Hashdex Bitcoin ETF is a publicly traded spot bitcoin exchange-traded fund that provides investors with direct exposure to bitcoin price movements through shares trading on NYSE Arca. The Fund holds physical bitcoin as its primary asset and aims for its share NAV to track the Nasdaq Bitcoin Reference Price benchmark, less operational expenses and a 0.25% annual management fee paid to Hashdex Asset Management. It serves retail investors who purchase shares through brokers and institutional Authorized Purchasers who create and redeem share baskets, generating revenue through management fees, creation and redemption transaction fees charged by the cash custodian, and by retaining certain operational expenses not covered by Hashdex, including brokerage commissions and bitcoin transaction fees.