Morgan Stanley has moved to assert the bottom charge place in two crypto ETF classes concurrently, submitting second-amended S-1 registration statements with the U.S. Securities and Alternate Fee for spot Ethereum and Solana funds that every carry a 0.14% annual sponsor charge. The filings, submitted on June 18, 2026, set 0.14% sponsor charges on the proposed spot Ethereum and Solana ETFs — the bottom disclosed fee in every US market. Each funds will commerce on NYSE Arca below tickers MSSE and MSOL.
The transfer extends a constant pricing playbook Morgan Stanley has utilized throughout its crypto product lineup and places direct charge strain on incumbents in each markets.
What the Filings Include
The 2 merchandise — the Morgan Stanley Ethereum Belief (MSSE) and the Morgan Stanley Solana Belief (MSOL) — are structured as grantor trusts that maintain spot ETH and SOL straight. The 0.14% sponsor charge is calculated on internet asset worth (NAV), accrues each day, and is paid month-to-month from belief property. Traders see the charge mirrored within the fund’s monitoring efficiency reasonably than as a separate line-item cost.
These are the second spherical of amendments for each filings, which had been initially submitted in January 2026. The June 18 submitting marks the primary time a selected charge was confirmed for both product; prior amendments in March and Might added structural particulars just like the proposed MSOL ticker and the staking element, however left the charge clean. Further amendments usually point out energetic dialogue between an issuer and the SEC and usually sign {that a} launch is approaching.
Staking Constructed Into Each Merchandise
Past spot worth publicity, each ETFs embody staking provisions that make them yield-generating devices reasonably than passive monitoring autos. Morgan Stanley’s filings direct 95% of staking rewards again to fund shareholders, with the remaining 5% allotted to named infrastructure suppliers: Figment Inc., Galaxy Blockchain Infrastructure LLC, and Coinbase Canada Inc. This construction successfully supplies each ETFs with yield-enhanced spot publicity, which is especially important for Solana, the place native on-chain staking yields are meaningfully greater than Ethereum’s.
The submitting additionally famous that staked ether stays uncovered to slashing — the community penalty for validator faults — a danger disclosure regulators have been intently scrutinizing as staking mechanics turn out to be extra widespread in ETF buildings.
Price Comparability: Beneath Each Current Rival
Grayscale’s Mini Ethereum Belief at present holds the bottom charge amongst Ethereum ETFs at 0.15%, whereas Franklin Templeton’s Solana ETF carries the bottom Solana charge at 0.19%. Morgan Stanley’s proposed 0.14% undercuts Grayscale by one foundation level on Ethereum and Franklin Templeton by 5 foundation factors on Solana. Bloomberg ETF analyst Eric Balchunas described the pricing as the most affordable accessible for each asset courses within the US and globally.
One foundation level might seem insignificant in isolation, however within the institutional ETF promote it carries actual weight. Price-sensitive allocators working below return mandates or price caps systematically favour the most affordable equal product, and a worldwide charge report creates a advertising anchor that attracts property whatever the magnitude of the distinction.
Current US spot Ethereum ETF merchandise from issuers together with BlackRock and Constancy have typically proposed charges within the 0.20–0.30% vary, that means Morgan Stanley’s MSSE would undercut the broader Ethereum ETF area by a wider margin nonetheless.
The Bitcoin Playbook, Utilized Once more
Morgan Stanley’s MSBT launched on April 8, 2026, as the primary spot Bitcoin ETF from a significant US financial institution, pulling in over $100 million in its first eight days fully from self-directed shoppers. MSBT prices 0.14% yearly, the bottom charge of any Bitcoin ETF in the marketplace, undercutting BlackRock’s IBIT at 0.25%, Grayscale’s Bitcoin Mini Belief at 0.15%, and Bitwise at 0.20%.
Inside its first month, MSBT attracted $193.6 million in complete inflows with zero outflows throughout that complete interval. The early efficiency validated the pricing technique: late market entry offset by aggressive charge positioning captured significant share from incumbents. Morgan Stanley is making use of that very same logic to Ethereum and Solana, coming into every market after different issuers have established merchandise however doing so at a charge degree no present fund matches.
Morgan Stanley Bitcoin Belief Worth Efficiency (Supply: Morgan Stanley)
Market Place and Approval Outlook
If authorized, MSSE would turn out to be a brand new entrant in a longtime Ethereum ETF market, and MSOL would be part of the Solana ETF class. The second modification standing of each filings is a significant procedural sign. S-1 amendments at this stage usually replicate an issuer and the SEC working by way of last structural questions — on this case, primarily round staking mechanics, the 5% supplier charge allocation, and custody preparations.
Morgan Stanley oversees $9.3 trillion in complete shopper property throughout 16,000 monetary advisors, a distribution community that no pure asset supervisor can replicate. If MSSE and MSOL obtain approval and are made accessible to advisors on Morgan Stanley’s wealth administration platform — one thing MSBT was not throughout its preliminary weeks — the potential influx base expands considerably past what charge management alone would drive.
Broader Context: Price Competitors Intensifies
The MSSE and MSOL filings arrive because the crypto ETF market continues to develop quickly. The charge struggle that started within the Bitcoin ETF class following the January 2024 spot BTC approvals is now enjoying out on a second entrance throughout Ethereum and Solana concurrently. Issuers that entered the Ethereum ETF market in mid-2024 and the Solana ETF market extra not too long ago now face direct strain to both reduce charges or differentiate on different dimensions — staking yield, liquidity, or model.
For buyers, Morgan Stanley’s filings characterize two merchandise that mix the bottom accessible charge in every class with built-in staking yield, delivered by way of a regulated brokerage account wrapper. Approval timelines stay topic to SEC evaluate, however the structural path is evident: the price of crypto ETF publicity is constant to fall, and Morgan Stanley is main that compression.
