iBTCY has a transparent fee structure with no hidden costs.
Fee Schedule Fee Amount Notes Platform Fee 50 bps annually Accrues daily into NAV Instant Redemption Fee 10 bps Per transaction, benefits remaining holders OTC Conversion Fee approx. 10 bps WBTC/cbBTC/BBTC/tBTC via Archax Subscription Fee None - Primary Redemption Fee None Pass-through only Wrapping Fee None iBTCY to BTCY Unwrapping Fee None BTCY to iBTCY
The platform fee is 50 basis points (0.50%) annually , accruing daily into the NAV.
What it covers:
SPV operations
Technology and infrastructure
Service provider costs
Compliance and regulatory
There is no performance fee at the iBTCY level. The platform fee is the only ongoing cost.
Instant Redemption Fee A 10 basis point (0.10%) fee applies to instant redemptions from the buffer.
Charged per transaction
Retained for the benefit of remaining holders
Does not apply to primary (monthly) redemptions
This fee compensates remaining holders for providing instant liquidity.
OTC Conversion Fee If you subscribe or redeem using wrapped BTC (WBTC, cbBTC, BBTC, tBTC), an OTC conversion fee of about 10 bps applies.
Direction Asset Fee Deposit Wrapped BTC to Native BTC approx. 10 bps Redemption Native BTC to Wrapped BTC approx. 10 bps
Native BTC deposits and redemptions have no conversion fee.
Underlying Fund Fees The Starboard Sygnum BTC Alpha Fund (SSBAF) charges its own fees:
Fee Amount Management Fee 2% annually Performance Fee 20%
These fees are embedded in SSBAF’s NAV and are not charged separately to iBTCY holders. The 4-6% target yield is already net of these underlying fees.Total Cost of Ownership For a buy-and-hold investor using native BTC:
Activity Cost Subscription Free Holding (annual) 50 bps Primary Redemption Free Total (1-year hold) 50 bps
Additional costs apply only if you use instant redemption (10 bps) or OTC conversion (10 bps).
Fee Examples Example 1: Standard Investment
Invest 1M USD in native BTC
Hold for 1 year
Redeem via primary path
Fees paid: 5,000 USD (platform fee only)Example 2: With Instant Redemption
Invest 1M USD in native BTC
Hold for 1 year at 4-6% yield (assume 5%)
Value after 1 year: approx. 1.05M USD
Redeem instantly from buffer
Fees paid: 5,000 USD platform fee + 1,050 USD instant redemption (10 bps on 1.05M) = 6,050 USD Example 3: Round Trip with Wrapped BTC
Invest 1M USD in WBTC
Hold for 1 year
Redeem to WBTC
Fees paid: 1,000 USD deposit conversion + 5,000 USD platform fee + 1,000 USD redemption conversion = 7,000 USD No Hidden Fees iBTCY does not charge:
Entry/exit loads
Performance fees (at iBTCY level)
Administrative fees
Custody fees (to investors)
Account maintenance fees
All costs are transparent and disclosed upfront.
NAV & Transparency How fees affect NAV calculation
Available only to eligible professional/qualified investors on an invite-only basis, subject to onboarding and compliance approval. For informational purposes only and not investment advice. Not an offer to the public or a solicitation where unlawful. No retail distribution. Not available to US Persons. Disclaimers · Platform and issuer 
