Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 469

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 469
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observable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level F-117

input that is significant to the fair value measurement in its entirety. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. 4. Investment advisory agreement and other transactions with affiliates Investment Advisory:The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund’s investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory services. The Manager is responsible for the management of the Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund. For such services, the Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Fund’s net assets:

| Average Daily Net Assets |     | Investment Advisory Fees |   |
| First $10 billion        |     |                    0.165 | % |
| Next $10 billion         |     |                    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 — $