Nasdaq has formally submitted a proposal to list the VanEck JitoSOL ETF, marking the first attempt in the United States to launch an exchange-traded product directly backed by a liquid staking token (LST). The filing, made under Rule 5711(d) governing commodity-based trust shares, seeks regulatory approval for a trust that would hold JitoSOL, a token representing SOL deposited into a staking pool on the Solana network.
The proposed ETF aims to provide investors with regulated exposure to both Solana's price action and its staking yield through a single security. Unlike other existing staking ETFs that distribute rewards to shareholders, the VanEck fund will automatically capitalize staking rewards into the net asset value of the fund's shares. This structure allows investors to benefit from compounded growth on the Solana network without the technical complexity of managing validators.
The trust would price its holdings using the MarketVector JitoSol VWAP Close Index, a volume-weighted average price benchmark that aggregates data from multiple trading venues. The structure permits both cash and in-kind creations and redemptions, a mechanism designed to improve liquidity and reduce tracking error.
In its filing, Nasdaq argues that JitoSOL is economically comparable to Solana's native currency, citing high data correlation between the two assets. The proposal leverages previous approvals of spot Bitcoin and Ether exchange-traded products as legal precedent, contending that similar surveillance and anti-manipulation standards apply. However, JitoSOL does not have a regulated futures market, which could draw scrutiny during the SEC's review process.
The U.S. Securities and Exchange Commission now has 45 days to act following publication of the filing, with authority to extend that timeline to 90 days. This development comes as Europe has already moved ahead in this niche, with 21Shares launching a Jito-staked Solana product earlier this year, putting pressure on U.S. regulators not to fall behind in financial innovation.
While several U.S. funds already combine spot exposure with staking rewards—including the REX-Osprey Solana + Staking ETF and Grayscale's expanded staking across its Ethereum and Solana products—no U.S.-listed ETF currently holds a liquid staking token directly. The VanEck filing thus represents a significant test of whether regulators will extend ETF approvals deeper into blockchain yield strategies.
