Peculiar Sequence of Words

What is the peculiar property of this sequence of words?

WHAT, HOLE, ALES, TEST

If you take the first letter from each word, you will spell the first word in the sequence.
If you take the second letter from each word, you will spell the second word in the sequence.
If you take the third letter from each word, you will spell the third word in the sequence.
If you take the fourth letter from each word, you will spell the fourth word in the sequence.

WHAT
HOLE
ALES
TEST

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