Wall Street banking giant Morgan Stanley Investment Management has filed an amended registration statement for its proposed Solana exchange-traded fund, adding detailed information on staking, custody, and operations as the firm moves closer to launching one of the first U.S.-listed Solana investment products.
The filing, submitted on May 20, updates the proposed Morgan Stanley Solana Trust, which is expected to trade on NYSE Arca under the ticker symbol MSOL. The amendment replaces many of the placeholders in Morgan Stanley’s original January filing and provides a clearer picture of how the trust would function if approved.
Trust designed to track SOL and staking rewards
According to the filing, the fund’s objective is to reflect the performance of Solana’s native token, Solana, using the CoinDesk Solana Benchmark 4 p.m. New York Settlement Rate.
The trust also intends to include staking rewards, net of expenses, as part of its overall return. Morgan Stanley said the product will follow a passive strategy and will not use leverage, derivatives, or speculative trading techniques.
ETF could stake most of its Solana holdings
One of the most significant additions in the amended filing is a detailed staking framework. The trust said it may stake up to 100% of its SOL holdings, subject to liquidity needs, regulatory considerations, and redemption activity.
Staking will be handled through third-party service providers selected by the custodians or approved by the sponsor. The filing states that custodians will retain control of private keys, while staking providers will not have authority to transfer or withdraw assets. Rewards are expected to be distributed monthly when practical, but no less frequently than quarterly.
Morgan Stanley identified BNY Mellon and Coinbase Custody Trust Company as the trust’s SOL custodians. The sponsor will have discretion to allocate assets between the two firms. The filing also names CSC Delaware Trust Company and AGS Trustees Limited as trustees.
Creation and redemption details added
The amended prospectus states that creation and redemption baskets will consist of 10,000 shares. The initial seed investment is expected to include 50,000 shares, representing roughly $1 million in proceeds, although final figures may change before the registration becomes effective.
The filing outlines both cash and in-kind creation and redemption processes and notes that authorized participants will bear slippage costs for cash transactions.
E*Trade launch shows broader retail crypto strategy
The ETF filing comes as Morgan Stanley expands beyond institutional products and into direct retail crypto trading.
The firm has begun rolling out cryptocurrency trading on its E*Trade brokerage platform, charging a 0.50% fee per transaction. The service is currently in pilot mode, with broader access planned for E*Trade’s 8.6 million clients later this year. At launch, customers are expected to be able to buy and sell Bitcoin, Ether, and Solana directly rather than through ETFs or trusts.
The E*Trade rollout is powered by Zerohash, which is handling custody, liquidity, and settlement. Morgan Stanley previously invested in Zerohash during the company’s $104 million Series D-2 financing round in 2025. The partnership gives Morgan Stanley an established infrastructure layer as it expands crypto access to retail investors.
Part of Morgan Stanley’s broader crypto expansion
The updated filing reflects Morgan Stanley’s continued expansion in digital assets. The bank has already offered clients access to Bitcoin-related products and has steadily increased its crypto infrastructure and custody capabilities.
By submitting a more detailed Solana ETF prospectus, Morgan Stanley joins a growing list of traditional financial institutions positioning themselves for the next wave of regulated crypto investment products in the United States.
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