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.

ISIN

CH1348112678

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

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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Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2024							-4.53	-16.68	11.30	6.13	52.79		43.56

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 - November 30th, 2024

CHF 159.16

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

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.