21Shares Launches Morpho, Ethena ETPs for Regulated DeFi Access

21Shares, a digital asset ETP issuer, announced the launch of two fully physically backed investment vehicles: the 21shares Morpho ETP, ticker MORPH, and the 21shares Ethena ETP, ticker EENA. 

The ETPs are listed on major European exchanges, including SIX Swiss Exchange for EENA and Euronext Amsterdam and Euronext Paris for MORPH.

Announced today via an X post, the products provide investors with a regulated, liquid avenue to specialized decentralized finance primitives.

MORPH: A regulated entry into decentralized credit

The two additions differ in their focus on emerging sectors of the decentralized economy. The 21shares Morpho ETP will be aimed at exposure to the Morpho protocol, a decentralized lending platform.

Currently, the 21shares Morpho ETP has a Net Asset Value (NAV) of $20.10 and Assets Under Management (AUM) totaling $100,515.44. It carries a product fee of 2.50%. 

Morpho operates a customized onchain lending architecture that directly matches borrowers and lenders in isolated markets to increase efficiency and reduce capital requirements, narrowing rate spreads. The result has been growth for the protocol, with deposits reaching over $9 billion and active loans over $4 billion by November 2025.

Morpho has already been adopted by established financial entities, such as European banks, including Société Générale, which uses the protocol for providing regulated euro and dollar stablecoin loans to institutional clients. 

This indicates that Morpho ETP may act as a conduit for traditional finance to interact with the decentralized credit market in a compliant manner.

EENA: Exposure to Ethena and synthetic dollar market

The second product, the 21shares Ethena ETP, is linked to the performance of the ENA token, the core asset of the Ethena protocol. Ethena is also behind USDe, a synthetic dollar backed by hedged crypto assets rather than bank deposits.

The 21shares Ethena ETP has a NAV of $19.90 and a larger AUM of $1,293,770.53, with a product fee of 2.50%.

In less than two years, the protocol’s synthetic dollar has grown rapidly to approximately $8 billion in assets under management. The EENA product positions investors for the economic engine and governance in the Ethena ecosystem.

Ethena is preparing to expand into a full-stack digital dollar platform through services such as Stablecoin-as-a-Service and the development of tokenization chains.

The more USDe stablecoin and its staked version, sUSDe, are used as prime collateral across crypto markets for spot, perpetuals, and lending, the more long-term revenue linked to the protocol’s profit growth should accrue to ENA token holders. The EENA ETP offers professional investors an efficient way to play this infrastructure expansion.

Sixteen 2025 ETP launches

These listings reflect the quickened pace of product development at 21Shares in 2025. The firm launched its Morpho and Ethena ETPs, successfully reaching 16 fully physically backed ETPs. This growth strategy shows a focus on providing exposure to complex, niche segments of the crypto asset class, extending beyond core assets like Bitcoin and Ethereum.

These launches of MORPH and EENA signal a diversifying digital asset investment landscape in which institutional access is expanding.

Simplifying access to digital assets

The introduction of the 21shares Morpho and Ethena ETPs shows the growing demand for regulated investment instruments that capture innovation within the digital asset space.

Upon listing these fully physically backed products, 21Shares continues to make access to DeFi primitives easier for its clients, providing them with exposure to decentralized credit markets.

Also Read: 21Shares to List U.S. Spot XRP ETF on Monday

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