Bitwise Investment Manager LLC

ITEM 5 – FEES AND COMPENSATION

A.      Fees for Advisory Services and Payment of Fees

Registered Funds

For discretionary investment advisory services provided to Registered Funds, Bitwise charges an annual
advisory fee equal to a percentage of a Registered Fund’s average daily net assets that is agreed upon
prior to the commencement of services and is set forth in an investment advisory agreement executed by
Bitwise and the Registered Fund, as detailed in the Registered Fund’s offering documents. Such fees are
generally calculated and accrued daily, while paid monthly or quarterly in arrears. These investment
advisory fees are generally structured as “unitary fees,” from which Bitwise is responsible for paying a
Fund’s expenses, including the cost of transfer agency, custody, fund administration, legal, audit and
other services (“Unitary Fee”). The expenses to be paid as part of the Unitary Fee do not include interest,
taxes, acquired fund fees and expenses, if any, brokerage commissions, other portfolio transaction
execution costs, distribution fees, Rule 12b-1 fees, extraordinary expenses or fee payments under the
investment advisory agreement.

Private Funds

For discretionary investment advisory services provided to USCC, Bitwise is paid a management fee of
0.75% per annum of the net asset value (“NAV”) of USCC. The Fund bears its own expenses, including
custody charges, fund administration fees, auditor fees, and other operational and transactional costs.

The Feeder Funds are charged management fees monthly in advance in an amount equal to a percentage
per month of the sum (determined at the beginning of the relevant calendar month) of the NAV of the
funds’ capital account balances. Depending on the types of interests in the Feeder Funds, the management
fees are 1.0% per annum and 1.5% per annum. In addition to the management fees, Bitwise or an affiliate
(i.e., a general partner) is entitled to a special allocation of profits experienced by the investors in the
Feeder Funds (also referred to as an “incentive allocation”). The incentive allocation is generally
calculated and paid annually, generally in an amount equal to 10% of the profits (realized and unrealized)
or 15%, if any, depending on the types of interest. An incentive allocation is also calculated and allocated
upon an investor’s withdrawal or redemption, but only on the amount withdrawn or redeemed. Payment
of the incentive allocation is subject to a “high water mark” (paid only after losses, if any, have been
recovered). In addition, the incentive allocation for certain interests is subject to an 8% “soft” hurdle rate.

Separate Accounts

For Separate Accounts, Bitwise charges a management fee calculated as a percentage of the daily NAV
of the account and is payable monthly in arrears. The monthly management fee equals the sum of the
daily accruals for the applicable month. The management fee range for Separate Accounts is 1.0% to
2.0%. Each Separate Account client is also responsible for any brokerage and other transaction costs in
connection with portfolio transactions for the account. Separate Account clients are also responsible for
any fees charged by the custodian for maintaining client assets.

Model Portfolios

Bitwise does not currently charge a fee for providing nondiscretionary model portfolios. However,

Bitwise or its affiliates will receive fees from affiliated ETFs included in the model portfolios.

B.      Allocation of Expenses

In addition to the investment management fees and incentive allocations Bitwise and its affiliates receive,
each Feeder Fund also bears (either directly or through its pro rata share of the expenses of the Master
Fund, if any) all expenses incurred in connection with its (or such Master Fund’s) operation and
administration. USCC also bears its own expenses incurred in connection with its operation and
administration.

Bitwise is authorized to incur and pay in the name and on behalf of the Feeder Funds all costs and expenses
deemed necessary or advisable and get reimbursed for such fund expenses from the appropriate Feeder
Fund. Bitwise is responsible for all costs and expenses related to its own operations including office space,
utilities and other basic “overhead” facilities and services, the compensation and benefits of its staff,
maintenance of books and records or fixed expenses (e.g., telephone and general-purpose office
equipment. Some or all of the back-office facilities and services, including employees, may be provided
to Bitwise by Bitwise Asset Management Inc. on a shared services basis.

C.      Additional Fees and Expenses

The expenses attributable to each specific Fund are detailed in each Fund’s organizational documents.
For Registered Funds, in addition to the Unitary Fee, each Registered Fund will pay for distribution and
service fees payable pursuant to a Rule 12b-1 plan, if any, brokerage commissions and other expenses
connected with the execution of portfolio transactions, taxes, interest, and extraordinary expenses.

The fees payable to Bitwise in connection with its provision of vault curation services (the “Curator
Fees”) will be set separately for each vault in the documentation governing such vault’s operations.
Curator Fees in some cases will include a performance-based fee based on the appreciation of the assets
contained in each vault over a specified period and/or an asset-based fee. Expenses attributable to a
vault’s operations generally will be borne out of the assets of the vault (and, therefore, indirectly by its
depositors).

D.      Prepayment of Fees

Each Feeder Fund pays management fees in advance (i.e., based on the Master Fund’s NAV at the
beginning of the monthly period for advisory services rendered during that period). Since investors
generally are not permitted to redeem from a Fund intra-month, should an investor be permitted to
withdraw interim-month, that investor would not receive a refund of any pre-paid management fees.
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ITEM 7 – TYPES OF CLIENTS

Bitwise’s clients include Private Funds, Registered Funds, Separate Account clients, and third-party
investment advisers. Private Fund interests are privately placed to qualified investors, including (i) in the
United States, people or organizations who meet certain net worth, income and/or financial sophistication
requirements as described above or (ii) in other countries as permitted by the relevant securities laws in
such jurisdiction and in compliance with any foreign offering provisions applicable to Bitwise and/or the
Private Funds. U.S. investors must generally satisfy certain investor sophistication requirements,
including that the investor qualifies as an “accredited investor” under Rule 501(a) of Regulation D under
the Securities Act and a “qualified purchaser” as defined in Section 2(a)(51)(A) of the 1940 Act. Investors
in the Private Funds must also meet certain other suitability qualifications prior to making an investment
in the Private Funds. The Private Funds are not registered or required to be registered under the 1940
Act, are not made available to the general public and their securities are not registered or required to be
registered under the Securities Act. USCC requires a minimum capital contribution from each investor
of $100,000. Bitwise may waive or otherwise reduce the minimum investment at its discretion.

Bitwise also provides curation services to the vaults; however, Bitwise does not have a contractual
relationship with the individual depositors of any vault. Each vault may, but will not in all cases, be
designed with fixed criteria (or “permissions”) for a depositor to contribute to such vault. Such criteria
may include, but are not limited to, (i) net worth or income requirements, (ii) securities law qualifications,
and/or (iii) geographic limitations. Minimum deposit requirements may be set on a vault-by-vault basis.