Fee Structure
Illustrative model for the planned live phase. Performance-aligned, no hidden charges.
Current Phase
SPA is currently in paper testing mode. No fees are charged and no capital is being managed. This page documents the illustrative fee model for the planned live phase only.
The performance-aligned model: management fees cover operational costs, performance fees are only charged on profits above the high-water mark. Specific terms for any future live phase are TBD.
Fee Components (Illustrative)
Management Fee
Annual fee on assets under management. Covers infrastructure, monitoring, and reporting.
Performance Fee
Charged only on net profits above the high-water mark. Aligns incentives.
High-Water Mark
No performance fee until previous portfolio peak is recovered. No double-charging on recoveries.
No Withdrawal Fee
No fees charged on withdrawals (illustrative).
No Lock-Up
No mandatory lock-up period (illustrative).
High-Water Mark
The high-water mark is the previous peak value of the portfolio. Performance fee is only charged on profits above this mark. If the portfolio declines, no performance fee is collected until the previous peak is recovered. This aligns manager incentives with outcomes — earn only on real gains.
How It Works — Conceptual Example
Actual returns are variable and not guaranteed. This example is illustrative only. No fee rates are currently set — this is the paper testing phase.
Paper Trading Period
During the paper trading period (through ~July 2026), no fees are charged. Fee structure applies from go-live date only — and only to own capital first.
Paper trading uses virtual $100,000 USDC — no real capital, no fee accrual.
Frequently Asked Questions
When do fees start?
From the go-live date (~July 2026 target, contingent on GoLiveChecker). No fees during paper trading period.
What's a high-water mark?
The previous portfolio peak. Performance fee is only charged on profits above it. If the portfolio drops, no performance fee until it recovers to the previous high.
Are there withdrawal fees?
No withdrawal fee is planned.
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Personal research project in paper validation — not investment advice, not a regulated service, not raising capital; results are simulated. Full disclaimer & risk disclosure →