ETF sheet · Issuer-declared data

Melanion Bitcoin Equities UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: FR0014002IH8Ticker: BTCIssuer: MelanionClass: EUR Acc

Equity tracking the Melanion Bitcoin Exposure Index, physical replication, accumulating. Share class in euro (EUR).

Invests in companies linked to the Bitcoin ecosystem, without holding bitcoin directly.

rows published by the issuer · holdings ↓ ✓ declared by the issuer

7 m €

assets ✓ declared by the issuer

−6.29 pt /year

average tracking difference 2023–2025 · year by year ↓ ≈ computed by Rebalix

Every figure carries its provenance: ✓ declared by the issuer in its documents · ≈ computed by Rebalix on the declared data.

Fund

Name

Melanion Bitcoin Equities UCITS ETF

Declared index

Melanion Bitcoin Exposure Index

Management

Passive (index-tracking) (from the KID)

Replication

Physical

Assets

7.2 mln EUR

Domicile

France

Share class · this page

ISIN

FR0014002IH8 · EUR Acc

Ticker

BTC

Share-class currency

euro (EUR)

Maximum ongoing costs declared

up to 3.50% (maximum declared in the KID; no point TER published)

Transaction costs

0.00% (issuer estimate, from the KID)

Income policy

Accumulating

NAV

14.4 EUR (15 October 2026)

Inception date

22 October 2021

Data as declared by Melanion in the issuer’s official files and endpoints · collected on 17 October 2026 (monthly refresh). Facts only, no recommendation.

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OverviewIn this sectionQuick reads Fund objective What changed over time

Quick reads

Mining 37.7%first sector from the declared portfolio✓ declared by the issuer
31 rowspublished by the issuer; completeness of the list not declared✓ declared by the issuer
Top 10 = 56.7%of the fund✓ declared by the issuer

✓ declared by the issuer · ≈ computed by Rebalix on the declared data in our census. They describe the past and are not indicative of future results.

Description and fund objective

Melanion Bitcoin Equities UCITS ETF tracks the issuer-declared index: Melanion Bitcoin Exposure Index. Replication is physical replication (it buys the index constituents); income is accumulated and reinvested in the fund. The fund has assets of about 7 million euro, was launched on 22 October 2021 and is domiciled in France.

The fund’s objective — in the issuer’s words

The objective of this Fund is to track as closely as possible the performance of the Melanion Bitcoin Exposure Index (the “Index”) regardless of its trend, positive or negative. The Index of this passive management is calculated net dividends reinvested (the dividends net of tax paid by the index constituents are included in the Index return).
Keep reading the KID section ▾
It is denominated in USD. You are exposed to the exchange rate between the currencies of the Shares making up the Index and the currency of the fund with net dividends reinvested. The Fund will achieve its management objective via a physical replication metho d, i.e. by investing in a basket of equity securities representing the index constituents. 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 ser vices, "Crypto Mining" and Blockchain technology, or the companies that hold Cryptocurrency on their balance sheets. The selection and weighting of the components of the Index is made on the basis of fundamental and quantitative filters as indicated in the index methodology guidebook. An exhaustive description and the complete methodology for constructing the Index is available on the BITA website: https://www.bitadata.com. Ticker Bloomberg: MBCEXI. The reference currency of the Unit is the Euro. The expect ed level of tracking error under normal market conditions is set out in the Fund prospectus. You can resell your units on a daily basis during the opening hours of the various exchanges where the ETF will be listed, provided that the Market Makers are able to make the market.
Intended retail investors:This product is intended for investors, with a basic knowledge of and no or limited experience of investing in funds, seeking to increase the value of their investment and to receive income over the recommended holding period of 5 years and who are prepar ed to take on a high level of risk to their original capital. 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 stocks exposed to Bitcoin, the Fund will not necessarily or mechanically follow the price of Bitcoin itself, whether it is ri sing or falling. Depository: CACEIS Bank. The prospectus, the statutes, the key information documents relating to the other share categories of this Product, the net asset value, the latest annual and periodic documents drawn up in French, are available free of charge upon simple written request f rom: Melanion Capital SAS, 17 avenue George V, 75008 Paris

From the KID’s “Objectives” section · KID acquired on 6 October 2026 · original document ↓

Text generated from the data the issuer declares in official product lists. No recommendation.

What has changed in the fund over time

Every month we snapshot the register and the holdings and keep the picture. The history shows how the fund changes, not only what it is today.

Share-class launch
22 October 2021
declared by the issuer
Basket snapshots
none so far
from the next monthly run
Dated events
none so far
TER, index, name, tax: every change is an event

Open the history →

Italian taxation

Ordinary rate on income and gains: 26%
Share of tax-favoured government bonds: not available in the issuer sources consulted by Rebalix
Effective rate for this fund: cannot be determined by Rebalix with the available data

For individuals resident in Italy, outside business activity. Any tax-favoured component may reduce the effective levy. The intermediary may hold tax information not published on the issuer’s website; the absence of the figure on Rebalix does not imply a zero favoured share.

PerformanceIn this sectionChart Backtest Tracking difference

Fund performance

rebased return series published by the issuer · EUR · from Oct 2021 to Oct 2026

Rebased series published by the issuer (Melanion): base 100, EUR, income reinvested, from Oct 2021. Not a price series.

Multiplying a series by a constant leaves returns, volatility and drawdowns unchanged: chart, period returns, risk and the amount simulation hold. The latest NAV and whole units are not read from here; 4 pre-launch points are excluded from the investable history.

Adjusted for inflationCompare with the index

Compare with another ETF

Only funds we hold a history for. Three at a time, at most.

Return

-50.5%

Annualised

-13.2%

Volatility (ann.)

71.0%

Max drawdown

-90.65%

22 Oct 2021 → 15 Oct 20264 years and 12 months · -50.5%

Accumulating class: income is reinvested inside the fund and already reflected in the NAV; no distribution is left out of the chart.

Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.

Max drawdown

-90.65%

peak → trough

Trough

28 Dec 2022

from the 09 Nov 2021 peak

Recovery time

not yet

recovery only: trough to break-even

Underwater

1,801 days

decline + recovery: peak to break-even · ≈ 4 years and 11 months · (ongoing)

The five worst falls in the period

From the peak of	Trough	Depth	Back to break-even	Days underwater
09 Nov 2021	28 Dec 2022	-90.65%	ongoing	1,801
25 Oct 2021	27 Oct 2021	-5.33%	28 Oct 2021	3
03 Nov 2021	05 Nov 2021	-0.93%	08 Nov 2021	5

Calendar-year returns

2021

-25.0%

since launch, 22 Oct

2022

-82.7%

2023

184.9%

2024

56.3%

2025

-11.6%

2026

-3.0%

2021: the share class was launched on 22 October 2021; the return runs from launch to 31 December 2021 and is not a full year.

Month-by-month returns

2026Year -3.0%

Jan

7.6

Feb

-13.9

Mar

-13.4

Apr

27.5

May

30.7

Jun

-12.6

Jul

-15.0

Aug

7.4

Sept

4.2

Oct

-12.7

Nov

Dec

2025Year -11.6%

Jan

5.9

Feb

-21.2

Mar

-23.1

Apr

4.3

May

15.8

Jun

10.2

Jul

8.4

Aug

2.7

Sept

31.1

Oct

13.9

Nov

-20.6

Dec

-21.5

2024Year 56.3%

Jan

-26.0

Feb

36.0

Mar

16.9

Apr

-23.3

May

14.0

Jun

17.5

Jul

0.5

Aug

-18.5

Sept

11.1

Oct

15.2

Nov

48.4

Dec

-16.8

2023Year 184.9%

Jan

48.8

Feb

-1.6

Mar

6.7

Apr

4.4

May

9.4

Jun

13.5

Jul

24.2

Aug

-25.3

Sept

-15.2

Oct

3.5

Nov

16.1

Dec

48.8

2022Year -82.7%

Jan

-25.8

Feb

6.1

Mar

2.5

Apr

-29.4

May

-24.8

Jun

-37.8

Jul

46.4

Aug

-4.5

Sept

-12.4

Oct

0.0

Nov

-30.2

Dec

-24.3

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sept	Oct	Nov	Dec	Year
2026	7.6	-13.9	-13.4	27.5	30.7	-12.6	-15.0	7.4	4.2	-12.7			-3.0
2025	5.9	-21.2	-23.1	4.3	15.8	10.2	8.4	2.7	31.1	13.9	-20.6	-21.5	-11.6
2024	-26.0	36.0	16.9	-23.3	14.0	17.5	0.5	-18.5	11.1	15.2	48.4	-16.8	56.3
2023	48.8	-1.6	6.7	4.4	9.4	13.5	24.2	-25.3	-15.2	3.5	16.1	48.8	184.9
2022	-25.8	6.1	2.5	-29.4	-24.8	-37.8	46.4	-4.5	-12.4	0.0	-30.2	-24.3	-82.7
2021											-0.7	-32.7	-25.0(since launch)

From the issuer’s month-end return series, over the full history shown in the chart (income reinvested). Deeper colour = larger move.

Method and sources

Source: Melanion. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available — — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Tracking difference — fund vs index

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 1 of the last 4 calendar years: a past observation, not an indication of future outperformance.

Average annual TD, 2023–2025

-6.29 pt /year

Year	Fund	Index	Difference (pt)
2025	-11.62%	-8.08%	-3.54 pt
2024	+56.33%	+62.86%	-6.53 pt
2023	+184.88%	+193.67%	-8.79 pt
2022	-82.72%	-82.81%	+0.09 pt

Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →

RiskIn this sectionRisk

Risk indicators· EUR

Last year

Volatility (ann.)66.31%

Max drawdown-56.85%

Sharpe-0.72

Sortino-1.00

Last 3 years

Volatility (ann.)69.94%

Max drawdown-56.95%

Sharpe0.73

Sortino1.11

Full history

Volatility (ann.)71.12%

Max drawdown-90.65%

Sharpe0.12

Sortino0.18

	Last year	Last 3 years	Full history
Volatility (ann.)	66.31%	69.94%	71.12%
Max drawdown	-56.85%	-56.95%	-90.65%
Sharpe	-0.72	0.73	0.12
Sortino	-1.00	1.11	0.18

Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. Computed from the issuer’s daily rebased return series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.25%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR, the fund's currency; the table follows the currency selected in the chart.

PortfolioIn this sectionHoldings

Portfolio holdings

Rows in the published list

Top-10 weight

56.7%

Top 10 holdings

MicroStrategy Inc-CL A · MSTR UW

8.37%

Coinbase Global Inc -Class A · COIN UW

6.75%

BITMINE IMMERSION TECHNOLOGI · BMNR US

6.61%

FORWARD INDUSTRIES INC · FWDI US

6.20%

Marathon Digital Holdings Inc. · MARA UR

5.58%

Circle Internet Group Inc · CRCL US

4.92%

BitDeer Technologies Group · BTDR US

4.71%

Galaxy Digital Holdings Ltd · GLXY US

4.65%

Hive Blockchain Technologies · HIVE US

4.61%

Canaan Inc · CAN UQ

4.28%

Sectors

Mining

37.7%

Financial Service Provider

32.4%

Crypto Treasury

12.3%

Information Technology

10.3%

Communications

6.5%

Blockchain

1.0%

Countries

up to 1%1–5%5–15%15–30%over 30%

Hover a country for its percentage.

Countries

United States83%

Canada6.7%

China4.3%

Australia3%

Israel1.6%

France1.5%

⬇ Download the published holdings — Excel, 31 rows

Positions as declared by Melanion’s source, holdings as at 5 October 2026. The source warns that the positions shown may differ from the ETF’s actual positions. Values are not rescaled. Total weight of the positions shown by the source: 100.0%. How Rebalix verifies portfolio holdings →

StructureIn this sectionExchanges

Stock exchange listings

Exchanges with a ticker available· in alphabetical order

Exchange	Ticker	Exchange source	Registered since
Borsa Italiana (ETFplus)	BTCfrom the issuer	ESMA register (FIRDS)	7 Jun 2022
Euronext Amsterdam	BTCfrom the issuer	ESMA register (FIRDS)	22 Jun 2023
Euronext Paris	BTCfrom the issuer	ESMA register (FIRDS)	22 Oct 2021
Xetra (Deutsche Börse)	MBTCfrom the issuer	ESMA register (FIRDS)	6 May 2025

from the issuer — ticker declared by the issuer in its product list.

Each row is one exchange: the operator with all its markets and segments (regulated market and Freiverkehr included). “Registered since”: admission date in the ESMA register (FIRDS), not necessarily the first trading day; a dash = date not recorded in the sources.

Other exchanges on record · 7 · show

Exchange	Ticker	Exchange source	Registered since
Börse Düsseldorf	not available	ESMA register (FIRDS)	6 Jul 2022
Börse Frankfurt	not available	ESMA register (FIRDS)	6 May 2025
Börse Hamburg	not available	ESMA register (FIRDS)	2 Dec 2025
Börse Hannover	not available	ESMA register (FIRDS)	13 Nov 2025
Börse München / gettex	not available	ESMA register (FIRDS)	7 Oct 2025
Börse Stuttgart	not available	ESMA register (FIRDS)	19 May 2025
Tradegate Exchange	not available	ESMA register (FIRDS)	11 Aug 2023

For these exchanges none of the listing sources Rebalix covers provides a ticker; the listing is known from the ESMA register (FIRDS) or declared by the issuer. For Börse Düsseldorf the ESMA register records the listing on 2 segments of the same operator, shown as a single row. For Börse Frankfurt the ESMA register records the listing on 2 segments of the same operator, shown as a single row. For Börse Hamburg the ESMA register records the listing on 2 segments of the same operator, shown as a single row. For Börse München / gettex the ESMA register records the listing on 2 segments of the same operator, shown as a single row. For Börse Stuttgart the ESMA register records the listing on 3 segments of the same operator, shown as a single row.

+ 4 other trading platforms (platforms for professional participants and segments without admission to listing, such as an exchange operator’s dark books or auctions): they are not exchanges and are not listed.

Exchanges are taken from the official ESMA register (FIRDS) and, where FIRDS does not cover the exchange (London, Zurich) or does not record the current listing, from the issuers’ product lists and documents: the “Exchange source” column says so row by row. Each exchange is a single row, with all its markets and segments. Tickers come from the issuers’ product lists and tax documents or, where indicated, from ISIN→exchange mapping under the open FIGI standard (OpenFIGI). Activity on a dark book, an auction or an ancillary platform does not prove a listing on the exchange that operates it. Rebalix mainly covers venues in the European Economic Area, Switzerland and the United Kingdom: when the issuer declares current listings in other jurisdictions too, they appear with their source, outside the ESMA register perimeter. Terminated or cancelled listings are not shown. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker.

DocumentsIn this sectionDocuments FAQ

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed version ProspectusPDF in English, from the issuer’s site — the fund’s full legal document FactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot

The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Frequently asked questions

Which index does Melanion Bitcoin Equities UCITS ETF track?

The issuer Melanion declares the benchmark: Melanion Bitcoin Exposure Index.

What is the fund size of BTC?

The fund size declared by Melanion is about 7 million euro.

When was BTC launched?

The fund was launched on 22 October 2021: it has 4 years of history.

How does BTC replicate its index?

It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Physical”).

Does BTC pay dividends?

No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).

Where does BTC trade?

Per the official ESMA register (FIRDS) and the issuer’s documents it is listed on 4 exchanges with a ticker available, including Borsa Italiana (ETFplus) (BTC), Euronext Amsterdam (BTC), Euronext Paris (BTC), Xetra (Deutsche Börse) (MBTC).

What was BTC's worst fall?

Over the available history (since 2021), the maximum drawdown was -90.65%, reached in December 2022. Past performance is not indicative of future results.

What is BTC's tracking difference?

Over the three most recent complete calendar years (2023–2025) the fund returned on average -6.29 percentage points per year versus its index: the annual mean of the differences, from issuer-declared series.

How many positions does BTC publish?

The list published by the issuer and archived by Rebalix has 31 rows; the top 10 weigh 56.7%. The issuer does not declare the list as complete: rows are reported as published, weights included, even where a position has zero weight.

Transparency note

The data in this sheet is declared by Melanion in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.

Do you represent the issuer? Report a correction or an update