September 2026
mAPOLLO Transparency Report
By Delta Y
Highlights
mAPOLLO is a USD-denominated Liquid Yield Token tracking a multi-chain stablecoin yield strategy through diversified DeFi and CeFi positions across multiple protocols and exchanges, managed by Apollo Crypto. The vault was deployed on July 15, 2025, with regular price updates beginning on July 17, 2025, and data on protocols' allocations available since August 25, 2025.
During September 2026, mAPOLLO's AUM decreased from $7.67M to $7.39M. The inception-to-date return (net of fees) now amounts to 9.97% annualized.
Other relevant indicators can be seen in Table 1 below:
Aug 2026 | Sep 2026 (Δ) | |
|---|---|---|
Avg. NAV | $7.88M | $7.58M (-3.87%) |
Avg. APY | 8.56% | 6.84% (-1.72 p.p.) |
Avg. Leverage | 1.91x | 1.99x (4.10%) |
Net Deposits | -$384.83K | -$319.77K (16.91%) |
Performance
mAPOLLO reached a price of $1.1214 in its latest oracle update, reflecting a 0.50% return for the month of September. The trailing (7 days minimum) APY peaked at 7.75% during this period, with a minimum of 4.48%.
Table 2displays the vault's performance against other comparable yield strategies:
Aug 2026 | Sep 2026 | |
|---|---|---|
mAPOLLO sUSDe | mAPOLLO sUSDe | |
Avg. APY | 8.58% 4.17% | 6.83% 4.79% |
Std. Dev. APY | 0.55% 0.17% | 1.18% 0.15% |
Sharpe Ratio 1 | 9.21 3.21 | 2.66 7.67 |
1 Considered the 30D Avg. Secured Overnight Financing Rate (SOFR) as the risk-free rate for calculation purposes.
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Yield Trading ($1.74M or 22.92%), Borrowing ($1.24M or 16.38%) and Discretionary Capital Allocation ($564.15K or 7.44%).
As of the reporting date, the vault's capital is deployed across 12 blockchains and 12 protocols, with exposure over the past month ranging between 3-15 protocols.
More notably, mAPOLLO's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mAPOLLO to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were Unclassified ($3.54M or 23.37%), syrupUSDT ($2.56M or 16.89%) and PRIME ($2.31M or 15.25%), which have, on average, collectively represented 55.51%of the vault's total assets. On the liabilities side, the vault's main exposure was to PYUSD ($2.33M or 30.83%), USDT ($2.24M or 29.61%) and USDC ($1.77M or 23.38%), together representing approximately 83.82%of the vault's liabilities.
At the end of the period, the vault's leverage was 1.48x, which represents a decrease of -24.60% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
31st Aug 2026 | 30th Sep 2026 | |
|---|---|---|
Assets | ||
PRIME | $2.30M 19.65% | $2.31M 21.17% |
PT-reUSD-10DEC2026 | $0.00 0.00% | $1.96M 17.95% |
PT-AUSD-8OCT2026 | $1.57M 13.40% | $1.04M 9.54% |
syrupUSDC | $0.00 0.00% | $317.13K 2.90% |
sUSDe | $0.00 0.00% | $0.00 0.00% |
Unclassified | $4.55M 38.84% | $3.60M 32.99% |
Others | $2.07M 17.72% | $1.69M 15.43% |
Total Assets | $11.71M 100.00% | $10.92M 100.00% |
Liabilities & Vault's NAV | ||
PYUSD | $1.89M 16.17% | $2.18M 19.99% |
AUSD | $1.41M 12.03% | $931.86K 8.53% |
USDC | $736.58K 6.29% | $415.07K 3.80% |
USDtb | $0.00 0.00% | $0.00 0.00% |
USDe | $0.00 0.00% | $0.00 0.00% |
Total Liabilities | $4.04M 34.49% | $3.53M 32.32% |
Vault's NAV | $7.67M 65.51% | $7.39M 67.68% |
Total Liabilities & Vault's NAV | $11.71M 100.00% | $10.92M 100.00% |
Activity
During September 2026, the vault processed $235.14K in deposits and $554.92K in withdrawals, resulting in -$319.77K of net deposits over a total of 30 transactions.
As of period end, the mAPOLLO vault had 139 holder addresses, representing a decrease of 4.79% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Aug 2026 | Sep 2026 (Δ) | |
|---|---|---|
Deposits | $384.81K | $235.14K (-38.89%) |
Withdrawals | $769.64K | $554.92K (-27.90%) |
Net Deposits | -$384.83K | -$319.77K (16.91%) |
Avg. Holders NAV | $55.13K | $52.98K (-3.90%) |
Median Holders NAV | $22.96 | $18.61 (-18.95%) |
Disclosures
Security: Midas smart contracts have been audited by Sherlock and Côme du Crest. Onchain transactions are secured via multi-sig / MPC wallets (e.g., Fordefi, Fireblocks).
Fees: Midas vaults may be subject to management and performance fees, which are automatically deducted and reflected in net returns.
Accounting: mAPOLLO's price is updated periodically onchain. Price increases stepwise rather than reflecting real-time mark-to-market.
Risks: Smart contract risk (potential total loss), market risk (depegs, rate volatility), and counterparty risk (centralized components in some protocols).
Data Sources: Unless otherwise stated, all data presented in the report is obtained from on-chain sources. Any supplementary sources are explicitly noted where applicable.
Disclaimer
This report is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information contained herein is not an offer to sell or a solicitation of an offer to buy any security, nor shall any securities be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful.
Investing in decentralized finance (DeFi) products, including mAPOLLO, involves significant risks, including but not limited to smart contract vulnerabilities, market volatility, and regulatory uncertainty. Past performance is not indicative of future results, and investors may lose some or all of their principal.
The data and analyses presented in this report are based on information believed to be reliable, but their accuracy, completeness, and timeliness are not guaranteed. The strategies and allocations described are subject to change without notice. All investment decisions should be made with the help of a qualified professional and based on your own research and risk tolerance.