The Index and the Index Price The Index is a U.S. dollar-denominated composite reference rate for the price of SUI. The Index is designed to (1) mitigate the effects of fraud, manipulation and other anomalous trading activity from impacting the SUI reference rate, (2) provide a real-time, volume-weighted fair value of SUI and (3) appropriately handle and adjust for non-market related events. The Index Price is determined by the Index Provider through a process in which trade data is cleansed and compiled in such a manner as to algorithmically reduce the impact of anomalistic or manipulative trading. This is accomplished by adjusting the weight of each data input based on price deviation relative to the observable set, as well as recent and long-term trading volume at each venue relative to the observable set. The Index Price is calculated using non-GAAP methodology and is not used in the Trust’s financial statements. All references to the NAV and NAV per Share of the Trust in this report have been calculated using the Index Price unless indicated otherwise. All references to the NAV and NAV per Share of the Trust in this prospectus prior to December 19, 2025 have been calculated using the Index Price based on the CoinDesk SUI Reference Rate Price unless otherwise indicated. Effective December 19, 2025, the NAV and NAV per Share of the Trust is calculated using the Index Price based on the CoinDesk Sui Benchmark Rate. Constituent Trading Platform Selection Digital Asset Trading Platforms are selected for inclusion in the Index based on a methodology developed by the Index Provider in alignment with the International Organization of Securities Commissions (“IOSCO”) Principles for Financial Benchmarks. To qualify as a Constituent Trading Platform, a platform is evaluated across the following core criteria listed below (the “Inclusion Criteria”): • Market Quality: Overall liquidity, trading activity, price reliability, and market stability. • Security: Cybersecurity safeguards, custody practices, and operational risk controls. • Legal and Regulatory: Licensing status, regulatory compliance, and legal transparency. • KYC: Assessment of anti-money laundering (“AML”) and know-your-customer (“KYC”) frameworks, transaction monitoring capabilities, and market oversight. • Data Provision: Quality, accessibility, and reliability of trading data and technical infrastructure. • Transparency: Financial and operational disclosures, including reserve and governance transparency. • Team: Assessment of executive leadership, relevant experience, organizational structure, and service offerings across institutional and retail markets. • Negative Events: The Index Provider may apply a downward adjustment for material adverse events, including data breaches, regulatory penalties, withdrawal freezes, or other significant incidents. Trading platforms that meet these Inclusion Criteria are also required to be licensed and able to serve customers in one or more of the following jurisdictions: • United States (FinCEN, state regulatory authorities) • United Kingdom (FCA) • European Union (MiCA passport) • Hong Kong (SFC) • Singapore (MAS) • United Arab Emirates, including the emirates of Dubai and Abu Dhabi (VARA, ADGM) • Gibraltar (GFSC) A Digital Asset Trading Platform is removed from the Constituent Trading Platforms when it no longer satisfies the Inclusion Criteria. The Index Provider may also exclude certain trading platforms that require additional support from contributing trading platforms at its discretion. The Index Provider does not currently include data from over-the-counter markets or derivatives platforms among the Constituent Trading Platforms. Over-the-counter data is not currently included because of the potential for trades to include a significant premium or discount paid for larger liquidity, which creates an uneven comparison relative to more active markets. There
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