Fees

Issuance Fees

• When new shYEET is sold via YeetBonds, a 1% issuance fee applies.

• The fee primarily accrues to the treasury, boosting MNAV for all holders.

• A portion (up to 25%) may be allocated to cover operational costs of running YAT.

Redemption Fees

• Redemptions occur during discrete windows via Sequential Dutch Auctions.

• A variable redemption fee is built into the auction mechanics: high exit demand results in less favorable rates.

• This acts as a natural “exit tax,” discouraging short-term exits and protecting long-term holders.

• Proceeds from redemption fees accrue to the treasury.

Yield Allocation

• Yield generated from BERA or other assets is split:

  • 90% retained by the treasury to increase MNAV.

  • Up to 10% skimmed to cover operating expenses (infrastructure, audits, contributors).

Performance Fees (Carry)

• YAT managers may receive a 10% performance fee on treasury growth above the previous MNAV high.

• This aligns incentives: managers are rewarded when shYEET holders see real value creation.

Alignment

• YAT managers are significant shYEET holders themselves.

• Most fees flow back into the treasury, increasing MNAV for all contributors.

• This structure ensures managers benefit most by growing the treasury alongside contributors.