to fill vacancies on the Trust’s Board, if any. The Nominating and Governance Committee generally will not consider nominees recommended by shareholders. The Nominating and Governance Committee is also responsible for, among other things, reviewing and making recommendations regarding Independent Trustee compensation and the Trustees’ annual “self-assessment.” The Nominating and Governance Committee meets periodically, as necessary. Principal Officers of the Trust The officers of the Trust conduct and supervise its daily business. The address of each officer of the Trust is c/o 290 Harbor Drive, 4th Floor, Stamford, Connecticut 06902. Additional information about the Trust’s officers is as follows: Name and Year of Birth Position(s) Held with the Trust Term of Office and Length of Time Served Principal Occupation(s) During Past 5 Years David LaValle Born: 1977 President Indefinite term; since 2024
Global Head of ETFs at Grayscale Operating, LLC (2025-present); Global Head of ETFs at Grayscale Investments (2021-2024); Chief Executive Officer at Alerian and S-Network Global Indices (2019-2021). Chief Compliance Officer at Grayscale Operating, LLC (2025-present); Chief Compliance Officer at Grayscale Investments (2023-2024); Vice President Compliance at Grayscale Investments (2021-2022); Senior Compliance Officer at Horizon Kinetics, LLC (2015-2021). General Counsel at Grayscale Operating, LLC (2025- present); General Counsel at Grayscale Investments, LLC (2022-2024); Director, Legal at Grayscale (2020-2021); and Associate, Legal at Grayscale (2018-2019). Chief Financial Officer at Grayscale Operating, LLC (2025-present); Chief Financial Officer at Grayscale Investments, LLC (2019-2024); Vice President Accounting Policy at Goldman, Sachs & Co. (2014- 2019).
Allison Roberts Born: 1986
Chief Compliance Officer
Indefinite term; since 2024
Craig Salm Born: 1988
Secretary
Indefinite term; since 2024
Edward McGee Born: 1983
Treasurer
Indefinite term; since 2024
Trustee Ownership of Shares. The Fund is required to show the dollar amount ranges of each Trustee’s “beneficial ownership” of Shares and each other series of the Trust as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. “Beneficial ownership” is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (“1934 Act”). As of the date of this SAI, no Trustee owned Shares or shares of any other series of the Trust. Board Compensation. Other than Mr. Farmer, the Independent Trustees each receive an annual trustee fee of $20,000 for attendance at the four regularly scheduled quarterly meetings. The Trust has no pension or retirement plan. The following table shows the compensation estimated to be earned by each Trustee for the Fund’s fiscal year ending December 31. Independent Trustee fees are paid by the Adviser and not by the Fund. Trustee compensation does not include reimbursed out-of-pocket expenses in connection with attendance at meetings.
Total Compensation From Fund Complex Paid to Trustees*
Name
Aggregate Compensation From Fund
Interested Trustee David LaValle Edward McGee Independent Trustees Richard A. Goldman James E. Farmer III
$0 $0
$0 $0
$20,000
$20,000
$0
$0
Donna Milia
$20,000
$20,000
*Information is as of December 31, 2024. PRINCIPAL SHAREHOLDERS, CONTROL PERSONS, AND MANAGEMENT OWNERSHIP
A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding Shares. A control person is a shareholder that owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control. Shareholders owning voting securities in excess of 25% may determine the outcome of any
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