WisdomTree has launched the WisdomTree Physical Lido Staked Ether ETP (LIST), the first European exchange-traded product fully backed by Lido’s stETH. The ETP began trading on Thursday, Dec. 4, on Deutsche Börse Xetra, SIX Swiss Exchange, and Euronext Paris and Amsterdam.
LIST is physically backed — each unit corresponds directly to underlying stETH — and gives investors regulated exchange access to Ethereum staking rewards. The product launched with roughly $50 million in initial capital and carries a 0.50% management fee.
stETH is the liquid staking token issued by the Lido protocol that represents ETH deposited for staking. Lido, the largest staking provider on Ethereum, issues stETH to allow holders to earn staking rewards without traditional lock-up periods; rewards accrue via a rebasing mechanism that increases token balances over time. Lido currently represents nearly one-quarter of all staked Ethereum.
WisdomTree highlights key risks, including possible price divergence between stETH and ETH during periods of market stress, smart contract risk associated with Lido’s protocol, and general cryptocurrency market volatility. The firm positions LIST for informed and experienced investors.
The launch underscores growing integration between decentralized staking services and regulated European financial infrastructure. In September, WisdomTree also introduced a blockchain-based private credit fund with a $25 minimum investment, illustrating the firm’s broader push into tokenized and on-chain financial products.