A 0.75% management fee—Bitwise’s price for a NEAR ETF is noticeably higher than Bitcoin and Ethereum spot ETF fees. Amendment details: it is proposed to list on NYSE Arca under the ticker NRR. The fund will hold an exposure to NEAR and generate additional returns through staking. The lead underwriter is Bitwise Investment Manager. This is the sixth amendment; the terms have been ground down through more than one round, and the fee rate ultimately settles at 0.75%. BTC spot ETF fees have been pushed to around 0.2%, while ETH spot fees generally sit between 0.15% and 0.25%. NEAR is several times higher than those. A higher nominal fee doesn’t necessarily mean a higher net cost, because staking rewards compensate for it. But the amendment doesn’t disclose how much of the staking rewards will be shared with shareholders. This product makes sense for two groups: traditional investors who have money in their brokerage accounts but don’t want to touch on-chain wallets, and people who are already self-staking and want to compare which option is more cost-effective. The sixth amendment is not an approval. The SEC’s review and NYSE Arca’s 19b-4 process are not reflected in the filing, so it’s too early to say it will be listed. Watch two signals: the specifics of how staking rewards are allocated, and the initial seed capital size. If the staking rewards allocated to shareholders are below 70%, I don’t think the value proposition holds. Until the new filing comes out, NRR is just a ticker. $NEAR