On October 20, 2026, 21shares announced the launch of its new perpetual-DEX-token ETP, a physically backed exchange-traded product listed on Deutsche Börse Xetra with EUR ticker LIHT and USD ticker LIHU, both under ISIN CH1615641755, and a 2.50% annual fee. A second ETP, covering a different token, launched alongside it. Deutsche Börse's own listing record confirms October 20 as the first trading day.

The ETP provides exposure to LIT, the native token of a decentralised exchange specialising in perpetual futures across crypto, foreign exchange, equities, and commodities, according to the release.

Why It Matters

An ETP of this kind is a distribution wrapper, not a share of the protocol behind the token. "Physically backed" means the issuer holds the underlying token; the investor holds a security whose value tracks the token's price, less the 2.50% annual fee given in the release. The annual product fee reduces returns over time. A purely hypothetical illustration makes the arithmetic concrete: if the token's price were exactly flat for one year, the ETP holder would finish that year roughly 2.5% behind the token itself, before spreads and brokerage costs. Over longer holding periods, that cumulative effect grows: each year's fee applies to a balance the previous year's fee has already reduced.

The token has its own value mechanics, and they sit outside the wrapper. The issuer states that the platform directs platform revenue toward buybacks of the token and permanent burns, linking exchange activity to token demand, as described in the release. Those buybacks and burns act on the token's supply and demand. An ETP holder has no direct claim on that revenue and receives no share of it; the holder participates only through the market price of the token the issuer holds. If the mechanics support the price, the ETP's value reflects that support. If they do not, the holder remains exposed to token-price declines, with returns also affected by fees, trading costs, and differences between the security's market price and its underlying asset value.

What the wrapper changes is access. Per the issuer, buying and holding crypto tokens directly requires specialised exchange accounts, managing private key security, and navigating operational risk; the new products are physically backed and designed to give European investors exposure through standard brokerage accounts and conventional investment channels instead, per the release. The exchange for that convenience is an issuer and custody layer between the investor and the token, plus the annual fee for as long as the position is held. Whether that trade is worthwhile depends on how an investor weighs custody risk against cost; the structure of the product does not answer that question for them.

Go deeper

  • How a Perp DEX Works — How a perpetual futures venue matches trades, manages margin, and keeps contract prices anchored to spot without an expiry date.
  • What Are Perpetual Futures? — The basics of perpetual contracts: funding rates, leverage, and why these contracts have no fixed expiry date.

On LeverUp, perpetual futures trade through a protocol-managed virtual liquidity architecture.