0.14% fee rate is indeed aggressive. The fact that MSBT had a net inflow of 30 million dollars on its first day indicates that funds are really chasing "cheaper BTC exposure." The rest depends on whether they can continue to attract volume.

Morgan Stanley's first spot Bitcoin ETF has opened trading on NYSE Arca, with the ticker MSBT, marking a direct stress test on its first day: can a bank-backed fund attract capital inflows solely because it is cheaper in a volatile market? Industry data shows that approximately 1.6 million shares were traded on the first day, and depending on the underlying assets tracked, the net inflow was about **$30–$34 million**. The fund's fee rate is 0.14%, making it the lowest-cost spot Bitcoin ETF in the U.S. market. Over the next two days, the newly launched MSBT ETF attracted an additional capital inflow of over $31 million.