DA20

Bitwise MSCI Digital Assets Select 20 ETP

FACTSHEET
  • ISIN DE000A3G3ZL3
  • NAV $108.15
  • TER 0.85% p.a.
  • NAV YTD change -7.99%
  • NAV since inception date 93.93%
  • Total AUM $22.85 M
  • Replication Method Fully backed

Investment Objective

The Bitwise MSCI Digital Assets Select 20 ETP is a physically backed exchange-traded product that aims to track the performance, before fees and expenses, of the MSCI Global Digital Assets Select Top 20 Capped Index. The index is maintained by MSCI and rebalanced quarterly to reflect market developments.

Investments in digital assets involve significant risks, including high volatility and the potential loss of the entire invested capital.

[1] Inception date (start of NAV calculation) was on 19 April 2023.

Past performance is not a reliable indicator of future results. Performance shown reflects net asset value (NAV) returns, based on data from Bitwise. Year-to-date performance is calculated from the first of January, or from the inception date if the product was launched after the 1st of January of a given year; performance since inception reflects NAV from the inception date. NAV is displayed in the base currency (USD); price performance may be shown in a different currency, such as EUR. Current performance may differ from the figures shown. Transaction costs and brokerage fees may apply. Your capital is at risk.

Data as of
Crypto Index Investing with MSCI? - Bitwise's Crypto Basket ETP Explained illustration Crypto Index Investing with MSCI? - Bitwise's Crypto Basket ETP Explained illustration

Passive and rules-based investing

DA20 aims to provide passive and diversified exposure to the top-20 investable digital assets within a single product, replicating the MSCI Global Digital Asset Select 20 Capped Index, which reflects a significant share of the crypto market.
* Note: Diversification does not guarantee a profit or protect against loss.
*Excluding stablecoins such as USDT, USDC, and other.
Tradable on stock exchanges through standard securities accounts, similar to shares or ETFs. No crypto wallet is required. Platform availability may vary.
The ETP is fully backed by digital assets and includes a physical redemption feature.
Assets are held with a regulated custodian, segregated from the issuer’s own assets. A trustee oversees custody arrangements and helps protect investor claims in the event of issuer default.
With a base prospectus approved by the German financial authority, the ETP is listed and tradable on one or more European stock exchanges. Investors should note that while the ETP is listed on regulated exchanges, the underlying cryptoassets are not regulated.
Weekly balance reports by an independent administrator provide investors with full transparency into assets held in custody. Learn more

Investors should be aware that investing in crypto assets involves significant risks, including but not limited to:

  • Volatility Risk: The price of crypto assets and crypto exchange traded products (ETPs) can fluctuate significantly.
  • Liquidity Risk: Market depth and trading volumes may vary, affecting execution.
  • Custody Risk: Despite institutional-grade custody, digital assets may be vulnerable to cyber threats.
  • Regulatory Risk: Crypto assets and their treatment are subject to evolving regulatory frameworks.
  • Market Risk: Broader market movements can impact the value of the ETP.

While there may be potential for significant gains, you are at risk of losing part of or your entire capital invested. For complete information please refer to the relevant Final Terms and the Base Prospectus.

DA20 Product Specifications

Key Information

Primary Ticker DA20
ISIN DE000A3G3ZL3
WKN A3G3ZL
Inception Date 2023-04-19
AUM $22,848,284.74
Benchmark Name MSCI Global Digital Assets Select Top 20 Capped Index
Replication Method Physically allocated (100% fully backed)
Issuer Bitwise Europe GmbH
Domicile Germany
Minimum Investment 1 unit
Expiry Date Open ended

Index Composition

MSCI Global Digital Assets Select Top 20 Capped Index Last updated/weightings as of

DA20 Assets under Management

Last updated:
Shares outstanding 211,256
Total ETP net assets market value (US$ million) 22.85

NAV

NAV (USD)
$108.15
NAV to previous day
1.77%  /  $1.88

DA20 Performance

Year NAV
YTD -7.99%
2025 -17.45%
2024 82.29%
2023** 41.71%

Top 10 Holdings

DA20 seeks to track the MSCI Global Digital Assets Select Top 20 Capped Index as closely as possible

DOWNLOAD CSV
Name Symbol Added to index Reference price (USD) Weighting
EthereumEthereum ETH 01-03-2023 2,716.66 29.44%
BitcoinBitcoin BTC 01-03-2023 83,904.02 28.69%
RippleRipple XRP 01-03-2023 1.55 14.40%
SolanaSolana SOL 01-03-2023 120.59 10.45%
TronTron TRX 01-03-2023 0.34 4.74%
ChainlinkChainlink LINK 01-03-2023 15.08 1.67%
CardanoCardano ADA 01-03-2023 0.25 1.42%
StellarStellar XLM 01-03-2023 0.23 1.16%
NEARNEAR NEAR 01-03-2023 4.99 1.11%
Bitcoin-CashBitcoin-Cash BCH 01-03-2023 311.12 0.97%
UniswapUniswap UNI 01-03-2023 9.02 0.94%
LitecoinLitecoin LTC 01-03-2023 68.39 0.84%
HederaHedera HBAR 01-03-2023 0.11 0.81%
SuiSui SUI 25-11-2025 1.16 0.73%
AvalancheAvalanche AVAX 01-03-2023 11.59 0.70%
BittensorBittensor TAO 25-11-2025 314.25 0.44%
EthenaEthena ENA 01-09-2026 0.26 0.42%
OndoOndo ONDO 02-06-2026 0.52 0.39%
AaveAave AAVE 01-03-2025 174.30 0.36%
PolkadotPolkadot DOT 01-03-2023 1.21 0.32%

DA20 seeks to track the MSCI Global Digital Assets Select Top 20 Capped Index as closely as possible

DOWNLOAD CSV
Name Symbol Amount per ETP Total holdings Reference price (USD) Net Assets
Ethereum ETH 0.012457867 2,631.80 2,716.66 31.29%
Bitcoin BTC 0.000388824 82.14 83,904.02 30.16%
Ripple XRP 10.720431633 2,264,755.51 1.55 15.36%
Solana SOL 0.100654163 21,263.80 120.59 11.22%
Chainlink LINK 0.126805690 26,788.46 15.08 1.77%
Cardano ADA 6.303351621 1,331,620.85 0.25 1.47%
Stellar XLM 5.816013811 1,228,667.81 0.23 1.24%
Bitcoin-Cash BCH 0.003414922 721.42 311.12 0.98%
NEAR NEAR 0.205276810 43,365.96 4.99 0.95%
Litecoin LTC 0.013016965 2,749.91 68.39 0.82%
Uniswap UNI 0.096978940 20,487.38 9.02 0.81%
Avalanche AVAX 0.073158710 15,455.22 11.59 0.78%
Hedera HBAR 7.451056804 1,574,080.46 0.11 0.78%
Sui SUI 0.687831548 145,308.54 1.16 0.74%
Bittensor TAO 0.001664090 351.55 314.25 0.48%
Aave AAVE 0.002583670 545.82 174.30 0.42%
Ondo ONDO 0.833097367 175,996.82 0.52 0.40%
Polkadot DOT 0.278188462 58,768.98 1.21 0.31%

MSCI Global Digital Assets Select Top 20 Capped Index

MSCI Logo

Description

The MSCI Digital Assets Select Top 20 Capped Index tracks the 20 leading investable digital assets/cryptocurrencies. The index is created and calculated by MSCI, one of the world’s largest index providers.

Through its Applicable Universe methodology, the index excludes stable coins, pegged coins, privacy coins, meme coins and low volume tokens. The weight of the largest components has been capped at 30 percent at rebalancing to provide a broader market exposure. The rebalancing of the index components and their weighting is performed quarterly.

Cumulative Index Performance

USD returns Nov 2019 – Sep 2026

Index Performance
(Periods)

1 month -0.45%
3 months -31.14%
6 months 22.97%
1 year 14.13%
3 years 21.62%
5 years 797.88%
Since Nov 26, 2019 734.26%

Index Performance
(Years)

YTD -24.30%
2025 -18.42%
2024 81.36%
2023 134.24%
2022 -72.80%
2021 231.84%
2020 256.01%

Methodology

Applicable Universe

All individual digital assets benchmarks published by Compass Financial Technologies.

Eligible Universe

Excluded from the index selection are:

  • Digital assets identified as stable coins/pegged coins/privacy coins.
  • Digital assets placed in the bottom 5% of the Applicable Universe when ranked in the descending order of volume in US Dollar at the time of rebalance.
  • Digital assets classified as meme coins.

Final Universe

  • At each Quarterly Index Review, digital assets corresponding to the Eligible Universe are ranked in descending order of their full market capitalization and the top 20 digital assets are identified.
  • If the Eligible Universe consists of fewer than 20 Crypto Reference Indexes, all constituents of the Eligible Universe are included in the Final Universe.

Index Weighting

The maximum weight of a single component is capped at 30% at rebalancing.

Rebalancing

The Index follows a quarterly rebalance schedule, effective as of the first business day of March, June, September, and December

This summary is provided for illustrative purposes only and does not include all material elements of the index or its methodology. For a complete description of the index methodology, please read the full Index Methodology documents.

Index Guide

Index Name MSCI Global Digital Assets
Select Top 20 Capped Index
Index Provider MSCI Inc.
Index ISIN GB00BMVQFP07
Index Bloomberg Ticker MXGSDA20
Index Reuters Ticker .dMIWDDGT2ECUS
Index Base Currency USD
Weighting Methodology Market capitalisation
Maximum Weight per Component 30%
Rebalancing Frequency Quarterly
Maximum Number of Consitutents 20
Data Aggregator Compass Financial Technologies

Index Provider

MSCI Logo

MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data and technology, MSCI powers better investment decisions by enabling clients to understand and analyse key drivers of risk and return and confidently build more effective portfolios. The company creates industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process.

To learn more, please visit www.msci.com.

DA20 Trading Information

Currency
Exchange
ISIN
WKN
Valoren
Ticker BBG
SEDOL
RIC
Ticker
Listing date:
ISIN DE000A3G3ZL3
WKN A3G3ZL
Valoren -
DA20 GY
SEDOL BMF9D28
RIC DA20.DE
Ticker
Listing date:
ISIN DE000A3G3ZL3
WKN A3G3ZL
Valoren -
DA21 GY
SEDOL BMF9D40
RIC DA21.DE
Ticker
Listing date:
ISIN DE000A3G3ZL3
WKN -
Valoren -
DA20 FP
SEDOL BRJ4M94
RIC DA20.PA
SIX
CHF
Ticker
Listing date:
ISIN DE000A3G3ZL3
WKN -
Valoren 126630022
DA20CHF SE
SEDOL BRJN8F9
RIC DA20CHF.S
XSTO
SEK
Ticker
Listing date:
ISIN DE000A3G3ZL3
WKN -
Valoren -
DA20 SS
SEDOL BNYL2M5
RIC DA20.ST
XMIL
EUR
Ticker
Listing date:
ISIN DE000A3G3ZL3
WKN A3G3ZL
Valoren -
DA20 IM
SEDOL BVLNP65
RIC DA20.MI

Traded on regulated exchanges through a
brokerage account.

Traded through a brokerage account.

Use the securities account you already have or select from a wide range of platforms.

  1. Open your online securities account and call up the order mask.
  2. Insert ticker, ISIN, or name of the product and select trading platform (Our products are tradable at least on Xetra).
  3. Set amount and review your order to ensure accuracy before confirming the trade.
Registered for sale (prospectus passported and/or approved in the following jurisdictions)
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Liquidity

Market Makers /
Authorised Participants (APs)
detailed info
Flow Traders B.V.
Jane Street Financial Limited
Susquehanna International Securities Limited
Goldenberg Hehmeyer LLP
Virtu Financial Ireland Limited
DRW Europe B.V.
Product Details

Structure

Domicile Germany
Issue Date 2023-03-28
Inception Date 2023-04-19
Primary Listing Date 2023-04-19
Primary Listing Exchange Deutsche Börse XETRA
Legal Form Debt Security, fully asset-backed
Product Structure ETP (Exchange Traded Product)
Redemption by Investors* Yes
Creation & Redemption (APs) In-kind
Leverage 1:1 (No leverage)
Minimum Investment 1 unit
Expiry Date Open ended
Replication Method Physically allocated (100% fully backed)
Lending No
* Possible against the underlying cryptocurrency or in cash in cases where redemption in cryptocurrency is not possible for regulatory reasons.

Key Service Providers

Issuer Bitwise Europe GmbH
Prospectus Competent Authority BaFin (Germany)
Custodian Coinbase Luxembourg, S.A.
Security Trustee The Law Debenture Trust Corporation p.l.c.
Administrator Apex Corporate & Advisory Services Ltd
Registrar Clearstream Banking AG
Paying Agent & Fiscal Agent Quirin Privatbank AG

Underlying Price Reference

Benchmark Name MSCI Global Digital Assets Select Top 20 Capped Index
Bloomberg Ticker MXGSDA20
Benchmark Provider MSCI Inc.
Price Reference Currency USD
NAV Valuation Method Daily NAV

Fees

Management Fee (TER) 0.85% p.a.
Performance Fee None
Entry/Exit Fees* None
* Your broker may charge commissions to buy and sell the ETP

Legal & Tax

ISA and SIPP Eligible Yes*
UCITS Compliant No
UCITS Eligible Contact us for more information**
SFDR Classification Contact us for more information
*subject to platform eligibility
**Currently, there are no definitive regulatory indications to determine the suitability of this ETP for investment in UCITS. Bitwise has conducted an internal analysis, applying the UCITS eligibility framework to ETPs with cryptocurrencies as underlying assets. For further information, please contact us at clients@bitwiseinvestments.com.

Risk Warnings

Investors should be aware that investing in crypto assets involves significant risks, including but not limited to:

  • Volatility Risk: The price of crypto assets and crypto exchange traded products (ETPs) can fluctuate significantly.
  • Liquidity Risk: Market depth and trading volumes may vary, affecting execution.
  • Custody Risk: Despite institutional-grade custody, digital assets may be vulnerable to cyber threats.
  • Regulatory Risk: Crypto assets and their treatment are subject to evolving regulatory frameworks.
  • Market Risk: Broader market movements can impact the value of the ETP.

While there may be potential for significant gains, you are at risk of losing part of or your entire capital invested. For complete information please refer to the relevant Final Terms and the Base Prospectus.

Investing in crypto-linked products is high risk and you could lose some or all of your investment. Crypto markets are highly volatile and prices can move sharply and unpredictably. Liquidity may be limited, which can affect your ability to buy or sell at the price you expect. There are additional risks relating to the product structure (including issuer/credit risk), custody and operational risks, and evolving regulation. A Key Information Document (KID) is available and should be read before making any investment decision. The prospectus, KID and final terms are available at https://bitwiseinvestments.eu/resources/ and contain further information on risks and product features.

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How to buy Bitwise MSCI Digital Assets Select 20 ETP

You can buy this ETP using your existing brokerage or investment account, subject to platform availability. The product is available through a range of participating platforms, including but not limited to:

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This list is not exhaustive. Platform availability may vary. Please check directly with your broker, bank, or financial adviser to confirm access to Bitwise ETPs.
How to order the ETP in stock market trading:
  • Log in to your online securities account.
  • Open the order entry section.
  • Enter ISIN DE000A3G3ZL3, WKN A3G3ZL or ticker DA20 for the product.
  • Select the relevant trading venue – such as the London Stock Exchange (LSE).
  • Choose the order amount and confirm your transaction.
Trading availability may depend on your broker’s platform settings, account type, and regulatory permissions.
What to do if the ETP is not available to you?

If the ETP does not appear in your trading platform, contact your broker’s or bank’s customer service team to request access.
Please include the product ISIN and ticker in your request.
If you experience difficulties, you can email clients@bitwiseinvestments.com for assistance.
Our team can liaise with your trading platform or bank to help resolve access queries.

This information is provided for general guidance only and does not constitute investment advice. Investors should confirm platform availability and suitability with their broker, bank, or financial adviser before investing.

Risks Involved in Investing in ETPs

  • Cryptocurrencies and products linked to cryptocurrencies are highly volatile.
  • You can lose some or all of your investment.
  • Risks of investing are numerous and include market, price, currency, liquidity, operational, legal, and regulatory risks.
  • Exchange traded products do not offer a fixed income or match precisely the performance of the underlying cryptocurrency.
  • Investment in cryptocurrencies and products linked to cryptocurrencies are only suitable for experienced investors and you should seek independent advice and check with your broker prior to investing.

All investors should read the relevant base prospectus and final terms contained on this website before investing and, in particular, the section entitled ‘Risk Factors’ for further details of risks associated with an investment.

Redirection to external website

The website or web pages to which you are redirected are not owned by Bitwise. Bitwise therefore shall not be held liable for any information, data, details, explanations and representations (hereinafter referred to as "Information") provided on such websites, in particular not for damages that may result from the use of this Information for your own investment decisions. Price and performance data on the websites of Bitwise may differ from the price information on the websites of the respective online brokers or banks.

The information on the websites to which you are redirected is the sole responsibility of their providers. The offers you find on the providers' websites are expressly not directed at persons in countries that prohibit the provision or retrieval of the content posted therein. Each user is responsible for finding out about any restrictions before accessing the websites and complying with them.

By clicking the "Continue" button, you will be forwarded directly to the website or login or order screen of the selected provider. In the case of an order form, the following fields are usually preset: ISIN, buy/sell and exchange. It should be possible to change such fields at any time. We recommend to carefully check all the details in the securities order form before placing an order.