> For the complete documentation index, see [llms.txt](https://docs.neutral.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.neutral.trade/additional-info/fees-+-redemption-period.md). # Fees + Redemption Period The 1% management fee across the 12 current strategy vaults, performance fees, builder rebates, and withdrawal timing. All 12 current Neutral Strategy Vaults have a **1% annual management fee** as their base schedule. The management fee accrues over elapsed time and is charged in vault shares. At a simple annualized rate, 1% is approximately 0.00274% per day. Actual charges use the program's elapsed-time calculation and current user-specific fee setting rather than a rounded daily rate. A disclosed promotion, [VIP discount](/getting-started/neutral-vip-program.md), or wallet-level fee setting can reduce the management fee actually charged. It does not change the vault's 1% base schedule. The production VIP Program currently applies to Neutral Autopilot. Its Silver, Gold, and Diamond tiers reduce the standard 1% annual management fee to 0.90%, 0.80%, and 0.70%, respectively. Performance fees are not discounted. ## Builder fee split The [Builders Code Rebate](/for-distribution-partners/neutral-builders-code.md) shares part of the management fee with an attributed builder: * The user-specific management fee is calculated first. * The builder receives its live per-vault tier percentage of that charged fee. * The split comes from the manager's fee and does not increase the user's cost. * Performance fees are excluded from the launched builder ladder. ## Performance fee Some vaults also charge a **performance fee**, shown as Commission in parts of the app. It applies only to profit above the user's high-water mark and varies by vault. If a position has not made a new post-fee profit above its high-water mark, no performance fee is charged for that interval. The high-water mark is the user's highest post-fee position value used for performance-fee accounting. A new deposit can adjust the account's weighted entry basis according to the vault program rules. ## Position values **Balance** is the current value of the user's vault shares after charged fees. **Earnings** is the user's profit shown after management and performance fees. **Commission paid** is the cumulative performance fee charged on profit above the high-water mark. ## Withdrawals Deposits and withdrawals are processed on each vault's configured schedule. A withdrawal request can have a cooldown followed by a keeper processing window. The user remains exposed to changes in the vault's price per share until settlement. The value shown when a withdrawal or builder claim is requested is therefore an estimate rather than a fixed redemption amount. Each vault's Details view contains its current minimums, lock or cooldown, processing cadence, management fee, and performance fee.