on investment in SUI, less the Sponsor’s Fee of $70. Net assets increased to $10,103 at September 30, 2025, a 15% increase for the three-month period. The increase in net assets resulted from the aforementioned SUI price appreciation, partially offset by the withdrawal of approximately 19,590 SUI to pay the foregoing Sponsor’s Fee. Net realized and unrealized loss on investment in SUI for the nine months ended September 30, 2025 was ($2,779), which includes a realized gain of $45 on the transfer of SUI to pay the Sponsor’s Fee and net change in unrealized appreciation on investment in SUI of ($2,824). Net realized and unrealized loss on investment in SUI for the period was driven by SUI price depreciation from $4.17 per SUI as of December 31, 2024, to $3.26 per SUI as of September 30, 2025. Net decrease in net assets resulting from operations was ($2,974) for the nine months ended September 30, 2025, which consisted of the net realized and unrealized loss on investment in SUI, plus the Sponsor’s Fee of $195. Net assets decreased to $10,103 at September 30, 2025, a 20% decrease for the nine-month period. The decrease in net assets was due to the aforementioned SUI price depreciation and the withdrawal of approximately 57,917 SUI to pay the foregoing Sponsor’s Fee, partially offset by the contribution of approximately 127,090 SUI with a value of $441 to the Trust in connection with Share creations. Net realized and unrealized gain on investment in SUI for the period from August 1, 2024 (the commencement of the Trust’s operations) to September 30, 2024 was $1,256, which includes a realized gain of $1 on the transfer of SUI to pay the Sponsor’s Fee and net change in unrealized appreciation on investment in SUI of $1,255. Net realized and unrealized gain on investment in SUI for the period was driven by SUI price appreciation from $0.69 per SUI as of August 1, 2024 to $1.81 per SUI as of September 30, 2024. Net increase in net assets resulting from operations was $1,252 for the period from August 1, 2024 (the commencement of the Trust's operations) to September 30, 2024, which consisted of the net realized and unrealized gain on investment in SUI, less the Sponsor’s Fee of $4. Net assets increased to $2,544 at September 30, 2024. The increase in net assets was due to the contribution of approximately 1,409,572 SUI with a value of $1,293 to the Trust in connection with Share creations and the aforementioned SUI price appreciation, partially offset by the withdrawal of approximately 3,845 SUI to pay the foregoing Sponsor’s Fee. Financial Highlights for the Period from August 1, 2024 (the commencement of the Trust’s operations) to December 31, 2024 (All amounts in the following table and the subsequent paragraphs, except Share, per Share, SUI and price of SUI amounts, are in thousands) August 1, 2024 (the
Commencement of the Trust’s Operations) to December 31, 2024
Net realized and unrealized gain on investment in SUI Net increase in net assets resulting from operations
$ $ $
4,977 4,932
Net assets (1) 12,635 (1) Net assets in the above table and subsequent paragraphs are calculated in accordance with U.S. GAAP based on the Digital Asset Market price of SUI on the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date. Net realized and unrealized gain on investment in SUI for the period from August 1, 2024 (the commencement of the Trust's operations) to December 31, 2024 was $4,977, which includes a realized gain of $22 on the transfer of SUI to pay the Sponsor’s Fee and net change in unrealized appreciation on investment in SUI of $4,956. Net realized and unrealized gain on investment in SUI for the period was driven by SUI price appreciation from $0.69 per SUI as of August 1, 2024 to $4.17 per SUI as of December 31, 2024. Net increase in net assets resulting from operations was $4,932 for the period from August 1, 2024 (the commencement of the Trust's operations) to December 31, 2024, which consisted of the net realized and unrealized gain on investment in SUI, less the Sponsor’s Fee of $45. Net assets increased to $12,635 at December 31, 2024. The increase in net assets was due to the contribution of approximately 3,045,980 SUI with a value of $7,703 to the Trust in connection with Share creations and the aforementioned SUI price appreciation, partially offset by the withdrawal of approximately 16,103 SUI to pay the foregoing Sponsor’s Fee. Cash Resources and Liquidity The Trust only receives and holds cash in order to facilitate creations and redemptions pursuant to Cash Orders, and does not otherwise have or maintain a cash balance at any time. When selling SUI and, subject to NYSE Arca obtaining regulatory approval from the SEC, Incidental Rights and/or IR Virtual Currency in the Digital Asset Market to pay Additional Trust Expenses on behalf of the Trust, the Sponsor endeavors to sell the exact amount of SUI, Incidental Rights and/or IR Virtual Currency needed to pay expenses in order to minimize the Trust’s holdings of assets other than SUI. In addition, upon the consummation or deemed failure of a Cash Order to create or redeem Baskets, the Trust will promptly return any excess cash it continues to hold with respect to such Cash Order to the applicable counterparty. As a consequence, the Sponsor expects that the Trust will not record any cash flow from its operations and that its cash balance will be zero at the end of each reporting period. Furthermore, the Trust is not a party to any off-balance sheet arrangements.
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