This is a spot ETF in which the trust holds NEAR Protocol tokens directly and calculates its net asset value from a reference price that aggregates execution prices across major exchanges. A secondary goal is to stake a portion of the held tokens to earn additional tokens.

It suits investors who want exposure to NEAR Protocol through a brokerage account, without a wallet or exchange account, and who can tolerate large price swings.

It is a passively managed (index-tracking) ETF run by Bitwise.

The trust holds NEAR tokens directly and tracks the value of the token net of operating costs. The issuer's in-house staking team stakes a portion of the holdings and adds the tokens received as rewards to the trust's assets.

• The first spot NEAR ETF in the US
• Staking rewards are reflected in the trust's assets
• Invest through a brokerage account without the burden of storing tokens

Assets under management (AUM) stand at $85.6M, and the total expense ratio is 0.75% per year.

The fee is on the higher side compared with large spot Bitcoin ETFs, and because the fund is small, bid-ask spreads may be wide.

The listing history is too short to speak of a long-term trend. Because the price follows the NEAR token's market price directly, it is highly sensitive to overall risk appetite in the crypto market and to altcoin rotation.

The product arrives amid a wave of spot altcoin ETF listings that followed Bitcoin and Ethereum. As with any new product, fund inflows are still limited, and they will vary widely depending on the regulatory environment and crypto market sentiment.

Its strengths are easy exposure to the NEAR token and the inclusion of staking rewards, while volatility, a high fee, and small size are its weaknesses.

Since there is no comparison table grouping products in the same category, we look at other choices from an asset-class perspective instead of a single token. From the same issuer, options such as BITB offer spot Bitcoin exposure to a flagship asset with greater liquidity and size, and products such as BITW hold multiple cryptocurrencies weighted by market capitalization, which is worth considering for investors who want to reduce the concentration risk of a single altcoin.

Here are the points to review before investing in the Bitwise NEAR ETF. Because it is a new product holding a single altcoin, you should first check price volatility, fee costs, and trading liquidity.

If the NEAR token price plunges, the fund's value falls by the same amount. Trading is thin because the fund is small, and changes in staking and crypto regulation can also affect returns.

It is a convenient vehicle for investors who want to bet directly on the growth potential of NEAR Protocol. We recommend using it as a small satellite holding in your portfolio and approaching it only within a range where you can withstand the volatility.