The Nasdaq 19b-4 filing for the VanEck JitoSOL ETF is the part of this story that doesn't get enough attention. The S-1 from VanEck in August was the registration — necessary, but early. The Nasdaq exchange filing is a separate step, and it's the one that formally triggers the SEC's review clock. Two filings, two different processes.
What I keep thinking about is how JitoSOL actually works inside this structure. Rewards aren't paid out — they compound automatically into each token's value, so the ETF's NAV drifts upward relative to spot $SOL over time, all else equal. That's a meaningfully different product than the REX-Osprey staking ETF, which distributes yield monthly. Neither is better by default, but they serve different investor preferences.
Jito's TVL has pulled back from its 2025 highs to around $1.1 billion, so the filing comes at a quieter moment for the protocol. Whether that matters to the SEC's review is a different question entirely.