Morgan Stanley Files ETH, SOL ETFs With 0.14% Fee

Morgan Stanley filed amended registration statements on June 18 for proposed Ethereum and Solana exchange-traded fund trusts. The filings propose an annual delegated sponsor fee of 0.14% for both products and list anticipated NYSE Arca tickers MSSE for the Ethereum trust and MSOL for the Solana trust. The registration statements are preliminary and must be declared effective by the U.S. Securities and Exchange Commission before shares can trade.

The Ethereum trust filing states the fund would intend to stake between 50% and 80% of its ether holdings under normal market conditions. The Solana trust filing would allow up to 100% of its Solana holdings to be staked. Both filings indicate the trusts would retain 95% of staking rewards for the funds. In the Ethereum structure, staking service providers and custodians are expected to receive an aggregate of roughly 5% of rewards; the Solana filing specifies the delegated sponsor would receive no portion of staking rewards.

The proposed 0.14% delegated sponsor fee is lower than current U.S. competitors’ listed fees and net expense ratios for comparable products. A senior ETF analyst called the fee “the lowest among ETH and SOL products worldwide.” Reported sponsor fees and net expense ratios for other U.S. spot or staking-related products range from 0.15% to 0.25% for ether offerings and about 0.19% to 0.20% for existing Solana products.

The filings include illustrative economics for advisors. Using a contemporaneous gross staking reward rate of 6.28% as a benchmark for a fully staked Solana product, a fund that retained 95% of rewards would show about 5.97% in staking yield before fees and about 5.83% after a 0.14% fee. For ether, using a hypothetical 3% gross staking yield and staking between 50% and 80% of holdings, the retained staking contribution would translate to roughly 1.43% to 2.28% before fees and about 1.29% to 2.14% after the 14 basis point fee.

Market flows into U.S. digital-asset ETFs showed episodic activity through 2026. In the week reported May 18, bitcoin products recorded roughly $982 million in outflows, while Solana products saw about $55.1 million in inflows and ether products recorded about $249 million in outflows. Around May 25, U.S. spot ETF data showed bitcoin ETFs losing about 16,595 BTC over seven days, Solana ETFs adding about 192,835 SOL (roughly $16.6 million) and ether ETFs shedding about 105,862 ETH. By the week reported June 1, bitcoin products showed approximately $1.44 billion in outflows and ether $257 million in outflows. On June 17 U.S. spot ether ETFs posted a single-day inflow of 9,361 ETH (about $16.4 million), while seven-day ether flows remained negative.

Morgan Stanley operates in 42 countries. Morgan Stanley Investment Management reported approximately $1.8 trillion in assets under management or supervision as of Sept. 30, 2025. The filings note the firm intends to make the products available to wealth managers and advisors through its distribution channels.

The registration statements say the SEC’s final review could address staking treatment, custody arrangements and tax handling before either trust becomes effective. Any required amendments would need to be filed and cleared before the products could begin trading.