Company: CRCL
Filing Date: 2025-05-16
Form Type: S-1/A
Source: 0001193125-25-121234
Chunk: 409

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-16
Form: S-1/A
Chunk 409
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 on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the fund receives collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the fund would recognize a liability with respect to such excess collateral. The liability reflects the fund’s obligation under bankruptcy law to return the excess to the counterparty. 5. 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—$4 billion    |     |                     | 0.