Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 446

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 446
---
 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—$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. F-93

Transfer Agent:Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting,recordkeeping, sub-transferagency 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, 2025, the Fund did not pay any amounts to affiliates in return for these services. Expense