MSOL vs SOEZ: which tracked its coin?
Over the window both share, MSOL finished 1.1 percentage points behind Solana and SOEZ 1.3 behind. Morgan Stanley Solana Trust and Franklin Solana Trust.
MSOL since launch: fund +59.12%, Solana +60.07%, 0.95 pts behind Solana.
SOEZ since launch: fund −13.72%, Solana −18.41%, 5.74% ahead of Solana, compounded.
A percentile among the 25 spot crypto ETPs listed less than a year. It is a position in a set, not a rating, and neither end of it is a recommendation. All crypto ETFs ranked by it → How it is computed →
The same coin, two trusts
MSOL and SOEZ hold the same asset. Both are 1933 Act trusts holding Solana through a custodian, so neither has a portfolio to compare: the whole of each fund is one line. Over the days each has traded, MSOL finished 0.95 of a percentage point behind Solana and SOEZ 5.7% ahead once both returns are compounded, but the two windows are not the same days, so neither figure is set against the other here. That gap is the fee, the custody, the creation and redemption friction and the market’s pricing of the shares, compounded into one figure. SOEZ has 237 more days of record than MSOL, and a longer record is a longer window over which a cost can show itself.
Performance, window by window
| Total return | The coin over the same days | Difference, percentage points | ||||
|---|---|---|---|---|---|---|
| Window | MSOL | SOEZ | MSOL | SOEZ | MSOL | SOEZ |
| 1 month | +13.5% | +13.3% | +14.6% | +14.6% | −1.1 pts | −1.3 pts |
| 3 months | not published | +54.0% | not published | +52.6% | not published | +1.5 pts |
| 6 months | not published | +43.4% | not published | +45.4% | not published | −2.0 pts |
| Since each listed MSOL Jul 2026 · SOEZ Dec 2025 | +59.1% | −13.7% | +60.1% | −18.4% | −0.9 pts | +5.7% of its growth |
MSOL and SOEZ over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
MSOL and SOEZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.
MSOL in plain words
MSOL holds Solana through a custodian and trades on an exchange, so a holder gets the coin’s return inside a brokerage account rather than a wallet. Over the time since it listed to Sep 30, 2026, Solana moved +60.1% and MSOL returned +59.1%. That leaves it 0.95 of a percentage point behind. That difference is the fee, the custody cost, the friction of creating and redeeming shares in blocks, and whatever the market paid for the shares rather than for the coin, all of it together. It is the only figure on this page the sponsor does not publish itself. MSOL charges 0.14% a year and finished 0.9% behind Solana, so the fee is less than the whole difference and the rest is what the market paid for the shares, which moved against holders. Solana is a proof of stake chain, so a fund holding it can stake. MSOL’s own filings say it does (424B3, Jul 23, 2026). Over the window ETFIQ measures it did not finish ahead of Solana’s own price, so whatever it earned did not cover its costs. A spot trust is not a registered investment company. It files a 10-K rather than an N-PORT, and its holding is one line: the Solana it custodies.
SOEZ in plain words
SOEZ holds Solana through a custodian and trades on an exchange, so a holder gets the coin’s return inside a brokerage account rather than a wallet. Over the time since it listed to Sep 30, 2026, Solana moved −18.4% and SOEZ returned −13.7%. That leaves it 5.7% ahead once both returns are compounded. Over a window this long the two returns cannot simply be subtracted. Doing it would read +4.7 pts, which is correct and describes nothing a holder can act on: what the figure above states is the gap between the two growth factors, so a fund that kept 106% of what holding the coin gave says exactly that. SOEZ charges 0.19% a year and finished 5.7% ahead of Solana, which a fee cannot do on its own. SOEZ’s own filings say it does (424B3, Aug 26, 2026). What the prices show is that it finished 5.7% ahead of Solana’s own price over the same days, against +3.0% for the other 7 funds holding Solana. After a fee, an in-kind ETP ahead of the asset it holds got there by staking.
Questions people ask
- Which tracked Solana more closely, MSOL or SOEZ?
- Over the days each has traded, MSOL finished 0.95 of a percentage point behind Solana and SOEZ 5.7% ahead once both returns are compounded. Those are not set against each other here, because the two windows are not the same days, so neither is nearer its coin than the other on this page. Each difference carries the fee, the custody cost, the friction of creating and redeeming shares in blocks and whatever the market paid for the shares rather than for the coin.
- Do MSOL or SOEZ pay a staking yield?
- Solana is a proof of stake chain, so staking is possible. Whether either trust stakes, and what the sponsor keeps of it, is a term in its own filings and is read from those rather than assumed.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, MSOL against SOEZ, data as of Sep 30, 2026. https://etfiq.com/compare/crypto/msol-vs-soez
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, MSOL against SOEZ, data as of Sep 30, 2026. https://etfiq.com/compare/crypto/msol-vs-soez Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, MSOL against SOEZ, data as of Sep 30, 2026. https://etfiq.com/compare/crypto/msol-vs-soez
- APA
- ETFIQ. (Sep 30, 2026). MSOL against SOEZ. Retrieved from https://etfiq.com/compare/crypto/msol-vs-soez
- Markdown
- [MSOL against SOEZ (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/crypto/msol-vs-soez)