Fee Structure
Performance-aligned. No hidden charges.
Private Phase
SPA is currently in a private invite-only phase. Fee terms are discussed individually during onboarding — early participants receive preferential terms.
Our model is performance-aligned: management fees cover operational costs, performance fees are only charged on profits above the high-water mark.
Fee Components
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. We earn when you earn.
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.
No Lock-Up
No mandatory lock-up period for your capital.
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 investor outcomes — we only earn when you earn.
How It Works — Conceptual Example
Actual returns are variable and not guaranteed. This example is illustrative only. Specific fee rates are discussed during onboarding.
Paper Trading Period
During the paper trading period (through August 1, 2026), no fees are charged. Fee structure applies from go-live date only.
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 (August 1, 2026 target). No fees are charged during the 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 for the MVP.
Will fees change?
Fee terms are agreed individually during onboarding. Any changes to agreed terms would come with advance notice.
Interested in joining?
Fee terms are discussed individually during onboarding. Early participants receive preferential terms.
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