✅ Overall conclusion
Checked as of 14 August 2026. Inzhur MilTech provides access from about UAH 1,000.64 to financing the Ukrainian drone manufacturer Vyriy Industries. The investor does not buy equity in Vyriy or a specific drone. The investor buys investment certificates of a closed-end fund, which invests mainly in Vyriy corporate bonds.
Key conclusion: the advertised 25–29% annual return in hryvnia appears possible only as compensation for high corporate-credit, war, and liquidity risk. Income and principal are not guaranteed. The main weaknesses are concentration in one issuer, no clearly disclosed collateral or independent guarantee in the public package, Vyriy’s ability to change the rate after years one and two, and a conflict between the fast-exit marketing message and the fund’s legal documents.
This review is informational and is not investment advice. Before investing, obtain the current Vyriy bond issue documents and have them reviewed by independent legal and tax professionals.
1. 🧱 What the business does
Inzhur MilTech is a closed-end mutual investment fund managed by INZHUR LLC. The fund raises money through investment certificates and buys corporate bonds issued by VYRIY INDUSTRIES LLC.
Vyriy Industries manufactures FPV drones, fixed-wing UAVs, unmanned ground vehicles, control stations, and repeaters. The company earns mainly from defence orders, so its ability to service the bonds depends on government and donor contracts, component costs, product quality, and delivery performance.
2. 🏘️ Product for the investor
The investor receives dematerialised fund certificates in a securities account. This is a proportional interest in the fund’s assets, not direct ownership of Vyriy, its factory, drones, or bank balances.
- Minimum entry at the research cut-off: approximately UAH 1,000.64 for one certificate.
- Advertised target: 25–29% simple average annual return in hryvnia over three years.
- Model: returns are capitalised; there are no monthly cash payments to the investor.
- Vyriy bonds are expected to mature in July 2029; the fund is scheduled to terminate on 6 November 2029 but may be extended under the documented procedure.
The registered maximum certificate issue is UAH 5 billion, but this is an issuance ceiling rather than proof that the entire amount is intended to be raised.
3. 💰 How investor funds will be used
According to Inzhur’s offer, money is used to buy Vyriy bonds, and Vyriy uses the financing to scale production of defence technology. The fund page refers to production financing through 31 December 2026.
The public material reviewed did not provide a detailed Vyriy use-of-funds budget, named production lines, financial covenants, collateral package, or a control process for the proceeds. Before investing, request the Vyriy bond prospectus, ISIN, payment schedule, early-redemption terms, and reporting on the use of proceeds.
4. 📈 How interest or returns are paid
Vyriy is expected to pay bond coupons to the fund approximately every 35 days. The fund reinvests the proceeds, so the certificate value is expected to increase, but no monthly cash is paid to the investor’s card.
The first-year bond rate is stated as 25% in hryvnia. Inzhur’s model assumes 22% for years two and three, but the issuer may redeem the bonds early or change the rate after year one or year two. Therefore, 25–29% is a forecast, not a payment fixed for the whole term.
The fund prospectus permits a manager fee of up to 2% of average annual net asset value. Other fund expenses have a separate cap of up to 5%, while the purchase premium and redemption discount may each be up to 1%. These are maximum limits, not necessarily actual costs. Written confirmation is needed on whether the advertised 25–29% already includes all actual expenses.
5. 🔁 How principal is returned
In the base case, Vyriy repays the bonds, the fund terminates, realises or receives repayment of its assets, and distributes net value among certificate holders. The investor does not receive a fixed UAH 1,000 back; the investor receives a share of liquidation value. If Vyriy defaults, recovery may be partial or zero.
The offer page says certificates can be sold to the fund within three business hours. The legal documents, however, say Inzhur is not obliged to redeem certificates before the fund terminates; it may choose to do so. Even after an early redemption is accepted, settlement may take up to 15 business days. Fast exit should therefore not be treated as an unconditional liquidity guarantee.
6. 📄 Contract governing the relationship
The relationship is not governed by one document. It is based on the fund prospectus and regulations, the securities financial-services agreement, the purchase order, securities-account documents, and Inzhur Capital’s rules. Before paying, save copies of the exact versions accepted by the investor.
7. 🛡️ Income guarantee, legal support, and ownership
There is no guarantee of income or principal. The prospectus expressly warns that the investment is high-risk, is not guaranteed by the state, and that certificate value may rise or fall. The public package does not identify an independent guarantor, sufficient collateral, or insurance of Vyriy’s credit risk.
The legal infrastructure is provided by licensed INZHUR LLC and INZHUR CAPITAL LLC, the Ukrainian depository system, and custodian VST BANK. A Deloitte network company is named as auditor in the fund documents. Regulation and audit improve record-keeping but do not replace issuer solvency.
Ownership is recorded in a securities account. Losing an online-account password should not automatically destroy title to the certificates, but the procedures for access recovery, inheritance, and an account freeze should be obtained in writing from the depository institution.
8. 🧾 Legal information about the company and owners
INZHUR LLC, company code 44154853, was registered in 2021 and is licensed for asset management. Its director and 100% ultimate owner is Andrii Zhurzhii. The company has no separate supervisory board; during martial law the sole shareholder performs those functions, creating concentration of ownership and control.
Inzhur’s audited 2025 financial statements carry a qualified audit opinion because some expenses were recognised in the wrong reporting periods. The statements also identify potential tax exposure of UAH 32.66 million and material uncertainty from the war regarding going concern; management nevertheless considers liquidity sufficient and expects profit in 2026. These are manager-company risks, not an automatic fund default, because fund assets are accounted for separately.
INZHUR CAPITAL LLC, which services certificate transactions, challenged an NSSMC corrective order and UAH 10,200 fine in 2025 relating to failure to verify the residence of nine clients. The court document records the parties’ positions but does not by itself demonstrate a systemic issue.
VYRIY INDUSTRIES LLC, company code 45186404, was registered in 2023. Its director is Oleksii Babenko, whom the company’s public materials identify as owner and CEO. Available 2024 financial data show revenue of UAH 969.46 million, net profit of UAH 162.01 million, assets of UAH 583.28 million, and liabilities of UAH 416.43 million. This is strong growth, but liabilities were about 71% of assets. Assessing the bonds requires current 2025–2026 data and a complete debt schedule.
9. 💬 Reviews and criticism of the project
The fund began in 2026 and therefore has no completed three-year track record of repaying investors. The Vidhuk review page showed only one 5/5 rating, which is not enough to judge quality or reliability. In a recent investor discussion, the main concerns were tax, hryvnia depreciation, the 2029 term, liquidity, and comparison with government bonds. These are useful questions, but anonymous comments are not verified evidence.
The most serious external event is an SBI investigation into possible drone overpricing and the use of sole-proprietor networks in 2025 contracts totalling UAH 6.95 billion, reported by Interfax-Ukraine based on the SBI statement. Vyriy denies wrongdoing and says it is cooperating. On 22 July, a court refused to freeze UAH 32.1 million seized during searches, and the money was returned, as reported by Hromadske Radio. An investigation is not proof of guilt, while returning the money does not resolve every question. For bondholders, this remains legal and reputational issuer risk.
10. 📍 Key locations
Inzhur is registered at 48, 50A Zhylianska Street in Kyiv. Vyriy Industries is registered at 4 Promyslova Street in Kyiv. Specific production sites are not detailed for security reasons. Investors therefore cannot fully assess geographic concentration, physical protection, insurance, or production-disruption risk from public sources.
11. 📊 Market analysis and realism of the return
Demand for Ukrainian drones is substantial. The Ministry of Defence reported that the military received 485,000 UAVs and other systems worth UAH 31.4 billion through DOT-Chain Defence in under five months of 2026, and that 95% of procured drones were Ukrainian-made. This supports the sector, but purchasing increasingly depends on battlefield performance, price, and unit choice. Technology becomes obsolete quickly and competition is intensifying.
For comparison, the weighted average yield on hryvnia government bonds in June 2026 was 15.05% annually. Individual income from Ukrainian government bonds is tax-exempt, whereas Inzhur describes 14% tax when proceeds are distributed after fund termination and 23% on an early exit.
A simplified illustration: if 25% is the investor’s taxable return before tax, approximately 21.5% remains after 14% tax, or 19.25% after 23% tax, before separate charges. The premium over government bonds would then be approximately 4–6.5 percentage points. This is not a forecast; it illustrates that much of the advertised difference compensates for the extra risk of one private issuer.
12. ⚠️ Main risks of losing money
- Vyriy default: the fund depends on one manufacturer’s ability to service its bonds.
- No demonstrated guarantee: the public package does not identify an independent guarantor or sufficient registered collateral.
- Liquidity: early redemption is a right, not an unconditional obligation, of Inzhur.
- Rate change: 22% in years two and three is an assumption; the issuer may change terms or repay early.
- Investigation and compliance: the current SBI inquiry may affect contracts, accounts, management, or reputation even without a conviction.
- Government procurement: budgets, rules, donor financing, and military priorities may change.
- Technology: drone models become obsolete quickly due to electronic warfare, interception, and competitor products.
- War: production assets, logistics, power supply, and staff may be harmed.
- Currency and inflation: a high nominal hryvnia rate does not guarantee foreign-currency purchasing power.
- Costs and taxes: the actual net return may be materially lower than the advertised number.
13. ✅ What must be checked before investing
- The Vyriy bond prospectus, ISIN, issue size, term, rate, and coupon schedule.
- Collateral, guarantees, claim priority, and bondholder rights after default.
- Vyriy financial statements for 2025 and the first half of 2026, cash flow, and all debt.
- The share of Vyriy bonds in fund net assets and any concentration limits.
- Whether 25–29% includes the manager fee of up to 2%, other expenses, premium/discount, and broker commission.
- Written early-redemption terms: when Inzhur may refuse and how the sale price is calculated.
- The status of the SBI investigation and whether suspicions, asset freezes, or contract restrictions have appeared.
- Account-access recovery, inheritance of certificates, and proof-of-title procedures.
14. 🧠 Does the project look attractive?
The project may be suitable for a small, high-risk portion of a hryvnia portfolio: the entry threshold is low, the securities structure is formalised, and the sector has real demand. It is not a deposit and is not equivalent to government bonds. The investor is accepting concentrated Vyriy credit risk through 2029.
Without the bond prospectus, current Vyriy financials, clear security information, and a written answer on all expenses, the 25–29% return cannot be fully evaluated. A conservative approach is not to invest an amount whose loss would be critical and not to rely on the fast-exit promise.
15. 📞 Project contacts
Official website: inzhur.reit/offer/inzhur-miltech
Email: info@inzhur.reit
Telephone: +38 (044) 290-76-88
Official Inzhur contacts page.