Asset manager 21Shares filed for a spot Solana exchange-traded fund on Friday.

The index, named 21Shares Core Solana ETF, is calculated daily and aggregates the notional value of SOL trading activity across major SOL spot exchanges, according to the S-1 registration form filed with the U.S. Securities and Exchange Commission (SEC).

Coinbase Custody Trust Company will serve as the custodian.

The filing is the second spot Solana ETF application this week from a major asset manager.

On Thursday, VanEck filed its own S-1 application form with the SEC in an attempt to launch its spot Solana ETF.

Markets responded positively to VanEck’s filing with SOL rising 7%. But on Friday, 21Shares’ application did not display an immediate impact on SOL’s price, as of 12:30 p.m. on Friday.

“The odds of a Solana ETF being approved in next 12 [months] are tied at the hip to the odds of a change in POTUS and safe to say the chances of both are higher today than they were yesterday,” Eric Balchunas, senior ETF analyst at Bloomberg said on X.

“[Although] we’re not giving any exact number on this yet. Way too early,” he added.

Following the spot Ether ETF approvals in May, analysts at Bernstein said in a report that Solana could also be classified as a commodity.

The SEC recently dropped its investigation against Ethereum 2.0, which according to Consensys, an Ethereum software firm, means the agency now views the asset as a commodity.

The SEC has yet to officially classify Ether as a commodity or security, though it approved spot Ether ETF applications, which Bloomberg’s Balchunas predicts could launch on July 2.