Economics

SuperVault fee structure: management fees, performance fees, upkeep costs, and the fee skimming mechanism.

All fees taken are configurable by the strategist with a split to Superform that can be turned on by governance.

Fee Type	Description
Management	Configurable by the strategist, applied to the initial deposit amount
Performance	Configurable by the strategist, applied to profits above cost basis when users redeem
Upkeep	Strategists pay UP tokens for validators to update prices

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.