Asset manager Bitwise has unveiled an exchange-traded product (ETP) tracking bitcoin (BTC) and gold.

The Bitwise Diaman Bitcoin & Gold ETP (BTCG), which commenced trading on Euronext Paris and Amsterdam on Thursday, replicates the Diaman Bitcoin and Gold Index.

The index dynamically reallocates value between BTC and gold, depending on the risk-adjusted performance of bitcoin, thus taking advantage of cyclical trends between risk-on and risk-off behavior in financial markets.

While bitcoin is often described as a form of digital gold, it often tracks risk assets like tech stocks rather than the yellow metal.

For example, gold ascended to record highs in February amid concerns about U.S. President Trump’s tariff plans. BTC, on the other hand, fell nearly 17%.