Introducing the ETH Merge Note

A new structured product, providing simple, dual outcomes

With the upcoming software upgrade this month, options volatility is elevated, resulting in high yields for writing ETH options. 

The ETH Merge Note is a structured product that provides simple, dual outcomes on the back of a volatile market pre and post-Ethereum’s Proof-of-Stake (PoS) merge. It’s a great opportunity to capture value from the market expectations in Ethereum right now. 

By selling the topside return performance above 20% to other market participants, investors can generate excessive yields from the high price of volatility right now.

This yield is then harvested to be paid out either in a fixed coupon (40%) or in a discount entry into ETH (-15%) depending on where the market is at expiry.

Suits investor with a stable to moderately bullish view on ETH.

Not suited to investors who think a major bull run in ETH is likely before expiry.

Not suited to investors who think ETH will fall significantly before expiry.

Only Two Outcomes:


1. If ETH is above 2000 by 30 June 23, you earn 40% in USD.
2. If ETH is below 2000 by 30 June 23, you buy ETH at 15% below its current price today.

Minimum investment – $50,000

Currency – USD

Expiry – 30 June 2023

OTC Fee – 1.0%

This document has been prepared for information purposes only and may not be relied on for any other purpose (including, without limitation, as legal, tax, financial or investment advice). Nothing in this document should be interpreted as an endorsement or recommendation of a particular investment or strategy. Any opinions expressed are general in nature and do not consider the objectives, financial situation or needs of any person. Before making an investment decision you should conduct your own due diligence, consider what is suitable for you and your personal circumstances and obtain your own independent advice. Zerocap Pty Ltd (Zerocap) makes no representation or warranty (express or implied) that any information contained in this document is accurate or complete. Information included in this document is based on matters as they exist as of the date of preparation of this document and will not be updated or otherwise revised. Certain statements reflect Zerocap’s views, estimates, opinions or predictions which may be based on proprietary models and assumptions, and there is no guarantee that these views, estimates, opinions or predictions are currently accurate or that they will be ultimately realised. There are significant uncertainties inherent in the forward-looking statements included in this document. Neither historical returns nor economic, market or other indications of performance should be considered as an indication of future results or performance. Investing in cryptocurrencies and/or digital assets involves a substantial degree of risk and could result in the loss of the entire amount invested. Nothing in this document is intended to imply that investing in cryptocurrencies and/or digital assets may be considered “conservative”, “safe”, “risk free”, or “risk averse”.

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