> For the complete documentation index, see [llms.txt](https://docs.affluent.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.affluent.org/strategy-vault/fee.md).

# Fee

#### Management Fee

Vault Owner sets a **management-fee rate**, capped at 2% of the vault’s net asset value (NAV). The protocol cannot participate in the governance of the vault. Fees accrue continuously and are paid by minting new vault shares to that address.

#### Withdrawal Fee

A fee charged on withdrawals acts as a friction mechanism to discourage sudden, large-scale liquidity drains (bank runs) from the strategy. This fee helps protect the Net Asset Value (NAV) and the long-term yield of remaining investors by offsetting transaction costs and potential market impact caused by urgent unwinding of positions.