A. Description of the Advisory Firm Bitwise Investment Manager, LLC (“Bitwise” or the “Adviser”) is a limited liability company organized in Delaware in 2022. Bitwise is a specialist crypto asset manager that serves the financial advisor community. Bitwise aims to offer asset management, research and other services in the emerging crypto asset class and securities related to the crypto industry. Bitwise Asset Management, Inc. is the parent company of Bitwise. Bitwise currently offers investment advisory services to private pooled investment funds (each, a “Private Fund”) relying on Rule 506 of SEC Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) and Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “1940 Act”), and to investment companies registered with the SEC pursuant to the 1940 Act (“Registered Funds,” and collectively with Private Funds, “Funds”). B. Types of Advisory Services Bitwise offers investment advisory services to Private Funds relying on the Section 3(c)(7) exemption from SEC registration under the 1940 Act. Bitwise may also provide services to Private Funds relying on the exemption afforded by Section 3(c)(1) of the 1940 Act. The securities issued by Private Funds are offered to accredited investors and qualified purchasers on a private placement basis. Bitwise also serves as the investment adviser to four Registered Funds. The Registered Funds are structured as exchange-traded funds (“ETFs”) or mutual funds, and they are issued as series of the Bitwise Funds Trust (the “Bitwise Trust”), a Delaware statutory trust. Bitwise provides advisory services to the Registered Funds pursuant to investment advisory agreements. The types of investment advice that Bitwise provides to the Registered Funds includes, but is not limited to, the determination and selection of what assets will be purchased, sold, or retained and what portion of those assets will be invested or held uninvested in cash as permitted in accordance with the terms and conditions of the Registered Funds’ investment advisory agreements. Bitwise has engaged an investment sub-adviser, Vident Advisory, LLC (the “Sub-Adviser”) to assist in the management of two of the Registered Funds, the Bitwise Web3 ETF and the Bitwise Bitcoin Optimum Roll ETF (the “Sub-Advised Funds”). The Sub-Adviser is responsible for executing transactions on behalf of the Sub-Advised Funds and selecting broker-dealers. Bitwise will continue to have responsibility for all services provided to any Registered Fund under the terms of the applicable investment advisory agreement and will oversee and review the Sub-Adviser’s performance of its duties pursuant to the terms of the investment sub-advisory agreement. Currently, Bitwise provides investment advisory services to the following Funds set forth below: (1) Bitwise Web3 ETF (Registered Fund) The Bitwise Web3 ETF (“BWEB”) seeks investment results that, before fees and expenses, correspond generally to the performance of the Bitwise Web3 Equities Index (the “Web3 Index”), an index seeking to provide focused exposure to companies that are well-positioned to benefit from the emergence of Web3 and Web3 technologies (“Web3 Companies”). By seeking to track the Web3 Index pursuant to a replication methodology, BWEB intends to provide such exposure to its shareholders. BWEB will invest substantially all, but at least 80%, of its net assets plus borrowings in securities issued by Web3 Companies. “Web 1.0” describes the era of decentralized, open protocols, where most online activity involved navigating to individual static webpages. “Web 2.0” describes the era of internet centralization, where most communication and commercial activity occurs on closed platforms owned by a small number of corporations that are subject to government regulations. “Web 3.0” or “Web3” imagines a future era of internet decentralization that replaces the system where a small number of companies can exert such a strong influence over internet users. Web3 refers to an evolution in the core architecture of the internet that leverages blockchain technology to make the internet more decentralized, secure and open. By providing all users the opportunity to own data and property in the digital world without relying on centralized intermediaries, Web3 provides an internet experience in which data privacy, decentralized ownership and community consensus act as key pillars of the ecosystem. (2) Bitwise Bitcoin Strategy Optimum Roll ETF (Registered Fund) The Bitwise Bitcoin Strategy Optimum Roll ETF (“BITC”) seeks to achieve its investment objective through managed exposure to bitcoin futures contracts (“Bitcoin Futures Contracts”) and investments in short-term debt securities. BITC does not invest directly in bitcoin. BITC will seek to invest in those Bitcoin Futures Contracts that provide the highest implied roll yield. Bitcoin Futures Contracts are standardized, cash-settled futures contracts traded on commodity exchanges registered with

the CFTC that use bitcoin as the reference asset. Currently, the only such contracts BITC will hold are those traded on, or subject to the rules of, the Chicago Mercantile Exchange (“CME”). In general, a futures contract is a legal agreement to buy or sell a standardized asset on a specific date or during a specific month that is facilitated through a futures exchange, such as the CME. When a futures contract reaches its expiration, the holder of a futures contract (such as the Fund) must sell that futures contract and replace them with new futures contracts with a later expiration date. This is called “rolling.” BITC’s strategy is designed such that instead of automatically rolling into the next available Bitcoin Futures Contract based on a predefined schedule (e.g., monthly), BITC will roll to the Bitcoin Futures Contract (from the list of eligible CME Bitcoin Futures Contracts) that exhibits the highest implied roll yield under current market conditions. (3) Bitwise Ethereum Strategy ETF (Registered Fund) The Bitwise Ethereum Strategy ETF (“AETH”) seeks to achieve its investment objective through managed exposure to ether futures contracts (“Ether Futures Contracts”) and investments in short- term debt securities. AETH does not invest directly in ether. AETH generally seeks to invest in cash- settled, front-month Ether Futures Contracts. AETH may also invest in back-month, cash-settled Ether Futures Contracts. Front-month Ether Futures Contracts are those contracts with the shortest time to maturity. Back-month Ether Futures Contracts are those with longer times to maturity. Ether Futures Contracts are standardized, cash-settled futures contracts traded on commodity exchanges registered with the CFTC that use ether as the reference asset. Currently, the only such contracts AETH will hold are those traded on, or subject to the rules of, the Chicago Mercantile Exchange (“CME”). Ether Futures Contracts are cash settled on their expiration date, unless they are “rolled” prior to expiration. AETH intends to “roll” its futures positions in the week prior to expiration and will typically roll to the next available contract (i.e., the contract with the next upcoming expiration date). However, AETH is not required to roll the contracts at any specific time and AETH’s Adviser may roll the contracts at any time of its choosing, depending upon prevailing market conditions and other factors. (4) Bitwise Bitcoin and Ether Equal Weight Strategy ETF (Registered Fund) The Bitwise Bitcoin and Ether Equal Weight Strategy ETF (“BTOP”) seeks to achieve its investment objective through equally weighted exposure to Bitcoin Futures Contracts and Ether Futures Contracts (together with Bitcoin Futures Contracts, “Bitcoin and Ether Futures Contracts”). BTOP does not invest directly in bitcoin or ether. BTOP will equally weigh its exposure to Bitcoin Futures Contracts and Ether Futures Contracts, meaning that it will seek 50% economic exposure to Bitcoin Futures Contracts and 50% economic exposure to Ether Futures Contracts on each portfolio rebalance. BTOP will rebalance these exposures quarterly. Allocations to either Bitcoin Futures Contracts or Ether Futures Contracts will generally be to cash-settled, front-month Bitcoin Futures Contracts or Ether Futures Contracts, as applicable. BTOP may also invest in back-month, cash-settled Bitcoin and Ether Futures Contracts. (5) Bitwise Multi-Strategy Alpha Master Fund, Ltd., Bitwise Multi-Strategy Alpha Fund Onshore, LP and Bitwise Multi-Strategy Alpha Fund Offshore, Ltd. (Private Fund) The Alpha Fund seeks to achieve risk-adjusted capital appreciation by pursuing an absolute return mandate in the digital asset ecosystem using a combination of multi-manager and opportunistic investing. The Alpha Fund is predominantly a fund of funds that seeks diversified exposure to liquid digital assets with a focus on risk management. However, the Alpha Fund may also make portfolio investments directly. The Alpha Fund focuses on fundamental “Web3” thesis-driven investing: market-neutral strategies targeting arbitrage; relative value and quantitative strategies; and special- situation opportunities.
C. Client-Tailored Services Bitwise provides investment advisory services to Private Funds and Registered Funds based on the investment objectives, strategies and restrictions as set forth in each Fund’s prospectus or offering document. D. Participation in Wrap Fee Program Bitwise does not offer or participate in wrap fee programs. E. Assets Under Management Bitwise is eligible for registration with the SEC as a registered investment adviser because Bitwise is an investment adviser to certain Registered Funds, which are investment companies registered under the Investment Company Act of 1940. As of the date of this filing, Bitwise manages approximately $37,211,230 in regulatory assets on a discretionary basis and $0 on a non-discretionary basis. F. Other Clients Currently, Bitwise does not offer separately managed accounts to or conduct business with clients other than Funds.