Deutsche Digital Assets Launches Physically Backed Multi-Asset Crypto ETP on German Exchange

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

May 22, 2023 01:01 pm

David Sandron/Shutterstock modified by Blockworks

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.

Newsletter

Subscribe to The Breakdown

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%.

According to the methodology for the ETP, the product’s holdings will be rebalanced quarterly to reflect the market and will have a total expense ratio of 1.69%

Dominik Poiger, Chief Product Officer of Deutsche Digital Assets, said the company chose to use a market-cap weighted index for its product to give investors “true” exposure to the crypto market.

“We deliberately decided against a capping scheme as the uncapped nature of the DDA Crypto Select 10 ETP captures the true market performance,” Poiger said.

Other ETPs choose to cap tokens at a certain percentage to provide more diversification, like Virtune’s Crypto Top 10 Index (VTOP10), which Blockworks previously reported limits bitcoin and ether at 40% respectively. The MSCI Digital Assets Select 20 ETP, which launched on April 24, also uses an index that maintains a cap at 30% for any one asset.

The news of the new ETP from Deutsche Digital Assets comes on the heels of its November 2022 rebrand from its previous name Iconic.

Blockworks reached out to Deutsche Digital Assets for comment and didn’t receive an immediate response.

Get the news in your inbox. Explore Blockworks newsletters:

The Breakdown: Decoding crypto and the markets. Daily.
0xResearch: Alpha in your inbox. Think like an analyst.

Tags

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Digital Asset Summit 2026

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

buy tickets learn more

recent research

Research

Kinetiq Protocol: From LST Infrastructure to HIP-3 Deployer

Kinetiq has established itself as Hyperliquid's dominant liquid staking protocol, holding 82.5% of LST market share with $610M in TVL. The protocol is now expanding beyond its kHYPE staking core into higher take-rate verticals: iHYPE for institutional custody rails, Launch for HIP-3 capital formation, and Markets for builder-deployed perpetuals. We view Markets, launching Jan. 12, as the highest-potential product line given its mechanically scalable, activity-linked unit economics. Near-term revenue remains anchored by kHYPE's KIP-2 fee schedule (~$1.6M annualized), while Markets provides embedded optionality if HIP-3 economics normalize post-Growth Mode. KNTQ's setup is relatively clean: zero insider unlocks until November 2026, 6.2% buyback yield from staking revenue, and cleared airdrop overhang. Risks center on unproven Markets execution, declining kHYPE TVL despite ongoing incentives, and competition from Hyperliquid's native initiatives.

by Shaunda Devens