Fees from your perspective
What you actually pay.
Net performance calculator
What your allocation looks like after one year, net of all fees
Hypothetical range. Each asset manager sets their own rate.
All fees (platform, performance) are already deducted. This is what you see in your account. Strategy returns are variable and may be negative. Past performance does not indicate future results.
The fees you pay:
Two figures. Nothing else.
Platform fee, 1% per year. Calculated on the value of your allocation, accrued daily, deducted through vault mechanics. It covers institutional custody and the MakeBanc infrastructure.
Performance fee, set by the asset manager (hypothetically 20% to 30%), on gains above the high water mark. Crystallises monthly depending on the strategy. This is the asset manager's fee. You pay one number.
No allocation fee. No redemption fee. No conversion spread from MakeBanc (Noah's fiat-to-stablecoin conversion has its own small spread, disclosed at the time).
How the platform fee accrues:
Not charged in a lump sum. It accrues continuously, expressed in NAV.
Each day, NAV is calculated after subtracting the prorated daily share of the 1% platform fee. The NAV per share you see is already net of it. You do not pay it separately.
How the performance fee crystallises:
Only accrues when the strategy is in profit above its previous high water mark.
Strategy grows from $1.00 to $1.10 during a performance period. Performance fee at a hypothetical 30%: 30% of the $0.10 gain = $0.03 per share (or $0.02 at 20%). At period end, the fee crystallises. High water mark resets to $1.10.
Strategy then declines to $1.05 and recovers to $1.09. No performance fee; still below the $1.10 mark.
Performance fees crystallise monthly, aligned with the monthly redemption window. There is no mid-month redemption.
Equalisation accounting:
Performance fees are calculated per-allocator, based on your individual entry point.
If you allocate when NAV is $1.05 (below the $1.10 high water mark), your performance fee starts on gains from $1.05, not from $1.10. You do not pay for gains that happened before you arrived.
The platform handles this transparently. You see the high water mark relevant to your allocation, not the strategy aggregate.
What your dashboard shows:
Gross performance. Strategy return before fees. Useful for comparing across strategies.
Net performance. Your actual return after the platform fee and crystallised performance fees. This is what you earned.
A strategy with 20% gross annual returns might produce about 13% to 15% net after the 1% platform fee and a performance fee of 20% to 30%. Both figures shown, with fee impact broken out.
Why this structure:
The 1% platform fee covers institutional custody and the MakeBanc infrastructure: team, vaults, oracle, settlement, audits, legal.
The performance fee aligns the asset manager with your returns. If the strategy makes money, the manager makes money. If the strategy loses, the manager earns nothing from performance.
Worked example:
You allocate $100,000. Over a year, the strategy generates 15% gross return. NAV per share rises from $1.00 to $1.15.
Platform fee. 1% of average AUT, approximately $1,075, accrued into NAV.
Performance fee. Charged on the $0.15 per-share gain above the $1.00 high water mark. At a hypothetical 20% to 30%, approximately $3,000 to $4,500 on your position.
Net to you. $15,000 gross - $1,075 platform fee - $3,000 to $4,500 performance = approximately $10,925 to $9,425. Net return: ~10.9% to ~9.4%.
The platform shows all of this on your dashboard. No hidden component.
Fees if the strategy loses:
The platform fee accrues regardless. Same as any fund structure.
The performance fee only accrues on gains above the high water mark. Losing year: you pay the 1% platform fee but no performance fee.
The platform earns from infrastructure. The asset manager earns from performance.