# 21Shares Launches Synthetic Anthropic ETP for Europe’s Pre-IPO Market

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/30931
Published: 2026-10-13T08:13:01.000Z
Updated: 2026-10-13T08:13:01.000Z
Section: Investing

> The euro-denominated product tracks Anthropic’s market-implied valuation through derivatives but provides no ownership, voting rights or IPO allocation.

21Shares announced a euro-denominated exchange-traded product tied to Anthropic’s market-implied valuation, giving investors synthetic exposure to the private AI company without ownership or shareholder rights.

The 21shares Anthropic Synthetic ETP trades under the ticker CLAU on Vienna MTF. 21Shares announced the product Oct. 13, describing it as Europe’s first exchange-traded product offering continuous, unleveraged exposure to Anthropic’s implied valuation before a potential initial public offering.

CLAU uses total-return swaps linked to the Kaiko Anthropic USD Reference Rate (USDT) (London). The reference rate is derived from Anthropic perpetual futures traded on Binance, creating a market-based valuation for a company that has not completed a public listing.

The product is not an exchange-traded fund holding Anthropic shares. It does not provide voting rights, an IPO allocation or conversion into Anthropic equity if the company goes public. If Anthropic lists publicly, its reference price would incorporate the company’s official exchange-traded price while retaining the synthetic structure.

CLAU carries a 1.00% total expense ratio and a separate 2.00% exit fee. FalconX serves as the derivatives, liquidity and hedging counterparty, and investors have no recourse to FalconX.

CLAU had a net asset value of $9.90 and assets under management of $49,504.30 as of Oct. 12. CLAU is unavailable for U.S. offering or distribution, and the securities are unregistered under the U.S. Securities Act.

The structure leaves investors exposed to derivative-market pricing and counterparty performance rather than direct ownership of Anthropic. The product is not affiliated with or endorsed by Anthropic.

“We are taking the structural tools developed in digital assets and applying them to alternative and multi-asset investing,” said Duncan Moir, president and chief investment officer at 21shares.