Flat vs Scaled Gold IRA Fees: Which Structure Costs Less at 6 Account Sizes (2026)

A flat gold IRA fee costs less than a scaled fee once your metal is worth more than about $57,000. That crossover compares a $285 flat yearly fee with a fee of 0.50% of value, using 2026 fee schedules. A flat fee is a fixed dollar amount a year. A scaled fee is a percentage of your metal's value, so it grows with your balance.

Below $57,000, a percentage fee is cheaper than a $285 flat fee, but only when no flat account fee comes on top. Every self-directed schedule SafeOunce could price in full adds one. A custodian is the trust company or bank that holds your IRA and sends the yearly bill.

Structure is one line in the full list of gold IRA fees; this page covers only how the yearly custodian and storage charges are built. It shows 6 structures, their cost at 6 balances, crossovers, 10-year totals, the gold-price effect, 5 traps and the ETF comparison.

Every fee below comes from a dated fee schedule, and every other figure names its source and date.

What Is the Difference Between Flat and Scaled Gold IRA Fees?#

A flat gold IRA fee is the same dollar amount every year whatever your metal is worth, while a scaled fee rises and falls with the value of your account. The table below compares the two structures as of September 29, 2026.

A percentage of value is a share of what your metal is worth on the billing date. Schedules often print these shares in basis points. One basis point is 0.01%, so 18 basis points is 0.18%, or $1.80 for each $1,000 of metal.

"Scaled" covers 3 shapes in this guide: straight percentage fees, hybrid fees and tiered fees. Per-asset and per-transaction fees count holdings or trades instead, and appear as structures 5 and 6 below.

Who charges the yearly fees in a gold IRA?#

The custodian charges almost every yearly gold IRA fee, including storage, because the vault bills the custodian and no depository publishes an IRA price of its own. Three parties touch your money, but only one sends the yearly bill, as listed below.

• Custodian: a state-chartered trust company or bank division that holds the IRA. It bills the setup, annual and storage fees.
• Depository: the vault that stores the metal. Its charge reaches you through the custodian's fee schedule.
• Dealer: the company that sells you the metal. Its spread, the gap between its price and the metal's market value, is a one-time cost, not a yearly fee.

What gold IRA custodians do, and which state regulates each, is covered on the custodian hub.

Why the fee structure matters more as your balance changes#

A flat fee takes a bigger share of a small account and a smaller share of a large one, while a percentage fee takes the same share at every balance. A $285 flat fee is 2.85% of a $10,000 account but only 0.11% of $250,000. A 0.50% fee is $50 a year on $10,000 and $1,250 on $250,000.

So at what balance does one become cheaper? One division answers it, as shown below.

The 6 Gold IRA Fee Structures in 2026 Custodian Schedules#

Gold IRA custodians use 6 fee structures in their 2026 schedules: flat fees, percentage-of-value fees, hybrid fees, tiered fees, per-asset fees and per-transaction fees. Most schedules combine two or three of them, so read every line, not only the headline annual fee. The image below shows each structure's cost shape.

1. Flat fees#

A flat fee is a fixed yearly charge that stays the same at $10,000 or $1,000,000. The three metals-focused custodians SafeOunce checked price their full package this way. Commingled storage pools your metal with other owners' metal, but it is still allocated to you, so you get back the same weight and type. Segregated storage keeps your own coins or bars apart.

Yearly custodian + storage, as of September 29, 2026.

A flat fee is flat only on the schedule you are given. Equity Trust also publishes a Universal IRA schedule that charges $350 to $2,500 a year by account value (FS-0001-01 Rev. 110625, the latest revision SafeOunce retrieved). At $250,000 it costs $1,110 commingled or $1,160 segregated, against $235 or $285 on the metals-only schedule.

That gap is $875 a year, or $8,750 over 10 years, at the same custodian. So ask which schedule, by form number, applies to your account. Setup, annual and trade charges for each schedule are listed under gold IRA custodian fees.

2. Percentage-of-value fees#

A percentage-of-value fee charges a fixed share of what your metal is worth. Fidelity's storage fee is one example: 0.125% a quarter, or 0.50% a year, with a $3.75 quarterly minimum, the least you pay each quarter (schedule FA-FEES-0926, read September 29, 2026). Fidelity's schedule says storage fees "are pre-billed based on the value of the precious metals in the marketplace at the time of billing."

That value is melt value, not the price you paid. $50,000 spent at a 10% premium over melt buys about $45,455 of metal ($50,000 ÷ 1.10). A percentage fee, your first statement and the year-end value on Form 5498 all use that lower figure.

Fidelity's gold IRA route holds only Gold Eagles, 1 oz Gold Buffalos, 1 oz Silver and Platinum Eagles, and bars. Its schedule lists no annual account fee for the metal. Instead it charges a commission on each purchase or sale: 2.90% down to 0.99% to buy and 2.00% down to 0.75% to sell, by order size, with a $44 minimum. How the program compares with a Fidelity gold IRA rollover is worked through separately.

The Texas Bullion Depository, a Texas state agency, charges 0.49% a year under $500,000 for non-IRA storage, with a $25 quarterly minimum (effective April 1, 2026). Its IRA price is not published.

3. Hybrid fees: a flat minimum, then a percentage#

A hybrid fee charges a flat minimum until your metal passes a set value, then adds a percentage on the amount above it. So it acts like a flat fee for small accounts and a scaled fee for large ones. The threshold is the balance where the percentage starts to count, and a cap is the most you can pay. The table below shows 4 hybrid schedules.

Schedules as of September 29, 2026, except Forge Trust, whose live page could not be read.

Directed IRA's pricing page says: "We won't charge you based on the value of your account." That is true of its $495 account fee. Its vault storage, though, scales with value above $118,750.

GoldStar Trust's segregated storage is "$225 min./No max". The same schedule prints "$1.80 per $1000 of precious metals value greater than $125,000 (18 basis points)" beside the metals lines (GTC Rev. 01/2026, re-read September 29, 2026). The PDF layout does not show which fee that line belongs to, so ask GoldStar in writing before you rely on a figure above $125,000. Every line of GoldStar Trust's precious metals IRA fees is read on its review page.

4. Tiered fees by account value#

A tiered fee holds a fixed dollar amount inside a band of account values and jumps to a higher amount when your balance crosses into the next band. A band, or tier, is a range of balances with one price. Equity Trust's Universal IRA charges $350 a year under $50,000 and $500 from $50,000, up to $2,500 at $1,000,000 or more. Storage of $110 or $160 comes on top (FS-0001-01 Rev. 110625).

Advanta IRA's Option 2 runs from $200 to $1,850 a year by value (Rev. 10/25). Its Option 1 is a flat $250 a year per depository, with storage extra, and costs less at every balance of $15,000 or more. The jump at each band edge is the costliest line in a tiered schedule, as the tier cliff trap below shows.

5. Per-asset fees#

A per-asset fee charges for each separate holding, so the same dollar amount of metal can cost more when a dealer splits it across several coin types. A holding, or asset type, is one product the custodian lists on its own line, such as a Gold Eagle or a Platinum Koala.

The Entrust Group charges $219 a year for one asset type and $329 for two or more (Rev. 01/09/2026), and counts each product and each year of issue separately. Equity Trust Company took over former Midland Trust accounts on July 15, 2024. Under Option 1 of its Equity Institutional schedule, it charges $350 per precious metals asset a year.

6. Per-transaction fees#

A per-transaction fee charges each time your account buys, sells or moves metal. It runs from $0 at GoldStar Trust and The Entrust Group to $75 at STRATA Trust and $95 at Advanta IRA, as of September 2026. Directed IRA charges $50 per metals transaction and Equity Trust's metals-only schedule $30 per liquidation, meaning a sale of metal for cash. STRATA's $75 is two lines: $40 for the trade plus $35 for depository handling.

Break-even trades a year equal the gap in flat fees divided by the per-trade fee. American IRA's archived page (November 14, 2024) offered $285 a year plus $95 per trade, or $450 with none: ($450 - $285) ÷ $95 = 1.74, so from 2 trades a year the $450 plan costs less.

The $75 is the line most readers miss in STRATA Trust's precious metals IRA fees.

Which Fee Structure Costs Less at Your Balance?#

A flat fee costs less than a 0.50% fee above about $57,000, and below that only a percentage fee with no flat account fee attached comes out cheaper. No hybrid schedule priced here costs less than the cheapest flat package. The table below shows the yearly cost of 14 structures at 6 balances.

Yearly custodian + storage cost, gold price unchanged, schedules as of September 29, 2026 (percent of balance in brackets). SafeOunce computation; custodians named only as schedule sources. Excludes setup, trades, exit and the dealer spread. ETF rows are not metal you own.

GoldStar Trust's commingled package ($215) costs the least of any custodian schedule at every balance, and Equity Trust's metals-only packages beat every hybrid. STRATA's $325 segregated package costs more than The Entrust Group's $319 floor until about $53,500. Fidelity's percentage storage beats the flat packages only below $43,000 to $65,000, depending on the package.

At $1,000,000, the flat packages still cost $215 to $325 a year (2.15 to 3.25 basis points; GLDM is 10). The hybrids cost $1,295 (Directed IRA commingled) to $2,275 (uDirect IRA, archived), and Fidelity's storage $5,000. The carrying cost, the yearly cost of holding the metal, stays fixed under a flat fee and grows under a percentage fee.

The crossover formula: flat fee divided by the percentage rate#

The crossover balance, where a flat fee and a percentage fee cost the same, equals the flat fee divided by the percentage rate: $285 ÷ 0.005 = $57,000. Write the rate as a decimal for the division: 0.50% is 0.005, and 0.25% is 0.0025.

Below the crossover the percentage fee is cheaper; above it the flat fee is. Compare whole bills, not single lines: a percentage storage fee on top of a $495 account fee must be compared as $495 plus storage. The gold IRA fee calculator runs the same division on your balance and adds setup and exit.

2026 crossover balances for flat and percentage gold IRA fees#

The 2026 crossover balances between the flat metals packages and a 0.50% fee run from $43,000 to $65,000, as of September 2026. The table below adds the Texas Bullion Depository rate and two cases where both options scale.

SafeOunce computation from the schedules dated above, as of September 29, 2026.

These crossovers ignore the dealer spread and trading fees, which are one-time costs covered below.

Why no self-directed percentage schedule beats the cheapest flat fee#

No value-based self-directed schedule SafeOunce could price in full beats the cheapest flat package, because each adds a flat account fee of $219 to $556 a year. That account fee is a floor: the lowest bill the schedule can produce. The floors SafeOunce found in September 2026 are listed below.

• The Entrust Group: $319 ($219 plus $100 of Delaware Depository storage through Entrust)
• Accuplan (administrator): $349.95 plus 0.50% of value in storage
• uDirect IRA: $419 (archived fee page, May 15, 2026)
• Equity Trust Universal IRA: $460 ($350 plus $110 storage)
• Forge Trust: $500 (archived schedule, May 11, 2026)
• Directed IRA: $590
• Madison Trust: $656
• GoldStar Trust flat package, for comparison: $215

Equity Trust Company's Equity Institutional Option 2 starts at $350 plus storage, so it cannot beat $215 either. Two schedules publish no storage price, so ask for it in writing: Advanta IRA Option 2 ($200 at its lowest tier) and Mountain West IRA ($150 recordkeeping).

The percentage part only makes these schedules dearer as gold or your balance grows. A percentage fee helps a small account only where it stands alone, as with Fidelity's storage or a gold ETF's expense ratio. An expense ratio is the yearly fee a fund takes as a percentage of what you hold.

What Do Flat and Scaled Gold IRA Fees Cost Over 10 Years?#

Over 10 years on $100,000, flat packages cost $2,410 to $3,650 with setup and exit, while schedules that scale with value cost $4,340 to $6,910 (September 2026). A termination fee is the charge to close the account. An in-kind transfer moves the metal itself to a new custodian without selling it, and it can carry its own charge, such as Equity Trust's $125. The table below adds setup, one purchase and the exit to 10 years of yearly fees.

Gold price unchanged; fees paid from outside the IRA; dealer spread excluded. Forge Trust lists setup as $0 or $50 ($5,290 and $6,790 with $0). Fidelity rows assume its commission tier rate applies to the whole order; confirm with Fidelity. SafeOunce computation, schedules as of September 29, 2026.

The $150 to $250 exit line in the table comes from each schedule's gold IRA termination fees.

How Does the Gold Price Change a Scaled Fee?#

A scaled fee rises with the gold price because it is charged on your metal's value; a flat fee stays the same, so its share shrinks as gold gains. The LBMA PM price is the London afternoon benchmark price for gold, set each business day. By that measure, gold rose 67.4% in 2025. The table below shows what that rise did to three fees on $100,000 of metal.

SafeOunce computation; assumes the fee is billed on year-end value; actual billing dates differ by custodian.

The reverse also holds. Gold fell 26.1% from its LBMA PM record of $5,405.00 on January 29, 2026 to $3,993.55 on July 16, 2026, and stood at $4,144.55 on September 28, 2026. A percentage fee billed after a fall is smaller; a flat fee is not.

No one can say which way gold moves next. The structure decides only whether your fee moves with it.

How Much Do Flat Fees Take From a Small Gold IRA?#

A $285 flat fee takes 5.70% a year from a $5,000 gold IRA and 2.85% from $10,000, but only 0.57% from $50,000. Fee drag is the share of your balance that yearly fees take. The minimums companies set, and how much money you need to start a gold IRA on these numbers, are compared separately. The table below shows the drag of 4 schedules at 5 small balances, as of September 2026.

Yearly fee as a percent of balance. SafeOunce computation from schedules dated September 29, 2026.

The $8,600 row is the $7,500 limit plus a $1,100 catch-up contribution, the extra amount allowed from age 50 (IRS Notice 2025-67).

Below about $20,000, every flat package in the table takes more than 1% a year, before any markup on the metal. At that size, a percentage-only route, such as Fidelity's storage or a gold ETF in the IRA you already have, usually costs less each year.

5 Fee Structure Traps in Gold IRA Custodian Schedules#

Five clauses in custodian schedules can raise a gold IRA bill beyond its headline fee: tier cliffs, asset-type counting, default options, per-trade fees and non-prorated billing. Wire, paper-statement and late charges belong to the wider list of hidden gold IRA fees. The 5 structure traps below are ordered by the dollars at stake.

Tier cliffs: one more dollar of value, hundreds more in fees#

A tier cliff raises your whole fee when your balance crosses a band edge, so $1 more of metal can add $100 to $870 a year to the bill. A band edge is the balance where one tier ends and the next begins. The table below shows 6 cliffs in 4 schedules.

Yearly account fee, schedules as of September 29, 2026, except Quest's 2023 legacy schedule.

The band is judged on value, so a rise in the gold price alone can push you over an edge. Ask which date the custodian uses to set your tier. Which Equity Trust schedule applies to you is set out in the Equity Trust's precious metals IRA fees review.

The reverse case also exists. Per SafeOunce's reading of an archived copy of Horizon Trust's 2025 schedule, $80,000 paid $800 but $80,001 paid $480.01. The same happened at $150,000 ($900, then $600) and $250,000 ($1,000, then $750).

The asset-type trap: more coin types, a higher bill#

The Entrust Group counts each coin type, and even each year of the same coin, as a separate asset, so a mixed order costs more to hold than one product. Its schedule gives its own example (Rev. 01/09/2026).

How asset types are counted is the first question in the Entrust Group's precious metals IRA fees review.

The default-option trap#

A schedule with two fee options can apply the costlier one when you pick none: former Midland Trust accounts default to $350 per precious metals asset a year. A default option is the choice the custodian applies when you make none.

Under that default, Option 1, three metal products cost $1,050 a year. Option 2 charges by value and costs $425 a year at $45,000 to $59,999. Both come from Equity Trust Company's Equity Institutional schedule, effective July 15, 2024. Choosing the option in writing saves $625 a year at that size.

Former clients can check Midland Trust fees and the default fee option line by line.

Per-trade fees on small, frequent purchases#

A per-trade fee is small on one large purchase but heavy on many small ones. STRATA Trust's $75 is 0.87% of a single $8,600 purchase, but 10.5% of the same $8,600 bought in monthly slices.

Sales for required minimum distributions (RMDs) repeat the fee each year. At 73, a $100,000 metals IRA must pay out $3,773.58 ($100,000 ÷ 26.5, the Uniform Lifetime divisor in Treas. Reg. 1.401(a)(9)-9). STRATA's $75 is 2.0% of that RMD, Equity Trust's $30 is 0.8%, and GoldStar Trust charges $0. Taking the RMD from another traditional IRA you own avoids selling metal at all (Treas. Reg. 1.408-8; IRS Pub. 590-B).

Buy once a year, or use a $0-per-trade custodian. Yearly contributions to a Roth gold IRA are where this fee bites most.

Billing dates and no proration#

Flat fees are billed in full once a year and are not prorated, so opening or closing an account near a billing date can cost a whole extra year. Proration means cutting a fee for a part year. Three schedules show the pattern, as listed below.

• Equity Trust metals-only: billed at opening and each January, and not prorated. An account opened in December pays twice within weeks.
• GoldStar Trust: billed on the opening anniversary. The schedule says: "Annual Fees are not prorated."
• Directed IRA storage: billed each January in advance, and "neither prorated nor refundable."

Unpaid fees can become a tax bill. Equity Trust's metals-only schedule lets it liquidate and distribute metal for unpaid fees, and NDTCO, Equity Institutional, Provident and Advanta have similar clauses. A traditional IRA distribution is taxable, and each forced sale can add a per-sale fee.

Billing dates are listed with the rest of the Directed IRA precious metals IRA fees.

Flat Gold IRA Fees vs a Gold ETF's Percentage Fee#

A gold ETF in an IRA you already have costs less each year than a $285 flat gold IRA package below $71,250 (GLD), $114,000 (IAU) or $285,000 (GLDM). An ETF, or exchange-traded fund, is a fund whose shares trade like a stock. GLD, IAU and GLDM are trusts that hold gold bars, with expense ratios of 0.40%, 0.25% and 0.10%.

Expense ratios from issuer pages, read September 29, 2026; yearly cost only. Below each balance, the ETF costs less.

Above those balances, the flat package must still repay its upfront costs. The table below counts an illustrative 4% dealer round trip plus $50 setup against a $235 flat package: years = upfront cost ÷ (balance x ETF fee - $235).

SafeOunce computation; gold price unchanged.

An ETF share is a share of a trust that holds gold, not coins in your name. IAU's issuer page says gold per share will "decrease over the life of the Trust due to sales of gold necessary to pay the sponsor's fee" and trust expenses. The sponsor's fee is the yearly charge the fund's manager takes, paid by selling a little gold each year. The full gold IRA vs gold ETF comparison adds taxes, access and what you own.

Which Fee Structure Fits Your Situation?#

The structure that costs least depends on your balance, whether you want segregated storage, and how often you buy or sell, as the 7 situations below show.

Situations, not advice for your household; schedules as of September 2026.

How custodians compare on service and complaints, not only fees, is weighed in the best gold IRA custodians list.

How to Check a Custodian's Fee Structure Before You Sign#

Check a custodian's fee structure by asking for its fee schedule by form number and working out the yearly bill at your own balance before any money moves. A revision code is the form number and date printed on a schedule, such as "FS-0004-05 Rev. 081726". The 7 checks are listed below.

1. Ask for the schedule's name and revision code, and which schedule applies to your account.
2. Write down the flat part and the percentage part of every yearly line.
3. Divide the flat fee by the rate to find your crossover.
4. Ask where the tier edges are and on which date your value is measured.
5. Ask whether each coin type or year counts as a separate asset.
6. Write the per-trade and exit fees next to how often you will buy and sell.
7. Ask the billing date and whether fees are prorated.

An SEC and NASAA investor alert says self-directed IRA custodians "generally do not evaluate the quality or legitimacy of any investment in the self-directed IRA or its promoters" (SEC/NASAA alert). So the dealer's price is a separate check, covered below.

SafeOunce takes no money from any company named on this page.

Which Gold IRA Costs Are Bigger Than the Fee Structure?#

The dealer's spread on the metal usually costs more than any difference between flat and scaled fees, so compare structures only after you know the price per coin. The spread is the gap between what you pay for the metal and what it is worth on the market. The price per coin is set by gold IRA markups and spreads, not by the custodian.

The dealer spread outweighs the fee structure#

On $100,000, the full 10-year difference between the cheapest and dearest flat package is $1,240, while a 23.4% dealer spread costs $23,400 on the day you buy. That 23.4% is Lear Capital's own 2022 average spread, stated in its Chapter 11 plan (Doc 694, June 5, 2023). It is not an industry average. $23,400 equals 234 years of GLDM's fee on $100,000.

The bid gap is the difference between a dealer's selling and buying prices. Break-even is the rise gold needs before you get your money back. Counting the bid gap, gold must rise 10.4% to break even after a 5% spread and 31.1% after a 19.99% spread. Test any quote with the gold IRA break-even calculator before you sign.

A round trip, buying coins and selling them straight back, costs about 5% to 7% on 1 oz bullion coins (5.39% at SD Bullion, September 29, 2026). Over 10 years on $100,000, the low-cost bullion route costs about $8,580 in all, against about $25,500 at the 19.99% bullion spread American Hartford Gold's September 2026 agreement allows.

Exit fees and fee waivers#

Leaving a custodian costs $150 to $250 in termination fees on the schedules checked, and an offer to pay your fees is worth far less than a typical dealer spread. Termination fees, as of September 2026, are $150 at GoldStar Trust, $200 at Directed IRA, $225 at Madison Trust and $250 at Equity Trust and STRATA Trust. If your schedule changes, switching gold IRA custodians in kind avoids selling the metal.

A fee waiver is a dealer's offer to pay your custodian and storage fees. On $100,000, "3 years of fees paid" is worth $755 (Equity Trust commingled, setup included) to $1,870 (Directed IRA): 8% to 37% of a 5% to 10% dealer spread. Ten years of Equity Trust segregated fees come to $2,900, or 2.9% of $100,000, so a required coin priced about 3 percentage points above plain bullion erases even that. What no-fee gold IRA offers are worth is computed separately.

Questions readers ask about flat and scaled gold IRA fees#

Seven short questions readers ask about fee structures are answered below.

Is a flat fee always better for a gold IRA?#

No: a flat fee costs less only above the crossover, about $57,000 for a $285 fee against 0.50% of value. Below that balance, a percentage-only fee costs less. The value-based self-directed schedules SafeOunce could price in full carry floors of $319 to $656 a year, so the $215 and $235 flat packages cost less than any of them (September 2026).

Do gold IRA fees go up when the price of gold goes up?#

Only scaled fees do: a fee charged as a percentage of value rose 67.4% in 2025 with the gold price, while flat fees stayed the same. Flat fees can still change by notice. GoldStar Trust's changes take effect "on the 30th day after mailing the notice of such revision." Directed IRA's account fee rose from $295 (2021 to 2023) to $395 (September 2024) to $495 (2026).

Is segregated storage charged as a flat or a scaled fee?#

Segregated storage is flat at Equity Trust ($160) and STRATA Trust ($175) but a percentage at Directed IRA (0.16%, $190 minimum), as of September 2026. Each custodian's commingled and segregated line is listed in gold IRA storage fees.

Segregation costs $50 a year more than commingled storage at Equity Trust, $60 at STRATA Trust and $100 or more at GoldStar Trust ("$225 min./No max"). At Delaware Depository, segregation excludes silver through STRATA Trust and Forge Trust, and GoldStar Trust segregates silver only in 1,000-oz bars. Segregated silver coins need another vault, such as Texas Precious Metals Depository, IDS or A-M Global Logistics.

What you get back under segregated vs commingled gold IRA storage is covered on the vault page.

Can you pay gold IRA fees from outside the IRA?#

Usually yes for the custodian's own fees: IRS Publication 590-A says "Trustees' administrative fees aren't subject to the contribution limit." An administrative fee is the custodian's charge for running your account. Fees billed separately "aren't deductible as IRA contributions" either (Pub. 590-A). Paying vault storage from outside is not settled, and custodians disagree, so follow your custodian's written rule. Directed IRA's FAQ says owners may pay account fees personally.

What are typical fees for a gold IRA?#

On the schedules priced above, yearly custodian and storage fees run $215 to $685 at a $50,000 balance (September 2026), before the dealer's spread. The full fee database adds setup, exit and markups for every cost layer.

Is it better to have physical gold or a gold IRA?#

It depends on taxes and access: a gold IRA adds about $215 to $325 a year in flat custodian and storage fees. Coins you keep yourself carry no such fee, and the tax side of gold IRA vs physical gold is compared separately.

Who has the lowest fees for a gold IRA?#

On account fees alone, the lowest published metals package SafeOunce found is $215 a year (GoldStar Trust commingled, GTC Rev. 01/2026). The dealer's spread, though, decides the total cost: a 5-point difference in spread on $100,000 is $5,000, more than 23 years of that $215 fee.

Companies with the lowest total cost are ranked with markups included.