According to @Matt_Hougan, the Bitwise 10 Crypto Index ETF (BITW) is not registered under the Investment Company Act of 1940 and therefore is not subject to the same protections as 1940 Act mutual funds or ETFs, a structural factor traders must account for when evaluating risk exposure (source: @Matt_Hougan on X, Dec 9, 2025). He states that BITW is subject to significant risk and heightened volatility and that an investor may lose their entire investment, highlighting elevated drawdown potential in this product (source: @Matt_Hougan on X, Dec 9, 2025). He also clarifies that buying BITW is not a direct investment in any crypto asset, which is material for traders comparing fund exposure mechanics versus owning coins outright (source: @Matt_Hougan on X, Dec 9, 2025). The marketing agent is Foreside Fund Services, and further details are available in the fund prospectus at bitwetp.com/welcome, which should be reviewed before trading (source: @Matt_Hougan on X, Dec 9, 2025; source: Bitwise prospectus at bitwetp.com/welcome).