Ethena Earn+ Avalanche

This Vault Disclosure applies to the Ethena Earn+ Avalanche vault described below (the "Vault"). It supplements the Upshift Terms of Use, which govern use of the Upshift services and infrastructure generally. Capitalized terms not defined here have the meanings given in the Upshift Terms of Use.

The Upshift Terms of Use already govern Vaults and Strategy Managers and provide that Vaults are managed and controlled by third-party Strategy Managers rather than Upshift. This Disclosure provides additional information specific to this Vault and does not expand Upshift's role or obligations beyond those set out in the Upshift Terms of Use.

1. Vault Identification

2. Roles

Upshift. Upshift provides technology and software infrastructure supporting the Vault. Upshift does not select or control the Vault's investment strategy and does not direct or approve individual allocation or rebalancing decisions.

Strategy Manager. Steakhouse Financial acts as Strategy Manager / Curator and is responsible for determining the strategy, allocations, rebalancing and applicable risk parameters for the Vault.

Ethena Pay. Ethena Pay provides the interface through which users may access the Vault and is responsible for its own interface, onboarding, eligibility requirements, disclosures and applicable terms.

3. How the Vault Works

Users deposit USDe and receive Vault Shares representing their interest in the assets of the Vault.

Assets may be deployed by the Strategy Manager into a Steakhouse-curated ERC-4626 vault and related positions. Assets that have not yet been deployed may remain within the Vault's associated smart-contract or subaccount architecture.

Any yield is generated by the underlying strategy and reflected in the value of the Vault Shares. Upshift does not pay, promise or guarantee any yield or return.

4. Withdrawals

Withdrawals are made by redeeming Vault Shares.

Current expected mechanics are:

• redemption request;
• NAV processing on a scheduled basis;
• target settlement of approximately T+1; and
• settlement subject to available liquidity in the underlying strategy.

5. NAV and Displayed Yield

Vault NAV reflects the value of positions held through the underlying strategy together with applicable idle balances.

NAV and related information may depend on data supplied by the Strategy Manager, underlying protocols, price sources and other third parties. Upshift does not guarantee that such information is complete, current or accurate at all times.

APY, APR, yield, TVL and similar figures displayed in connection with the Vault are historical or indicative only and are not forecasts, promises or guarantees of future performance.

6. Material Risks

Participation in the Vault involves substantial risk, including the possible loss of some or all deposited assets.

USDe risk. USDe is a synthetic dollar asset rather than a conventional fiat-backed stablecoin. Its value and redeemability may be affected by the performance of its collateral, hedging arrangements, counterparties, custodians and other mechanisms supporting USDe.

Underlying protocol risk. The strategy may interact with third-party DeFi protocols. Smart-contract failures, exploits, bad debt, oracle failures, governance decisions or other events affecting those protocols may result in losses to the Vault.

Liquidity and redemption risk. Withdrawals depend on available liquidity and the ability of the Strategy Manager to unwind underlying positions. Redemption may therefore take longer than expected.

Strategy Manager risk. The performance and risk of the Vault depend substantially on decisions made by the Strategy Manager. Upshift does not control those investment decisions.

Smart-contract and blockchain risk. The Vault relies on smart contracts and blockchain infrastructure, which may be affected by bugs, exploits, network disruptions, forks or other technical failures.

No guaranteed return. Vault Shares may decline in value and may ultimately be worth less than the assets originally deposited.

7. Third-Party Terms

Use of Ethena Pay may also be subject to Ethena Pay's own terms and policies.

The Strategy Manager may separately publish terms, disclosures or other documentation governing its activities as curator or manager. Upshift is not a party to those terms and is not responsible for the Strategy Manager's performance, solvency or compliance.

Steakhouse Financial Terms & Conditions: https://www.steakhouse.financial/docs/documents/general/tcs

Ethena Pay Terms of Use: https://pay.ethena.fi/terms

8. No Advice or Recommendation

The availability or display of the Vault does not constitute investment, financial, legal or tax advice or a recommendation, solicitation or endorsement by Upshift.

Users are responsible for evaluating the Vault and determining whether participation is lawful and appropriate for them.

9. Relationship to the Upshift Terms of Use

This Disclosure should be read together with the Upshift Terms of Use.

Except for the Vault-specific information expressly set out above, the Upshift Terms of Use continue to govern the user's relationship with Upshift. Nothing in this Disclosure creates a custodial, fiduciary, advisory, investment-management, brokerage, banking or similar relationship between Upshift and a Vault user.

If there is a conflict between this Disclosure and the Upshift Terms of Use regarding the specific mechanics or configuration of this Vault, this Disclosure controls solely with respect to those Vault-specific facts. All other provisions of the Upshift Terms of Use remain unchanged.