# 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. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.affluent.org/strategy-vault/fee.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.