Investors can now trade their implied valuation exposure through a product traded on a European exchange before the initial public offering (IPO) of Anthropic. On October 13, 2026, 21Shares launched the pre-IPO product – 21Shares Anthropic Synthetic ETP – which uses derivatives to provide a continuous, unleveraged exposure to this private AI company.

Key Points

• CLAU is the first in Europe to offer ETP before the listing of Anthropic.
• The product tracks its valuation exposure through swaps linked to the Kaiko benchmark.
• The total fee rate is 1.00%, with an additional 2.00% exit fee.

According to the launch announcement published by Taiwan News ( Taiwan News ), this product brings the private market valuation exposure into the exchange trading format, targeting traditional investors. A specialized issuing entity, 21shares x FalconX Limited, provides support for this synthetic structure.

21Shares' pre-listing Anthropic ETP was listed in Vienna MTF

This product is traded on the Vienna MTF platform, which is operated by the Vienna Stock Exchange ( Wiener B ö rse ), with the trading code CLAU. The currency in which it is listed is the euro, and its establishment date is October 13, 2026.

The fee arrangement is a total fee rate of 1.00%, with an exit fee of 2.00%. The ISIN for this product is CH1606386675.

The launch announcement states that CLAU is the first in Europe to allow investors to obtain an implied valuation exposure to Anthropic before its initial public offering (IPO). This exposure is synthetic and unleveraged, and its performance is linked to derivatives, rather than being directly linked to the listing of traditional stocks.

How to implement synthetic exposure

This ETP obtains the underlying exposure through total return swaps targeting the Kaiko Anthropic USD Reference Rate ( USDT ) ( London ) index. Kaiko calculates the daily reference price of this index based on the Anthropic perpetual futures on Binance.

These swap contracts track the performance of the aforementioned listed perpetual futures without leverage. This mechanism links the products traded on this exchange with the implied valuation of the perpetual market before listing.

A specially established entity for a particular purpose, 21shares x FalconX Limited, was created to issue synthetic exposures and operates as an independent structure. The announcement states that this reflects the expansion of 21Shares' product engineering capabilities.

FalconX provides derivative capabilities, while Kaiko provides benchmarks.

This structure combines 21Shares' expertise in engineering (as indicated by ETP), the balance sheet of its principal brokerage business (as indicated by FalconX), as well as its multi-location execution capabilities and derivatives trading desk. Kaiko provides independent reference prices for the implied valuations used in Anthropic.

Kaiko, Managing Director of Indexes and Analytics Anne - Claire Maurice indicates that this benchmark is based on real pre-listing transactions that occur in the sustainable market. Its purpose is to provide a pricing basis for the net value of products through objective and transparent prices provided by independent, institutional-level benchmark managers.

The announcement also stated that this structure can be reused to provide investors with multi-asset strategies, pre-listing exposures, and derivative structures with returns.

Convert the valuation of the private AI to exchange trading format

This product, Anthropic ETP, was designed before its listing to allow traditional investors to gain exposure to private market valuations through familiar trading methods. Duncan Moir, the President and Chief Investment Officer of 21Shares, described this launch as a response to the gap in channels for investors to access private AI companies.

Moir indicates: "We are applying the structured tools developed in the field of digital assets to alternative investments and multi-asset investments."

FalconX Chief Business and Strategy Officer Austin Reid stated that this is a differentiated product that responds to investors' desire to enter specific market segments.

This article was produced with the assistance of artificial intelligence and has been reviewed by an editorial team.