Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 459

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 459
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 |                          | 0.155 |   |
| Next $10 billion         |     |                          | 0.140 |   |
| Next $10 billion         |     |                          | 0.135 |   |
| Excess of $40 billion    |     |                          | 0.130 |   |

Administration:The Trust, on behalf of the Fund, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of the Fund. The administration fee, which is shown as administration in the Statement of Operations, is paid at the annual rates below.

| Average Daily Net Assets  |     | Administration Fees |        |   |
| First $500 million        |     |                     | 0.0425 | % |
| $500 million - $1 billion |     |                     | 0.0400 |   |
| $1 billion - $2 billion   |     |                     | 0.0375 |   |
| $2 billion - $4 billion   |     |                     | 0.0350 |   |
| $4 billion - $13 billion  |     |                     | 0.0325 |   |
| Greater than $13 billion  |     |                     | 0.0300 |   |

In addition, the Manager charges Institutional Shares an administration fee, which is shown as administration—class specific in the Statement of Operations, at an annual rate of 0.02% of the average daily net assets of Institutional Shares. Transfer Agent:Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended April 30, 2024, the Fund did not pay any amounts to affiliates in return for these services. Expense Limitations, Waivers and Reimbursements:The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund’s business (“