From d54da4319fe113eb70cb92ce7d7e58ac3345ad21 Mon Sep 17 00:00:00 2001 From: Justin Ehrenhofer Date: Fri, 1 Mar 2024 10:17:20 -0600 Subject: [PATCH] Update fund fees --- funds/fund_fees.md | 42 +++++++++++++++++++++++++----------------- 1 file changed, 25 insertions(+), 17 deletions(-) diff --git a/funds/fund_fees.md b/funds/fund_fees.md index 590892bba68..85bca542e33 100644 --- a/funds/fund_fees.md +++ b/funds/fund_fees.md @@ -3,7 +3,7 @@ layout: page title: "MAGIC Fund Fees" --- -*Updated 2021-11-20* +*Updated 2024-03-01* MAGIC Grants imposes fees on MAGIC Funds in the following way. MAGIC Grants may make changes to these fees (in its sole discretion) with advance notice including a public feedback period of at least 30 days. Fees may be changed immediately without notice if the changes improve the legal standing of MAGIC Grants. @@ -20,24 +20,28 @@ Based on daily average assets; fees per year. | $100 MM + | 1.00% | Example for a Fund with $105 MM in assets every day for a year: -0.5%*(1 MM) + 1.75%*(100 MM - 1 MM) + 1.00% (105 MM - 100 MM) = 0.005 + 1.7325 MM + 0.05 MM = 1.7875 MM +0.5%x(1 MM) + 1.75%x(100 MM - 1 MM) + 1.00%x(105 MM - 100 MM) = 0.005 + 1.7325 MM + 0.05 MM = 1.7875 MM -The **minimum annual fee** for any MAGIC Fund (unless specifically waived by the board) is **$5000**. This will be charged at the start of the Fund’s formation and will be charged annually thereafter. +The **minimum annual fee** for any MAGIC Fund (unless specifically waived by the board) is **$1000**. This will be charged at the start of the Fund’s formation and will be charged annually thereafter. Any fees above the minimum annual fee are levied monthly. +## Additional Ledgers + +MAGIC Grants incurs accounting costs for complicated investment strategies. If a MAGIC Fund wishes to engage in more advanced asset management than a single-asset ledger (typically USD), then additional fees apply. + +The base cost for an additional asset ledger is $1000 per month. This includes 5 basic investment credits per month. + ## Basic Investment Credits -* 1 free credit per month -* Maximum 6 total accumulated credits -* Additional credits purchasable for $50/credit (subject to board limits) +* Credits purchasable for $50/credit (subject to board limits) * Trade and transaction fees will be passed through at cost Credits can be used for the following **Basic Investments**: -* Select fiat trades to/from cryptocurrencies on Approved Platforms -* Crypto/crypto trades on Approved Platforms -* Stock purchases/sales on Approved Platforms -* NFT purchases/sales on Approved Platforms +* Manual fiat trades to/from cryptocurrencies on Approved Platforms +* Manual crypto/crypto trades on Approved Platforms +* Manual stock purchases/sales on Approved Platforms +* Manual NFT purchases/sales on Approved Platforms * Anything else MAGIC Grants adds (items may also be removed) ## Advanced Investment Options @@ -46,14 +50,18 @@ MAGIC Grants may charge a $100/hr fee for more complicated trading/investment si ## Grant Disbursement Credits -* 1 free credit per month -* 1 free additional monthly credit if >$2 MM in daily average assets, and another credit for every $10 MM after that -* Maximum 6 accumulated credits -* Additional credits purchasable for $100/credit (subject to board limits) -* Grant disbursement credits not required for committee disbursements - Credits can be used to make individual grant disbursements. +MAGIC Funds get a certain number of free monthly grant disbursement credits depending on the average daily balance of the MAGIC Fund, as follows: + +* Less than $2 MM: 5 per month +* $2 MM to $10 MM: 10 per month +* Over $10 MM: 15 per month + +Additional grant disbursements cost $100 each (subject to board limits). + +Grant disbursement credits are not required for committee disbursements. + ## Committee Disbursement Fees * Free @@ -66,7 +74,7 @@ If a specific Fund would like for MAGIC Grants to onboard with a specific platfo This list may be updated from time to time without notice. Limits may apply. * Kraken -* Bittrex +* Vanguard ## Hourly Rates