0002060703 2026-02-18 2026-06-30 0002060703 2026-07-29 0002060703 2026-06-30 0002060703 suis:CryptoCurrencyMember 2026-06-30 0002060703 suis:SuiMember 2026-06-30 0002060703 2026-04-01 2026-06-30 0002060703 2026-03-31 0002060703 2026-02-17 0002060703 suis:SuiMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0002060703 suis:SuiMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0002060703 suis:SuiMember us-gaap:FairValueInputsLevel3Member 2026-06-30 iso4217:USD shares iso4217:USD shares pure suis:Unit false --12-31 2026 Q2 0002060703 10-Q true 2026-06-30 false 001-43130 Canary Staked SUI ETF DE 33-6990022 8 Cadillac Drive Suite 300 Brentwood TN 37027 (615) 200-0788 Common Shares of Beneficial Interest of Canary Staked SUI ETF (“Shares”) SUIS NASDAQ Yes Yes Non-accelerated Filer true true false false 1130000 20408361 20408361 13242 13242 20395119 27825152 -7430033 20395119 Unlimited 20395119 1130000 18.05 27900124 0 1.001 1.001 29358795 20408361 27900124 29358795 20408361 1.001 27900124 20408361 0.001 -13242 1.000 20395119 91814 134887 91814 134887 47514 69248 47514 69248 47514 69248 44300 65639 -2607 -3909 -5196026 -7491763 -5198633 -7495672 -5154333 -7430033 44300 65639 -2607 -3909 -5196026 -7491763 -5154333 -7430033 1365377 27825152 1365377 27825152 -3788956 20395119 24184075 20395119 20395119 <p id="xdx_80D_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zGiwGYJaA9Td" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 30.95pt"><b>1.</b></td><td><b><span id="xdx_821_zjOsKER7Skth">Organization</span></b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The Canary Staked SUI ETF (the “Trust”) is a Delaware statutory trust, formed on February 27, 2025, pursuant to the Delaware Statutory Trust Act. The Trust continuously issues common shares representing fractional undivided beneficial interest in and ownership of the Trust that may be purchased and sold on the Nasdaq Stock Market, LLC (the “Exchange”) under the symbol “SUIS.” The Trust operates pursuant to a Trust Agreement, as amended and/or restated from time to time (the “Trust Agreement”). CSC Delaware Trust Company, a Delaware trust company, is the trustee of the Trust (the “Trustee”). The Trust is managed and controlled by Canary Capital Group LLC (the “Sponsor”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The Trust is an exchange-traded fund that issues shares of beneficial interest (the “Shares”) that are listed and trade on the Exchange. The Trust’s investment objective is to seek to provide exposure to the price of Sui (“SUI”) held by the Trust, less the expenses of the Trust’s operations and other liabilities. A secondary investment objective is for the Trust to earn additional SUI through the validation of transactions in the SUI network’s (the “SUI Network”) proof-of-stake (“PoS”) process. In seeking to achieve its investment objectives, the Trust holds SUI and establishes its net asset value (“NAV”) on each business day by reference to the CoinDesk Sui USD CCIXber 60m New York Rate (the “Pricing Benchmark”). The Pricing Benchmark is calculated by CoinDesk Indices (the “Benchmark Provider”) based on a 60-minute time-weighted average price of the SUI-USD CCIXber Reference Rate (the “Underlying Index”), which is an aggregation of executed trade flow of major SUI trading platforms (“Constituent Platforms”). The Benchmark Provider publishes the Pricing Benchmark. The Trust is sponsored by the Sponsor.</p> <p id="xdx_808_eus-gaap--BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_z2OnHkrBfdL7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 30.95pt"><b>2.</b></td><td><b><span id="xdx_825_zfT4VUhxwNph">Significant Accounting Policies</span></b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_84B_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zJKxPG7MjLj9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.45pt; text-indent: -0.5pt"><i>Basis of Presentation</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of these financial statements. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and are stated in U.S. dollars. The Trust’s financial statements were prepared using the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose. The Trust is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended. The Trust follows the significant accounting policies described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_84D_eus-gaap--UseOfEstimates_zCVYeFFnt0yl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.45pt; text-indent: -0.5pt"><i>Use of Estimates</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.</p> <p id="xdx_84C_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zuU4OXngzNU7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 30.95pt"></td><td style="width: 0.5pt"><i>Cash</i></td><td></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">Generally, the Trust does not intend to hold any cash. Cash includes non-interest-bearing non-restricted cash with one institution. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p id="xdx_845_eus-gaap--InvestmentPolicyTextBlock_zh4fQgjWjfVg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.45pt; text-indent: -0.5pt"><i>Investment Transactions and Investment Income</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The Trust purchases SUI upon the creation of Shares and sells SUI upon the redemption of Shares. Transactions are recorded on a trade date basis. Realized gains (losses) and changes in unrealized gains (losses) on open positions are determined on a specific identification basis and recognized in the statement of operations in the period in which the sale occurred or the changes in unrealized gains (losses) occurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p id="xdx_845_eus-gaap--IncomeTaxPolicyTextBlock_z7IEMqWgGzG3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.45pt; text-indent: -0.5pt"><i>Income Taxes</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The Sponsor takes the position that the Trust is properly treated as a grantor trust for U.S. federal income tax purposes. Assuming that the Trust is a grantor trust, the Trust will not be subject to U.S. federal income tax. Rather, if the Trust is a grantor trust, each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata portion of the Trust’s income, gains, losses and deductions will “flow through” to each beneficial owner of Shares. If the Trust were not properly classified as a grantor trust, the Trust might be classified as a partnership for U.S. federal income tax purposes. However, due to the uncertain treatment of digital assets, with respect to staking and including forks, airdrops and similar occurrences for U.S. federal income tax purposes, there can be no assurance in this regard. If the Trust were classified as a partnership for</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">U.S. federal income tax purposes, the tax consequences of owning Shares generally would not be materially different from the tax consequences described herein, although there might be certain differences, including with respect to timing. In addition, tax information reports provided to beneficial owners of Shares would be made in a different form. If the Trust were not classified as either a grantor trust or a partnership for U.S. federal income tax purposes, it would be classified as a corporation for such purposes. In that event, the Trust would be subject to entity-level U.S. federal income tax (currently at the rate of 21%) on its net taxable income and certain distributions made by the Trust to shareholders would be treated as taxable dividends to the extent of the Trust’s current and accumulated earnings and profits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_843_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_z89NI0yDRsAc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.45pt; text-indent: -0.5pt"><i>Digital Asset Trading Platform Valuation </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt">US GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value investments held at fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The Trust identifies and determines the SUI principal market (or in the absence of a principal market, the most advantageous market) for GAAP purposes consistent with the application of the fair value measurement framework in FASB ASC 820 – Fair Value Measurement. A principal market is the market with the greatest volume and activity level for the asset or liability. The determination of the principal market will be based on the market with the greatest volume and level of activity that can be accessed. The Trust obtains relevant volume and level of activity information and based on initial analysis will select an exchange market as the Trust’s principal market. The net asset value (“NAV”) and NAV per Share will be calculated using the fair value of SUI based on the price provided by this exchange market, as of 4:00 p.m. ET on the measurement date for GAAP purposes. The Trust will update its principal market analysis periodically and as needed to the extent that events have occurred, or activities have changed in a manner that could change the Trust’s determination of the principal market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt">Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt">Level 3: Unobservable inputs, including the Trust’s assumptions used in determining the fair value of investments, where there is little or no market activity for the asset or liability at the measurement date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p id="xdx_897_eus-gaap--FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zsL7uMaJJ5ob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: 0pt">The following table presents information about the Trust’s assets measured at fair value:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-weight: normal"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 30.7pt"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; text-indent: 0in">June 30, 2026 (Unaudited)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AssetsFairValueDisclosureAbstract_iB_zHV9xaqpbYD" style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; text-indent: 0in">   Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-weight: normal; text-align: left; padding-bottom: 1pt; text-indent: 0in">      Investment in SUI</td><td style="width: 1%; font-weight: normal; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: normal; text-align: left">$</td><td id="xdx_989_eus-gaap--CryptoAssetFairValue_iI_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--CryptoAssetAxis__custom--SuiMember_zy01guVr40vl" style="border-bottom: Black 1pt solid; width: 12%; font-weight: normal; text-align: right" title="Investment in SUI">20,408,361</td><td style="width: 1%; padding-bottom: 1pt; font-weight: normal; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_989_eus-gaap--CryptoAssetFairValue_iI_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--CryptoAssetAxis__custom--SuiMember_zLAXHMkDU1Yi" style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0221">—</span></td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_98D_eus-gaap--CryptoAssetFairValue_iI_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--CryptoAssetAxis__custom--SuiMember_z17Oy2ouI1Z4" style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0222">—</span></td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: normal; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: normal; text-align: left">$</td><td id="xdx_98F_eus-gaap--CryptoAssetFairValue_iI_c20260630__srt--CryptoAssetAxis__custom--SuiMember_zNa77tlC1oFa" style="border-bottom: Black 1pt solid; width: 12%; font-weight: normal; text-align: right">20,408,361</td><td style="width: 1%; padding-bottom: 1pt; font-weight: normal; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zFSrighAx7Vk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-weight: normal"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">There were no transfers between levels for the period ended June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_89D_eus-gaap--CryptoAssetActivityTableTextBlock_z7YjpCg3yuQ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The following table summarizes activity in SUI for the period from February 17, 2026 (initial share purchase date) through June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 30.7pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">SUI</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-indent: -0.5pt; padding-left: 1.05pt">Beginning balance as of February 17, 2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--CryptoAssetNumberOfUnits_iS_pp0p0_c20260218__20260630_zc7Vu4h0TfNl" title="SUI, beginning balance"><span style="-sec-ix-hidden: xdx2ixbrl0227">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_909_eus-gaap--CryptoAssetFairValue_iS_pip0_c20260218__20260630_zNOWlDE8pS64" title="Fair value, beginning balance"><span style="-sec-ix-hidden: xdx2ixbrl0229">—</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 70%; text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI purchased</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_ecustom--CryptoAssetNumberOfUnitsPurchased_pdp0_c20260218__20260630_z3YLVzQruJt4" style="width: 12%; text-align: right" title="SUI purchased">3,370,844</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--CryptoAssetPurchase_pp0p0_c20260218__20260630_zy7ybPLIuyX8" style="width: 12%; text-align: right" title="Fair value, SUI purchased">2,824,839</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI earned from staking</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--CryptoAssetNumberOfUnitsEarnedFromStaking_pdp0_c20260218__20260630_zzRcaXwgUQCb" style="text-align: right" title="SUI earned from staking">147,061</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--CryptoAssetEarnedFromStaking_pp0p0_c20260218__20260630_zNIBhLovm8bf" style="text-align: right" title="Fair Value, SUI earned from staking">134,887</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI sold for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--CryptoAssetNumberOfUnitsSold_iN_pdp0_di_c20260218__20260630_zna7tAVPzQyf" style="text-align: right" title="SUI sold for the redemption of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0239">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--CryptoAssetSale_iN_pip0_di_c20260218__20260630_zEUyeT5kpgY5" style="text-align: right" title="Fair Value, SUI sold for the redemption of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0241">—</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI contributed in-kind for the creation of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--CryptoAssetNumberOfUnitsContributed_pdp0_c20260218__20260630_zNvqlMnixzbj" style="text-align: right" title="SUI contributed in-kind for the creation of Shares">25,898,730</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CryptoAssetCustomerReceipt_pp0p0_c20260218__20260630_zHGwg2EV9esj" style="text-align: right" title="Fair value, SUI contributed in-kind for the creation of Shares">25,000,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI distributed in-kind for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--CryptoAssetNumberOfUnitsDistributed_pdp0_c20260218__20260630_ztuC9pKRThp6" title="SUI distributed in-kind for the redemption of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0247">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--CryptoAssetDistributed_pip0_c20260218__20260630_zLWez51bij6a" style="text-align: right" title="Fair value, SUI distributed in-kind for the redemption of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0249">—</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI transferred to pay the Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_pdp0_di_c20260218__20260630_zQaDGFU3Qi5k" style="text-align: right" title="SUI transferred to pay the Sponsor fee">(57,840</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--CryptoAssetTransferredToPaySponsorFee_iN_pp0p0_di_c20260218__20260630_zQxSaBLw6aad" style="text-align: right" title="Fair Value, SUI transferred to pay the Sponsor fee">(55,963</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">Net change in unrealized appreciation (depreciation) in SUI</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--UnrealizedGainLossOnInvestments_pp0p0_c20260218__20260630_z1gTNrho5ORc" style="text-align: right" title="Net change in unrealized appreciation (depreciation) in SUI">(7,491,763</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">Net realized gain (loss) on investment in SUI transferred to pay Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pp0p0_c20260218__20260630_ztgwyQi49ZDg" style="text-align: right" title="Net realized gain (loss) on investment in SUI transferred to pay Sponsor fee">(3,909</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.5pt; padding-left: 1.05pt">Net realized gain (loss) on investment in SUI sold for redemptions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_ecustom--RealizedInvestmentGainsLossesOnSaleForRedemptions_pp0p0_c20260218__20260630_zuP2LaqZs5r" style="border-bottom: Black 1pt solid; text-align: right" title="Net realized gain (loss) on investment in SUI sold for redemptions"><span style="-sec-ix-hidden: xdx2ixbrl0259">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-indent: -0.5pt; padding-left: 1.05pt">Ending balance as of June 30, 2026 (Unaudited)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--CryptoAssetNumberOfUnits_iE_pip0_c20260218__20260630_fKg_____zY7i8c0UgSQj" style="text-align: right" title="SUI, ending balance">29,358,795</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--CryptoAssetFairValue_iE_pp0p0_c20260218__20260630_fKg_____zIL5Dy5OvALg" style="text-align: right" title="Fair value, ending balance">20,408,361</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AE_zZ9ojLiz9sMk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_842_ecustom--CalculationOfNetAssetValuePolicyTextBlock_zNigD9GoC9D8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.45pt; text-indent: -0.5pt"><i>Calculation of NAV</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The Administrator, defined below, determines the NAV of the Trust on each day that the Exchange is open for regular trading, as promptly as practicable after 4:00 p.m. ET. The NAV of the Trust is the aggregate value of the Trust’s assets less its accrued but unpaid liabilities (which include accrued expenses). In determining the Trust’s NAV, the Administrator values SUI held by the Trust based on the price set by the Index as of 4:00 p.m. ET. The Administrator also determines the NAV per Share. For purposes of the Trust’s financial statements, the Trust utilizes a pricing source that is consistent with GAAP, as of the financial statement measurement date, which may result in valuations that differ from the Trust’s daily NAV calculations. The Sponsor determines in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with GAAP.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt">The Trust’s NAV per Share is calculated by taking the current fair value of its total assets, subtracting any liabilities, and dividing that total by the number of Shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p id="xdx_846_eus-gaap--SegmentReportingPolicyPolicyTextBlock_za85QWuVULj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.45pt; text-indent: -0.5pt"><i>Segment Reporting</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The Trust operates through a single operating and reporting segment with a primary objective of providing exposure to the price of SUI held by the Trust, less the expenses of the Trust’s operations and other liabilities. The Trust’s chief operating decision maker (“CODM”) is the Principal Executive Officer. The CODM monitors the operating results of the Trust and the Trust’s long-term strategic asset allocation is predetermined in accordance with the terms of its prospectus, based on the defined investment strategy against which the CODM assesses the Trust’s performance. In addition to other metrics, the CODM uses net increase (decrease) in net assets resulting from operations as a key metric to assess the Trust’s performance.</p> <p id="xdx_85F_zPwr4bBSSsh2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_84B_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zJKxPG7MjLj9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.45pt; text-indent: -0.5pt"><i>Basis of Presentation</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of these financial statements. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and are stated in U.S. dollars. The Trust’s financial statements were prepared using the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose. The Trust is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended. The Trust follows the significant accounting policies described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_84D_eus-gaap--UseOfEstimates_zCVYeFFnt0yl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.45pt; text-indent: -0.5pt"><i>Use of Estimates</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.</p> <p id="xdx_84C_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zuU4OXngzNU7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 30.95pt"></td><td style="width: 0.5pt"><i>Cash</i></td><td></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">Generally, the Trust does not intend to hold any cash. Cash includes non-interest-bearing non-restricted cash with one institution. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p id="xdx_845_eus-gaap--InvestmentPolicyTextBlock_zh4fQgjWjfVg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.45pt; text-indent: -0.5pt"><i>Investment Transactions and Investment Income</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The Trust purchases SUI upon the creation of Shares and sells SUI upon the redemption of Shares. Transactions are recorded on a trade date basis. Realized gains (losses) and changes in unrealized gains (losses) on open positions are determined on a specific identification basis and recognized in the statement of operations in the period in which the sale occurred or the changes in unrealized gains (losses) occurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p id="xdx_845_eus-gaap--IncomeTaxPolicyTextBlock_z7IEMqWgGzG3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.45pt; text-indent: -0.5pt"><i>Income Taxes</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The Sponsor takes the position that the Trust is properly treated as a grantor trust for U.S. federal income tax purposes. Assuming that the Trust is a grantor trust, the Trust will not be subject to U.S. federal income tax. Rather, if the Trust is a grantor trust, each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata portion of the Trust’s income, gains, losses and deductions will “flow through” to each beneficial owner of Shares. If the Trust were not properly classified as a grantor trust, the Trust might be classified as a partnership for U.S. federal income tax purposes. However, due to the uncertain treatment of digital assets, with respect to staking and including forks, airdrops and similar occurrences for U.S. federal income tax purposes, there can be no assurance in this regard. If the Trust were classified as a partnership for</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">U.S. federal income tax purposes, the tax consequences of owning Shares generally would not be materially different from the tax consequences described herein, although there might be certain differences, including with respect to timing. In addition, tax information reports provided to beneficial owners of Shares would be made in a different form. If the Trust were not classified as either a grantor trust or a partnership for U.S. federal income tax purposes, it would be classified as a corporation for such purposes. In that event, the Trust would be subject to entity-level U.S. federal income tax (currently at the rate of 21%) on its net taxable income and certain distributions made by the Trust to shareholders would be treated as taxable dividends to the extent of the Trust’s current and accumulated earnings and profits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_843_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_z89NI0yDRsAc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.45pt; text-indent: -0.5pt"><i>Digital Asset Trading Platform Valuation </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt">US GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value investments held at fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The Trust identifies and determines the SUI principal market (or in the absence of a principal market, the most advantageous market) for GAAP purposes consistent with the application of the fair value measurement framework in FASB ASC 820 – Fair Value Measurement. A principal market is the market with the greatest volume and activity level for the asset or liability. The determination of the principal market will be based on the market with the greatest volume and level of activity that can be accessed. The Trust obtains relevant volume and level of activity information and based on initial analysis will select an exchange market as the Trust’s principal market. The net asset value (“NAV”) and NAV per Share will be calculated using the fair value of SUI based on the price provided by this exchange market, as of 4:00 p.m. ET on the measurement date for GAAP purposes. The Trust will update its principal market analysis periodically and as needed to the extent that events have occurred, or activities have changed in a manner that could change the Trust’s determination of the principal market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt">Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt">Level 3: Unobservable inputs, including the Trust’s assumptions used in determining the fair value of investments, where there is little or no market activity for the asset or liability at the measurement date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p id="xdx_897_eus-gaap--FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zsL7uMaJJ5ob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: 0pt">The following table presents information about the Trust’s assets measured at fair value:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-weight: normal"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 30.7pt"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; text-indent: 0in">June 30, 2026 (Unaudited)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AssetsFairValueDisclosureAbstract_iB_zHV9xaqpbYD" style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; text-indent: 0in">   Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-weight: normal; text-align: left; padding-bottom: 1pt; text-indent: 0in">      Investment in SUI</td><td style="width: 1%; font-weight: normal; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: normal; text-align: left">$</td><td id="xdx_989_eus-gaap--CryptoAssetFairValue_iI_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--CryptoAssetAxis__custom--SuiMember_zy01guVr40vl" style="border-bottom: Black 1pt solid; width: 12%; font-weight: normal; text-align: right" title="Investment in SUI">20,408,361</td><td style="width: 1%; padding-bottom: 1pt; font-weight: normal; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_989_eus-gaap--CryptoAssetFairValue_iI_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--CryptoAssetAxis__custom--SuiMember_zLAXHMkDU1Yi" style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0221">—</span></td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_98D_eus-gaap--CryptoAssetFairValue_iI_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--CryptoAssetAxis__custom--SuiMember_z17Oy2ouI1Z4" style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0222">—</span></td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: normal; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: normal; text-align: left">$</td><td id="xdx_98F_eus-gaap--CryptoAssetFairValue_iI_c20260630__srt--CryptoAssetAxis__custom--SuiMember_zNa77tlC1oFa" style="border-bottom: Black 1pt solid; width: 12%; font-weight: normal; text-align: right">20,408,361</td><td style="width: 1%; padding-bottom: 1pt; font-weight: normal; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zFSrighAx7Vk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-weight: normal"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">There were no transfers between levels for the period ended June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_89D_eus-gaap--CryptoAssetActivityTableTextBlock_z7YjpCg3yuQ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The following table summarizes activity in SUI for the period from February 17, 2026 (initial share purchase date) through June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 30.7pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">SUI</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-indent: -0.5pt; padding-left: 1.05pt">Beginning balance as of February 17, 2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--CryptoAssetNumberOfUnits_iS_pp0p0_c20260218__20260630_zc7Vu4h0TfNl" title="SUI, beginning balance"><span style="-sec-ix-hidden: xdx2ixbrl0227">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_909_eus-gaap--CryptoAssetFairValue_iS_pip0_c20260218__20260630_zNOWlDE8pS64" title="Fair value, beginning balance"><span style="-sec-ix-hidden: xdx2ixbrl0229">—</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 70%; text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI purchased</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_ecustom--CryptoAssetNumberOfUnitsPurchased_pdp0_c20260218__20260630_z3YLVzQruJt4" style="width: 12%; text-align: right" title="SUI purchased">3,370,844</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--CryptoAssetPurchase_pp0p0_c20260218__20260630_zy7ybPLIuyX8" style="width: 12%; text-align: right" title="Fair value, SUI purchased">2,824,839</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI earned from staking</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--CryptoAssetNumberOfUnitsEarnedFromStaking_pdp0_c20260218__20260630_zzRcaXwgUQCb" style="text-align: right" title="SUI earned from staking">147,061</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--CryptoAssetEarnedFromStaking_pp0p0_c20260218__20260630_zNIBhLovm8bf" style="text-align: right" title="Fair Value, SUI earned from staking">134,887</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI sold for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--CryptoAssetNumberOfUnitsSold_iN_pdp0_di_c20260218__20260630_zna7tAVPzQyf" style="text-align: right" title="SUI sold for the redemption of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0239">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--CryptoAssetSale_iN_pip0_di_c20260218__20260630_zEUyeT5kpgY5" style="text-align: right" title="Fair Value, SUI sold for the redemption of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0241">—</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI contributed in-kind for the creation of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--CryptoAssetNumberOfUnitsContributed_pdp0_c20260218__20260630_zNvqlMnixzbj" style="text-align: right" title="SUI contributed in-kind for the creation of Shares">25,898,730</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CryptoAssetCustomerReceipt_pp0p0_c20260218__20260630_zHGwg2EV9esj" style="text-align: right" title="Fair value, SUI contributed in-kind for the creation of Shares">25,000,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI distributed in-kind for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--CryptoAssetNumberOfUnitsDistributed_pdp0_c20260218__20260630_ztuC9pKRThp6" title="SUI distributed in-kind for the redemption of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0247">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--CryptoAssetDistributed_pip0_c20260218__20260630_zLWez51bij6a" style="text-align: right" title="Fair value, SUI distributed in-kind for the redemption of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0249">—</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI transferred to pay the Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_pdp0_di_c20260218__20260630_zQaDGFU3Qi5k" style="text-align: right" title="SUI transferred to pay the Sponsor fee">(57,840</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--CryptoAssetTransferredToPaySponsorFee_iN_pp0p0_di_c20260218__20260630_zQxSaBLw6aad" style="text-align: right" title="Fair Value, SUI transferred to pay the Sponsor fee">(55,963</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">Net change in unrealized appreciation (depreciation) in SUI</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--UnrealizedGainLossOnInvestments_pp0p0_c20260218__20260630_z1gTNrho5ORc" style="text-align: right" title="Net change in unrealized appreciation (depreciation) in SUI">(7,491,763</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">Net realized gain (loss) on investment in SUI transferred to pay Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pp0p0_c20260218__20260630_ztgwyQi49ZDg" style="text-align: right" title="Net realized gain (loss) on investment in SUI transferred to pay Sponsor fee">(3,909</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.5pt; padding-left: 1.05pt">Net realized gain (loss) on investment in SUI sold for redemptions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_ecustom--RealizedInvestmentGainsLossesOnSaleForRedemptions_pp0p0_c20260218__20260630_zuP2LaqZs5r" style="border-bottom: Black 1pt solid; text-align: right" title="Net realized gain (loss) on investment in SUI sold for redemptions"><span style="-sec-ix-hidden: xdx2ixbrl0259">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-indent: -0.5pt; padding-left: 1.05pt">Ending balance as of June 30, 2026 (Unaudited)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--CryptoAssetNumberOfUnits_iE_pip0_c20260218__20260630_fKg_____zY7i8c0UgSQj" style="text-align: right" title="SUI, ending balance">29,358,795</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--CryptoAssetFairValue_iE_pp0p0_c20260218__20260630_fKg_____zIL5Dy5OvALg" style="text-align: right" title="Fair value, ending balance">20,408,361</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AE_zZ9ojLiz9sMk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_897_eus-gaap--FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zsL7uMaJJ5ob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: 0pt">The following table presents information about the Trust’s assets measured at fair value:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-weight: normal"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 30.7pt"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; text-indent: 0in">June 30, 2026 (Unaudited)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AssetsFairValueDisclosureAbstract_iB_zHV9xaqpbYD" style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; text-indent: 0in">   Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-weight: normal; text-align: left; padding-bottom: 1pt; text-indent: 0in">      Investment in SUI</td><td style="width: 1%; font-weight: normal; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: normal; text-align: left">$</td><td id="xdx_989_eus-gaap--CryptoAssetFairValue_iI_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__srt--CryptoAssetAxis__custom--SuiMember_zy01guVr40vl" style="border-bottom: Black 1pt solid; width: 12%; font-weight: normal; text-align: right" title="Investment in SUI">20,408,361</td><td style="width: 1%; padding-bottom: 1pt; font-weight: normal; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_989_eus-gaap--CryptoAssetFairValue_iI_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__srt--CryptoAssetAxis__custom--SuiMember_zLAXHMkDU1Yi" style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0221">—</span></td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_98D_eus-gaap--CryptoAssetFairValue_iI_c20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--CryptoAssetAxis__custom--SuiMember_z17Oy2ouI1Z4" style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0222">—</span></td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: normal; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: normal; text-align: left">$</td><td id="xdx_98F_eus-gaap--CryptoAssetFairValue_iI_c20260630__srt--CryptoAssetAxis__custom--SuiMember_zNa77tlC1oFa" style="border-bottom: Black 1pt solid; width: 12%; font-weight: normal; text-align: right">20,408,361</td><td style="width: 1%; padding-bottom: 1pt; font-weight: normal; text-align: left"> </td></tr> </table> 20408361 20408361 <p id="xdx_89D_eus-gaap--CryptoAssetActivityTableTextBlock_z7YjpCg3yuQ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The following table summarizes activity in SUI for the period from February 17, 2026 (initial share purchase date) through June 30, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 30.7pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">SUI</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-indent: -0.5pt; padding-left: 1.05pt">Beginning balance as of February 17, 2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--CryptoAssetNumberOfUnits_iS_pp0p0_c20260218__20260630_zc7Vu4h0TfNl" title="SUI, beginning balance"><span style="-sec-ix-hidden: xdx2ixbrl0227">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_909_eus-gaap--CryptoAssetFairValue_iS_pip0_c20260218__20260630_zNOWlDE8pS64" title="Fair value, beginning balance"><span style="-sec-ix-hidden: xdx2ixbrl0229">—</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 70%; text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI purchased</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_ecustom--CryptoAssetNumberOfUnitsPurchased_pdp0_c20260218__20260630_z3YLVzQruJt4" style="width: 12%; text-align: right" title="SUI purchased">3,370,844</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--CryptoAssetPurchase_pp0p0_c20260218__20260630_zy7ybPLIuyX8" style="width: 12%; text-align: right" title="Fair value, SUI purchased">2,824,839</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI earned from staking</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--CryptoAssetNumberOfUnitsEarnedFromStaking_pdp0_c20260218__20260630_zzRcaXwgUQCb" style="text-align: right" title="SUI earned from staking">147,061</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--CryptoAssetEarnedFromStaking_pp0p0_c20260218__20260630_zNIBhLovm8bf" style="text-align: right" title="Fair Value, SUI earned from staking">134,887</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI sold for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--CryptoAssetNumberOfUnitsSold_iN_pdp0_di_c20260218__20260630_zna7tAVPzQyf" style="text-align: right" title="SUI sold for the redemption of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0239">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--CryptoAssetSale_iN_pip0_di_c20260218__20260630_zEUyeT5kpgY5" style="text-align: right" title="Fair Value, SUI sold for the redemption of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0241">—</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI contributed in-kind for the creation of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--CryptoAssetNumberOfUnitsContributed_pdp0_c20260218__20260630_zNvqlMnixzbj" style="text-align: right" title="SUI contributed in-kind for the creation of Shares">25,898,730</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CryptoAssetCustomerReceipt_pp0p0_c20260218__20260630_zHGwg2EV9esj" style="text-align: right" title="Fair value, SUI contributed in-kind for the creation of Shares">25,000,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI distributed in-kind for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_ecustom--CryptoAssetNumberOfUnitsDistributed_pdp0_c20260218__20260630_ztuC9pKRThp6" title="SUI distributed in-kind for the redemption of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0247">—</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--CryptoAssetDistributed_pip0_c20260218__20260630_zLWez51bij6a" style="text-align: right" title="Fair value, SUI distributed in-kind for the redemption of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0249">—</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">SUI transferred to pay the Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--CryptoAssetNumberOfUnitsTransferredToPaySponsorFee_iN_pdp0_di_c20260218__20260630_zQaDGFU3Qi5k" style="text-align: right" title="SUI transferred to pay the Sponsor fee">(57,840</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--CryptoAssetTransferredToPaySponsorFee_iN_pp0p0_di_c20260218__20260630_zQxSaBLw6aad" style="text-align: right" title="Fair Value, SUI transferred to pay the Sponsor fee">(55,963</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">Net change in unrealized appreciation (depreciation) in SUI</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--UnrealizedGainLossOnInvestments_pp0p0_c20260218__20260630_z1gTNrho5ORc" style="text-align: right" title="Net change in unrealized appreciation (depreciation) in SUI">(7,491,763</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.5pt; padding-left: 1.05pt">Net realized gain (loss) on investment in SUI transferred to pay Sponsor fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pp0p0_c20260218__20260630_ztgwyQi49ZDg" style="text-align: right" title="Net realized gain (loss) on investment in SUI transferred to pay Sponsor fee">(3,909</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.5pt; padding-left: 1.05pt">Net realized gain (loss) on investment in SUI sold for redemptions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_ecustom--RealizedInvestmentGainsLossesOnSaleForRedemptions_pp0p0_c20260218__20260630_zuP2LaqZs5r" style="border-bottom: Black 1pt solid; text-align: right" title="Net realized gain (loss) on investment in SUI sold for redemptions"><span style="-sec-ix-hidden: xdx2ixbrl0259">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-indent: -0.5pt; padding-left: 1.05pt">Ending balance as of June 30, 2026 (Unaudited)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--CryptoAssetNumberOfUnits_iE_pip0_c20260218__20260630_fKg_____zY7i8c0UgSQj" style="text-align: right" title="SUI, ending balance">29,358,795</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--CryptoAssetFairValue_iE_pp0p0_c20260218__20260630_fKg_____zIL5Dy5OvALg" style="text-align: right" title="Fair value, ending balance">20,408,361</td><td style="text-align: left"> </td></tr> </table> 3370844 2824839 147061 134887 25898730 25000000 57840 55963 -7491763 -3909 29358795 20408361 <p id="xdx_842_ecustom--CalculationOfNetAssetValuePolicyTextBlock_zNigD9GoC9D8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.45pt; text-indent: -0.5pt"><i>Calculation of NAV</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The Administrator, defined below, determines the NAV of the Trust on each day that the Exchange is open for regular trading, as promptly as practicable after 4:00 p.m. ET. The NAV of the Trust is the aggregate value of the Trust’s assets less its accrued but unpaid liabilities (which include accrued expenses). In determining the Trust’s NAV, the Administrator values SUI held by the Trust based on the price set by the Index as of 4:00 p.m. ET. The Administrator also determines the NAV per Share. For purposes of the Trust’s financial statements, the Trust utilizes a pricing source that is consistent with GAAP, as of the financial statement measurement date, which may result in valuations that differ from the Trust’s daily NAV calculations. The Sponsor determines in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with GAAP.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt">The Trust’s NAV per Share is calculated by taking the current fair value of its total assets, subtracting any liabilities, and dividing that total by the number of Shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p id="xdx_846_eus-gaap--SegmentReportingPolicyPolicyTextBlock_za85QWuVULj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.45pt; text-indent: -0.5pt"><i>Segment Reporting</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The Trust operates through a single operating and reporting segment with a primary objective of providing exposure to the price of SUI held by the Trust, less the expenses of the Trust’s operations and other liabilities. The Trust’s chief operating decision maker (“CODM”) is the Principal Executive Officer. The CODM monitors the operating results of the Trust and the Trust’s long-term strategic asset allocation is predetermined in accordance with the terms of its prospectus, based on the defined investment strategy against which the CODM assesses the Trust’s performance. In addition to other metrics, the CODM uses net increase (decrease) in net assets resulting from operations as a key metric to assess the Trust’s performance.</p> <p id="xdx_802_ecustom--TrustExpensesAndOtherAgreementsDisclosureTextBlock_zsG5VKKuTPgf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 30.25pt"><b>3</b>.</td><td><b><span id="xdx_821_zoOet9VLeC82">Trust Expenses and Other Agreements</span></b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.45pt; text-indent: -0.5pt"><i>(a) Sponsor</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The Trust pays the Sponsor an annual unified fee of <span id="xdx_90D_ecustom--SponsorFeeRate_pid_dp_uRatio_c20260218__20260630_zfFD9zqVMNol" title="Sponsor fee rate">0.75</span>% of the Trust’s SUI Holdings (the “Sponsor Fee”). The Trust’s “SUI Holdings” is the quantity of the Trust’s SUI plus any cash or other assets held by the Trust represented in SUI as calculated using the Index Price, less its liabilities (which include estimated accrued but unpaid fees and expenses) represented in SUI as calculated using the Index Price. The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement. The Administrator calculates the Sponsor Fee in respect of each day by reference to the prior day’s SUI Holdings. Except for periods during which all or a portion of the Sponsor Fee is being waived, the Sponsor Fee accrues daily in SUI and is payable monthly in SUI or cash. To the extent there are any on-chain transaction fees incurred in connection with the transfers of SUI to pay the Sponsor Fee, the Sponsor, and not the Trust, shall bear such fees. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor Fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees, and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">As partial consideration for its receipt of the Sponsor Fee, the Sponsor is obligated under the Trust Agreement to assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs up to <span id="xdx_907_ecustom--MaximumAnnualFeesAndExpensesAssumedBySponsor_pip0_c20260218__20260630_zhKoAl0ZWdr5" title="Maximum annual fees and expenses assumed by Sponsor">$200,000</span> per fiscal year, excluding taxes, but including: (i) the fees of the Trust’s third-party service providers, including, but not limited to, the Marketing Agent, the Administrator, the Custodians, the Transfer Agent, the Cash Custodian, the Index Provider, and the Trustee, (ii) the fees and expenses related to the listing, quotation or trading of the Shares on the Exchange (including customary legal, marketing and audit fees and expenses), (iii) legal fees and expenses incurred in the ordinary course, (iv) audit fees, (v) regulatory fees, including, if applicable, any fees relating to the registration of the Trust and Shares, including any ongoing filings related to the offering of Shares, under the 1933 Act or the 1934 Act, (vi) printing and mailing costs, (vii) costs of maintaining the Trust’s website and (viii) applicable license fees (each, a “Sponsor-paid Expense” and collectively, the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Extraordinary Expense (as defined below) will not be deemed to be a Sponsor-paid Expense. There is no cap on the amount of Sponsor-paid Expenses. Expenses in excess of the <span id="xdx_907_ecustom--MaximumAnnualFeesAndExpensesAssumedBySponsor_pip0_c20260218__20260630_zGEMjfwWGl3j" title="Maximum annual fees and expenses assumed by Sponsor">$200,000</span> cap (“Excluded Expenses”) shall be borne by the Trust and will reduce the Trust’s NAV. The Sponsor has also assumed all fees and expenses related to the organization and offering of the Trust and the Shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The Trust may incur certain extraordinary, nonrecurring expenses that are not Sponsor-paid Expenses, including, but not limited to, brokerage and transaction costs associated with the sale or transfer of SUI, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust, the Trust’s assets, or the interests of Shareholders, any indemnification of the Custodians or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, “Extraordinary Expenses”). To the extent on-chain transaction fees are incurred in connection with transfers or sales of SUI to pay Extraordinary Expenses or Excluded Expenses, the Trust will bear such fees, but to the extent there are any on-chain transaction fees incurred in connection with the transfers of SUI to pay the Sponsor Fee or any Sponsor-paid Expenses, the Sponsor, and not the Trust, shall bear such fees.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">To the extent it does not have cash readily available, the Sponsor will cause the transfer or sale of SUI in such quantity as may be necessary to permit the payment of Trust expenses and liabilities not assumed by the Sponsor or for payment of cash redemption proceeds to Authorized Participants (as defined below). The Trust will seek to transfer or sell SUI at such times and in the smallest amounts required to permit such payments as they become due. With respect to transfers or sales necessary to pay Trust expenses and liabilities that are denominated other than in SUI, the amount of SUI transferred or sold may vary from time to time depending on the actual sales price of SUI relative to the Trust’s expenses and liabilities (e.g., if the price of SUI falls, the amount of SUI needed to be transferred or sold to pay an expense or liability denominated in U.S. dollars will increase). To the extent the Trust must buy or sell SUI, the Trust may do so through a third-party digital asset broker or dealer. The Sponsor will select third party brokers or dealers that it believes have implemented adequate AML, KYC and other legal compliance policies and procedures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">Under the terms of each Authorized Participant Agreement, the Authorized Participants will be responsible for any brokerage or transaction costs associated with the sale or transfer of SUI incurred in connection with the fulfillment of a creation or redemption order.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 30.95pt"></td><td style="width: 15.5pt"><i>(b)</i></td><td><i>Administrator, Custodian and Transfer Agent</i></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (the “Administrator” and “Transfer Agent”) serves as administrator, transfer agent and accounting agent of the Trust pursuant to a Fund Servicing Agreement. BitGo Trust Company, Inc. (the “Custodian”) serves as the Trust’s SUI Custodian. Under the BitGo Custodial Services Agreement, the Custodian is responsible for safekeeping all the Trust’s SUI. The Custodian was selected by the Sponsor. The Sponsor is responsible for opening accounts with the Custodian that hold the Trust’s SUI (the “SUI Accounts”), as well as facilitating the transfer or sale of SUI required for the operation of the Trust.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt">U.S. Bank, N.A., an affiliate of the Administrator and Transfer Agent serves as the cash custodian for the Trust (the “Cash Custodian”). The Cash Custodian is responsible for safekeeping all cash and other non-SUI assets of the Trust.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 30.95pt"></td><td style="width: 15.5pt"><i>(c)</i></td><td><i>Marketing Agent</i></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">Paralel Distributors LLC is the marketing agent of the Trust (the “Marketing Agent”) and is responsible for reviewing and approving the marketing materials, including the Trust’s website, prepared by the Sponsor for compliance with applicable SEC and Financial Industry Regulatory Authority, Inc. (“FINRA”) advertising laws, rules, and regulations pursuant to a marketing agreement with the Trust. The Marketing Agent is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and a member of FINRA. With the assistance of the Marketing Agent, the Sponsor developed a marketing plan for the Trust, prepared marketing materials regarding the Shares of the Trust, and exercises the marketing plan of the Trust on an ongoing basis. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 30.95pt"></td><td style="width: 15.5pt"><i>(d)</i></td><td><i>Principal Financial Officer</i></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt">Employees of PINE Advisors LLC (“PINE”) serve as officers of the Trust. In consideration for these services, the Sponsor pays PINE an annual fee. The Sponsor also reimburses PINE for certain out-of-pocket expenses.</p> 0.0075 200000 200000 <p id="xdx_804_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zcL13pres6O7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 30.25pt"><b>4.</b></td><td><b><span id="xdx_821_zzvnvcnyPK01">Capital Share Transactions</span></b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The Trust is an exchange-traded product. The Trust issues Shares on a continuous basis and, when the Trust creates or redeems its Shares, it does so in blocks of <span id="xdx_90F_ecustom--MinimumBlockOfSharesIssuedOrRedeemed_pid_uShares_c20260218__20260630_z1v4bUl8hBCi" title="Minimum block of shares issued or redeemed">10,000</span> Shares (a “Basket”) based on the quantity of SUI attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities). Certain financial firms are authorized to purchase or redeem Shares of the Trust (“Authorized Participants”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The manner by which creations are made is dictated by the terms of the Authorized Participant Agreement. Creation orders may be denominated and settled in an amount of SUI (“In-Kind Creation Order”) or in cash (“Cash Creation Order”). By placing an In-Kind Creation Order, an Authorized Participant agrees to facilitate the deposit of SUI with the Custodian, either directly or indirectly through an Authorized Participant Designee. By placing a Cash Creation Order, an Authorized Participant agrees to facilitate the deposit of cash with the Cash Custodian. An Authorized Participant may not withdraw a creation order without the prior consent of the Sponsor in its discretion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The manner by which redemptions are made is dictated by the terms of the Authorized Participant Agreement. Redemption orders are denominated and settled either in-kind (“In-Kind Redemption Order”) or in cash (“Cash Redemption Order”). By placing a redemption order, an Authorized Participant agrees to facilitate the deposit of Shares with the Transfer Agent. If an Authorized Participant fails to consummate the foregoing, the order will be cancelled or delayed until the required Shares have been received. An Authorized Participant may not withdraw a redemption order without the prior consent of the Sponsor in its discretion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">Shares initially comprising the same Basket but offered by the Authorized Participants to the public at different times may have different offering prices, which depend on various factors, including the supply and demand for Shares, the value of the Trust’s assets, and market conditions at the time of a transaction. Shareholders who buy or sell Shares during the day from their broker may do so at a premium or discount relative to the NAV of the Shares of the Trust.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt">Shareholders who decide to buy or sell Shares of the Trust place their trade orders through their brokers and incur customary brokerage commissions and charges.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt">Only Authorized Participants may place orders to create and redeem baskets through the Transfer Agent. The Transfer Agent coordinates with the Trust’s custodian to facilitate settlement of the Shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_897_eus-gaap--ScheduleOfStockByClassTextBlock_z4Ud71gRKCpb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt">Share activity for the three months ended June 30, 2026 and for the period from February 17, 2026 (initial share purchase date) to June 30, 2026 were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 30.7pt"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Three Months Ended June 30, 2026</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Unaudited)*</b></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Period Ended June 30, 2026</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Unaudited)*</b></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Creations</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_maTotalShares_c20260401__20260630_fKg_____zUcXkKEQ8mce" style="width: 12%; text-align: right" title="Creations, Number of Shares">70,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20260401__20260630_fKg_____z0N1ssM2Ov18" style="width: 12%; text-align: right" title="Creations, Value of Shares">1,365,377</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_maTotalShares_c20260218__20260630_fKg_____zYAibK4vwOe2" style="width: 12%; text-align: right" title="Creations, Number of Shares">1,130,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20260218__20260630_fKg_____zZMy574WAul9" style="width: 12%; text-align: right" title="Creations, Value of Shares">27,825,152</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Redemptions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--StockRepurchasedDuringPeriodShares_msTotalShares_c20260401__20260630_fKg_____zt771Xf1dT8a" style="border-bottom: Black 1pt solid; text-align: right" title="Redemptions, Number of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0291">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--StockRepurchasedDuringPeriodValue_c20260401__20260630_fKg_____zhIX7RSQSEB3" style="border-bottom: Black 1pt solid; text-align: right" title="Redemptions, Value of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0293">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--StockRepurchasedDuringPeriodShares_msTotalShares_c20260218__20260630_fKg_____zGiL86p0VP8k" style="border-bottom: Black 1pt solid; text-align: right" title="Redemptions, Number of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0295">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--StockRepurchasedDuringPeriodValue_c20260218__20260630_fKg_____zD5aiWFqy2x5" style="border-bottom: Black 1pt solid; text-align: right" title="Redemptions, Value of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0297">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net change in Shares created and redeemed</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_iT_mtTotalShares_c20260401__20260630_fKg_____zVt36LEoJno8" style="text-align: right" title="Net change in Shares created and redeemed, Number of Shares">70,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--InvestmentCompanyIncreaseDecreaseFromShareTransaction_c20260401__20260630_fKg_____zOQN64JN5xBf" style="text-align: right" title="Net change in Shares created and redeemed, Value of Shares">1,365,377</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_iT_mtTotalShares_c20260218__20260630_fKg_____zLYo92svNc6f" style="text-align: right" title="Net change in Shares created and redeemed, Number of Shares">1,130,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--InvestmentCompanyIncreaseDecreaseFromShareTransaction_c20260218__20260630_fKg_____z7wO0Hc8Zj12" style="text-align: right" title="Net change in Shares created and redeemed, Value of Shares">27,825,152</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td id="xdx_F02_ztvP1MiDidO5" style="text-align: justify">*</td> <td id="xdx_F1D_zVEgpHxsapAh" style="text-align: justify">No comparative periods have been presented as the initial share purchase date of the Trust was February 17, 2026.</td></tr> </table> <p id="xdx_8AA_z8I5F5RJ70J1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 10000 <p id="xdx_897_eus-gaap--ScheduleOfStockByClassTextBlock_z4Ud71gRKCpb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt">Share activity for the three months ended June 30, 2026 and for the period from February 17, 2026 (initial share purchase date) to June 30, 2026 were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 30.7pt"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Three Months Ended June 30, 2026</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Unaudited)*</b></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Period Ended June 30, 2026</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Unaudited)*</b></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Creations</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_maTotalShares_c20260401__20260630_fKg_____zUcXkKEQ8mce" style="width: 12%; text-align: right" title="Creations, Number of Shares">70,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20260401__20260630_fKg_____z0N1ssM2Ov18" style="width: 12%; text-align: right" title="Creations, Value of Shares">1,365,377</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_maTotalShares_c20260218__20260630_fKg_____zYAibK4vwOe2" style="width: 12%; text-align: right" title="Creations, Number of Shares">1,130,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20260218__20260630_fKg_____zZMy574WAul9" style="width: 12%; text-align: right" title="Creations, Value of Shares">27,825,152</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Redemptions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--StockRepurchasedDuringPeriodShares_msTotalShares_c20260401__20260630_fKg_____zt771Xf1dT8a" style="border-bottom: Black 1pt solid; text-align: right" title="Redemptions, Number of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0291">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--StockRepurchasedDuringPeriodValue_c20260401__20260630_fKg_____zhIX7RSQSEB3" style="border-bottom: Black 1pt solid; text-align: right" title="Redemptions, Value of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0293">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--StockRepurchasedDuringPeriodShares_msTotalShares_c20260218__20260630_fKg_____zGiL86p0VP8k" style="border-bottom: Black 1pt solid; text-align: right" title="Redemptions, Number of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0295">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--StockRepurchasedDuringPeriodValue_c20260218__20260630_fKg_____zD5aiWFqy2x5" style="border-bottom: Black 1pt solid; text-align: right" title="Redemptions, Value of Shares"><span style="-sec-ix-hidden: xdx2ixbrl0297">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net change in Shares created and redeemed</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_iT_mtTotalShares_c20260401__20260630_fKg_____zVt36LEoJno8" style="text-align: right" title="Net change in Shares created and redeemed, Number of Shares">70,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--InvestmentCompanyIncreaseDecreaseFromShareTransaction_c20260401__20260630_fKg_____zOQN64JN5xBf" style="text-align: right" title="Net change in Shares created and redeemed, Value of Shares">1,365,377</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--StockIssuedDuringPeriodSharesPeriodIncreaseDecrease_iT_mtTotalShares_c20260218__20260630_fKg_____zLYo92svNc6f" style="text-align: right" title="Net change in Shares created and redeemed, Number of Shares">1,130,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--InvestmentCompanyIncreaseDecreaseFromShareTransaction_c20260218__20260630_fKg_____z7wO0Hc8Zj12" style="text-align: right" title="Net change in Shares created and redeemed, Value of Shares">27,825,152</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td id="xdx_F02_ztvP1MiDidO5" style="text-align: justify">*</td> <td id="xdx_F1D_zVEgpHxsapAh" style="text-align: justify">No comparative periods have been presented as the initial share purchase date of the Trust was February 17, 2026.</td></tr> </table> 70000 1365377 1130000 27825152 70000 1365377 1130000 27825152 <p id="xdx_80F_eus-gaap--InvestmentCompanyFinancialHighlightsTextBlock_zu9nLeFv3kQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 30.2pt"><b>5.</b></td><td><b><span id="xdx_82A_zUIpLei7vQv9">Financial Highlights</span></b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_89E_eus-gaap--InvestmentCompanyFinancialHighlightsTableTextBlock_zlChR6KUnXY1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.5pt; text-align: justify"><span id="xdx_8B9_z8m3Ffajsxbf">The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended June 30, 2026 and for the period from February 17, 2026 (initial share purchase date) to June 30, 2026</span>. The total return at NAV is based on the change in NAV of a Share during the period, and the total return at market value is based on the change in market value of a Share on the Exchange during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 30.7pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260401__20260630_zeT3ghqqEqye" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Three Months<br/> Ended<br/> June 30, 2026</p> <p style="margin-top: 0; margin-bottom: 0">(Unaudited)<sup id="xdx_F59_zP92qCeVaaEi">*</sup></p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260218__20260630_zCTJUD6FRaA9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Period Ended<br/> June 30, 2026<br/> (Unaudited)<sup id="xdx_F59_zjU65AyiZqZ5">*(a)</sup></b></span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--NetAssetValuePerShare_iS_pid_uUSDPShares_zOBvvORlfjef" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Net Asset Value, Beginning of Period</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">22.82</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">25.00</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pid_uUSDPShares_maOps_z4Qzw8wNJew9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-size: 10pt">Net Investment Income (Loss)<sup id="xdx_F41_zDwvg1Naoq2c">(b)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.04</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pid_uUSDPShares_maOps_zBG3rOl78S92" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 10pt">Net Realized and Unrealized Gain (Loss) on Investments<sup id="xdx_F44_zdUns55pq7Af">(c)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4.81</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7.01</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease_iT_pid_uUSDPShares_mtOps_zsKujbz9746" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net Increase (Decrease) in Net Asset Value Resulting from Operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4.77</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6.95</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--NetAssetValuePerShare_iE_pid_uUSDPShares_zFMvokwVboud" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Net Asset Value, End of Period</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">18.05</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">18.05</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--InvestmentCompanyMarketValuePerShare_iE_pid_uUSDPShares_zflubMmbuBKg" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><span style="font-size: 10pt">Market Value Per Share<sup id="xdx_F46_zKVDxBxVn7jg">(d)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">18.05</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">18.05</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uRatio_zmOsAJmsI2Jj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><span style="font-size: 10pt"><b>Total Return at Net Asset Value<sup id="xdx_F4D_z8ApkSE9DrRj">(e)</sup></b></span></td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-20.89</td><td style="font-weight: bold; text-align: left">%</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-27.81</td><td style="font-weight: bold; text-align: left">%</td></tr> <tr id="xdx_40E_eus-gaap--InvestmentCompanyTotalReturnMarketValue_pid_dp_uRatio_zLopG99cxkll" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="font-size: 10pt"><b>Total Return at Market Value<sup id="xdx_F4C_zx9Bw6KZ6mA7">(d)(e)</sup></b></span></td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-20.58</td><td style="font-weight: bold; text-align: left">%</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-27.80</td><td style="font-weight: bold; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--InvestmentCompanyFinancialRatiosAbstract_iB_zPKViKJ436D8" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="font-size: 10pt"><b>Ratios to Average Net Assets:<sup id="xdx_F4D_zYWymjjJUH5b">(f)</sup></b></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--InvestmentCompanyExpenseRatioIncludingIncentiveFee_pid_dp_uRatio_zlFhwk1gZUuf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expense Ratio<sup id="xdx_F4C_zjw80Rm8zFt1" style="display: none">(f)</sup></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.75</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.75</td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_pid_dp_uRatio_z9ojhBpgQoEj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net Investment Income (Loss)<sup id="xdx_F41_zxavKrJ5TTF8" style="display: none">(f)</sup></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.69</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.71</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td id="xdx_F04_zKBD7KzH4uGg">*</td> <td id="xdx_F10_zWXgJ8nD9I6e">No comparative financial highlights have been presented as the initial share purchase date of the Trust was February 17, 2026.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 30.7pt"></td><td id="xdx_F0F_z1IV3XHIaLe4" style="width: 20pt; text-align: left">(a)</td><td id="xdx_F1F_zESUfi3xipW4" style="text-align: justify">The initial share purchase date of the Trust was February 17, 2026.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 30.7pt"></td><td id="xdx_F0B_zrmpQUYsqK76" style="width: 20pt; text-align: left">(b)</td><td id="xdx_F1F_zqnIS9t8ZU7c" style="text-align: justify">Net investment income (loss) per share represents net investment income (loss) divided by the daily average shares of beneficial interest outstanding during the period.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 30.7pt"></td><td id="xdx_F00_ziASSSIXBx91" style="width: 20pt; text-align: left">(c)</td><td id="xdx_F14_zOZ1no4XDX3j" style="text-align: justify">Due to timing of capital share transactions, per share amounts may not compare with amounts appearing elsewhere within these Financial Statements.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 30.7pt"></td><td id="xdx_F09_zDa2bw8OAB83" style="width: 20pt; text-align: left">(d)</td><td id="xdx_F12_zYJrVQWFPKd" style="text-align: justify">Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Trust’s net asset value is calculated.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 30.7pt"></td><td id="xdx_F0B_zbXkMIEYUCL5" style="width: 20pt; text-align: left">(e)</td><td id="xdx_F1F_zjU7eGplg7k3" style="text-align: justify">Not annualized.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 30.7pt"></td><td id="xdx_F0C_zNMy3lXFCOKl" style="width: 20pt; text-align: left">(f)</td><td id="xdx_F1A_zTU3pUydJ2yd" style="text-align: justify">Annualized.</td> </tr></table> <p id="xdx_8A4_zy3LEKDlHX1l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in"> </p> <p id="xdx_89E_eus-gaap--InvestmentCompanyFinancialHighlightsTableTextBlock_zlChR6KUnXY1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.5pt; text-align: justify"><span id="xdx_8B9_z8m3Ffajsxbf">The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended June 30, 2026 and for the period from February 17, 2026 (initial share purchase date) to June 30, 2026</span>. The total return at NAV is based on the change in NAV of a Share during the period, and the total return at market value is based on the change in market value of a Share on the Exchange during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 30.7pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260401__20260630_zeT3ghqqEqye" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Three Months<br/> Ended<br/> June 30, 2026</p> <p style="margin-top: 0; margin-bottom: 0">(Unaudited)<sup id="xdx_F59_zP92qCeVaaEi">*</sup></p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260218__20260630_zCTJUD6FRaA9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Period Ended<br/> June 30, 2026<br/> (Unaudited)<sup id="xdx_F59_zjU65AyiZqZ5">*(a)</sup></b></span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--NetAssetValuePerShare_iS_pid_uUSDPShares_zOBvvORlfjef" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Net Asset Value, Beginning of Period</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">22.82</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">25.00</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InvestmentCompanyInvestmentIncomeLossPerShare_pid_uUSDPShares_maOps_z4Qzw8wNJew9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-size: 10pt">Net Investment Income (Loss)<sup id="xdx_F41_zDwvg1Naoq2c">(b)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.04</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.06</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--InvestmentCompanyGainLossOnInvestmentPerShare_pid_uUSDPShares_maOps_zBG3rOl78S92" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-size: 10pt">Net Realized and Unrealized Gain (Loss) on Investments<sup id="xdx_F44_zdUns55pq7Af">(c)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4.81</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7.01</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease_iT_pid_uUSDPShares_mtOps_zsKujbz9746" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net Increase (Decrease) in Net Asset Value Resulting from Operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4.77</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6.95</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--NetAssetValuePerShare_iE_pid_uUSDPShares_zFMvokwVboud" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Net Asset Value, End of Period</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">18.05</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">18.05</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--InvestmentCompanyMarketValuePerShare_iE_pid_uUSDPShares_zflubMmbuBKg" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><span style="font-size: 10pt">Market Value Per Share<sup id="xdx_F46_zKVDxBxVn7jg">(d)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">18.05</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">18.05</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InvestmentCompanyTotalReturn_pid_dp_uRatio_zmOsAJmsI2Jj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><span style="font-size: 10pt"><b>Total Return at Net Asset Value<sup id="xdx_F4D_z8ApkSE9DrRj">(e)</sup></b></span></td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-20.89</td><td style="font-weight: bold; text-align: left">%</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-27.81</td><td style="font-weight: bold; text-align: left">%</td></tr> <tr id="xdx_40E_eus-gaap--InvestmentCompanyTotalReturnMarketValue_pid_dp_uRatio_zLopG99cxkll" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="font-size: 10pt"><b>Total Return at Market Value<sup id="xdx_F4C_zx9Bw6KZ6mA7">(d)(e)</sup></b></span></td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-20.58</td><td style="font-weight: bold; text-align: left">%</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">-27.80</td><td style="font-weight: bold; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--InvestmentCompanyFinancialRatiosAbstract_iB_zPKViKJ436D8" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="font-size: 10pt"><b>Ratios to Average Net Assets:<sup id="xdx_F4D_zYWymjjJUH5b">(f)</sup></b></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--InvestmentCompanyExpenseRatioIncludingIncentiveFee_pid_dp_uRatio_zlFhwk1gZUuf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expense Ratio<sup id="xdx_F4C_zjw80Rm8zFt1" style="display: none">(f)</sup></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.75</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.75</td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eus-gaap--InvestmentCompanyInvestmentIncomeLossRatio_pid_dp_uRatio_z9ojhBpgQoEj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net Investment Income (Loss)<sup id="xdx_F41_zxavKrJ5TTF8" style="display: none">(f)</sup></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.69</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.71</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td id="xdx_F04_zKBD7KzH4uGg">*</td> <td id="xdx_F10_zWXgJ8nD9I6e">No comparative financial highlights have been presented as the initial share purchase date of the Trust was February 17, 2026.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 30.7pt"></td><td id="xdx_F0F_z1IV3XHIaLe4" style="width: 20pt; text-align: left">(a)</td><td id="xdx_F1F_zESUfi3xipW4" style="text-align: justify">The initial share purchase date of the Trust was February 17, 2026.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 30.7pt"></td><td id="xdx_F0B_zrmpQUYsqK76" style="width: 20pt; text-align: left">(b)</td><td id="xdx_F1F_zqnIS9t8ZU7c" style="text-align: justify">Net investment income (loss) per share represents net investment income (loss) divided by the daily average shares of beneficial interest outstanding during the period.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 30.7pt"></td><td id="xdx_F00_ziASSSIXBx91" style="width: 20pt; text-align: left">(c)</td><td id="xdx_F14_zOZ1no4XDX3j" style="text-align: justify">Due to timing of capital share transactions, per share amounts may not compare with amounts appearing elsewhere within these Financial Statements.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 30.7pt"></td><td id="xdx_F09_zDa2bw8OAB83" style="width: 20pt; text-align: left">(d)</td><td id="xdx_F12_zYJrVQWFPKd" style="text-align: justify">Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Trust’s net asset value is calculated.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 30.7pt"></td><td id="xdx_F0B_zbXkMIEYUCL5" style="width: 20pt; text-align: left">(e)</td><td id="xdx_F1F_zjU7eGplg7k3" style="text-align: justify">Not annualized.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 30.7pt"></td><td id="xdx_F0C_zNMy3lXFCOKl" style="width: 20pt; text-align: left">(f)</td><td id="xdx_F1A_zTU3pUydJ2yd" style="text-align: justify">Annualized.</td> </tr></table> 22.82 25.00 0.04 0.06 -4.81 -7.01 -4.77 -6.95 18.05 18.05 18.05 18.05 -0.2089 -0.2781 -0.2058 -0.2780 0.0075 0.0075 0.0069 0.0071 <p id="xdx_801_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zgB1qbmABLi2" style="margin-top: 0; margin-bottom: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 30.95pt"><b>6.</b></td><td><b><span id="xdx_827_zO0Ewedc0Ja9">Related Parties</span></b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt">The Sponsor is considered to be a related party to the Trust. The Trust's operations are supported by its Sponsor. As of June 30, 2026, the Sponsor did not own any Shares of the Trust.</p> <p id="xdx_80A_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_z20kEnt17Mk4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 30.95pt"><b>7.</b></td><td><b><span id="xdx_82B_zwBb1pOJjgfj">Commitments and Contingent Liabilities</span></b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">In the normal course of business, the Trust may enter into contracts that contain a variety of general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust which have not yet occurred and cannot be predicted with any certainty. However, the Sponsor believes the risk of loss under these arrangements to be remote. There were no commitments or contingencies required to be disclosed as of the date of the financial statements.</p> <p id="xdx_801_eus-gaap--CryptoAssetTextBlock_zAxMikjteBF6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 30.95pt"><b>8.</b></td><td><b><span id="xdx_82B_zzBk2iimM4Sh">SUI Staking</span></b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">Under normal circumstances, the Sponsor will seek to stake all of the Trust’s SUI through one or more staking providers (each, a “Staking Provider”) except for SUI reserved by the Sponsor in its sole discretion to facilitate foreseeable redemption transactions, pay Trust expenses or otherwise protect the Trust and its assets. In consideration for any staking activity in which the Trust may engage, the Trust will receive a portion of the staking rewards generated by a Staking Provider. The initial Staking Providers</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">for the Trust are Luganodes and Everstake.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">The Sponsor will cause the Trust’s SUI to be staked on the SUI Network through the Custodian that connects to a verified validator node on the SUI Network maintained by the Staking Provider. As a result of the Trust’s participation in the Staking Program, the Trust expects to receive certain staking rewards of SUI, which may be treated for federal income tax purposes as income to the Trust (see “United States Federal Income Tax Consequences” for a further description of the tax implications of the activities of the Trust to an investor). The Trust itself will not engage in staking activities, including operation of a validator node. Instead, the Staking Program will be administered by the Sponsor through the utilization of service providers, including the Custodian and Staking Provider. The Staking Provider exercises no discretion as to the amount the Trust’s SUI to be staked or timing of the staking activities (other than as is incidental in establishing or deactivating validator nodes). The Custodian will maintain exclusive possession and control of the private keys associated with any staked SUI at all times. As of June 30, 2026, <span id="xdx_90F_eus-gaap--CryptoAssetNumberOfRestrictedUnits_iI_c20260630_z2fGsoo2R0Vl" title="Number of SUI staked">29,358,781</span> SUI were staked, representing a fair value of $<span id="xdx_909_eus-gaap--CryptoAssetFairValueRestricted_iI_c20260630_zjjjLt4QlTJ8" title="Fair value of SUI staked">20,407,289</span> which is included in Investments, at fair value on the Statement of Assets and Liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.7pt; text-align: justify; text-indent: -0.5pt">Staking rewards represent variable consideration, as the amount of rewards is not known until the applicable validation activities are completed, and the Trust receives rewards in their custodial account. The contract term is the length of each staking epoch. The staking epoch for the SUI Network is approximately two days. Staking rewards are recognized as income when the Trust satisfies its performance obligations (i.e., the Trust’s validator successfully validates blocks or transactions as determined by the protocol) ratably over the contract term. Staking rewards are received in SUI, which represents non-cash consideration. Non-cash consideration is measured at fair value at the inception of each contract (i.e., the beginning of each staking epoch). Because the Trust is not the principal to the block validation service, it does not control the full output of the reward-generating activity, and instead receives net staking rewards, after Validator Fees are deducted. As such, the Trust presents staking income on a net basis, reflecting only the portion of protocol rewards to which it is entitled. For the three months ended June 30, 2026 and for the period from <span id="xdx_908_ecustom--InceptionDate_c20260218__20260630_zaPl2I2hWP9" title="Inception date">February 17, 2026</span> (initial share purchase date) to June 30, 2026, the Trust generated $<span id="xdx_905_eus-gaap--NoninterestIncomeOtherOperatingIncome_c20260401__20260630_zdoRvnPZ2x4k" title="Staking income">91,814</span> and $<span id="xdx_90B_eus-gaap--NoninterestIncomeOtherOperatingIncome_c20260218__20260630_zRNumAqVOq1l" title="Staking income">134,887</span> in staking income, as presented on the Statements of Operations.</p> 29358781 20407289 2026-02-17 91814 134887 <p id="xdx_804_eus-gaap--ConcentrationRiskDisclosureTextBlock_zBQRjrRQsNx" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 30.95pt"><b>9.</b></td><td><b><span id="xdx_823_zU0PlflG8Hcd">Concentration Risk</span></b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 33.1pt 0pt 33.85pt; text-align: justify">Substantially all of the Trust’s assets are holdings of SUI, which creates a concentration risk associated with fluctuations in the price of SUI. Accordingly, a decline in the price of SUI will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the price of SUI include negative perception of digital assets; a lack of stability and standardized regulation in the digital asset markets; the closure or temporary shutdown of digital asset platforms due to fraud, business failure, security breaches or government mandated regulation; and a loss of investor confidence.</p> <p id="xdx_800_eus-gaap--SubsequentEventsTextBlock_zK8FPjCk3NA" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 30.95pt"><b>10.</b></td><td><b><span id="xdx_82E_zOj1wUhW7cqh">Subsequent Events</span></b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 31.45pt; text-indent: -0.5pt">The Sponsor has evaluated subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments or disclosures to the financial statements were required.</p> false false false false No Par Value. See Note 8 in Notes to the Financial Statements for information on the quantity of SUI staked. No comparative financial statements have been presented as the initial share purchase date of the Trust was February 17, 2026. Initial share purchase date of Trust was February 17, 2026. No comparative financial statements have been presented as the initial share purchase date of the Trust was February 17, 2026. Initial share purchase date of Trust was February 17, 2026. No comparative periods have been presented as the initial share purchase date of the Trust was February 17, 2026. No comparative financial highlights have been presented as the initial share purchase date of the Trust was February 17, 2026. The initial share purchase date of the Trust was February 17, 2026. Net investment income (loss) per share represents net investment income (loss) divided by the daily average shares of beneficial interest outstanding during the period. Due to timing of capital share transactions, per share amounts may not compare with amounts appearing elsewhere within these Financial Statements. Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Trust’s net asset value is calculated. Not annualized. Annualized.