21Shares Launches Volatility-Managed Crypto ETP with A&G Banco
Event summary
- 21Shares and A&G Banco launched the 21shares Flexible Crypto Index ETP (FLEX) on January 13, 2026, trading on Xetra.
- FLEX tracks the 21Shares Flexible Crypto Index, developed in partnership with MarketVector Indexes, and is available in EUR (FLEX GY) and USD (FLEY GY).
- The ETP utilizes A&G Banco’s rules-based allocation model, incorporating minimum-variance and momentum signals, and can allocate up to 30% to cash (USDC).
- The ETP carries a total expense ratio (TER) of 1.49% p.a.
- A&G Banco manages over €17 billion in assets as of December 2025.
The big picture
The launch of FLEX represents a move towards institutionalizing crypto investing by combining structured indexing with active risk management. This product caters to a growing demand for diversified and regulated crypto exposure within wealth management channels, a segment previously underserved by direct crypto investments. The partnership between 21Shares, a leading ETP issuer, and A&G Banco, a quantitative asset manager, highlights the increasing sophistication of crypto investment products.
What we're watching
- Regulatory Scrutiny
- Increased adoption of crypto ETPs may draw greater regulatory attention to the underlying custody and allocation models, potentially impacting operational costs and product approvals.
- Performance Tracking
- The effectiveness of A&G Banco’s allocation model in navigating market volatility will be critical to FLEX’s long-term performance and investor confidence.
- Distribution Reach
- The success of FLEX will depend on 21Shares’ ability to expand distribution within regulated advisory frameworks in Europe, particularly within private banking and wealth management.
Related topics