Why the Crypto ETF Market Might Be Getting into a Commodity Part
Morgan Stanley’s proposed ethereum and solana exchange-traded funds (ETFs) would enter a market the place issuers more and more provide related publicity to the identical belongings. The agency not too long ago amended each filings with the U.S. Securities and Trade Fee (SEC) to incorporate a 0.14% administration payment, beneath Grayscale’s 0.15% and Franklin Templeton’s 0.19%. The slim unfold indicators intensifying value competitors.
Brian Rudick, chief technique officer at Solana treasury firm Upexi and previously head of analysis at crypto buying and selling agency and liquidity supplier GSR, argued that the payment issues lower than what it suggests in regards to the market’s improvement. On July 9, he shared on X:
“Issuers don’t compete on value till the product is near a commodity and the struggle is for share, the identical compression the spot BTC ETFs went by means of.”
“ $SOL ETF AUM already crossed $1B, led by Bitwise’s BSOL, so there may be actual share to struggle over,” he added.
The argument locations the 0.14% payment inside a shift from product creation to asset gathering. As soon as a number of issuers provide related publicity, administration prices turn out to be one of many clearest factors of distinction. His comparability with spot bitcoin ETFs suggests ethereum and solana merchandise could also be getting into the identical section of payment compression.
Bitwise launched its solana ETF, BSOL, on NYSE Arca in October 2025, marking the primary U.S.-listed automobile to supply direct publicity to identify $SOL. The fund goes past easy value monitoring by actively staking its holdings, permitting staking rewards to contribute to fund returns after relevant bills.
How Morgan Stanley Designed the Ethereum and Solana Trusts
The Morgan Stanley Ethereum Belief would commerce on NYSE Arca underneath the ticker MSSE and observe the Coindesk Ether Benchmark 4PM NY Settlement Charge. Alongside its proposed 0.14% payment, Morgan Stanley Funding Administration intends to stake 50% to 80% of the belief’s ether underneath regular situations.
BNY and Coinbase Custody would maintain the ethereum belief’s belongings. Staking suppliers and custodians would obtain an mixture 5% of staking rewards, leaving the rest with the belief. Web rewards can be distributed month-to-month, however at the very least quarterly, although the submitting doesn’t assure the quantity.
The Morgan Stanley Solana Belief would commerce on NYSE Arca underneath the ticker MSOL and observe the Coindesk Solana Benchmark 4PM NY Settlement Charge. It could additionally carry a proposed 0.14% payment. The belief could stake as much as 100% of its $SOL whereas holding some holdings unstaked for redemptions, bills and distributions.
BNY and Coinbase Custody would additionally function custodians for MSOL. Staking suppliers and custodians would obtain 5% of staking rewards, leaving 95% with the belief. Web rewards can be distributed month-to-month, however at the very least quarterly, whereas validator block rewards and transaction charges wouldn’t accrue to shareholders.
What Morgan Stanley’s Bitcoin ETF Exhibits In regards to the Technique
Morgan Stanley has already used the identical payment degree in its spot bitcoin product. The Morgan Stanley Bitcoin Belief started buying and selling underneath the ticker MSBT on April 8, 2026, with a 0.14% annual administration payment. That undercut Blackrock’s IBIT at 0.25% and Bitwise’s spot bitcoin ETF at 0.20%.
MSBT turned the primary proprietary spot cryptocurrency ETF launched underneath the identify of a significant U.S. business financial institution. As of July 10, 2026, it traded at $18.47 per share and held about $364.23 million in whole internet belongings. Its debut ranked within the prime 1% of ETF launches by quantity and early adoption.
The proposed ETH and $SOL funds stay preliminary, and shares can’t be offered till the registration statements turn out to be efficient. No agency launch dates have been introduced. SEC effectiveness and subsequent asset flows would present whether or not Morgan Stanley’s mixture of low charges, staking revenue and bank-backed distribution can win market share.
