LISTED

CHF

sECONDARY MARKET

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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

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Return since 1 month

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Return YTD

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Performance

Risk Metrics

BTCD

standard deviation

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maximum drawdown

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S&P 500

standard deviation

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standard deviation

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Historical Monthly Performance

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Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2023										9.00	3.49	14.89	29.60
2024	0.69	17.93	10.33	-21.32	3.22	-3.63	1.88	-11.74	8.79	4.08	55.21	-8.43	48.38
2025	3.80	-24.55	-10.09	3.84	5.97	-4.09	15.96	-5.49	-0.57	-9.83	-16.10	-9.34	-44.36
2026	-10.67	-15.09	4.67	4.85									-16.76

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 — APRIL 30, 2026

CHF 8.88

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

April delivered a constructive rebound for digital assets.

Bitcoin gained 11.8%, its strongest month since April 2025, while Ethereum rose 7.3%. Sentiment improved notably after the 7 April ceasefire announcement, which helped underpin a renewed bid for BTC. Spot ETF flows were broadly supportive through most of the month, and BTC held in ETFs is up 22% year to date. Despite the recovery, low volatility remained a defining feature into the month-end.

Macro conditions stayed sensitive to Middle East developments, where energy-linked inflation pressures remained elevated. The Fed held rates at 3.50% to 3.75% as expected, but the 8–4 vote split marked the largest dissent count in 34 years. Sector leadership was selective. Privacy assets regained momentum, with Zcash up 41% and Monero also recovering, while the broader altcoin complex continued to lack sustained volume and positive sentiment.
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Tokenisation continued moving into mainstream finance through visible institutional initiatives. JPMorgan CEO Jamie Dimon highlighted the need to adapt as tokenised markets expand, while Morgan Stanley is incorporating tokenisation into its broader crypto strategy. Charles Schwab’s recent crypto offering also signals deeper integration between traditional finance and digital assets. Against these positives, operational risk resurfaced. April saw notable security stress, including the Kelp DAO and Drift incidents, alongside reports of highly sophisticated attacks linked to North Korean state-sponsored actors, reinforcing that infrastructure risk can still trigger abrupt liquidity dislocations.

Outlook

The market is in a rigorous professionalisation phase, but the macro backdrop still matters. Oil remains elevated versus prior months, keeping inflation risk on the radar and limiting how far risk can run without fresh catalysts. For Bitcoin, the 86,000 level is a key reference point. A clean hold would support a base-building process, while failure would likely keep rallies tactical rather than durable. Absent new positive developments from the Middle East, upside may lean medium-term rather than sustained momentum.

Policy is the main swing factor. Markets are monitoring the potential confirmation of Kevin Warsh as Fed Chair in May. A Warsh-led Fed is increasingly discussed as a setup that could accelerate the rate-cut cycle later in 2026, which would be supportive for risk assets, including crypto. In parallel, regulatory momentum in the U.S. is improving. More than 100 firms, including Coinbase, are backing the CLARITY Act, which currently represents the strongest legislative traction in building a workable market-structure framework. Senator Lummis has also confirmed a May markup, keeping the timetable in focus.
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On the crypto-native side, two themes stand out. First, the post-quantum debate is moving from theory toward planning. The discussion around BIP-361, described as a “Post-Quantum Migration and Legacy Signature Sunset,” signals early groundwork for how Bitcoin could manage future cryptographic transitions. Second, SEC Chair Atkins has launched Project Crypto, including a five-category token taxonomy that classifies most digital assets as non-securities, alongside an SEC-CFTC memorandum of understanding aimed at aligning definitions across agencies. Together, these steps can reduce legal overhang and improve investor confidence, but the market still needs liquidity and follow-through in spot flows to translate policy progress into a stable uptrend.