21Shares Aave ETP is a physically backed exchange-traded product issued by 21Shares AG, a Swiss company headquartered in Zurich, Switzerland. It provides investors with direct exposure to the performance of Aave (AAVE), the governance token of Aave, a leading decentralized finance (DeFi) lending protocol on the Ethereum network. This ETP tracks the AAVE/USD exchange rate using a benchmark price return index, with underlying Aave tokens held in cold storage by an institutional-grade custodian such as Coinbase Custody Trust Company, LLC, ensuring secure collateralization. Structured as a non-interest bearing, open-ended debt security under Swiss law, it offers a regulated and transparent vehicle for accessing DeFi's growth, particularly in peer-to-peer lending markets where users can earn yield or borrow liquidity without intermediaries. The product employs physical replication, capitalizing any income, and carries a total expense ratio of 2.50%. Aave's protocol supports one of the largest DeFi ecosystems, enabling staking of its token for protocol security. 21Shares Aave ETP bridges traditional finance and cryptocurrency markets, catering to institutional and retail participants seeking single-asset crypto exposure within familiar ETP formats.