Canary Staked SUI ETF

What they do

The Trust is an exchange-traded fund that issues Shares listed and traded on an Exchange. Its primary investment objective is to provide exposure to the price of SUI held by the Trust, less expenses and other liabilities. A secondary objective is to earn additional SUI by validating transactions in the SUI Network's proof-of-stake process. The Trust establishes its NAV each business day by reference to a Pricing Benchmark calculated from a 60-minute time-weighted average price of the Underlying Index.

Revenue drivers

• SUI price exposure — The Trust's primary objective is to seek exposure to the price of SUI held by the Trust, less expenses. Its assets are predominantly SUI, so movements in the SUI price directly affect NAV and shareholder value.
• Staking rewards — A secondary investment objective is to earn additional SUI through validation of transactions in the SUI Network's proof-of-stake process, which can increase the Trust's SUI Holdings over time.
• Sponsor Fee — The Trust pays the Sponsor an annual unified fee of 0.75% of the Trust's SUI Holdings. This fee is a cost to the Trust, not revenue, but it is the primary ongoing expense that reduces SUI Holdings.

Recent performance

As of the latest balance sheet dated 2026-06-30, the Trust reported total assets of $20.4 million, total liabilities of $13,242, and shareholder equity of $20.4 million. The 10-Q filing for the period does not provide revenue or net income figures in the excerpted MD&A. The Trust's financial condition primarily reflects the value of its SUI holdings less liabilities. No period-over-period comparative performance data was disclosed in the provided excerpt.

Strategy

The Trust's stated investment objective is to seek exposure to the price of SUI, less expenses, with a secondary objective to earn additional SUI through staking. The Sponsor manages the Trust's operations and establishes NAV daily using the Pricing Benchmark. The Trust typically does not hold cash except in connection with creations and redemptions of Baskets or to pay expenses not assumed by the Sponsor. The Sponsor may cause the Trust to sell or transfer SUI to pay extraordinary, nonrecurring expenses.

Risks

• Digital asset market volatility — The Trust's value is directly tied to the price of SUI, which can be highly volatile and may decline significantly.
• Regulatory changes — Changes in laws or regulations concerning digital assets or taxes could materially adversely affect the Trust's operations.
• Technology and custody risks — Technology developments regarding the use of SUI and other digital assets, including systems used by the Sponsor and custodians, could disrupt services to the Trust.
• Expense and fee drag — The Trust pays an annual unified fee of 0.75% of SUI Holdings, which reduces the SUI backing each Share over time.

Outlook

The excerpted MD&A does not include a specific management outlook or guidance beyond forward-looking statement cautionary language. Management notes that actual results may differ materially due to factors such as market conditions, technology developments, and regulatory changes. No future targets or projections are provided in the source material.