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All fees taken are configurable by the strategist with a split to Superform that can be turned on by governance.
Fee TypeDescription
ManagementConfigurable by the strategist, applied to the initial deposit amount
PerformanceConfigurable by the strategist, applied to profits above cost basis when users redeem
UpkeepStrategists pay UP tokens for validators to update prices

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Fee Skimming Mechanism

Performance fees are taken only from realized profits, these fees are obtained periodically via the fee skimming mechanism. The high-water mark is the last price-per-share level at which performance fees were taken; fees are only charged on PPS growth above this baseline, and after each fee skim the new (post-fee) PPS becomes the updated high-water mark for future calculations. Because deposits and redemptions are PPS-neutral, the high-water mark only moves when yield has actually been realized and fees are skimmed on that realized profit.