- 21Shares adds AFET and ARAY, expanding its sector-focused crypto ETP lineup in Europe.
- AFET tracks decentralized AI protocols, while ARAY offers Raydium token exposure.
- Thematic ETPs capture 20–30% of new flows, indicating rising demand for niche cryptos.
21Shares is introducing two new exchange-traded products (ETPs) in Europe, expanding its sector-focused lineup to 50. The launches include the 21Shares Artificial Superintelligence Alliance ETP (AFET) and the 21Shares Raydium ETP (ARAY).
Both products highlight how crypto ETPs are moving beyond Bitcoin and Ether into specialized segments such as decentralized AI protocols and Solana-based decentralized finance.
Expansion Into Niche Crypto Sectors
AFET tracks a number of decentralized AI protocols, including Fetch.ai, SingularityNET, Ocean Protocol, and CUDOS. ARAY provides investors with direct exposure to the token powering Solana’s decentralized exchange, Raydium.
AFET trades on Euronext Amsterdam and Paris, while ARAY is listed on the SIX Swiss Exchange. Both ETPs are physically backed by tokens. The firm, which manages more than $11 billion in assets worldwide, now lists 50 ETPs across European markets.
Thematic Products Gain Investor Attention
The introduction of AFET and ARAY aligns with the broader surge in thematic ETPs across Europe. Data from ETFBook shows crypto ETPs in Europe currently manage $23.24 billion in assets. Although smaller compared to the $174 billion managed by U.S. spot Bitcoin and Ether ETFs, Europe’s offerings outnumber the U.S. in product diversity.
By September 2025, thematic ETPs had between 20 and 30% of new inflows. Investors are increasingly targeting narratives such as DeFi, artificial intelligence, and tokenized real-world assets.
Grayscale’s Crypto Sectors framework has outlined the competition between smart contract platforms like Ethereum and Solana, while Bitwise introduced five new institutional-grade ETPs on SIX Swiss Exchange this year.
These newer ETPs include yield-generating and diversified strategies, and several adopt features like in-kind redemptions and staking. Such mechanisms were pioneered by Bitwise and later approved by regulators, addressing concerns around volatility in the crypto markets.
Related: 21Shares Launches dYdX ETP on Euronext for DeFi Access
Regulatory Outlook and U.S. Developments
While Europe continues to broaden its thematic offerings, regulatory updates in the United States may soon change the sector. Bitwise Chief Investment Officer Matt Hougan said in a note that the Securities and Exchange Commission (SEC) is considering a generic listing standard for crypto ETPs.
Hougan explained that the current approval process can extend up to 240 days, with no certainty of approval. The SEC’s proposed shift, expected in October, could reduce review times to 75 days for applications meeting clear requirements.
He compared the potential change to the 2019 ETF Rule, which expanded equity and bond ETF approvals. Hougan noted that this adjustment could “blow the market wide open,” leading to potential for dozens of single-asset and index-based ETPs.
However, he cautioned that product launches alone do not guarantee demand. He cited Ethereum funds, which initially had muted inflows after their 2024 debut, before investor interest increased due to stablecoin growth and treasury allocations.
The launch of AFET and ARAY indicates the change from broad crypto exposure toward sector-specific investment assets in Europe. Thematic ETPs are drawing more flows as investors seek targeted exposure to decentralized AI projects and Solana-based DeFi tokens.
Meanwhile, changing regulatory frameworks in both Europe and the United States suggest a fast-growing market structure that could influence the next phase of crypto investment products.
