According to @EricBalchunas, Canary filed Amendment #6 for its spot Solana (SOL) ETF with a 0.50% expense ratio and no cut of SOL staking rewards, according to @EricBalchunas. According to @EricBalchunas, Bitwise’s proposal carries a 0.20% expense ratio but takes 6% of staking rewards, which he estimates equates to roughly 45–50 basis points in additional effective fees, according to @EricBalchunas. According to @EricBalchunas, staking revenue sharing sits outside the stated expense ratio and will make headline fee comparisons misleading, according to @EricBalchunas. According to @EricBalchunas, the real cost will show up in each fund’s tracking difference versus SOL, which he describes as the true fee metric, according to @EricBalchunas. According to @EricBalchunas, this dynamic is similar to securities lending in broad and small-cap ETFs where some issuers return revenue to NAV while others keep a portion, according to @EricBalchunas. According to @EricBalchunas, traders comparing SOL exposure should prioritize realized tracking difference versus SOL over stated expense ratios when assessing net holding costs and fund selection, according to @EricBalchunas.