As some participants might be aware, up until a certain threshold fund size, the SEC does not require that hedge funds disclose their holdings or their trading activity; thus, analogies based on whether the SEC or some variant is present or "missing" don't seem to bear directly on the question of disclosure for a fund of this size. (Some participants will also be aware of academic studies suggesting that funds which do not disclose their trading activities tend to outperform otherwise comparable funds which do.)

More to the point, however, there is a reason why the listing documents include a Not-So-FAQ: it was in hopes of making some of these questions not so frequently asked. The bottom line is simple: if potential participants lack confidence or want the fund to become something other than it is so that they can feel confident, then they should not participate.