Item 5. Fees and Compensation
A. Advisory Fees and Compensation
Eisler US charges a sub-advisory fee in the form of a formulaic contractual payment from Eisler UK, which operates as the
primary investment adviser to the Fund.
Eisler US may also be eligible for an incentive fee based on performance as detailed in the Offering Documents and sub-
investment management agreement.
The fees applicable to the Funds are set forth in detail in the Offering Documents and prospective investors should review
those documents carefully. A summary of the fees paid by the Funds is detailed below.
1. Expenses and Management Fees; Expense Pass-Through
Many investment managers charge a periodic management fee to collective investment vehicle and to separately managed
account clients. It is also common to require clients to pay for a range of expenses that relate to the Client and, in many
cases, clients also agree with an investment manager to be responsible for expenses that are incurred by or that relate to
the manager’s business. To the extent that such an arrangement is agreed to between the Investment Adviser and a Client,
that agreement will be reflected in the applicable Offering Documents or investment management agreement.
Each of the Funds utilize a "pass-through" expense arrangement with the Investment Adviser and other members of the
Eisler Capital Group for its allocable portion of all or substantially all of its respective expenses (which, for the avoidance of
doubt, includes compensation payable to members, directors, partners, officers, employees and other personnel). This
arrangement, which is detailed further in Item 5.C and which is described in the Offering Documents, differs from a more
traditional management fee (plus enumerated expenses) model in many ways, and should be carefully considered by
potential and current investors.
The Funds will incur expenses and fees generated in the course of evaluating potential investments, and in the course of
capital raising which are not consummated, such as out of pocket fees associated with due diligence, attorney fees and the
fees of other professionals (“broken-deal expenses”). The appropriate allocation of broken-deal expenses among the Funds
and parallel vehicles, and third parties will be determined by Eisler in good faith, and it is possible that the Funds will bear
all of such broken-deal expenses.
The Investment Manager has the discretion to determine from time to time whether or not a fee, cost or expense constitutes
an expense eligible to be expensed to the Fund. From time to time, and in accordance with the Expense Allocation Policy,
the Investment Manager (or any other Eisler Capital Group entity at the direction of the Investment Manager) may be
reimbursed by the relevant Fund to the extent that the Investment Manager or any such entity bears any expense eligible
to be paid by such Fund.
In the future, other Clients may agree with us compensation on a partial or full pass-through model.
2. Performance Compensation
As is described in the Offering Documents and in the applicable organizational agreements and documents (and briefly
summarized below), the Investment Adviser and certain of its affiliates are entitled to receive compensation based on the
Fund’s performance.
8 | Eisler Capital (US) LLC | Part 2A of Form ADV: Firm Brochure | July 2025
US Feeder. Generally, at the end of each fiscal year of the US Feeder, the US Feeder’s general partner (an affiliate of the
Investment Adviser) is entitled to an incentive allocation (the "Incentive Allocation") of up to 20% of the net capital
appreciation (which includes both realized gains and losses and unrealized appreciation and depreciation of securities held
in the Master Fund's portfolio attributable to the US Feeder) allocated to an investor's capital account for such fiscal year
after deducting investor-related taxes for such fiscal year, subject to a cumulative high water mark.
In the event that the US Feeder is terminated or an investor withdraws other than at the end of a fiscal year, then for
purposes of determining the Incentive Allocation allocable at such time, net capital appreciation will be determined as if
such dates were the end of the fiscal year in respect of the amounts withdrawn. In the sole discretion of the fund’s general
partner, the Incentive Allocation may be waived, reduced or calculated differently with respect to certain investors.
Cayman Feeder. Generally, at the end of each fiscal year of the Cayman Feeder, an affiliate of the Investment Adviser, is
entitled to an incentive fee (the "Incentive Fee", and together with the Incentive Allocation, the "Performance
Compensation") of up to 20% of the net realized and unrealized appreciation in the net asset value of each series of shares,
adjusted for the impact of investor-related taxes, any redemption of shares in the series made during the year and any
accruals of the Incentive Fee, and subject to a cumulative high water mark.
In the event that shares are redeemed other than at the end of a fiscal year, the Incentive Fee will be determined solely with
respect to the shares redeemed as of the redemption date. In the sole discretion of the Investment Adviser, the Incentive
Fee may be waived, reduced or calculated differently with respect to certain investors.
B. Payment of Fees
Fees and compensation for its sub-advisory services are paid to Eisler US, or procured, by Eisler Capital Ltd, the procurement
agent of the Fund.
Compensation paid to the Investment Adviser or its affiliates by the Funds are generally deducted from the assets of such
Funds. The Incentive Allocation paid by the US Feeder is paid to the US Feeder’s general partner and Incentive Fees paid by
the Cayman Feeder is paid to a different affiliate of the Eisler US. Performance Compensation is generally deducted on an
annual basis.
C. Additional Fees and Expenses
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