KoinlyticsMorgan Stanley Investment Management listed the Morgan Stanley Ethereum Trust (MSSE) and Morgan Stanley Solana Trust (MSOL) on NYSE Arca on Tuesday, July 28, 2026, at a 0.14 percent expense ratio each. That fee is the lowest on the US market for either exposure, according to CoinDesk, and both funds will stake a portion of their holdings with rewards routed back to shareholders instead of retained by the manager.
The launch expands Morgan Stanley's US spot crypto ETP lineup to three products, sitting alongside the Morgan Stanley Bitcoin Trust (MSBT), which held $381 million in assets under management as of July 16, 2026.
Fee floor, staking pass through
The 0.14 percent expense ratio is the headline number. Every previous US-listed spot ether or solana ETP has charged more, whether the fee was disclosed as a permanent rate or as a temporary waiver. Morgan Stanley has structured MSSE and MSOL with no waiver clock.
The second design choice is arguably more important. Both funds plan to stake a portion of their ether and SOL holdings and route the network rewards back into the trust's net asset value. Ether staking yield has run in the low single digits through 2026, and solana staking has paid higher, so a portion of the network reward flowing through the fund can offset or exceed the management fee for a shareholder before any price appreciation.
Distribution is the moat
Morgan Stanley controls one of the largest wealth distribution networks in the United States. Roughly 16,000 financial advisors manage over $9 trillion in client assets across the firm, and E*TRADE, acquired in 2020, puts products directly in front of self-directed retail traders through the online brokerage. That distribution matters because a spot crypto ETP is not a product that wins on marketing spend.
Competitive response
Every other issuer with a US-listed ether or solana ETP now has to decide whether to hold their fee, cut to match, or absorb a slow bleed of AUM over time. The 0.14 percent floor also raises the bar for future entrants.
What to watch
Watch the S-1 filings and fee amendments from BlackRock, Fidelity, Bitwise, and 21Shares over the next 60 days. If any of them cut ether or solana ETP fees to match Morgan Stanley, the price war moves into a second phase.
Source: CoinDesk