> ## Documentation Index
> Fetch the complete documentation index at: https://docs.tiltprotocol.com/llms.txt
> Use this file to discover all available pages before exploring further.

# FeeManager

> Centralized fee configuration and protocol/curator revenue splits

# FeeManager

The `FeeManager` contract handles fee configuration and revenue distribution between the protocol treasury and vault curators.

## Fee Parameters

| Fee         | Default                     | Maximum           | Collection Method        |
| ----------- | --------------------------- | ----------------- | ------------------------ |
| Entry       | 0.30% (30 BPS)              | 1.00% (100 BPS)   | Deducted from deposit    |
| Exit        | 0.50% (50 BPS)              | 2.00% (200 BPS)   | Deducted from withdrawal |
| Management  | 0.50% (50 BPS) annualized   | 2.00% (200 BPS)   | Share dilution           |
| Performance | 15.00% (1500 BPS) above HWM | 30.00% (3000 BPS) | Share dilution           |

## Revenue Split

All collected fees are split between two recipients:

1. **Protocol Treasury** — minimum 20% of all fees
2. **Curator Wallet** — up to 80% of all fees (set at vault creation)

For oracle-driven vaults (politician trackers), 100% goes to the protocol treasury.

## Share Dilution

Management and performance fees are collected by minting new vault shares to fee recipients. This dilutes all shareholders proportionally:

```
New shares minted = fee_amount / share_price
```

These shares are split according to the revenue split ratio and sent to the protocol treasury and curator wallets.

## High-Water Mark

Performance fees use a high-water mark (HWM) mechanism:

* The HWM tracks the highest share price ever achieved
* Performance fees are only charged on gains above the HWM
* After a drawdown, no performance fees are charged until the previous high is exceeded
* This prevents double-charging investors who experience losses