Our Take on Descartes Minimum Risk BTC 20
20% risk assets, 80% cash, and a 5% Bitcoin sleeve in the risk bucket. The most niche 3a strategy in Switzerland.
Descartes Minimum Risk BTC 20 ranks #67 among 82 3a investment funds in Switzerland. It's an actively-managed strategy combining 15% OLZ Optimized ESG factor equity, 5% iShares Bitcoin ETP and 80% Swisscanto money market, held in a personal securities account at Lienhardt & Partner Privatbank Zürich. The ultra-defensive version of the BTC barbell, and the most niche product in the Descartes family.
Does 5% Bitcoin Save a 20% Risk-Asset Defensive Fund?
Total risk-asset weight is 20%: 15% OLZ equity plus 5% iShares Bitcoin ETP. The 80% defensive bucket is Swisscanto money market. All-in cost is 0.64% (0.44% weighted TER plus 0.20% flat fee). On CHF 50,000 that's CHF 320 per year.
At this defensive tier, the 5% BTC sleeve is a quarter of the total risk allocation (5% out of 20%). So Bitcoin's volatility drives a disproportionate share of the portfolio's annual swings. Honest framing: this isn't a defensive strategy plus a token crypto sprinkle. It's a defensive strategy where Bitcoin is structurally a meaningful share of the risk-on bucket.
What Actually Stands Out
The combination of ultra-defensive cash allocation plus a structural Bitcoin sleeve is genuinely unusual. Most defensive 3a products are conservative across the board. Descartes' barbell approach keeps 80% in cash-equivalent paper while explicitly carving out 5% for asymmetric crypto exposure.
The Bitcoin is held through iShares Bitcoin ETP, a regulated exchange-traded product physically backed by BTC at an institutional custodian. The 15% OLZ Optimized ESG factor equity sleeve adds minimum-variance equity selection. Custody at Lienhardt & Partner Privatbank Zürich in your personal securities account with weekly trading in the 3a domain.
What Most Reviews Miss
A 3a savings account could be a cleaner alternative for the 80% cash portion. At this defensive tier, paying 0.64% on 80% money-market paper is a meaningful drag on net yield. A cantonal 3a savings account at a competitive rate on 100% of the balance often nets more than this strategy nets on the 80% money market sleeve after fees.
The 5-year return of -1.70% reflects exactly that headwind: a low-equity allocation with the OLZ underperformance period and the money-market sleeve missing any duration kicker. The 10-year +10.10% is mostly the Bitcoin sleeve compounding through its run-up. The structure works only if you specifically want the BTC kicker on a small risk-on sleeve.
The Bottom Line
Descartes Minimum Risk BTC 20 is the most specialized product in the Descartes family. Standalone it's hard to justify; as the defensive leg of a multi-strategy Descartes setup or for investors specifically wanting a small BTC sleeve near withdrawal it makes more sense. Compare to 3a savings accounts and pure defensive funds in our guide to the best 3a investment funds in Switzerland.
Verdict: Niche by design. Makes sense mainly for existing Descartes clients who want a single BTC-tilted defensive leg in a broader 3a setup.
Pros
- No custody fee
Cons
- Active management = higher fees
- Below-average 3-year performance
- No swing pricing protection
Product Details
At a Glance
- 15% stocks allocation
- TER: 0.44%
- Actively managed
- No custody fee
Fund Details & Allocation
Fund Details & Allocation
Asset Allocation
Stocks
15%
Bonds
0%
Other
85%
Investment Strategy
Actively-managed fund
Depositary Bank
Lienhardt & Partner Privatbank Zürich AG
Swing Pricing
No
Fees & Costs
Fees & Costs
Synthetic TER
0.44%
Flat Fee
0.20%
Custody Fee
Free
Performance Over Time
Historical performance of this investment fund. Past performance is not indicative of future results.
1 Year
+0.1%
3 Years
+5.4%
5 Years
-1.7%
10 Years
+10.1%
Retirement Projection
Based on max. contribution of CHF 7'258/year, age 30 to 65 (35 years), starting from CHF 0.
Compare to Similar Products
Frequently Asked Questions
- How much of the risk allocation is Bitcoin in Descartes Minimum Risk BTC 20?
- The Bitcoin sleeve is 5% of the total strategy, but a quarter of the 20% risk-asset bucket (5% out of 20%). That's a much larger share of the risk side than in the 80- or 100-tier BTC variants. Bitcoin volatility consequently drives a disproportionate share of the strategy's annual return swings.
- How is the Bitcoin exposure held inside Descartes Minimum Risk BTC 20?
- Through iShares Bitcoin ETP, a regulated exchange-traded product physically backed by Bitcoin at an institutional custodian. The ETP trades in your Lienhardt depot alongside the OLZ equity funds and the Swisscanto money market position. No wallet, no private-key management.
- What sits in the 80% defensive bucket?
- Swisscanto Money Market Fund CHF FT, a cash-equivalent fund. Bond percent on the strategy is 0%. The defensive sleeve provides short-duration stability rather than the interest-rate sensitivity of a bond fund. At this allocation, the money market is doing nearly all the work on the defensive side.
- Where is the depot held for Descartes Minimum Risk BTC 20?
- At Lienhardt & Partner Privatbank Zürich AG in a personal securities account in your own name. Same custody setup as every other Descartes strategy, including the standard Minimum Risk family and the Index family. Weekly trading in the 3a domain handled by Lienhardt.
How We Rated This Product
Descartes Minimum Risk BTC 20 was evaluated as a product using our weighted scoring system.
Ratings are updated monthly based on the latest available data. All products are evaluated using the same methodology.
Ready to Open?
Open the Descartes Minimum Risk BTC 20 today and start enjoying its benefits.