LISTED
CHF
sECONDARY MARKET
OPEN END

Coded Capital Crypto Champions ETP

Coded Capital Crypto Champions ETP (CCCC) employs a long-only investment strategy, focusing on meticulously researched crypto assets. The selection process is informed by macroeconomic analysis, the regulatory landscape for cryptocurrencies, protocol economics, and technical analysis. The Portfolio Manager has the discretion to actively manage the portfolio, adjusting asset allocations and weightings based on comprehensive analysis. This investment approach is purely discretionary and does not utilize leverage.
Cumulative Return
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Return since 1 month
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Return YTD
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Performance
Risk Metrics
CCCC
standard deviation
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maximum drawdown
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CCi30
standard deviation
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standard deviation
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Historical Performance
and Track Record
The following data showcases the performance of the LTW Fund, a long-only growth strategy managed by Harlan Carere, Portfolio Manager of CCCC.
Since its inception, the LTW Fund has returned 254.7%, significantly outperforming its benchmark, the CCi30, by 132.3%. During the same period, the LTW Fund also outperformed Bitcoin, which returned 235.7%, by 21.1%.
Historical Monthly Performance
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YearJanFebMarAprMayJunJulAugSepOctNovDecYTD
2024-4.53-16.6811.306.1352.79-15.2721.63
20257.61-30.56-25.27
Objective
The Product CCCC (Coded Capital Crypto Champions ETP) trades selected digital assets as defined by SIX Swiss Exchange and USD / CHF with the objective of increasing the Net Asset Value (NAV) of the ETP in the mid to long term.
CCCC is a long-only strategy with the goal of outperforming its Benchmark, the CCi30 Index.
LISTING
SIX Swiss Exchange
MANAGEMENT FEE
2%
NAV — FEBRUARY 28, 2025  
CHF 100.77
ASSET MANAGER
FiCAS AG
ISSUER
Bitcoin Capital AG
ISSUE DATE
30.07.2024
ISSUE PRICE
CHF 100
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
DE000A3G6MG4
FiCAS Expert  Team Market Commentary
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Market Review
February remained true to its reputation as a volatile month, with Bitcoin dropping 17.39%.
Market uncertainty surrounding Trump’s tariff policies triggered early liquidations, pushing Bitcoin lower and sending altcoins back to September lows. Further pressure came from a higher-than-expected CPI print, sustained ETF outflows, and the $1.5 billion Bybit hack—the largest in crypto history. The redistribution of FTX holdings added to the selling momentum, deepening market fears. By month-end, sentiment hit extreme lows, with the Fear & Greed Index plunging to 10, a level last seen in the 2022 bear market.
During the month, the SEC dropped lawsuits against Ripple, Coinbase, and Uniswap, reducing regulatory pressure on the industry. Meanwhile, spot ETF filings surged, with Cardano, Polkadot, and Litecoin joining Ripple and Solana as leading candidates. Abu Dhabi’s Sovereign Wealth Fund’s $436 million investment in BlackRock’s Bitcoin ETF reinforced institutional confidence, signaling growing long-term acceptance of crypto assets.
Outlook
Following February’s market correction, March presents an opportunity for renewed momentum. Post-rally deleveraging cycles are common in crypto, and with key events now behind, the market could stabilize. The Federal Reserve’s FOMC meeting on March 19 will be a pivotal moment—while a rate cut remains unlikely, a small 25bps reduction is not entirely off the table. Market expectations will largely hinge on the Fed’s forward guidance, shaping sentiment for risk assets, including crypto.
Trump’s pro-crypto policies remain the primary growth catalyst. From the SEC’s evolving stance on crypto assets to ETF expansion and the administration’s focus on building a national strategic crypto reserve, U.S.-based blockchain projects stand to benefit. Once short-term headwinds subside, these policies could provide long-term structural support for the market.

Ethereum’s Pectra upgrade, set for release in March, introduces key UX and wallet security enhancements, aiming to improve user accessibility and network efficiency. As fundamentals strengthen and regulatory clarity improves, March could lay the groundwork for a more sustained uptrend.

Other Information

Factsheet
Legal Form
Exchange-Traded Product
Minimum Subscription
1 unit
Performance Fee
20%
High Watermark
Yes; 100 CHF
Secondary Market
1% bid-offer spread
Manager Type
Single Manager
Auditor
BDO AG, Liechtenstein
Liquidity
Daily
Paying Agent
InCore Bank AG
Executing Broker
Coinbase, Kraken, Crypto Broker
Depositary & Crypto Asset Storage Provider
Coinbase, AMINA Bank
Clearing Institution / Clearing Code
Issuance in Clearstream, available for settlement in Euroclear
Stock Exchange
Stuttgart Stock Exchange
Calculation Agent
Vinter (Invierno AB)
Domicile
Switzerland
Custody
Coinbase, AMINA Bank
Financial Market Authority
FMA Liechtenstein
Authorized Participant
Flowtraders

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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