> For the complete documentation index, see [llms.txt](https://docs.more.markets/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.more.markets/more-vaults/governance/fees.md).

# Fees

## Protocol Fees

MORE Vaults does not currently collect fees and has not activated a protocol fee switch. Only MORE DAO can activate the protocol fee switch via an on-chain vote. All protocol fees are and will be calculated as a percentage of vault fees taken by the fee recipient.

## Vault Fees

MORE Vaults will support five fee types, of which only two, performance fees and withdrawal fees, are currently available to Vault Owners. Vault Owners may set fees regardless of whether the DAO fee switch is on. Each Vault Owner decides which fees apply to their vault and at what rate, subject to the caps set by governance. Protocol fees are always taken in vault shares on every user action.

| Fee         | Default | Availability |
| ----------- | ------- | ------------ |
| Performance | 0 bps   | Yes          |
| Withdraw    | 0 bps   | Yes          |
| Management  | 0 bps   | No           |
| Transaction | 0 bps   | No           |
| Deposit     | 0 bps   | No           |

### Performance Fees

Performance fees skim a percentage of net profit from the user's PnL when they deposit or withdraw. It is paid in newly minted shares. Vault Owners are free to configure a rate, but are subjected to fee caps set by DAO governance.

### Withdrawal Fees

When a user redeems their funds, the vault calculates the assets owed, deducts the fee, and transfers the remainder. Because the fee is applied after the withdrawal timelock. Curators can set this fee to prevent share price arbitrage or penalize large exits.


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