Morgan Stanley files amended applications for spot Ethereum and Solana ETFs with rock-bottom fees

Morgan Stanley has submitted second-amended S-1 registration statements to the U.S. Securities and Exchange Commission (SEC) for two new spot crypto funds: the Morgan Stanley Ethereum Trust (MSSE) and the Morgan Stanley Solana Trust (MSOL). Both trusts carry an annual sponsor fee of 0.14%, positioning them as the lowest-cost options in their respective categories.

Fee comparison and the “fee war”

In the market for similar products, Grayscale’s Mini Ethereum Trust charges 0.15%, while Franklin Templeton’s Solana product charges 0.19%. Morgan Stanley’s amended filings reduce the sponsor fee for both the Ethereum and Solana trusts by shaving basis points versus those existing offerings.

Staking structure disclosed in the amendments

The June 18-dated amendments also outline how staking would work inside each trust. Under the proposed structure, 95% of all staking rewards generated by the trust’s holdings would remain within the trust and accrue to shareholders. The remaining 5% would be paid to staking infrastructure providers.

The infrastructure providers named in the filings include Figment, Galaxy Blockchain Infrastructure, and Coinbase Canada.

Rollout timeline: a step-by-step approach

Morgan Stanley’s filings follow a staged pattern. The firm first filed S-1 registrations for Bitcoin, Ethereum, and Solana trusts in January 2026. Amendments in May 2026 added the proposed ticker symbols but did not include fee disclosures. The June amendments then introduced the pricing details for the Ethereum and Solana trusts.

The Bitcoin component is already in market: Morgan Stanley launched its Bitcoin Trust (MSBT) on NYSE Arca on April 8, 2026, also with a 0.14% fee.

Potential implications for investors

For Ethereum investors, the MSSE trust is designed to offer an additional return stream beyond spot price appreciation by incorporating staking. With 95% of staking rewards retained within the trust, shareholders would receive nearly all staking upside tied to the trust’s proof-of-stake exposure, without directly managing validators or addressing slashing-related risks.

No specific launch dates have been announced for MSSE or MSOL. Timing will depend on the SEC’s review process, and approval is not assured. However, with the Bitcoin trust already trading and the amended filings now submitted, Morgan Stanley has set itself up to move quickly if regulatory clearance is granted.

A 0.14% sponsor fee combined with a 95% staking-reward retention rate could result in an effective cost profile that is lower than products that do not stake, according to the structure described in the filings.