When the currency price rises, it is considered a profit for the company, resulting in a 21% corporate income tax. Investors are also subject to dividend and capital gains taxes. So 19b-4 is more suitable for mature large assets like BTC, while the 1940 Corporate Investment Act applies to Sol and a range of other altcoins. Anyway, let's wait for BlackRock Grayscale to take action.