Morgan Stanley filed amended S-1 registration statements with the SEC on June 18, 2026, for 2 deliberate spot crypto ETFs, a spot Ethereum ETF and a spot Solana ETF, each carrying a 0.14% annual unitary sponsor price, the bottom in the US marketplace for both asset class, in response to the filings.
The central query the submitting raises is: does a price this low, paired with a 95% staking reward pass-through, successfully finish the crypto ETF price conflict earlier than rivals have an opportunity to reply?
With Morgan Stanley getting nearer to approval for its spot ETH and SOL ETFs, the overall crypto market cap dropped by -2.4% in a single day, falling to $2.23 trillion after being over $2.5 trillion lower than two weeks in the past.
What the Morgan Stanley SEC Filings Truly Say
The two merchandise are proposed underneath ticker symbols MSSE for the Ethereum ETF and MSOL for the Solana ETF, each focusing on an inventory on NYSE Arca.
The 0.14% price is structured as a single cost; it accrues day by day on internet asset worth and is paid month-to-month in money, with Morgan Stanley Funding Administration absorbing most bizarre fund working bills from that single price slightly than stacking extra expenses on high of it.
The staking mechanics are equally notable. A portion of every fund’s ETH and SOL holdings might be staked by way of three named suppliers: Figment, Galaxy Infrastructure LLC, and Coinbase Canada.
Of all staking rewards generated, 95% flows straight again into the belief, boosting internet asset worth for shareholders, whereas solely 5% is paid to these staking service suppliers. Morgan Stanley, as sponsor, collects no extra reduce of staking revenue past its 0.14% administration price.
These are the second spherical of amendments for each filings, which had been initially submitted in January 2026. The June 18 SEC submitting marks the primary time a selected price 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 price clean.
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How This Reshapes the Crypto ETF Fee War
Context issues right here. Current US spot Ethereum ETF merchandise from issuers together with BlackRock and Constancy have typically proposed charges in the 0.20–0.30% vary.
On the Solana facet, Franklin Templeton’s SOEZ – one of many further-along Solana ETF filings – sits at 0.19%. Morgan Stanley’s 0.14% undercuts each benchmarks by a significant margin at this price degree.
The Bitcoin ETF price conflict of 2024 noticed BlackRock’s IBIT (0.25%) and Grayscale’s Bitcoin Mini Belief (0.15%) have interaction in rounds of cuts and momentary waivers to seize property underneath administration.
