21shares launches synthetic Anthropic ETP using swaps on a perpetual-futures index
The 21shares x FalconX Limited SPV sources swaps on a Kaiko reference rate derived from Binance's Anthropic perpetual futures.
At a glance
The 21shares x FalconX Limited SPV sources swaps on a Kaiko reference rate derived from Binance's Anthropic perpetual futures.
21shares announced the launch of the 21shares Anthropic Synthetic ETP, ticker CLAU.
The structure runs through a new dedicated special purpose vehicle, 21shares x FalconX Limited, which 21shares created to issue synthetic exposure.
21shares announced the launch of the 21shares Anthropic Synthetic ETP, ticker CLAU. The firm describes it as Europe's first ETP offering continuous, unleveraged exposure to Anthropic's implied valuation ahead of the artificial intelligence company's anticipated initial public offering. ETF Express reported the launch on 13 October.
The exposure is sourced via total return swaps on the Kaiko Anthropic USD Reference Rate (USDT) (London) index, whose daily reference price is derived from Binance's Anthropic perpetual futures. 21shares says the swaps track the performance of those listed perpetual futures with no leverage.
The structure runs through a new dedicated special purpose vehicle, 21shares x FalconX Limited, which 21shares created to issue synthetic exposure. The firm combines its own ETP structuring with FalconX's prime brokerage balance sheet, multi-venue execution and derivatives desk, and describes the SPV as a repeatable pipeline for multi-asset strategies, pre-IPO exposure and yield-bearing derivative structures.
That means the product's daily value is tied to a derivatives market rather than to a company's share price. The implied valuation CLAU prints is a level generated by trading in perpetual futures and converted by Kaiko into a reference rate, not a mark set by an equity market in which Anthropic shares trade.
"Traditional investors who want to take part in this value creation face a growing access problem," said Duncan Moir, president and chief investment officer at 21shares. "We are taking the structural tools developed in digital assets and applying them to alternative and multi-asset investing. Wrapping pre-IPO exposure into an ETP bridges this access gap, allowing allocators to trade private market valuations as seamlessly as any traditional stock or ETF."
"Financial markets are evolving quickly, and investors want access to the segments that matter most," said Austin Reid, chief commercial and strategy officer at 21shares. "This launch is the latest example of 21shares launching differentiated products that give investors the exposure they are asking for."
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