21Shares launches TTOP and TXBC, the first U.S. ’40 Act products tracking broad digital assets via a crypto index etf.
What do these crypto index etf launches change?
On Nov. 13, 2025, 21Shares introduced the 21Shares FTSE Crypto 10 Index ETF (TTOP) and the 21Shares FTSE Crypto 10 ex-BTC Index ETF (TXBC). These are the first index funds registered under the Investment Company Act of 1940 (Investment Company Act of 1940), bringing crypto under the same framework as conventional ETFs.
Moreover, the funds aim to provide one-ticker exposure to the top 10 assets without managing wallets or keys. They highlight Bitcoin as a store of value, Ethereum and Solana for smart contracts and DeFi, and Dogecoin as a community asset. Both portfolios rebalance quarterly to keep pace with market leadership.
“Index products have proven to be an excellent way for investors to gain diversified exposure in traditional markets, from the S&P 500 to the Nasdaq-100,” said Federico Brokate, Global Head of Business Development at 21shares.
“The same principle applies to crypto investing. Many of our clients have asked for a simple, regulated way to access the market as a whole rather than choosing individual tokens.
With TTOP and TXBC, we’re bringing that familiar, diversified approach to digital assets, giving investors a single point of access to a broad set of leading cryptocurrencies within a structure designed to adjust as the market evolves.”
How do TTOP and TXBC work?
The 21Shares FTSE Crypto 10 Index ETF (TTOP) has a management fee of 0.50% and tracks the FTSE Crypto 10 Select Index, a market cap-weighted basket of the world’s largest ten crypto assets. However, weights shift at each quarterly rebalance to reflect changing market caps.
Moreover, the 21Shares FTSE Crypto 10 ex-BTC Index ETF (TXBC) charges 0.65% and follows the FTSE Crypto 10 ex Bitcoin Select Index, focusing on networks and tokens with real-world use cases beyond Bitcoin’s macro hedge role. For methodology specifics, see FTSE Russell’s ground rules.
Different investors segment Bitcoin differently. That said, “TXBC is designed for the latter group – a straightforward way to capture the potential growth of other leading blockchain networks and applications in one ticker, without the need to manage individual holdings,” added Federico Brokate.
What benchmarks and partners are involved?
“At FTSE Russell, we are committed to delivering robust, rules-based indices that help investors navigate emerging asset classes with confidence,” says Fiona Bassett, CEO at FTSE Russell, an LSEG business.
“We’re delighted to work with 21shares on these first-of-their-kind crypto index ETFs which reflect our dedication to supporting innovation in the digital assets market through trusted benchmarks and transparent methodologies.”
Meanwhile, the products were launched with Teucrium, an ETF adviser specializing in alternative markets, acting as adviser and white-label platform. This supports product development and distribution. The pair is available under the TTOP ETF ticker and TXBC ETF ticker, expanding 21Shares’ regulated crypto ETF lineup.
Why the timing matters for the U.S. market
The rollout reinforces 21Shares’ U.S. ambitions while extending a global record of product innovation, operations and risk management. As noted in the official news release, these are the first U.S. index funds to adopt the ’40 Act structure in this segment.
Recently, 21Shares joined forces with BlackRock IBIT to create a full-service digital assets provider across brokerage, liquidity, investment management, lending and structured products. Moreover, leveraging FalconX’s prime brokerage footprint will bolster access across Latin America, North America and Europe.
About 21Shares and Teucrium
21Shares is a leading crypto ETP issuer founded to bridge traditional and decentralized finance. It listed the world’s first physically backed crypto ETP in 2018, building a seven-year track record with listings on major, liquid exchanges. Backed by research, proprietary technology and capital markets expertise, it delivers simple, cost-efficient solutions.
21Shares is a subsidiary of FalconX, one of the world’s largest digital asset prime brokers, operating independently while leveraging group resources. Teucrium offers ETFs across alternative markets, including commodities and digital assets, and provides white-label services through ETF Solutions for new fund launches and ongoing management oversight.
In short, the 21Shares FTSE Crypto 10 duo gives U.S. investors adaptive exposure under the ’40 Act—packaged in a crypto index etf with clear fees, quarterly rebalancing and established benchmarks.
