Fees

Standard advisory fees and potential third-party trading costs.

Fee or cost	Standard schedule	How it works
Management fee	2.00% annually	Calculated on managed assets and billed quarterly under the applicable advisory agreement.
Incentive fee	20% of new net trading profits	Subject to a high-water mark and the terms of the applicable advisory agreement.
Brokerage commissions	Varies	May be charged by the client's broker or futures commission merchant and are separate from AQI advisory fees.
Exchange, clearing and regulatory fees	Varies	May be assessed in connection with futures and options transactions and are separate from AQI advisory fees.

Client-specific terms: The executed advisory agreement and any applicable disclosure document govern and will describe the fees and expenses applicable to the client relationship.

Risk Disclosure: Fees, commissions and transaction costs reduce trading returns. Futures and options trading involves substantial risk of loss.