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 productBitwise Physical Cardano ETP (“RDAN“) Product numbersISIN: DE000A3GVKY4 Bitwise Europe GmbH (“Issuer“) (https://etc-group.com) The issuer forms part of the Bitwise PRIIP manufacturer Group. Phone number +49 69 8088 3728 Competent authority of the The Federal Financial Supervisory Authority (BaFin) Germany is responsible for supervising the manufacturer of the productIssuer in relation to this Key Information Document. Key information document created: 15/01/2025 16:50 (version 25) You are about to purchase a product that is not simple and may be difficult to understand.What is this product? Type RDANs are bearer bonds under German law that are secured by Cardano 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 Cardano (“Cardano”) 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 Cardano 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 Cardano, in another cryptocurrency or in such fiat currency as the respective Authorised Participant accepts. Cardano 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 Cardano amount is available to hedge the product (the “Cryptocurrency Entitlement”). At the time of issue, this is 5 Cardano and decreases continuously in value by 1.95% 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 0.0053% every day (= 1/365 of 1.95%). Cardano held to back RDAN are held institutionally by Coinbase Custody Trust, LLC, a fiduciary under New York State Banking Law and a qualified custodian regulated under the Investment Company Act of 1940 and the Investment Advisers Act of 1940 (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 Cardano deposited with the Depositary on behalf of all current and future RDAN 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 Cardano. 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 Wallet specified by the Investor on the repayment date. If, for legal reasons, an investor is prevented from receiving payments in Cardano, the Investor may request repayment in US dollars (“USD”) as an alternative to repayment in Cardano. The investor will then receive an amount of money in USD equal to the amount obtained in an auction for the collateral Cardano. 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 Cardano or, if an investor is prevented from obtaining Cardano 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 Cardano (CryptoCompare: ADA Product currencyUS DollarCCCAGG) Issue Date 29/11/2021 Trading Day A day on which the Frankfurt Stock Exchange is open. Cryptocurrency Initially 5 Cardano, reduced over Mandatory The Issuer is entitled to Mandatory Entitlement per unit oftime by a fee of 1.95% p.a.RedemptionRedemption if certain events occur, securityas stated in the product conditions. Rights of bondholders RDAN holders may return the product for Cardano at any time or, if a payout in Cardano is not possible due toapplicable regulatory requirements, the equivalent value in USD (the exact amount is determined in theproduct 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 overtime to exceed any fees;  have only limited technical capabilities or lack the relevant technical expertise and therefore, instead of investing directly in Cardano with theaid of bearer bonds with a value based on the Cardano price, would like to invest in Cardano without having to hold Cardano themselvesduring 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 toactively monitor and manage the investment;  have advanced knowledge and/or experience with comparable financial products and understand the cost structure of the product, includingthe Cryptocurrency Entitlement that decreases daily. Key Information Document 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. You may not be able to sell your product easily or 1 2 34 5 6 7 you may have to sell at a price that significantly impacts on how much you get back. Lower riskHigher risk 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 7 out of 7, which is the highest risk class. This rates the potential losses from future performance at a very 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 yearsExample Investment: USD 10,000If you cash in at the If you cash inRecommended after 1 yearHolding PeriodScenariosMinimumThere is no minimum guaranteed return. You could lose part or all of your investment.Stress What you might get back after costs 0 USD 0 USD Average return each year-100.00 % -100.00 %Unfavourable What you might get back after costs 574 USD 1,161 USD Average return each year-93.99 % -34.93 %Moderate What you might get back after costs 13,987 USD177,136 USD Average return each year39.11 % 77.47 %Favourable What you might get back after costs 1,036,419 USD 8,738,424 USD Average return each year9,514.77 %286.37 % 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 03/09/2021 and 14/01/2025. Moderate scenario: This type of scenario occurred for an investment between 31/01/2019 and 31/01/2024. Favourable scenario: This type of scenario occurred for an investment between 31/08/2016 and 31/08/2021.What happens if Bitwise Europe GmbH is unable to pay out? Although RDAN is a product that is secured with Cardano, 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 Cardano deposited to hedge RDAN as a means of meeting all issue or payment claims relating to the product. This product grants you right to the deposited Cardano 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 Cardano 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 Cardano with Coinbase Custody Trust, LLC to cover all RDAN claims, there is a risk that the Cardano deposited by the Issuer to hedge RDAN 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 If you cash in at the year RecommendedHolding Period Total costs 601 USD8,426 USD Annual cost impact (*) 0.06% each year4.26 % 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 79.81 % before costs and 75.55 % after costs. Composition of costs Key Information DocumentOne-off costs upon entry or exit If you cash in after 1 yearEntry costsThese costs are already included in the price you pay * 203 USDExit costs These costs are already included in the price you receive ** 203 USDOngoing costsManagement fees and other 1.95% of the value of your investment per year. 196 USDadministrative or operatingcostsTransaction costs There is no transaction cost for this product.0 USDIncidental 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. The costs displayed above are estimates of such costs. ** Does not apply to secondary-market investors. 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 Cardano 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 4.76404236 Cardano less 1.95% p.a. management fee, less repayment fees (calculated from the date of issue of RDAN) as described above under “What type of product is it?”. Stock exchange listing Frankfurt Stock Exchange – Last trading day on One exchange trading day beforeregulated market (XETRA); and from the stock exchange the early redemption date, if thetime to time additional stockIssuer redeems the investmentexchanges Smallest tradable unit 1 unit of productListing 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 complaints@etc-group.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://etc- group.com 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.