Item 5 – Fees and Compensation
FEE SCHEDULE
In consideration for advisory services provided to the Fund, the Adviser receives compensation in the form
of asset-based management fees (“Management Fees”) and performance-based incentive fees or
allocations (“Performance Fees”). Management Fees and Performance Fees are collectively referred to
in this Brochure as the “Fees”.
The Adviser’s standard Fees are summarized below. The specific Fees applicable to a particular Fund or
share class in the Fund are described in the Offering Memorandum. Fees generally are not negotiable;
however, the Adviser reserves the right to charge certain investors Fees that are higher, lower, or different
than the following standard Fees or the stated Fees for a particular Fund. Fees are generally waived or
reduced for Adviser Related Accounts or investments in the Fund by the Adviser’s employees and
affiliates.
Management Fee. Management Fees are generally equal to a percentage of the Net Asset Value (as
defined below) of the Fund as of the end of each month, prior to reduction for the Performance Fee,
accrued and payable monthly in arrears. Management Fees will equal 2% of Net Asset Value on an
annual basis. In the event that assets are withdrawn or redeemed from a Fund during the month, the
Management Fee will be pro-rated. Management Fees are payable regardless of whether trading for
the Fund is profitable.
For purposes of calculating the Management Fee, “Net Asset Value” generally means total assets,
including all cash and cash equivalents, accrued interest, and the market value of all open positions
maintained in the Fund, less all liabilities of the Fund, inclusive of brokerage commissions, other
transaction charges, and custodial and interest expenses, and will be determined in accordance with
accounting principles generally accepted in the United States.
Performance Fee. Performance Fees are generally equal to a percentage of the New Net Profits (defined
below), if any, experienced by the investor’s account in the Fund during each “Performance Period”,
accrued and payable as of the end of each Performance Period. Performance Fees will equal 20% of New
Net Profits, and the “Performance Period” means each calendar quarter, or earlier to the extent that
assets are withdrawn or redeemed from the Fund on a date earlier than quarter-end. For any
Performance Period, “New Net Profits” generally means the sum of all realized and unrealized profits and
losses, minus the sum of Management Fees and all other expenses. New Net Profits are calculated on
an investment-by-investment basis for each investor’s account in the Fund, as opposed to on the Fund’s
performance as a whole. The Performance Fee will be subject to a “high water mark”, in that all
cumulative net trading losses must be recouped and new trading highs achieved before a Performance
Fee is again payable in any Performance Period.
If an investor’s account in the Fund pays a Performance Fee to the Adviser for a Performance Period, and
the investor’s account incurs trading losses for a subsequent Performance Period, the Adviser will retain
the amount previously paid. Therefore, the Adviser may be paid a Performance Fee during a year in
which the investor’s account overall incurred net trading losses. The Performance Fee will be based on
unrealized, as well as realized, trading gains. There can be no assurance that these gains will, in fact,
ever be recognized or that the Fund will be profitable.
Acrospire Investment Management LLC 6
Form ADV Part 2A Brochure – March 24, 2017
The Fees are charged at the Master Fund level; there are no Fees directly charged at the level of the US
Fund or the Offshore Fund. An investor’s return in the feeder Fund will be reduced, however, by the
Fees paid by the Master Fund (and indirectly by the feeder Fund).
ADDITIONAL FEES AND EXPENSES
The Fees payable to the Adviser do not include all the fees and expenses that a Fund may pay. Such fees
and expenses include brokerage commissions, spreads and other transaction fees, custodial fees,
administrative fees, accounting, audit and legal fees, interest charges, and wire transfer and electronic
fund processing fees, among others that may be incurred. These fees or expenses are charged by third
parties, such as the broker or custodian for the Fund, and typically are deducted by the Fund’s
administrator and paid over to the service provider. The Adviser does not receive, directly or indirectly
any of these other fees or expenses charged to the Fund by third-parties. However, although it does not
contemplate doing so, the Adviser reserves the right to receive certain products and services from brokers
on a “soft dollar” basis in connection with the execution of Fund transactions with its brokers. See Item