BPI Statement of Additional Information

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o 290 Harbor Drive, 4th Floor, Stamford, Connecticut 06902.

Number of Portfolios in Fund Complex Overseen by Trustee

Other Directorships Held by Trustee During Past 5 Years

Term of Office and Length of Time Served Indefinite term; since 2024

Name and Year of Birth

Position Held with the Trust

Principal Occupation(s) During Past 5 Years

Independent Trustees James E. Farmer III Born: 1967

Trustee

Chief Operating Officer of Morningstar (2025-present); Chief of Index Administration, Morningstar (2023-2024); Chief Commercial Officer and Head of Capital Markets, S&P Down Jones Indices (2006 – 2021). Managing Member, Becket Capital, LLC (2012 – present).

4

N/A

Richard M. Goldman Born: 1961

Lead Independent Trustee

Indefinite term; since 2024

4

Marblegate Acquisition Corporation (2022 – Present)

Donna Milia Born: 1974

Trustee

Indefinite term; since 2024

Senior Advisor (2019-2022) and CFO, Galaxy Digital (2017 – 2019); CFO, BlackRock Capital Investment Corp, (2015 – 2017).

4

HPS Funds 2

Interested Trustees David LaValle* Born: 1977

4

N/A

Chairman and Trustee

Indefinite term; since 2024

Global Head of ETFs at Grayscale Operating, LLC (2025-present); Global Head of ETFs at Grayscale Investments, LLC (2021-2024); Chief Executive Officer at Alerian and S- Chief Financial Officer, Grayscale Operating, LLC (2025-present); Chief Financial Officer, Grayscale Investments, LLC (2019 -2024); Vice President for Accounting Policy, Goldman, Sachs & Co. (2014 – 2019). Network Global Indices (2019 - 2021).

4

N/A

Edward McGee* Born: 1983

Trustee

Indefinite term; since 2024

* Messrs. LaValle and McGee are treated as Interested Trustees because of their professional roles held with the Adviser.

10

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