APEX MultiStrategy

Fee disclosure disparity (reviewed 26 October 2026): The published vault terms specify a 2% annual management fee accruing daily and a 20% performance fee on realised profit above the high-water mark. The reviewed manager implementation and vault implementation contain no management-fee accrual, performance-fee calculation or high-water-mark accounting. Any collection of these fees requires operator-side accounting or settlement outside those contract paths. Whether the published API prices reserve these fees is unverified; investor net returns remain unavailable.

Funding EOA (reviewed 26 October 2026): The Arbitrum funding wallet 0xf2460f28c9bacb35ac6fef048b661d33ad070aaf is an externally owned account with no contract code at the reviewed block. On 3 August 2026, the custody Safe transferred 506,127.385398 USDC to this EOA, which then sent 506,127.39 USDC to the Hyperliquid bridge. The Hyperliquid ledger credits that transaction to the same-address trading account. These Arbitrum transfers are signed by the EOA; the custody Safe's signature threshold does not govern outgoing transfers from it. Hyperliquid account permissions are separate from Arbitrum signing authority; the EOA's key-management arrangements are unverified. The transaction evidence and flow chart establish funding into Hyperliquid, but do not establish a completed bridge withdrawal back to Arbitrum or a return to the redemption vault. Through Arbitrum block 518462154, no USDC transfers involving the redemption vault, receipt burns or manager withdrawals were observed.

Connection with the legacy vault (reviewed 26 October 2026): The legacy Infinit Multi-Strategy vault is a separate native Hyperliquid vault at 0x8220ed9e3d84da5e9d5f6d115a28a0b28b967388. The recorded Hyperliquid ledger shows that this product's trading account, 0xf2460f28c9bacb35ac6fef048b661d33ad070aaf, deposited 5 USDC as a test and then 506,137.39 USDC into the legacy vault on 3 August 2026. On 6 August it withdrew 505,859.98 USDC net back into the trading account on Hyperliquid. This establishes a temporary investment in the legacy vault, not a return of funds to Arbitrum or investor redemption. The two vaults retain separate identities and performance histories; the legacy vault's returns and fees must not be treated as this product's investor returns or fee terms.

Reviewed corrupt source periods are excluded from performance calculations. Public transaction construction is not implemented.