21shares Morpho ETP is a physically backed exchange-traded product that provides investors with direct exposure to Morpho, the native token of a leading decentralized finance lending protocol. It enables seamless integration of this exposure into portfolios via banks or brokers, capturing value from the growth of decentralized credit markets without requiring direct interaction with on-chain infrastructure. Morpho operates as a flexible onchain lending marketplace centered on Morpho Blue, a permissionless architecture that allows exchanges, banks, fintechs, and market makers to instantly create customized, risk-isolated lending markets. This innovative design directly matches borrowers and lenders, significantly reducing rate spreads, enhancing capital efficiency through custom risk parameters, and delivering competitive risk-adjusted yields. The protocol powers lending products for prominent institutions including Coinbase, Crypto.com, and Société Générale, while supporting fintechs like Deblock in building compliant onchain banking services. Classified under the Global Crypto Classification Standard as a governance token in the decentralized finance lending sector, 21shares Morpho ETP, issued by 21Shares AG and domiciled in Switzerland, facilitates UCITS and AIF eligible access to this high-growth DeFi infrastructure with a 2.5% fee structure in USD and EUR.