ETC Group
Ethereum Staking ETP
ET32
TICKER
ISIN

Ethereum Staking

with Total Return
  • NAV daily change 0.31%
  • NAV YTD change
    -
  • NAV since inception 13.38%

Investment Objective

The ETC Group Ethereum Staking ETP (ET32) offers investors exposure to the performance of ETH, while capturing staking rewards. ET32 is an institutional-grade, low cost, and liquid vehicle to leverage ETH staking for maximum investor outcome. The ETP is 100% physically backed with Ethereum (ETH) held in cold storage custody, and is benchmarked to the Compass Ethereum Total Return Monthly Index, after fees and expenses.

Keep more of your rewards

ET32 is specially designed to prioritise investor outcomes and meet the requirements of institutional investors. ET32 is the first truly cost-effective, liquid and transparent staking ETP tracking a staking index, guaranteeing investors optimal, institutional-level results. Anchored by a real benchmark, investors can accurately evaluate Ethereum staking opportunities, and clearly assess performance against industry standards.

Factsheet
TICKER
ISIN
KID Final Terms Prospectus EMT EET All Documents

ET32 Product Specifications

Why ET32?

100% transparent total return

Holders of ET32 receive all staking rewards, which are added to the Crypto Entitlement (ETH amount per ETP unit) at the end of each trading day, net of a small 10% Staking Service Fee.

Real benchmark

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

Simple and reliable

Buy and sell like any stock or ETF through your regular securities account. No new account or crypto wallet needed.

Liquidity

Investors in ET32 enjoy daily liquidity on the stock exchange and are not limited by lock-up periods or other technical challenges of crypto staking.

Physical ETP Structure

Units of ET32 are 100% physically backed by Ethereum (ETH) held securely in cold storage. The private keys never leave custody even during staking.

Institutional-grade Custody

The wallets have an involvency remote trust structure. Each wallet is cryptographically guaranteed for Proof-of-Ownership and Proof-of-Management, ensuring the highest level of security.

Specifications

Key Information

Primary Ticker ET32
ISIN DE000A3G90G9
WKN A3G90G
TER 0.65% p.a.*
Asset Class Digital Assets
Underlying Exposure Ethereum (ETH)
Strategy Staked ETH Total Return
Replication Method Physical (100%)

* The issuer has reduced the Management Fee as well as the Staking Service Fee to 0% until further notice. Read the full issuer announcement here.

Composition

Ethereum logo Staked Ethereum (ETH) 100 %

NAV

NAV (USD)
$ 6.29
NAV to previous day
0.31%  /  $ 0.02

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.

Performance

Period NAV
1 month 18.54%
3 months 17.03%
YTD –
Since inception 13.38%

Performance quoted represents past performance. Current performance may be lower or higher than average annual returns shown. NAV performance is displayed in base currency (USD), price performance is displayed in trading currency (e.g. EUR). Brokerage or transaction fees will apply. Past performance is no guarantee of future performance, and your invested capital may be at risk.

Assets under Management

Last updated:
Asset Name Ethereum
Asset Symbol ETH
Shares outstanding 11,210,687
AUM in Cold-Storage ETH 22,674.03
AUM market value (USD) $ 70,550,323.96
Cryptocurrency Entitlement
(per unit) ETH 0.00202254

Staking Ethereum (ETH)

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?

Investors able to directly hold ETH have multiple options when it comes to Staking and must deliberate upon several trade-offs. All factors weighed; we believe the ETP wrapper offers the best solution for the majority of investors. Another benefit of using the ETP product wrapper in case of ET32 is liquidity: Investors enjoy daily liquidity on the stock exchange and are not limited by lock-up periods or other technical challenges of crypto staking. Custody of the underlying digital assets is provided by a specialised institutional custodian. All assets in custody are at all times held in cold storage custody.

ET32 Staking Details

Expected Staking Reward (net of fee)
3.15% p.a.

Investors receive 90% of all staking rewards generated by staking the ETP's underlying ETH. The issuer keeps a fee of 10% of the total staking rewards to cover costs associated to staking (the "Staking Service Fee").
The Expected Staking Reward represents the rewards expected to be received by the ETP, expressed in annualised % terms. This number is subject to change based on market rates for rewards in ETH staking and will be periodically adjusted.

How are the rewards passed to investors?
The staking rewards less 10% Staking Service Fee are reinvested into the ETP to enhance performance. This means that the cryptocurrency entitlement per ETP, which is the amount of underlying ETH per every unit of the ETP investors own is adjusted upwards. The current cryptocurrency entitlement can be retreived from the CE table available among the resources in the Staking section of this page.

Staking Service Fee
10% *
The fee withheld by ETC Group (expressed as % of total rewards), to cover costs related to staking.
Staking Provider Blockdaemon Inc.
Reference Benchmark Compass Ethereum Total Return Monthly Index
Index Provider Compass Financial Technologies SA
Benchmark Bloomberg code ETHTR90M
* The issuer has reduced the Management Fee as well as the Staking Service Fee to 0% until further notice. Read the full issuer announcement here.

Resources

Staking Rewards History.xlsx Index Information Page Index Methodology Staking Guide

Staking Index Performance

Performance in %, starting 1 January 2023

Frequenty 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 ETC Group 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 ETC Group 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.
Read the ETC Group Staking Guide Read the ETC Group Staking Guide

ET32 Trading Information

Trading Currency
Exchange
ISIN
WKN
Valoren
Ticker BBG
SEDOL
RIC
Deutsche Börse XETRA
EUR
Ticker
Listing date:
ISIN DE000A3G90G9
WKN A3G90G
Valoren -
ET32 GR
SEDOL BSMP8Y8
RIC ET32.DE
Deutsche Börse XETRA
USD
Ticker
Listing date:
ISIN DE000A3G90G9
WKN A3G90G
Valoren -
ET33 GR
SEDOL BSMP8Z9
RIC ET33.DE

Buy and sell just like stocks or ETFs

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

  1. Open your online securities account and call up the order mask.
  2. Insert ticker, ISIN, or name of the product and select trading platform (Our products are tradable at least on Xetra).
  3. Set amount and review your order to ensure accuracy before confirming the trade.
Registered for sale
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Liquidity Ecosystem

Market Makers /
Authorised Participants (APs) detailed info
Flow Traders B.V.
Jane Street Financial Limited
Susquehanna International Securities Limited
XTX Markets SAS
Goldenberg Hehmeyer LLP
Makor Securities London Ltd (Enigma Securities)
DRW Europe B.V.

Note: MM/AP services may vary by product

Product Details

Structure

Domicile Germany
Issue Date 24.01.2024
Primary Listing Exchange Deutsche Börse XETRA
Primary Listing Date 27.02.2024
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
Replication Method Physical (100%)
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 ETC Issuance GmbH
Prospectus Competent Authority BaFin (Germany)
Custodian Zodia Custody (Ireland) Limited
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

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
**The issuer has reduced the Management Fee as well as the Staking Service Fee to 0% until further notice.

Legal & Tax

Tax Treatment Germany Benefits apply to 1-year holding period
UCITS Compliant No
UCITS Eligible Eligible but not compliant with UCITS*
SFDR Classification Contact us for more information
ISA Eligible Yes
SIPP Eligible Yes
*Currently, there are no definitive regulatory indications to determine the suitability of this ETP for investment in UCITS. ETC Group has conducted an internal analysis, applying the UCITS eligibility framework to ETPs with cryptocurrencies as underlying assets. For further information, please contact us at europe@bitwiseinvestments.com.

Custody

ETC Group only partners with leading providers of digital asset custody

Zodia Custody (Ireland) Limited is a European digital assets custodian registered in the UK, Ireland and Luxembourg, underpinned by 160 years of institutional custody expertise thanks to the institutions backing the firm.

Zodia

European & Custodian

Zodia is based in London and registered in the UK with the Financial Conduct Authority (FCA), in Ireland with Central Bank of Ireland (CBI) and in Luxembourg with the Commission de Surveillance du Secteur Financier (CSSF).

Cold Storage img Custody

Zodia's cold storage custody wallets are fully segregated wallets in line with CASS principles.

Institutional-Grade img Security

The wallets have an involvency remote trust structure. Each wallet is cryptographically guaranteed for Proof-of-Ownership and Proof-of-Management, ensuring unparalleled security.

Secure & img Certified

Zodia custody features a bank-grade compliance & governance framework and is SOC 1 and ISO 27001 certified.

Buy and sell just like stocks or ETFs

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

  1. Open your online securities account and call up the order mask.
  2. Insert ticker, ISIN, or name of the product and select trading platform (Our products are tradable at least on Xetra).
  3. Set amount and review your order to ensure accuracy before confirming the trade.

Key risks of Crypto ETPs

  1. Investor's capital is at risk and investors may not get back the amount originally invested and should obtain independent advice before making a decision.
  2. Any decision to invest should be based on the information contained in the relevant prospectus.
  3. ETP securities are structured as debt securities, not as equity.
  4. ETPs trade on exchanges like securities. They are bought/sold at market prices which may be different to the net asset value of the ETP.

Buy ET32 through your regular online broker or bank

Add crypto to your portfolio while using your existing account, or choose a new. Select trading platform:

Select your country
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How to order the ETP in stock market trading:
  • Open your online securities account
  • Call up the order mask
  • Set amount
  • Enter order details using the ISIN or WKN
    of the desired product
  • Select trading platform (our ETPs are all tradable on at least Xetra)
  • Place the order
What to do if the ETP is not available to you?

Contact your online trading platform or your bank's customer service to request trading access to our products. Always include ISIN and ticker in your request. If you face any difficulties, send us an email with further information to europe@bitwiseinvestments.com. We are here to help and may contact your online trading platform or bank to help resolve the issue.

Risks Involved in Investing in ETPs

  • Cryptocurrencies and products linked to cryptocurrencies are highly volatile.
  • You can lose some or all of your investment.
  • Risks of investing are numerous and include market, price, currency, liquidity, operational, legal, and regulatory risks.
  • Exchange traded products do not offer a fixed income or match precisely the performance of the underlying cryptocurrency.
  • Investment in cryptocurrencies and products linked to cryptocurrencies are only suitable for experienced investors and you should seek independent advice and check with your broker prior to investing.

All investors should read the relevant base prospectus and final terms contained on this website before investing and, in particular, the section entitled ‘Risk Factors’ for further details of risks associated with an investment.

Redirection to external website

The website or web pages to which you are redirected are not owned by ETC Group. ETC Group therefore shall not be held liable for any information, data, details, explanations and representations (hereinafter referred to as "Information") provided on such websites, in particular not for damages that may result from the use of this Information for your own investment decisions. Price and performance data on the websites of ETC Group may differ from the price information on the websites of the respective online brokers or banks.

The information on the websites to which you are redirected is the sole responsibility of their providers. The offers you find on the providers' websites are expressly not directed at persons in countries that prohibit the provision or retrieval of the content posted therein. Each user is responsible for finding out about any restrictions before accessing the websites and complying with them.

By clicking the "Continue" button, you will be forwarded directly to the website or login or order screen of the selected provider. In the case of an order form, the following fields are usually preset: ISIN, buy/sell and exchange. It should be possible to change such fields at any time. We recommend to carefully check all the details in the securities order form before placing an order.