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Figment Europe Powers Staking for ETH and SOL ETPs

March 7, 2024

Key takeaways:

  • Figment Europe is proud to power staking for Issuance.Swiss AG and the Ethereum and Solana staked ETPs on SIX Swiss Exchange debuting on March 12, 2024
  • issuance.swiss AG’s ETPs allow convenient access to staking rewards through traditional brokers or banks, lowering the entry barriers for a wider audience
  • Full collateralisation of physical ETH/SOL and on-exchange liquidity provision allows conservative institutions to hold the asset class via the ETPs

Figment Europe Ltd., a leading institutional staking services provider for institutions, and Apex Group, through Issuance.Swiss AG, are delighted to announce the upcoming launch of two exchange-traded products (ETPs) debuting on 12 March 2024 on SIX Swiss Exchange. Figment Ethereum Plus Staking Rewards (ETHF, ISIN CH1327686031) and Figment Solana Plus Staking Rewards (SOLF, ISIN CH1327686049) are fully backed by Ethereum and Solana, respectively, and powered by Figment’s industry-leading staking infrastructure. Both products aim to provide exposure to the underlying crypto asset plus the rewards generated through staking, including maximum extractable value (MEV).

Powering the issuance of the ETPs is Issuance.Swiss AG, a Swiss turn-key solution for financial product issuances provided by Apex Fund Services. This partnership combines Figment’s technological staking expertise with Issuance.Swiss’s leading financial product issuance program, introducing a groundbreaking approach that brings institutional staking capabilities to the familiar ETP vehicle. 

Staking rewards for a wider audience

The ETPs make it easier for investors to access staking rewards from the top proof-of-stake crypto assets. With an ETP structure, the product benefits from full collateralization and over 50% staking utilization, returned to investors. Figment Europe’s infrastructure allows the products to capture rewards from blockchain consensus, including new token issuance, transaction fees and MEV – a key differentiator that ensures investors receive the maximum potential of rewards. On-exchange liquidity is guaranteed by the existing ETP market. This allows conservative institutions to safely hold this asset class via an ETP without directly funding Ethereum or Solana validators. Both products will have a competitive 1.5% management fee.

First of its kind total return benchmark rate

Both ETPs track an index provided by MarketVector. In particular, the MarketVector™ Figment Ethereum Reward Index (MVETHF) is a true total return index, and ETHF is the first product of its kind to use an index capable of tracking all sources of rewards that validators earn on both the consensus layer and execution layer, including MEV. The index measures the price performance of ETH along with the staking rewards earned by the product, using Figment’s leading network wide rewards indexing capabilities. Importantly, the index is highly adaptable, offering the capability to dynamically modify the proportion of staked assets, the compounding frequency, and staking fees throughout the lifetime of the ETP product. This level of customization ensures that the index can promptly respond to changes in market conditions and investment strategies, maintaining its relevance and effectiveness.

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