Transparency & Reporting

AQUA Vaults are designed to make portfolio composition, strategy activity, and valuation updates externally verifiable. This page describes the reporting framework used for on-chain and off-chain vault positions.

Portfolio Reporting

Each vault may make the following information available through the AQUA interface or linked reports:

• Allocation across approved strategies and venues

• Position-level information for supported on-chain strategies

• Reported valuations for approved off-chain strategies

• Available liquidity and assets reserved for withdrawals

• The timestamp of the latest applicable valuation or report

On-chain positions can be derived from blockchain state. Off-chain positions depend on the latest valid report submitted through the vault's reporting framework.

The reporting schedule may differ by vault and strategy. Applicable schedules will be disclosed on the relevant vault page.

NAV Reporting

Approved off-chain strategies are valued through reports submitted by an authorized reporter.

A report may include:

• reportURI: a reference link to an off-chain report containing valuation data, portfolio information, methodology, or supporting evidence

• reportHash: a cryptographic commitment to the report content, recorded on-chain so that users can verify whether a published document matches the version referenced by the contract

• Reported assets: the strategy value submitted for vault accounting

• Reported available liquidity: the amount the strategy reports as available for recovery or settlement

• Report timestamp: the time at which the report was submitted or became effective

The report document may remain off-chain while its reference and content commitment are recorded on-chain.

A reported available-liquidity figure should not be interpreted as the amount immediately available for a user withdrawal. Instant withdrawal capacity depends on liquidity already available to the vault after accounting for assets reserved or committed to other withdrawals.

How recognized strategy values affect vault accounting and share price is described in NAV & Share Price.

Proof of Reserve

For the OXAU Vault, vault reporting and OXAU Proof of Reserve serve different purposes:

• OXAU Proof of Reserve supports verification that OXAU in circulation is backed by the applicable physical gold reserves.

• Vault reporting describes how assets held by the OXAU Vault are allocated, valued, and managed.

Proof of Reserve does not by itself verify the performance, liquidity, or valuation of a vault strategy. Vault-level information and asset-level reserve information should therefore be considered together.

On-chain Activity

Key vault actions may be recorded through contract state and on-chain events, including:

• Deposits and immediate withdrawals

• Queued withdrawal requests, fulfillment, and claims

• Strategy allocations, deallocations, and rebalancing

• NAV or off-chain report updates

• Fee-related updates or accrual events

• Governance and parameter changes

• Pause and emergency-control actions

These records allow users, indexers, and auditors to reconstruct material vault activity. However, off-chain reports and supporting documents may still be required to evaluate off-chain positions fully.

Update Schedule

Item	Update Method
On-chain strategy valuation	Derived from current on-chain state when queried
Off-chain NAV report	Submitted at a vault-specific interval and subject to a validity window
Portfolio information	Updated through on-chain data and/or linked periodic reports
OXAU Proof of Reserve	Published under the OXAU reserve-reporting schedule

Final vault-specific schedules and validity windows will be published before the relevant vault is made available.

Stale Report Handling

Each approved off-chain strategy report is subject to a validity window.

If a new valid report is not submitted within that window, the strategy's off-chain valuation is considered stale.

While an off-chain valuation is stale:

• New deposits and share minting may be temporarily restricted

• Existing withdrawals are not automatically blocked solely because the report is stale

• Withdrawal settlement remains subject to available vault liquidity

• A withdrawal may enter the queue if immediate liquidity is insufficient

Deposit and mint operations resume when a valid report is submitted.

The latest report timestamp and stale status may be made visible through on-chain data and the AQUA interface. The pricing rationale behind this mechanism is explained in NAV & Share Price.