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

KID

Base Prospectus

Factsheet

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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Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2020							14.28	-3.83	-6.42	16.80	17.48	-7.17	31.00
2021	22.17	40.13	27.02	32.08	-26.36	-17.71	1.21	10.31	-5.64	24.26	-5.48	-22.01	67.95
2022	-15.98	-9.76	-0.61	-10.16	-17.23	-37.71	19.41	-4.11	-2.17	6.43	-14.57	-6.69	-66.82
2023	31.46	2.79	18.82	0.18	-6.00	10.41	-6.69	-10.12	7.54	25.55	3.86	15.23	126.24
2024	0.76	26.34	12.93	-18.89	5.16	-4.97	1.27	-11.77	7.35	7.67	69.79		104.32

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 - November 30th, 2024

CHF 337.4

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

November marked a pivotal month for digital assets, with Bitcoin delivering its second-best monthly performance of 2024, surging 37.3%.

The rally, driven by the U.S. election and accurate forecasts from decentralized prediction markets, saw Bitcoin nearly breach the historic $100K milestone, peaking at $99.5K. Ethereum also had an exceptional month, posting a 47.2% return—its strongest of the year. Favorable macro conditions, including a 25bps Fed rate cut, further bolstered the market, driving record-breaking gains across digital assets.

Bitcoin solidified its position as the seventh-largest asset globally, while spot Bitcoin ETFs crossed half a trillion dollars in cumulative trading volume within a year, with the introduction of options trading enhancing market depth. The crypto market cap soared past $3 trillion, underscoring the scale of the current rally.

Market metrics also set records: the stablecoin market cap reached $190 billion, and CME’s futures open interest hit all-time highs, reflecting growing institutional activity. Optimism soared with the pro-crypto Trump administration poised to take office, SEC Chair Gary Gensler’s planned resignation, and Republicans securing Congress and Senate control. This historic alignment, humorously echoed by Elon Musk naming a department “Doge,” signals a new era of crypto-friendly policies.

Outlook

December is set to close 2024 on a strong note, supported by high market sentiment and historical patterns. In election years where the first half gains exceed 10%, December has consistently delivered positive returns. Crypto markets are seeing increased activity, with altcoins like XRP gaining traction after recent regulatory clarity. Stablecoin inflows signal rising risk appetite, often a precursor to altcoin gains.

Ethereum is expected to rise further as optimism around its ETF potential grows. Bitcoin remains dominant, nearing the $100K milestone. Capital rotation into altcoins is gaining momentum, supported by the incoming Trump administration’s pro-crypto stance, including proposals like the “Bitcoin Act” and plans for a U.S. Bitcoin reserve. Anticipation of a crypto-friendly SEC Chair and relaxed regulatory pressures adds to the positive outlook.

Private institutions continue adopting Bitcoin as a treasury reserve, fueling long-term demand. With favorable macro conditions, growing altcoin activity, and supportive policies, December marks a pivotal moment, concluding a transformative year and paving the way for greater adoption and expansion of digital assets in 2025.