Fees & Alignment

The Fund is designed with a strong emphasis on alignment between the manager and investors.

No Management Fee
The Fund does not charge a management fee. The manager is compensated only through performance-based returns.

Performance-Based Compensation

The Fund may charge a performance-based allocation equal to 10% of net profits that exceed the total return of the S&P 500 Index (including dividends).

• Performance is measured on a cumulative basis

• A high-water mark is applied, meaning performance fees are earned only on new net profits

• Performance is calculated and crystallized annually based on the calendar year

This structure is intended to ensure that the manager participates in upside only after delivering returns above a widely recognized market benchmark.

Investor Eligibility

Performance-based compensation is charged only to investors who meet the definition of a qualified client under the
Investment Advisers Act of 1940.

Additional eligibility requirements may apply, including accreditation standards and verification procedures in accordance with applicable regulations.

Important Considerations

• Investment in the Fund involves substantial risk, including the possible loss of principal

• The use of active strategies, including derivatives, may increase volatility and risk exposure

• There can be no assurance that the Fund will achieve its investment objective or outperform its benchmark

• Performance-based compensation may create an incentive for the manager to take greater risks

• Additional details regarding fees, risks, and terms are outlined in the Fund’s offering documents