Canada’s 3iQ Under Fire For Misleading Solana ETF Claims, What’s Happening?

3iQ Digital Asset Management has recently come under scrutiny for its marketing of The Solana Fund (QSOL) as North America’s first Solana exchange-traded product (ETP). The Solana fund, which has filed a preliminary prospectus for an initial public offering of Class A and Class F units, aims to list on the Toronto Stock Exchange (TSX) under the ticker “QSOL”. However, critics argue that 3iQ’s promotional tactics are misleading and the Solana fund is actually not an ETF or ETP.,3iQ, a leading digital asset investment manager, has presented the Solana fund as a pioneering investment vehicle providing exposure to Solana (SOL). According to a press release, the fund aims to offer unitholders exposure to the Solana price movements. Moreover, it wants to offer opportunities for long-term capital appreciation, and staking yields generated by the network.,Hence, to support its staking activities, 3iQ will utilize Coinbase Custody’s institutional staking infrastructure. The fund’s official statements highlight its ambition to be the first Solana ETP listed in North America. However, Bloomberg senior ETF analyst Eric Balchunas has raised concerns about this claim.,Balchunas points out that unless a fund has a “daily creation/redemption process,” it cannot be considered a true ETF or ETP. He argues that 3iQ’s approach is an attempt to “borrow on ETFs’ mountain of popularity and goodwill” without adhering to the strict structural criteria that define these investment products.,Also Read: Solana Co-founder Makes Interesting Remark As Uber Competitor Goes On-chain,Balchunas’ skepticism is echoed by fellow Bloomberg analyst James Seyffart. He acknowledged that 3iQ and other Canadian issuers, like Ninepoint, have historically launched funds as closed-end funds (CEFs) with intentions to convert them to ETFs later. However, he also highlighted that the current marketing around the Solana fund does not make this clear.,Moreover, Seyffart emphasizes that the strategy appears “a little misleading.” This suggests that 3iQ’s communications could better clarify the Solana fund’s actual status and future intentions. Meanwhile, Balchunas acknowledged the pressures of marketing but insists that the tactic employed by 3iQ is “too slick.” In addition, he advised that firms should wait until a product genuinely qualifies as an ETP before labeling it as such.,Also Read: Dog-Themed Meme Coins Outpace Solana Rival,