Morgan Stanley Files the World's Cheapest Ethereum and Solana ETFs at 0.14%
Morgan Stanley has filed amended S-1 registrations for ETH and SOL ETFs at 0.14%, the lowest fee for either asset class globally, undercutting all major rivals.
Quick Insights
- Morgan Stanley filed amended S-1 registrations with the SEC for its Ethereum (MSSE) and Solana (MSOL) ETFs on 18 June, proposing a 0.14% annual sponsor fee that is the lowest in the US and globally for both asset classes.
- The filings reveal that 95% of staking rewards will pass through to investors, with Figment, Galaxy Blockchain Infrastructure and Coinbase Canada providing staking services and sharing the remaining 5%.
- Both products remain under SEC review with no launch date confirmed, though a second amendment typically signals the review process is in its later stages.
Morgan Stanley has filed amended registration statements with the SEC for two planned spot crypto ETFs, proposing fees that would make them the cheapest products in their categories anywhere in the world. The Morgan Stanley Ethereum Trust, expected to trade as MSSE on NYSE Arca, and the Morgan Stanley Solana Trust, expected to trade as MSOL, would each carry a 0.14% annual sponsor fee that accrues daily and is paid monthly.
Bloomberg senior ETF analyst Eric Balchunas described the fee as the lowest among Ethereum and Solana ETF products available globally. Before this filing, the lowest-cost spot Ether product in the US was Grayscale's Ethereum Staking Mini ETF at 0.15%, while BlackRock's iShares Ethereum Trust, which manages around $4.84 billion in assets, charges 0.25%. On the Solana side, Franklin Templeton's SOEZ held the low-fee position at 0.19%, with Bitwise's staking product at 0.20%. Balchunas confirmed on X that both funds are now the cheapest in the US and globally.
Morgan Stanley Ether and Solana ETFs nearing launch. The fee on each is going to be 14bps making them the cheapest in U.S. and world. š„ https://t.co/8pLJIj8DI7
— Eric Balchunas (@EricBalchunas) June 19, 2026
MSSE Will Stake 50-80% of Its ETH Holdings at Launch
The low fee is only part of what makes these filings notable. Both trusts are built around staking from day one rather than treating it as an optional add-on. The Ethereum trust plans to stake between 50% and 80% of its holdings under normal conditions, using three named providers: Figment, Galaxy Blockchain Infrastructure and Coinbase Canada. Those providers and the custodian will collectively take 5% of staking rewards, with the remaining 95% passing through to fund shareholders.
There are operational disclosures worth noting. The Ethereum filing cites an activation queue of roughly 3.64 million ETH as of 18 May, with the current validator intake rate suggesting new stakers may wait around 63 days before their holdings begin earning rewards. The filing also notes the standard validator slashing risk that applies to any staked ETH position. These are disclosures rather than deterrents, and they match the fine print already present in rival staking ETF filings.
| ETF | Issuer | Sponsor Fee | Staking |
|---|---|---|---|
| MSSE (proposed) | Morgan Stanley | 0.14% | Yes (50-80%) |
| Grayscale Ethereum Mini (ETH) | Grayscale | 0.15% | Yes |
| iShares Ethereum Trust (ETHA) | BlackRock | 0.25% | No |
| MSOL (proposed) | Morgan Stanley | 0.14% | Yes |
| Franklin Solana ETF (SOEZ) | Franklin Templeton | 0.19% | Yes |
| Bitwise Solana Staking ETF (BSOL) | Bitwise | 0.20% | Yes |
The Same 0.14% Fee Strategy Drove $331 Million Into Morgan Stanley's Bitcoin ETF
Morgan Stanley deployed an identical fee strategy when it launched its spot Bitcoin ETF, MSBT, in April at 0.14%, one basis point below Grayscale's mini Bitcoin product. The fund drew $30.6 million in first-day inflows, a respectable debut for a late entrant into a category already dominated by BlackRock and Fidelity, and has since accumulated $331 million in total net inflows, surpassing products from Invesco, Franklin Templeton and CoinShares. For a full picture of how the spot Bitcoin ETF market has developed and where flows are concentrated, see our ETF tracker.
The logic behind the pricing is structural. Morgan Stanley has an enormous wealth management distribution network, with advisers who can place client assets across its own product lineup. When a client is being allocated to a crypto ETF sleeve, a Morgan Stanley product at 0.14% is already cheaper than almost every rival before any other factor is considered. That internal distribution advantage, not the fee alone, is what makes the low-cost strategy worth pursuing even as a late entrant to categories where BlackRock and others have established dominant positions.
Second Amendment Filing Signals SEC Review Is in Its Later Stages
These are the second amendments to applications Morgan Stanley originally filed in January 2026. Amended filings typically indicate that the issuer and SEC staff are in active dialogue, working through outstanding questions in the review process, and that the products are closer to launch than a first or initial filing would suggest. But neither product has a confirmed launch date, and trading cannot begin until the SEC declares the S-1s effective and NYSE Arca receives approval for the necessary rule changes.
If and when they launch, MSSE would become the 11th spot Ethereum ETF in the US, while MSOL would be the seventh spot Solana ETF. For context on how the broader crypto ETF landscape has evolved since the first spot bitcoin approvals, see our crypto ETF guide.
