Morgan Stanley just submitted second-amended S-1 registration statements to the SEC for two new spot crypto funds: the Morgan Stanley Ethereum Trust (ticker MSSE) and the Morgan Stanley Solana Trust (ticker MSOL). Both carry an annual sponsor fee of 0.14%, which would make them the cheapest options in their respective categories.
The fee war heats up
Grayscale’s Mini Ethereum Trust currently charges 0.15%. Franklin Templeton’s Solana product sits at 0.19%. Morgan Stanley is shaving basis points off both.
The amended filings, dated around June 18, also revealed a staking structure for both trusts. Here’s how it works: 95% of all staking rewards generated by the funds’ holdings stay inside the trust, benefiting shareholders directly. The remaining 5% goes to staking infrastructure providers.
Those providers include Figment, Galaxy Blockchain Infrastructure, and Coinbase Canada.
