> ## Documentation Index
> Fetch the complete documentation index at: https://docs.aarc.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Fees

> Complete fee structure for iBTCY

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                               |

## Platform Fee

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

<Info>
  There is no performance fee at the iBTCY level. The platform fee is the only ongoing cost.
</Info>

## 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.

<Card title="NAV & Transparency" icon="chart-line" href="/product/transparency">
  How fees affect NAV calculation
</Card>

***

<Note>
  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](/legal/disclaimers) · [Platform and issuer](/legal/platform-legal)
</Note>