ET32 | Bitwise Ethereum Staking ETP | DE000A3G90G9

The ETP can be bought and sold on exchange during market hours, in the same way as stocks or ETFs, through a standard securities account.

100%% fully backed, with a physical redemption feature and an independent administrator providing oversight and control. ETP holders receive all realised staking rewards (daily accumulation into the ETP) net of a staking service fee that the issuer retains to cover operational costs. More information can be found in the Staking section of this page.

The Compass Ethereum Total Return Monthly Index allows for clear assessment of performance against the current ETH staking rewards market rate.

Bitwise Staking ETPs provide daily liquidity on the stock exchanges where they are listed and do not include lock-up periods typically associated to staking. However, trading crypto staking ETPs involves risks and operational considerations, including market volatility, liquidity constraints, and product-specific factors that investors should assess carefully before investing.

Assets backing the ETP are kept in cold-storage custody.

Base prospectus approved by the German financial authority and the FCA. Investors should note that while the ETP is listed on regulated exchanges, the underlying cryptoassets are not regulated by the FCA

Weekly balance reports by an independent administrator provide investors with full transparency into assets held in custody. Learn more

ET32 Product Specifications

Key Information

Primary Ticker ET32

ISIN DE000A3G90G9

WKN A3G90G

Inception Date 2024-02-16

AUM $217,642,066.64

Benchmark Name Compass Ethereum Total Return Monthly Index

Replication Method Physically allocated (100% fully backed)

Issuer Bitwise Europe GmbH

Domicile Germany

Minimum Investment 1 unit

Expiry Date Open ended

Composition

Ethereum (ETH) 100 %

ET32 NAV

Last updated: 16-04-2026 11:47:58

NAV (USD)

$4.80

NAV to previous day

-1.97% / -$0.10

The ETP's NAV U.S. dollar value is determined at 4.00 pm CET of each business day, and represents the value of one unit; it is calculated by using the relevant spot price of the underlying digital asset. The value is not necessarily the same as the ETP's intraday trading price. Investors should not expect to buy or sell the ETP at the determined NAV value.

ET32 Performance

Last updated: 16-04-2026 11:47:58

Period	NAV
1 month	2.26%
3 months	-29.65%
6 months	-37.55%
1 year	45.72%
Since inception^*	-13.43%

Year	NAV
YTD	-23.91%
2024^**	10.83%

Past performance is not a reliable indicator of future results. Performance shown reflects net asset value (NAV) returns, based on data from Bitwise. Year-to-date performance is calculated from 01.01.2025; performance since inception reflects NAV from 19.04.2024. NAV is displayed in the base currency (USD); price performance may be shown in a different currency, such as EUR. If performance is shown in a currency other than GBP, returns may increase or decrease as a result of currency fluctuations. Current performance may differ from the figures shown. Transaction costs and brokerage fees may apply. Your capital is at risk.

^* Inception Date 2024-02-16

^** Year 2024 performance calculated from inception date

ET32 Assets under Management

Last updated: 16-04-2026 11:47:58

Asset Name Ethereum

Asset Symbol ETH

Shares outstanding 45,296,604

AUM in Cold-Storage ETH 93,205.96

AUM market value (USD) $217,642,066.64

Cryptocurrency Entitlement
(per unit) ETH 0.00205768

Why Stake ETH?

Staking ETH, the native digital asset of the Ethereum network is a method of earning passive income while contributing to the security and decentralization of the network. When staking ETH, you or the entity staking on your behalf become a validator who has the duty of verifying transactions and producing new blocks on the blockchain.

Why use an ETP for Staking?

ET32 offers an exchange-traded way for investors seeking exposure to Ethereum staking. While it may reduce certain operational complexities compared to direct staking, it is important to note that crypto ETPs carry their own risks and structural considerations, and may not be suitable for all investors.

Ethereum Staking Details

Data as of 28-02-2026

ETH Staking Market Rate

2.93%* learn more

This represents the potential return generated before any fees, based on the current network staking market rates. Various factors can influence staking rewards, including:

Protocol-specific rules
The number of active validators
Asset price fluctuations
Network conditions and usage levels
Transaction fees paid to validators

Note: This rate is variable and may change periodically based on market conditions.

Net Staking Reward

1.85%* learn more

The Net Staking Reward represents the actual average staking return accruing to the ETP after deduction of the Staking Service Fee but before the annual management fee (TER 0.65% p.a.) is applied for the period March 1, 2025 until February 28, 2026.

The issuer retains 10% of the total staking rewards generated as a Staking Service Fee. This fee is used to cover the operational costs of maintaining the ETP’s staking infrastructure, including charges from staking service providers, and to support the ongoing management of the staking process.

Rewards are credited to the ETP on a daily basis and reinvested automatically, which increases the cryptocurrency entitlement per ETP unit over time. The staking rate may vary depending on network conditions, reward levels, and overall market dynamics.

Disclaimer: The stated staking reward is not a guarantee of future returns. Actual outcomes can differ due to factors such as protocol rules, validator participation, market volatility, network performance, usage, and validator transaction fees. Staking involves risks, including the potential loss of staked assets and accrued rewards in the event of slashing, penalties, smart contract vulnerabilities, protocol exploits, or other operational issues.

* Average for the period March 1, 2025 to February 28, 2026

Important Notice: The stated staking reward is not a guarantee of future returns.

Resources

Staking Rewards History.xlsx Index Information Page Index Methodology

Frequently Asked Questions

ET32 is 100% physically backed by Ethereum (ETH) and replicates the performance of the underlying, less fees. The underlying ETH are staked, hence generating additional returns for investors in accordance with the ETH staking market rate (less staking fees).

Yes. ET32 holders receive all staking rewards net of a small staking service fee of 10% that is charged by the issuer to cover staking related costs. This means 90% of the total staking rewards are passed on to investors in the ETP.

The ETH staking rewards, net of fees, are added to the Crypto Entitlement (CE) of ET32 at the end of each trading day. This means that the value of underlying Ethereum (ETH) per ETP unit increases.

Yes. The staking provider that Bitwise uses for its Staking ETPs has the ability to stake directly from the ETP’s custody wallet. This means the crypto assets’ private keys never leave custody during staking and remain in cold storage.

Yes, all Bitwise ETPs - including the staking products - can be bought or sold on exchange daily. This means investors can buy and sell on the stock exchange during conventional exchange trading hours.

ET32 Trading Information

Currency

Exchange

ISIN

WKN

Valoren

Ticker BBG

SEDOL

RIC

XETRA

EUR

Ticker

Listing date: 27.02.24

ISIN DE000A3G90G9

WKN A3G90G

Valoren -

ET32 GR

SEDOL BSMP8Y8

RIC ET32.DE

XETRA

USD

Ticker

Listing date: 27.02.24

ISIN DE000A3G90G9

WKN A3G90G

Valoren -

ET33 GR

SEDOL BSMP8Z9

RIC ET33.DE

LSE

GBP

Ticker

Listing date: 15.04.25

ISIN DE000A3G90G9

WKN -

Valoren -

ET33

SEDOL BRF3PJ6

RIC -

LSE

USD

Ticker

Listing date: 15.04.25

ISIN DE000A3G90G9

WKN -

Valoren -

ET32

SEDOL BRF3PK7

RIC -

SIX

CHF

Ticker

Listing date: 02.09.25

ISIN DE000A3G90G9

WKN -

Valoren 133120059

ET32 SW

SEDOL BS80041

RIC ET32CHF.S

XSTO

SEK

Ticker

Listing date: 14.01.25

ISIN DE000A3G90G9

WKN -

Valoren -

ET32 SS

SEDOL BNYL2L4

RIC -

Buy and sell just like stocks or ETFs

Use the securities account you already have or select from a wide range of platforms.

Open your online securities account and call up the order mask.
Insert ticker, ISIN, or name of the product and select trading platform.
Set amount and review your order to ensure accuracy before confirming the trade.

Important Notice: Before placing an order, new investors will need to complete the standard regulatory checks required by their investment platform. This includes an appropriateness assessment, client categorisation, and a cooling-off period, where applicable.

Registered for sale (prospectus passported and/or approved in the following jurisdictions)

Česká Republika

Danmark

Deutschland

España

France

Hrvatska

Ireland

Italia

Luxembourg

Malta

Nederland

Norge

Österreich

Polska

Portugal

Schweiz

Suomi

Sverige

United Kingdom

Liquidity Market Makers /
Authorised Participants (APs)

Flow Traders B.V.

Jane Street Financial Limited

Susquehanna International Securities Limited

XTX Markets SAS

Goldenberg Hehmeyer LLP

Virtu Financial Ireland Limited

DRW Europe B.V.

Product Details

Structure

Domicile Germany

Issue Date 2024-01-24

Inception Date 2024-02-16

Primary Listing Date 2024-02-27

Primary listing venue Deutsche Börse XETRA

Legal Form Debt Security, fully asset-backed

Product Structure ETP (Exchange Traded Product)

Redemption by Investors* Yes

Creation & Redemption (APs) In-kind

Leverage 1:1 (No leverage)

Minimum Investment 1 unit

Expiry Date Open ended

Entry/Exit Fees None

Replication Method Physically allocated (100%% fully backed)

Lending No

* Possible against the undelrying cryptocurrency or in cash in cases where redemption in cryptocurrency is not possible for regulatory reasons.

Key Service Providers

Issuer Bitwise Europe GmbH

Index Provider Compass Financial Technologies SA

Prospectus Competent Authority BaFin (Germany)

Custodian BitGo Europe GmbH,
Zodia Custody (Europe) S.A.

Security Trustee The Law Debenture Trust Corporation p.l.c.

Administrator Apex Corporate & Advisory Services Ltd

Registrar Clearstream Banking AG

Paying Agent & Fiscal Agent Quirin Privatbank AG

Staking Provider Blockdaemon Inc., Attestant Limited

Underlying Price Reference

Benchmark Name Compass Ethereum Total Return Monthly Index

Bloomberg Ticker ETHTR90M Index

Benchmark Provider Compass Financial Technologies

Price Reference Currency USD

NAV Valuation Method Daily NAV

Fees

Management Fee (TER) 0.65% p.a.

Performance Fee None

Entry/Exit Fees* None

*Your broker may charge commissions to buy and sell the ETP
** * Average for the period March 1, 2025 to February 28, 2026

Legal & Tax

ISA and SIPP Eligible Yes*

UCITS Compliant No

UCITS Eligible Contact us for more information**

SFDR Classification Contact us for more information

*subject to platform eligibility
**Currently, there are no definitive regulatory indications to determine the suitability of this ETP for investment in UCITS. Bitwise has conducted an internal analysis, applying the UCITS eligibility framework to ETPs with cryptocurrencies as underlying assets. For further information, please contact us at clients@bitwiseinvestments.com.

Documents and Resources

Risk Warnings

Estimated Reading Time: 2 min

Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.

What are the key risks?

You could lose all the money you invest
- The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoasset exchange traded notes.
- The cryptoasset market is largely unregulated. There is a risk of losing money due to risks such as cyber-attacks, financial crime and firm failure.
You should not expect to be protected if something goes wrong
- The Financial Services Compensation Scheme (FSCS) doesn’t protect this type of investment because it’s not a type of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker here.
- Protecion from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
Cryptoasset investments can be complex
- Investments in cryptoasset-linked products can be complex, making it difficult to understand the risks associated with the investment.
- You should do your own research before investing. If something sounds too good to be true, it probably is.
Don’t put all your eggs in one basket
- Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
- A good rule of thumb is not to invest more than 10% of your money in high-risk investments. Learn more here.

If you are interested in learning more about how to protect yourself, visit the FCA’s website here.

For further information about cryptoassets, visit the FCA’s website here.

Welcome to Bitwise

Important Information – Please Read Before Proceeding

This website is operated by Bitwise Europe GmbH (“Bitwise”, “we”, “us”). The information on this website is intended for UK retail clients and other visitors in the United Kingdom. If you are not in the UK, local laws and rules may differ and the materials here may not be appropriate for you.

All content is provided for general information only. It does not constitute investment advice, tax or legal advice, an offer, or a solicitation to buy or sell any investment and must not be relied upon to make an investment decision. You should consider whether an investment is suitable for your circumstances and, where appropriate, seek independent professional advice.

Cryptoassets and crypto-linked products are high-risk. The FCA categorises retail crypto promotions as Restricted Mass Market Investments (RMMI). As such, additional prominence, risk-warning and risk-summary requirements apply to retail communications. You could lose all the money you invest.

Investments in cryptoassets or many crypto-linked products are generally not covered by the UK Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS). You should not expect to be protected if something goes wrong.

Access to certain pages, features, or transactions may be subject to client categorisation and appropriateness assessments required by FCA rules. We may ask you to complete checks or declarations before you can proceed.

Where this website contains a retail financial promotion for crypto or other RMMIs, you will see the FCA-prescribed risk warning and a link (“Take 2 mins to learn more”) to the FCA risk summary presented in a pop-up or dedicated page. For convenience, you can access that summary here at any time.

Where performance is shown, past performance is not a reliable indicator of future results. Any projections, targets, or forward-looking statements are inherently uncertain and may not be realised. Fees and expenses reduce returns.

Returns may be reduced by fees, charges, spreads, and taxes. Tax treatment depends on individual circumstances and may change. Seek professional advice if unsure.

Where a prospectus (including any base or supplemental prospectus) or KID/PRIIPs KIID or equivalent is provided, it is regulatory disclosure, not marketing. Those documents are generally outside the UK financial-promotion restriction.

In line with FCA rules for high-risk investments, we do not offer incentives to invest (e.g., refer-a-friend bonuses, monetary/non-monetary perks) in relation to retail crypto promotions.

External links are provided for convenience only. We do not control and are not responsible for third-party websites or their content. We take reasonable care to ensure accuracy but do not guarantee completeness, timeliness, or availability of the website or its contents; information may change without notice.

Our products or services may not be available in all jurisdictions or to all investors. Access may be restricted by law. You are responsible for understanding and complying with applicable laws and regulations.

For queries or complaints, contact: clients@bitwiseinvestments.com | Additional contact and legal information is available in our Terms of Website Use and Privacy Policy.

Bitwise
Ethereum Staking ETP

Investment Objective

Ethereum Staking ETP with Total Return

ET32 Product Specifications

Key Information

Composition

ET32 NAV

ET32 Performance

ET32 Assets under Management

Staking Ethereum (ETH)

Why Stake ETH?

Why use an ETP for Staking?

Ethereum Staking Details

Resources

Frequently Asked Questions

What is the return generated by the Bitwise Ethereum Staking ETP?

Do holders of ET32 receive all staking rewards earned?

How do investors in ET32 receive staking rewards?

Bitwise’s Crypto ETPs are 100% backed and assets held in cold storage custody. Does this apply to ET32 as well?

Given the lock-up/unbonding periods often required for staking, does ET32 still provide daily liquidity on the stock exchange?

ET32 Trading Information

Buy and sell just like stocks or ETFs

Structure

Key Service Providers

Underlying Price Reference

Fees

Legal & Tax

Documents and Resources

Risk Warnings

How to buy Bitwise Ethereum Staking ETP