The Bitwise Dogecoin ETF (ticker: BWOW) is an exchange-traded product that gives investors exposure to Dogecoin through a traditional brokerage account. The Trust holds actual Dogecoin and issues shares that trade on NYSE Arca, with each share representing a proportional interest in the Trust's Dogecoin holdings. The product is designed for investors who want Dogecoin exposure without the friction of directly buying and holding the asset — which requires setting up a crypto exchange account, managing private keys, and bearing cybersecurity risks. The Trust is sponsored and managed by Bitwise Investment Advisers, with Coinbase Custody holding Dogecoin in cold storage and BNY Mellon serving as administrator and transfer agent. The Trust is passively managed. Bitwise charges a unitary Sponsor Fee of 0.34% per annum of the Trust's Dogecoin holdings, accruing daily and paid monthly in Dogecoin. In exchange, Bitwise covers all normal operating expenses. The key driver of Bitwise's economics is AUM: as Dogecoin's price rises or more investors buy shares, the dollar value of assets on which the 0.34% fee is earned increases. Only Authorized Participants can create or redeem shares directly with the Trust in blocks of 10,000 shares, a mechanism that keeps share prices aligned to NAV. Dogecoin is a decentralized digital asset created in 2013 with no supply cap, fast transaction times, and low fees, differentiated from Bitcoin by its inflationary supply structure and memecoin origins.