Figment Europe and Apex Group have teamed up to launch ethereum and solana staking exchange-traded products (ETPs).
The Figment Ethereum Plus Staking Rewards ETP (ETHF) and the Figment Solana Plus Staking Rewards ETP (SOLF) will list on the Six Swiss Exchange on 12 March with a total expense ratio (TER) of 1.50%.
ETHF will track the MarketVector Figment Ethereum Reward index while SOLF will track the MarketVector Figment Solana Reward index.
Both ETPs are fully backed by the underlying cryptocurrencies and aim to generate additional rewards through staking, including maximum extractable value (MEV).
According to Figment, the ETPs will track rewards from both the consensus layer and the execution layer, including MEV.
Staking is the process of depositing crypto assets on the blockchain to validate transactions, generating a premium that is returned to investors.
The products will be fully collateralised with over 50% of the staking returns past back to investors.
However, Figment said the index was able to modify the proportion of staked assets, compounding frequency and staking fees over the lifetime of the product, meaning it can respond to changes in market conditions and investment strategies.
The ETPs will be able to capture rewards from the blockchain consensus, including new token issuance and transaction fees.
The partnership will see Figment Europe responsible for the staking, while Issuance.Swiss AG – an Apex Fund Services subsidiary – will overlook the product’s issuance.
Josh Deems, institutional business development lead at Figment, added: “The popularity and interest in ethereum and solana has increased substantially over the past few months.
“However, it is still challenging for institutions to buy crypto and stake directly. The ETPs will contribute to an increased accessibility to staking rewards for a wide audience.”
There has been an uptick in the number of staked crypto products this year as demand for the product structure in Europe has grown on the back of the bitcoin ETF approval in the US.
Last month, ETC Group unveiled the ETC Group Ethereum Staking ETP (ET32).
