According to ChainCatcher, asset management company 3iQ has submitted an application for the SOL ETF in Canada before the VanEck Solana ETF. If approved by the Ontario Securities Commission, the product will be traded on the Toronto Stock Exchange. 3iQ's product is a closed-end fund that offers a fixed number of shares, which is different from the way VanEck Solana ETF creates and redeems shares. Bloomberg Intelligence analyst James Seyffart said that 3iQ's Solana fund will be more similar to the Grayscale Trust product.