Bitwise NEAR ETF is an exchange-traded product that provides investors with direct exposure to NEAR, the native token of the NEAR Protocol blockchain. The trust holds NEAR directly, enabling investors to trade shares through standard brokerage accounts without managing crypto wallets, private keys, or digital asset exchanges. Bitwise passively manages the trust and does not engage in active trading or price hedging. To generate incremental returns, the trust stakes its entire NEAR position with validators to earn staking rewards, which accrue to shareholders net of staking fees. The trust funds its operations through a unitary annual sponsor fee deducted directly from its token holdings, covering custodial, administrative, legal, and listing expenses. Authorized participants create and redeem shares in fixed blocks using either cash or in-kind token deposits. Coinbase Custody holds the trust's NEAR in segregated cold storage, while BNY Mellon provides fund administration, transfer agency, and cash custody services.