Morgan Stanley Solana Trust

S-1 filed

Morgan Stanley Solana Trust is an exchange-traded fund (ETF) that issues common shares to track the price of SOL tokens, the native digital asset of the Solana blockchain. The Trust operates as a passive investment vehicle, holding SOL and valuing shares daily based on a pricing benchmark. It engages third-party staking services to earn rewards from staking SOL, with no use of leverage or derivatives. The Sponsor, Morgan Stanley Investment Management Inc., oversees the Trust, which is governed by trustees and custodians for SOL holdings. The ETF is not regulated as an investment company under the 1940 Act and lacks certain regulatory protections.