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
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  -11.74       -7.79
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 - August 31st, 2024
CHF 11.95
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
August proved to be one of the most volatile months for Bitcoin and the broader digital assets market.
A mix of macroeconomic pressures and internal market dynamics caused Bitcoin's price to drop sharply from $65k to $49k within four days, with altcoins suffering even greater losses. A brief recovery rally began on August 6th, supported by trends from the Jackson Hole symposium and rate cut expectations, allowing Bitcoin to close the month at $59k. This marked the largest weekly drop since Bitcoin ETFs were introduced, driven by factors such as ongoing Mt. Gox and Genesis distributions, the unwinding of the Yen carry-trade, rising recession fears, reduced odds of a Trump presidency, and weak market sentiment.
Institutional developments provided a counterbalance to the market's turmoil. Goldman Sachs held over $400M in spot Bitcoin ETFs, and Morgan Stanley announced that wealth advisors could pitch Bitcoin ETFs to select clients. However, the SEC's rejection of Cboe’s filings for Solana ETFs, alongside setbacks like TON's price plunge and blockchain outages following CEO Pavel Durov's arrest, highlighted the ongoing challenges in the market. Despite these hurdles, 60% of the world’s top 25 hedge funds disclosed Bitcoin ETF holdings, indicating sustained institutional interest.
Outlook
As we move into September, we anticipate continued volatility as the crypto market approaches the end of its typically challenging summer season. Market participants are closely watching the anticipated rate cut, which would be the first since the Federal Reserve began its tightening cycle in 2022. This rate cut is significant as it marks the second time Bitcoin will experience a macro rate cut cycle, following the 2019 rate reductions that began preemptively due to global economic concerns, and which continued aggressively in 2020 following the onset of the COVID-19 pandemic.
We expect that the positive macro sentiment, coupled with optimistic expectations for 4Q, will create a favorable environment for the crypto market. The significant declines in August have driven many altcoins to record low prices, setting the stage for a potential recovery. As the broader market sentiment improves towards the latter part of September, we anticipate a buildup of positive momentum, particularly in undervalued altcoins.

Other Information

Factsheet
Structure
Exchange Traded Product (ETP)
Minimum Subscription
1 unit
Management Fee
2%
Performance Fee
20%
High Watermark
Yes; 16.09 CHF
Fund 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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