SSK: A First-of-Its-Kind ETF Offering Solana Exposure and Blockchain Staking Rewards

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As blockchain technology continues to evolve, one protocol has drawn significant attention  for its speed, scalability, and innovative structure: Solana. Central to how Solana operates  is a mechanism called staking, which enables token holders to support network  operations—and receive protocol-level rewards in return. 

Now, with the launch of SSK (SSK) – the REX-Osprey™ Solana + Staking ETF, U.S. investors can  gain exposure to SOL (Solana’s native asset) along with staking rewards—within the  convenience of a traditional brokerage account. 

 Understanding Staking on Solana 

Solana is a delegated proof-of-stake (PoS) blockchain that relies on a distributed network of validators to confirm transactions and secure the network. These validators are selected  based on the amount of SOL that has been “staked”—or pledged to support the protocol. 

Staking is integral to how Solana functions. In return for helping operate and secure the  network, validators receive rewards, a portion of which is distributed to token holders who  delegate SOL to them. 

For investors, these protocol-level rewards are distinct from traditional finance  mechanisms. They are not generated from lending or borrowing but from delegating their  Solana to the underlying blockchain infrastructure. 

How SSK Works 

SSK is the first U.S.-listed ETF to offer exposure to Solana that seeks to make monthly distributions to investors sourced from staking rewards earned by the Fund, minus applicable fees - neither REX or Osprey will retain any portion of staking rewards received. Investing in SSK is not equivalent to investing directly in Solana. 

Key characteristics of the fund include: 

• Primary Exposure to Staked SOL: SSK seeks to hold the majority of its assets in  directly staked Solana tokens. 
• Structured Approach: The fund also allocates approximately 40% of its assets to  exchange-traded products that themselves stake SOL, helping spread exposure  across multiple vehicles.
• Liquid Staking Tokens: A small allocation is made to liquid staking tokens such as  JitoSOL.
• Pass-Through of Rewards: SSK seeks to make monthly distributions to investors sourced from all staking rewards earned by the Fund, minus applicable fees. Neither REX nor Osprey retains any portion of these  rewards. 

Importantly, SSK does not use futures-based strategies, helping avoid certain structural  challenges like contango that may affect futures-linked funds. 

Exposure to the Solana Ecosystem Through a Brokerage Account 

With SSK, investors can gain exposure to the Solana blockchain and its network-level  economics through an ETF structure. The fund allows participants to interact with  blockchain reward mechanics without needing to directly manage wallets, private keys,  or validator delegation. 

As a result, SSK may appeal to investors seeking blockchain-native reward exposure in an investment that fits within traditional portfolios. 

About REX-Osprey™ 

REX-Osprey is a strategic collaboration between REX Shares, a thematic ETF innovator,  and Osprey Funds, a digital asset specialist. Together, they aim to bridge traditional  financial infrastructure with the emerging world of blockchain networks through innovative  fund structures. 

For more information on SSK, please visit rexshares.com. 

Disclosures and Important Risk Information 

An investor should carefully consider the Fund’s investment objective, risks, charges, and expenses before investing. The Fund’s prospectus and summary prospectus contain this and other information about REX Shares. To obtain the Fund’s prospectus and summary prospectus, call 1-844-802-4004. The Fund’s prospectus and summary prospectus should be read carefully before investing. 

Important Risks 

THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH SOLANA OR ANY ENTITY PROVIDING VALIDATION OR STAKING SERVICES. 

Crypto Asset Risk. The Fund holds SOL tokens, a crypto asset that is native to the Solana blockchain. Crypto assets are subject to extreme volatility, regulatory uncertainty, market manipulation, security risks, and technological changes. The value of the Fund will fluctuate with the price of SOL, which is influenced by a range of factors including adoption of the Solana network, network congestion, smart contract failures, validator misbehavior, and the emergence of competing platforms. Additionally, crypto asset exchanges and counterparties may be less regulated than traditional financial institutions, and are subject to fraud, hacking, and operational disruptions. 

Solana Investing Risk. The Fund is subject to the risks of investing in SOL directly and indirectly through its investments in the ETFs that obtain exposure to SOL and other assets that provide exposure to the Reference Asset. The market price for SOL is extremely volatile and will likely continue to be volatile. As with other digital assets and crypto currencies, the price of SOL can also be impacted by malicious actors (e.g., hackers and fraudsters). The price of SOL may also fluctuate in the same direction as the broader cryptocurrency market or a subset of the cryptocurrency market, such as Meme Coins.

Staking Risk. When the Fund stakes the Reference Asset, the Reference Asset is subject to the risks attendant to staking generally. Staking requires that the Fund lock up the staked Reference Asset for the period of time required by the staking protocol, meaning that the Fund cannot sell or transfer the staked Reference Asset, thereby making it illiquid for the period it is being staked. In addition, during the lock-up period, the Fund is subject to the market price volatility of the Reference Asset, and it may miss opportunities to sell the staked Reference Asset during opportune times. During the unstaking period, the Fund may miss out on earning opportunities because, in some cases, the staked Reference Asset may not earn rewards during the unstaking period or may only earn rewards during part of the unstaking period. Staked Reference Assets are also subject to security breaches, network downtime or attacks, smart contract vulnerabilities, and validator or custodian failure or compromise, which can result in a complete loss of the staked Reference Asset or a loss of any rewards. 

Concentration Risk. The Fund’s assets will be concentrated in the sector or sectors or industry or group of industries that are assigned to the Reference Asset, which will subject the Fund to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of sectors or industries. 

Liquidity Risk. The Fund may not be able to sell its crypto assets at the time or price it desires. Crypto asset markets may be less liquid than traditional securities markets and may be subject to significant price fluctuations. 

New Fund Risk. The Fund is a newly organized investment company with no operating history. Investors have limited performance history to assess how the Fund will perform. 

Counterparty Risk. The Fund may rely on staking infrastructure providers, custodians, and crypto exchanges to hold or interact with its SOL. These third parties may become insolvent, fail to safeguard assets, or be subject to regulatory action, leading to potential losses. 

Smart Contract Risk. Certain staking activities or custodial processes may rely on smart contracts. These self-executing code structures are susceptible to bugs, hacking, or unintended behavior. Exploits in smart contracts could cause loss of assets or incorrect reward distribution. 

Contango is when futures contracts trade at progressively higher prices the further out in time they are set to expire. 

Staking Rewards are the incentives or payments earned by participants who commit (or "stake") their cryptocurrency tokens to help support the operations and security of a blockchain network, typically one that uses a Proof-of-Stake. 

Proof-of-Stake is a consensus mechanism used in blockchain networks where validators are chose to confirm transactions and create new blocks based on the amount of cryptocurrency they hold and are willing to "stake." A delegated PoS or DPoS allows users to vote for delegates who validate transactions and produce blocks.

Validator. In blockchain technology, a validator is a participant in a network responsible for verifying the accuracy and authenticity of transactions or data.

Distributor: Foreside Fund Services, LLC, member FINRA, not affiliated with REX Shares, Osprey Funds, or the Fund’s investment adviser. 

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