> For the complete documentation index, see [llms.txt](https://qiro.gitbook.io/qiro-vaults/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://qiro.gitbook.io/qiro-vaults/core-concepts/fees.md).

# Fees

The two fees a Qiro vault charges, how they accrue, and when they are paid out.

A Qiro vault charges two fees: a **management fee** on assets, and a **performance fee** on gains. Each vault sets its own rates, both capped by the contracts and reflected in the share price you see.

### Management fee

An annualised fee on the vault's total assets, accruing continuously and pro-rated per second.

Accrual pauses while the vault is paused, so you pay for the intervals it was live.

### Performance fee

Charged on gains above the vault's **high-water mark**, the highest share price it has reached. Because the mark only moves up, a vault that falls and recovers charges again only once it passes its previous peak.

If the vault's value falls after a performance fee has accrued but before it is collected, the accrued fee is reduced to match.

### How fees accrue

Fees accrue as **amounts of the vault's underlying asset**, held against the vault until they are collected.

Accrued fees are reserved out of the vault's cash: they are excluded from the balance available for deployment and for servicing redemptions, and subtracted from the vault's assets when the share price is calculated.

Settlement happens automatically at the points where an accurate figure matters: on every deposit, mint, claim, and before the redemption queue is serviced.

### Collection

Accrued fees are paid out by the **fee manager**, a role held separately from the vault owner and the curator. Performance and management fees go to two independently configured collector addresses, and after the first collection subsequent collections must be at least **15 days** apart.

### Changing fee rates

Rates and collector addresses are set by a separate authority, not by the curator. Existing fees settle at the old rate before a new one takes effect, so a change applies only from the point it lands.

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See [NAV & Valuation](/qiro-vaults/core-concepts/nav-and-valuation.md) for how fees enter the share price.