Deutsche Digital Assets (DDA), a German crypto asset manager, has attained another milestone by listing the DDA Bitcoin Macro Exchange-Traded Product (ETP) on Euronext Paris. This marks the second exchange to host the Bitcoin Macro ETP, following its initial launch on Deutsche Börse’s Xetra trading platform.
According to the company’s announcement on Sept.17, the DDA Bitcoin Macro ETP (BMAC) is designed to track the performance of a basket of cryptocurrencies linked to the Compass FT DDA Bitcoin Macro Allocation Index (DDAMACRO). The ETP is physically backed by cryptocurrency holdings and stored in secure cold wallets by Coinbase Custody International Ltd., a regulated custodian. With a total expense ratio of 2%, the ETP offers an alternative investment option for traders seeking exposure to Bitcoin.
Commenting on the expansion, Dominik Poiger, Chief Product Officer at DDA, said: “With the listing on Euronext Paris, investors from France can now invest even more economically and easily in the only macro ETP on Bitcoin.”
Poiger further noted the unique nature of the Bitcoin Macro ETP, stating, “The Bitcoin Macro ETP represents a unique product that is not simply another cryptocurrency wrapped into an ETP but gives investors exposure to Bitcoin while trying to protect against adverse macro environments.”
Model-Based Allocation Between Bitcoin and USD Coin
The DDA Bitcoin Macro ETP is linked to the Compass FT DDA Bitcoin Macro Allocation Index, which employs a quantitative model to assess real-time macroeconomic factors. The index adjusts the allocation between Bitcoin and USD Coin (USDC), a stablecoin pegged to the U.S. dollar, based on market conditions.
Four key macroeconomic indicators are considered by the quantitative model: global growth, U.S. monetary policy, the U.S. dollar, and risks associated with the Eurozone. Each of these factors is represented by a group of assets that are sensitive to the respective macroeconomic conditions.
According to DDA’s model, in periods when macroeconomic conditions are favorable, more capital is allocated to Bitcoin. However, during less favorable conditions, the strategy shifts toward USD Coin to protect investor capital. The momentum of each macro factor is calculated to generate signals that guide the investment strategy over a six-month window.
Europe’s Flourishing Crypto ETP Market
Europe has established a thriving market for cryptocurrency ETPs, with major asset managers such as 21Shares, WisdomTree, and Fidelity offering products that provide investors with exposure to digital assets like Bitcoin and Ethereum. DDA’s ETP offerings contribute to this growing market, which has attracted substantial assets.
According to data from Trackinsight, the European crypto ETP market had approximately $12 billion in assets under management as of June 2023. While North America remains the leading market for crypto ETPs, Europe has made significant progress in providing diverse investment options for cryptocurrency enthusiasts across the region.
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