In a decisive move to capture the growing demand for regulated exposure to Ethereum and Solana, Morgan Stanley has filed second‑amended S‑1 registration statements with the U.S. Securities and Exchange Commission. The updated filings reveal an aggressive fee structure and a staking framework that could position the bank’s new spot ETFs as the most cost‑effective options in the United States.
Although the Securities and Exchange Commission has yet to grant approval, the submission of amended filings is widely seen as a sign of constructive dialogue with regulators. Each amendment typically reflects the issuer’s response to SEC feedback and indicates progress toward a final approval decision. The Ethereum ETF will trade under the ticker MSSE, while the Solana ETF will carry the symbol MSOL. Launch dates remain contingent on regulatory clearance.
The headline feature of the new filings is the sponsor fee. Both the Morgan Stanley Ethereum Trust and the Morgan Stanley Solana Trust will charge a 0.14% annual fee, calculated daily on net asset value and paid monthly. This fee is lower than every existing Ethereum and Solana ETF on the market. Grayscale’s Mini Ethereum Trust, the current low‑cost competitor, charges 0.15%, while Franklin Templeton’s SOEZ offers the lowest Solana fee at 0.19%. Bloomberg ETF analyst Eric Balchunas notes that a 14‑basis‑point rate makes these funds the cheapest in both the U.S. and globally.
By keeping costs low, Morgan Stanley aims to leverage its extensive wealth‑management network to attract client capital. The bank’s strategy mirrors its earlier entry into the Bitcoin ETF space, where the 0.14% sponsor fee helped the Bitcoin Trust (MSBT) garner $300.7 million in net inflows as of mid‑June.
In addition to the fee advantage, the amended filings introduce staking functionality for both ETFs. The proposed structure would retain 95% of staking rewards within the trust, with 5% allocated to staking service providers and custodians. Figment Inc., Galaxy Blockchain Infrastructure LLC, and Coinbase Canada, Inc. have been named as staking service providers for both products. This approach could deliver a meaningful yield to investors, differentiating Morgan Stanley’s ETFs from competitors that simply hold crypto assets.
With the combination of the lowest sponsor fee and an integrated staking model, Morgan Stanley’s ETH and SOL ETFs could become attractive alternatives for investors seeking regulated, low‑cost exposure to the leading layer‑one blockchains. The market will watch closely as the SEC moves toward a decision, and the bank’s next steps will determine whether these funds become the new benchmark for crypto‑asset ETFs in the United States.
