21shares Launches CLAU ETP for Synthetic Anthropic Exposure

21shares has launched the 21shares Anthropic Synthetic ETP (ticker CLAU), which gives investors synthetic exposure to the market implied valuation of Anthropic ahead of its anticipated IPO, ETF Express reports. 21shares says it is Europe's first ETP offering continuous, unleveraged exposure to Anthropic's implied valuation. According to the product page, CLAU is listed on the Vienna stock exchange's multilateral trading facility, is denominated in euros and carries an annual product fee of 1%.

CLAU provides price exposure only, not equity ownership or voting rights. Its exposure comes through notes issued by FalconX Group, the parent of 21shares, using total return swaps on a Kaiko Anthropic reference rate derived from Binance's Anthropic perpetual futures. The product is issued through a new special purpose vehicle, 21shares x FalconX Limited.

If Anthropic lists publicly, the product does not convert to Anthropic shares and there is no forced settlement; the reference price will take into account Anthropic's exchange quoted price. 21shares warns that the gap between a pre-IPO implied valuation and the eventual post-IPO valuation can be significant in either direction.