MANAGED ACCOUNT

SEPARATELY
Bitwise BTC/ETH Equal Weight SMA

WHY INVEST IN THE STRATEGY? DETAILS

Focused Exposure Index Inception April 18, 2022

Gain professionally managed, equal-weighted exposure to the two largest and best-known crypto Management Fee 1.50%
assets—the leading store of value (Bitcoin) and the leading smart contract platform (Ethereum).
SMA Platform Fee 0.75%

Separately Managed Account (SMA) Structure Manager Bitwise Investment Advisers, LLC

Crypto assets are owned directly by each client and held with an institutional, regulated custodian, Custodian Gemini1
and can be easily monitored and reported on by an advisor. No. of Holdings 2

Vehicle Type Separately Managed Account

Easy & Efficient
Available to accredited and
The SMA vehicle has no account minimums or investor restrictions, allows investors to transfer existing
Investor Type non-accredited investors through
crypto into the SMA with no tax event, and can be customized to address specific investor goals.*
their financial advisor
* Bitwise does not offer tax advice. Investors should consult with their own advisors with respect to legal, tax, regulatory, financial,
Minimum
accounting, and similar consequences of investing in any Bitwise product, the suitability of the investment for their portfolios, and other None
relevant considerations regarding an investment in the Bitwise BTC/ETH Equal Weight SMA. Investment

IRA Eligible Yes, through Equity Trust

GROWTH OF $10,000
Investor has direct ownership
of crypto assets. Pro forma 8949
statements are provided for
Tax Treatment
clients with taxable activity via
a partnership with TaxBit
(through Gemini BITRIA).

Lock-Up Period N/A

Rebalances Quarterly

Daily (investment deposits and

Liquidity withdrawals will be processed on
a daily basis)

Distributions N/A

Bitwise BTC/ETH Equal Weight

Index
Crypto Index
The line graph represents the cumulative performance of a hypothetical $10,000 investment. The returns represent index performance only
and do not reflect the product’s fees, the payment of any brokerage commissions or brokerage costs incurred as a result of buying or selling 1 Client assets held directly with Gemini.
crypto assets, or the deduction of taxes to which an investor would be subject as a result of owning or selling crypto assets. If they did, the
returns would be lower than those shown. It is not possible to invest directly in an index. Past performance is no guarantee of future results.
Index inception date was April 18, 2022.

INDEX CONSTITUENTS As of July 1, 2022

INDEX PERFORMANCE As of June 30, 2022

NAME SYMBOL WEIGHT

SINCE
1MO 3MO YTD 1YR 3YR 5YR INCEPTION2 1 Bitcoin BTC 49.44%

2 Ethereum ETH 50.56%

Bitwise BTC/ETH
Equal Weight Crypto -43.50% – – – – – -59.71% Constituents are subject to change. Current and future constituents are subject
to risk.
Index

Bitwise 10 Large Cap

Crypto Index
-41.25% -62.83% -65.00% -50.77% 49.77% – -58.29% INVESTMENT STRATEGY
The principal investment strategy is to invest in a
S&P 500 Index -8.25% -16.11% -19.98% -10.62% 35.18% 70.16% -13.49% portfolio of crypto assets that seeks to track the
Bitwise BTC/ETH Equal Weight Crypto Index, an equal-
weighted index of Bitcoin (BTC) and Ethereum (ETH).
2 Bitwise BTC/ETH Equal Weight Crypto Index inception date: April 18, 2022.
The Index is rebalanced quarterly.
Performance of an index is not illustrative of any particular investment. It is not possible to invest directly
in an index. Index performance does not include the fees that are charged by the Advisor and Platform. An
account’s returns may differ materially from the returns of the Index. Past performance is no guarantee
of future results. Please refer to additional important disclosures in the footer of this document.

Bitwise Asset Management July 2022

investors@bitwiseinvestments.com
bitwiseinvestments.com
Bitwise BTC/ETH Equal Weight SMA

CORRELATIONS From April 18, 2022 to June 30, 2022 SERVICE PROVIDERS
S&P 5003 US AGG BOND3 GOLD3 BITCOIN (BTC) Audit N/A

Bitwise BTC/ETH Equal Weight Tax TaxBit (through Gemini BITRIA)

0.63 0.11 0.16 0.98
Crypto Index Legal Counsel Wilson Sonsini Goodrich & Rosati

SMA Platform Gemini BITRIA

3 S&P 500 is represented by SPDR S&P 500 ETF Trust (SPY). US AGG BOND is represented by iShares Core U.S. Aggregate Bond Fund
(AGG). Gold is represented by SPDR Gold Shares (GLD).

Correlation measures the degree to which a pair of variables are linearly related. Past performance is no guarantee of future results.

ABOUT BITWISE

Based in San Francisco, Bitwise is one of the largest and fastest-growing crypto asset managers. As of year-end 2021, Bitwise managed over $1.3 billion across an expanding
suite of investment solutions. The firm is known for managing the world’s largest crypto index fund (OTCQX: BITW) and pioneering products spanning Bitcoin, Ethereum, DeFi,
and crypto-focused equity indexes. Bitwise focuses on partnering with financial advisors and investment professionals to provide quality education and research. The team
at Bitwise combines expertise in technology with decades of experience in traditional asset management and indexing, coming from firms including BlackRock, Blackstone,
Meta, and Google, as well as the U.S. Attorney’s Office. Bitwise is backed by leading institutional investors and asset management executives, and has been profiled in
Institutional Investor, CNBC, Barron’s, Bloomberg, and The Wall Street Journal.

IMPORTANT DISCLOSURES

Bitwise Investment Advisers, LLC (“Bitwise”) is providing this information to
sophisticated investment advisory clients (the “Potential Clients”) of investment
advisers that are registered with the Securities and Exchange Commission for
informational purposes only with respect to a potential opportunity to participate
in Bitwise’s digital asset model portfolio strategy (the “Strategy”), which solely
includes allocations to Bitcoin and Ethereum. All information provided herein and
in the attached materials is subject to the terms and conditions of the definitive
documents between Bitwise and the registered investment advisers with respect
to the Strategy. This is neither an offer to sell nor a solicitation of an offer to buy
securities. Any decision to utilize the Strategy will be made solely by the Potential
Clients and their registered investment advisers. Bitwise is not a registered
investment adviser and does not provide any advice to Potential Clients with
respect to the Strategy, and the Strategy may not be tailored to meet the unique
needs or investment objectives of the Potential Client. Bitwise will direct all trading
through BITRIA, Inc. and its platform to execute the Strategy and is not responsible
for trades, any best execution and similar obligations.
For certain Bitwise investment products, Bitwise is the index provider. There is no
guarantee or assurance that the methodology used to create the index will result in
products that track that index achieving positive investment returns or outperforming
other investment products. Indices are unmanaged and do not include the effect of
fees. One cannot invest directly in an index. Certain of the Bitwise investment products
may be subject to the risks associated with investing in crypto assets, including
cryptocurrencies and crypto tokens. Because crypto assets are a new technological
innovation with a limited history, they are a highly speculative asset. Future regulatory
actions or policies may limit the ability to sell, exchange or use a crypto asset. The
price of a crypto asset may be impacted by the transactions of a small number of
holders of such crypto asset. Crypto assets may decline in popularity, acceptance or
use, which may impact their price.
Diversification may not protect against market risk. Diversification does not ensure
a profit or protect against a loss in a declining market. Past performance is no
guarantee of future results.

Carefully consider the investment objectives, risk factors, and charges and
expenses of any Bitwise investment product before investing. Investing involves
risk, including the possible loss of principal. There is no guarantee or assurance
that the methodology used by Bitwise or any of the Bitwise investment products
will result in any Bitwise investment product achieving positive investment returns
or outperforming other investment products. There is no guarantee or assurance
that an investor’s investment objectives will be met through an investment into any
Bitwise investment product, and an investor may lose money. Investors into any
Bitwise investment product should be willing to accept a high degree of volatility in
the price of such investment product and the possibility of significant losses. Bitwise
investment products involve a substantial degree of risk. Certain products may be
limited to investment by accredited investors only.

Bitwise Asset Management July 2022

investors@bitwiseinvestments.com
bitwiseinvestments.com