diff --git a/contracts/Folio.sol b/contracts/Folio.sol
index 0cfec65..73fbdcb 100644
--- a/contracts/Folio.sol
+++ b/contracts/Folio.sol
@@ -792,7 +792,7 @@ contract Folio is
         // convert annual percentage to per-second
         // = 1 - (1 - _newFeeAnnually) ^ (1 / 31536000)
         // D18{1/s} = D18{1} - D18{1} ^ {s}
-        tvlFee = D18 - UD60x18.wrap(D18 - _newFeeAnnually).pow(ANNUALIZATION_EXP).unwrap();
+        tvlFee = D18 - UD60x18.wrap(D18 - _newFeeAnnually).pow(ANNUALIZER).unwrap();
 
         require(_newFeeAnnually == 0 || tvlFee != 0, Folio__TVLFeeTooLow());