Fees & Charges

This page explains the charges and costs that can arise when an investor accesses an investment strategy through Ribera Marketplace, and how each of them is applied. It is general information for prospective and existing investors. It is not a quotation, and it is not personalised investment, legal or tax advice.

Strategies listed on Ribera Marketplace are managed independently. Costs can therefore arise at more than one level: at the Marketplace, at the strategy and its manager, and at the brokerage or payment providers that hold the account and execute the trades. This page covers general Marketplace information. Rates and mechanics belonging to a single strategy, manager or provider are set out in the documentation for that strategy, manager or provider.

Where an amount or a mechanism has not been approved for publication, this page marks it for confirmation instead of showing an estimate. A marked paragraph means the detail is genuinely unresolved, not that it is unimportant.

This page does not describe terms agreed individually with an investor, and it does not replace the account, strategy or provider documentation an investor is asked to sign.

CONFIRM: Which documents set the binding fee terms for a Marketplace investment, and how this page relates to them, has not been established. No order of precedence between documents is stated here until it is.

Costs behave differently depending on how they reach the investor, so this document separates them into four kinds, and keeps a fifth distinction for money that reaches Ribera from someone else.

A one-time charge is applied once, on a specific event such as opening an account or making an allocation. A recurring fee is applied repeatedly for as long as the investment is held, usually quoted as an annual rate but deducted more often than once a year. A performance-based fee is applied to investment results, and only when the agreed measure of profit is present. A transaction-related cost arises from trading itself: part of it is charged explicitly, and part of it is already inside the price at which a trade is executed, where it never appears as a separate line.

Separately, Ribera may receive compensation from a third party. That is not automatically an additional charge to the investor, and it is not automatically without economic effect. It is treated as its own category in section 09, so it is neither hidden nor counted twice.

Confirmed today: minimum investment amounts, which are published for every strategy and are not charges. Varies by strategy and provider: anything that depends on a manager's or a broker's own schedule. Unresolved: the rates, calculation bases and timing of the charges described in the sections that follow.

CONFIRM: Which of these categories actually applies to a Marketplace investment, and to which strategies, is not yet confirmed. The categories above explain the vocabulary used in this document; they are not a statement that each of these charges is imposed.

A fee schedule can only be published once its rates and mechanics are approved. The confirmed public information available today is limited, so this overview states what is established and marks each remaining charge individually.

Minimum investment amounts are confirmed and published for each strategy. By strategy: VANTAGE $50,000 USD; PHOTON $20,000 USD; GERANIUM $20,000 USD; DUFF $20,000 USD; GIVER $20,000 USD; EQUALIZER $20,000 USD; THRIVE $20,000 USD; WAVE $20,000 USD. A minimum investment is the amount required to open an allocation. It stays invested in the account and is not a charge.

Strategy pages currently present management fee, performance fee and high-water mark as information available to approved investors. No rate for any of them has been approved for publication, so none is shown here. The absence of a published rate does not mean the charge is zero.

Each entry below names what has to be confirmed before that charge can be described: the fee name, the party charging or receiving it, the strategies or accounts affected, the rate or amount and its currency, the calculation base, the timing or trigger, the collection method, and any qualification that changes the result.

CONFIRM: Setup, entry or allocation charge — whether any applies; the charging party; the strategies affected; the amount and currency; and whether it reduces the amount initially invested or is billed separately.

CONFIRM: Recurring management or platform fee — whether any applies; the charging party; the strategies affected; the annual rate; the calculation base; the deduction frequency; and the collection method.

CONFIRM: Performance fee — whether any applies; the charging party; the strategies affected; the rate; the definition of the profit base; the calculation and crystallization frequency; and whether a high-water mark or a hurdle forms part of it.

CONFIRM: Brokerage and execution costs — the providers used; their commission schedules; whether spreads are fixed, variable or capped; and overnight financing or swap rates.

CONFIRM: Funding, withdrawal and currency-conversion charges — which are applied by Ribera, which by a provider, and which by an investor's own bank or payment intermediary.

CONFIRM: Compensation received by Ribera from a manager, a provider or another party — whether any exists, how it is calculated, and whether it sits inside or outside the charges disclosed to the investor.

No setup, entry or allocation charge has been approved for publication for any Marketplace strategy, and none is stated on the strategy pages. This section will describe such a charge only if and when one is confirmed.

A one-time charge can work in more than one way, and the difference matters to an investor. A charge deducted from the amount transferred reduces the capital that starts working in the strategy. A charge invoiced separately leaves the invested amount intact but has to be paid from elsewhere. The two are not interchangeable.

Refund, cancellation and minimum-charge terms are not described on this page, because none has been confirmed. Their absence here is not a statement that an amount would be refundable.

CONFIRM: Whether any one-time charge applies — for example account opening, onboarding, documentation, allocation or data-room access — who charges it, to which strategies it applies, and the amount and currency.

CONFIRM: Whether a confirmed one-time charge reduces the amount initially invested, is billed separately, or follows another mechanism.

CONFIRM: Whether a further deposit into an existing allocation is treated the same way as the first one, or differently.

A recurring fee is charged repeatedly for as long as the investment is held. Two details decide what it actually costs: the rate, and the amount the rate is applied to.

An annual rate is not the same as an annual payment. A fee quoted as an annual percentage is commonly deducted monthly or quarterly at a proportionate amount, so the quoted figure describes a year while the deduction happens more often. Both numbers are needed to understand the effect on an account.

The calculation base matters just as much. The same annual rate produces different amounts depending on whether it is applied to the opening balance of a period, the closing balance, an average of the account's equity, or the capital allocated to the strategy. This page assumes none of them.

A recurring fee is not described here as suspended during a loss-making period. Whether that happens depends entirely on the terms of the individual arrangement.

CONFIRM: Whether a recurring management or platform fee applies, to which strategies, and the annual rate for each.

CONFIRM: The calculation base for any recurring fee — opening balance, closing balance, average equity, allocated capital or another base — and the frequency of deduction.

CONFIRM: Which party deducts or invoices the fee, and whether it continues to accrue in a period in which the strategy loses value.

A performance fee is charged on investment results rather than on the size of an account, so the way it is measured decides what is actually paid.

Several details define one. The rate is the percentage taken. The profit base is what that percentage is applied to, and it may include gains realized by closing positions, gains still open on paper, or both. The calculation frequency is how often the fee is worked out. Crystallization is the separate moment at which a calculated amount becomes payable and is locked in. Those two are frequently confused: a fee can be calculated monthly and crystallize only once a year, or the reverse.

A high-water mark is the highest account value on which a performance fee has already been charged. Where one applies, a further fee is charged only on value above that level, so a decline has to be made back before new fees arise. A hurdle is a minimum return that has to be exceeded before any fee is charged. Neither is assumed on this page: a high-water mark may apply to one strategy and not to another, may be defined differently in each, and a hurdle may not exist at all.

Deposits, withdrawals and closing an account can each affect a performance-fee calculation, because they change the account value the measurement relies on. That treatment is not described here until it is confirmed.

CONFIRM: Whether a performance fee applies, to which strategies, and the rate for each.

CONFIRM: The definition of the profit base — whether realized gains, unrealized gains or both are included, and whether other costs are deducted before the fee is calculated.

CONFIRM: The calculation frequency, the crystallization frequency and the timing of the deduction, which may all differ from one another.

CONFIRM: Whether a high-water mark applies, how it is defined for each strategy, whether it ever resets, and whether any hurdle applies.

CONFIRM: How deposits, withdrawals and account closure are treated in a performance-fee calculation.

Trading a strategy in the market has its own costs, and they reach the investor through the account rather than through an invoice from Ribera.

A commission is an explicit charge applied by the broker for executing a trade, and it normally appears on a statement. A spread is the difference between the buying and the selling price of an instrument: it is paid inside the execution price, so it reduces the result of a trade without appearing as a separate deduction. Spreads are not fixed by nature — they commonly widen around news, at market open and close, and when liquidity is thin. Overnight financing, often called a swap, is charged or credited for holding a leveraged position from one day to the next, and it changes with interest rates and with the direction of the position.

Slippage is a different thing again. It is the difference between the price expected and the price obtained, and it is an outcome of execution in a moving market rather than a fee charged by anyone. It can work against a position or in its favour.

These costs depend on the brokerage provider, the instrument and the market conditions at the moment of execution. No broker's terms are reproduced on this page.

CONFIRM: Which brokerage providers are used for Marketplace strategies, and their commission schedules by instrument and account type.

CONFIRM: Whether spreads are fixed, variable or capped, and the range each provider publishes.

CONFIRM: The overnight financing or swap terms applied, and how they appear on an account statement.

CONFIRM: Whether Ribera, a manager or an introducing party receives any part of a commission, spread or financing charge. See section 09.

Money moving into and out of an account can carry its own charges, and they do not all come from the same place.

A charge can be applied by the brokerage or payment provider handling the transfer, by an investor's own bank or card issuer, or by an intermediary bank in the middle of a transfer. Currency conversion is charged in a less visible way: when funds are converted, the rate applied usually differs from the mid-market reference rate, and that difference is the cost, whether or not a separate fee is shown alongside it.

Ribera does not take custody of investor funds. Accounts, funding and execution are provided by brokerage partners, so funding and withdrawal mechanics follow the provider's terms rather than Ribera's.

Processing times, withdrawal restrictions, lock-up periods and early-withdrawal penalties are not described on this page, because none has been confirmed. Nothing here should be read as a statement that a withdrawal is free, unrestricted or immediately available.

CONFIRM: The funding and withdrawal methods supported, and the charges applied by Ribera or by a provider for each of them.

CONFIRM: How currency conversion is priced — the reference rate used, any margin applied to it, any separate fee, and which party applies it.

CONFIRM: Whether a withdrawal affects the calculation or the crystallization of a performance fee, and how a partial withdrawal is treated.

CONFIRM: Which charges in this section are applied by an investor's own bank or payment intermediary and are therefore outside the control of Ribera and its providers.

Ribera may be paid by parties other than the investor, and an investor is entitled to know that before deciding.

What is confirmed today is structural rather than commercial: Ribera does not take custody of investor funds, and accounts, funding and execution are provided by brokerage partners. Ribera's role is the selection and the presentation of strategies.

Compensation from a third party is not automatically an extra charge to the investor. It may be paid out of a fee the investor already pays, in which case it does not increase the total; or it may be paid separately by a manager or a provider. Either way it can create an incentive, because payment that depends on which strategy or which provider an investor uses is an interest of Ribera's sitting alongside the investor's. The economic effect can only be described once the arrangement is known.

The absence of a confirmed arrangement on this page is not a statement that Ribera receives no compensation, and Ribera is not described here as free of financial incentives.

CONFIRM: Whether Ribera receives fee sharing, referral or introducing remuneration, transaction-based payments, or any other compensation in connection with Marketplace strategies.

CONFIRM: For any such arrangement — who pays it, how it is calculated, and whether it is included within the charges already disclosed to the investor or is additional to them.

CONFIRM: Whether any compensation differs between strategies or providers, since a difference is what creates a conflict of interest that has to be disclosed.

Charges affect results, so the figures shown on this website only mean something once it is clear which costs are inside them.

Three different kinds of number appear on the Marketplace, and they are not interchangeable. Strategy profile figures, such as annualized return and maximum drawdown, are supplied for each strategy and describe the strategy's own record. The historical performance chart is a growth index compounded from the monthly series currently supplied for a strategy and rebased to 100 at the start of the selected range; it is an index level, not an account balance. The Portfolio Simulator is an allocation tool: it works out what percentages mean in money terms and whether each strategy's minimum is met. It applies no fees, and it does not simulate portfolio returns.

An individual account will not reproduce a strategy's figures in any case. Entry date, deposits and withdrawals, the provider used, execution prices and the charges actually applied all differ between accounts, and those differences compound over time.

CONFIRM: Whether published strategy profile figures are gross or net, and of which specific charges — manager fees, performance fees, commissions, spreads and financing.

CONFIRM: Whether the monthly historical series behind the performance chart is stated gross or net of charges. This is not currently recorded with the data.

CONFIRM: Publication of the Performance Methodology document, which is where the treatment of costs in reported results belongs. It is referenced here by title only, because it is not yet available.

A fee and a tax are different things. A fee is charged by Ribera, a manager or a provider in return for a service. A tax is imposed by an authority, and whether one arises — and at what rate — depends on an investor's own circumstances, residence and the rules that apply to them.

Ribera does not determine an investor's tax position, and nothing on this page states what tax will or will not be payable. Investors are expected to take their own tax advice.

CONFIRM: Whether any fee, once published, is quoted inclusive or exclusive of applicable transaction taxes such as VAT, and which party accounts for them.

CONFIRM: Whether any withholding applies to amounts paid into or out of an investor's account, which depends on the provider and on the investor's residence.

This document will change as fee terms are approved. It carries an effective date so a reader can tell which version they are looking at.

Current fee information for a specific strategy is set out in that strategy's documentation, which is reviewed and released individually on request through the access process on this website, and in the account documentation the brokerage partner provides before an account is opened.

This page states no notice period for a change, no right to vary terms unilaterally, and no assurance that an existing account is unaffected by a future change. Nothing of that kind has been agreed, and it would belong in the signed documentation rather than here.

Related documents: Risk Disclosure explains investment risk, including how costs interact with it, and Terms of Use governs the use of this website. Performance Methodology and Brokerage / Execution Disclosure are referenced by title only, as they are not yet published.

CONFIRM: The effective date and the version of this document, and whether a previous version exists.

CONFIRM: The contact route for questions about fees — email address or form — and who is responsible for answering them.