Item 5 Fees and Compensation
The compensation we receive from the Fund generally comprises fees based on a percentage of
assets under management and also performance-based amounts. Detailed information regarding the
fees charged to the Fund is provided in the Fund’s confidential private placement memorandum (as
updated via additional disclosures from time to time) and other governing documents. Generally,
the asset-based administration fee ranges between 0.05% and 0.25% (per annum) payable in arrears
as of each month-end. At the end of each year, the Company receives a performance-based fee or
allocation, generally in the amount of 20% of the first 5% of gain (whether realized or unrealized)
experienced by each investor in the Fund for that year. The performance-based fee or allocation is
generally payable on an annual basis at the end of a calendar year in arrears with respect to the
calendar year or partial calendar year then completed. Specific fees, including the particular mix of
asset-based and performance-based fees, are sometimes negotiated with investors on a case-by-case
basis. We may (and currently do in certain cases) waive or rebate all or any portion of the
performance-based fee or allocation with respect to any investor in the Fund. No direct
compensation is currently received by us from any advisory client other than the Fund.
Out of the fees we are paid by investors, we in turn pay Millburn Ridgefield Corporation (the
“Administrator”) in exchange for its provision of administration, legal, compliance, accounting and
other back-office services to the Fund. Investors do not bear any increased costs or expenses paid
to the Administrator.
Additionally, the fees paid to us do not include custodial and transaction costs paid to custodians,
broker-dealers, or any other third parties (See Item 12: Brokerage Practices for more information
about trading with broker-dealers). Fees are charged to and deducted from each investor’s capital
account in the Fund.
In addition to and/or in clarification of the fees described above, investors will bear indirectly other
fees and expenses incurred by the Fund including, but not limited to, the following, as applicable:
brokerage commissions; all other expenses that we reasonably determine to be incurred in
connection with the Fund’s trading activities; any taxes to which the Fund is subject; and all
amounts due to persons not affiliated with SIB for providing services to the Fund or to SIB with
respect to the activities of the Fund, including operating and administrative expenses for services
other than those provided by SIB and legal, accounting, audit, registration and filing fees.
Operating and administrative expenses are assessed against investors’ capital accounts, but only up
to a maximum of 1/2 of 1% per year of the average month-end net assets in each such account
during any year. Any additional operating and administrative expenses are paid by SIB. The Fund
will pay any taxes or extraordinary expenses applicable to it, which are allocated pro rata among
the capital accounts participating in the investments that gave rise to such taxes or expenses.
Investors should review all fees charged by us and the expenses charged to the Fund to fully
understand the total amount of fees and expenses to be paid by the Fund.
Investors in the Fund may redeem their investments in accordance with the confidential private
placement memorandum and other governing documents. In general, investors’ ability to withdraw
assets from the Fund is subject to formal notice requirements.
Form ADV Part 2A Brochure | SIB LLC March 2024