LISTED
CHF
sECONDARY MARKET
OPEN END

FiCAS Dynamic Crypto ETP

BTCD trades up to 15 selected digital assets as defined by the SIX Swiss Exchange in USD, CHF, and EUR with the aim of generating an absolute return and ultimately increasing the net asset value (NAV) of the ETP in the medium to long term. The product is a long-only strategy that is significantly influenced by the analysis of Bitcoin dominance.
ISIN
CH1295937705
KID
Base Prospectus
Factsheet
Cumulative Return
___.__%
Return since 1 month
__.__%
Return YTD
__.__%
Performance
Total
3M
YTD
1Y
Risk Metrics
BTCD
standard deviation
__%
maximum drawdown
__%
S&P 500
standard deviation
__%
standard deviation
__%
Historical Monthly Performance
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YearJanFebMarAprMayJunJulAugSepOctNovDecYTD
2023                  9.003.4914.8929.60
20240.6917.9310.33-21.323.22-3.63  1.88-11.748.794.0855.21-8.4348.38
20253.80-24.55-10.093.845.97-4.0915.96-5.49-0.57-9.83-16.10-38.74
Objective
The product is a long-only strategy that is significantly influenced by the analysis of Bitcoin dominance. Bitcoin dominance dictates the asset allocation between Bitcoin and altcoins, with a primary focus on Bitcoin and shifts to altcoins led by favorable Bitcoin dominance trends.
TradingView's Market Cap BTC Dominance Index serves as a key metric for Bitcoin dominance trend analysis. The investment style is discretionary and there is no leverage.
LISTING
SIX Swiss Exchange
MANAGEMENT FEE
2%
NAV — NOVEMBER 30, 2025  
CHF 11.78
ASSET MANAGER
FiCAS AG
ISSUER
Bitcoin Capital AG
ISSUE DATE
20.10.2023
ISSUE PRICE
CHF 10.00
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
CH1295937705
Ticker
BTCD
FiCAS Expert  Team Market Commentary
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Market Review
November turned risk-off decisively. Bitcoin fell 17.56 percent, its worst month of the year, while Ether declined 22.26 percent and Solana 28.72 percent.
The 40-plus-day government shutdown ended, but the resulting data blackout and absence of CPI and NFP prints kept macro uncertainty elevated. Liquidity remained tight, global risk aversion deepened, and while U.S. equities recovered in the final week, cryptocurrencies lagged. Bitcoin traded as a macro follower and high-beta proxy, with spot Bitcoin ETFs recording 3.79 billion dollars of outflows. Sentiment deteriorated, with the CoinGlass Fear and Greed Index at 15, an extreme-fear level last seen after the Terra-Luna episode.
Market structure and policy developments remained active. Privacy assets outperformed tactically, led by Zcash. Mastercard, Ripple, and Gemini began collaborating to pilot RLUSD settlement on XRPL. The IRS issued guidance allowing crypto ETPs to stake digital assets. JPMorgan started rolling out JPM Coin deposit tokens to institutional clients on Base. Taiwan is considering Bitcoin as a strategic reserve asset, Abu Dhabi Investment tripled its Bitcoin holdings in Q3, and Grayscale launched a DOGE ETF.
Outlook
Crypto remains tightly coupled to equities, and futures now imply an 86 percent probability of a further 25 bps Fed cut. That setup leaves room for a year-end recovery, but liquidity is still fragile, and ETF flows lack consistency, so follow-through will depend on data and breadth improving.

On the crypto-native side, catalysts are building. Ethereum’s Fusaka upgrade is set to launch, aiming to increase data capacity and enhance security. Base plans to introduce a token capital-raise platform that aims to deliver a compliant ICO format, and tokenomics reform is accelerating across several ecosystems.
On the policy front, President Trump floated using tariff revenue for $2,000 dividend cheques, a direct fiscal impulse that could reach digital assets. Similar cheques coincided with strong altcoin participation in 2020 and 2021.
‍
Positioning should stay nimble until inflows stabilise. If the Fed delivers and equities hold, leadership can broaden beyond Bitcoin into higher-beta names, with the upgrade and issuance pipeline as incremental tailwinds. If cuts slip or liquidity tightens, keep risk light, favour liquid large caps, and watch ETF net flows and stablecoin supply for confirmation.

Other Information

Factsheet
Structure
Exchange Traded Product (ETP)
Minimum Subscription
1 unit
Management Fee
2%
Performance Fee
20%
High Watermark
Yes; 19.71 CHF
Administrator
Bitcoin Capital AG
Liquidity
Daily
Domicile
Switzerland
Executing Broker
Coinbase, AMINA Bank
Custodian
Coinbase, AMINA Bank
Stock Exchange
SIX Swiss Exchange
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

Talk to Our TeamWatch Video

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
Talk to Our TeamWatch Video

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