Deutsche Digital Assets Launches

Its First Physicaly Backed Crypto ETP on German Exchange

Bitcoin makes up over 60% of the ETP, with Ethereum coming in second at around 26%

Deutsche Digital Assets launched a new physically-backed crypto ETP with big name participants including Jane Street, Flow Traders, DRW Europe, Bluefin Europe and Goldenberg Hehmeyer.

The DDA Crypto Select 10 ETP, trading by ticker symbol SLCT, is the company’s first multi asset tradeable product and will list on Deutsche Börse Xetra in the coming weeks, according to a company statement. It will track MarketVector’s market cap-weighted crypto index that was released on May 15, 2023.

The company also announced that its ETP’s assets will be held in Aplo’s institutional-grade custody solution.

Since bitcoin is the largest cryptocurrency by market cap, SLCT weights it at 61.99% of the fund. Ethereum represents 26.48%, Binance Coin is 5.84% and Cardano is 1.5%. The rest of the ETP is made up by Polygon, Solana, TRON, Litecoin and Polkadot at fewer than 1%.