November turned out to be a difficult month across the cryptocurrency market, and Solana was no exception. SOL fell sharply from $187 at the start of the month to $136 by the end, a 27.3% decline. Despite this deep pullback, the Terramatris Solana Covered Calls Growth Fund held up noticeably better.
The Fund’s NAV closed at 0.76, compared to 0.89 in October, which represents a 14.6% decrease. While negative, this still reflects about 12.7% in alpha preservation versus simply holding SOL outright. In other words, the covered-call strategy helped soften the blow during a volatile month.
Even with the market downturn, interest in the fund continued to grow. Total issued shares increased from 12,171 in October to 12,412.46 in November — an increase of 1.98%, supported by steady subscriber inflows and ongoing GP contributions.
Trading activity remained consistent throughout the month. Covered calls generated $196.05 in premium income, roughly 2% on deployed capital. While falling SOL prices pressured the NAV, premium income helped offset part of the decline. The fund ended the month holding 32.77 SOL, with the average buy price reduced by $13.31, improving overall break-even by $13.71.
As we move into December, the strategy remains focused on disciplined premium capture while staying mindful of continued market volatility around Solana’s support levels. We are gradually extending option durations and maintaining a conservative stance as we head into year-end.
For readers who want to explore the detailed numbers, charts, and methodology behind the November performance, the full report is available in the attachment.