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

# Fees & terms

> The IX-CORE fee schedule and redemption terms in one place — entry/exit/management fees, the reserve floor, and how exits are paid.

Everything that affects what you pay and how you exit, in one place. IX-CORE follows OpenZeppelin's **ERC-4626 fees** pattern, so a `preview*` call always equals the actual result — there is no hidden slippage.

## Fee schedule

| Fee               | Parameter         | Testnet default  | Basis             | How it's taken                                                                                 |
| ----------------- | ----------------- | ---------------- | ----------------- | ---------------------------------------------------------------------------------------------- |
| **Entry**         | `entryBps`        | `0` (0.00%)      | On deposit amount | Skimmed on deposit, routed to the fee recipient                                                |
| **Exit**          | `exitBps`         | `10` (0.10%)     | On redeemed value | Deducted on redeem; on the *queued* path it stays in the vault as buffer for remaining holders |
| **Management**    | `mgmtBpsPerYear`  | `100` (1.00%/yr) | On NAV, streamed  | Dust shares minted to the fee recipient pro-rata to elapsed time                               |
| **Reserve floor** | `reserveFloorBps` | `0` (0.00%)      | On total assets   | Not a fee — a share of assets held back from *instant* redemption (queue-only buffer)          |

<Note>
  These are the **testnet** defaults. All four parameters are admin-settable, capped at 100%, and change through [governance](/security/governance); the current on-chain values are always readable on the [vault contract](/protocol/smart-contracts).
</Note>

## How the management fee works

The management fee is **streamed**, not charged in lumps: on every deposit, redeem, and parameter change (and on an explicit `pokeFees()`), the vault mints a tiny number of shares to the fee recipient pro-rata to the time elapsed since the last accrual. The effect is a smooth, predictable dilution rather than a periodic deduction — and because it is settled before any parameter change, a rate change never applies retroactively.

## Redemption terms

IX-CORE redeems **at NAV**. Because a liquid token sits on top of illiquid hardware, payout is tiered:

<Steps>
  <Step title="Instant, up to available cash">
    If the amount owed is within `availableCash` (vault balance minus the reserve floor), you're paid immediately.
  </Step>

  <Step title="Queued, FIFO">
    Larger exits **burn your shares now** and join a first-in-first-out queue. Your NAV is locked at redemption time; only the cash timing is deferred.
  </Step>

  <Step title="Funded from the vault + smoothing reserve">
    A keeper processes the queue (`processQueue`), or you pull your own request (`claim`) once the vault balance plus the [smoothing reserve](/protocol/revenue-and-distributions#the-smoothing-reserve) can cover the head of the queue.
  </Step>
</Steps>

* **No lock-up.** There is no minimum holding period; redemption is constrained only by available liquidity.
* **No secondary market yet.** An AMM listing for instant secondary exit is a pre-mainnet roadmap item; until then, redeem-at-NAV is the exit.
* **FIFO fairness.** A later, smaller request cannot jump an earlier, not-yet-fundable one.

## Migration terms (former BNB holders)

Holders of the retired BNB-era token convert into IX-CORE **once**, via a one-time Merkle claim on Base, **value-for-value at NAV**. Claims are open until a published deadline; unclaimed shares are swept to the treasury after the window closes. Ongoing distributions are **not** Merkle-based — see [Ownership & IX-CORE](/protocol/ownership-and-ixd#migrating-from-the-old-bnb-token).

<Warning>
  All figures are **simulated testnet** values today. Fee parameters, redemption mechanics, and terms are finalized for mainnet at the audited Phase-2 redeploy.
</Warning>