WisdomTree has officially launched a new product called the WisdomTree Physical Lido Staked Ether ETP, also known as LIST. It went live on Thursday, Dec. 4, and it’s getting attention because it’s the first European ETP backed fully by Lido’s stETH.
LIST is now trading on major European exchanges, including Deutsche Börse Xetra, SIX Swiss Exchange, and Euronext Paris and Amsterdam. This product gives investors a simple, regulated way to access Ethereum staking rewards without dealing directly with the crypto side of things.
Here’s how it works:
The ETP holds stETH, which is the liquid staking token issued by Lido—the largest Ethereum staking provider. Each unit of LIST is backed by real stETH. There’s no buffer or extra pool. What you buy is directly tied to the staked Ether behind it.
WisdomTree says LIST launched with about $50 million in starting capital and charges a 0.50% management fee.
If you’re not familiar with stETH, it’s basically a token that represents ETH staked through Lido. Unlike normal staking, you don’t have to lock your ETH for long periods or wait through slow withdrawals. Lido gives you stETH right away, and as staking rewards come in, your stETH balance grows through a simple rebasing mechanism.
Why does this matter?
Lido currently handles almost one-quarter of all staked Ethereum, which makes it a major part of the network. LIST brings that exposure into a regulated financial product that investors can buy on traditional exchanges.
But WisdomTree also warns about risks. stETH can sometimes drift away from ETH’s price during high volatility. There’s also smart contract risk since the Lido protocol is involved, plus the normal ups and downs of the crypto market. Because of this, the product is meant for more experienced investors.
Still, the launch shows how decentralized staking is being pulled deeper into regulated financial markets. And it’s not the first move WisdomTree has made. Back in September, the company launched a blockchain-based private credit fund with a minimum investment of just $25.
