Superstate Advisers LLC

Item 5.           Fees and Compensation
Fee Schedules

The Adviser is paid a management fee based on an annual rate equal to a percentage of the Fund’s average
daily net assets. The management fee is computed daily, payable monthly in arrears, and deducted from
Client assets. The Adviser reserves the right to negotiate the management fee.

Further details about such fees and expenses are set forth below and in the applicable Fund Governing
Documents.

Sub-Advisory Fees:

The Adviser pays a sub-advisory fee to the sub-advisor for USTB. This fee is computed and paid on a
monthly basis, and is based on a percentage of the Fund’s average daily net assets.

Expenses

Adviser Expenses:

As set forth in the applicable Governing Documents, the Adviser will bear its own normal operating
expenses incurred in the formation and organization of the Funds and the initial offering. Further, the
Adviser has entered into agreements with the Funds to bear certain Fund expenses (the “Expense
Limitation Agreement”).

Each Fund pays for expenses attributable to its ongoing activities, whether incurred directly by the Fund,
the Adviser or an affiliate thereof. These expenses include expenses incurred in connection with the
tokenization of the shares and the due diligence, purchase, holding and sale of investments, expenses
associated with the Fund’s underlying digital asset commodities including gas, brokerage commissions
and staking fees, legal and compliance, custodial, accounting and audit fees, insurance, litigation and
indemnification expenses, taxes, fees, or other charges, administrative expenses, reporting costs,
expenses related to middle office operations, which may include daily reconciliation of currency, cost,
positions, and valuations, gas or similar fees for USCC token functions and transactions and any
blockchain-related services to be undertaken by the Fund or the Adviser, USDC Services, including account
fees payable to third parties for USDC services, or the purchase and sale of digital assets, expenses related
to lending digital assets and other related costs and expenses. Further details about such fees and
expenses are set forth below and in the applicable Fund Governing Documents.

Certain on-chain designated blockchain expenses related to transactions initiated by an investor or the
Allowlist Participant, including “gas” and transaction fees in connection with burning or transferring
USCC tokens, are payable directly by such investor or Allowlist Participant.

Item 7.           Types of Clients
As discussed above in Item 4, “Advisory Business,” the Adviser offers investment advisory services to the
Funds, each of which is a series of the Trust formed under Delaware laws and currently operated as an
exempt investment pool under Section 3(c)(7) of the Investment Company Act of 1940 (the “1940 Act”).
The minimum investment from each investor in a Fund is $100,000, subject to waiver by the Adviser in its
sole discretion.

Each investor is required to meet certain suitability qualifications, such as being an “accredited investor”
(as defined under Rule 506 of Regulation D under the Securities Act) and a “qualified purchaser” (as
defined under the 1940 Act). Superstate does not advise Fund investors, or any other individuals or
entities other than the Funds.