ETP Foundry is not authorised or registered in any jurisdiction.
ETP Foundry is a toolkit for running tokenised funds on Canton. It holds no authorisation, registration or recognition anywhere: not as a fund administrator, transfer agent, custodian, exchange, administrator of benchmarks or anything else. Everything here runs on Canton DevNet, a test network, and nothing is offered to investors.
How the model works. We calculate a fund’s daily value (NAV) from its holdings and from prices supplied by existing providers such as Chainlink and Kaiko. The fund’s own parties sign it on the ledger, or refuse: its sponsor, a reserve signer for each token, its administrator, and any others the fund requires. ETP Foundry never signs, never holds keys, and never counts toward a decision.
Other roles stay with licensed firms. The software keeps the share register on the ledger and runs creation and redemption. Where a jurisdiction requires a licensed firm in a role (administrator, transfer agent, custodian), that firm keeps the role and holds the seat.
Nothing on this page is legal advice. It is a plain statement of where we stand.
What a real fund needs, and is not in place today.
A sponsor and a legal structure
The sponsor is the company whose name is on the fund. Its structure, documents and trustee are its own, drafted by its lawyers. ETP Foundry is not the sponsor.
An administrator and any required registrations
An independent administrator in the administrator seat, and whatever the fund’s jurisdiction requires of each party, set up with counsel.
Outside parties in their seats
Every seat today is operated by ETP Foundry on DevNet, and labelled so. A real fund needs its seats held by the parties themselves, with their own keys.
Oversight and an audit
No independent oversight function exists yet, and neither our code nor our adherence to the Methodology has been independently audited.
What we write against, without claiming compliance.
The Methodology follows established practice for funds: the IOSCO principles for exchange-traded funds and for valuing collective investment schemes, and UCITS / US 1940 Act style daily NAV. Where a value we calculate for an asset is used by someone else as a reference, benchmark rules may apply to that use: the UK and EU Benchmarks Regulation, Multilateral Instrument 25-102 in Canada, and in the United States Rule 2a-5 and the Commodity Exchange Act’s anti-manipulation rules. Each is an open question for counsel before any such use.
Our self-assessment against the IOSCO Principles for Financial Benchmarks (written for the earlier price-fixing design)
“Implemented” means built and tested in our code. None of it has run with an outside party, and nothing has been audited. This is a self-assessment, not a statement of compliance. From Methodology v1.1 §11.
| # | Principle | State | What exists / what is missing |
|---|---|---|---|
| 1 | Overall responsibility of the administrator | partial | The administrator is named and the methodology is published. There is no authorised entity and no formal control framework. |
| 2 | Oversight of third parties | partial | No agreements with data providers or seats yet. |
| 3 | Conflicts of interest | partial | We do not trade and cannot be a signer (enforced by the ledger); a conflicts policy is written. A one-person operator is itself a concentration risk. Disclosed conflicts below. |
| 4 | Control framework | partial | Automated controls: submission checks, gates, ledger rules, a write-once event log. No independent control function. |
| 5 | Internal oversight | not implemented | No independent oversight function exists. Until one does, we perform the reviews, publish them, and say so. |
| 6 | Design | partial | Documented. The underlying market on Canton is not yet shown to be active. |
| 7 | Data sufficiency | not demonstrated | No outside party has submitted data yet. |
| 8 | Hierarchy of data inputs | implemented (code) | Built; not yet exercised with outside data. |
| 9 | Transparency of determinations | partial | Each determination, its exclusions and digests are recorded. |
| 10 | Periodic review | planned | Annual review committed; the first is due 30 September 2027. |
| 11 | Content of the methodology | implemented | Methodology v1.0, published. |
| 12 | Changes to the methodology | policy, not built | At least 30 days’ consultation and 30 days’ notice for a material change; none run yet. |
| 13 | Transition (cessation) | implemented | A 60-day cessation notice, enforced on the ledger. |
| 14 | Submitter code of conduct | written | Written (Methodology §9); no seat has signed it. |
| 15 | Controls over data collection | partial | Form, unit, window and digest checks; signing with a seat’s own key is built and was proven on DevNet on 26 Sep 2026, but is switched off on the running desk today. No check of seats’ source data. |
| 16 | Complaints procedures | policy, not built | Complaints in writing to committee@etpfoundry.com: acknowledged within 2 business days, answered within 20. None received. |
| 17 | Audits | not implemented | Planned before any value is used by an outside party. |
| 18 | Audit trail | implemented | Ledger plus a write-once event log; five-year retention is policy. |
| 19 | Cooperation with regulators | policy, not built | We are not supervised. We will provide records on request. |
Disclosed conflicts. If a fund pays us a fee in basis points, our fee rises with the fund’s value, which we calculate. The controls: we calculate but never sign, the ledger refuses a sign-off that includes us, and we do not trade the fund’s assets. We also run creation and redemption, and today operate every seat on DevNet. All of this is disclosed. See the conflicts policy.
What the numbers on this site are.
Since 24 September 2026 this site and its public API run on ETP Foundry’s own Canton DevNet validator, approved by the Canton Foundation on 23 September 2026. It is DevNet, not TestNet or MainNet, and nothing here settles a real obligation.
No outside party holds a seat yet, and no fund value has been signed by one. Every value today is signed only by seats ETP Foundry operates, and is labelled that way.
On assets. The test funds hold real DevNet registry tokens (BitSafe cBTC, onRails cETH, Canton Coin) with no money value, created and redeemed in one transaction each. An earlier claim of 4.16 cBTC was made on a shared hackathon participant that is no longer online; it was corrected on 25 September 2026. The desk refuses to issue its own stand-in tokens on a shared network.
Our code is proprietary and not published. Its licence states that nothing in it is a price, a valuation, a benchmark, investment advice, or an offer of any financial product or service.