What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-07 compared with 2026-05-13 · 49 added, 38 removed, 109 unchanged (44% of the section changed)

21 unchanged sentences

results to differ materially from the Trust's expectations include, but are not limited to:

● the special considerations discussed in this Quarterly

● the special considerations discussed in this Quarterly Report;

● general economic, market and business conditions;

● technology developments

regarding the use of SUI and other digital assets, including the systems used by the Sponsor and the Trust’s custodians in their

provision of services to the Trust;

● changes in laws or regulations,

including those concerning taxes, made by governmental authorities or regulatory bodies;

● other world economic and

political developments, including, without limitation, global pandemics and the societal and government responses thereto;

● any additional factors

discussed in this Quarterly Report, as well as those described from time to time in the Trust’s future reports filed with the SEC.

● technology developments regarding the use of SUI and other digital

assets, including the systems used by the Sponsor and the Trust’s custodians in their provision of services to the Trust;

● changes in laws or regulations, including those concerning taxes,

made by governmental authorities or regulatory bodies;

● other world economic and political developments, including, without

limitation, global pandemics and the societal and government responses thereto;

● any additional factors discussed in this Quarterly Report, as

well as those described from time to time in the Trust’s future reports filed with the SEC.

All the forward-looking statements

28 unchanged sentences

and Capital Resources

The Trust typically

does not hold a cash balance except in connection with the creation and redemption of “Baskets” (i.e., blocks of 10,000

typically does not hold a cash balance except in connection with the creation and redemption of “Baskets” (i.e., blocks of

10,000 Shares) or to pay expenses not assumed by the Sponsor.

The Trust pays the Sponsor an annual unified fee of 0.75% 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 Pricing Benchmark

price, less its liabilities (which include estimated accrued but unpaid fees and expenses) represented in SUI as calculated using

the Pricing Benchmark price.

The Trust pays the Sponsor an annual unified fee of 0.75% 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 Pricing Benchmark price, less its liabilities (which

include estimated accrued but unpaid fees and expenses) represented in SUI as calculated using the Pricing Benchmark price.

may also incur certain extraordinary, nonrecurring expenses that are not assumed by the Sponsor, including, but not limited to, brokerage

26 unchanged sentences

implemented adequate AML, KYC and other legal compliance policies and procedures.

Results of Operations for the Period Ended

March 31, 2026 *

The Trust’s net

asset value decreased from $25,000,000 at February 17, 2026 (initial share purchase date), to $24,184,075 at March 31, 2026.

change in the Trust’s net assets resulted from an increase in outstanding Shares, which rose from 1,000,000 at February 17,

2026, to 1,060,000 at March 31, 2026, as a result of 60,000 Shares being created and 0 Shares being redeemed during the period, and

a decrease in the value of SUI, which depreciated -9.34% from $0.97 at February 17, 2026, to $0.88 at March 31, 2026.

The net asset value

per Share decreased -8.72% from $25.00 at February 17, 2026, to $22.82 at March 31, 2026.

The net asset value per Share of $27.45 at March

16, 2026 was the highest during the period, compared with a low of $22.27 at March 30, 2026.

The decrease in net assets from operations

for the period ended March 31, 2026, was $(2,275,700), resulting from a decrease in unrealized gain on the Trust’s SUI investment

of $(2,295,737), realized losses on the disposition of SUI of $(1,302), staking income of $43,073, and Sponsor Fees incurred of $21,734.

* No comparative periods have been presented as the initial share purchase date of the Trust was February 17, 2026.

Results of Operations*

Three Months Ended June 30, 2026

net asset value decreased from $24,184,075 at March 31, 2026, to $20,395,119 at June 30, 2026.

The change in the Trust’s net assets

resulted from an increase in outstanding Shares, which rose from 1,060,000 at March 31, 2026, to 1,130,000 at June 30, 2026, as a result

of 70,000 Shares being created and no Shares being redeemed during the quarter, and a decrease in the value of SUI, which depreciated

-21.01% from $0.88 at March 31, 2026, to $0.70 at June 30, 2026.

The net asset

value per Share decreased -20.89% from $22.82 at March 31, 2026, to $18.05 at June 30, 2026.

The net asset

value per Share of $34.22 at May 11, 2026, was the highest during the quarter, compared with a low of $17.42 at June 25, 2026.

in net assets from operations for the quarter ended June 30, 2026, was $(5,154,333), resulting from a decrease in unrealized gain on the

Trust’s SUI investment of $(5,196,026), realized losses on the disposition of SUI of $(2,607), staking income of $91,814, and Sponsor

Fees incurred of $47,514.

* No comparative

prior-year periods have been presented as the initial share purchase date of the Trust was February 17, 2026.

from Inception (February 17, 2026) through June 30, 2026

net asset value decreased from $25,000,000 at February 17, 2026 (initial share purchase date), to $20,395,119 at June 30, 2026.

in the Trust’s net assets resulted from an increase in outstanding Shares, which rose from 1,000,000 at February 17, 2026, to 1,130,000

at June 30, 2026, as a result of 1,130,000 Shares being created and no Shares being redeemed since inception, and a decrease in the value

of SUI, which depreciated -28.34% from $0.97 at February 17, 2026, to $0.70 at June 30, 2026.

The net asset

value per Share decreased -27.81% from $25.00 at February 17, 2026, to $18.05 at June 30, 2026.

The net asset

value per Share of $34.22 at May 11, 2026, was the highest since inception, compared with a low of $17.42 at June 25, 2026.

in net assets from operations for the period from inception (February 17, 2026) through June 30, 2026, was $(7,430,033), resulting from

a decrease in unrealized gain on the Trust’s SUI investment of $(7,491,763), realized losses on the disposition of SUI of $(3,909),

staking income of $134,887, and Sponsor Fees incurred of $69,248.

* No comparative

prior-year periods have been presented as the initial share purchase date of the Trust was February 17, 2026.

Off-Balance Sheet Arrangements

17 unchanged sentences

Investment Company Considerations

The Trust follows

accounting and reporting guidance in accordance with the FASB ASC Topic 946, Financial Services – Investment Companies.

uses fair value as its method of accounting for SUI.

The Trust qualifies as an investment company solely for accounting purposes and not

for any other purpose.

follows accounting and reporting guidance in accordance with the FASB ASC Topic 946, Financial Services – Investment Companies.

The Trust uses fair value as its method of accounting for SUI.

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

7 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis