Bitwise Dogecoin ETF BWOW Strategy

The investment seeks to provide exposure to the value of Dogecoin held by the Trust, less the expenses of the Trust’s operations. In seeking to achieve its investment objective, the Trust will hold Dogecoin and accrue the Sponsor’s management fee (the “Sponsor Fee”) in U.S. dollars. The Trust will value its Dogecoin holdings, net assets and the Shares daily based on the Pricing Benchmark. The Trust is passively managed and does not pursue active management investment strategies, and the Sponsor does not actively manage the Dogecoin held by the Trust.