21Shares has announced a 12-month voluntary sponsor fee waiver on its TSOL Solana ETF, cutting the fund's expense ratio to 0.00% from its stated 0.21%, effective July 28, 2026. The waiver runs through July 27, 2027, per a GlobeNewswire press release from 21Shares US LLC dated July 27. Among the eight US spot Solana SOL$89.82-0.4% ETFs now actively trading, TSOL carries the lowest current cost during the waiver period.
TSOL Sponsor Fee: From 0.21% to Zero
The TSOL ETF trades on Cboe BZX Exchange and holds spot SOL (SOL) directly, structured as a grantor trust rather than a registered investment company under the Investment Company Act of 1940. Coinbase Custody Trust Company serves as custodian.
The waiver covers the full 12-month period from July 28, 2026 through July 27, 2027. After that date, the stated 0.21% sponsor fee resumes unless 21Shares modifies the terms again. During the waiver, the fund's net staking yield (estimated at approximately 4.65% as of July 23, 2026, per the announcement) becomes the primary return driver, with no fee drag from the sponsor.
Lowest-Fee Solana ETF: TSOL Now Undercuts GSOL, FSOL, and VSOL
With eight US spot Solana ETFs actively trading, fees have become a primary differentiator. Before the TSOL waiver, the lowest-cost products were Franklin Templeton's SOEZ and Grayscale's GSOL, both at 0.19%. Bitwise's BSOL charges 0.20% per the same NerdWallet comparison, followed by TSOL's stated 0.21%.
After the waiver, the field looks like this:
VanEck used a comparable approach at VSOL's November 2025 launch, waiving fees on the first $1 billion in assets through February 2026. That waiver expired as scheduled, and VSOL now charges 0.30%. Invesco Galaxy's QSOL and Fidelity's FSOL each charge 0.25%, per the NerdWallet comparison. Fidelity additionally levies a 15% fee on staking rewards generated by FSOL. Canary's SOLC charges the highest rate among the eight at 0.50%.
Grayscale has taken a different competitive angle: in July 2026, GSOL introduced quarterly cash distributions from staking rewards alongside its 0.19% fee, targeting investors who want periodic income rather than compounded growth.
TSOL AUM and Fund Position
TSOL launched in November 2025 with approximately $100 million in assets under management on opening day. As of July 27, 2026, the fund's website showed AUM of approximately $3.16 million, a significant contraction in a competitive field where larger products have drawn the bulk of institutional flows.
21Shares manages a broader Solana ETP suite spanning its European and US products; at the time of TSOL's November 2025 US launch, the company put its global Solana ETP AUM at over $1 billion. The US TSOL product and the European structure are separate vehicles, and the global AUM figure does not consolidate into TSOL's US figure.
The zero-fee period removes the one structural cost lever available without changing the fund's custody model or underlying holdings.
