Title: [en] ETC Key Information Document (PDF) URL Source: https://docs.oppl.io/etf/DE000A3GMKD7_20-04-2026.pdf Published Time: Sun, 26 Apr 2026 13:02:06 GMT Number of Pages: 3 Markdown Content: Key Information Document # Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. # Product Name of the product Bitwise Physical Ethereum ETP (“ ZETH “) Product numbers ISIN: DE000A3GMKD7 PRIIP manufacturer: Bitwise Europe GmbH (“ Issuer “) (https://bitwiseinvestments.eu). The Issuer forms part of the Bitwise Group. Phone number +49 69 8088 3728 Competent authority of the manufacturer of the product The Federal Financial Supervisory Authority (BaFin) Germany is responsible for supervising the Issuer in relation to this Key Information Document. Key information document created: 20/04/2026 08:26 (version 68) You are about to purchase a product that is not simple and may be difficult to understand. # What is this product? ## Type ZETHs are bearer bonds under German law that are secured by Ethereum deposited in a depositary for safekeeping. ## Term The product does not have a fixed term, subject to exercise by the investor or termination by the Issuer. ## Objectives Investors who wish to invest in the cryptocurrency Ethereum ( “Ethereum” ) as specified in the “Underlying” field in the table below as part of their investment strategy can purchase this product, the value of which is based on the Ethereum price, on the secondary market or from an “Authorised Participant”. The product is purchased through the secondary market in fiat currency. Payment of the product purchased through an Authorised Participant may be made either in Ethereum, in another cryptocurrency or in such fiat currency as the respective Authorised Participant accepts. Ethereum received by the Issuer as consideration from the sale of the product to Authorised Participants are transferred to a designated security account as collateral. This means that for each unit of the product in circulation, a predefined Ethereum amount is available to hedge the product (the “Cryptocurrency Entitlement” ). At the time of issue, this is 0.01 Ethereum and decreases continuously in value by 1.49% annually, calculated on a daily basis from the Cryptocurrency Entitlement of each unit of the product over the entire holding period of the product. This means that the Cryptocurrency Entitlement per share decreases by approximately 0.0041% every day (= 1/365 of 1.49%). Ethereum held to back ZETH are held institutionally by Zodia Custody (Europe) SA, regulated as a crypto-asset service provider by the Commission de Surveillance du Secteur Financier (CSSF) (the “Depositary” ). The Issuer has appointed Law Debenture Trust Corporation p.l.c. (the “Collateral Trustee” ) as a collateral trustee to hold the collateral rights for the Ethereum deposited with the Depositary on behalf of all current and future ZETH holders. Termination by the Investor: An investor may sell the product anytime on the stock exchange. Alternatively, the product can be terminated in whole or in part, with the Issuer or an Authorised Participant (Certain terms and conditions apply) at any time. Repayment always takes place in Ethereum. The Investor’s claim to repayment corresponds to the Cryptocurrency Entitlement on the repayment date less repayment fees. An Authorised Participant or the Issuer transfers this claim to the Digital Wallets specified by the investor on the repayment date. If, for legal reasons, an investor is prevented from receiving payments in Ethereum, the Investor may request repayment in US dollars ( “USD” ) as an alternative to repayment in Ethereum. The investor will then receive an amount of money in USD equal to the amount obtained in an auction for the collateral Ethereum. Mandatory Redemption by the Issuer: The product terms and conditions also state that, if certain events occur, the Issuer may repay the product prematurely in Ethereum or, if an investor is prevented from obtaining Ethereum for legal reasons, in USD. These events are explained in more detail in the product terms and conditions. It is likely that any return the investor receives in the event of such early repayment will be different from the scenarios described above and may be considerably less than the amount that the investor invested upon purchase. Total loss is also possible. Furthermore, investors run the risk that termination will be requested at a time that is unfavourable to them and that they will only be able to reinvest the terminated amount on worse conditions. Underlying Ethereum (Bloomberg: XETUSD BGN Curncy) Product currency US Dollar Issue Date 23/02/2021 Trading Day A day on which the Frankfurt Stock Exchange is open. Cryptocurrency Entitlement per unit of security Initially 0.01 Ethereum, reduced over time by a fee of 1.49% p.a. Mandatory Redemption The Issuer is entitled to Mandatory Redemption if certain events occur, as stated in the product conditions. Rights of bondholders ZETH holders may return the product for Ethereum at any time or, if a payout in Ethereum is not possible due to applicable regulatory requirements, the equivalent value in USD (the exact amount is determined in the product conditions). ## Intended retail investor The product is intended for private investors who: • are able to bear a total loss of the amount invested; • are seeking a speculative investment opportunity that is accompanied by the expectation that the underlying will gain sufficient value over time to exceed any fees; • have only limited technical capabilities or lack the relevant technical expertise and therefore, instead of investing directly in Ethereum with the aid of bearer bonds with a value based on the Ethereum price, would like to invest in Ethereum without having to hold Ethereum themselves during the lifetime of the product; • recognise that the value of the product can change frequently due to the extremely volatile underlying and, as a result, have sufficient time to actively monitor and manage the investment; • have advanced knowledge and/or experience with comparable financial products and understand the cost structure of the product, including the Cryptocurrency Entitlement that decreases daily. # What are the risks and what could I get in return? ## Risk indicator ## Risk indicator The Risk Indicator assumes you keep the product for the recommended holding period of 5 years. Key Information Document The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. We have classified this product as 6 out of 7, which is the second-highest risk class. This rates the potential losses from future performance at a high level, and poor market conditions will likely impact the capacity of Bitwise Europe GmbH to pay you. Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. This product does not include any protection from future market performance so you could lose some or all of your investment. If we are not able to pay you what is owed, you could lose your entire investment. ## Performance scenarios What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average and, and best performance of the product over the last 10 years. Markets could develop very differently in the future. Recommended Holding Period: 5 years Example Investment: USD 10,000 If you cash in after 1 year If you cash in at the Recommended Holding Period Scenarios Minimum There is no minimum guaranteed return. You could lose part or all of your investment. What you might get back after costs 0 USD 0 USD Stress Average return each year -100.00 % -100.00 % What you might get back after costs 830 USD 925 USD Unfavourable Average return each year -91.47 % -37.79 % What you might get back after costs 14,113 USD 102,347 USD Moderate Average return each year 40.60 % 59.02 % What you might get back after costs 1,034,245 USD 4,868,942 USD Favourable Average return each year 9,735.23 % 243.57 % The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. The stress scenario shows what you might get back in extreme market circumstances. Unfavourable scenario: This type of scenario occurred for an investment between 12/12/2024 and 17/04/2026. Moderate scenario: This type of scenario occurred for an investment between 28/06/2019 and 28/06/2024. Favourable scenario: This type of scenario occurred for an investment between 30/11/2016 and 30/11/2021. # What happens if Bitwise Europe GmbH is unable to pay out? Although ZETH is a product that is secured with Ethereum, the Investor bears the risk that the Issuer may not be able to fulfil its obligations in relation to the product, for example in the event of the Issuer’s insolvency. The Issuer is a special purpose vehicle with no business activities of its own. As a result, the exclusive purpose of the Issuer is to issue this product. For example, the Issuer may only have access to the Ethereum deposited to hedge ZETH as a means of meeting all issue or payment claims relating to the product. This product grants you right to the deposited Ethereum or to the security rights held by the Collateral Trustee through the custody account and through the Issuer’s securities account. The occurrence of different scenarios with regard to these Ethereum and the claims to the security rights may affect the ability of the Issuer to meet its obligations under the product conditions. Although the Issuer undertakes to deposit a sufficient amount of Ethereum with Zodia Custody (Europe) SA to cover all ZETH claims, there is a risk that the Ethereum deposited by the Issuer to hedge ZETH will not be sufficient to meet your redemption request or payment claims. A total loss of the invested capital is possible. There is no obligation to make further contributions. The product is not a deposit and is not subject to deposit protection. # What are the costs? The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment. ## Costs over time The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest and how long you hold the product. The amounts shown here are illustrations based on an example investment amount and different possible investment periods. We have assumed: • In the first year you would get back the amount that you invested (0 % annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario. • USD 10,000 is invested. If you cash in after 1 year If you cash in at the Recommended Holding Period Total costs 151 USD 3,774 USD Annual cost impact (*) 1.49% each year 2.39% each year (*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 60.18% before costs and 57.79% after costs. ## Composition of costs One-off costs upon entry or exit If you cash in after 1 year Entry costs * We do not charge an entry fee. 0 USD > 1234567 You may not be able to sell your product easily or you may have to sell at a price that significantly impacts on how much you get back. > Lower risk Higher risk # Key Information Document Exit costs ** We do not charge an exit fee for this product, but the person selling you the product may do so. 0 USD Ongoing costs Management fees and other administrative or operating costs 1.49% of the value of your investment per year. 151 USD Transaction costs There is no transaction cost for this product. 0 USD Incidental costs taken under specific conditions Performance fees There is no performance fee for this product. 0 USD On the date of updating this key information document, the Issuer had not charged any one-off costs. * Secondary-market investors trade directly with a participating broker or via a stock exchange and pay the fees charged by their broker. The trading margins are publicly available on the stock exchanges on which the product is listed, or can be requested from brokers. You can find out the actual costs from your broker, financial adviser or sales company. ** If an investor decides to terminate the product instead of selling it on the stock exchange or on the OTC market, they may have to pay a upfront redemption fee of EUR 50 (waived by the Issuer in certain situations) plus an exercise fee of 1%. Secondary-market investors trade directly with a participating broker or via a stock exchange and pay the fees charged by their broker. The trading margins are publicly available on the stock exchanges on which the product is listed, or can be requested from brokers. You can find out the actual costs from your broker, financial adviser or sales company. # How long should I hold it and can I take money out early? The recommended holding period of the product is 5 years However, since Ethereum are very volatile, investors should constantly monitor the value of the product, as sudden changes in value can occur frequently and abruptly. Investors can sell the product on the regulated market on which it is listed. You can alternatively sell the product over the counter by submitting a redemption application to an Authorised Participant or directly to the Issuer and surrendering the product to them. You must instruct your custodian bank responsible for executing the order for the specified product accordingly. After execution, you will receive 0.01000000 Ethereum less 1.49% p.a. management fee, less repayment fees (calculated from the date of issue of ZETH) as described above under “What type of product is it?”. Stock exchange listing Frankfurt Stock Exchange; and from time to time additional stock exchanges Last trading day on the stock exchange One exchange trading day before the early redemption date, if the Issuer redeems the investment Smallest tradable unit 1 unit of product Listing Listing per unit In exceptional market situations or in the event of technical problems, it may be temporarily difficult or impossible to buy or sell the product. # How can I complain? Complaints about the person/entity who/that advised you or sold the product to you may be lodged directly with the relevant person. Complaints regarding the product or behaviour of the Issuer of this product may be posted in writing to Bitwise Europe GmbH, Thurn- und Taxis-Platz 6, 60313 Frankfurt am Main, Germany, or emailed to eu-office@bitwiseinvestments.com. Complaints should include the name of the product, the ISIN and the reason for the complaint. # Other relevant information Updated and additional documents relating to the product, particularly the prospectus and any supplements, are published on the https://bitwiseinvestments.eu website in accordance with the relevant statutory provisions. We recommend that you read these documents for more information, especially about the structure of the product and the risks associated with investing in the product.