BMAC – DDA Bitcoin Macro ETP

The BMAC ETP provides a dynamic systematic exposure between BTC and USDC. It uses the main macroeconomic factors to modulate its exposure to Bitcoin and better manage its risk over the long term.

Product Details
Type:Exchange Traded Note (100% collateralized)
ExchangesDeutsche Boerse Xetra
Trading CurrencyEUR
Exchange TickerBMAC
ISINDE000A3G9SE0
WKNA3G9SE
VALORn/a
BloombergBMAC GY
Key Facts
As of Date30.06.2024
Base CurrencyUSD
Inception Date18.06.2024
DomicileLiechtenstein
Net Asset Value (USD)**62K USD
Total Expense Ratio2.00%
Replication MethodPhysical (100% collateralized by the underlying)
Notes Outstanding**10,000
UCITS CompliantNo
UCITS EligibleEligible*
Securities LendingYes, accrued in NAV
StakingYes, accrued in NAV
Income TreatmentAccumulating
Rebalancing Frequencydaily (up to)
Legal FormDebt Security (100% collateralized)
IssuerDDA ETP AG
AdministratorTrident Fund Services Ltd
Security TrusteeGriffin Trust AG
CustodiansCoinbase Custody International Ltd.
Registered for saleGermany, the Netherlands, Norway, Sweden, Italy, France, Estonia, Poland, Slovakia, Spain, Finland, Greece, Portugal, Slovenia, the Czech Republic, Denmark, Austria, Belgium, Cyprus, Ireland, Switzerland, Liechtenstein, Luxembourg, Liechtenstein and Malta
Product Description

The DDA Bitcoin Macro ETP (Ticker: BMAC) is an exchange traded product (ETP) that tracks the price of the DDA Bitcoin Macro Allocation Index (“DDAMACRO”). The ETP is 100% physically backed by a basket of cryptocurrencies composing the index and is held in “cold storage” at a regulated custodian. Each ETP gives the holder a claim on the underlying (basket of cryptocurrencies).

The DDA Bitcoin Macro ETP provides a dynamic systematic exposure between BTC and USDC. It uses the main macroeconomic factors to modulate its exposure to Bitcoin and better manage its risk over the long term.

  • Physically backed by the underlying and stored in so called cold storage at a regulated custodian
  • Management fee of 2.00% p.a.
  • Listed and traded on Deutsche Boerse Xetra
  • Lending & Staking: Yield enhancement through staking and lending of the ETP assets – all staking and lending returns (ex fees) accrue to the NAV

Product Benefits
Access to The World’s First Bitcoin ETP Based on Macro Factors

The DDA Bitcoin Macro ETP offers investors exposure to the World’s First Bitcoin ETP that dynamically adjusts Bitcoin exposure based on macroeconomic factors. Find out more about the methodology here.

100% Physically Backed and Secured 

DDA ETPs replicate the performance of the underlying index with competitive management fees and give the holder of the note a claim on the predefined amount of the asset.

Regulated and trusted Custody Solutions

Digital assets are conveniently stored at specialized custodians such as BaFin-regulated Coinbase Germany GmbH or French AFM-regulated Aplo. Investors do not require the technical expertise to manage several wallets and private keys.

Trades like an ETF on European Exchanges

The DDA ETPs trade like a stock or an ETF and are available on European stock exchanges, such as Deutsche Börse Xetra, Euronext Paris & Amsterdam, SIX Swiss Exchange and Börse Stuttgart.

Portfolio diversification with crypto investments

Digital assets have proven to be a diversifier to a portfolio composed of traditional asset classes, such as stocks and bonds. An investment into digital assets can have a positive impact on portfolio returns, volatility and the portfolio Sharpe Ratio due to long-term correlation characteristics. Find out more about the impact of crypto allocations on different portfolio models on our research report here.

Tax free after one year holding period

DDA crypto ETPs are tax-free for German private investors after a one-year holding period.1

Pricing Information

Each Note is backed by the following cryptocurrencies at launch: 0.0001 BTC, 0 USDC

Please note: The composition of the basket changes as the index is rebalanced. A rebalancing can occur on a daily basis depending on the quantitative signal by the market. Read more about the index, its underlying model and the methodology here:

Key Risks

Investors’ capital is at risk and investors may not get back the amount originally invested. The ETP is structured as fully collateralized debt security, not as equity. The ETP traded on exchanges are bought/sold at market prices which may be different to the net asset value of the ETP or the composition of the basket of cryptocurrencies.

Investor’s capital is at risk and investors may not get back the amount originally invested and should obtain independent advice before making a decision.

Any decision to invest should be based on the information contained in the relevant prospectus.

ETP securities are structured as debt securities, not as funds.

ETPs trade on exchanges like securities. They are bought/sold at market prices which may be different to the net asset value of the ETP.

Where to buy?

DDA ETPs are listed on traditional exchanges and trade just like stocks or ETFs. Add digital assets exposure to your portfolio using existing bank or brokerage accounts, or choose a new trading platform.  As an investor in DDA ETPs you do not have the need or technical capability to manage crypto wallets or worry about tax implications.

The list below features some but certainly not all of the popular banks/brokerages. Please reach out to us in case you are not able to access or find our products on your trading platform. If you have difficulties accessing our products through your preferred bank/brokerage please reach out to us by clicking on the button below and sending us a message, we will reach out to your bank/brokerage and will try to make the product available to you.

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Market Performance

Chances & Risks

CHANCES

  • DDA ETPs provide exposure to digital assets via a traditional investment infrastructure through your bank or brokerage. Traditional investors are thereby able to conveniently participate in the price and yield performance of digital assets.
  • DDA ETPs are always 100% collateralized – they are always fully invested in the underlying such as Bitcoin or Ethereum or a basket of digital assets. German retail investors may enjoy a preferable tax treatment after a 12 months holding period[1]
  • DDA ETPs are among the most cost-effective crypto ETPs available.

RISKS

  • Digital assets are a new technological innovation with a limited track-record. There is no assurance that usage of digital assets will continue to grow. A contraction in use of digital assets may result in increased volatility or a reduction in the price of such digital assets, which could adversely impact the value of the ETPs.
  • Digital assets are highly volatile and investors may not get their money back should a single digital asset cease to exist. Prices of digital asset may fluctuate due to changing investor confidence.
  • Governmental interventions in the digital assets markets are unpredictable, and may make digital assets or certain digital assets illegal altogether. Future regulations and directives in some jurisdictions may conflict with those others, and such regulatory actions may restrict or make some or all digital assets illegal in some jurisdictions.

FAQs

What is a crypto ETP?

Cryptocurrency exchange-traded products (ETPs) provide investors with access to cryptocurrencies via a traditional investment infrastructure. DDA ETPs physically-backed by cryptocurrencies enable investors to participate cost efficiently in the price development of a single digital asset or a basket of digital assets from their personal bank accounts – just as they experience investing in stocks, bonds or ETFs.

How to buy the DDA crypto ETPs?

You can buy a DDA crypto ETPs through your bank or brokerage without setting up a crypto wallet.

What exchanges are the DDA ETPs traded on?

The DDA ETPs are available on European stock exchanges, such as Deutsche Börse Xetra, Euronext Paris u0026amp; Amsterdam, SIX Swiss Exchange and Börse Stuttgart. For each exchange availability, please refer to the product-specific factsheet.

What are the advantages of investing in DDA ETPs compared to investing in crypto itself?

DDA ETPs are established investment structures that trade on traditional exchanges, mitigating the regulatory risk that exists when trading crypto outright on digital asset exchanges. Investors can invest in DDA ETPs with confidence, knowing that all stakeholders have been examined and trades are closely monitored to ensure all trading activities are aligned with regulatory requirements.

By purchasing bitcoin through an ETP, investors minimize the risk of losing their funds to due wallet mismanagement. DDA Bitcoin ETP is conveniently stored at specialized custodians such as BaFin-regulated Coinbase Germany GmbH or French AFM-regulated “Aplo”. Investors do not require the technical expertise to manage several wallets and private keys.

So, there are a number of advantages to using DDA Bitcoin ETP for exposure to digital assets,  including the fact that they are regulated, listed, liquid, available to retail investors, and don’t present issuer risk due to their collateralised nature.  Find out more here.

LEGAL DISCLAIMER

* Please verify with your investment advisor as this may differ from jurisdiction to jurisdiction.
** As values are updated once a day they might be outdated the time of viewing the website. For accurate information please refer to other official sources. The value is not necessarily the same as the ETPs’ on-exchange trading price. Investors should not expect to buy or sell the ETP at the determined value.

1Income taxation for German investors: the notes should not qualify as other capital claims within the meaning of section 20 para. 1 no. 7 german income tax act (Einkommensteuergesetz, “EStG”) and the sale and redemption of the notes should, therefore, not lead to taxable investment income pursuant to section 20 EStG being subject to the flat tax regime (Abgeltungsteuer) (25% plus 5.5% solidarity surcharge and church taxes as the case may be) irrespective of any holding period. rather the provisions on private sales transactions (also known as “short-term capital gains”) pursuant to sections 22 no. 2, 23 para. 1 sentence 1 no. 2 sentence 1 EStG should apply which means that the acquisition and sale of notes by a private investor should only be taxable in germany if the period between acquisition and sale does not exceed one year (for the calculation of the one year period, the conclusion of the purchase and sale transaction under the law of obligations is decisive in each case). If a private investor sells his notes more than one year after he has acquired them, such sale should not be subject to tax. moreover, the redemption of the notes should not constitute a sale under the private sales transaction rules. More information under this link.

This website, the informational material and product information represents solely a non-binding preliminary information which serves exclusively advertising purposes and is not a prospectus in the sense of the European Securities Prospectus Act, the German Investment Act or the German Investment Code or a corresponding foreign law. The content is neither an offer nor a solicitation of an offer to purchase securities. The information on this website does not constitute investment advice or investment recommendation. The greatest possible care has been taken in the preparation of this website, but errors and omissions remain reserved. In case statements are made they are based on evaluations, economic data, own assessments and are forward looking statements at the time of preparation of the website and can be subject to changes. The price performance of cryptocurrencies is highly volatile and unpredictable and past price performance is no guarantee of future price performance.
Note: The approval of the Prospectus should not be construed as an endorsement of the securities offered or admitted to trading on a Regulated Market.

Prospective investors should read the Prospectus before making any investment decision in order to fully understand the potential risks and rewards of deciding to invest in the securities.