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The ETP will be based on a new MSCI index tracking 20 leading digital assets — set to launch on Germany’s Deutsche Börse XETRA in April.
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ETC Group, a digital asset-backed securities provider, announced today that it would list Europe’s first index-based crypto ETP based on an index from Morgan Stanley.
The ETP will be based on the MSCI Digital Asset Select 20 ETP and is set to launch on Germany’s Deutsche Börse XETRA in April. MSCI developed the index with ETC Group’s input earlier this month — capping each constituent at a maximum of 30%.
The index excludes stable coins, privacy tokens, and meme-coins and tracks the value of 20 “leading digital assets” — including Bitcoin (BTC), Ethereal (ETH), and Solana (SOL).
The ETP will be physically backed, with the underlying assets deposited in cold storage according to the index composition and weighting. Investors with standard securities accounts will be able to buy and sell the product like shares or ETFs once listed.
Tim Bevan, the CEO and founder of ETC Group, said that this was the first genuine broad-market index ETP in the crypto market. Bevan noted that the scope of the index will make the new ETP an ideal asset allocation tool for investors.
Europe has long been a fertile ground for various crypto exchange-traded products, seeing its first ETP launched in 2015.
Since the launch of Bitcoin Tracker One — a product tracking the price of BTC — European exchanges in Switzerland, France, the Netherlands, and Germany have each listed various digital asset ETPs. However, only a handful of those ETPs were based on indexes, and none have been based on an MSCI index.
Morgan Stanley Capital International is a leading provider of indices — which act as an essential tool for benchmarking a wide variety of assets worldwide. An ETP based on an MSCI index is a notable advance for the European crypto industry, as it legitimizes the market for investors from traditional finance.
According to Stephane Mattatia, the head of thematic indexes at MSCI, the crypto market has been evolving rapidly, driving investor demand for access to cryptocurrencies.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
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