# Fees & Commercial Model

### Fee Structure

| Fee             | Amount               |
| --------------- | -------------------- |
| Management fee  | 0.25% on AUM         |
| Performance fee | 30% on vault profits |
| Deposit fee     | 0%                   |
| Withdrawal fee  | 0%                   |

### Indicative Yields

| Asset              | Gross Indicative Yield |
| ------------------ | ---------------------- |
| Stablecoins (USDC) | \~5–10%                |
| Ethereum (ETH)     | \~4–5%                 |
| Bitcoin (wBTC)     | \~2–4%                 |

> ***Indicative yield footnote.** Indicative yields reflect gross annualised returns targeted for comparable DCV mandates over the twelve-month period ending 31 March 2026, before management and performance fees. Yields are variable, not a forecast and not a guarantee, and will differ between clients, strategies, and periods. Past performance is not indicative of future results.*

### Commercial Model

Distribution partners can integrate DCVs directly into their own product and offer Tesseract yield to their end clients. The integration path — what's required on your side, how users onboard, how vaults are operated, and how reporting flows back — is covered in the [Integration Guide](/dedicated-client-vaults/integration-guide.md) (Scenario B specifically).

Two commercial structures are available for distribution partners:

1. **Introducer / Distribution Agreement (preferred).** Partners earn a revenue share of the performance fee for clients they introduce. Early supporters receive higher revenue share percentages, which decline as more partners join the network.
2. **Technology Access Fee.** An alternative model based on AUM deployed, useful where revenue sharing faces regulatory constraints (e.g. for US-regulated entities).

The choice of model, exact revenue share, and any per-client terms are agreed contractually during partnership setup on a per-client basis — [get in touch](https://tesseract.fi/#contact-us).

***

> **Risks.** Discretionary portfolio management of crypto-assets involves significant risks, including smart contract risk, DeFi protocol risk, oracle risk, liquidity risk, market stress risk, counterparty risk, custody risk and regulatory change risk, and the risk of total loss of capital. Yields are indicative only, not guaranteed, and will vary.


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