Bitwise Hyperliquid ETF is an exchange-traded product designed to provide exposure to the value of HYPE held by the trust, less operating expenses and other liabilities. Its secondary objective is to derive additional HYPE through staking, while its NAV is calculated by reference to the CF Hyperliquid-Dollar US Settlement Price. The trust gives investors access to HYPE through a traditional brokerage account rather than direct token custody, and it holds Hyperliquid instead of using derivatives. HYPE is the native digital asset of the Hyperliquid network, a decentralized blockchain focused on high-performance crypto trading, on-chain order-book infrastructure and the HyperEVM smart-contract environment. BHYP is not registered under the Investment Company Act of 1940 and is subject to substantial risk, including HYPE price volatility, staking risks, custody risk, liquidity risk, regulatory uncertainty and the possibility of significant or complete loss.