The bleed chance of Sharpened Metal node in Manifest Armor skill tree is actually lower than what is shows.
I tested it with full investment (5/5. 200% chance to bleed) and no gear on character at all and no other nodes learned.
Manifest Armor attacked 70 times and inflict 1 stack of bleed for 46 times, 2 stacks of bleed for 24 times.
So the actual chance would be 100% + 24/70 = 134.29%, which is 67.145%, or 2/3 of original 200% chance.
I also tested Heated Metal node or other gear-related nodes (get stats from gears with ailment chance), but all good, work as stated in description.