Bitwise Crypto Carry Fund

The Bitwise Crypto Carry Fund ("USCC") is limited to investors that meet certain criteria. This Website shall not constitute an offer to sell or an offer to buy, which may be made only at the time a qualified offeree receives the USCC offering materials, which will describe the offering and its terms. For more important disclaimers, please visit superstate.com/terms#disclaimers.

(1) 30-Day Yield is reflective of the accrued net income from USCC's underlying holdings over the past thirty days divided by the average outstanding shares for that same period, divided by the last calculated NAV of USCC, and then annualized. This 30 Day Yield calculation is inclusive of fees and expenses. The return of USCC's underlying holdings are variable and will vary.

(2) The management fee and other expenses that will be incurred by investing in USCC will accrue daily. The management fee is payable monthly in arrears, and is equal to an annual rate of 0.75% of USCC's average daily Net Asset Value. USCC is not subject to a performance-based fee or allocation.

(3) Redemption in USDC is done through Circle, a third party. Daily liquidity facilitated through USDC is subject to risks and restrictions as outlined within USCC's Fund Documents.

(4) Portfolio holdings are shown as of the date indicated and are unaudited. As provided: Quantity is the number of the corresponding asset (shares, contracts, etc.); Implied Yield is the annualized yield of the respective holdings if held until maturity, or otherwise not sold; Notional Value is the Quantity multiplied by the Asset's last provided price; Portfolio % is the percentage that each Asset's Notional Value comprises of the overall USCC Assets. As detailed within the Fund Documents, it is within the Investment Manager's discretion on whether to buy, hold, or sell an asset and portfolio holdings will change. The provided data is not indicative of future portfolio composition and is not intended to, and does not constitute, a recommendation that others buy, sell or hold any of the assets listed.

Bitwise Investment Manager and its affiliates (collectively, “Bitwise”) are providing this information to qualified investors for informational purposes only in relation to a potential opportunity to subscribe for shares (“Shares”) in the Bitwise Crypto Carry Fund (the “Fund”). This is neither an offer to sell nor a solicitation for an offer to buy Shares in the Fund. Any offer to sell or solicitation of an offer to buy Shares will be made solely through the Fund’s definitive offering documents, identified as such, with respect to the Fund in compliance with the terms of all applicable securities and other laws.

Certain of the Bitwise investment products may be subject to the extreme risks associated with investing in crypto assets. Because crypto assets are a new technological innovation with a limited history, future regulatory actions or policies may limit the ability to sell, exchange or use a crypto asset. Crypto assets may decline in popularity, acceptance or use, which may impact their price.

Prospective Shareholders are encouraged to consult with their legal, financial and tax advisors and to review the Fund Documents which include the entire Memorandum, the Trust Agreement and the Investment Agreement, prior to committing to invest in the Fund.

Limited Operating History; Past Performance; Reliance on Key Personnel. The Fund is a newly formed entity and the Investment Manager has a limited operating history. The Fund's future success depends, to a significant extent, upon the continued services of investment professionals within the Investment Manager (the individuals who are material to the Fund's success are not limited to the designated portfolio managers). There can be no assurance that it will be possible to replace any investment professional should they cease to be involved with the Fund for any reason, and there is no certainty as to the impact upon the Fund of a departure of an investment professional.

Early Stages of the Fund. Certain risks may arise in the early stages of the Fund due to the smaller size of the Fund, particularly regarding operating expenses. As a smaller fund, the Fund is likely to incur relatively higher operating expenses on a per-Share basis. This situation can have a direct impact on the Fund's net performance, as the proportionate share of expenses borne by each Shareholder may be more significant compared to larger funds with a broader asset base.

Fraud. The Fund could be subject to losses due to fraudulent and negligent acts on the part of third parties.

Nature of Shareholder Shares. Shareholders will not have the rights and remedies that may be available to investors in other forms of investment vehicles. To safeguard their limited liability from the liabilities and obligations of the Fund, the Shareholders will not be permitted to take part in the management or control of the Fund's business, and will have only certain limited voting rights as set forth in the Fund Documents.

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 all or a portion of the investment. Investors into any Bitwise investment product should be willing to accept a high degree of volatility in the price of the investment product and the possibility of significant losses. An investment in any Bitwise investment product involves a substantial degree of risk.

The Shares will be offered and sold under the exemption provided by Section 4(a)(2) of the Securities Act of 1933 and Rule 506 of Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made. The Shares are not registered under the Securities Act of 1933 (the “Securities Act”), the Investment Company Act of 1940 (the “Investment Company Act”), or any state securities commission or any other regulatory body.

There is no guarantee that any Fund will meet its investment objective.

For qualified investors only.

Foreside Fund Services, LLC provides marketing review services for Bitwise Asset Management, Inc. Foreside Fund Services, LLC is not affiliated with Bitwise or its affiliates.