Crypto exchange-traded product issuer 21Shares has launched a synthetic ETP that gives investors exposure to Anthropic's implied valuation ahead of the AI startup's expected initial public offering.

The 21Shares Anthropic Synthetic ETP, trading under the ticker CLAU, is listed on the Vienna MTF, a multilateral trading facility operated by Wiener Börse, or the Vienna Stock Exchange. It is denominated in U.S. dollars.

The product provides continuous, unleveraged exposure to Anthropic's implied valuation, according to 21Shares. It has a total expense ratio of 1% and an exit fee of 2%.

Notably, the ETP does not hold shares in Anthropic and gives investors no ownership or voting rights in the Claude developer. It will not provide direct exposure to Anthropic shares after the company goes public either. The product is also not affiliated with or endorsed by Anthropic.

How does the 21Shares Anthropic Synthetic ETP work?

CLAU uses an underlying financial instrument that includes total return swaps linked to the Kaiko Anthropic USD Reference Rate. The daily Kaiko reference price is derived from Anthropic perpetual futures traded on the crypto exchange Binance.

Perpetual futures are derivatives that allow traders to take positions on an asset's price without owning it. Unlike regular futures contracts, they do not expire.

"Kaiko's role is to provide 21shares and FalconX with an objective, transparent reference price for Anthropic's implied valuation, based on real pre-ipo trading activity on perpetual markets, so that the product's NAV relies on a price set by an independent, institutional-grade benchmark administrator," said Anne-Claire Maurice, managing director of indices and analytics data at Kaiko.

FalconX acquired 21Shares last year, with the crypto ETP issuer continuing to operate as an independent business unit within the digital asset prime broker.

CLAU is issued by 21Shares x FalconX Limited, a special-purpose vehicle and wholly owned subsidiary of Jura Pentium Limited.

FalconX acts as the contract, liquidity and hedging counterparty to the issuer. However, it is not an issuer, co-issuer, guarantor or obligor of the securities, and investors have no recourse to FalconX, according to the announcement.

Expanding beyond crypto products

CLAU is the first product launched through 21Shares' new SPV structure. The company said the structure creates a pipeline for additional synthetic products covering multiple asset classes, pre-IPO exposure and yield-bearing derivatives.

"Frontier AI is absorbing capital at a faster rate than almost any sector in history, yet its primary value drivers remain locked inside private companies," said Duncan Moir, president and chief investment officer at 21Shares. "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."

Bloomberg senior ETF analyst Eric Balchunas said CLAU appears to be the first ETP offering full exposure to a private company through this type of structure. He expected limited interest in Europe but said similar products could attract more attention if they become available in the U.S. or some Asian markets.

Bloomberg ETF analyst James Seyffart called the product an interesting move but noted that it had recorded no trades at the time of his post shortly after the launch.

"Wrong market," Balchunas replied. "Trying to sell something like this in Europe is like setting up a sports bar in Amish country."

The ETP arrives as Anthropic prepares for a possible public listing. CNBC reported Tuesday that the company plans to disclose its third-quarter financial figures to potential investors on Wednesday as it prepares for an IPO. Reuters has reported that the listing could take place in November, though CNBC said its sources could not confirm a date.

Anthropic is reportedly seeking to raise as much as $100 billion in an IPO that could value the AI startup at around $2 trillion. The terms have not been finalized and could change.