LISTED
CHF
sECONDARY MARKET
OPEN END

15 FiCAS Active Crypto ETP

The product BTCA trades up to 15 selected digital assets as defined by SIX Swiss Exchange and USD / CHF and EUR with the objective to increase the net asset value (NAV) of the ETP over the medium to long term. BTCA is a long-only strategy that aims to outperform Bitcoin over time, rather than a specific benchmark of the 15 selected assets. The investment style is discretionary, and no leverage trading is used.
ISIN
CH0548689600
Cumulative Return
___.__%
Return since 1 month
__.__%
Return YTD
__.__%
Performance
Risk Metrics
btca
standard deviation
__%
maximum drawdown
__%
Bitcoin
standard deviation
__%
maximum drawdown
__%
Historical Monthly Performance
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YearJanFebMarAprMayJunJulAugSepOctNovDecYTD
2020      14.28-3.83-6.4216.8017.48-7.1731.00
2021 22.17 40.1327.02 32.08 -26.36 -17.71 1.2110.31-5.6424.26-5.48-22.0167.95
2022 -15.98-9.76 -0.61 -10.16 -17.23  -37.7119.41-4.11-2.176.43-14.57-6.69-66.82
202331.462.7918.820.18-6.0010.41-6.69-10.127.5425.553.8615.23126.24
20240.7626.3412.93-18.895.16 -4.97 1.27 -11.77 7.35 11.77
Objective
The objective of the 15 FiCAS Active Crypto ETP is to increase the net asset value (NAV) of the product in the medium to long term by trading bitcoins against 15 selected altcoins (as defined by the SIX Swiss Exchange) and exiting in fiat when this is the best option.
To attain its stated objective, FiCAS employs a discretionary investment approach, abstaining from leverage utilization and exclusively engaging in long positions. FiCAS selects and manages investments in Altcoins and Bitcoin based on a series of key indicators and parameters.
LISTING
SIX Swiss Exchange, Wiener Börse, Börse Stuttgart
MANAGEMENT FEE
2%
NAV - September 30th, 2024
CHF 184.56
ASSET MANAGER
FiCAS AG
ISSUER
Bitcoin Capital AG
ISSUE DATE
15.07.2020
ISSUE PRICE
CHF 100.00
BASE CURRENCY
CHF

Basket Allocation

The investment product allows retail, professional and institutional investors in Switzerland, Liechtenstein and in Austria, Belgium, Denmark, Finland, France, Germany, Italy, Luxembourg, Malta, Netherlands, Spain, and Sweden to invest in digital assets through their bank or broker, just as they would buy traditional equities in a regulated environment.
ISIN
CH0548689600
Ticker
BTCA
FiCAS Expert  Team Market Commentary
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Market Review
September marked a historic month for Bitcoin, posting a record 7.3% return, its best September performance ever.
This rebound was catalyzed by the Federal Reserve’s 50 basis point rate cut—the first in over four years since the pandemic-driven cuts of 2020. With macro conditions easing, optimism flooded the crypto markets, providing a boost not only to Bitcoin but also to key altcoins. The resurgence of the AI-crypto sector further underscored digital assets’ potential to serve as the currency of an AI-powered future.

As mid-September saw a shift to positive ETF net flows, institutional momentum was also evident. BlackRock’s BTC holdings hit a record 360,000, reinforcing Bitcoin’s evolving role as a store of value. Additionally, the SEC’s green light for options trading on BlackRock’s iShares Bitcoin Trust is expected to deepen market liquidity, inviting greater speculation and institutional involvement in Bitcoin ETFs, further anchoring Bitcoin’s position in diversified portfolios.
On the macro front, the broader environment remained favorable for risk assets. The ECB slashed interest rates to 3.5%, and China’s introduction of fresh stimulus measures has continued to support market sentiment. Meanwhile, the U.S. presidential race has injected a fresh dose of market intrigue. Projections from Standard Chartered suggest Bitcoin could hit $125,000 by year-end if Trump wins, or $75,000 if Harris prevails. Both candidates have embraced the crypto sector, with Harris publicly vowing to support blockchain innovation for the first time, a notable shift in the political narrative.
Outlook
As we head into October, market dynamics suggest heightened volatility, with open interest at elevated levels. This signals the potential for significant price swings, especially in the early part of the month. A wave of positive sentiment is sweeping through the crypto market, but for this momentum to be sustained, it needs to be coupled with renewed retail interest and liquidity flowing back into the space. A resurgence of retail capital would further solidify the bullish outlook.

Altcoins are particularly well-positioned to benefit from the current macro environment and seasonal trends. After two years of underperformance, we anticipate a strong rebound in the altcoin market, supported by favorable conditions and the broader risk-on sentiment. These factors align well with the typical seasonal strength observed in the crypto market during this time of year.
The SEC's recent postponement of decisions on BlackRock and Bitwise spot Ethereum ETFs has introduced a slight pause in regulatory clarity. However, with Ethereum ETF options potentially rolling out in 4Q, this development could inject additional liquidity and speculation into the market, setting the stage for a robust end-of-year rally.

Other Information

Factsheet
Structure
Exchange Traded Product (ETP)
Minimum Subscription
1 unit
Management Fee
2%
Performance Fee
20%
High Watermark
Yes; 283.62 CHF
Fund Administrator
Bitcoin Capital AG
Liquidity
Daily
Domicile
Switzerland
Executing Broker
Coinbase, AMINA Bank
Custodian
Coinbase, AMINA Bank
Stock Exchange
SIX Swiss Exchange, Stuttgart Exchange, Wiener Boerse
Calculation Agent
Vinter (Invierno AB)
Financial Market Authority
FMA Liechtenstein
Paying Agent
InCore Bank AG
Market Maker
Flow Traders B. V.
Authorized Participant
Flow Traders B. V.

How it works

No matter if you are familiar with crypto or not, you can successfully and safely start investing in crypto in a few easy steps

Enter ISIN number

Search for a specific FiCAS ETI or ETP by using its ISIN, ticker symbol or name on your bank or broker platform.

Step 1

Order details

Select the number of ETP shares you wish to purchase and specify the order type (market order, limit order, stop loss, etc.)

Step 2

Review and confirm

Review your order to ensure accuracy and confirm the trade.

Step 3

Track your asset performance

After the ETI or ETP order is executed, you can track the investment's performance through your bank or brokerage account.

Step 4
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