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The Fund will invest in companies with significant activities in the Bitcoin theme. The attention of investors is drawn to the fact that no minimum correlation threshold has been pre-established between the price of these companies and the price of Bitcoin. On the other hand, the Fund’s methodology aims to select the securities with the highest sensitivity to Bitcoin. By investing in stock exposed to Bitcoin, the Fund will not necessarily or mechanically follow the price of Bitcoin itself, whether it is rising or falling.
The objective of this Fund is to track as closely as possible the performance of the Melanion Bitcoin Exposure Index regardless of its trend, positive or negative.
The Index is an equity index administered by BITA, calculated by BITA and based on a model designed by Melanion Capital.
The Index is made up of a maximum of 30 securities with market capitalizations greater than 100MUSD listed on European and American markets, companies that operate in the segments of “Crypto” asset management and trading,“Crypto” banking and services, “Crypto Mining” and Blockchain technology, or the companies that hold Cryptocurrency on their balance sheets.
For more information about the Fund, please consult the Prospectus.
The objective of this Fund is to track as closely as possible the performance of the Melanion Bitcoin Exposure Index regardless of its trend, positive or negative.
The Index is an equity index administered by BITA, calculated by BITA and based on a model
designed by Melanion Capital. The Index is made up of a maximum of 30 securities with
market capitalizations greater than 100MUSD listed on European and American markets,
companies that operate in the segments of “Crypto” asset management and trading, “Crypto” banking and services, “Crypto Mining” and Blockchain technology, or the companies
that hold Cryptocurrency on their balance sheets.
For further information on the Fund please consult the prospectus of the Fund.
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All Share classes
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FR0014002IH8
EUR
0%
3.50% TTC MAX
As of 26 July 2023
Past performance is not a reliable indicator of current or future performance and should never be the sole basis for selecting a product or strategy.
For index licensing requests: index@melanion.com
| STOCK EXCHANGE | LISTING DATE | ISIN | TICKER | BLOOMBERG TICKER | REUTERS IRC | LISTING CURRENCY |
|---|---|---|---|---|---|---|
| Euronext Paris | 22/10/2021 | FR0014002IH8 | BTC | BTC FP | BTCN.PA | EUR |
| Borsa Italiana | 07/06/2022 | FR0014002IH8 | BTC | BTC IM | BTC.MI | EUR |
| Euronext Amsterdam | 22/06/2023 | FR0014002IH8 | BTC | BTC NA | EUR |
| NAME | TICKER | COUNTRY | WEIGHT | SECTOR |
|---|
The attention of investors is drawn to the fact that no minimum correlation threshold has been pre-established between the price of these companies and the price of Bitcoin. By investing in stocks exposed to Bitcoin, the Fund will not necessarily or mechanically follow the price of Bitcoin itself, whether it is rising or falling.
| STOCK EXCHANGE | LISTING DATE | ISIN | TICKER | BLOOMBERG TICKER | REUTERS IRC | LISTING CURRENCY |
|---|---|---|---|---|---|---|
| Euronext Paris | 22/10/2021 | FR0014002IH8 | BTC | BTC FP | BTCN.PA | EUR |
| Borsa Italiana | 07/06/2022 | FR0014002IH8 | BTC | BTC IM | BTC.MI | EUR |
| Euronext Amsterdam | 22/06/2023 | FR0014002IH8 | BTC | BTC NA | EUR |
The level of risk of the fund mainly reflects the risk of the market in which the fund is invested and, as the case may be, the leveraging strategy or inverse performance of the index.
The capital initially invested does not benefit from any guarantee. The current level of risk does not indicate the future level of risk and may change over time. The lowest risk level is not equal to a risk-free investment.
No fees will be directly invoiced to the fund other than regulatory operational fees (i.e. custody and valuation fees, fees relating to market making, administration fees for the index followed by the ETF, fees related to for the official listing of the ETF, registration and listing fees for the Fund, customer and distributor information fees and other operating and regulatory service fees). The management fee is 0%. Operating and regulatory services costs may reach a maximum of 3.50%.
The daily price and return of the Melanion Bitcoin Exposure Index are calculated and published by BITA GmbH, a leading index provider, with a strong focus on technology and infrastructure forindexation and systematic investing.
The composition of the index includes companies that satisfy the following criteria:
Companies listed at recognized North American and European exchanges, exhibiting the highest correlation and revenue exposure to Bitcoin.
The companies that operate in segments of Crypto Asset Management and Trading, Crypto Banking and Services, Crypto Mining (including Hardware), and Blockchain
Technology, or the companies that hold Cryptocurrency on their balance sheet as investments or for preservation of value.
Minimum Average Daily Traded Value (ADTV) in the last month of USD 500,000 In the case when, at a rebalancing event, due to the liquidity filter, it is not possible to maintain an eligible universe of more than 30 constituents, the liquidity threshold will be reduced to a value of USD 100.000 to ensure the viability of the index.
Minimum Market Capitalization: USD 100 million.
Trades at a recognised exchange in North America and Europe with strict listing requirements and policies.
The constituents follow a beta weighted methodology (a composite measure of the volatility of a security (the share price) relative to a benchmark (the price of Bitcoin). For each constituent, Beta coefficients are calculated as the covariance between the constituent weekly returns and the Bitcoin weekly returns divided by the variance of the Bitcoin weekly returns. Only constituents with positive betas are considered for index composition.
Except for extraordinary adjustments, the Index is reconstituted and rebalanced quarterly at the Close of Business (COB) on the 3rd Friday of March, June, September and December after the market closes.
The exact composition and the rules for reviewing the composition of the Index are available on the website: https://www.bitadata.com
Extraordinary events such as Merger, takeover bid, delisting or insolvency make the index adjustments necessary. The BITA Index Management Board (BIMB) may decide to substitute an index constituent with a candidate index constituent upon the occurrence of an extraordinary event as deemed by BIMB or according to the “BITA Corporate Actions Treatment Guide”. The successor index constituent shall be included in the index after the close of business day when an extraordinary event has been determined.
If a company has more than one share class that qualifies for membership in the index on a stand- alone security basis, only the share class with the highest liquidity as measured by ADTV of the last month will be considered for composition.
IPOs are reviewed for addition at a regular reconstitution on the basis of the eligibility criteria, and availability of the sufficient data for beta-score calculation with respect to Bitcoin (minimum of 3 months)
The reason why company X may not be included in the ETF is that it doesn’t meet the selection criteria when the ETF was last reconstituted. Should this company now meet the index selection criteria, for example if its liquidity, measured by the average daily volume of transactions, exceeds the minimum authorized threshold, it will become a candidate for inclusion at the next reconstitution date.
To avoid undue concentration, at each rebalancing, each individual constituent should not represent more than 10% of the portfolio. This capping constraint is applied to the equity weights on each Determination Date through an iterative process, where any weights in excess of 10% are redistributed proportionally among the remaining securities pro-rated, repeated until none of the weights exceeds 10%. Moreover, as the performance tracking is done through a diversified basket of traditional assets (equities), it is eliminating the risks usually associated with Bitcoin, like loss, theft or hacking. By investing in equities replicating the Bitcoin performance, investors can achieve diversified asset allocation that was not available before!
This Fund is intended for an investor seeking long-term capital appreciation. The units of this UCITS are not and will not be registered in the United States under the U.S. Securities Act of 1933 as amended (“Securities Act 1933”) or permitted under any law of the United States. These units must not be offered, sold or transferred in the United States (including its territories and possessions) nor benefit, directly or indirectly, a US Person (within the meaning of Regulation S of the Securities Act of 1933).
Unfortunately, the ETF is not eligible for PEA because it includes (in part) non-European (US) equities.
Distributable sums will not be distributed to unitholders but will be reinvested., with the exception of those amounts which are subject to compulsory distribution by law.
The purpose of the European UCITS IV directive (”Undertakings for the Collective Investment in Transferable Securities”) is to favour the distribution of UCITS funds between European countries and improve the transparency and harmonisation of information provided to investors, notably by introducing the Key Investor Information Document (KIID). The KIID is a summary document harmonised across all European countries. It provides a clear, accessible summary of the key characteristics of a product.
Risk of capital loss. Investing in funds involves risks, including the risk of capital loss. The value of an investment is subject to market fluctuations and may therefore go down as well as up. As a result, fund investors may lose all or part of the capital they originally invested. See more
Melanion Capital SAS is an independent investment management company which is authorized and regulated by the AMF “Autorités des Marchés Financiers” under the number GP-13000020.
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