WisdomTree’s fully staked ETH ETP is now live. The WisdomTree Physical Lido Staked Ether ETP (LIST) is the first European ETP to hold only stETH minted via the Lido protocol, offering a structure that avoids the unstaked buffers traditional products often use for creations and redemptions.
LIST trades on Deutsche Börse Xetra, SIX Swiss Exchange and Euronext in Paris and Amsterdam. It holds stETH, providing exposure to staked ETH and corresponding onchain staking rewards through a listed product format that fits into existing institutional workflows. LIST begins trading with approximately $50 million in assets under management and has a management expense ratio (MER) of 50 basis points.
Why stETH Supports This Structure
stETH is a core part of Ethereum’s market infrastructure and is the largest liquid staking token, representing nearly 25 per cent of all staked ETH with around 8.5 million ETH staked through the Lido protocol. It is integrated into major DeFi applications, supported by centralized venues and available through leading institutional custody providers.
This scale and integration contribute to stETH’s deep liquidity, with around $100 million of stETH executable within 2 percent of its redemption value (based on CoWSwap solver quotes) and roughly $10 billion used as collateral across DeFi. This liquidity allows creations and redemptions to be processed smoothly through secondary markets rather than lengthy validator withdrawal queues, which is necessary for a fully staked structure.
The Lido protocol distributes staked ETH across more than 650 node operators globally. This breadth of operators reduces reliance on any single provider and supports transparency onchain, aligning with the high operational expectations for fully staked products.
Together, these characteristics make stETH the only liquid staking token that currently meets the operational profile required to support a fully staked ETP.
Europe’s Role in Institutional Staking Access
Europe has established a clear regulatory framework for physically backed crypto ETPs, including those that hold staked assets.
In this environment, launching LIST demonstrates how stETH can be incorporated into regulated market infrastructure and accessed through the channels institutions already use. ETPs, and eventually ETFs, can link existing operational processes with onchain transparency in a format institutions already understand.
What This Launch Represents
Kean Gilbert, Head of Institutional Relations at Lido Ecosystem Foundation, said:
“stETH is already the most widely used path for institutions to access Ethereum’s staking economy. Bringing it into a fully backed ETP is a natural next step and gives allocators a structure they know, without losing the depth of liquidity and the strong security that makes Lido's stETH valuable.”
Dovile Silenskyte, Director, Digital Assets Research, WisdomTree, added:
“Lido Staked Ether sits at the centre of Ethereum’s transition to a yield-bearing network. It allows holders to earn staking rewards without locking up capital, creating liquidity and efficiency that extends across decentralised finance. The combination of income and utility within Lido Staked Ether reflects the growing maturity of the digital asset ecosystem and its evolution toward more functional, long-term use case.”
Building Resilient & Transparent Staking Infrastructure
The introduction of a fully staked ETH ETP aligns with ongoing progress across custody, market infrastructure and treasury systems that incorporate stETH into institutional workflows.
These developments show how stETH is moving into a wider range of institutional settings. Broadening access through custodians, infrastructure providers and listed products helps maintain a reliable, transparent staking environment that can operate at scale as institutional participation grows.
About WisdomTree
WisdomTree is a global financial innovator, offering a well-diversified suite of exchange-traded products (ETPs), models and solutions, covering equity, commodity, fixed income, leveraged and inverse, currency, cryptocurrency and alternative strategies. WisdomTree currently has approximately $139.5 billion in assets under management globally, inclusive of assets under management attributable to our recently completed acquisition of Ceres Partners, LLC.
For more information about WisdomTree, visit www.wisdomtree.com.
WisdomTree® is the marketing name for WisdomTree, Inc. and its subsidiaries worldwide.
About Lido Institutional
Lido Institutional represents a dedicated group of contributors focused on advocating for the use of Lido’s open-source, liquid staking middleware by non-retail users. Lido's middleware provides a way to participate in the blockchain network validation process and get staking rewards for this activity. With a mission to democratize staking, Lido middleware lets users connect with node operators and stake their digital assets without the need to individually maintain hardware.
For more information, visit lido.fi/institutional.
