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21Shares launches Anthropic Synthetic ETP with unsecured Cayman issuer and Binance pricing method
21Shares issued the Anthropic Synthetic ETP on October 13, giving investors synthetic exposure to the private company through an unlisted structured note. Buyers become unsecured creditors of a Cayman‑registered issuer, with FalconX note counterparties managing the underlying exposure. The product carries a 1% annual fee plus separate financing, trading and perpetual‑funding costs. Binance’s mark price for the linked perpetual futures is updated each second, limited to 1% movement per second and backed by a 100‑trade fallback during low activity. The certificate’s returns depend on both the issuer’s creditworthiness and the performance of Anthropic‑linked prices.