Investor Fees

Component	ZRA pool	DV pool	Stable pool
Management	1% / yr	2% / yr	0.5% / yr
Performance	20% above HWM	30% above HWM	10% above HWM
Deposit fee	0%	0.1%	0%
Withdraw fee	0%	0.5% (if < 7d)	0%

VIP discount: holding ≥ 10k veAKUPON reduces performance fee by 5 pp.

HWM = High Water Mark; performance fee only on new highs.