Morgan Stanley Files Ethereum and Solana ETFs at 0.14% Fee

Lowest-cost crypto products join crowded institutional race

Morgan Stanley filed amended registration statements on June 18 for Ethereum and Solana ETF trusts with a 0.14% annual delegated sponsor fee on both products, setting what Eric Balchunas, Bloomberg senior ETF analyst, called “the lowest among ETH and SOL products worldwide.”

The Ethereum trust will trade on NYSE Arca under ticker MSSE and intends to stake 50% to 80% of holdings under normal market conditions. The Solana trust will trade under ticker MSOL with the ability to stake up to 100% of assets. Both filings are preliminary and require SEC effectiveness declaration before shares can trade.

The fee structure positions Morgan Stanley below established competitors. BlackRock’s iShares Ethereum Trust ETF charges 0.25%, while Grayscale’s mini Ether product costs 0.15%. For Solana, Bitwise’s staking ETF charges 0.20% and Franklin Templeton’s Solana ETF has a net expense ratio of 0.19%.

Both trusts will retain 95% of staking rewards, with staking service providers and custodians receiving an aggregate 5%. Morgan Stanley’s delegated sponsor receives no portion of staking rewards. For a fully staked Solana position, the illustrative net yield before fees reaches 5.97%, based on Bitwise’s disclosed gross staking reward rate of 6.28%. An Ethereum trust staking 50% to 80% of holdings could deliver a net yield of 1.29% to 2.14% after the 0.14% fee.

Morgan Stanley Investment Management, the division overseeing the trusts, manages $1.8 trillion in assets under management and administration as of September 30, 2025, across 42 countries. The firm’s entry into staking-enabled crypto ETFs reflects broader institutional demand for yield-bearing digital assets.

Institutional appetite for crypto products has grown unevenly throughout 2026. Bitcoin ETFs resolved the access problem for institutions, with BlackRock’s IBIT crossing $70 billion in assets under management within 18 months of launch. Ethereum and Solana products have seen episodic demand with no durable regime in place.

Recent flow data illustrates the volatility. On June 17, US spot Ethereum ETFs posted a single-day inflow of 9,361 ETH worth approximately $16.4 million. In the week reported May 18, Solana ETFs drew $55.1 million in inflows while Ethereum products suffered $249 million in outflows, according to CoinShares. By the week reported June 1, Bitcoin ETFs had reversed course with $1.44 billion in outflows and Ethereum declining another $257 million.

Morgan Stanley’s 14 basis point fee undercuts rivals by 1 to 6 basis points, a margin that compounds over time for institutional allocators managing large positions. The low-cost entry, combined with staking yield, aims to attract capital rotating from traditional fixed-income and Bitcoin products into Ethereum and Solana exposure.