Morgan Stanley's asset management arm has launched a Solana cash-collateralized ETF on the NYSE Arca, codenamed MSOL. The product recorded approximately $19 million in trading volume on its first day of trading on July 28, and entered the US Solana ETF market with a fee rate of 0.14%.
The rate has been reduced to 0.14%.
This launch coincides with the US Solana ETF issuer's efforts to reduce costs. In addition to MSOL, Morgan Stanley also launched its Ethereum product, MSSE, on the same day. With the addition of these new products, Morgan Stanley's digital asset product line now covers Bitcoin, Ethereum, and Solana.
Pledge proceeds returned to investors
As disclosed, MSOL will be included in the collateralization mechanism from its inception. The fund plans to pledge up to 100% of its SOL holdings, but the actual percentage is subject to adjustment. Investors are expected to receive 95% of the collateral yield; Morgan Stanley will not retain a share of this yield, and the collateralization service will be provided by Figment.
Eric Balchunas, senior ETF analyst at Bloomberg, said this launch is one of the more noteworthy recent developments for the spot Ethereum and Solana ETFs. He noted that Morgan Stanley has approximately 16,000 financial advisors managing about $7 trillion in client assets, and the product has access to one of the world's largest wealth management distribution networks.
Market capital flows remain divergent.
However, the increased activity in product launches did not immediately lead to a stronger overall market sentiment. Data shows that the US spot Solana ETF recorded a net outflow of $18.07 million on July 28th, all of which came from Bitwise's BSOL. This is the largest single-day net outflow for the US spot Solana ETF in nearly eight months.
Bitwise CEO Hunter Horsley said on the same day that a major global wealth management firm has opened up the Bitwise Solana ETF to its advisors and clients, demonstrating that Solana is continuing to enter the mainstream financial system.
If no significant net inflows are observed for the remainder of this week, July could mark the second consecutive month of net outflows for the U.S. spot Solana ETF. Previously, the product recorded only approximately $786,600 in net inflows in June.
