A. Description of the Advisory Firm
• Grayscale Advisors, LLC (“Grayscale Advisors”, the “Advisor” or the “Firm”) is a Delaware limited liability company formed in 2018 and registered with the U.S. Securities and Exchange Commission in 2022 (“SEC”). Grayscale Advisors is wholly owned by Grayscale Investments, LLC (“Grayscale Investments” or the “Parent Company”). The sole owner of Grayscale Investments is Digital Currency Group, Inc. The Firm does not have any publicly held intermediate subsidiaries. A description of Grayscale Advisor’s affiliates can be found under Item 10 – Other Financial Industry Activities and Affiliations.
• Grayscale Advisors is a registered investment advisor that provides investment advisory services for an exchange- traded fund (“ETF”) on the ETF Series Solutions (“ESS”) Trust Platform (“ESS Trust”, “ESS Trust Platform” or the “Trust”) provided by U.S. Bancorp LLC, a registered investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) and the non-discretionary market intelligence provider to the Grayscale Future of Finance UCITS ETF, a non-U.S. investment fund sponsored by HANetf Management Limited and HANetf Limited (collectively “HANetf”). Grayscale Advisors is led by Michael Adam Sonnenshein, its Chief Executive Officer, who is also CEO of Grayscale Investments. B. Types of Advisory Services Grayscale Advisors is the investment advisor to the Grayscale Future of Finance ETF and the non-discretionary market intelligence provider to the Grayscale Future of Finance UCITS ETF, a non-U.S. investment fund sponsored by HANetf. As the investment advisor to the Grayscale Future of Finance ETF, Grayscale Advisors has retained Vident Investment Advisory, LLC (“Vident”) to serve as sub-advisor in its management of the Grayscale Future of Finance ETF. The Firm manages the Grayscale Future of Finance ETF (“GFOF”) (the “Fund”), a passively managed ETF on the ESS platform that launched on February 2, 2022, and trades on the NYSE Arca. The Grayscale Future of Finance ETF seeks long-term growth by investing in U.S. and non-U.S. public equity securities that are involved in the advancement of the digital economy, which includes companies involved in the enabling of buying, selling, and transacting in digital assets, the development of the infrastructure to create applications utilizing blockchain technology, the supply of infrastructure around the digital asset ecosystem, and the mining of digital assets. The Fund tracks the performance, before fees and expenses, of the Bloomberg

Grayscale Future of Finance Index (the “Index”). As the investment advisor, Grayscale Advisors has overall responsibility for management of the Grayscale Future of Finance ETF. The Firm provides investment advice to the Grayscale Future of Finance ETF including, but not limited to, the determination and selection of what assets will be purchased, sold, or retained and what portion of those assets will be invested or held uninvested in cash as permitted in accordance with the terms and conditions of the Investment Advisory Agreement and Investment Sub-Advisory Agreement with Vident. Under the supervision and oversight of Grayscale Advisors, the sub-advisor shall manage all of the securities and other assets of the Grayscale Future of Finance ETF, including the purchase, retention, and disposition of the securities and assets, in accordance with the Grayscale Future of Finance ETF’s respective investment objectives, guidelines, policies, and restrictions as stated in the Fund’s Prospectus and Statement of Additional Information. As the non-discretionary market intelligence provider to the Grayscale Future of Finance UCITS ETF, a non-US investment fund sponsored by HANetf , Grayscale Advisors will provide non-discretionary advice, support HANetf and the investment manager in the tracking of the of Index, consult with HANetf regarding the choice of investment manager; as well as provide product specialist services including primary responsibility for research data and commentary on the Index, market commentary for the index, and the ETF team’s synthesis of such information. Grayscale Advisors does not presently provide investment advisory services to individuals or retail investors nor does the Firm participate in a wrap-fee program. C. Client-Tailored Advisory Services
• The investment management services and advice provided by Grayscale Advisors with respect to the Grayscale Future of Finance ETF is subject to the Fund’s investment objectives and guidelines, as set forth in its respective offering documents and investment advisory agreements. The non-discretionary market intelligence provider services rendered by Grayscale Advisors with respect to the Grayscale Future of Finance UCITS ETF is subject to the Co-operation Agreement, the product offering documents and listing documentation as set forth by HANetf. D. Assets Under Management
• As of December 31, 2022, Grayscale Advisors manages approximately $3.43M of client assets on a non- discretionary basis. See Item 16 for more information regarding investment discretion.