CLAU
Overview
Anthropic, the artificial intelligence research company best known for creating Claude and Claude Code, has attracted significant investor attention ahead of an anticipated public listing.
21shares Anthropic Synthetic ETP is an exchange-traded product (ETP) that provides investors with exposure to Anthropic's current market-implied valuation, before the company completes its initial public offering (IPO). The ticker symbol for this product is CLAU.
CLAU provides synthetic exposure, not direct equity ownership. The product gains its exposure via notes issued by FalconX Group, 21shares' parent company, which acts as the note counterparty and manages exposure through perpetual futures contracts.
Why invest
For many investors, gaining direct exposure to high profile privately held companies is not possible, since they can be exclusive to investors who meet eligibility criteria that only institutional investors or private equity funds typically satisfy.
21shares has now provided a solution to this via the pre-IPO perpetuals market which gives exposure to the valuation of a private company. Some investors view this period before a high-profile IPO as a meaningful window for building exposure before public markets set the entry price.
It is important to be aware that the gap between a company's pre-IPO implied valuation and its eventual post-IPO valuation can be significant in either direction. As a result, investors should be prepared for the possibility that the price of the 21shares Anthropic Synthetic ETP can go up as well as down.
Why access Anthropic through an ETP?
For investors who have decided they want exposure to Anthropic's market-implied valuation before any eventual IPO, the ETP structure solves the two main access barriers.
First, gaining direct exposure to pre-IPO companies requires participation in private funding rounds or secondary market transactions on specialist platforms. These routes are typically restricted to institutional investors, venture funds, or individuals meeting platform-specific eligibility criteria. Minimum transaction sizes are generally significant.
Second, private equity holdings may face lock-up periods that restrict sale of their position around the time of the IPO.
Exchange-listed products are not subject to these same constraints. The 21shares Anthropic Synthetic ETP can be bought or sold through your investing account, and there is no eligibility criteria beyond those of the investor's existing brokerage arrangement.
Investors should understand that the product provides synthetic price exposure through a derivative structure via a note issued by FalconX Group, not direct equity ownership. It does not confer voting rights or other shareholder privileges in Anthropic and may not be comparable to private holdings of a reference entity.
Continuity of exposure through the IPO
The ETP is structured to continue trading without interruption through Anthropic's IPO. When Anthropic receives a public listing, the reference price used by the product's perpetual futures positions transitions from private market valuations and secondary transaction data to Anthropic's official exchange-quoted spot price. There is no forced settlement and no requirement to convert to physical equity.
Investors should note that the product does not convert to Anthropic shares at IPO. It continues to hold synthetic exposure through FalconX Group-issued notes backed by perpetual futures. The NAV will reflect Anthropic's public spot price, adjusted for the 1% annual product fee and ongoing variable funding rate costs.
To learn more, read this article and watch this video.
Performance
Past performance is not a reliable indicator of current or future results.
Key Information
Service Providers
Tickers
Frequently asked questions
No exchange-traded fund (ETF) tracking Anthropic is currently available to European investors. European fund regulations prevent standard fund structures from offering single-asset exposure to private companies. 21shares Anthropic Synthetic ETP (CLAU) is an exchange-traded product (ETP) listed on Vienna stock exchange’s multilateral trading facility (Vienna MTF) that provides synthetic exposure to Anthropic's pre-IPO valuation. An ETP and an ETF are different legal structures, though the buying and holding experience as an investor is no different.
21shares Anthropic Synthetic ETP (CLAU) provides investors with listed exposure to Anthropic's current market-implied valuation through a standard brokerage account on Vienna stock exchange’s multilateral trading facility (Vienna MTF), denominated in EUR. The product achieves this through perpetual futures contracts referenced to Anthropic's private market valuation, managed via notes issued by FalconX. This is not direct equity ownership: the product provides synthetic price exposure only and does not confer voting rights or other shareholder privileges in Anthropic.
No. The product does not hold Anthropic shares and does not confer ownership rights in Anthropic. It provides synthetic exposure to Anthropic's market-implied valuation through perpetual futures contracts managed by FalconX Group. Investors seeking direct equity ownership would need to participate in private funding rounds or purchase through secondary market platforms directly, subject to their eligibility.
21shares Anthropic Synthetic ETP (CLAU) carries an annual product fee of 1%. However, as with all synthetic products the underlying instrument may be subject to financing fees, trading costs and/or perpetual funding fees as well as other charges. These costs will pass through directly to the product's net asset value (NAV). Funding rates are a characteristic of the perpetual instrument, not a fixed management charge. Please refer to the Final Terms of the ETP for more information.
The product does not convert to Anthropic shares at IPO and there is no forced settlement. If Anthropic receives a public listing, the reference price used by the perpetual futures will take into account Anthropic's official exchange-quoted price. The underlying derivative structure will remain the same, and continue to trade on Vienna stock exchange’s multilateral trading facility (Vienna MTF).
The product carries counterparty risk on FalconX Group-issued notes, market risk on Anthropic's private market valuation, the risk that the product does not precisely replicate the performance of the reference asset. The reference price is determined through oracle infrastructure and order book depth rather than a continuously observable public market price, which introduces additional pricing risk. This is not a complete list of all risks: investors should read the product documentation and key information document in full before investing.
CLAU is available through investment platforms and brokers that offer access to Vienna stock exchange’s multilateral trading facility (Vienna MTF). The product is denominated in EUR.
How to invest
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