21shares Sui Staking ETF

What they do

The Trust is an exchange-traded fund that issues common shares of beneficial interest representing fractional undivided beneficial interests in its net assets, trading on the Exchange under the ticker symbol TSUI. It holds SUI and values its Shares daily as of 4:00 p.m. ET based on the Pricing Benchmark. Creation Baskets of 10,000 shares or multiples thereof are issued and redeemed in exchange for cash or in-kind for SUI. The Trust is managed and controlled by the Sponsor, 21Shares, a subsidiary of 21co Holdings Limited, whose ultimate parent is FalconX.

Revenue drivers

• SUI price appreciation — The Trust's value is primarily driven by the price of SUI, as measured by the Pricing Benchmark; the Trust holds SUI and its NAV fluctuates with the token's market price.
• Staking rewards — The Trust seeks to reflect rewards from staking a portion of its SUI, to the extent the Sponsor determines it can do so without undue legal or regulatory risk.
• Creation Basket issuances — The Trust issues Shares in Creation Baskets of 10,000 or multiples thereof, which can be for cash or in-kind SUI, providing a mechanism for growth in Trust assets.

Recent performance

As of June 30, 2026, the Trust reported total assets of $12.6 million, total liabilities of $845, and shareholder equity of $12.6 million. On February 23, 2026, the Seed Capital Investor purchased Seed Creation Baskets for total proceeds of $348,574, with delivery on February 24, 2026; these baskets were redeemed for cash on March 4, 2026. On November 18, 2025, the Sui Foundation purchased 500,000 Shares (as adjusted for a share split) for 10,000,000 SUI tokens. The Trust changed its name from Jura Pentium Trust 5 to 21Shares Sui ETF on April 23, 2025.

Strategy

The Trust's investment objective is to track the performance of SUI, as measured by the CME CF Sui - Dollar Reference Rate—New York Variant, adjusted for expenses and liabilities, and to reflect staking rewards to the extent feasible without legal or regulatory risk. On June 30, 2026, the Sponsor provided notice to terminate the licensing agreement with the current Pricing Benchmark Provider effective August 31, 2026, and intends to enter into a licensing agreement with FTSE on or about August 24, 2026. The change in pricing benchmark provider is not expected to have a material impact on the Trust's net asset value, fair value measurement of SUI, or results of operations, and does not represent a change in accounting principle.

Risks

• SUI price volatility — The Trust's value is directly tied to the market price of SUI, which can be highly volatile and may result in significant losses.
• Regulatory uncertainty — The Trust may be unable to stake SUI or may face regulatory actions that could affect its ability to qualify as a grantor trust for U.S. federal income tax purposes.
• Benchmark transition risk — The transition to a new pricing benchmark provider (FTSE) effective around August 24, 2026, could introduce operational or valuation discrepancies.
• Concentration and liquidity — The Trust's assets are concentrated in a single digital asset, SUI, and its shares may trade at a premium or discount to NAV due to limited liquidity.

Outlook

Management expects the change in pricing benchmark provider to have no material impact on the Trust's net asset value, fair value measurement, or results of operations. The Trust will apply the new benchmark prospectively from the date it becomes effective. The Trust intends to continue pursuing its investment objective, including potential staking rewards, subject to regulatory and tax considerations. No specific forward-looking financial guidance is provided.