Nasdaq has filed with the U.S. Securities and Exchange Commission to list a new Vaneck ETF that would give U.S. investors direct exposure to a Solana liquid-staking token (LST).
What’s being proposed
- Nasdaq’s submission asks the SEC to approve the Vaneck JitoSOL ETF under Nasdaq Rule 5711(d), the rule for Commodity-Based Trust Shares. The fund—announced on August 22, 2025—would be 100% backed by JitoSOL, a liquid-staking token that represents staked SOL and can be traded while continuing to earn on-chain staking rewards.
- The ETF would track the MarketVector JitoSol VWAP Close Index to mirror JitoSOL’s price.
Why JitoSOL, not raw SOL?
- JitoSOL is received when users stake SOL via Jito’s liquid-staking protocol. Holders keep earning staking rewards without operating validators, and they can trade the token freely.
- Nasdaq’s filing argues JitoSOL is economically equivalent to SOL, citing very high hourly price correlations: ~0.9979 on OKX and ~0.9985 on Coinbase. The exchange says this alignment means a JitoSOL ETF would not introduce novel pricing risks beyond those already present in existing Solana spot ETFs.
How rewards would work
- If approved, staking rewards would not be paid out separately to shareholders. Jito Foundation president Brian Smith says those rewards would be reflected in the fund’s net asset value (NAV), effectively accruing to the fund rather than being distributed as periodic payouts.
Regulatory timeline and background
- The SEC has an initial 45-day window to act on the listing proposal; that period can be extended to 90 days under the agency’s review process. Nasdaq based the filing on the SEC’s generic listing standards approved in September.
- Jito has said the Vaneck filing followed months of coordinated policy outreach with the SEC. The proposal is currently in the SEC’s exchange review stage.
Market context
- No LST-backed ETF currently trades in the U.S., but there are products offering spot exposure plus staking economics. Examples include the REX-Osprey Solana + Staking ETF (SSK), which began trading in early July, and the REX-Osprey ETH + Staking ETF (ESK), launched in September. Grayscale also rolled out staking for its Ethereum and Solana ETFs in October.
Note: This article is informational and not investment advice. Cryptocurrency investments are high risk—do your own research before taking any action.
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