Disclosures
The Network Firm LLP (“The Network Firm”) provides the Widget as a tool to display certain point-in-time numeric information regarding the Bitwise Crypto Asset Exchange-Traded Product(s) (the “Fund(s)”) for informational purposes only.
The information displayed in the Widget includes numeric information about the Fund’s crypto-asset-denominated “Trust Net Assets” and “Trust Reserves” (together, the “Balance Data”), which is collected from third-party sources and aggregated through The Network Firm’s proprietary system (“LedgerLens™” or “System”).
The Balance Data is made available as a non-attest, non-assurance service by The Network Firm. The Network Firm has not performed an audit, review, examination, or any other form of assurance engagement on the Balance Data, and no opinion or conclusion is expressed or provided regarding the accuracy, completeness, or fairness of the Balance Data.
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Certain balance-related information displayed in the Widget is sourced directly from the Fund Administrator, which includes the following data as inputs:
(1) the total number of Fund shares outstanding, as reported by the Fund Administrator, and as of market close on the prior business day, and
(2) the Fund’s unrounded net asset value (NAV, a per share value), as reported by the Fund Administrator, and as of market close on the prior business day, expressed in U.S. Dollars.
These figures represent the Fund Administrator’s official calculated, outstanding share count and NAV for that reporting date.
To present the Fund’s “Trust Net Assets” in terms of the relevant crypto asset, The Network Firm’s System performs the following calculation:
(1) Depending on the Fund’s underlying crypto asset, the System queries:
the CME CF Bitcoin Reference Rate – New York Variant (BRRNY) (link), or
the CME CF Ether-Dollar Reference Rate – New York Variant (ETHUSD_NY) (link).
(2) The System then calculates:
(Shares Outstanding × NAV per Share Unrounded) ÷ [BRRNY or ETHUSD_NY]
The resulting crypto-asset-denominated value is presented via the Widget and API as Trust Net Assets. The Trust Net Assets is shown alongside Trust Reserves, a count of bitcoins or ether tokens, independently queried by The Network Firm’s System from the relevant blockchain, as of the “Last Updated” timestamp, for visual comparison.
The calculation and presentation are performed solely for informational and comparative purposes and do not constitute an assurance that on-chain balances equal or exceed liabilities at any given point.
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The Balance Data does not represent, reflect, or confer any rights with respect to the balances of any individual investor’s shares in the Fund(s), nor does it address the redeemability, transferability, or convertibility of any investor’s shares.
The Balance Data should not be relied upon as investment, financial, tax, accounting, or legal advice. Investors and users of the Widget should conduct their own due diligence regarding the Balance Data and consult with their own advisors.
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The Balance Data is updated once per day after market close, excluding weekends, and certain U.S. holidays when markets are closed, and subject to there being no active “Ripcord Conditions” as defined in the System’s configuration.
A “Ripcord” is a pre-defined System condition designed to prevent publication of Balance Data (and/or related attestation reports) when certain conditions are detected, such as incomplete, inaccurate, or delayed data from third-party sources, or unacknowledged management representations. If a Ripcord Condition is active, Balance Data may not update until the condition is resolved.
For more information about Ripcord Conditions and the System’s functionality, please refer to the Ripcords and FAQs Tabs of the Widget.
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The Balance Data is derived from information provided by the Fund Administrator, third-party custodians, financial institutions, blockchain data sources, and other third-party valuation or pricing systems. Such third-party data may be subject to interruptions, errors, or delays, and The Network Firm does not independently verify all third-party information nor guarantee its accuracy or completeness.
The Standard Reporting Interval for the Fund(s) is currently daily at approximately 9:00 PM Eastern Time, subject to the conditions above.
The U.S. Securities and Exchange Commission (SEC) has cautioned investors that: “Crypto asset securities and related products are novel and complex, and they may be subject to unique risks, including risks of fraud, manipulation, and loss.” Users of the Widget are encouraged to review the SEC’s statement on crypto-related investments, including but not limited to Statements of the SEC’s Division of Corporate Finance (e.g. July 1, 2025 Statement of SEC's DCF) and perform their own careful due diligence.
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LedgerLens™ is an enterprise software platform owned by The Network Firm Holdings, Inc. and licensed for use by The Network Firm LLP to provide clients with technology-enabled data aggregation and attestation reporting services. The use of LedgerLens does not alter the non-attest, informational nature of the Balance Data displayed in the Widget.